UpGate

Tag: Negative

  • MARA Reports $611M Loss Amid 27% Revenue Drop

    MARA Reports $611M Loss Amid 27% Revenue Drop

    MARA Holdings, the largest publicly traded Bitcoin miner, reported a net loss exceeding $611 million for the second quarter of 2026, accompanied by a 27% decline in revenue, according to a shareholder letter released August 6.

    The quarter highlighted a growing disparity between MARA’s expanding computing power and the diminishing value of Bitcoin held on its balance sheet. The company’s Bitcoin holdings decreased by nearly a third, even as it mined more units compared to the previous year.

    Financial Performance

    MARA’s revenue in Q2 2026 fell 27% year-over-year to $174.9 million, down from $238.5 million in the same period last year. The company posted a net loss of $611.3 million, a stark contrast to the $808.2 million net income recorded a year prior. Adjusted EBITDA also saw a significant drop, moving from a positive $1.2 billion to a loss of $360.9 million.

    The company attributed a substantial portion of this downturn to the lower price of Bitcoin. While increased production contributed positively to revenue, a 28% year-over-year decrease in Bitcoin’s average price resulted in an estimated revenue reduction of approximately $65.9 million.

    Furthermore, MARA recorded an unrealized loss of $343 million on its digital asset holdings. This was driven by a roughly 45% drop in Bitcoin’s price compared to the same period last year, shifting from a significant mark-to-market gain in 2025 to a substantial paper loss in Q2 2026.

    Operational Expansion and Costs

    Operationally, the miner continued its expansion efforts. Energized hashrate increased by 22% to 70.3 EH/s, while production rose 3% to 2,422 BTC. The total number of blocks won also climbed to 700. The cost per petahash per day saw a 4% improvement. However, the purchased energy cost per Bitcoin increased to $38,690, as power expenses and network difficulty escalated at a faster pace than the company’s hashrate growth.

    As of the end of June, MARA held 35,577 BTC, valued at approximately $2.1 billion, representing a 29% decrease from the previous year. This holdings included 9,270 BTC that were either loaned out or pledged as collateral.

    During the quarter, the company mined 2,422 BTC and sold 2,213 BTC at an average price of $73,078. Additionally, MARA generated about $4.3 million in interest income by lending 4,742 BTC. Management indicated plans to continue selling its Bitcoin holdings opportunistically to bolster liquidity and fund capital projects when market conditions are favorable.

    Market Analysis and Future Outlook

    Spot On Chain’s Hupzy commented on the results, suggesting that MARA is “liquidating its BTC treasury to fund operations.” The analysis characterized this as a supply overhang rather than an isolated event, noting the modest 3% increase in production alongside a nearly one-third drop in holdings. The firm’s combined cash and Bitcoin reserves of approximately $2.5 billion were identified as a potential ceiling on further sales.

    This follows a significant sale of 15,133 BTC for about $1.1 billion between March 4 and 25. The proceeds were largely used to repurchase approximately $1 billion in convertible notes due in 2030 and 2031, and were accompanied by a roughly 15% workforce reduction. The company also transferred 200 BTC, valued at about $12.86 million, to NYDIG recently.

    MARA is now shifting its focus towards building infrastructure beyond Bitcoin mining. The shareholder letter indicated that the company is awaiting regulatory approval for its Long Ridge acquisition and has recently secured rights to a powered land site in Matagorda County, Texas. If approved, these projects could expand its power capacity to as much as 4.8 gigawatts, as the company continues to allocate capital towards AI and high-performance computing, in addition to its core Bitcoin mining operations.

  • Trump Media Ditches Crypto, Prediction Markets

    Trump Media Ditches Crypto, Prediction Markets

    Trump Media Scraps Crypto.

    com Deal, Citing Market Shifts

    Donald Trump’s Trump Media & Technology Group has abandoned plans for a Crypto.com-backed CRO treasury company and a broader digital asset partnership with the cryptocurrency exchange.

    According to a report by Axios, Trump Media, Crypto.com, and special purpose acquisition company Yorkville Acquisition Corp. have mutually agreed to terminate the proposed Trump Media Group CRO Strategy, a previously announced services agreement, and related digital asset products. The companies cited “prevailing market conditions” and “shifting business and stakeholder priorities” as the reasons for the decision.

    The venture would have licensed the Trump Media name for a company focused on Crypto.com’s Cronos blockchain and its native token, CRO. When announced last year, the partners stated the entity would become the first and largest publicly traded CRO treasury company by accumulating the token and generating returns from those holdings. The CRO token currently trades around $0.05, experiencing a sharp decline following the news, with a market capitalization of approximately $2.4 billion.

    Interim CEO Kevin McGurn informed Axios that the company is narrowing its focus, noting that the market for digital asset treasury companies has become increasingly competitive over the past year. He added that staking has diminished in importance for Crypto.com, making it an opportune moment for the companies to part ways.

    The parent company of Truth Social is also shelving plans to directly integrate prediction markets into its platform. Instead, the companies will pursue a marketing arrangement to promote Crypto.com’s prediction market products to Truth Social users. McGurn explained that the prediction market sector has become crowded, rendering it a less attractive area for investment. Rather than operating prediction markets itself, Trump Media now perceives greater value in serving as a distribution and data partner.

    Trump Media’s collaboration with Crypto.com had expanded over the past year. In October 2025, Trump Media announced its intention to launch Truth Predict, a Crypto.com-powered prediction market integrated with Truth Social. In December, the companies revealed plans for a publicly traded CRO treasury company with Yorkville Acquisition Corp., which was anticipated to hold billions of CRO tokens. In February, Crypto.com disclosed a $35 million donation over the preceding year to the pro-Trump super PAC MAGA Inc. In the same month, the Office of the Comptroller of the Currency granted conditional approval for the exchange’s application for a national trust bank charter.

    Democrats have consistently voiced criticism of Trump’s expanding cryptocurrency ventures. Earlier this week, Senators Elizabeth Warren (D-Mass.) and Richard Blumenthal (D-Conn.) urged the Securities and Exchange Commission (SEC) to investigate President Donald Trump’s meme coin, arguing that the agency should determine if it facilitated fraud or unjust enrichment. This request represents the latest indication of growing Democratic scrutiny of Trump’s business dealings, particularly in the cryptocurrency space, ahead of the November midterm elections.

  • Flock Safety Proposed Mobile License-Plate Scanning Fleet, Company States Deal Unlaunched Amid Scrutiny

    Flock Safety Proposed Mobile License-Plate Scanning Fleet, Company States Deal Unlaunched Amid Scrutiny

    Flock Safety, a vendor known for its fixed license-plate scanning cameras, reportedly proposed a plan to utilize dashcams from ride-sharing and delivery drivers to create a nationwide mobile fleet. The company stated that this initiative, which would have leveraged hundreds of thousands of cameras already in vehicles, was never launched.

    The proposal, detailed in a presentation shared with 404 Media, aimed to expand Flock Safety’s reach beyond its existing network of fixed cameras. These cameras, typically mounted on poles, record the license plate, color, make, and model of passing vehicles, building a searchable database. The proposed Nexar dashcam integration would have allowed these cameras to be untethered, enabling them to track license plates across entire regions in real time by moving with vehicles like those from Uber and Lyft.

    This ambitious plan emerged as Flock Safety’s existing camera systems face increasing scrutiny and opposition. The company’s fixed cameras have become a point of contention in many communities, with some residents resorting to disabling or covering them in protest. Concerns over civil liberties and privacy have coincided with significant pushback.

    In July, the Los Angeles Police Department (LAPD) let its contract with Flock Safety expire, citing “serious concerns” over civil liberties and privacy. This decision followed CNN’s documentation of at least two dozen cases where officers allegedly resigned or were arrested for abusing Flock’s license-plate system.

    The ground is also shifting for automated license-plate recognition (ALPR) technology more broadly. In May, the non-profit advocacy group EPIC urged Congress to ban ALPRs outright. States are also taking action; Washington passed SB 6002, which restricts ALPR use, and California is considering a bill to limit how ALPR data is shared. Additionally, a proposed House bill would require warrants for government AI surveillance.

    Flock Safety’s technology has also faced legal challenges. A federal judge allowed a lawsuit in Norfolk, Virginia, alleging that Flock cameras violate the Fourth Amendment, to proceed. The judge cited the Supreme Court’s ruling in Carpenter v. United States, which addresses warrantless tracking.

    Despite these challenges, Flock Safety achieved an $8.4 billion valuation in April. Its stationary cameras are currently deployed in over 5,000 U.S. communities. The company’s pitch for a mobile expansion, as outlined in the presentation, was to operate at a “civilian scale,” differentiating it from similar roaming systems used by law enforcement cruisers or repossession agents.

    Flock Safety stated that the Nexar deal was never launched, indicating that the proposed mobile fleet did not become operational. However, the proposal itself highlights the company’s efforts to expand its data collection capabilities. The implementation of Flock’s cameras on federal buildings also drew significant opposition, with arguments that it could violate civil rights. A tweet from Representative Thomas Massie indicated plans to sponsor a bill withholding federal funds from municipalities and police departments using Flock cameras for surveillance.

    While Flock Safety has stated the Nexar deal was not launched, the proposal underscores the ongoing debate surrounding the expansion of surveillance technology and the balance between public safety and individual privacy rights. The company’s future growth may be shaped by the increasing regulatory and legal hurdles facing ALPR technology.

    Why This Matters

    The materials describe a narrow update: Flock Safety, a controversial law enforcement vendor, proposed a plan to utilize dashcams from Nexar, a company with hundreds of thousands of cameras already in vehicles, to scan license plates of passing cars. Whether Flock Safety ever launched the Nexar deal.

    Broader Context

    Source materials place the factual news in this context: Flock Safety wanted to turn 350,000 Uber drivers into a nationwide plate-scanning fleet.

  • BNB Chain Exploited for Malware Distribution via Fake CAPTCHAs

    BNB Chain Exploited for Malware Distribution via Fake CAPTCHAs

    Hackers Exploit BNB Chain for Malware Distribution via Compromised Websites

    New report from Microsoft Threat Intelligence reveals sophisticated attack leveraging blockchain for malicious code delivery.

    Hackers are increasingly using BNB Chain smart contracts to distribute malware, employing a technique that embeds malicious instructions within blockchain transactions and delivers them through compromised websites and deceptive CAPTCHA prompts. This finding comes from a recent report by Microsoft Threat Intelligence.

    The campaign, detailed in a post on X by Microsoft Threat Intelligence, utilizes a method known as EtherHiding. This technique involves storing malicious code within a smart contract on the BNB Chain. Malicious JavaScript, injected into compromised websites, then connects to a BNB Chain gateway to retrieve commands from a contract previously associated with ClearFake, a malware operation known for infecting legitimate websites.

    The use of blockchain technology to store these instructions makes them significantly more difficult to remove. Only the digital wallet that controls the smart contract can alter its contents, undermining the effectiveness of traditional takedown efforts.

    Visitors to compromised websites are presented with a fake CAPTCHA. This prompt instructs them to open the Windows Run dialog, paste text from their clipboard, and press Enter. Executing this action inadvertently runs a command supplied by the attacker.

    This particular method, dubbed ClickFix, relies on the victim actively executing the malware. A variation, known as TerminalFix, directs users to open Windows Terminal or PowerShell to execute the malicious commands.

    “This campaign demonstrates that ClickFix and TerminalFix are a high-volume initial access technique,” Microsoft researchers stated. “Microsoft reports campaigns targeting thousands of enterprise and consumer devices globally every day, while some malvertising chains can funnel visitors to scam pages.”

    According to Microsoft, attackers are adept at concealing their commands and abusing legitimate Windows tools. These include PowerShell, cmd, mshta, rundll32, msiexec, curl, Windows Management Instrumentation, and scheduled tasks. A successful infection can lead to the exposure of sensitive passwords, establish persistent access for attackers, facilitate lateral movement within a network, and ultimately result in ransomware attacks or broader network compromise.

    The exploitation of blockchains to support malware attacks is not a new phenomenon. In 2016, the Cerber ransomware began using Bitcoin transactions to locate its command-and-control servers. Between 2019 and 2021, the Glupteba botnet similarly leveraged the Bitcoin blockchain to find backup servers when its primary ones became unavailable.

    More recently, in September 2023, the ClearFake malware campaign began employing EtherHiding to retrieve malicious code from BNB Chain smart contracts. In April 2026, researchers identified Omnistealer utilizing TRON, Aptos, and BNB Chain to aid in the theft of credentials, cloud account information, passwords, and cryptocurrency wallet data.

    While the problem is not exclusive to BNB Chain, Microsoft’s decision to highlight this ongoing issue underscores its significance.

    This development comes as BNB Chain unveiled plans in July for a new layer-1 blockchain designed for high-frequency trading, automated payments, and AI-driven transactions. A testnet is anticipated by the end of 2026, with a mainnet launch scheduled for early 2027.

    Microsoft has advised organizations to implement measures such as restricting the use of unnecessary command-line tools, enabling PowerShell logging, and employing application controls.

    “Users should never paste commands from CAPTCHAs, browser errors, emails, ads, or unsolicited support pages into Run, Terminal, PowerShell, or Command prompt,” Microsoft cautioned.

  • XRP Faces Uncertainty as Senate Delays Clarity Act

    XRP Faces Uncertainty as Senate Delays Clarity Act

    Senate Adjourns Without Clarity Act Vote, XRP Faces Regulatory Uncertainty

    The U.S. Senate has adjourned for the summer without taking up the Clarity Act, a pivotal piece of legislation that would define the regulatory landscape for cryptocurrencies. This delay pushes a crucial market-structure vote to at least September, a development that has disproportionately impacted XRP, while most major cryptocurrencies have shrugged off the news.

    XRP Trails as Bitcoin, Dogecoin Hold Steady

    Bitcoin remained largely flat, navigating its own market challenges, and Dogecoin saw a modest 1.38% gain over the day, making it the top performer among the ten largest crypto assets by market capitalization. In contrast, XRP experienced a significant drop of 2.05%, marking it as the sole major token to close in negative territory. Over the past week, XRP has fallen 3%, positioning it as the weakest performer among major cryptocurrencies by a considerable margin.

    Regulatory Clarity Crucial for XRP’s Rally Thesis

    The legislative delay is more than a procedural hiccup for XRP; it directly affects the core thesis behind its projected rally for 2025–2026. This thesis hinges on the U.S. definitively classifying XRP’s regulatory status. The Clarity Act aims to categorize digital assets as either securities or commodities. Drafts of the bill, previously reported by Decrypt, indicated that XRP, along with Solana and Dogecoin, would be reclassified as non-securities.

    Such a reclassification would place these digital assets under the regulatory oversight of the Commodity Futures Trading Commission (CFTC), a prospect widely favored by the crypto industry over the Securities and Exchange Commission (SEC), which is perceived as having a more stringent approach.

    For Ripple, the company co-founded by the creator of XRP, this regulatory clarity is the ultimate goal of years of legal battles. The SEC has long contended that XRP is an unregistered security. While Ripple agreed to a $50 million settlement to resolve its cross-appeal with the SEC, a legislative act would provide a more definitive and far-reaching resolution. A law would settle the question for all exchanges, custodians, and regulators simultaneously, whereas a settlement leaves XRP in a state of legal ambiguity. This ongoing uncertainty appears to be reflected in XRP’s current market performance.

    XRP’s Technical Downtrend Deepens

    XRP is currently trading at $1.028, with a market capitalization of approximately $64 billion. It is down 0.71% on the day, following a bearish candle that has kept the token pinned just above the psychologically significant $1.00 support level. This marks the second-lowest daily chart reading since early 2024, surpassed only by the $0.9153 low recorded last month.

    The cryptocurrency is exhibiting a clear and persistent downtrend. XRP has been in a strong bearish trend since reaching a peak of $3 per coin in 2025. The 50-day exponential moving average (EMA) has crossed below the 200-day EMA, a technical formation known as a “death cross,” signaling a potential for further decline. XRP’s current price is trading below both these averages, indicating a lack of immediate support from moving averages.

    The Relative Strength Index (RSI), a momentum indicator, stands at 35.9. On a scale of 0 to 100, an RSI above 70 suggests an asset is overbought, while a reading below 30 indicates it is oversold. At 35.9, the momentum is bearish, with room for further downside before buyers are likely to step in.

    The Average Directional Index (ADX), which measures trend strength, is at 11.9. Readings below 20 suggest a lack of conviction in the current move, often leading to choppy price action. Furthermore, the Squeeze Momentum indicator remains inactive, indicating that volatility is expanding rather than contracting, which typically precedes significant price movements. This lack of compression suggests that any potential upward moves may be slow and lack explosive momentum.

    Potential Scenarios for XRP

    A bullish scenario for XRP would emerge if the price achieves a daily close above $1.10, which represents the lower Fibonacci zone and the first significant resistance level, followed by a move above the $1.13 point of control. Such a development would signal that the current floor is holding. Progress on the Clarity Act, even with the earliest possible advancement in September, could also stimulate renewed bullish sentiment among traders.

    Conversely, a bearish scenario would be confirmed by a break below the $1.00 mark, opening the path to $0.9153, the lowest point recorded on the chart since 2024. A daily close at this level would solidify the downtrend and negate the recovery seen since 2024. Given the current bearish trend, this outcome is considered a highly probable scenario.

    On Myriad, a prediction market operated by Decrypt’s parent company Dastan, traders currently hold an optimistic short-term outlook for XRP. They are pricing in a 77% probability that XRP will remain above $1.00 through the weekend.

    For the immediate future, $1.00 serves as a critical demarcation line. Above this level, XRP may be considered undervalued and oversold. Below it, technical indicators suggest that the downward slide could continue.

  • MyTrade Founder Fined $10K for Crypto Wash Trading

    MyTrade Founder Fined $10K for Crypto Wash Trading

    Founder of Crypto Market Maker MyTrade Fined, Avoids Prison for Wash Trading Scheme

    The founder of cryptocurrency market maker MyTrade has been fined $10,000 and spared prison time for operating a wash trading service that artificially inflated daily trading volumes for approximately 60 cryptocurrencies, generating millions of dollars in fake activity.

    Liu Zhou, 41, a Canadian and Chinese national, received his sentence in Boston federal court on Thursday from U.S. District Judge Angel Kelley, who opted against imposing a custodial sentence, according to Law360. Zhou had previously pleaded guilty to conspiracy to commit market manipulation and wire fraud. He was indicted in October 2024 along with 17 other individuals and entities.

    MyTrade openly marketed its wash trading service. Clients accessed a dashboard on the MyTrade MM website, where they could specify the number of wash trades they wished to execute daily on designated exchanges. This product was branded by the firm as “Volume Support.” Automated bots then carried out these trades, repeatedly buying and selling the same asset to artificially boost its apparent trading volume. As of October 2024, the service had dozens of clients.

    Zhou was reportedly transparent with individuals he believed to be potential customers. He explained that MyTrade MM “does self-trades — a buy and a sell in the same second,” and that its volume bot could be utilized for pump-and-dump schemes. His stated objective was to attract “other buyers from the community, people you don’t know about or don’t care about,” because, as he put it, “we have to make [the other buyers] lose money in order to make profit.”

    Investigators orchestrated a sting operation by creating NexFundAI, a fabricated cryptocurrency company complete with a website and an Ethereum-based token that traded on Uniswap. Law enforcement disabled the token after using the fictitious entity to solicit market-making services and record the offers made.

    This operation led to charges against 18 individuals and entities in October 2024, including market makers Gotbit, ZM Quant, and CLS Global.

    As part of Zhou’s plea agreement, MyTrade MM was compelled to cease offering Volume Support and permanently deactivate the associated bots. The firm was also required to publish a notice on its website stating that volume support constitutes “a form of wash trading and illegal under the laws of the United States.”

  • OKX Delists GODS, PRCL, DUCK Spot Trading

    OKX Delists GODS, PRCL, DUCK Spot Trading

    OKX to Delist Several Spot Trading Pairs

    OKX, a prominent cryptocurrency exchange, announced it will be delisting several spot trading pairs due to their failure to meet the platform’s listing criteria. The decision, based on user feedback and the OKX Token Delisting/Hiding Guideline, aims to maintain a robust spot trading environment.

    Affected Tokens and Trading Pairs

    The tokens affected by this delisting are GODS, PRCL, and DUCK. Consequently, various USDⓈ, EUR, and USDT spot trading pairs involving these tokens will be removed from the platform according to a specific schedule.

    Delisting Schedule

    The delisting process will commence on August 14, 2026, and conclude on August 17, 2026.

    • August 14, 2026, 08:00 – 10:00 UTC:

    * GODS/USDⓈ (GODS/USD)
    * PRCL/USDⓈ (PRCL/USD)
    * PRCL/USD (PRCL/USDC)
    * PRCL/EUR
    * DUCK/USDⓈ (DUCK/USD)

    • August 17, 2026, 08:00 – 10:00 UTC:

    * GODS/USDT
    * PRCL/USDT
    * DUCK/USDT

    Additional Details and User Guidance

    OKX advises users to cancel any open orders associated with the affected trading pairs before the scheduled delisting times. Orders not canceled manually will be automatically canceled by the system, which may take one to three business days.

    Trading bots for these pairs will begin closing gradually between 07:00 and 08:00 UTC on their respective delisting dates. Users concerned about potential fees or slippage from automatic closures are encouraged to stop their bots manually.

    Related trading services, including Buy/Sell and Convert functionalities for both USDⓈ and USDT trading pairs, will be suspended starting at 08:00 UTC on August 14, 2026.

    Following the completion of the delisting, any remaining assets will be consolidated into users’ funding accounts. During this consolidation period, withdrawal and transfer functions will be temporarily suspended.

    Deposit and Withdrawal Suspensions

    Deposits for the affected cryptocurrencies will be suspended from 08:00 UTC on August 7, 2026. Users are urged to manage their assets promptly. After delisting, these assets will be accessible under “Assets > Untradable assets.”

    Withdrawals for the affected cryptocurrencies will be suspended from 08:00 UTC on November 7, 2026.

    OKX stated that it will continue to monitor all listed trading pairs and implement delisting or hiding mechanisms as necessary to ensure market integrity.

  • XRP Price Dips Amid CLARITY Act Vote Delay; Analyst Points to Historical August Weakness

    XRP Price Dips Amid CLARITY Act Vote Delay; Analyst Points to Historical August Weakness

    XRP’s price saw a downturn on August 7, following the US Senate’s decision to postpone a vote on the CLARITY Act until September. This legislative delay has prompted a closer look at historical price trends, with analysts highlighting that August has historically been a challenging month for XRP, particularly during US midterm election years.

    Analyst ChartNerd noted that XRP was already under pressure before the news of the legislative delay surfaced. Journalist Eleanor Terrett reported that sentiment within the cryptocurrency industry was divided following the postponement; some participants expressed frustration, while others maintained optimism for the bill’s eventual passage. Cody Carbone, CEO of the Digital Chamber, indicated that efforts would continue to garner support for the bill after Congress reconvenes.

    Previously, Bitwise CIO Matt Hougan had suggested that failing to pass the CLARITY Act before the congressional recess could negatively impact market sentiment in the short term. However, Hougan also observed that clearer expectations later in the year might position the market more favorably, and that regulatory guidance from the SEC could still be provided even without the legislation.

    ChartNerd commented that the current price weakness aligns with historical patterns, asserting that the present situation does not signify a new development. The analyst shared data indicating that XRP has recorded negative returns in August during every prior US midterm election year, with notable declines of 5.7% in August 2014, 23.0% in 2018, and 13.7% in 2022, averaging approximately a 14% drop for the month.

    According to CoinGecko data, XRP was trading around $1.02 at the time of reporting, reflecting a 3.0% decrease over the preceding 24 hours and a nearly 6% drop over the week. Trading volume for XRP increased by over 14%, reaching approximately $1.33 billion, suggesting heightened activity as prices softened.

    The broader cryptocurrency market also experienced a slight contraction, with its total market capitalization down by 0.6%. Bitcoin was trading near $64,000, and Ethereum was close to $1,900, showing minimal price movement.

    Despite the immediate price pressure, ChartNerd maintains a long-term perspective, observing that XRP is situated within a large cup-and-handle formation that has been developing for over eight years. Potential long-term price targets for XRP have been identified at $8, $13, and $27, should this pattern ultimately materialize. However, ChartNerd also acknowledged that short-term trading could remain difficult and previously suggested that XRP might consolidate around the $1 level for a significant portion of the remainder of the year before a sustained recovery could commence.

    The delay of the CLARITY Act vote introduces immediate uncertainty for XRP, intersecting with historical patterns that suggest August can be a challenging month for the asset. While long-term technical patterns indicate potential upside, the near-term outlook remains subject to legislative developments and historical trends.

    Why This Matters

    The materials describe a narrow update: XRP’s price fell on August 7th after the US Senate postponed a vote on the CLARITY Act to September. The exact impact of the CLARITY Act delay on XRP’s price in the short term.

    Broader Context

    Source materials place the factual news in this context: XRP fell on August 7 after the US Senate delayed a vote on the CLARITY Act until September, adding new pressure to a token that had already been losing ground against Bitcoin (BTC) for weeks.

  • Bitcoin Miners Resume Selling: BTC Offload Volume Revealed

    Bitcoin Miners Resume Selling: BTC Offload Volume Revealed

    Bitcoin Miners’ Selling Spree Threatens Price Recovery

    Bitcoin’s recent surge past the $64,000 mark may face headwinds as two of the largest players in the cryptocurrency’s mining ecosystem have initiated a significant sell-off of their holdings. Data from blockchain analytics firm Lookonchain indicates that MARA and Riot Platforms, prominent Bitcoin miners, have deposited substantial amounts of the cryptocurrency onto exchanges, signaling a likely intention to sell.

    Major Miners Deposit Large BTC Holdings

    Specifically, MARA, which reported over $600 million in losses during the second quarter but maintains a Bitcoin reserve valued at more than $2.3 billion, transferred 200 Bitcoin units to NYDIG on Thursday evening. Concurrently, Riot Platforms utilized the same platform to deposit another 381 Bitcoin, estimated to be worth $24.5 million, around the same time.

    Lookonchain’s report highlighted these transactions, stating: “MARA, which holds 36,303 $BTC ($2.34B), deposited 200 $BTC ($12.86M) into NYDIG 10 hours ago. Riot Platforms also continues to send $BTC to NYDIG, depositing another 381 $BTC ($24.51M) 10 hours ago.”

    Context of Miner Selling and Industry Pressures

    This move by MARA and Riot comes on the heels of reports from earlier in the year indicating that Bitcoin miners had offloaded a record 32,000 Bitcoin units in the first quarter of 2026. That previous selling spree was linked to a notable decline in the blockchain’s hash rate.

    The ongoing cryptocurrency bear market continues to exert pressure on smaller Bitcoin miners, forcing some out of operation. In a separate development, mining pool Poolin has filed for Chapter 11 bankruptcy protection in New Jersey, seeking court approval for the sale of its Texas mining assets valued at $52 million.

    On a more positive note for individual participants, a solo miner recently successfully solved a complex puzzle, earning a reward of 3.125 Bitcoin, which was valued at approximately $200,000 at the time of the discovery.

  • SEC Buys Billion Airline Records for Traveler Tracking, Warrant Unlikely

    SEC Buys Billion Airline Records for Traveler Tracking, Warrant Unlikely

    SEC Purchased Access to Vast Airline Passenger Database

    The U.S. Securities and Exchange Commission (SEC) acquired access to a global airline ticketing database containing over one billion records, according to SEC documents obtained by 404 Media through a Freedom of Information Act request.

    The data originated from the Airlines Reporting Corporation (ARC), a central clearinghouse co-owned by American, Delta, and United airlines. ARC acts as an intermediary between carriers and travel agencies, and also resells booking information from platforms such as Expedia and Kayak.

    The records included passenger names, credit card details used for ticket purchases, departure and arrival cities, and flight numbers. Furthermore, the SEC’s subscription encompassed an alert system designed to cross-reference new bookings against a list of individuals under monitoring. This system flagged travel within the preceding 24 hours, with the agency requesting between one and 25 such alerts daily.

    Crucially, no court order was required for this data acquisition. The government reportedly purchased the information directly, bypassing the need for a warrant.

    Data Acquisition Raises Surveillance Concerns

    The SEC, primarily a financial regulator tasked with protecting American consumers from insider trading, fraud, and market manipulation, has drawn scrutiny for its procurement of this sensitive travel and payment data. Critics argue that the same digital trail left by airline passengers is strikingly similar to that left by cryptocurrency users, who often link credit cards to exchange accounts and travel for conferences or cross borders. This practice, they contend, blurs the lines between law enforcement and surveillance.

    The move comes as the SEC has reportedly scaled back major cryptocurrency enforcement actions during the second year of the Donald Trump presidency. The data broker workaround allows agencies to circumvent the warrant process they would typically need to obtain such records directly.

    The Internal Revenue Service (IRS) has also been expanding its surveillance of cryptocurrency investors using similar methods. A year-old SEC probe into Coinbase highlighted the agency’s significant interest in user data. The central question, according to observers, is not whether the SEC desires this information, but rather the means by which it is obtained.

    “Data Broker Loophole” Under Fire

    Critics have labeled this practice the “data broker loophole,” enabling agencies to acquire information they cannot legally subpoena. ARC’s Travel Intelligence Program (TIP) had previously supplied similar post-9/11 surveillance infrastructure to the FBI, IRS, and Homeland Security. However, pressure from lawmakers led to its shutdown in 2025.

    The newly released documents reveal that the program’s reach was more extensive than previously understood, encompassing foreign-to-foreign journeys alongside domestic travel.

    ARC defended its program, stating to 404 Media that TIP was established in the aftermath of the September 11, 2001, terrorist attacks. The company asserted that the program “has likely contributed to the prevention and apprehension of criminals involved in… money laundering” and terrorism, noting that money laundering is a frequent charge associated with cryptocurrency activities.