CryptoNews

South Korean exchange Upbit will pause Cosmos ATOM deposits and withdrawals from May 20 to support a network upgrade.
Summary
The suspension begins at 6:00 a.m. UTC on May 20 and will remain until the Cosmos network upgrade completes and stability is confirmed.
ATOM trading on Upbit is expected to continue as normal throughout the suspension window.
Exchanges routinely pause transfers during chain upgrades to prevent transaction failures caused by version mismatches between nodes.
Upbit announced the temporary halt via an official notice to users, stating the pause begins at 6:00 a.m. UTC on May 20. No specific end time has been provided. Services will resume once the Cosmos network upgrade is complete and the blockchain is confirmed stable. Existing ATOM balances on the platform are not affected.
ATOM trading on Upbit is expected to remain active during the maintenance window, meaning users can still buy and sell the token against fiat and crypto pairs. Only deposits into and withdrawals from the exchange are suspended. Users who need to move ATOM should complete transfers before the May 20 deadline.
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Why transfers pause during chain upgrades
Suspending deposits and withdrawals during a protocol upgrade is standard practice across major exchanges. If an exchange’s node software operates on an old version while external wallets run on a new one, incoming transactions can become irreconcilable, resulting in lost or permanently delayed funds.
Pausing transfers eliminates that risk until the exchange’s infrastructure is updated and verified against the upgraded chain.
The pause arrives at a difficult moment for the Cosmos ecosystem. In January, Anoma co-founder Christopher Goes warned that Cosmos was nearing its end, citing high operating costs and the departure of several major projects from the ecosystem.
Osmosis separately proposed converting its OSMO token to ATOM and deepening Cosmos Hub integration in an effort to consolidate liquidity and governance. Upbit is South Korea’s largest crypto exchange, and its decisions around token support have repeatedly driven significant short-term price moves in listed assets.
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Bullish also reported adjusted EBITDA of $35.1 million, missing analyst estimates of $38 million.
Summary
Bullish reported adjusted first-quarter 2026 revenue of $92.8 million, missing analyst expectations.
The crypto trading platform posted a net loss of $604.9 million, or $3.85 per share.
Shares of Bullish fell 7.9% in pre-market trading to $38.51 following the earnings release.
Crypto trading platform Bullish reported weaker-than-expected first-quarter 2026 financial results as softer digital asset trading activity weighed on revenue and profitability. According to a report from CoinDesk, the company posted adjusted revenue of $92.8 million, below Wall Street expectations of $94.9 million.
The company’s net loss widened sharply to $604.9 million, equivalent to a loss of $3.85 per share, compared with the same period a year earlier.
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Investors reacted negatively to the results, with Bullish shares falling 7.9% in pre-market trading to $38.51 as concerns mounted over slowing crypto market activity and weaker trading volumes across the industry.
Slowing crypto volumes pressure exchanges
The earnings miss highlights the challenges facing digital asset trading platforms after the strong momentum seen during earlier phases of the crypto market recovery. Bullish, which operates institutional-focused crypto trading infrastructure and owns CoinDesk, has been attempting to expand its market share amid intensifying competition from centralized exchanges and decentralized trading venues.
Trading activity across the broader crypto market has cooled in recent months despite continued institutional interest in products tied to Bitcoin and Ethereum. In a previous crypto.news story, spot Bitcoin ETF inflows showed signs of slowing after a record-breaking rally earlier this year.
The weaker results also arrive as exchanges continue investing heavily in derivatives infrastructure and stablecoin-based settlement systems. Another crypto.news story detailed Coinbase’s expanding partnership with Hyperliquid to strengthen USDC liquidity across decentralized trading markets.
Meanwhile, institutional players remain focused on building long-term crypto infrastructure despite short-term market weakness. Earlier this year, crypto.news reported in another story that Coinbase launched a Bitcoin yield fund aimed at institutional investors outside the United States.
Bullish has not yet indicated whether it expects trading conditions to improve during the remainder of 2026, but the latest quarter underscores how dependent exchange revenues remain on sustained market participation and digital asset volatility.
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Sui price pulled back this week after facing rejection near the key $1.40 resistance region, though traders continue watching for signs that bulls may be preparing for another breakout attempt.
Summary
SUI price pulled back toward the $1.20 support zone after facing rejection near the key $1.40 resistance level earlier this week.
Rising stablecoin liquidity, growing DeFi activity, and strong derivatives positioning continued to support bullish sentiment across the Sui ecosystem.
Analysts are watching whether bulls can defend the $1.18–$1.20 region to sustain momentum toward another breakout attempt above $1.40.
According to data from crypto.news, Sui (SUI) traded around $1.21 at press time on May 14 after briefly rallying toward $1.40 earlier this week. The token remains significantly higher than its April lows near $0.85 despite the latest cooldown, with bullish momentum still broadly intact following one of the strongest rallies among major altcoins over the past several weeks.
The latest rally came as investor sentiment around the Sui ecosystem continued improving amid growing optimism surrounding the network’s expanding decentralized finance activity and institutional adoption narrative.
One of the biggest catalysts supporting SUI this week was the continued surge in network activity following the rapid expansion of stablecoin liquidity across the ecosystem. Recent on-chain data showed Sui’s total value locked and decentralized exchange volumes climbing sharply as traders rotated into the network during the broader altcoin recovery.
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At the same time, renewed attention surrounding Mysten Labs’ scaling roadmap and validator expansion initiatives also helped strengthen the long-term bullish outlook for the ecosystem.
Derivatives sentiment has remained notably strong as well. CoinGlass liquidation heatmap data showed dense liquidation clusters forming between the $1.30 and $1.45 region during the recent rally, signaling that aggressive short liquidations likely helped accelerate SUI’s breakout above the psychological $1 level earlier this month.
Meanwhile, funding rates and futures positioning have largely remained positive despite the recent pullback, suggesting traders continue maintaining a moderately bullish bias toward the token.
Sui price analysis
On the daily chart, SUI recently confirmed a major breakout above the long-standing consolidation range between roughly $0.85 and $1.05 before rapidly surging toward the key resistance area near $1.40.
Sui price, Supertrend, and MACD chart — May 14 | Source: crypto.news
The current pullback now places focus on whether bulls can successfully defend the important support zone between $1.18 and $1.20, which aligns closely with the latest breakout structure and short-term consolidation range.
A look at the Supertrend indicator continues to support the bullish outlook. Notably, the indicator recently flipped bullish on the daily timeframe and currently remains well below price action, signaling that buyers still maintain broader trend control despite the latest retracement.
Momentum indicators also continue to favor the bulls overall. The MACD remains in bullish territory following a strong positive crossover earlier this month, though the histogram has started gradually flattening, suggesting upward momentum may be cooling after the recent vertical rally.
If SUI successfully stabilizes above the $1.20 region, bulls could soon attempt another move toward the key $1.40 resistance zone. A decisive breakout above that area could potentially open the door for a larger rally toward the psychological $1.50 level and higher resistance regions not seen since late 2025.
On the downside, failure to hold above current support levels could trigger a deeper short-term correction toward the previous breakout zone near $1.05, where buyers may attempt to reestablish momentum.
For now, traders remain focused on whether Sui can consolidate above its recent breakout range as the market looks for the next catalyst capable of reigniting bullish momentum.
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Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

The Bank of England has begun reconsidering parts of its proposed stablecoin framework after digital asset firms warned that strict reserve rules and ownership caps could make pound-backed tokens difficult to use at scale.
Summary
Bank of England officials are reviewing proposed stablecoin holding caps after crypto firms warned the rules could limit adoption.
The central bank is also reassessing reserve requirements that would force issuers to keep 40% of backing assets at the BoE.
According to the Financial Times, Bank of England Deputy Governor Sarah Breeden said the central bank is reviewing whether temporary holding limits on sterling stablecoins are necessary and is also assessing if its reserve requirements are too restrictive for issuers.
Under proposals released in the Bank of England’s November 2025 consultation paper, individuals would have been limited to holding £20,000 of a single UK stablecoin during an initial transition phase, while corporate users would have faced caps of roughly $13.5 million.
Officials at the central bank said at the time that the limits were intended to prevent a rapid movement of deposits out of commercial banks if stablecoins gained traction in payments.
At the same time, the consultation proposed that issuers keep at least 40% of reserves in non-interest-bearing deposits at the Bank of England, with the remaining assets placed in short-term UK government debt.
Sarah Breeden, who has consistently taken a cautious stance on stablecoins, previously argued that money-like digital instruments should meet safety standards comparable to traditional payment infrastructure.
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Industry participants pushed back against the framework, arguing that the ownership caps would be difficult to enforce across trading venues and wallets.
Potential issuers and legal advisers also told policymakers that forcing firms to park large reserve balances at the central bank without earning interest would significantly reduce profitability for UK-issued stablecoins.
UK regulators weigh stablecoin competitiveness
While UK regulators continue drafting rules for fiat-backed digital assets, policymakers are also facing pressure to prevent stablecoin activity from moving toward jurisdictions viewed as more commercially flexible.
Earlier in the week, Bank of England Governor Andrew Bailey warned that international regulators could face a difficult confrontation with the United States over stablecoin oversight.
Speaking at a conference cited by Reuters, Bailey said global payment use cases would require common international standards and described future talks with Washington as a likely “coming wrestle.”
Bailey, who also chairs the Financial Stability Board, repeated concerns that some stablecoins may not be easily redeemable during periods of market stress. Reuters reported that he warned countries such as the UK could face redemption pressure if dollar-backed stablecoins spread internationally without strong safeguards.
Those comments came as the Trump administration continued backing stablecoin expansion through the GENIUS Act, which established a U.S. framework for issuers. CoinGecko data cited by Reuters valued the global stablecoin market at more than $317 billion, with dollar-backed tokens continuing to dominate the sector.
Back in London, lawmakers have also begun examining how the UK should oversee the sector. In January, parliamentary committees gathered evidence from industry groups, including Coinbase and Innovate Finance, as officials worked on rules intended to operate alongside future crypto legislation and potential digital pound plans.
For now, sterling stablecoins account for only a small share of the global market. Any relaxation of reserve rules or holding limits could influence whether regulated GBP-backed tokens become viable for payments, treasury management, and settlement, or whether firms continue favoring U.S. dollar stablecoins for most activity.
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U.S. voters have placed everyday economic concerns far ahead of crypto regulation, even as lawmakers prepare for a Senate Banking Committee vote on the CLARITY Act this week.
Summary
Only 4% of Americans surveyed said a candidate’s crypto stance would influence their vote ahead of the 2026 midterms.
A Politico and Public First survey found that affordable housing, fraud protection, and lower bank fees ranked above crypto regulation among voter priorities.
According to a survey released Wednesday by Politico and polling firm Public First, only 4% of 2,035 U.S. adults said a political candidate’s stance on crypto policy would influence how they vote. Affordable housing, consumer fraud protection, and lower bank fees ranked as the top issues respondents wanted Congress to address.
Public First also found that just 18% of respondents viewed establishing rules for the crypto market as a top congressional priority. Regulation of large banks ranked slightly lower at 17%.
Despite the low ranking among voters, crypto industry groups have continued pouring money into U.S. elections ahead of the 2026 midterms. Data compiled by researcher Molly White showed crypto lobby organizations spent more than $130 million during the 2024 election cycle and have already directed another $320 million toward influencing the November midterms.
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Pressure campaigns against candidates seen as hostile to the industry have also intensified. According to the same data reviewed by Politico, crypto-backed groups spent more than $5.5 million targeting opposing candidates in congressional races in Illinois earlier this year.
Crypto remains a low priority for many voters
Within the same Public First survey, only 27% of respondents said they supported or strongly supported government efforts to legitimize crypto as a mainstream financial asset. Another 31% said they opposed or strongly opposed such measures.
Republican Representative Dusty Johnson told Politico that digital assets still remain a niche issue for most voters, though he said interest has been growing gradually over time. Johnson added that people who care about crypto policy tend to care about it intensely.
Elsewhere in the poll, more than half of respondents said they had never traded crypto and would not consider doing so in the future. Only 19% said they had traded crypto, while 7% of crypto traders said a candidate’s crypto stance would directly affect their vote.
Risk appetite also appeared limited among respondents. Public First reported that 45% viewed crypto investing as a risk not worth taking, even if high returns were possible, while 25% said the potential rewards justified the risk.
The findings arrived less than a week after a separate HarrisX poll painted a different picture around crypto’s political influence.
That survey, conducted between May 1 and May 4 among 2,008 registered voters, found 52% supported the CLARITY Act and 47% said they would consider backing a candidate outside their preferred party if the candidate supported the legislation and their own party did not.
Among crypto users surveyed by HarrisX, support for crossing party lines rose to 72%. HarrisX also reported support for the bill from 58% of Republicans, 55% of Democrats, and 42% of independents.
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Upbit will end trading support for NKN on June 15, removing the NKN/BTC pair from its platform.
Summary
Upbit will end NKN/BTC trading on June 15, giving users until July 16 to withdraw funds.
NKN trades near $0.0075 with market capitalization around $6 million, according to CoinGecko today data.
The delisting adds pressure on a token already down about 99.5% from its all-time high.
Wu Blockchain reported the notice on May 14, citing Upbit’s official announcement.
Users must withdraw their NKN by July 16. After that deadline, withdrawals may no longer be processed. The move gives holders about one month after trading ends to move tokens to another exchange or a private wallet.
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NKN trades near $0.0075
CoinGecko showed NKN trading at $0.007546 at press time, down 3.4% over 24 hours. The token’s 24-hour range was between $0.007238 and $0.007891.
The token had a market cap of about $6.04 million and a fully diluted valuation near the same level. CoinGecko also showed 24-hour trading volume of about $175,453 and a circulating supply of roughly 800.25 million NKN.
Notably, NKN remains far below its peak. CoinGecko lists its all-time high at $1.44 from April 2021, meaning the token is down about 99.5% from that level.
The Upbit delisting may reduce access for some Korean traders, but NKN still trades on other platforms. CoinGecko lists KuCoin, MEXC and Gate among centralized exchanges where NKN markets remain active.
South Korea keeps strict listing standards
The move comes as South Korean exchanges continue to apply tighter listing reviews. In related coverage, Flow Foundation and Dapper Labs sought court action after Upbit, Bithumb and Coinone moved to end FLOW trading support following a security incident.
Earlier reports also noted that WEMIX faced delisting by major South Korean exchanges after concerns over token supply disclosures. That case showed how exchange decisions in Korea can quickly affect liquidity and market sentiment.
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Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

The Commodity Futures Trading Commission’s staff issued no-action relief for fully collateralized event contracts.
Summary
CFTC eased swap data reporting duties for fully collateralized event contracts listed on regulated exchanges.
Relief covers DCMs, DCOs and market participants, with future applicants getting a streamlined approval process.
The move arrives as prediction market platforms fight state gambling regulators in several courts nationwide.
The move covers certain swap data reporting and recordkeeping duties tied to contracts listed by designated contract markets and cleared by derivatives clearing organizations.
The relief means staff will not recommend enforcement against DCMs, DCOs or participants for failing to meet selected swap reporting rules, as long as they follow the terms in the staff letter. The CFTC said the approach responds to many requests from firms listing and clearing event contracts.
Moreover, the new letter also creates a cleaner path for future applicants. Entities that want to list or clear similar contracts can seek the same no-action position, and the CFTC can add them to an appendix rather than issue another full letter each time.
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Staff said the position also covers earlier beneficiaries of similar no-action letters. The letter says this approach should give similar treatment to current and future market participants while the agency considers broader rulemaking for event contract reporting.
Prediction market oversight remains contested
The relief comes as prediction markets face state-level legal fights. Earlier coverage from crypto.news reported that the CFTC backed Kalshi in an Ohio appeal, arguing that state officials treated federally regulated event contracts too narrowly as sports gambling.
In addition, CFTC has also challenged state actions in Arizona, Connecticut, Illinois, New York and Wisconsin. Court protection in Arizona supported federal oversight of CFTC-regulated prediction markets while cases continue.
Market growth adds pressure for clear rules
The timing matters because prediction markets are growing quickly. Separate market coverage reported that Kalshi reached a $22 billion valuation after a $1 billion Series F round, while annualized trading volume on the platform rose from $52 billion to $178 billion in six months.
Kalshi CEO Tarek Mansour said “event contracts could become a trillion-dollar market.” That claim remains forward-looking, but it shows why regulators, exchanges and state officials are paying closer attention to reporting, supervision and legal boundaries.
The CFTC’s latest step does not decide every dispute over event contracts. It focuses on how certain fully collateralized contracts are reported and recorded. Still, it gives DCMs, DCOs and participants a more uniform process as the agency works on broader rules.
For crypto-linked prediction markets, the letter adds another federal signal. Platforms such as Kalshi, Polymarket, Coinbase and Crypto.com remain part of a wider debate over whether these products are financial contracts, betting products, or both under different legal frameworks.
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BitGo Holdings reported $3.77 billion in first-quarter revenue, up 112.6% from $1.77 billion a year earlier.
Summary
BitGo’s Q1 revenue rose 112.6%, helped by digital asset sales and stablecoin service adoption growth.
Net loss widened to $60.7 million as Bitcoin treasury marks and IPO compensation weighed results.
Crypto.news coverage shows BitGo entered public markets as stablecoin and custody demand grew this year.
The result marked the crypto infrastructure firm’s first quarterly earnings update since its January public listing on the New York Stock Exchange.
The company said digital asset sales remained its main revenue driver. That unit generated about $3.66 billion in Q1, while staking revenue reached $49.4 million. Subscription and services revenue stood at $25.6 million.
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Net loss widens despite revenue growth
BitGo’s net loss widened to $60.7 million in Q1, compared with a loss of $25.7 million in the same quarter last year. The company linked the wider loss to non-cash mark-to-market changes tied to its Bitcoin treasury and higher stock-based compensation after its IPO.
The firm also reported an adjusted EBITDA loss of $1.7 million, compared with a $3.9 million gain a year earlier. BitGo ended March with $186.6 million in cash and cash equivalents, plus 2,449 Bitcoin valued at about $167.1 million.
Stablecoins and derivatives add new revenue lines
BitGo said its Stablecoin-as-a-Service revenue rose 43.6% from the prior quarter to $38.2 million. The company linked the increase to client adoption, new partnerships, BitGo Mint, and related stablecoin workflows.
BitGo launched BitGo Mint in April to let institutions mint, redeem, and manage stablecoins within its platform. The product started with USD1 and SoFiUSD, both supported by BitGo’s Stablecoin-as-a-Service infrastructure.
The company also launched a derivatives offering during Q1. CFO Ed Reginelli said the product generated about $3 billion in notional trading volume during the quarter. He added that reported revenue comparisons were not directly comparable because derivatives revenue is booked on a net basis, while spot trading revenue is booked on a gross basis.
BitGo’s public-market push
Crypto.news reported in January that BitGo targeted a valuation of up to $1.96 billion before its IPO, with Goldman Sachs and Citigroup leading the offering. BitGo later priced shares at $18 and raised about $212.8 million.
Related coverage also noted that YZi Labs backed BitGo’s IPO as the custodian made its NYSE debut. The report said BitGo served more than 5,100 institutional clients across more than 100 countries at the time.
CEO Mike Belshe said “BitGo delivered strong underlying business performance in Q1 despite a challenging market environment.” He added that the company is investing in stablecoins and tokenized assets as institutional adoption continues.
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Coinbase CEO Brian Armstrong has backed the latest version of the Digital Asset Market Clarity Act before the Senate Banking Committee’s Thursday markup.
Summary
Armstrong says latest CLARITY Act draft has stronger bipartisan footing before Thursday Senate markup vote.
Stablecoin yield compromise allows activity-based rewards while banning passive payments for simply holding tokens alone.
HarrisX poll shows 52% support CLARITY Act, while 11% oppose passage before Thursday’s markup vote.
His comments mark another shift in the long-running debate over U.S. crypto market rules. Armstrong said the bill is now in its strongest position after months of talks between lawmakers, banks and crypto firms.
Meanwhile, the main change centers on stablecoin yield. Armstrong said banking and crypto groups reached a “healthy compromise” brokered by Senators Thom Tillis and Angela Alsobrooks. He said both sides left talks partly unhappy, but reached terms they could accept.
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The revised draft bars passive yield paid only for holding stablecoins. However, it still allows activity-based rewards tied to payments, platform use and real crypto network activity. Earlier reports noted that this issue helped stall the bill in January after Coinbase rejected the earlier version.
Revised draft adds DeFi and CFTC changes
Armstrong also said the latest CLARITY Act text improved language around decentralized finance, tokenized stocks and the Commodity Futures Trading Commission’s role in crypto markets. These were among the same issues Coinbase raised when it opposed the earlier Senate draft.
The Senate Banking Committee released a 309-page revised draft before the markup. The text also includes language tied to non-custodial developers and infrastructure providers, which could shape how DeFi builders are treated under federal law.
Polling adds pressure before markup
The markup comes with more than 100 amendments attached to the Senate crypto market structure bill. Lawmakers are expected to debate changes covering stablecoin rules, developer protections, ethics provisions and enforcement before deciding whether to advance the bill.
A HarrisX poll also showed public support for the CLARITY Act across party lines. The survey of 2,008 registered U.S. voters found that 52% supported the bill, while 11% opposed it. The poll showed net support among Democrats, Republicans and independents.
The crypto ownership backdrop also gives lawmakers a wider audience to consider. The National Cryptocurrency Association’s 2025 report, based on 54,000 U.S. residents, found that about 20% of Americans own crypto. It also found that 67% of owners are under 45, while 52% use crypto as an investment.
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Pi Network has returned to market attention after its team shared a new Know Your Customer update.
Summary
PI reclaimed top-50 attention as KYC progress met weak price action and fresh supply concerns.
Over 18.1 million users passed KYC, but tentative checks still keep some Mainnet migrations pending.
Crypto.news data shows PI near $0.17, with weekly losses still keeping traders cautious for now.
The project said more than 18.1 million users have passed native KYC checks, while over 16.7 million Pioneers have moved to Mainnet. The update gives the network a new user-growth figure at a time when PI is trying to recover from recent price weakness.
The team has often linked KYC to its “one person, one account” model. The goal is to limit bots, fake users, and duplicate accounts before balances move to Mainnet. That system remains central to Pi Network’s pitch as a large identity-verified blockchain community.
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Tentative KYC keeps user concerns alive
The latest update also addressed users stuck in Tentative KYC. The team said this status “does not mean rejection”, but means some accounts need more checks before approval. That claim may ease some concerns, but it does not remove the long wait faced by users who say they have remained in that status for months.
Pi Network has also been working on AI-assisted verification tools. A January update said millions of Pioneers had been unblocked for Mainnet migration, while palm print checks were being tested as a possible extra security method. The project said such tools could support liveness checks, account recovery, password resets, and other safety flows.
PI price shows a limited rebound
The KYC update arrived while PI’s market setup remained weak. crypto.news price data showed PI (PI) trading near $0.172, with a market cap of about $1.79 billion and 24-hour volume near $13.82 million. The token was ranked #50 by market cap, but it was still down about 4.03% over seven days.
This means the latest recovery has not yet changed the wider trend. PI is still far below its February 2025 all-time high of $2.99. crypto.news data also shows the token remains above its February 2026 low of $0.131244, leaving traders focused on whether the market can hold the current range.
Unlocks and utility remain key tests
Recent crypto.news coverage warned that PI still faces selling pressure from token unlocks. A May 11 analysis said more than 174 million previously locked PI tokens were expected to enter circulation before the end of the month. It also said PI could revisit the $0.15 area if weakness continues.
Other related updates show why traders remain divided. crypto.news reported in April that Pi Network completed a mainnet v21 upgrade and launched a testnet RPC server to help developers test apps before mainnet deployment. Those upgrades may support future use, but price data shows PI still needs stronger demand to turn KYC progress into a lasting market recovery.
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Switzerland has launched its first live municipal blockchain project through a biodiversity reward voucher system built on the Hedera network and backed by a Swiss franc-linked digital payment instrument.
Summary
Switzerland’s first municipal blockchain voucher system has launched in Muri bei Bern using the Hedera network.
Residents can earn digital biodiversity vouchers for conservation work and redeem them at local businesses for 1 Swiss franc.
The project uses Swisscoast’s HCHF stablecoin infrastructure as Switzerland continues developing stablecoin regulations under FINMA oversight.
According to an announcement shared with crypto.news by the Municipality of Muri bei Bern, the Canton of Bern municipality partnered with Swiss Web3 engineering firm The Hashgraph Group, blockchain developer Swisscoast, and digital transformation company Apps with Love to roll out BIDI, a blockchain-based biodiversity voucher designed to reward residents for participating in conservation work.
Built on the Hedera distributed ledger network, the system issues on-chain vouchers pegged to the Swiss franc for activities such as meadow restoration, hedge maintenance, invasive plant removal, riparian repair work, and wetland conservation. Residents can redeem each BIDI voucher for 1 Swiss franc at participating local merchants and service providers inside the municipality.
Municipal authorities said the initiative replaces a paper voucher program that had operated in Muri bei Bern for the past eight years. By moving the system on-chain, the project introduces digital verification and settlement infrastructure while keeping the existing community redemption model intact.
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Swisscoast developed the payment layer using its HCHF digital Swiss franc stablecoin on Hedera, while The Hashgraph Group participated as ecosystem partner. The project also received backing from The Hashgraph Association through its Enterprise Accelerator Program for enterprise and government blockchain applications.
Swiss municipalities test blockchain infrastructure
Coming after Switzerland opened consultations in late 2025 on a dedicated stablecoin licensing regime under oversight from FINMA, the BIDI rollout adds another example of Swiss institutions experimenting with tokenized payment systems tied to public services.
Under the proposed Swiss framework published last year, stablecoin issuers would be required to maintain fully backed reserves, provide redemption rights, and operate under a dedicated payment instrument license category. Officials at the time said stablecoins could support tokenized asset markets and strengthen digital settlement infrastructure within Switzerland’s financial system.
At the municipal level, BIDI now extends blockchain use beyond financial services into environmental programs and local commerce.
“We are proud to offer BIDI, an existing, trusted Swiss instrument, in collaboration with The Hashgraph Association,” Swisscoast AG President Toni Caradonna said. Caradonna added that the company previously worked with Hedera on another project called HLiquity and viewed distributed ledger technology as important for both innovation and conservation efforts.
Within the same announcement, Stefan Deiss, CEO and co-founder of The Hashgraph Group, said tokenization was expanding beyond finance into public administration tools such as vouchers and reporting systems.
“Public-sector instruments such as vouchers, claims, and reporting tokens will become verifiable, and BIDI demonstrates DLT credibility through provenance, not novelty,” Deiss said.
Apps with Love CEO Stephan Klaus said the project showed how digital products could connect ecological participation with local economic activity while improving efficiency and verification processes.
Hedera, which promotes itself as a carbon-negative network through the purchase of carbon offsets exceeding its energy use, said its governing council includes organizations focused on sustainability initiatives and environmental reporting.
Designed as a reusable framework, the BIDI infrastructure can reportedly be adapted for other Swiss municipalities within weeks rather than requiring long deployment timelines. Municipal officials and project partners said the structure could eventually expand to cities and regions outside Switzerland as European governments continue testing blockchain-based public service systems.
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Galaxy Digital and SharpLink have launched the Galaxy SharpLink Onchain Yield Fund with $125 million to deploy into DeFi protocols.
Summary
SharpLink will commit $100 million from its staked ETH treasury to the fund, with Galaxy Digital contributing $25 million and managing investments.
Capital will be deployed across DeFi liquidity protocols and onchain yield strategies while maintaining SharpLink’s core Ethereum exposure.
SharpLink holds 872,984 ETH in treasury and has generated 18,800 ETH in staking rewards since launching its Ethereum strategy in June 2025.
Galaxy Digital and SharpLink announced a non-binding agreement on May 11 to launch the Galaxy Sharplink Onchain Yield Fund, a $125 million limited partnership structured to put part of SharpLink’s staked Ethereum treasury to work across DeFi strategies. Galaxy will serve as investment manager.
SharpLink will contribute $100 million from its staked ETH position, with Galaxy adding $25 million of its own capital. Mike Novogratz, founder and CEO of Galaxy, said the infrastructure for institutional DeFi participation “has matured to a point where allocators can access yield, liquidity, and risk management with the same rigor they expect in traditional markets.”
What the fund will do
The fund will deploy capital across DeFi liquidity protocols and other onchain yield-generating strategies. The structure is designed to keep SharpLink’s core ETH exposure intact while adding an active yield layer on top of its existing staking operations.
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SharpLink CEO Joseph Chalom said the strategy aims to provide liquidity to high-quality protocols while generating returns above the average Ethereum staking rate. “Operational rigor is non-negotiable,” he said, noting the fund’s risk management framework will apply the same discipline Galaxy uses across its lending, trading, and asset management businesses.
The announcement came alongside SharpLink’s Q1 2026 earnings, which showed revenue rising to $12.1 million from $742,000 in the same period a year earlier. SharpLink posted a net loss of $685.6 million for the quarter, driven by unrealized depreciation in its ETH portfolio as Ethereum fell from roughly $3,354 in mid-January to $2,104 by quarter-end.
SharpLink’s position in the Ethereum ecosystem
SharpLink holds 872,984 ETH and is the second-largest publicly traded corporate Ethereum holder, behind Bitmine Immersion Technologies. Its treasury has generated 18,800 ETH in staking rewards since June 2025 with over 90% of its holdings staked at all times.
The Galaxy fund marks a meaningful shift in how public companies are thinking about crypto treasury management, moving beyond passive staking toward active DeFi deployment. Galaxy also launched a separate tokenized cash fund with State Street last week built on Solana, signalling a broader push by the firm into institutional onchain yield infrastructure.
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Keel Infrastructure, formerly known as Bitfarms, reported a net loss of $145.4 million for the first quarter of 2026.
Summary
Keel’s Q1 revenue fell 23% to $37 million as losses widened after its rebrand shift.
The company said $533 million in liquidity can fund priority sites through lease execution plans.
Shares closed higher as investors weighed AI infrastructure demand against weak Bitcoin mining results.
Revenue fell to $37 million, down 23% from $47.7 million a year earlier. The company also posted a $98.4 million operating loss, compared with $34.8 million in Q1 2025.
The result included a $41.4 million loss from changes in the fair value of digital assets and a $21.6 million loss tied to the extinguishment of long-term debt.
Meanwhile, KEEL shares closed at $4.30 on May 11, up 8.31% for the session. The stock later traded at $4.27 after hours, down 0.70%, according to Google Finance data.
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The stock reaction showed that investors focused on the company’s AI infrastructure plan, not only the weaker quarterly numbers. Google Finance listed KEEL’s intraday high at $4.50 and its low at $3.56.
AI infrastructure becomes the main plan
Keel said it completed its redomiciliation to the United States and rebranded as part of a shift away from Bitcoin mining. The company now presents itself as a North American data center and energy infrastructure developer for AI and high-performance computing.
“Our rebranding to Keel Infrastructure marks the completion of a nearly two-year strategic transformation,” said chief executive Ben Gagnon.
He said the company had exited Latin American megawatts and focused its pipeline on North American AI markets.
Liquidity supports site development
Keel reported about $533 million in liquidity as of May 8. That total included $336 million in unrestricted cash and $197 million in unencumbered Bitcoin.
Chief financial officer Jonathan Mir said, “Our liquidity stands at approximately $533 million.” He said the funds can support Panther Creek, Sharon, and Moses Lake through lease execution and cover general expenses through 2028.
The company said it secured zoning approvals and advanced land and environmental work at the three priority sites. Keel also sold 269 Bitcoin for $20 million between Jan. 1 and May 8 as part of its planned wind down of its Bitcoin position.
Miners keep moving toward AI
Keel’s pivot fits a wider shift among public Bitcoin miners. Recent market updates showed Core Scientific is converting its Pecos, Texas, mining site into a 1.5-gigawatt AI data center campus, with 300 megawatts moving away from mining use.
Separate coverage also showed Core Scientific’s self-mining revenue fell as its AI colocation business grew. MARA has taken a similar route through its Starwood partnership, which targets AI-focused data centers across power-rich mining sites.
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Aptos plans to launch a native encrypted mempool to protect transaction intent at the protocol layer.
Summary
Aptos says its encrypted mempool will hide transaction details during block ordering before execution.
The feature still needs governance approval before Aptos can roll it out to users.
Aptos Labs says batched threshold encryption can limit latency while keeping network trust assumptions.
The network said the feature will keep pending transaction details hidden during block ordering, then reveal them before execution.
The feature still depends on governance approval. Aptos said, “Pending governance approval, Aptos will be the first L1 to offer a native encrypted mempool.” The project says users will be able to send protected transactions with one click, without changing the normal on-chain record after confirmation.
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Aptos keeps transaction intent hidden
Aptos Labs said most blockchains expose pending transactions before they reach a block. That visibility can let validators, bots, or other actors delay, reorder, copy, or censor trades before confirmation.
The encrypted mempool is designed to reduce that risk. Aptos Labs said transaction details remain confidential until execution, protecting users from frontrunning, censorship, and order-flow manipulation while confirmed transactions remain public on-chain as usual.
Moreover, Aptos Labs said the system uses batched threshold encryption. Under the design, validators can collectively decrypt batches of transactions in one operation, reducing communication and computing overhead compared with decrypting each transaction separately.
The team said this approach can work inside the Aptos consensus process while keeping the same trust assumptions as the network. Aptos Labs added that users should be able to submit encrypted transactions with “no impact to latency” once the system is live.
Institutional market push grows
Aptos framed the encrypted mempool as part of a wider push for large on-chain markets. The network said the feature can help protect large transactions from censorship and frontrunning, which remain common concerns in decentralized trading.
The move also follows wider ecosystem spending. Earlier reports noted that Aptos Foundation and Aptos Labs committed more than $50 million to support trading, AI agents, research, and protocol infrastructure. That plan includes Decibel, an on-chain order book and perpetuals exchange that Aptos said had crossed $1 billion in cumulative volume.
Aptos has also been adding privacy-focused features for institutional use. Related coverage noted that Confidential APT launched in April, allowing concealed transfer data while keeping verifiability. The encrypted mempool would add another layer by protecting transaction intent before execution.
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US prosecutors have charged three Tennessee men over an alleged robbery and kidnapping spree targeting cryptocurrency holders in California.
Summary
US prosecutors say three Tennessee men targeted crypto holders across California using fake delivery tactics.
One victim was allegedly forced at gunpoint to transfer about $6.5 million in crypto.
The case adds to growing global concern over physical attacks targeting visible crypto wealth.
The defendants are Elijah Armstrong, 21, Nino Chindavanh, 21, and Jayden Rucker, 25.
The Justice Department said the indictment was filed on March 31 and unsealed after the men were arrested. Prosecutors said the alleged targets were based in San Francisco, San Jose, Sunnyvale, and Los Angeles.
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Fake delivery tactic led to home entries
The men allegedly posed as delivery workers to gain entry, or try to gain entry, into victims’ homes. Prosecutors said they then used firearms, duct tape, and zip ties to restrain victims and demand access to crypto accounts.
In one case, a victim was allegedly forced at gunpoint to sign into crypto accounts. A co-conspirator then transferred about $6.5 million in digital assets to a wallet controlled by the group, the Justice Department said.
US Attorney Craig Missakian said, “These individuals, as alleged, terrorized their victims in the hopes of stealing vast sums of cryptocurrency.” He also described the alleged scheme as “brazen, violent, and dangerous.”
FBI Acting Special Agent in Charge Matt Cobo said the case involved robbery, kidnapping, and the theft of millions in crypto. He said the FBI would work with local partners to pursue people who target victims for digital assets.
Wrench attacks draw wider concern
The case adds to growing concern over crypto wrench attacks. These crimes involve physical threats or violence used to force victims to transfer assets or reveal account access details. Market updates have tracked similar cases in France, including home invasions, kidnappings, and forced wallet access.
French prosecutors recently charged 88 people in cases tied to alleged crypto wrench attacks. Authorities there recorded 18 incidents in 2024, 67 in 2025, and 47 so far in 2026, showing how physical crypto crime has grown.
Defendants remain in federal custody
Armstrong, Chindavanh, and Rucker remain in federal custody. Armstrong and Rucker were scheduled to appear on May 12 for appointment of counsel, while Chindavanh is scheduled for a June 26 status hearing.
The Justice Department said an indictment only alleges that crimes were committed. The defendants are presumed innocent unless proven guilty beyond a reasonable doubt. If convicted, they face prison terms and fines tied to robbery and kidnapping charges.
Read more: Keel shares jump as $145M Q1 loss tests former Bitfarms’ AI pivot

Upbit listed Venice Token (VVV) on May 12 with Korean won, Bitcoin, and USDT trading pairs.
Summary
Upbit listed Venice Token with KRW, BTC, and USDT pairs, using only the Base network.
VVV traded near $17.15, down 2.9% in 24 hours despite listing news.
Venice AI positions VVV as a Base token for private AI access, staking, and DIEM minting.
The South Korean exchange said trading would begin at 16:00 local time, giving VVV direct access to one of Asia’s busiest retail crypto markets.
The exchange said deposits and withdrawals will only support the Base network. Korean reports also noted that users should check the VVV-Base network before sending funds, as unsupported network deposits may not process normally.
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However, Venice Token (VVV) traded near $17.15 at press time after the listing news. The token was down 2.9% over 24 hours, even as its seven-day gain stood at 84.1%. Crypto.news listed VVV’s market cap near $795 million and its 24-hour volume at about $131.8 million.
The reaction looked mixed across venues. CBC News reported that VVV traded at 26,840 won on Upbit’s KRW market at 16:05 local time, up 16.7% at that moment. Wider market data, however, showed the token had not held a clear daily breakout.
Venice AI links privacy and token access
VVV is the native token of Venice AI, a privacy-focused artificial intelligence platform. Venice says VVV runs on Coinbase’s Base blockchain and gives users access to staking, Venice Pro, and DIEM minting.
The project describes VVV as “the privacy coin for AI.” Venice also says platform revenues support monthly VVV buybacks and burns, starting from November 2025.
Crypto.news previously reported that Venice, backed by Erik Voorhees, launched VVV on Base in January 2025. The earlier report said the token was designed to make Venice’s API more accessible by allowing AI agents to stake VVV for ongoing access to generative text, image, and code tools.
Korean listings keep moving markets
The VVV listing comes during a busy stretch for Upbit additions. Recent market updates showed that Upbit listed Pharos with KRW, BTC, and USDT pairs on May 8, while PROS jumped 47.8% after new Korean market access.
Crypto.news also noted that Upbit recently added B3 to its Korean won market and listed Dogwifhat with KRW, BTC, and USDT pairs. Those listings show how Korean exchange access can lift trading activity, though price moves can fade quickly after the first reaction.
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Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

Bernstein has maintained its Outperform rating on Circle Internet Group with a $190 price target after the company’s $222 million ARC token presale and continued USDC growth helped offset pressure from falling reserve income.
Summary
Bernstein kept its Outperform rating on Circle and set a $190 price target after the company raised $222 million through its ARC token presale.
USDC supply reached $77 billion in Q1, while Circle Payments Network annualized transaction volume approached $10 billion.
Bernstein said Arc’s testnet processed more than 244 million transactions as Circle expanded its AI-focused payment infrastructure around USDC.
According to a Tuesday client note from Bernstein analysts led by Gautam Chhugani, the brokerage sees Circle’s expanding blockchain and payments business as supporting earnings visibility even as lower interest rates reduced reserve-related revenue during the first quarter.
Circle shares closed at $131.76 on Monday, based on data from Yahoo Finance, leaving Bernstein’s target roughly 44% above the current level.
The analysts said Circle generated $694 million in Q1 revenue and reserve income, up 20% from a year earlier, although the figure came in around 4% below consensus expectations due to weaker reserve income. Adjusted EBITDA reached $151 million, about 10% ahead of analyst estimates, while Circle maintained what Bernstein described as disciplined operating costs.
At the same time, Bernstein pointed to the company’s ARC token presale as an additional revenue contributor after Circle raised $222 million at a $3 billion fully diluted valuation for Arc, its planned Layer 1 blockchain. Earlier disclosures from Circle showed the round included investors such as Andreessen Horowitz, BlackRock, Apollo Global Management, ARK Invest, and Standard Chartered.
USDC supply growth remains central
Within the same note, Bernstein said USDC circulation climbed to $77 billion during the first quarter, rising 28% year over year and 2% from the previous quarter. The brokerage also noted that Circle’s on-platform USDC balances increased to $13.7 billion, representing 18% of the total supply, even while the crypto market had fallen roughly 40% since October 2025.
Circle previously reported that USDC processed $21.5 trillion in on-chain transaction volume during Q1, up 263% from a year earlier. Stablecoin regulation in the U.S. and Europe has also supported adoption after frameworks such as the GENIUS Act and MiCA established clearer rules for issuers.
Elsewhere in the business, Bernstein highlighted growth in Circle’s payments network, which reached nearly $10 billion in annualized transaction volume with 136 financial institutions onboarded as of May 7. Circle has also expanded partnerships with firms including Meta, DoorDash, and Kyriba.
Arc blockchain and AI payment tools gain attention
Ahead of Arc’s planned mainnet rollout later in 2026, Bernstein said the blockchain’s testnet has already processed more than 244 million cumulative transactions and attracted 1.6 million unique wallets.
Circle has described Arc as a blockchain built for institutional finance and stablecoin payments. In earlier comments to CNBC, Circle CEO Jeremy Allaire said the company was “entering the operating system business” through a distributed network model tied to the ARC token.
Bernstein also focused on Arc’s “agentic” infrastructure, particularly the x402 standard for machine-to-machine micropayments. According to the brokerage, USDC currently handles more than 99% of all x402-based agentic payments settled globally.
Recent announcements from Circle have tied those tools to AI-focused payment infrastructure through products such as Circle CLI, Agent Wallets, and Agent Marketplace. Circle has said the services are designed to support USDC payments across blockchains and traditional payment systems for software agents and automated applications.
Meanwhile, Circle’s fiscal 2026 guidance remains unchanged. Bernstein said the company still expects a 40% compound annual growth rate in USDC supply, while projecting non-float revenue between $150 million and $170 million.
The brokerage added that current guidance does not yet include financial contributions from the ARC token presale, which Circle plans to recognize as other revenue once token delivery takes place.

U.S. spot XRP exchange-traded funds have pulled in their largest daily inflow in roughly four months.
Summary
U.S. spot XRP ETFs recorded $25.8 million in daily inflows, the highest level since January.
Franklin Templeton, Bitwise, and Grayscale all posted positive XRP ETF flows, according to SoSoValue data.
According to SoSoValue data, spot XRP ETFs listed in the U.S. recorded combined net inflows of $25.8 million on May 11, the strongest single day of inflows since Jan. 5.
Franklin Templeton’s XRPZ accounted for the largest share with $13.6 million in new capital, while the Bitwise XRP ETF added $7.6 million and Grayscale’s GXRP attracted $4.6 million.
Institutional demand has been building across several crypto ETF products in recent weeks as money continues moving into regulated digital asset vehicles.
Bitcoin ETFs have now recorded seven consecutive weeks of positive flows, bringing in more than $3.4 billion during that period, while Solana ETFs saw $26.6 million in daily inflows, their highest level since February.
Ether ETFs moved in the opposite direction, posting roughly $16.9 million in net outflows on the same day, according to SoSoValue data.
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At the same time, Ripple has continued expanding its institutional finance business through brokerage, custody, and tokenized asset initiatives tied to the XRP Ledger ecosystem.
Last week, Ripple said it completed a pilot cross-border payment transaction backed by tokenized U.S. Treasuries alongside JPMorgan Chase, Mastercard, and Ondo Finance. The transaction used infrastructure connected to XRPL and formed part of Ripple’s push into institutional settlement services.
Days earlier, Ripple’s prime brokerage arm secured up to $200 million in financing from asset manager Neuberger Berman to expand margin lending and multi-asset trading services for institutional clients. The credit facility would support trading activity across crypto, equities, fixed income, and foreign exchange markets through Ripple Prime.
At the time of publication, XRP was trading at $1.46, up 0.4% over the previous 24 hours.
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TRON traded near $0.349 after a steady three-month rally, with live market data showing a small intraday decline.
Summary
TRON traded near $0.349 as RSI moved above 75, showing strong but stretched momentum.
Santiment said crowd FUD may support TRX as skeptical traders keep doubting the rally.
TRON’s USDT role remains a major growth driver, but scrutiny over illicit flows persists.
Crypto.news price data also placed TRON (TRX) near $0.351, with a 24-hour range of $0.349241 to $0.352492. The same data showed a market cap above $33 billion and 24-hour volume near $447 million.
Meanwhile, Santiment said TRON has gained about 26% over the past three months, while crowd discussion remains mixed. The analytics firm linked part of the rally to persistent doubt around the project and its founder, Justin Sun.
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The firm said many traders still view TRON as “too risky” or “too controversial” compared with newer crypto themes such as AI and DeFi. It also argued that markets often move against crowd expectations when sentiment becomes too one-sided.
TRX chart shows strong momentum
TradingView chart shows TRX in a clear uptrend from early February lows near $0.27 toward the $0.35 area. Price action has formed higher lows and higher highs through March, April, and early May.
The RSI reading sits at near 76, above the 70 level often used to mark overbought conditions. That suggests strong buying pressure, but it also shows the rally may be stretched in the short term.
At the same time, the MACD line sits at 0.00777, above the signal line at 0.00664. That setup still supports bullish momentum, while the histogram remains positive at 0.00112.
Source: TradingView
However, the latest candles show TRX pausing near the recent high. If buyers keep price above the $0.34 to $0.345 area, the trend may stay supported. A move below that zone would point to a deeper cool-off after the recent climb.
USDT activity remains central to Tron
TRON’s role in stablecoin transfers remains one of its largest market drivers. Earlier crypto.news coverage said TRON had extended its USDT lead over Ethereum, with rising active addresses and record weekly transaction volumes linked to stablecoin use.
That same stablecoin activity has also drawn scrutiny. Crypto.news previously reported that Tether froze USDT across Ethereum and Tron addresses, while a Tether-backed crime unit later froze more than $300 million in illicit assets.
Moreover, TRON has also gained wider market visibility. As crypto.news reported, Moscow Exchange plans to add a TRX index from May 13, using pricing data from Binance, Bybit, OKX, and Bitget for professional investors.
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Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

Sui price continued consolidating near recent highs on Monday after posting one of the strongest weekly rallies among major cryptocurrencies, raising expectations that bulls could soon attempt a retest of the key $1.50 resistance level.
Summary
Sui price rallied more than 30% in a week, with the token climbing from below $0.95 to highs near $1.40 before consolidating.
Nasdaq-listed SUI Group Holdings removed 108.7 million SUI from circulation through staking, tightening available supply on the market.
Bullish MACD momentum and rising ecosystem adoption have increased expectations for a potential move toward the key $1.50 resistance zone.
According to data from crypto.news, Sui (SUI) traded around $1.26 at press time on May 12 after rallying more than 30% over the past seven days. The token recently surged from below $0.95 to highs near $1.40 before facing mild profit-taking near local resistance.
The latest rally came as investor sentiment around the Sui ecosystem continued improving following several major institutional and ecosystem developments over recent weeks.
One of the biggest catalysts remains the growing supply squeeze created by Nasdaq-listed SUI Group Holdings. The company previously moved its entire treasury of 108.7 million SUI tokens into direct staking on the network, effectively removing nearly 2.7% of the token’s circulating supply from active market trading.
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The reduced liquid supply helped strengthen bullish momentum as demand for the token accelerated alongside improving market conditions across the crypto sector.
At the same time, Mysten Labs recently revealed plans to launch confidential transactions and fee-free stablecoin transfers on the Sui blockchain later this year, developments that significantly boosted optimism around the network’s long-term adoption potential.
Meanwhile, derivatives activity added further fuel to the rally. CoinGlass data recently showed a sharp increase in short liquidations as bearish traders were forced to close positions during SUI’s rapid breakout above the psychological $1.00 resistance zone.
The combination of improving fundamentals, tightening supply conditions, and aggressive short covering helped drive one of SUI’s strongest weekly performances in months.
Sui price analysis
On the daily chart, SUI recently confirmed a powerful breakout above the key $1.00 resistance region after spending several months consolidating between roughly $0.85 and $1.05.
Sui price, MACD, and RSI chart — May 12 | Source: crypto.news
The rally pushed SUI toward the major horizontal resistance zone near $1.50, a level that previously acted as a strong support area before the broader market correction earlier this year.
Momentum indicators continue to favor the bulls despite some signs of short-term cooling. The MACD remains firmly bullish following a strong positive crossover, while the histogram continues printing expanding green bars, suggesting upward momentum remains intact.
Meanwhile, the RSI recently climbed above 73 before easing slightly lower, indicating that SUI briefly entered overbought territory during the rally. While this could trigger temporary consolidation or mild pullbacks, the indicator still remains above its signal line, showing buyers largely remain in control.
If bullish momentum continues building above the current consolidation zone, SUI could soon attempt another breakout toward the key $1.50 resistance level. A decisive move above that area could potentially open the door toward higher resistance zones not seen since early 2026.
On the downside, failure to hold above the $1.20 support region could trigger profit-taking and pull SUI back toward the previous breakout zone near $1.00 before buyers attempt another upward move.
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Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.