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  • BONK Treasury Vote: Hack or Governance Dispute?

    BONK Treasury Vote: Hack or Governance Dispute?

    Anonymous Wallet Drains $21 Million from BonkDAO Treasury in Governance Vote

    An anonymous cryptocurrency wallet has successfully drained $21.2 million from the BonkDAO treasury by strategically acquiring BONK tokens and leveraging them to pass a governance proposal. The incident, which saw the attacker profit $16.8 million, has ignited a debate within the crypto community, dividing opinions between those who label it a theft and those who argue the Decentralized Autonomous Organization (DAO) functioned as intended.

    The Mechanics of the “Theft”

    Blockchain analytics firm Lookonchain reported that the operation began on June 30 when the attacker submitted a proposal to BonkDAO requesting the transfer of 4.426 trillion BONK tokens, valued at approximately $21.2 million, to a wallet under their control. For the proposal to pass, it required the support of at least 1% of the total BONK supply, which, according to CoinGecko data, stands at just under 88 trillion tokens.

    Beginning around July 4, the attacker proceeded to purchase 882.285 billion BONK tokens on the Bybit and Binance exchanges. This amount was precisely enough to meet the 1% quorum requirement (879.95 billion tokens) needed to vote on their previously submitted proposal. Subsequently, the attacker cast a “yes” vote with their entire holdings of 882.285 billion BONK, thereby passing the proposal and enabling the transfer of the 4.426 trillion tokens to their controlled wallet.

    Chainalysis, another firm tracking on-chain activity, corroborated Lookonchain’s findings. The firm stated that the attacker acquired their tokens between July 4 and 5, sourcing some from major exchanges and borrowing others through decentralized finance (DeFi) platforms.

    Aftermath and BonkDAO’s Response

    Approximately nine hours after securing the $21 million in tokens, the attacker transferred $188,000 to OKX, a figure Peckshield places at $148,000. The remaining funds were then deposited into a newly created DAO, dubbed “BONK 2.0,” which the attacker established to govern the stolen assets. Chainalysis indicated that this new DAO is controlled by the malicious voter, the exploiter wallet, and a third wallet with reported financial ties to the voter wallet.

    BonkDAO acknowledged the treasury loss in a statement released on X. The DAO confirmed it had identified the exchange wallets used to acquire the voting tokens prior to the proposal’s success. It also stated that law enforcement had been notified and that the DAO was coordinating with exchanges, bridges, and the Solana Foundation to “manage the situation.”

    Following the news of the incident, the BONK token experienced a decline in value. At the time of writing, CoinGecko data showed BONK trading around $0.00000438, representing a 7.4% drop in 24 hours, though it remained up nearly 5% for the week.

    This event contributes to a broader trend of DeFi platforms losing close to $1 billion to malicious actors this year, as reported by CryptoRank.

    Divergent Views on the Incident

    However, not all observers agree that a crime has occurred. Ogle, an advisor at World Liberty Financial, questioned the involvement of law enforcement, characterizing the event as a standard DAO function. “Someone legitimately bought a lot of tokens, proposed a DAO vote, the vote passed with almost no opposition, and the proposal was executed,” Ogle wrote on X. They further suggested that reports of the voting website being inaccessible during the voting period, if true, would raise separate concerns but did not necessarily render the on-chain vote illegal.

    Conversely, others, such as Ripple CTO Emeritus David Schwartz, argued that using governance control over a shared treasury for personal gain could constitute fraud, citing a fiduciary duty owed by governance participants to other stakeholders. Schwartz also noted that BonkDAO’s lack of a formal legal structure could expose participants to partnership-style liabilities in certain jurisdictions.

  • ADA Dips After Rally: Whales Hint at Sell-Off

    ADA Dips After Rally: Whales Hint at Sell-Off

    Cardano’s ADA Price Faces Pressure as Derivatives Data Signals Caution

    Cardano’s native token, ADA, is experiencing a significant downturn, trading near $0.18 and marking a roughly 3.5% decline over the past 24 hours. This marks the third consecutive session of losses, with underlying derivatives data painting a more concerning picture than price action alone. The critical question for ADA holders is whether this represents healthy consolidation following a substantial 27% weekly surge or the beginning of a more profound structural shift.

    Derivatives Market Signals Leverage Flush

    Data from CoinGlass reveals an 8% drop in ADA futures Open Interest within the last 24 hours, falling to $434.34 million. This indicates a considerable reduction in leveraged exposure. Concurrently, the funding rate has plummeted from 0.0093% to 0.0029%, suggesting traders are no longer willing to pay a premium to maintain long positions in ADA. Long liquidations accounted for $1.26 million of the total $1.66 million wiped across the derivatives market.

    Whale Activity Remains Stagnant

    Further insights from Santiment data show that cohorts of whales holding between 100 million and 1 billion ADA have remained static at approximately 2.53 billion ADA since Thursday, with no visible signs of accumulation. This combination of sidelined whales and retreating retail interest rarely leads to an upside move without a significant catalyst.

    Technical Indicators Point to Weakness

    The broader macroeconomic sentiment across major cryptocurrency assets remains fragile, and ADA’s technical setup is now caught between a fading rally and a considerably lower structural floor. ADA is currently trading below its 50-day Exponential Moving Average (EMA) of $0.1861 and its 200-day EMA of $0.2940. Both moving averages have transitioned from support levels to overhead resistance.

    A daily close back above $0.1861 is the minimum requirement to neutralize the current bearish bias; without it, the negative structural outlook persists. The 24-hour trading volume, ranging between $455 million and $546 million depending on the exchange, confirms that this is not a thin-air price movement but rather active positioning with a recent shift in direction.

    The Moving Average Convergence Divergence (MACD) indicator remains above its signal line, but the positive histogram is contracting, a classic early warning sign of momentum exhaustion. The Relative Strength Index (RSI) is at 56 and is trending downwards before reaching overbought territory, signaling a potential warning rather than an outright momentum failure.

    Potential Scenarios for ADA

    Three scenarios are emerging from the current market conditions:

    • Bull Case: ADA reclaims $0.1861 on a daily close, accompanied by a pickup in volume. The recent 27% weekly gain would then be defended as a base for a continuation move towards the $0.2940 level.
    • Base Case: ADA experiences a period of choppy trading within the $0.17 to $0.19 range for several sessions, allowing leveraged positions to unwind and whales to await a clearer entry point.
    • Bear Case: This scenario, quietly flagged by the derivatives data, involves a decisive close below $0.18, which could open the door to the June 26 structural low of $0.1385, representing a downside risk of over 20% from current levels.

    While ADA has demonstrated resilience at key levels in the past, the current derivatives setup warrants attention. If whale accumulation does not resume this week, the base case is likely to drift towards a bearish outlook.

    Capital Rotation and Emerging Opportunities

    When an established large-cap cryptocurrency like ADA stalls after a rally, with whales sidelined and derivatives markets flushing out, capital typically rotates. Some of this capital may find its way into early-stage presales where the entry multiple has not yet been significantly impacted by a recent surge.

    One such project attracting attention is Maxi Doge (MAXI), a meme token on Ethereum. The project has raised over $4.8 million in its presale at a current price of $0.0002827, offering dynamic staking APY. Notable features include holder-only trading competitions with leaderboard rewards, a retention structure, and a Maxi Fund treasury allocated for liquidity and partnerships rather than solely marketing. The project’s meme-first, gym-bro viral marketing approach is a distinct strategy, and investors should note that presale assets carry full loss risk, with post-launch liquidity not guaranteed.

  • Yield Guild Shuts Down Game Publishing, Cuts 35 in AI Shift

    Yield Guild Shuts Down Game Publishing, Cuts 35 in AI Shift

    Yield Guild Games, a prominent blockchain-based gaming organization, announced Monday the closure of YGG Play, its publishing arm focused on crypto-infused casual games. The decision comes amid a significant downturn in the cryptocurrency market and broader challenges facing the video game industry.

    Strategic Shift

    The closure signifies a retreat from a strategy that Yield Guild Games had actively promoted this year: the development of “casual degen” games. These were designed as bite-sized titles incorporating crypto incentives, aimed at crypto enthusiasts who may not identify as traditional gamers.

    YGG Play had launched its original game, LOL Land, as a proof of concept and had secured nine additional game titles. The unit also partnered with the Pudgy Penguins NFT brand and debuted a token launchpad. By the first quarter of 2026, YGG Play reported cumulative revenue exceeding $9 million.

    Market Headwinds

    However, the broader crypto gaming industry has faced considerable difficulties in recent years. Numerous prominent blockchain-based games have ceased operations since early last year, and investors have largely steered clear of crypto game studios. Compounding these issues, cryptocurrency prices have plummeted since late last year, with Bitcoin, for instance, falling nearly 50% from its October peak. Simultaneously, the traditional video game industry has experienced widespread layoffs, including recent cuts at Xbox on Monday.

    Restructuring and Pivot

    In light of the prevailing market conditions, the team decided to shutter the publishing division. This move will result in 35 job cuts. Yield Guild Games stated that this restructuring will provide the company with extended operational runway as it pursues a pivot towards an AI-driven strategy.

    “Sunsetting YGG Play is a heavy decision, but it is a market decision, not a product decision,” said Yield Guild co-founder Gabby Dizon in a statement. “I am proud of what this team achieved under such tough conditions, and what they built is a testament to their talent and dedication. Although this business unit is sunsetting, YGG’s vision and mission hasn’t changed. We are still fully dedicated to using technology to open up new economic opportunities for people globally.”

    In a social media post, Dizon elaborated, “Sad news today – we are sunsetting our Web3 game publishing unit @YGG_Play, and 35 jobs will be affected as a result. We’re committed to paying 8 additional weeks for our team to manage the transition and will help them find new roles.” The post also listed YGG Play games including @LOLLandGame and @waifusweeper.

    Future Direction

    The YGG Play website, its launchpad, and games such as LOL Land and Waifu Sweeper are scheduled to be retired by August 1. Two games, Gigachatbat and Ragnarok Breaker, will continue to operate under their original developers following a transition period.

    Yield Guild Games intends to redirect its resources toward supplying data for artificial intelligence training. The company believes that the decision-making processes of video game players can generate valuable behavioral datasets for AI developers. As of the first quarter, YGG reported a treasury of $20.6 million in assets, which it anticipates will extend its operating runway to four years post-restructuring.

    Yield Guild Games emerged as a notable entity during the 2021 play-to-earn boom. It was a key supporter of the growth of the monster-battling game Axie Infinity through its “scholarship” program, which lent NFT assets to players in exchange for a share of their in-game token earnings. The company secured funding from venture capital firm Andreessen Horowitz in August 2021, amidst the surge in crypto gaming.

    Following the economic collapse of Axie Infinity in 2022 and the broader decline of the play-to-earn movement, Yield Guild Games pivoted in 2024 to launching blockchain infrastructure for guilds across various crypto games, before launching YGG Play in 2025.

    The company’s YGG token saw a modest increase of approximately 4% on the day, trading at $0.023. However, it has fallen about 84% over the past year and remains down 99.8% from its peak price of $11.17, which was set in 2021.

  • French Minister: 77 Crypto Kidnappings Prompt New Security Plan

    French Minister: 77 Crypto Kidnappings Prompt New Security Plan

    French Authorities Report Surge in Crypto-Related Kidnappings, Unveil New Security Strategy

    France has seen a significant rise in cryptocurrency-related criminal cases, with 77 incidents involving kidnappings, extortion, or attempted kidnappings recorded since the start of the year.

    Interior Minister Laurent Nuñez disclosed the figures on June 30 during a meeting with the Association of Digital Asset Holders (ADAN). This marks a substantial increase from the 45 cases reported in 2025.

    While acknowledging the sector’s concerns, Nuñez described the incidents as serious but highlighted the effectiveness of emergency security measures implemented a year ago. He reported that approximately 200 individuals have been arrested in connection with these crimes, either after attacks occurred or before they could be carried out.

    As a recent illustration, the minister cited the apprehension of suspects linked to an incident in the Somme region within eight hours of the crime. The victim in that case had utilized a dedicated emergency hotline established for members of the cryptocurrency sector.

    Nuñez also noted that 724 individuals within the industry are now registered on the government’s immediate identification platforms, representing an 11% increase in participation. While specific details of the government’s forthcoming actions are yet to be fully revealed, the minister indicated that all departments within the Interior Ministry have developed a new security strategy that is “more ambitious” than previous initiatives.

    Three-Pronged Security Plan Targets Intelligence, Cooperation, and Coordination

    The new security plan is structured around three core priorities. The first focuses on enhancing intelligence sharing. Nuñez emphasized the importance of robust intelligence gathering on criminal networks, particularly as perpetrators of these crimes are sometimes located outside of France.

    The second priority aims to deepen cooperation with ADAN by establishing a network of experts to bridge the gap between cryptocurrency industry participants and relevant government officials.

    The third priority centers on improving operational coordination among law enforcement agencies to more effectively disrupt criminal groups. This also includes strengthening collaboration with countries where individuals believed to be orchestrating these attacks are based.

    International Cooperation Crucial in Combating Crypto Crime

    The minister underscored the continued essential role of cooperation with foreign authorities. He pointed to the June 2025 arrest in Morocco of a Franco-Moroccan man suspected of orchestrating a series of kidnappings targeting the crypto industry. Among the victims was David Balland, co-founder of Ledger. Nuñez stated that this arrest led to the swift cessation of the attacks.

    Similar criminal activities have persisted globally. In March, a cryptocurrency holder known online as ‘Sillytuna’ reported being forced by armed assailants to surrender approximately $24 million in digital assets during a violent robbery. The victim recounted that the attackers used weapons and threatened kidnapping and sexual assault unless he transferred control of his crypto holdings.

    Blockchain investigators subsequently tracked the stolen funds as they were moved across various networks and converted into privacy coins, a tactic designed to impede tracing efforts.

  • Mac Clipboard App Caught Stealing Passwords

    Mac Clipboard App Caught Stealing Passwords

    Fake Maccy App Targets Users with New Infostealer

    Mac users seeking the open-source clipboard manager Maccy are falling victim to a counterfeit version of the application that installs a new Rust-based infostealer dubbed PamStealer, according to cybersecurity firm Jamf Threat Labs. If successful, the malware poses a significant threat, capable of stealing users’ passwords and cryptocurrency wallet keys.

    In a report published Thursday, Jamf Threat Labs detailed how the campaign employs a deceptive website to distribute a disk image containing a malicious AppleScript file named Maccy.scpt. Upon opening, this file presents instructions to users, urging them to run it within Apple’s Script Editor while concealing the malicious code deeper within the document.

    “We are tracking this malware under the name PamStealer after one of its core behaviors: validating the victim’s login password through the macOS Pluggable Authentication Modules (PAM) before harvesting it,” Jamf Threat Labs stated.

    The malware then leverages JavaScript for Automation and native macOS APIs to download a second-stage payload. This approach avoids common shell utilities like curl or zsh, thereby reducing the number of observable processes for security tools.

    “With many stealers, we have seen attackers purchasing Google Ad space to lure users to the malicious app. We have recently observed malicious ads being hosted on X as well,” Jamf Threat Labs Director Jaron Bradley told Decrypt. “These social engineering techniques have proven to be highly successful.”

    The second stage, according to the report, is a Rust-based binary specifically designed for Apple Silicon Macs. It disguises itself as either Finder or Software Update to evade detection.

    “Rather than storing its configuration in cleartext, the dropper derives a key from a fingerprint of the host—including its CPU architecture, locale, keyboard layout, and time zone—and uses it to unlock an encrypted, integrity-checked configuration containing the payload URL and installation path,” the company explained.

    Once installed, the malware can pilfer browser credentials and Keychain data, monitor clipboard contents, establish persistence, and exfiltrate stolen information to a remote command-and-control server using encrypted communications. Crucially, it quietly self-terminates if it cannot verify it is running on its intended target.

    The malware also attempts to escalate its privileges by presenting a fake Finder alert that prompts users to grant Full Disk Access. This deceptive prompt can appear up to 40 minutes after infection, making it less likely for users to associate it with the initial download. If granted, the malware gains access to sensitive protected data, including Mail, Messages, and Time Machine backups.

    Bradley noted that Jamf has not yet observed any evidence of PamStealer being actively deployed in the wild. Nevertheless, the company has informed Apple of its findings. Apple did not immediately respond to a request for comment from Decrypt.

    Jamf also indicated that similar social engineering tactics are appearing on other platforms. Last week, the company reported on X that it was investigating a sponsored advertisement on the platform promoting DynamicLake. This ad redirected users to dynamicmacisland[.]com, where they were instructed to open Terminal and execute an installation command.

    “The advertisement was delivered through a verified X account, adding another layer of trust to the social engineering,” the firm wrote. “Analysis of the payload revealed a recent Atomic (MacSync) Stealer variant.”

    These discoveries come at a time when attackers are increasingly disguising malware as legitimate software and exploiting trusted developer platforms and advertising channels. Recent campaigns have included a fake OpenAI repository that climbed to the top of Hugging Face’s trending projects before distributing a Rust-based infostealer, a malicious Visual Studio Code extension that GitHub stated exposed approximately 3,800 internal repositories, and the Shai-Hulud software supply-chain campaign targeting development tools used by AI companies such as OpenAI and Mistral AI.

  • JP Morgan: Saylor’s Bitcoin Strategy Poses Risk

    JP Morgan: Saylor’s Bitcoin Strategy Poses Risk

    JPMorgan has identified a structural risk that many Bitcoin price prediction bulls may have overlooked: the very entity driving the most aggressive institutional accumulation on record could, under certain circumstances, be compelled to sell.

    This potential tension has become a tangible market factor. Bitcoin is currently consolidating near a critical technical support level, while analysts are divided on whether Michael Saylor’s ambitious $150,000 year-end target or JPMorgan’s more conservative models better represent actual market dynamics. The answer to this debate holds significant implications for anyone holding Bitcoin into the latter half of the year.

    JPMorgan’s Warning on Strategy’s Financing

    JPMorgan’s concern primarily stems from the financing structure employed by MicroStrategy, the company led by Michael Saylor. By utilizing a combination of convertible notes, preferred equity, and at-the-money offerings to fund its Bitcoin acquisitions, MicroStrategy has created a scenario where credit stress or pressure from equity dilution could force the company to shift from being a net buyer to a net seller of Bitcoin. Given MicroStrategy’s substantial holdings, this represents a non-trivial tail risk.

    Saylor’s public stance remains resolute, with projections of $150,000 by year-end, $1 million within four to eight years, and $20 million over two decades. However, JPMorgan’s apprehension is not about Saylor’s conviction itself, but rather about the potential market implications if that conviction is tested by margin mechanics.

    This divergence between the narrative of corporate accumulation and institutional risk modeling is precisely the kind of signal that often proves significant at market inflection points.

    Bitcoin’s Next Move and Key Levels

    Bitcoin’s next directional move may depend less on Saylor’s next purchase announcement and more on how the market absorbs this structural overhang. Broader macroeconomic liquidity conditions further complicate an already complex decision-making process for investors.

    Analysts closely monitoring Bitcoin’s current consolidation phase are watching the $60,000 level as primary support. Holding this level would maintain the current recovery thesis, while a breach would undermine it.

    The immediate zone for a potential reclaim sits between $62,000 and $64,000. A decisive move through this range would bring $65,000 back into play, followed by $70,000, a level that has acted as both resistance and a magnet in multiple recent trading cycles.

    Confirmation through trading volume is crucial. Consolidation without an increase in volume is considered noise rather than a clear signal.

    If Bitcoin holds $60,000 and reclaims $64,000 on increased volume, it would reassert the narrative of Saylor’s accumulation as the dominant market frame. In such a scenario, JPMorgan’s short-term target of $170,000 and its eventual gold-parity estimate of $266,000 would likely become the baseline for institutional positioning.

    Should neither side gain decisive control, a sideways trading range between $60,000 and $65,000 could persist as the market digests JPMorgan’s risk assessment alongside continued MicroStrategy purchases.

    Potential Downside Scenarios

    While the market is described as “choppy but not broken,” a confirmed close below $60,000 could trigger a slide towards $55,000. At this lower level, more bearish analyst models would begin to appear credible, and concerns about MicroStrategy’s balance sheet resilience would intensify.

    The current market setup suggests cautious consolidation rather than a confirmed breakout. A disciplined approach right now would favor patience over strong conviction.

    Scaling Challenges and Infrastructure Plays

    For spot Bitcoin holders observing JPMorgan’s risk warning, an uncomfortable reality emerges: the optimistic upside scenarios are predicated on Bitcoin’s infrastructure being capable of scaling to accommodate mass institutional and retail adoption. Currently, its throughput is insufficient for such widespread use.

    This gap between Bitcoin’s store-of-value narrative and its transactional limitations is precisely where the next generation of infrastructure solutions is being developed, with many still trading at early-stage valuations.

    Bitcoin Hyper ($HYPER) is positioning itself to address this specific gap. It aims to be the first Bitcoin Layer 2 solution to integrate the Solana Virtual Machine (SVM), promising sub-second finality and low-cost smart contract execution within the Bitcoin ecosystem without compromising Bitcoin’s core security model.

    The architecture includes a Decentralized Canonical Bridge for native Bitcoin transfers and SVM-powered programmability, which the development team claims surpasses Solana’s own latency benchmarks. However, the critical question for serious infrastructure investors remains whether this performance can be sustained at scale.

    The presale for Bitcoin Hyper has raised over $32.9 million, with the current price at $0.0136825. Staking is active for early participants. As with any early-stage infrastructure presale, execution risk is a significant factor, and timelines are often subject to change.

  • Gillibrand Proposes Ban on Politicians Launching Meme Coins

    Gillibrand Proposes Ban on Politicians Launching Meme Coins

    Gillibrand Renews Call for Ban on Politicians’ Crypto Ventures After Trump Earnings Report

    Following revelations this week that President Donald Trump generated over $1.2 billion from his cryptocurrency activities last year, New York Senator Kirsten Gillibrand has reiterated her call for a prohibition on the issuance and promotion of digital assets by politicians and their spouses.

    The proposed ban would encompass meme coins, a sector from which both Trump and First Lady Melania Trump reportedly profited significantly over the past year. The president alone is said to have earned more than $635 million from a single Solana-based meme coin.

    “This is a commonsense requirement that should get broad bipartisan support—public officials and their spouses should not be issuing meme coins,” Gillibrand stated in a press release.

    She added, “We cannot let self-dealing destroy an opportunity to strengthen consumer protections, crack down on illicit finance, and expand economic opportunity for the millions of Americans our financial system has left behind.”

    Gillibrand, recognized as one of the more pro-cryptocurrency Democratic senators, has been at the forefront of advocating for ethical conduct among congressional staff. Earlier this year, she spearheaded a bipartisan initiative to prevent members of Congress from trading on prediction markets, amid increasing concerns about potential insider trading. These concerns have been amplified by allegations that individuals close to the White House may be unfairly benefiting from non-public information.

    She has also been a vocal proponent of banning stock trading for public officials while they are in office.

    “The time to act is now—and that must include ethics reforms that prohibit members of Congress, the president, and their spouses from cashing in on their office,” she asserted.

    Ethical considerations have also been a significant hurdle in advancing key cryptocurrency legislation, such as the Clarity Act market structure bill. In May, the senator indicated that the bill would not proceed without an ethics provision specifically addressing President Trump’s activities.

    However, even as the bill advanced through a crucial Senate vote, an agreement on ethical guardrails for public officials had not yet been finalized. Despite this, researchers at Galaxy estimate the bill’s chances of passing this year have diminished to approximately 50-50, attributing the uncertainty to time constraints rather than issues with the bill’s content.

  • Samsung, Others Dispute Participation, Challenging Open USD Membership Claims

    Samsung, Others Dispute Participation, Challenging Open USD Membership Claims

    Major Firms Dispute Role in Open USD Consortium

    Several prominent South Korean companies have stated they have not formally joined the newly announced Open USD (OUSD) consortium, despite being listed among its participating organizations.

    Open Standard, the independent entity behind the stablecoin, had previously announced the formation of a consortium of over 140 businesses to launch OUSD, a dollar-pegged stablecoin, later this year. The initial announcement included a roster of globally recognized companies across various sectors, such as Visa, Mastercard, BlackRock, Google, Ripple, and Standard Chartered. Among the South Korean entities named were Samsung Electronics, Dunamu, Shinhan Financial Group, KakaoBank, K Bank, Hyundai Card, KB Kookmin Card, BC Card, Hana Card, Samsung Card, Woori Card, NH Nonghyup Card, and Hanwha.

    However, several of these companies have since contested the nature of their involvement.

    According to a report by Chosun Biz, a representative for Samsung Electronics informed the publication that the company had not engaged in any official discussions with the OUSD issuer and was unaware of any potential role it might play within the consortium. Similarly, Shinhan Financial Group, Dunamu, and K Bank indicated that Open Standard had merely inquired about their interest in participating in OUSD, and they had responded by stating they would review the proposal. Their names were reportedly added to the consortium list without any formal commitment.

    One company representative further stated that their firm only learned of its inclusion as an alliance member through domestic media reports. This representative added that the company had merely expressed a willingness to consider participation under favorable circumstances and was surprised to find itself listed as a member.

    These assertions were later corroborated by Gabor Gurbacs, founder of digital asset firm Pointsville. Gurbacs reported speaking with several companies listed in the OUSD consortium, all of whom informed him that they had never signed or agreed to participate. He suggested that either the media had significantly misrepresented the situation or the published participant list was misleading.

    The claims have also ignited a debate on social media platform X. One user characterized the practice of listing companies before deals are finalized as a “classic legitimacy-borrowing” tactic, while another commented that the situation poses a significant credibility risk.

  • Farage Faces Scrutiny Over Alleged Crypto Lobbying

    Farage Faces Scrutiny Over Alleged Crypto Lobbying

    Reform UK leader Nigel Farage is reportedly facing an investigation by Parliament’s standards watchdog over allegations that he lobbied the Bank of England on cryptocurrency policy in a manner that could benefit his largest donor. The donor, a significant investor in stablecoin issuer Tether, has provided substantial financial backing to Farage.

    Standards Watchdog Investigation

    Phil Brickell, a Labour MP and chair of the parliamentary group on anti-corruption and responsible tax, has formally requested that the Parliamentary Commissioner for Standards, Daniel Greenberg, scrutinize Farage’s interactions with the central bank. Parliamentary regulations prohibit MPs from contacting officials or ministers on behalf of individuals who have paid them for a period of 12 months following such a payment.

    Brickell stated to The Guardian that prior to meeting with the Governor of the Bank of England, Farage “openly championed Tether, criticised proposed restrictions on stablecoins and vowed to challenge the Bank’s approach.” He added that Farage has since “claimed credit for persuading the Bank to soften its position.”

    Allegations of Undue Influence

    The complaint centers on a private meeting last September where Farage reportedly urged Governor Andrew Bailey to abandon plans for a central bank digital currency, often referred to as “Britcoin.” Farage has previously declared he would go to prison to prevent its implementation. He later claimed responsibility for influencing the Bank to moderate its stance. Last week, the Bank dropped a proposed £20,000 cap on individual stablecoin holdings, a measure Farage had publicly opposed.

    A second Labour MP, Joe Powell, has written to Governor Bailey seeking details of the meeting. Powell argued that “Decisions relating to the UK’s financial system, including those involving bank digital currencies, must be made in the public interest and on the basis of rigorous, independent assessment, not shaped behind closed doors to benefit individual financiers.”

    Brickell emphasized that the case extends beyond the cryptocurrency sector, focusing on whether an MP who has “received millions from one individual” should advocate for policies that could increase the value of that donor’s investments.

    Donor and Financial Links

    The donor in question is Christopher Harborne, a British billionaire based in Thailand. Harborne holds a 12% stake in USDT issuer Tether and is ranked sixth on The Sunday Times Rich List.

    The Reform UK leader accepted an undeclared £5 million ($6.7 million) gift from Harborne before standing in the July 2024 general election. At the time of the gift, Farage had not announced his intention to run for Parliament, and the donation was not disclosed to parliamentary authorities.

    According to The Guardian, Farage also received two £25,000 political donations from Harborne in January 2025 and February 2026, designated for trips to the U.S. and the Chagos Islands. Furthermore, Reform UK received an additional £15 million from the billionaire between August of last year and February. Daniel Greenberg is conducting a separate investigation into whether Farage should have declared the £5 million personal gift.

    Responses and Denials

    Both Farage and Harborne have asserted that the billionaire sought no reciprocal benefits. However, Farage’s explanations for the £5 million gift have varied, shifting from a contribution to his security, to a reward for his Brexit campaigning, and most recently, to funds he can spend as he wishes. He has described the gift as “unconditional” and “a purely private matter.” Reform UK has dismissed the broader allegations as “utter rubbish,” while Labour has accused Farage of evading scrutiny.

    The Bank of England stated that the September meeting was part of its regular engagement with political figures and acknowledged that Farage and Bailey held differing views on the digital pound. The Bank has not released any minutes from the meeting.

    Farage has previously positioned himself as a “champion” of the cryptocurrency space, advocating for the UK to establish a Bitcoin strategic reserve and pushing for reduced capital gains taxes on digital assets.

  • UK Investors Sue Binance, Former CEO Zhao for $200M

    UK Investors Sue Binance, Former CEO Zhao for $200M

    UK Investors Launch $200 Million Lawsuit Against Binance and Founder

    Approximately 1,700 United Kingdom investors have initiated a group lawsuit in London’s High Court, targeting cryptocurrency exchange Binance and its founder, Changpeng Zhao, also known as CZ. The claimants allege that the defendants unlawfully sold high-risk crypto derivatives products to retail investors without the necessary authorization.

    Allegations of Unauthorized Sales

    The plaintiffs contend that between late 2019 and 2020, Binance offered products such as leveraged tokens, options, contracts, and futures without approval from the UK’s Financial Conduct Authority (FCA). The lawsuit, filed under the Financial Services and Markets Act, categorizes these derivatives as “specialized investments” under relevant regulations. Despite the UK regulator banning Binance from selling these complex products in 2021, the exchange allegedly continued to offer them to its users.

    Accusations of Aggressive Promotion

    The crypto traders also accuse Binance of actively promoting these products through various channels, including advertising campaigns, online materials, social media posts, and email communications.

    Hannah Sharp, a partner at the law firm representing the investors, stated that her clients have incurred significant financial losses and expressed determination to hold CZ and the exchange accountable. The Financial Times reported that individual traders lost sums ranging from tens of thousands to millions of dollars. The claimants are now seeking approximately $200 million in compensation.

    Binance’s Response

    Binance has not yet formally responded to the specific accusations within the lawsuit but has confirmed its awareness of the proceedings. A company statement read, “We do not comment on ongoing litigation. We will defend against these claims through the appropriate legal process in due course.”

    Broader Regulatory Challenges

    This legal action adds to a growing list of regulatory and legal hurdles Binance has faced in recent years. Notably, the exchange recently failed to secure an EU crypto license. Following this setback, Binance initially indicated it would cease services in the region. However, CZ later reaffirmed the company’s commitment to Europe, stating plans to seek a permit through an alternative jurisdiction.

    This development comes after the European Securities and Markets Authority (ESMA) mandated that all unauthorized digital asset firms cease operations by July 1 if they had not obtained a MiCA license by the deadline. Industry executives anticipate that this directive could impact over 80% of crypto platforms operating in the region.

    UK regulators have consistently adopted a cautious stance on cryptocurrencies, frequently warning the public about their high-risk nature. The FCA recently introduced its long-awaited rules for the sector, which will require firms to adhere to financial safety standards, comply with anti-money laundering and market abuse laws, and meet consumer protection requirements.