Cointelegraph

Massachusetts Senator Elizabeth Warren accused Office of the Comptroller of the Currency’s (OCC’s) Jonathan Gould of violating banking laws by approving national trust charters for cryptocurrency companies.
In a Monday letter to Gould, Warren said the OCC head had “approved at least nine national trust charters for crypto companies that intend to engage in activities that appear to go far beyond the narrow set of activities permitted by law,” an apparent violation of the National Bank Act.
Source: US Senate Banking Committee
She called on Gould to provide the full applications of crypto companies the OCC had approved or conditionally approved since December 2025, including Coinbase, Crypto.com’s parent company, Ripple, Stripe, BitGo, Circle, Fidelity Digital Assets, Protego Holdings and Paxos, as well as communications between the office and US President Donald Trump, members of his family and White House officials.
“These companies are effectively crypto banks that want to evade the fundamental safeguards and obligations that come with being a bank,” said Warren. “Your decision to facilitate this regulatory arbitrage not only conflicts with federal law, it also poses serious risks to consumers, the safety and soundness of the banking system, and the separation of banking and commerce.”
Warren, ranking member of the US Senate Banking Committee, has repeatedly criticized lawmakers and regulators for supporting policies with potential conflicts of interest related to Trump’s ties to the crypto industry. She pushed for provisions in the crypto market structure bill, the CLARITY Act, in a committee markup last week and called on Gould to delay consideration of the Trump family-backed crypto business World Liberty Financial, which filed for a charter in January.
Cointelegraph requested comment from the OCC but did not receive an immediate response.
Kraken parent's application under review
On May 8, Payward, the parent company of cryptocurrency exchange Kraken, filed an application with the OCC for a national trust charter. The company said, if approved, the charter would allow it to “provide fiduciary custody and other services primarily for digital assets” under the Payward National Trust Company.
A national trust bank charter mainly allows holders to provide fiduciary and custodial services without engaging in deposit-taking or commercial lending, which means they are not subject to the same regulatory requirements as traditional banks.
Magazine: Crypto scammers face death, Aussie CGT makes Asian hubs attractive: Asia Express

The Bank of England is stepping up its focus on digital money, with Deputy Governor Sarah Breeden highlighting tokenization as a potential way to reduce costs, speed settlement and increase competition.
Speaking at London's City Week on Tuesday, Breeden said tokenization — the representation of assets and money on digital ledgers — could improve the efficiency and functionality of payments and financial markets, provided that trust and interoperability are preserved.
Breeden stressed that central bank money will remain the foundation, or “anchor,” of the monetary system, even as private-sector innovations such as tokenized deposits and regulated stablecoins gain traction.
She said the central bank is working with industry, government and regulators to build a framework that supports innovation without undermining financial stability.
“Alongside traditional bank deposits, people should be able to pay with tokenized bank deposits, regulated stablecoins and, potentially, a retail central bank digital currency (CBDC),” she said, according to a transcript of the speech. “More competition, from a wider range of technologies and business models, should lower costs and improve functionality for users.”
The BoE's CBDC Academic Advisory Group said in January that "retail CBDC is not strictly required to preserve uniformity, but may play a valuable supporting role, particularly as transactional use of cash declines."
BoE moves to modernize settlement infrastructure
The UK is taking additional steps to prepare its financial system for tokenized assets. On Monday, the BoE proposed extending the operating hours of its core settlement infrastructure to near 24/7 availability.
In the proposal, the central bank said longer operating hours would help support cross-border payments and securities settlement as tokenization and other digital asset technologies continue to evolve.
An excerpt of the BoE’s proposal to extend settlement hours. Source: Bank of England
The proposal follows Breeden’s comments earlier this month that the Bank was reconsidering its approach to pound-sterling-denominated stablecoins, including whether to ease limits on how much consumers can hold. The review is intended to reduce friction for early adopters as policymakers seek to strengthen the UK’s position as a competitive hub for digital assets.
The Bank of England has softened is stance on stablecoins in recent months as officials engage more closely with industry groups and revisit earlier proposals that would have imposed stricter reserve and backing requirements.

Bitcoin miner Hut 8 committed $16 million to expand water capacity in West Feliciana Parish, Louisiana, as part of development plans for its River Bend AI data center campus.
According to a Tuesday announcement, the investment includes a new water well, about eight miles of water main and other system upgrades. Hut 8 said the assets will be transferred to the parish after completion, which is expected in the second half of 2026, at no cost to taxpayers.
Hut 8 said Phase 1 of the River Bend campus represents a multibillion-dollar capital investment and is expected to support about 1,000 construction workers at peak build-out and at least 75 permanent jobs once operational.
The company said the campus will use a closed-loop cooling system designed to reduce ongoing water demand and rely on water sources outside the residential aquifer.
The River Bend campus is part of Hut 8’s North American energy and digital infrastructure platform, which the company said is being developed in partnership with public- and private-sector stakeholders.
Hut 8 shares climb on the year amid AI infrastructure expansion
Despite posting back-to-back quarterly losses in late 2025 and early 2026, shares of Hut 8 have climbed around 93% year-to-date, according to data from Bitcoinminingstock.io, as investors increasingly focus on the company’s AI infrastructure and power leasing business.
In December 2025, Hut 8 signed a 15-year lease for 245 MW of AI data center capacity at the River Bend campus in a deal the company said is valued at $7 billion. Hut 8 said the agreement includes payments financially backed by Google.
The company followed that agreement in May with another 15-year lease tied to 352 MW of capacity at its Beacon Point campus in Texas in a deal it said is valued at $9.8 billion. Hut 8 added that the two campuses represent a combined $16.8 billion in contracted lease revenue tied to 597 MW of AI data center capacity.
Shares of publicly traded Bitcoin mining companies have broadly gained this year, with data showing all of the top 10 miners by market capitalization are up double digits year-to-date.
Source: Bitcoinminingstocks.io
The gains come even as mining profitability remains under pressure across the sector. Publicly traded miners sold more than 32,000 Bitcoin in the first quarter of 2026, while hashprice, a measure of miner revenue, has fallen to around $35 per petahash per second per day, near breakeven levels for some operators.
Magazine: Crypto scammers face death, Aussie CGT makes Asian hubs attractive: Asia Express

XRP (XRP) has fallen 12% over the last five days, and the confirmation of a bearish pattern now points to the risk of more losses ahead.
Key takeaways:
XRP/USD’s bear pennant pattern on the three-day chart points to a possible 52.5% drop toward $0.65.
Persistent institutional demand through exchange-traded products supports the case for a recovery in XRP price.
XRP’s descending triangle breakdown is underway
Since early February, the XRP/USD pair has been consolidating inside a bear pennant on the three-day chart.
In technical analysis, bear pennants are typically viewed as bearish continuation patterns. The pattern was confirmed when the price produced broke below the pennant’s lower trend line at $1.40, as shown in the chart below.
The downside target is derived by taking the height of the initial drop (the pennant’s post) and placing it lower from the point where the price breaks below the pattern’s lower trend line.
XRP/USD three-day chart. Source: Cointelegraph/TradingView,
XRP’s measured downside target comes in near $0.65, about 52.5% below current levels.
XRP’s Stoch RSI on the weekly chart “has confirmed a deathcross, marking the third time this signal has flashed since the July‑2025 ATH,” technical analyst ChartNerd said in a recent post on X.
The previous two crosses produced deeper corrections of about 50%, and the one in January came after a “relief rally into a weekly 20/50 EMA death cross,” the analyst said, adding:
“A failure at the weekly 20 (just retested) or the weekly 50 ($1.80) will likely open the next leg down later in the year."
XRP/USD weekly chart. Source: X/ChartNerd
The daily RSI has dropped to 42 from 63 over the last seven days, suggesting increasing bearish momentum.
As Cointelegraph reported, buyers are expected to aggressively defend the $1.27 as a close below it may sink the XRP/USDT pair to $1.11 and later to the psychological level at $1.
XRP price shuns ETF demand
The five-day price correction comes even as institutional sentiment remains relatively positive, as reflected in steady inflows into US-based XRP spot ETFs.
According to data from SoSoValue, XRP ETFs added $750,000 on Monday. This marked nine consecutive days of net inflows, totaling $95.5 million. This streak has pushed cumulative inflows to nearly $1.4 billion and assets under management (AUM) to $1.14 billion.
Spot XRP ETF flows chart. Source: SoSoValue
Global XRP investment products also registered weekly inflows of approximately $67.6 million during the week ending May 15, outperforming Bitcoin (BTC) and Ether (ETH), which saw $981.5 million and $250 million in outflows, respectively.
Global crypto ETP flows table. Source: CoinShares
This indicates institutional appetite for XRP products is “heating up, signalling growing confidence in regulated crypto exposure,” TronWeekly said in a post on Tuesday.
As Cointelegraph reported, stronger technical validation, passage of the CLARITY Act in the US and recovering network activity could also contribute to XRP’s recovery.

Bitcoin (BTC) consolidated near month-to-date lows on Tuesday as surging US bonds punished stocks and safe havens.
Key points:
Bitcoin joins risk assets feeling the pressure from skyrocketing US bond yields.
Catalysts, such as high oil prices, continue to impact market sentiment with the US-Iran war stakes still high.
Bitcoin is now at a "crucial level of support," the latest market analysis warns.
US 30-year yields reach highest since 2007
Data from TradingView showed BTC/USD lingering below $77,000 around the Wall Street open while preserving the previous day's floor.
BTC/USD one-hour chart. Source: Cointelegraph/TradingView
Macro headwinds on the day continued to focus on US bond markets, with the 30-year yield hitting its highest levels since July 2007.
This sparked downside pressure on stocks, along with gold and silver. XAU/USD fell below $4,500 to reach its lowest levels since late March.
XAU/USD one-day chart. Source: Cointelegraph/TradingView
Commenting, Ole S. Hansen, head of commodity strategy at Saxobank, said that bonds reflected demand for “greater compensation for holding longer-dated debt amid war-driven energy inflation and mounting concerns over widening budget deficits.”
“This development has sent gold below USD 4,500 support, highlighting the current market reaction function driven by oil, inflation expectations, bond yields, and central bank rate expectations,” he wrote in a reaction on X.
US yield curve data. Source: Ole S. Hansen/X
News that US president Donald Trump had canceled strikes on Iran offered markets little relief.
In a post on Truth Social, Trump added that gulf countries should be “prepared to go forward with a full, large scale assault of Iran, on a moment’s notice, in the event that an acceptable Deal is not reached” on the conflict.
Source: Truth Social
Bitcoin analysis sees "crucial" support holding
In crypto circles, the outlook became gloomier. Trader and analyst Michaël van de Poppe warned of a double BTC price headwind of high bond yields and high oil prices.
“Neither of these are progressive for risk-on assets (including Bitcoin), which means that we clearly need to see those reverse in order to see strength pouring back into the ecosystem,” he told X followers.
Van de Poppe said that Bitcoin itself did not “look great.”
“Bitcoin is at a crucial level of support and it seems to be that it's going to be holding,” a previous X post stated.
“Anything lower of $75,000-76,000 might signal that the accumulation needs to take longer.”
BTC/USDT one-day chart. Source: Michaël van de Poppe/X

5,800 users in two hours. One QR code. One bow that went viral.
Some platforms launch with a whitepaper. Some with a token. GraphDex launched with a hedgehog, a condom, and the co-founder of Ethereum bowing in respect.
A short video from Token2049 Singapore, recorded in September 2024, resurfaced across X this week at precisely the moment GraphDex went live. In this video, the project's hedgehog mascot moves through the conference floor, greets attendees, and hands a branded condom to Vitalik Buterin. The condom carries GraphDex branding and a QR code that opens the app directly. Buterin takes it and then bows to the hedgehog.
Vitalik Buterin receives a branded condom from the GraphDex hedgehog mascot at Token2049 Singapore, September 2024. Video shows Buterin bowing to the hedgehog immediately after.
The clip sat dormant for over a year. Then the product launched - and everything changed.
The bow heard around crypto
In a space where Vitalik Buterin is treated as something between a philosopher-king and a meme, a moment of him bowing to a hedgehog mascot is not a small thing. It is the kind of image that crypto Twitter cannot ignore, doesn’t want to ignore, and will share without being asked.
The bow was brief, yet the reaction to it lasted longer.
Within two hours of GraphDex going live, the platform registered 5,800 users across its web app and Telegram mini-app. The clip had no destination in 2024; in 2026, it pointed to a live product, and that shift transformed a conference moment into a distribution mechanism that no marketing budget could replicate.
"We always believed the hedgehog would have a second moment. The product was ready. The clip found its timing." - GraphDex representative
What Vitalik bowed toward
GraphDex is a unified crypto terminal built around a problem every active Solana trader knows intimately: too many tools, not enough time.
The platform consolidates Solana DEX trading, real-time token discovery, wallet and social tracking, Polymarket-powered prediction markets, copytrading for prediction markets - a feature that does not exist on Polymarket itself - and AI-powered signal analysis into a single non-custodial interface.
The non-custodial architecture, built on Privy infrastructure, means user funds stay in user-controlled wallets at all times. After FTX and Celsius, this is less of a feature and more of a baseline expectation. GraphDex built it in from day one.
The copytrading layer for prediction markets is the product's most structurally novel element. Users can filter top forecasters by PnL and win rate and mirror their positions automatically — bringing the logic of copy trading to outcome-based markets for the first time at this scale.
The hedgehog is still out there
The clip continues to move through X, attaching itself to trading accounts, KOL feeds, and communities with no prior connection to GraphDex. Each share extends the loop: new viewers see the bow, scan the QR code, open the platform, and encounter the same dynamics that made the clip spread - narrative momentum, real-time signals, and fast-moving markets - now visible and actionable in one place.
About GraphDex
GraphDex is a unified crypto terminal combining Solana DEX trading, Polymarket prediction markets with copytrading, AI signal analysis, Bubble Maps, and non-custodial Privy wallet infrastructure.
Website: graphdex.io
Twitter / X: @graphdex_io
Telegram Bot: @graph_dex_bot

A coalition of privacy and internet freedom advocates led by the Tor Project has announced a new crypto funding campaign to support censorship-resistant digital infrastructure.
The first-of-its-kind Web3 crowdfunding campaign for internet freedom tools will support 10 nonprofit projects working across privacy, censorship circumvention, secure communications and public-interest digital infrastructure, according to the campaign leaders, Tor Project and Funding the Commons.
The campaign, which kicks off May 19, accepts crypto contributions in Bitcoin (BTC), Ethereum (ETH), Zcash (ZEC), Monero (XMR) and Golem (GLM).
The campaign comes as privacy advocates argue that internet freedom is being eroded on a global scale. Internet shutdowns, including long-term systemic censorship, affected more than half of the world’s population in 2025.
Meanwhile, governments around the world are “increasingly exerting control over the technology that people depend on to access the free and open internet,” Freedom House reported.
Quadratic funding model for fairness
An initial $115,000 matching pool supported by Cake Wallet, Zcash Community Grants, Logos and Octant will amplify donations made through June 18 using a “participatory matching model” to reward broad community participation rather than large single donors.
The campaign uses quadratic funding, a model that rewards breadth of participation over donation size, meaning 10 donors giving $10 each outweigh one donor pledging $100.
The model increases support for projects backed by broader community participation, “giving more people a meaningful voice in how funds are distributed,” the coalition said.
“Quadratic funding is one of Web3’s answers to how critical infrastructure gets funded: Institutional money follows community signals, not the other way around,” said David Casey, director of Funding the Commons.
The Tor Project is a nonprofit with a mission to advance human rights and freedoms online by encrypting internet traffic through free and open-source tools such as Tor Browser.
Global internet freedom declines
Global internet freedom has declined for 15 consecutive years, with conditions deteriorating in almost 40% of the 72 countries assessed in Freedom House’s 2025 Freedom on the Net study.
Asia was the primary hotbed for digital censorship, with governments in 10 Asian countries, including China, India, North Korea, Thailand and Myanmar, imposing more than 50 new restrictions and affecting roughly 2 billion people.
Internet freedom in the West is also under greater threat, with the US withdrawing from the Freedom Online Coalition — an alliance explicitly committed to defending human rights and openness on the internet — in January.
Netizens are increasingly turning to virtual private networks, or VPNs, to circumvent censorship, but more than a dozen countries actively block or criminalize VPN use, while many others impose partial restrictions.
The erosion of internet freedom over the past 15 years. Source: Freedom House
In January, Iran imposed a nationwide internet blackout to suppress mass protests over the economic crisis, leading to a surge in usage of Bitchat, a decentralized peer-to-peer Jack Dorsey project that enables communication over Bluetooth.
Magazine: Guide to the top and emerging global crypto hubs: Mid-2026

Bitcoin (BTC) price dropped to $76,500 on Monday, erasing nearly all of this month’s gains as fresh US-Iran war tensions soured the crypto market sentiment. This has led investors and traders to reevaluate their risks and stay cautious, with many recent buyers selling their BTC at a loss.
Key takeaways:
Bitcoin short-term holders sold over 10,000 BTC worth approximately $770 million at a loss on Monday.
Analysts agree that pushing Bitcoin’s price below $76,000 could trigger a fresh downtrend toward $65,000-$70,000.
Bitcoin's “weak hands” realizing losses
Bitcoin has retraced 7% from its local high of $82,800 set on May 6. The rejection from the 200-day moving averages at $82,000, the daily close below the true market mean, and the short-term holder cost basis around $78,000 have cemented a more risk-off stance among Bitcoin investors.
Onchain data from CryptoQuant showed that more than 10,000 BTC were transferred by short-term holders — investors who have held the asset for less than 155 days — to Binance at a loss on Monday.
These moves occurred with Bitcoin at roughly $76,900, about 2% below their average purchase price of $78,440, suggesting that recent buyers sent approximately $769 million in BTC to Binance at a loss.
This “reflects short-term holder stress, forced selling, or capitulation from weaker hands during a correction,” CryptoQuant analyst Amr Tah said in a QuickTake post on Tuesday.
Bitcoin: Transfer volume by STH in loss to Binance. Source: CryptoQuant
This activity underscores a familiar pattern of short-term speculators panic-selling during market dips, frequently realizing losses.
A similar occurrence in mid-November 2025 preceded a 15% BTC price decline to $78,400 from $96,000 in less than five days.
Additional data from Glassnode shows that more than “7.8M BTC are currently held at a loss," a supply overhang that the market would need to “absorb before any sustained move higher becomes structurally credible.”
BTC total supply in loss. Source: Glassnode
Also accompanying Bitcoin’s slump are heavy outflows from US-based spot Bitcoin exchange-traded funds (ETFs), which have recorded negative flows for six out of the last eight days.
These investment products saw $648.6 million in net outflows on Monday, the largest withdrawal since Jan. 29.
Spot Bitcoin ETF flows table. Source: Farside Investors
Global Bitcoin investment products also recorded $981.5 million in net outflows during the week ending May 15, suggesting declining institutional appetite for BTC.
“Markets are getting absolutely hammered,” analyst Alek_Carter said in an X post on Tuesday, referring to the large outflows from Bitcoin investment products, adding:
“Money is rotating out fast, panic is creeping in, and traders are clearly hitting the risk-off button hard.”
As Cointelegraph reported, record-low retail investor activity, aggressive selling in the futures markets and weakening spot demand are pulling down Bitcoin's price to new May lows.
How low can Bitcoin price go?
The Bitcoin HODL Waves indicator, which tracks the age distribution of BTC holdings, suggests Bitcoin could bottom at $65,500-$70,500 if current market weakness continues.
Historically, spikes in long-term holder activity and declining short-term speculation have coincided with major market bottoms before recoveries.
The chart below shows a stronger long-term holder base (the blue/purple bands are noticeably thicker), “reflecting growing institutional adoption,” CryptoQuant analyst Sunny Mom said in a Quicktake analysis on Tuesday.
This suggests that the supply structure is structurally stronger in the current cycle than before, “which changes how BTC forms its bottom,” the analyst said, adding:
“Our predicted price range for this cycle's bottom is $65.9K–$70.5K. If $70.5K holds, we’ll slowly grind out a bottom in the upper range.”
Bitcoin HODL wave indicator. Source: CryptoQuant
From a technical perspective, Bitcoin is printing the fifth consecutive daily red candle, suggesting that the “momentum is starting to shift back to the bears,” analyst Alex Marzell said on Monday in a post on X, adding:
“Bitcoin may come back to retest the breakout zone around $70K support.”
Echoing this sentiment, MN Capital founder Michael van de Poppe said this “doesn't look great” for Bitcoin, adding that the price needs to hold support at $74,500-$76,000 “in order to get back some momentum in the markets.”
“If this area doesn't hold, then we're most likely cascading through the lows of the recent rally and test <$65,000 for support.”
BTC/USD daily chart. Source: X/Michael van de Poppe
As Cointelegraph reported, a break below the 50-day SMA at $76,000 would increase the risk of the BTC/USDT pair dropping to $65,000. in the short term.

Bitcoin miner Canaan reported a net loss of $88.7 million for the first quarter of 2026, as falling Bitcoin (BTC) prices squeezed margins and triggered a significant inventory write-down.
The company posted total revenue of $62.7 million for the quarter ending March 31, a sharp decline from the $196.3 million it recorded in the previous quarter, according to a Tuesday press release.
Industrial mining equipment remained the company’s primary revenue driver at $39.6 million, though sales tumbled 75% from the prior quarter. Self-mining contributed $19.1 million, while the home mining segment brought in $2.7 million, a category that more than doubled year-on-year.
Source: Canaan
“Although average Bitcoin prices and hashprice declined significantly quarter-over-quarter, our bitcoin production experienced a comparatively smaller decrease, reflecting the resilience of our mining operations and continued hashrate deployment,” Jin (James) Cheng, chief financial officer of Canaan, said.
A $25 million inventory write-down weighed on the quarter’s gross loss of $23 million, while loss from operations reached $54.3 million.
Canaan’s self-mining hashrate surges 66%
Canaan expanded its self-mining footprint to 11 exahashes per second of installed computing power, a 66% jump from a year earlier. The company held 1,808 Bitcoin on its balance sheet as of March 31, valued at approximately $121 million.
In the quarter, Canaan also completed the acquisition of Cipher Mining’s 49% stake in three West Texas joint venture projects totaling roughly 4.4 EH/s in hashrate capacity and 120 megawatts of power. The deal, closed through a share issuance rather than cash, gives Canaan access to power rates below three cents per kilowatt-hour on the ERCOT grid.
Looking ahead, Canaan guided Q2 revenues between $35 million and $45 million, a further sequential decline.
Canaan shares closed down 3.54% at $0.4827 on Monday, shedding a further 7.71% in pre-market trading to $0.4455, according to Yahoo Finance.
Major miners report losses in Q1
Across the sector, major miners including Riot Platforms, Core Scientific, CleanSpark and TeraWulf all reported widening losses in Q1. MARA topped the group with a $1.3 billion net loss, roughly $1 billion of it tied to non-cash mark-to-market adjustments on its Bitcoin holdings.
As mining margins compress, a growing number of miners are pivoting toward AI and high-performance computing as an alternative revenue stream. On Monday, HIVE Digital Technologies announced plans to build a 320-megawatt AI data center campus near Toronto, capable of supporting more than 100,000 GPUs at full build-out.
Magazine: Guide to the top and emerging global crypto hubs — Mid-2026

A European regulator has partially suspended the operating license of the company behind troubled crypto exchange Zondacrypto.
The Financial Intelligence Unit (FIU) of Estonia partially suspended the license of BB Trade Estonia OÜ, operating under the Zondacrypto brand, according to a statement on Monday.
According to the FIU, the company is now barred from accepting deposits and onboarding new clients, while existing users are still allowed to withdraw their funds.
The suspension puts BB Trade Estonia OÜ at risk of losing its operating license if it does not meet compliance requirements set by Estonian authorities.
Source: FIU
Zondacrypto faces broader regulatory scrutiny in Europe following withdrawal issues and its CEO saying that an exchange cold wallet holding about 4,500 Bitcoin ($345.9 million) was inaccessible.
A 30-day compliance window and potential license revocation
The FIU said that BB Trade Estonia OÜ has 30 days to bring its operations into compliance with legal requirements following the partial suspension of its license.
“If it fails to do so, the law obliges the FIU to revoke the operating license,” the regulator said.
The FIU did not specify what compliance breaches led to the suspension. Cointelegraph contacted the authority for comment but did not receive a response at the time of publication.
Estonia’s Financial Supervision and Resolution Authority (FSA) previously issued a warning against BB Trade on May 8, saying its “TeamPL” crypto token violated the European Union’s Markets in Crypto-Assets Regulation (MiCA) because it was listed without a white paper.
Zondacrypto at center of regulatory debate in Poland
The suspension comes amid broader concerns around Zondacrypto, including reported withdrawal issues and past comments by Polish Prime Minister Donald Tusk referencing around 30,000 potential victims linked to crypto-related losses.
Market data from CoinGecko shows little to no recent trading activity on the exchange at publishing time.
Cointelegraph was unable to reach Zondacrypto for comment, as email attempts bounced at the time of publication. Key BB Trade staff also left the company following earlier developments involving the exchange.
Founded in Poland in 2014 as BitBay, Zondacrypto has grown into a major European crypto exchange, particularly among Polish-speaking users.
Despite its Polish origins, the company has been registered in Estonia since September 2019, according to InfoRegister data, well before the EU’s MiCA regulation fully took effect in late 2024.
Source: InfoRegister
Zondacrypto has since become part of a broader regulatory debate in Poland, where officials have raised concerns about its potential links to Russian capital and political influence.
Some Polish policymakers have also criticized delays and inconsistencies in the country’s implementation of MiCA rules, even as the exchange operated under its Estonian registration.
On Tuesday, the FSA issued a MiCA license to LHV Pank, one of the country’s largest banks, making it the second financial institution in Estonia to receive approval under the EU’s crypto regulatory framework.
Magazine: eToro founder timed Bitcoin top perfectly due to belief in 4 year cycles

Privacy coin Zcash (ZEC) is flashing a classic bullish reversal pattern that could push its price above $1,000 in the coming weeks.
Key takeaways:
ZEC’s cup-and-handle setup points to a potential rally toward $1,091 by June or July.
Privacy coins are leading the market, with ZEC up 73% over the past month versus crypto’s 0.2% gain.
Privacy narrative may trigger 55% ZEC price upside
The ZEC/USD pair appears to have formed a cup-and-handle (C&H) pattern, marked by a rounded recovery phase followed by a downward-sloping consolidation.
Traders typically read the structure as bullish once the price breaks above the neckline, as it suggests buyers have absorbed the previous supply wall and regained control.
The pattern’s upside target is calculated by measuring the distance between the cup’s lowest point and the neckline, then adding that height to the breakout level.
ZEC/USD three-day price chart. Source: TradingView
As of Tuesday, ZEC had entered the pattern's "handle" stage while eyeing a breakout above the neckline resistance at around the $625–$650 area.
Zcash's decisive close above the neckline may send its price toward $1,091 by June or July, up about 88% from current prices, if the C&H structure plays out as intended.
This upside target aligns with ZEC’s 1.618 Fibonacci extension, drawn from the $745 swing high to the $185 swing low.
ZEC is outperforming the crypto market in May
ZEC has gained 18% over the past three days, even as the wider market has fallen 3.45% over the same period, prompting some traders to argue that Zcash is effectively "running its own bull market."
Source: X
Broadly, privacy coins have outperformed the wider crypto market over the past month. ZEC led the move, gaining more than 73%, while other privacy-focused tokens such as Monero (XMR) and Dash (DASH) also rallied in tandem.
By comparison, the total crypto market capitalization rose just 0.2% over the same period, suggesting the move is more sector-specific than market-wide.
ZEC/USD versus XMR/USD, DASH/USD, and the TOTAL crypto market cap one-month performance. Source: TradingView
Heightened demand for anonymity and financial privacy is driving much of Zcash’s renewed appeal, turning the once-forgotten privacy coin into one of crypto’s strongest narratives.
The bullish case gained further traction last week after BitMEX co-founder Arthur Hayes said ZEC’s market capitalization could one day reach 10% of Bitcoin’s (BTC).
That would imply a price of $9,225 per coin based on ZEC’s current circulating supply of about 16.68 million tokens.
ZEC's value in BTC terms has grown roughly 20.50% since Hayes's comment.
ZEC/BTC daily chart. Source: TradingView
Earlier in May, sentiment also improved after Multicoin Capital disclosed Zcash exposure and Robinhood listed the token, adding fresh institutional and retail-access catalysts to ZEC’s rally.

South Korean funeral service company Bumo Sarang is sitting on roughly 49.3 billion won ($32.7 million) in unrealized losses after investing about $40 million in customer funds into leveraged crypto exchange-traded funds (ETFs).
Bumo Sarang invested in the T-REX 2X Long BMNR Daily Target ETF (BMNU), which doubles the daily returns of Ether (ETH) treasury company Bitmine, according to the company’s audit report for 2025.
Another funeral service company, Christian Funeral Family of Faith, recorded a $331,700 net loss last year, according to Korea Economic Daily.
The findings renewed scrutiny over South Korea’s funeral mutual aid industry, which is supervised by the Fair Trade Commission (FTC) instead of financial regulators, despite managing large pools of customer prepaid funds.
Korea Economic Daily reported that about 43% of local funeral service providers held fewer assets than customer advance payments, raising concerns about whether some of them could repay customers in the event of mass cancellations.
Bumo Sarang audit report for 2025. Source: FTC
A spokesperson for Bumo Sarang told the local outlet that the company is only facing a “short-term unrealized loss due to global market volatility,” which remains “sufficiently controllable within the company's financial buffer.”
Cointelegraph reached out to Bumo Sarang and Family of Faith for comment but did not receive a response before publication.
South Korean capital piled into Ether-linked stocks in 2025
A large chunk of South Korean retail capital rotated out of tech stocks and into Ethereum treasury companies last year.
“There’s around $6 billion of Korean retail capital propping up the Ethereum treasury companies,” wrote Samson Mow, the CEO of Bitcoin tech company JAN3, in an Oct. 6 X post. He added that some of those retail buyers didn’t understand the risks of investing in Ether.
ETH, BMNR, year-to-date chart. Source: Cointelegraph/TradingView
Ether’s price fell over 28% year to date in 2026 and was trading above $2,118 at the time of writing. Bitmine’s stock price fell nearly 40% during the same period to $18.7, TradingView data shows.
Bitmine chairman Tom Lee described Ether’s drop below $2,200 as an “attractive opportunity” after the treasury company bought another 71,672 Ether, according to Cointelegraph reporting earlier Tuesday.
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Pump.fun remained Solana’s largest revenue generator in the first quarter of 2026, pulling in $124.7 million, more than a third of the network’s $342.2 million in total app revenue, despite cooling memecoin activity.
The memecoin launchpad's revenue rose 17% quarter over quarter, a sign that its core business remains resilient, Messari said in its Solana Q1 report.
Launchpads generated $144 million in Q1, roughly 42% of Solana’s total app revenue. A standout within the sector was Bags, whose quarterly revenue surged 1,347% to $11.5 million, fueled by a wave of AI-themed memecoins in January. The surge proved short-lived, with monthly revenue dropping 85% by February.
Solana revenue. Source: Messari
Solana’s memecoin revenue is holding up even as the network increasingly attracts a broader range of users, with major institutions like BlackRock, Visa and JPMorgan expanding their presence across its payments and tokenization ecosystem.
“Memecoins don’t define Solana,” Lily Liu, president of the Solana Foundation, said in a recent interview.
Trading apps, RWAs grow on Solana
Trading apps on Solana were the quarter’s strongest-growing sector overall, with revenue rising 40% to $79 million. Axiom led the pack at $42.4 million, making it the second-highest revenue-generating app on the network.
Elsewhere, Solana’s real-world asset market cap crossed $2 billion, up 43% in the quarter, led by BlackRock’s BUIDL doubling to $525 million after Anchorage Digital added custody support.
DeFi total value locked fell 22% to $6.16 billion, though Messari researchers attributed the decline largely to SOL’s 33% price drop rather than user exits. The network’s share of total DeFi TVL remained roughly flat at 6.7%.
RWAs grow on Solana, fueled by institutional inflows. Source: Messari
On the infrastructure side, the focus is on Alpenglow, a sweeping consensus upgrade targeting the Agave 4.1 release. If it ships as planned, the upgrade would cut Solana’s transaction finality from around 12.8 seconds to 150 milliseconds.
Goldman Sachs exits Solana positions
As Cointelegraph reported, Goldman Sachs exited its Solana ETF positions in Q1 2026, dropping stakes in funds from Grayscale, Bitwise and Fidelity.
Italy’s largest bank, Intesa Sanpaolo, also nearly wiped out its Solana position in Q1 2026, slashing its stake in Bitwise’s Solana ETF from 266,320 shares to just 2,817, even as it more than doubled its total crypto holdings to $235 million by piling into Bitcoin ETFs from ARK 21Shares and BlackRock.
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Blockchain data platform Bubblemaps said it identified a cluster of Polymarket wallets that collectively earned $2.4 million with a 98% win rate on contracts tied to US military operations.
Nine wallets placed all their major bets just before major military developments, including the Feb. 28 attack on Iran, the killing of Iranian Supreme Leader Ayatollah Ali Khamenei and the US-Iran ceasefire agreement, Bubblemaps wrote in a Monday X post.
The accounts were all funded through centralized cryptocurrency exchanges in a tight timeframe and made some minor losing bets on Feb. 20, which likely served to “avoid attention,” according to Bubblemaps. Four of them each made around $400,000 in profit on their bets that the US would strike Iran on Feb. 28.
The investigation highlights the growing insider trading concerns tied to decentralized prediction markets such as Polymarket and Kalshi. It aimed at curbing insider trading on prediction markets.
Source: Bubblemaps
While the data platform doesn’t have definitive proof that the accounts belonged to insiders, the onchain trail is “symptomatic of someone with an unfair informational advantage,” Nicolas Vaiman, the CEO of Bubblemaps, told Cointelegraph. He added:
“We cannot say with certainty that this was an attempt to hide, but it is suspicious that funds were routed through CEXs and third-party services before funding new Polymarket accounts, effectively covering their tracks.”
US lawmakers seek stricter regulations on war-related prediction market contracts
US lawmakers have previously proposed new laws to fight the growing insider trading concerns tied to military contracts on prediction markets.
On March 10, US Democratic Party Senator Adam Schiff introduced the DEATH BETS Act, which seeks to ban federally regulated prediction markets from listing contracts tied to war, terrorism, assassination and individual deaths.
DEATH BETS Act. Source: Schiff.senate.gov
The bill came shortly after six Polymarket traders netted $1 million by betting on the US strike against Iran.
Separately, in late March, California Governor Gavin Newsom signed an executive order to curb public servants from insider trading on prediction markets tied to political or economic events they can influence.
Polymarket, Kalshi, notional volume per category, weekly. Source: Dune
Politics-related contracts are currently the third-largest category on Polymarket, accounting for 12% of notional trading volume, and the fifth-largest on Kalshi, where they account for 0.7% of weekly trading volume, according to Dune data.
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The post-bankruptcy trust for Prime Trust has filed suit against Swan Bitcoin, alleging the Bitcoin services company exploited insider knowledge to pull nearly $1 billion in assets from the custodian days before its collapse.
The complaint, filed in Delaware bankruptcy court, accuses Electric Solidus, the corporate entity behind Swan, of receiving over $24.6 million in cash, 11,994 Bitcoin (BTC) currently worth around $923 million, roughly 5 million USDt (USDT) and smaller amounts of other digital assets before Prime Trust's August 2023 bankruptcy.
At the center of the allegations is an unidentified Prime Trust senior executive who, while working at the company, was also a paid adviser to Swan through a side arrangement dating back to July 2019.
Four days before Prime Trust met with Nevada regulators on May 26, 2023, the executive allegedly opened an encrypted chat with Swan CEO Cory Klippsten and set messages to auto-delete every 24 hours. The feature was allegedly turned off the day after the meeting, when Swan withdrew more than 10,000 Bitcoin from Prime Trust.
Source: CourtListener
The lawsuit is part of a broader effort by Prime Trust’s post-bankruptcy litigation trust to recover assets transferred out of the custodian in the weeks leading up to its collapse. The trust alleges Swan used insider access to move funds ahead of other customers as Prime Trust’s financial condition deteriorated.
“Swan knew to transfer fiat and crypto from Prime immediately prior to Prime filing for bankruptcy to avoid catastrophic losses,” the complaint wrote.
Cointelegraph reached out to Swan for comment, but did not receive an immediate response.
Swan allegedly emptied Prime Trust accounts
The complaint further alleges that Swan abruptly expanded a partial asset transfer into a full evacuation of all funds, one day before the Nevada meeting.
Prime Trust staff scrambled to comply before the close of business that day, according to Slack communications cited in the filing.
The complaint alleges Prime created an internal ledger labeled “PT FBO Swan Customers” on May 25, an account that did not previously exist, to make it appear Swan’s funds had always been held in a separate trust, which would have made them harder to claw back in bankruptcy.
“In substance, however, those assets had not been and were not held in trust for the benefit of Swan’s customers,” the suit claims.
The plaintiff is seeking recovery under preferential transfer and actual fraudulent transfer provisions of the Bankruptcy Code, and is asking the court to disallow any future claims Swan might assert against the estate until restitution is made.
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A pair of Republican lawmakers is calling for a permanent ban on a US central bank digital currency (CBDC) to be enshrined in the 21st Century ROAD to Housing Act, as the measure is expected to come up for a vote in the US House this week.
The bill released by the US Senate Committee on Banking, Housing and Urban Affairs in March mainly concerns revisions to federal housing programs but also includes a section banning the Federal Reserve System or any Federal Reserve bank from issuing a CBDC or similar instrument until Dec. 31, 2030.
The US House has created its own amended bill, which Congressman Mike Flood said reverses the “backdoor green light for a CBDC” and aims to make the ban permanent.
The amended legislation is expected to go to a vote in the House this week. If it passes, the bill will return to the Senate, where it could undergo further amendments. The legislation must pass both chambers before it can go to President Donald Trump’s desk to be signed into law.
Critics of CBDCs often cite their potential for misuse. The Human Rights Foundation said the benefits of CBDCs include the potential to expand financial inclusion for populations with limited access to the financial system. Drawbacks include the currency’s potential to infringe on privacy and open new avenues for government corruption, among other concerns.
Ban needs to be made permanent, representative says
US Representative Warren Davidson, a member of the House, also supported a permanent CBDC ban as the “2030 sunset works a pre-launch development period.”
“The US House of Representatives could deliver a unifying win this week with bipartisan housing affordability legislation. Instead, they currently plan to deliver a go-live date for Central Bank Digital Currency, using housing as the Trojan Horse,” he added.
Source: Warren Davidson
The American think tank The Atlantic Council's tracker lists only three countries that have officially deployed a CBDC: Nigeria, Jamaica, and the Bahamas, while 41 others are in the pilot phase.
Alternate bills to ban a CBDC on the sidelines
Meanwhile, Tom Emmer, the House majority whip, one of the top Republican leadership positions in Congress, is advocating for his Anti-CBDC Surveillance State Act.
The bill passed the House on July 17 but has yet to receive full Senate approval. It aims to block the Federal Reserve from creating or issuing a CBDC.
Source: Tom Emmer
“The Chinese Communist Party uses a central bank digital currency (CBDC) to surveil and control its people. If the US adopted its own CBDC, privacy and economic freedom as we know it would cease to exist,” he said.
“My Anti-CBDC Surveillance State Act BANS our government from ever creating this Orwellian tool. The House passed it. Now, the Senate must act.”
Previously, Senator Mike Lee introduced the “No CBDC Act” as a standalone bill prohibiting the Fed or Treasury from issuing a CBDC. However, it stalled in Congress.
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The Ethereum Foundation saw the resignations of two top researchers on Monday, bringing the total number of high-profile departures at the organization to at least eight in recent months.
Julian Ma and Carl Beek, both researchers at the Ethereum Foundation, ended their respective four and seven-year tenures at the organization.
Ma contributed to Ethereum’s censorship-resistant properties and cross-layer bridge algorithms and strategy, while Beek contributed to the early design of the Beacon Chain, which introduced proof-of-stake to the blockchain.
Ma and Beek add to a wave of high-profile departures from the Ethereum Foundation this year, bringing the total to five senior developers and researchers who have left in May alone.
Ma said in a post to X that he left the Ethereum Foundation to focus on work in product and growth, adding the organization “is an amazing place but not right for my next steps.”
Source: Julian Ma
Beek said in an X post that he was leaving on May 29 and, for now, would spend time with his wife and 1-month-old child.
Last year, Ethereum co-founder Vitalik Buterin announced major leadership changes and a new direction for the Foundation, which were in response to criticism from Ethereum’s users over the blockchain’s handling of its long-term roadmap, with Buterin aiming to bring new talent to the organization to redevelop the protocol for higher and faster throughput.
Cointelegraph reached out to the Ethereum Foundation for comment.
Recent Ethereum Foundation member resignations
Earlier this month, the Ethereum Foundation said Barnabé Monnot and Tim Beiko, leaders of its Protocol Cluster team, would be moving on, while the team’s other lead, Alex Stokes, would be going on sabbatical.
In April, Josh Stark, a key researcher and project manager, said he was leaving the organization, which happened a day after Ethereum Foundation contributor Trent Van Epps announced his resignation.
In February, Tomasz Stanczak announced he was stepping down as the organization’s co-executive director.
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About one-tenth of US adults said they used or invested in crypto in 2025, the highest level in three years, according to a Federal Reserve report on the economic well-being of households.
Roughly 10% used crypto for any reason, up from 2023 and 2024, according to the Fed report published on Wednesday.
Despite the rise, 2025’s figures still fell short of crypto adoption seen in 2021, when 12% of Americans reported having used crypto for any reason.
Breakdown of crypto usage, including investment and payments, among Americans between 2021 and 2025. Source: Federal Reserve
Expanding Bitcoin (BTC) and crypto into everyday payments has been a key focus area for many American payment companies, including Jack Dorsey’s Block, which has enabled Bitcoin and stablecoin payments for over 800,000 US-based merchants.
Lightspark, a Bitcoin Lightning Network startup founded by former PayPal President David Marcus, is also looking to push Bitcoin payments into the mainstream.
Around 9% of respondents said they use crypto as an investment vehicle, while just 2% used it for payments, and 1% used it to send money to family or friends.
Crypto usage was notably higher among the unbanked, with 6% using crypto for transactions compared to 2% of banked adults. Approximately 6% of Americans were unbanked in 2025.
More than 25% of those who used crypto for payments said the business expressed a preference for payment in crypto, citing advantages such as speed, privacy and lower costs.
Less than 10% of businesses expressed a preference for crypto payments due to it being “safer” than banks or because of a lack of trust in the traditional banking system.
The new Federal Reserve chair likes Bitcoin
The Federal Reserve has adopted a relatively cautious view on crypto over the years, particularly under the leadership of Jerome Powell, whose term came to an end on Friday.
Powell is set to be replaced by Kevin Warsh, who was voted in by the Senate on Wednesday.
Warsh, who served as a Fed governor from 2006 to 2011, holds a favorable view toward Bitcoin, having previously stated that it could “provide market discipline” and likened it to gold as an investment for those under 40.
Warsh is widely seen as holding hawkish views on monetary policy, often emphasizing fiscal restraint, lower inflation and a preference for relying less on quantitative easing.
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Decentralized finance protocol Echo Protocol was exploited after an attacker minted about 1,000 unauthorized eBTC on the protocol, which is deployed on the Monad blockchain.
Blockchain security firm PeckShield and analytics platform Lookonchain both reported the incident on Tuesday, noting that a hacker minted 1,000 synthetic Bitcoin (eBTC) worth around $76.7 million.
“We are currently investigating a security incident impacting the Echo bridge on Monad. All cross-chain transactions remain suspended while the investigation is underway,” Echo Protocol said on Tuesday.
This latest exploit comes in a month that has seen at least 12 protocols compromised, including THORChain, Verus Protocol’s Ethereum bridge, Transit Finance, TrustedVolumes and Ekubo.
According to PeckShield, the attacker attempted to launder some of the loot by depositing 45 eBTC worth around $3.45 million into DeFi lending and liquidity management protocol Curvance.
The attacker then borrowed 11.3 wrapped Bitcoin (wBTC) worth $868,000 against it, bridged the tokens to Ethereum, swapped them for ETH, and sent 384 ETH worth about $822,000 to the Tornado Cash mixing service.
The attacker still holds 955 eBTC worth about $73 million, according to DeBank.
Echo Protocol is a Bitcoin DeFi platform focused on Bitcoin liquidity aggregation, liquid staking, restaking, and yield generation. It creates unified, liquid BTC assets such as eBTC for users to bridge and deploy in DeFi for additional yield. The protocol is deployed on Monad, a high-performance, layer-1, EVM-compatible blockchain.
The hacker still holds 95% of the stolen crypto. Source: DeBank
Admin private key compromised
Blockchain developer “Marioo” reported that it was not a smart contract bug, but an admin private key compromise, and the root cause was “operational, not technical.”
The eBTC contract “worked exactly as designed,” they said, adding that the vulnerabilities included a single signature for the admin role, no timelock, no minting supply cap or rate limit, and no “supply sanity check” by Curvance for the freshly minted collateral.
Curvance reported that it was aware of the “anomaly” detected in the Echo eBTC market on Curvance and confirmed that there was no compromise with its own smart contracts. It paused the affected market for investigation.
Monad co-founder Keone Hon clarified on X that “the Monad network is not affected and is operating normally.”
Meanwhile, Echo Protocol said it will provide updates through its official channels as more information becomes available.
DeFi hacks surge in 2026
The year has been challenging for DeFi security, with dozens of protocols exploited for hundreds of millions in crypto and more than 20 protocols shuttering services.
Two of the largest hacks this year included the exploit of the Drift Protocol, which lost $285 million, and Kelp DAO, which was exploited for $292 million in April.
On Monday, Verus Protocol’s Ethereum bridge was exploited through a fake cross-chain transfer message that allowed a hacker to steal at least $11.6 million in crypto.
Decentralized liquidity protocol THORChain halted trading on Friday after blockchain investigator ZachXBT flagged a suspected $10 million exploit.
Meanwhile, Transit Finance suffered a deprecated smart contract exploit, resulting in the loss of $1.88 million last week.
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The US Securities and Exchange Commission is reportedly making an “innovation exemption” for blockchain-based tokenized trading of public companies, even those that don’t consent to the third-party tokens tracking their share prices.
Bloomberg reported on Monday that the exemption could come as early as this week, expanding the trading of public companies beyond traditional stock exchanges to decentralized crypto platforms.
The SEC reportedly spoke with “hundreds of market participants” for feedback on how best to tailor the rules for tokenized trading and proposed that third-party tokens carry the same benefits as common stock, such as voting rights and dividends, or risk being delisted.
Details haven’t been finalized and could change before the exemption is made, Bloomberg reported, citing people familiar with the matter. SEC Commissioner Hester Peirce led the push for tokenized stock trading to receive an innovation exemption, the sources said.
Blockchain-based tokenization has attracted growing interest from Wall Street firms over the past few years, as it’s seen as offering potentially greater efficiencies for trading and settlement than traditional systems.
The New York Stock Exchange’s parent, Intercontinental Exchange, said in January that it would launch a tokenization platform for 24/7 trading and settlement of stocks and exchange-traded funds using a blockchain post-trade system, marking one of the biggest developments in the tokenization space to date.
Source: Nate Geraci
Bullish, the crypto exchange led by former NYSE president Tom Farley, also strengthened its tokenization capabilities earlier this month with its $4.2 billion acquisition of transfer agent platform Equiniti.
Backers of tokenized stock trading have also said the technology can promote financial inclusion by enabling individuals without access to US markets or traditional brokerage accounts to gain exposure to public companies including Nvidia (NVDA), Google (GOOGL) and Tesla (TSLA).
Despite the expected exemption, some SEC officials do not support the decision to allow tokenized stock trading, according to the sources.
Cointelegraph reached out to the SEC for comment but did not receive an immediate response.
Securitize president pushes back against exemption
Meanwhile, Brett Redfearn, president of one of the biggest crypto-native tokenization platforms, Securitize, expressed concerns over the SEC’s expected exemption, arguing that enabling third parties to tokenize stock “without an issuer at the table” could lead to fragmentation issues.
It could leave investors less certain over what their shares are worth, Redfearn said.
Source: Securitize
Tokenized trading has also expanded into the pre-IPO space, enabling investors to gain exposure to sought-after private companies before they go public.
However, some of these companies, including OpenAI and Anthropic, have opposed unauthorized tokenized stocks tracking their valuations.
The SEC’s tokenization move comes after the Senate Banking Committee advanced the CLARITY Act on Thursday, setting it up for a full Senate floor vote next month.
Several industry pundits, including “Shark Tank” investor Kevin O’Leary, have said Wall Street firms won’t fully embrace tokenization unless there is a framework like the CLARITY Act in place and that issues over ownership are ironed out.
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