Market Signal Briefing

In brief
Tether paid $299.5 million to settle Celsius Network bankruptcy claims, far less than the nearly $4.5 billion in Bitcoin originally sought.
Celsius claimed that Tether improperly liquidated Bitcoin before its bankruptcy without proper notice; Tether said it acted lawfully.
Former Celsius CEO Alex Mashinsky was sentenced to 12 years in prison for fraud involving customer funds and token manipulation.
The Blockchain Recovery Investment Consortium (BRIC), a partnership between investment firms GXD Labs and VanEck, announced that stablecoin giant Tether has paid $299.5 million to settle claims from the Celsius Network bankruptcy estate.

The payment resolves an adversary proceeding filed in August 2024 in the U.S. Bankruptcy Court for the Southern District of New York, and the settlement represents a fraction of the value of funds that Celsius sought to recover from Tether.

Tether had publicly rebuked Celsius Network's lawsuit seeking to recover approximately 39,542 Bitcoin—nearly $4.5 billion worth as of this writing—calling it a "baseless shakedown." The suit, filed in August 2024, alleged that Tether improperly liquidated Bitcoin collateral ahead of Celsius's July 2022 bankruptcy.

USDT stablecoin issuer Tether previously maintained that it acted lawfully under a 2022 agreement requiring crypto lender Celsius to post additional collateral when Bitcoin prices dropped. When Celsius failed to meet margin requirements, Tether said it liquidated the Bitcoin at Celsius's direction to cover an $815 million debt.

Celsius countered that Tether failed to provide the contractually required 10-hour window to deposit additional collateral before liquidating the Bitcoin, destroying Celsius's residual interest. A federal judge ruled in July that the lawsuit against Tether could continue.

Tether CEO Paolo Ardoino confirmed in an X post Tuesday that the company had settled “all issues” regarding the Celsius bankruptcy suit. Decrypt asked a company representative to confirm the $299.5 million figure, but did not immediately receive a response.

Tether is pleased to have reached a settlement of all issues related to the Celsius bankruptcy.

— Paolo Ardoino 🤖 (@paoloardoino) October 14, 2025

“We are pleased to have resolved Celsius’s adversary proceeding and related claims against Tether,” GXD Labs Managing Partner David Proman said in a statement. “In addition, we are pleased with the timeliness with which the settlement was achieved.”

BRIC was established in early 2023 specifically to maximize asset recovery in complex crypto bankruptcy cases. In January 2024, following Celsius's emergence from bankruptcy protection, BRIC was appointed as complex asset recovery manager and litigation administrator by the debtors and unsecured creditors' committee.

The consortium continues overseeing a portfolio of illiquid and litigation assets for the Celsius estate during its wind-down phase, working to benefit creditors.

Celsius Network co-founder and former CEO Alex Mashinsky was sentenced in May to 12 years in prison for securities and commodities fraud charges, for misusing customers funds and manipulating the price of the lender’s CEL token. In June, he forfeited rights to any claims from the bankruptcy proceedings.

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Safe has partnered with Circle to integrate USDC into its ecosystem as the preferred stablecoin for institutional self-custody and on-chain treasury operations.

Bitcoin and ether exchange-traded funds (ETFs) posted a combined $756 million in outflows after two weeks of blockbuster inflows, as crypto ETFs stumbled into the new week.

Bart Smith, CEO of Avalanche Treasury, explains why he thinks enterprises should build on Avalanche.

Summary

Avalanche Treasury CEO Bart Smith explained why the company launched its treasury strategy
In the next five to ten years, there will be a super-cycle of blockchain adoption
He explains how Avalanche enables businesses to build custom blockchains with privacy features

Bart Smith, the former executive at the quant trading firm Susquehanna, is taking Avalanche Treasury Co. public through a $675 million SPAC merger. Backed by a $200 million discounted AVAX purchase from the Avalanche Foundation, the company plans to build a billion-dollar ecosystem fund to give investors better exposure to the Avalanche blockchain.

In an interview with crypto.news, Smith explained why the timing is right for blockchain adoption. He also explains what sets the Avalanche apart from other smart contract networks, and why its architecture makes it best positioned for enterprise adoption.

crypto.news: Avalanche Treasury recently announced its launch through a SPAC merger. What motivated this move?

Bart Smith: I started my career in asset management and trading. I founded an ETF firm that focused on emerging markets, and we eventually sold it to Columbia Funds. After that I spent thirteen years at Susquehanna, where I ran the ETF group and later the credit-trading business. From 2014 onward, I was responsible for everything related to digital assets.

Back in 2014, we were simply buying Bitcoin long for the firm. During the ICO boom in 2017, we built what I believe was one of the first Wall Street market-making desks for crypto. Over time, we did a lot of direct investing. Because of regulatory limits, we moved that business offshore, so Susquehanna Crypto operated from the Bahamas with offices in London and Hong Kong.

The motivation for creating Avalanche Treasury came from several things. The first was the improvement in regulatory clarity. People underestimate how major that shift is. It now allows institutions and businesses to use blockchain technology to make their operations more efficient. That opens opportunities across different sectors such as gaming, finance, and enterprise software.

At my previous firm, we were one of the largest investors in Avalanche’s (AVAX) most recent round, alongside Dragonfly, which co-led the initial seed round about five or six years ago. I have been positive on Avalanche for a long time. When we started discussing a treasury, I originally viewed it from an investor’s standpoint, but the more I considered it, the more I realized this could become a better vehicle for gaining crypto exposure.

Many institutions either cannot or prefer not to buy spot crypto on unregulated exchanges. Most cannot open a Coinbase account, and U.S. firms cannot access Binance. Their natural fallback is to look at ETFs. I ran one of the largest ETF groups for a decade. ETFs are excellent wrappers, but because they must offer primary-market liquidity every day, that structure limits what can be done inside them.

A listed and regulated product that investors can trust—one that is audited and overseen by the SEC—combined with a permanent-capital structure, lets us avoid daily redemptions. We do not have to keep a large liquid buffer just in case someone buys in or redeems. That freedom allows us to be far more strategic with how we deploy capital.

When you look at stablecoins or networks such as Solana (SOL), Avalanche, and Ethereum (ETH), much of the economic value created by applications or subnets never flows directly to the token. Avalanche Treasury can invest in those areas directly. We can participate in DeFi, validator operations, or make small direct investments in new applications being built on Avalanche. The value from that activity accrues to shareholders through a listed, regulated product.

I believe we are entering a five- to ten-year super-cycle for blockchain adoption. I wanted to focus my energy on that opportunity, and I think Avalanche is the most undervalued platform and the one best positioned to win in several verticals.

CN: You mentioned liquidity. Can you illustrate the difference between liquidity in a publicly traded stock and in a top-ten or top-twenty crypto token?

BS: It depends on several factors, starting with where you live. If you are in the United States and cannot access Binance spot markets, you are missing the biggest pool of liquidity. You also cannot trade on OKX or Bybit. Coinbase is among the largest exchanges in the world, but it represents only a small slice of overall liquidity.

For a U.S. institutional investor, even if compliance allowed trading on unregulated foreign exchanges, without access to all of them, you would still see only part of the market.

We are also going to see more digital-asset treasuries listing publicly. Many of these will come from companies that failed in other lines of business and are now pivoting into crypto. Some of those will hardly trade at all. Listing on an exchange, even the NYSE or Nasdaq, is not a solution by itself. Real liquidity requires investor interest and professional market makers who quote prices throughout the day so that both retail and institutional investors have someone to trade with.

Liquidity depends on who you are, where you operate, and what kind of leadership and strategy the treasury has. If the project attracts attention and offers tangible benefits, then people will want to trade it.

CN: Are you seeing real institutional demand for Avalanche and for Avalanche Treasury?

BS: Yes. The early demand has been extremely encouraging. There is a sense among investors that they missed the opportunity with Bitcoin and Ethereum. Those assets have been discussed for a decade, and many investors now assume the major gains are behind them. Bitcoin’s role as digital gold is well understood, but it does not provide industrial or enterprise utility.

Avalanche is different. I view it as an operating system that businesses can build on. It is essentially enterprise software that companies can integrate into their operations so they can customize blockchain use for their own needs while remaining connected to the wider ecosystem.

With better regulatory clarity, companies can finally implement blockchain technology. They do not want to store private information on public blockchains. They require KYC, AML, and the ability to permission access in ways that fit their business models. Outside Avalanche, the only real option is to build an L2 on Ethereum, which is complex and requires teams of developers who understand those environments.

Avalanche lets them create their own L1 and customize it as needed. Ava Labs provides direct support for that process. Businesses get a partner they can work with and an infrastructure that makes sense to them. That combination is what has been resonating with institutional investors.

CN: You mentioned that Avalanche lets businesses build their own networks. How is Avalanche different from other chains in that regard?

BS: Avalanche has three different chains: the P-Chain, the C-Chain, and the X-Chain. The C-Chain was specifically designed to let people build what used to be called subnets, which are now referred to as L1s. You can essentially build on top of the Avalanche blockchain while creating your own fork of it. That lets you customize certain factors, but your network is still tied into the broader Avalanche ecosystem.

So you’re building another chain that sits beside the others. The liquidity loop is effectively infinite because your transactions are not bundled with everyone else’s. You can have your own native token that trades within the Avalanche cross-chain environment, and all of your transactions are secured by the Avalanche network itself.

The advantage for a business is that you own your economic stack. You control the security and permissions, and you can KYC participants. You also gain the benefit of Avalanche’s validators securing your transactions. Since Avalanche is EVM compatible, your custom chain can connect directly to the Ethereum Virtual Machine. That means you have interoperability with the wider EVM ecosystem.

For many businesses, that is a simple and powerful proposition. Compared to building a custom L2 on Ethereum, which is technically complicated and less secure, Avalanche offers a complete end-to-end setup that makes enterprise use much more practical.

CN: Can you give examples of how that approach is being used?

A good example is the state of Wyoming. They are planning to issue their own stablecoin built on Avalanche. They want to use it to distribute things like tax returns or state benefits, for example, unemployment or welfare payments, through a debit card system. Because it is built on Avalanche, they can make it private and customized. People’s personal information is not visible on a public ledger, but the system still benefits from blockchain efficiency.

Another case is the California Department of Motor Vehicles, which has tokenized about forty-two million car titles. Right now, if you want to sell your car, you need to go to the DMV to get proof of a clean title. It is slow and administrative. If those titles exist on a blockchain built on Avalanche, you could simply permission a buyer to view that you have a clean title and that your payments are current. You could complete a sale to someone financed by Toyota without either of you physically meeting.

That is the network effect in action. If other automakers like Ford, Audi, and Mercedes-Benz also put their financing operations on chain, and every U.S. state used Avalanche to issue car titles, the entire used-car process would become far more efficient. Today, you lose around ten percent of your car’s value to a dealer because of friction in the system. Removing that friction would unlock huge value.

Each new participant adds exponential value to the network, which reflects the principle of Metcalfe’s Law. These private chains still connect back into the public Avalanche network. Every transaction can cost a small fee, and part of that AVAX is burned. So, as usage scales, scarcity increases, and the token’s value is supported by real transaction activity rather than speculation.

With Ethereum, some investors complained that when activity moved to L2s, it took away value from the main chain. How does Avalanche handle that dynamic?

BS: There is some of that effect. Businesses want to control their own financial stack. Not all the value from those private blockchains will flow directly down to AVAX, but that would never have been the case. It is unrealistic to think that a company building a private financial network would want all of its value creation to go to another token holder base.

The benefit for AVAX is that every transaction across those private or enterprise chains still connects to and secures through the Avalanche network. Transactions pay fees in AVAX, and some of those fees are burned. The more activity there is across these use cases, the stronger the underlying token economics become.

We are moving past the stage where enthusiasm in crypto was mostly about celebrity coins or NFTs. Now we are seeing actual businesses, governments, and corporations using Avalanche in real applications. That shift toward real-world adoption is what people have not fully appreciated yet.

CN: The first deal that Avalanche Treasury made was the $200 million AVAX purchase from the Avalanche Foundation. Going forward, do you plan to make similar deals with the Foundation, or will you buy on the open market?

BS: The excitement from institutions about this transaction has been very strong. They have been looking for ways to invest in blockchain technology in a structure that fits institutional standards, and until now, there really has not been a good vehicle for that.

The first priority is to close this transaction. We have announced it and now need to file with the SEC and complete that process. The goal is to finish everything in the first quarter of next year, ideally January or February, so the business combination is complete, we are listed, and investors have access to this product.

Once we are listed, the real opportunity opens up. Every other industry has been able to raise capital through public markets—software, internet, communications—but the digital-asset industry has not had that option. That is why so many crypto projects have relied on the “labs and foundation” structure in the past. Under the previous regulatory environment, they were not allowed to access public capital markets directly.

Now that we can, we will be able to meet investors where they are. Some will want convertible bonds that give them upside with protection. Others will prefer straight equity. We can also look at preferred shares, private investment in public equity (PIPE) transactions, or open-market issuance through an at-the-market program. Having that capital structure available lets us raise funds efficiently for current shareholders.

When we decided to go the SPAC route, we deliberately chose not to merge into an existing failed business. Many SPACs take that shortcut, but it creates legacy liabilities and distractions. We wanted a clean structure from day one. Even Michael Saylor still spends twenty minutes of every quarterly call talking about his software business before getting to the Bitcoin part. We did not want that situation. We wanted a pure, long-term vehicle focused entirely on digital assets.

Once the listing is complete, the conversations I have had with institutions suggest they want to engage quickly. They have said, “Once you are listed, come back to us.” They want to look at preferred shares, convertibles, and equity investments. That gives us flexibility to raise capital in whatever way is most efficient for shareholders.

CN: What about market impact? Your goal is to build a billion-dollar AVAX treasury. If you buy that much on the open market, it could move prices significantly.

BS: That is true. Fully diluted, AVAX is roughly a twenty-billion-dollar asset, depending on the price. We are very aware of liquidity dynamics. I ran one of the largest crypto market-making firms in the world, so if there is one area where I am confident, it is understanding crypto liquidity.

We are taking a long-term approach to acquiring assets. We want to be efficient and thoughtful in how and where we deploy capital. That may mean accumulating slowly over time, in a way that minimizes market impact. We will always be mindful of how our buying affects the ecosystem and the price of AVAX.

CN: What are some things that investors may be overlooking when it comes to AVAX or the broader crypto market?

BS: What I see in the market right now is that everyone is focused on central bank policy. The conversation is about how many rate cuts are coming, what tariffs might do to inflation, and all these macro factors. Crypto prices, including Bitcoin, Ethereum, and Avalanche, still react mainly to those macro shifts. They trade as higher or lower beta versions of the same theme.

From where I sit, there is incredible progress being made on certain platforms, and less on others, but they are still valued in the market as if they are all the same kind of macro asset. I think that changes in 2026. Institutions will start doing real research, comparing different blockchains on their fundamentals. When that happens, Avalanche stands to benefit a lot, because its underlying attributes and success so far have not been fully appreciated by the market.

That is what I am most excited about: as adoption grows and more real-world use cases appear, people will begin to look at these networks with a more critical lens. That shift will be very positive for Avalanche.

Journalist

Posted: October 15, 2025

Key Takeaways
How much is China Renaissance contributing to the project?
The bank is contributing $200 million in collaboration with YZi Labs and plans to invest an additional $100 million itself, with the rest raised from external investors.

Why is China Renaissance’s project significant?
It signals China’s growing willingness to engage with digital assets and represents a major institutional bet on BNB’s long-term growth.

Rumors are swirling that U.S. President Donald Trump may be considering a presidential pardon for Binance [BNB] Founder Changpeng “CZ” Zhao.

Meanwhile, China Renaissance Holdings is reportedly in advanced discussions to raise $600 million for a new U.S.-listed investment vehicle focused on Binance’s native token, BNB, according to Bloomberg.

The initiative aims to attract both Asian and Western institutional investors and signals a major institutional bet on the token’s long-term growth.

As per the plan, China Renaissance is contributing $200 million to the project in collaboration with YZi Labs, while the bank itself plans to invest around $100 million.

The remaining funds will be sourced from institutional investors across Asia and the West to make it one of the largest corporate allocations in BNB to date.

Who is the leader in the BNB treasury and more?
For context, at present, the largest publicly traded BNB treasury currently belongs to CEA Industries, which recently expanded its holdings to 480,000 tokens.

If successful, the initiative could emulate the strategy popularized by Michael Saylor’s Strategy Inc., which set a precedent for corporate entities holding high-performing cryptocurrencies as part of their treasury strategy.

BNB traded at $1,199.43 at press time, down by 12.02% over the past 24 hours, reflecting ongoing market volatility despite renewed institutional interest.

China vs U.S. crypto approach
Needless to say, China’s shift toward selective crypto acceptance contrasts sharply with the U.S. approach.

While the U.S. maintains transparent Bitcoin [BTC] holdings through federal seizures, public companies, and ETFs, China continues to restrict domestic mining and trading.

This shows that the U.S. relies more on transparency and regulatory clarity to integrate crypto into its financial system, whereas China emphasizes controlled access and indirect influence.

Now, though China Renaissance’s move signals the country’s growing willingness to engage with digital assets, competing with the U.S.’s established institutional framework remains a formidable challenge.

Trump’s tariff attack on China
All this happened after the broader crypto market reacted sharply to President Trump’s warning over China’s alleged export threats, triggering a $700 million liquidation on the 10th of October.

Fears of a renewed U.S.–China trade conflict spurred risk-off sentiment, sending leveraged traders scrambling and pushing crypto prices lower.

Now, with Beijing yet to respond and potential tariffs looming, markets remain on edge, suggesting that volatility could persist in the coming days.

Ishika Kumari is a Crypto Analyst and Content Strategist at AMBCrypto, specializing in the analysis of cryptocurrency regulations, market trends, and the socio-political impact of blockchain technology.
Her expertise is grounded in her academic background as a graduate of Political Science from the renowned University of Delhi. This discipline has equipped her with a sophisticated framework for analyzing complex governance models, international regulatory landscapes, and the economic principles that underpin decentralized systems.
At AMBCrypto, Ishika applies this unique analytical lens to her work. She excels at breaking down intricate subjects—from the technicalities of new protocols to the nuances of global crypto legislation—into clear, accessible, and insightful content. Her primary mission is to bridge the gap between the complexity of the digital asset industry and the everyday reader, ensuring that AMBCrypto's audience is not just informed, but truly understands the forces shaping the future of finance.

U.S. federal agents have seized a historic $15 billion in Bitcoin, allegedly the proceeds of a Cambodian criminal network that forced trafficked individuals to run sophisticated cryptocurrency “pig butchering” scams on a global scale.

Summary

U.S. authorities seized $15b in Bitcoin from unhosted wallets tied to Prince Group founder Chen Zhi, marking the DOJ’s largest forfeiture in history.
Prosecutors allege Zhi ran forced-labor compounds in Cambodia where trafficked workers executed global “pig butchering” crypto scams.
The indictment details how Prince Group used its multinational business network to launder funds through complex crypto techniques and luxury purchases, including a Picasso painting.

On Oct. 14, the U.S. Department of Justice announced the largest forfeiture action in its history, seizing approximately 127,271 Bitcoin (BTC), valued at roughly $15 billion, from unhosted wallets linked to UK and Cambodian national Chen Zhi.

Federal prosecutors unsealed an indictment in Brooklyn, charging the Prince Group chairman with masterminding a transnational criminal enterprise that operated forced-labor compounds in Cambodia.

The DOJ alleges these compounds were the engine for industrial-scale “pig butchering” scams that defrauded global victims, with a single Brooklyn-based cell moving millions from more than 250 people stateside. Chen Zhi remains at large.

Inside the Prince Group empire
According to the unsealed indictment, Chen Zhi founded the Prince Group around 2015, cultivating a public image as the chairman of a legitimate multinational conglomerate. The group’s portfolio ostensibly included real estate development, financial services, and consumer services, with operations spanning more than 30 countries.

Federal prosecutors allege this extensive corporate network was little more than a sophisticated front. Behind the veneer of legitimate business, Zhi and his top executives are accused of transforming the organization into one of Asia’s most formidable transnational criminal enterprises, using its global reach to orchestrate a brutal fraud operation.

The secret criminal operations were allegedly directed from the top. Court documents state Zhi was personally involved in managing the scam compounds, maintaining meticulous records that tracked profits and specific fraudulent schemes run out of individual rooms.

He is also accused of overseeing “phone farms,” automated call centers within the compounds that utilized thousands of phones and millions of phone numbers to target victims globally. The indictment further claims Zhi communicated directly with subordinates about using violence against trafficked workers, instructing them to beat individuals who “caused trouble” but cautioning that they should not be “beaten to death.”

Prosecutors allege that individuals, held against their will in compounds described as prison-like camps surrounded by high walls and barbed wire, were forced to contact potential victims through messaging and social media apps. Posing as trustworthy contacts, they built relationships over time before steering conversations to fraudulent cryptocurrency investments.

Victims were then persuaded to transfer crypto to specified accounts with promises of high returns, only to have their funds stolen and laundered for the benefit of the syndicate. This “pig butchering” process, fueled by forced labor, generated billions in illicit profits.

Laundering the empire’s digital profits
To obscure the massive flow of illicit funds, Prince Group associates, at Zhi’s direction, employed advanced cryptocurrency laundering techniques. Prosecutors detail the use of “spraying” and “funneling,” a process where large volumes of cryptocurrency were repeatedly broken down across scores of wallets and then re-consolidated to break the audit trail.

A portion of the criminal proceeds were eventually held in wallets at various cryptocurrency exchanges or converted to traditional fiat currency. The core of the seized assets, however, comprising 127,271 Bitcoin, was held in unhosted wallets, with Zhi personally controlling the private keys.

Zhi and his associates allegedly used the illicit gains to fund a lifestyle of staggering opulence, with extravagant purchases including watches, yachts, private jets, and vacation homes.

Notably, Zhi is accused of using stolen funds to acquire a Picasso painting through a New York City auction house, embedding the proceeds of human suffering within the world’s most exclusive luxury markets.

A consortium established by the companies announced the recovery of Celsius funds tied to claims against Tether. Oct 14, 2025, 7:05 p.m.

The wind-down of defunct crypto lender Celsius coughed up almost $300 million from Tether, according to a Tuesday statement from an entity set up by GXD Labs and VanEck, the Blockchain Recovery Investment Consortium. GXD Labs, a subsidiary of Atlas Grove Partners, and asset manager VanEck established BRIC to "maximize recoveries in complex digital asset bankruptcies like Celsius," they said.

BRIC continues to manage a portfolio of illiquid and litigation assets tied to Celsius, the companies said. The joint venture had previously sought to acquire the assets of the insolvent crypto lender, but the remnants of Celsius Network went to rival bidder Fahrenheit in 2023.

Spokespeople for the two companies didn't immediately respond to a question on the benefits each of them expected from this development.

The collapse of Celsius in 2022 was one of the string of industry crises that sparked the crypto winter of that year, which saw massive losses in the markets and significant damage to other major digital assets businesses. It exited its bankruptcy last year, shipping out more than $3 billion to creditors.

In July, a New York bankruptcy court had approved a Celsius effort to pursue most of a $4 billion claim against Tether. This $299.5 million recovery settles the matter in the U.S. Bankruptcy Court for the Southern District of New York, according to the statement from BRIC.

Read More: Celsius to Distribute $3B Crypto to Creditors as Firm Emerges From Bankruptcy

More For You

U.S. Targets Cambodian Pig Butchering, Takes $14B in Bitcoin as Biggest Ever Seizure

As the Justice Department pursues Prince Group's leader, the Treasury Department sanctioned the company while also severing Huione from the U.S. finance.

What to know:

The founder and chairman of Cambodian-based Prince Group is under U.S. criminal indictment, tied to the global company's alleged pig-butchering operations.While the Department of Justice chases Chen Zhi, the Treasury Department sanctioned Prince Group, designating it a transnational criminal organization.On the same day, Cambodian Huione Group was formally severed from the U.S. financial system.In the Prince Group case, the DOJ seized more than $14 billion in bitcoin, the department said. Read full story

The U.S. government has made one of its largest cryptocurrency seizures ever, 127,271 Bitcoin, worth nearly $15 billion. This massive scam is connected to a vast international “pig butchering” scam allegedly led by Chen Zhi, a Chinese-born businessman and founder of Cambodia’s Prince Holding Group.

Largest Crypto Scam in U.S. HistoryOn October 14, the Department of Justice (DOJ) filed a civil forfeiture complaint to take control of the seized 127,271 Bitcoin worth about $15 billion, marking what it calls the biggest action of its kind. 

Authorities accuse Chen Zhi, also known as “Vincent,” who is accused of running a network of forced-labor scam compounds in Cambodia, where victims were trafficked and made to conduct crypto scams known as “pig butchering.”

Adding to the mystery, on-chain investigator ZachXBT noted that the same Bitcoin wallet was flagged two years ago for having a weak private key. It was once seen as compromised, but now the U.S. government says it controls the wallet.

How the Scams Worked?Investigators say that victims were often recruited with false job offers in IT or marketing. Once they arrived in Cambodia, they were held captive and forced to target unsuspecting people online, mainly through social media and messaging apps. 

These scams often begin with online friendships or romantic conversations before luring victims into fake crypto investment platforms. 

Once the trust is built, victims are convinced to transfer funds, which are then stolen and laundered through a network of over 100 shell and holding companies around the world to hide their origin.

Billions Lost to Crypto ScamsThe U.S. Treasury and Amnesty International estimate that thousands of victims have been trafficked into such scam operations. In 2024 alone, crypto frauds of this kind cost users over $4 billion, a 40% jump from the previous year.

Cambodia has now become a major hub for these scams, with at least 53 active compounds identified this year. 

The scheme reportedly defrauded thousands of investors across more than 30 countries, generating billions in illicit profits.

Chen Zhi Remains on the RunThe seized Bitcoin, now under U.S. government custody, is valued at nearly $15 billion, while Chen Zhi remains on the run. Authorities say this case is not just about financial crime, it’s a stark reminder of how human trafficking and crypto fraud have merged, exposing the dark side of digital finance.

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Former Aptos Labs CEO Mo Shaikh and other early Aptos employees are launching a new $50 million crypto venture fund.

The Blockchain Recovery Investment Consortium (BRIC), a partnership between GXD Labs and VanEck, announced on Tuesday a significant development in Celsius’ bankruptcy case. Tether (USDT) has agreed to pay a major amount to the crypto lender’s bankruptcy estate following an adversary proceeding that was initiated last year.

Tether Settles Billion Dollar Lawsuit
This settlement marks a significant milestone in the ongoing legal saga surrounding Celsius, which filed for bankruptcy in July 2022.

Celsius had previously accused Tether of mishandling collateral and liquidations, claiming 39,542 BTC (approximately $4.3 billion at the time) along with an additional $100 million in damages, which constituted their largest third-party claim. 

As previously reported by Bitcoinist, Celsius asserted that Tether’s actions exemplified a broader “scheme to exploit the US cryptocurrency market,” a position they believed could support jurisdiction in this case.

In response to the allegations, Tether characterized the lawsuit as a “shake down,” asserting that Celsius was responsible for providing additional collateral in light of fluctuating Bitcoin prices at the time. Tether maintained that Celsius’s mismanagement should not result in undue costs for them.

Significant Return For Celsius Bankruptcy Creditors
Ultimately, the settlement allows Tether to resolve the matter for a fraction of the initial amount claimed by Celsius, with nearly $300 million expected to be recovered, providing a notable return for creditors involved in the bankruptcy proceedings.

Tether CEO Paolo Ardoino also commented on the settlement on social media site X (formerly Twitter), stating, “Tether is pleased to have reached a settlement of all issues related to the Celsius bankruptcy.” 

David Proman, Managing Partner of GXD Labs, also expressed satisfaction with the resolution. “We are pleased to have resolved Celsius’s adversary proceeding and related claims against Tether,” he stated.

The daily chart shows the total crypto market cap valuation drop below $4 trillion. Source: TOTAL on TradingView.com
Featured image from DALL-E, chart from TradingView.com 

Goldman Sachs is preparing for another round of layoffs as part of a sweeping corporate overhaul driven by artificial intelligence, CEO David Solomon’s management team told staff in a companywide memo obtained by The Post.

The Wall Street powerhouse will “constrain headcount growth through the end of the year” and carry out a “limited reduction in roles across the firm,” according to the Tuesday memo — the same day the bank reported record third-quarter profits.

“Even when the business is performing well, we have an obligation to review our operations carefully and position the firm for the future,” Goldman management wrote.

Goldman Sachs is preparing for another round of layoffs as part of a sweeping internal overhaul driven by artificial intelligence, CEO David Solomon’s management team told staff in a companywide memo obtained by The Post. AFP via Getty Images
“We don’t take these decisions lightly, but this process is part of the long-term dynamism our shareholders, clients, and people expect of Goldman Sachs.”

Goldman’s global headcount stood at 48,300 as of Sept. 30, nearly 2,000 more than a year earlier.

“The firm will finish the year with a net increase in headcount overall,” Jennifer Zuccarelli, a Goldman spokesperson, told The Post.

News of the memo was first reported by Bloomberg News.

The memo said the move comes as Goldman launches a new phase of its “One Goldman Sachs” framework, dubbed OneGS 3.0, a multi-year effort to “transform the operating system for the firm.”

The New York-based bank has been one of the biggest beneficiaries of market volatility this year, posting $15 billion in revenue and earnings per share of $12.25 for the July-to-September quarter — both well ahead of forecasts.

The Wall Street powerhouse will “constrain headcount growth through the end of the year” and carry out a “limited reduction in roles across the firm.” Goldman offices in Manhattan are seen above. Bloomberg via Getty Images
But the memo said the firm’s next phase of growth would depend on using AI to boost productivity and “re-engineer processes” across divisions.

“The rapidly accelerating advancements in AI can unlock significant productivity gains for us,” according to the memo.

“Our operational efficiency goals need to reflect the gains that will come from these transformational technologies.”

The memo said the OneGS 3.0 plan would focus on six goals: “enhancing the client experience, improving profitability, driving productivity and efficiency, strengthening resilience and capacity to scale, enriching the employee experience, and bolstering risk management.”

To achieve those targets, he said, teams will prioritize “front-to-back workstreams” that can benefit from AI-driven process changes, including sales enablement, client onboarding, lending, regulatory reporting, and vendor management.

“To fully benefit from the promise of AI, we need greater speed and agility in all facets of our operations,” the memo stated.

The New York-based bank has been one of the biggest beneficiaries of market volatility this year, posting $15 billion in revenue and earnings per share of $12.25 for the July-to-September quarter. REUTERS
“This doesn’t just mean retooling our platforms. It means taking a front-to-back view of how we organize our people, make decisions, and think about productivity and efficiency.”

The memo marks management’s most detailed acknowledgment yet that automation is driving structural change across Goldman’s business lines.

In June, The Post reported that Goldman rolled out a new in-house generative AI tool, the GS AI Assistant, which is designed to help bankers summarize documents, draft reports and analyze data.

Chief information officer Marco Argenti said at the time that “thousands of our people are already using the GS AI Assistant” to “boost productivity.”

While Goldman said the technology is intended to make employees more efficient, its use has fueled concerns on Wall Street that entry-level and back-office jobs could disappear.

A Bloomberg Intelligence study earlier this year predicted that up to 200,000 finance jobs could be lost across the industry within five years as firms adopt AI systems for routine functions.

Goldman’s planned reductions come as competitors launch sweeping cost-cutting campaigns of their own.

Morgan Stanley is slashing 2,000 positions, about 2.5% of its workforce, under new CEO Ted Pick. The cuts are aimed at curbing expenses after a year of slowing deal activity and minimal attrition.

JPMorgan Chase has disclosed four rounds of layoffs in 2025, including 88 staffers at its Jersey City office this fall, bringing its local total to more than 400.

Meanwhile, Citigroup is pursuing one of the largest restructurings on Wall Street, trimming 20,000 jobs over two years as CEO Jane Fraser simplifies operations and invests in new technology.

The overhaul, projected to save $2.5 billion annually by 2026, has flattened management layers and placed divisional leaders in direct contact with the CEO.

Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

LOS ANGELES, Oct. 14, 2025 (GLOBE NEWSWIRE) -- Glancy Prongay & Murray LLP reminds investors of the upcoming October 21, 2025 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased or otherwise acquired C3.ai, Inc. (“C3.ai” or the “Company”) (NYSE: AI) securities between February 26, 2025 and August 8, 2025, inclusive (the “Class Period”).

IF YOU SUFFERED A LOSS ON YOUR C3.AI INVESTMENTS, CLICK HERE TO INQUIRE ABOUT POTENTIALLY PURSUING CLAIMS TO RECOVER YOUR LOSS UNDER THE FEDERAL SECURITIES LAWS.

What Happened?
On August 8, 2025, C3.ai released disappointing preliminary financial results for the first quarter of fiscal 2026 and reduced its revenue guidance for the full fiscal year 2026, citing “the reorganization with new leadership” and the health ailments of its CEO.

On this news, C3.ai’s stock price fell $5.66, or 25.6%, to close at $16.47 per share on August 11, 2025, thereby injuring investors.

What Is The Lawsuit About?
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) C3.ai’s optimistic reports of growth, earnings potential, and anticipated margins fell short of reality as they relied far too heavily on the health and effectiveness of the Company’s CEO; (2) Despite repeated assurances, the Company’s CEO had not sufficiently recovered from his ailments to act in the same capacity for C3.ai as he had previously; and (3) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

If you purchased or otherwise acquired C3.ai securities during the Class Period, you may move the Court no later than October 21, 2025 to request appointment as lead plaintiff in this putative class action lawsuit.

Contact Us To Participate or Learn More:
If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact us:
Charles Linehan, Esq.,
Glancy Prongay & Murray LLP,
1925 Century Park East, Suite 2100,
Los Angeles California 90067
Email:  [email protected]
Telephone: 310-201-9150,
Toll-Free: 888-773-9224
Visit our website at www.glancylaw.com.
Follow us for updates on LinkedIn, Twitter, or Facebook.

If you inquire by email, please include your mailing address, telephone number and number of shares purchased.

To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Contact Us:
Glancy Prongay & Murray LLP,
1925 Century Park East, Suite 2100
Los Angeles, CA 90067
Charles Linehan
Email:  [email protected]
Telephone: 310-201-9150
Toll-Free: 888-773-9224
Visit our website at: www.glancylaw.com.

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Key Takeaways Copa Holdings' September 2025 RPM grew 6.4% year over year on robust passenger demand.Available seat miles rose 5.2% in September, reflecting added capacity to meet demand.Load factor improved to 86.9% from 85.9% last year as traffic growth outpaced capacity.
Copa Holdings, S.A.(CPA - Free Report) , based in Panama City, Panama, is gaining from upbeat passenger volumes. The latest positive update from the Latin American carrier came when it reported robust traffic numbers for September 2025 on the back of upbeat air travel demand. Driven by high passenger volumes, revenue passenger miles (RPM: a measure of air traffic) improved on a year-over-year basis in September.

To match the demand swell, CPA is increasing its capacity. In September, available seat miles (a measure of capacity) increased 5.2% year over year. RPM improved 6.4% year over year. Since traffic outpaced capacity expansion, the load factor (the percentage of seats filled by passengers) rose to 86.9% from 85.9% in September 2024.

CPA’s Zacks Rank & Price PerformanceCPA currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Shares of CPA have gained 39.7% so far this year, outperforming the 3% increase of the Zacks Airline industry.

CPA Stock YTD Price Comparison Image Source: Zacks Investment Research

September 2025 Traffic of Other Airline CompaniesApart from Copa Holdings, other airline companies that have reported traffic numbers for September 2025 are LATAM Airlines Group (LTM - Free Report) and Ryanair Holdings (RYAAY - Free Report) .

LATAM AirlinesLATAM Airlines reported a year-over-year increase in revenue passenger-kilometers (RPK: a measure of air traffic) for September 2025.

LATAM Airlines reported an 8.7% year-over-year increase in consolidated capacity, measured in available seat-kilometers (ASK). The uptick was driven by a 9.6% increase in the group’s international operations and a 14% increase in LATAM Airlines Brazil’s domestic capacity.

LTM’s consolidated traffic, measured in revenue passenger-kilometers (RPK), increased 8.8% year over year, with growth across all segments. LATAM Airlines Brazil’s domestic market recorded year-over-year growth of 17%. The consolidated load factor (percentage of seats filled by passengers) for September 2025 stood at 84.2%, remaining flat on a year-over-year basis.

During the month, LATAM Airlinestransported almost 7.3 million passengers, an increase of 8% year over year. Year to date, LATAM Airlines has transported 64.5 million passengers across its network.

Ryanair HoldingsEuropean carrier, Ryanair reported solid traffic numbers for September 2025, driven by upbeat air-travel demand.

The number of passengers transported on Ryanair flights was 19.4 million in September 2025, reflecting a 2% year-over-year increase. The September load factor (percentage of seats filled by passengers) of 94% remained flat on a year-over-year basis, reflecting consistent passenger demand for the airline's services.  RYAAY operated more than 107,000 flights in September 2025.

We would like to remind investors that Ryanair carried 200.2 million passengers in its fiscal year ending March 2025, positioning itself as the first European airline to reach 200 million passengers in a single year. As a result, RYAAY is now the world’s leading low-fare airline in terms of passenger traffic, with low fares and reduced costs acting as the main catalyst. 

Given this encouraging backdrop, Ryanair expects its fiscal 2026 traffic to grow 3% to 206 million passengers, due to heavily delayed Boeing (BA - Free Report) delivery delays.

General Motors said Tuesday that it plans to take a $1.6 billion charge in the third quarter as it revamps its electric vehicle strategy as the end of the federal government's EV tax credit is expected to slow demand.

GM's move comes as automakers are reworking their plans for producing EVs after consumer demand softened over the last two years.

The Trump administration's move to end the $7,500 federal tax credit for EVs, which helped support the emerging industry, prompted executives to warn about a drop-off in consumer demand.

GM said in a filing that it expects "the adoption rate of EVs to slow" following the recent policy shifts, which included not only the termination of the tax incentive but also a move to roll back an emissions rule that was expected to push automakers to make more EVs.

NEWSOM SAYS GM'S MARY BARRA 'SOLD US OUT' ON ELECTRIC VEHICLE POLICIES AND FEDERAL SUBSIDIES

General Motors said it will take a $1.6 billion charge after the loss of federal EV tax credits. (Paul Hennessy/SOPA Images/LightRocket via Getty Images / Getty Images)

The automaker told Reuters that the charge "is a special item driven by our expectation that EV volumes will be lower than planned because of market conditions and the changed regulatory and policy environment."

Garrett Nelson, a senior equity analyst at CFRA Research, said that the charge "doesn't come as a surprise given recent market developments and the fact GM had made probably the most aggressive EV push of any traditional automaker."

"We think the automakers who chose to invest more heavily in hybrid vehicle development such as Toyota and Honda are poised to benefit in the U.S. auto market," Nelson added.

Ticker Security Last Change Change % GM GENERAL MOTORS CO. 55.62 +0.27
+0.49%
GM PROFIT SHRINKS DESPITE STRONGER SALES

The Trump administration's tariffs and trade policy shifts have also created financial headwinds for automakers like GM, which took a $1.1 billion hit in the prior quarter.

GM estimated it has a bottom-line impact of $4 billion to $5 billion this year due to tariff headwinds, and said that it could take steps to offset at least 30% of the impact.

Those include a $1.2 billion non-cash impairment tied to EV capacity adjustments and $400 million in contract cancellation fees and commercial settlements.

GM CEO Mary Barra has warned about the impact of tariffs and the removal of EV credits. (Anna Moneymaker/Getty Images / Getty Images)

CALIFORNIA EV DRIVERS ARE ABOUT TO LOSE A MAJOR PERK AFTER 25 YEARS

GM said the charges will be recorded as adjustments to non-GAAP results for the third quarter, which are scheduled to be released early next week.

GM shares rose 0.68% during the morning trading session on Tuesday following the news.

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Reuters contributed to this report.

, /PRNewswire/ -- Kuehn Law, PLLC, a shareholder litigation law firm, is investigating whether certain officers and directors of Ultra Clean Holdings, Inc. (NASDAQ: UCTT) breached their fiduciary duties to shareholders. 

According to a federal securities lawsuit, Insiders at Ultra Clean caused the company to misrepresent or fail to disclose material information concerning the elevated demand from Chinese original equipment manufacturers (OEMs) and in the general Chinese domestic market for Ultra Clean's products throughout the fiscal year 2024.

If you currently own UCTT and purchased prior to May 6, 2024 please contact Justin Kuehn, Esq. here, by email at [email protected] or call (833) 672-0814. Kuehn Law pays all case costs and does not charge its investor clients.Shareholders should contact the firm immediately as there may be limited time to enforce your rights. 

Why Your Participation Matters:

As a shareholder your voice matters, and by getting involved, you contribute to the integrity and fairness of the financial markets. Your investment. Your voice. Your future.™ 

For additional information, please visit Shareholder Derivative Litigation - Kuehn Law.

Attorney advertising. Prior results do not guarantee similar outcomes.

Contacts:
Kuehn Law, PLLC
Justin Kuehn, Esq.
53 Hill Street, Suite 605
Southampton, NY 11968
[email protected]
(833) 672-0814

SOURCE Kuehn Law, PLLC

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LOS ANGELES, Oct. 14, 2025 (GLOBE NEWSWIRE) -- Glancy Prongay & Murray LLP reminds investors of the upcoming October 20, 2025 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased or otherwise acquired PubMatic, Inc. (“PubMatic” or the “Company”) (NASDAQ: PUBM) securities between February 27, 2025 and August 11, 2025, inclusive (the “Class Period”).

IF YOU SUFFERED A LOSS ON YOUR PUBMATIC INVESTMENTS, CLICK HERE TO INQUIRE ABOUT POTENTIALLY PURSUING CLAIMS TO RECOVER YOUR LOSS UNDER THE FEDERAL SECURITIES LAWS.

What Happened?
On August 11, 2025, after the market closed, PubMatic released its second quarter 2025 financial report. In its report, PubMatic’s Chief Financial Officer, Steven Pantelick, revealed that the Company’s outlook reflects “a reduction in ad spend from one of [its] top DSP partners.” The Company’s Chief Executive Officer, Rajeev Goel, further revealed that a “top DSP buyer” had “shifted a significant number of clients to a new platform that evaluates inventory differently” causing significant headwinds. Goel stated, in response to the inventory valuation change, the Company would “need to do a better job . . . to prioritize across all the hundreds of billions of daily ad impressions that we have, which subset of those impressions that we send to this DSP.”

On this news, PubMatic’s stock price fell $2.23, or 21.1%, to close at $8.34 per share on August 12, 2025, on unusually heavy trading volume.

What Is The Lawsuit About?
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that a top DSP buyer was shifting a significant number of clients to a new platform which evaluated inventory differently; (2) that, as a result, PubMatic was seeing a reduction in ad spend and revenue from this top DSP buyer; and (3) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

If you purchased or otherwise acquired PubMatic securities during the Class Period, you may move the Court no later than October 20, 2025 to request appointment as lead plaintiff in this putative class action lawsuit.

Contact Us To Participate or Learn More:
If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact us:
Charles Linehan, Esq.,
Glancy Prongay & Murray LLP,
1925 Century Park East, Suite 2100,
Los Angeles California 90067
Email:  [email protected]
Telephone: 310-201-9150,
Toll-Free: 888-773-9224
Visit our website at www.glancylaw.com.
Follow us for updates on LinkedIn, Twitter, or Facebook.

If you inquire by email, please include your mailing address, telephone number and number of shares purchased.

To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Contact Us:
Glancy Prongay & Murray LLP,
1925 Century Park East, Suite 2100
Los Angeles, CA 90067
Charles Linehan
Email:  [email protected]
Telephone: 310-201-9150
Toll-Free: 888-773-9224
Visit our website at: www.glancylaw.com.

October 14, 2025 2:21 PM EDT | Source: Decade Resources Ltd.
Stewart, British Columbia--(Newsfile Corp. - October 14, 2025) - Decade Resources Ltd. (TSXV: DEC) ("Decade" or the "Company") is pleased to announce the first certified assay results from surface sampling on the North Mitchell Property, located in the Golden Triangle region of northwestern British Columbia. The Property is contiguous to Seabridge Gold's KSM and Snowfield deposits and Newmont's Brucejack Mine, placing it at the epicenter of one of the world's largest concentrations of gold and copper resources.

Highlights of Initial Assays From Random Grab Samples on In-situ Quartz Stockwork on the Property.

45.0 g/t Au and 60.4 g/t Ag.11.6 g/t Au and 53.92 g/t Ag.1.05 g/t Au and 4.23 g/t Ag. Note: The samples above were random in nature but do not necessarily represent the metal content in the located source. The Company feels that the high metal content is highly encouraging and further investigation is warranted.

Nearby Major Deposits (NI 43-101 Compliant Resources)

"The QP has been unable to verify the following information, and that the information is not necessarily indicative to the mineralization on the property that is the subject of the disclosure. It is being used for reference purposes."

DepositCategoryTonnes (Mt)GradeContained MetalMitchell (Seabridge - KSM)M&I2,3590.54 g/t Au, 0.15% Cu41.1 Moz Au, 7.99 Blb Cu
Inferred1,2830.29 g/t Au, 0.14% Cu11.8 Moz Au, 3.83 Blb CuIron Cap (Seabridge - KSM)M&I4710.38 g/t Au, 0.21% Cu5.8 Moz Au, 2.21 Blb Cu
Inferred2,3090.41 g/t Au, 0.27% Cu30.3 Moz Au, 13.8 Blb CuKerr (Seabridge - KSM)M&I3840.22 g/t Au, 0.41% Cu2.7 Moz Au, 3.46 Blb Cu
Inferred2,5890.27 g/t Au, 0.35% Cu22.8 Moz Au, 19.9 Blb CuSulphurets (Seabridge - KSM)M&I4460.55 g/t Au, 0.21% Cu7.9 Moz Au, 2.06 Blb Cu
Inferred2230.44 g/t Au, 0.13% Cu3.2 Moz Au, 0.64 Blb CuEast Mitchell / Snowfield (Seabridge)M&I1,7590.55 g/t Au, 0.10% Cu31.2 Moz Au, 3.90 Blb Cu
Inferred2810.37 g/t Au, 0.07% Cu3.4 Moz Au, 0.40 Blb CuTreaty Creek (Tudor Gold, 2024)M&I730.201.19 g/t AuEq27.87 Moz AuEq (21.66 Moz Au + 128.73 Moz Ag + 2.87 Blb Cu)
Inferred149.611.25 g/t AuEq6.03 Moz AuEq (4.88 Moz Au + 28.97 Moz Ag + 503.23 Mlb Cu)Brucejack (Newmont)M&I22.37.7 g/t Au, 9.5 g/t Ag5.7 Moz Au, 6.9 Moz Ag
Inferred5.06.7 g/t Au, 10.0 g/t Ag1.1 Moz Au, 1.6 Moz AgBrucejack is recognized as one of the highest-grade producing gold mines globally, with historical production already exceeding 1.5 Moz Au since startup, demonstrating a much larger gold endowment than is captured in compliant reserves and resources.

Management Commentary

Ed Kruchkowski, President of Decade Resources, stated:

"We are thrilled with the initial high-grade assay results, including gold assays, from the North Mitchell Property. The combination of quartz stockwork with visible sulfides and the presence of chalcocite-bornite float samples containing copper underscores the potential for both Treaty Creek/Iron Cap porphyry Cu-Au and high-grade Brucejack-style epithermal gold systems. The proximity to world-class deposits such as KSM, Snowfield, Treaty Creek, and Brucejack highlights the strategic importance of this property."

Figure 1. Location of the North Mitchell Property in relation to nearby world-class deposits including KSM, Iron Cap, Snowfield, Sulphurets, Treaty Creek, and Brucejack.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3615/270397_b7ef7e77c4bd8863_001full.jpg

Table 1: Results for Rush Assays

Assay NumberLocationTypeGold g/tSilver g/tZinc %NM267427168E
6267078NOutcrop Grab11.653.920.48NM267A427168E
6267080NOutcrop Grab45.060.42.1NMT427160E
6267075NOutcrop Grab1.054.230.038The samples were collected several meters apart on BC mining claim 1114641 within an exposure of white quartz veins carrying sparse galena in a matrix of silicified grey rock. The matrix carries very fine grained pyrite with strong sericite alteration. Sampling was random and assaying was rushed to aid in ongoing exploration.

Next Steps

Complete detailed mapping and sampling program over key structural zones.Expand surface sampling grid and prioritize drill target definition.Anticipate maiden drill program commencing in the 2026 season, subject to permitting and financing.Cautionary Statement

Sampling results reported herein are selective in nature and may not represent the true grade or extent of mineralization on the Property. Comparisons to adjacent deposits are provided for geological context only and may not indicate that similar mineralization occurs on the North Mitchell Property. Mineral resources which are not mineral reserves do not have demonstrated economic viability. Inferred resources are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves.

All samples were prepared at MSA Labs' preparation laboratory in Terrace, B.C., and assayed at MSA Labs' geochemical laboratory in Langley, B.C. Gold was assayed using a fire assay with atomic absorption (AA) spectrometry finish. Samples over 25 parts per million gold were fire assayed with gravimetric finish. All samples were analyzed by four-acid digestion with multielement ICP-MS, with silver and base metal overlimits being reanalyzed by emission spectrometry. MSA Labs' quality system complies with the requirements for the international standards ISO 17025 and ISO 9001. MSA Labs is independent of the company.

Qualified Person

Ed Kruchkowski, P.Geo., President of Decade Resources Ltd., is the Qualified Person as defined by National Instrument 43-101 and has reviewed and approved the technical contents of this news release.

Forward-Looking Statements

This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that the Company expects to occur are forward-looking statements. Forward-looking statements are subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those reflected in the forward-looking statements.

"Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."

"This news release may contain forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements."

References

Seabridge Gold Inc. KSM Project reserves and resources (Sept 2025 Investor Presentation):
https://ucarecdn.com/6278768d-92be-4086-86db-647c1a60ccb1/202509SeabridgeInvestorPresentationFINALupdatedsep23.pdf

Canadian Mining Journal - Seabridge Kerr/Iron Cap update (Sept 2025):
https://www.canadianminingjournal.com/news/seabridge-updates-kerr-iron-cap-inferred-resources-with-another-5-9-million-oz-gold-and-3-3-lb-copper/

Seabridge Gold - Fact Sheet Sept 2025:
https://ucarecdn.com/bf3bae04-d6aa-4bae-8838-92c4789ddfb1/202509SeabridgeFactSheet.pdf

Seabridge Gold - Snowfield acquisition news (2020):
https://www.juniorminingnetwork.com/junior-miner-news/press-releases/933-tsx/sea/89778-seabridge-completes-acquisition-of-snowfield-property-from-pretivm.html

Tudor Gold Corp. Treaty Creek Project resources (2024):
https://tudor-gold.com/projects/treaty-creek/

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/270397

Key Takeaways HRTG's commercial residential segment drove 2024 premium growth and improved profitability.This segment saw nearly 100% in-force premium growth after 2022 profitability initiatives.Expansion into NJ and NY boosts diversification beyond HRTG's core Florida market.
Heritage Insurance Holdings’ (HRTG - Free Report) Commercial Residential segment plays a pivotal role in driving premium growth and profitability.  Its products include condominium association insurance, homeowner Association insurance, continuing care retirement community insurance and apartment complex insurance.

HRTG markets and writes commercial residential policies through a network of over 400 independent agents, with its focus mainly on Florida. However, it has now expanded its product offering to include commercial residential products in New Jersey and New York.  This helps Heritage Insurance diversify its overall portfolio. As of Dec. 31, 2024, Heritage Insurance had 2,891 commercial residential policies in force, representing $286.4 million of annualized premium.

The Commercial Residential line of business generates significantly higher average premiums per policy and secures a margin, given a lower loss ratio, within its property insurance portfolio. In 2024, gross premiums written growth of 7.4% in Florida was mainly driven by growth of the commercial residential portfolio. Its in-force premium for Florida commercial residential business increased in 2024, in contrast to a decline in in-force premium for personal lines. The insurer grew the commercial portfolio in-force premium by nearly 100% following strategic profitability initiatives launched in 2022.

Expanding its presence in the commercial residential niche enhances Heritage’s competitive positioning and earnings resilience. This segment complements its core personal residential line and is a strategic growth lever for HRTG.

What About HRTG’s Peers?Commercial residential insurance is vital for both HCI Group (HCI - Free Report) and Universal Insurance Holdings (UVE - Free Report) , safeguarding their property portfolios against risks and losses. Like Heritage Insurance, both HCI Group and Universal Insurance offer commercial residential insurance in Florida.

Their focus on commercial residential coverage ensures diversification and sustainable growth, helps mitigate risk, and enhances underwriting profitability and long-term growth for both HCI Group and Universal Insurance.

HRTG’s Price PerformanceShares of HRTG have gained 123% year to date, outperforming the industry.

Image Source: Zacks Investment Research

HRTG’s Expensive ValuationHRTG trades at a price-to-book value ratio of 2.04, above the industry average of 1.54. But it carries a Value Score of A.

Image Source: Zacks Investment Research

Estimate Movement for HRTGThe Zacks Consensus Estimate for HRTG’s third-quarter and fourth-quarter 2025 EPS witnessed no movement in the past 60 days. The same holds true for full-year 2025 and 2026.
 

Image Source: Zacks Investment Research

Billionaire investors identify high-growth stocks and invest in companies that have the potential to keep growing.

Looking for a stock that has been consistently beating earnings estimates and might be well positioned to keep the streak alive in its next quarterly report? Evercore (EVR - Free Report) , which belongs to the Zacks Financial - Investment Bank industry, could be a great candidate to consider.

This investment bank has seen a nice streak of beating earnings estimates, especially when looking at the previous two reports. The average surprise for the last two quarters was 77.04%.

For the most recent quarter, Evercore was expected to post earnings of $1.78 per share, but it reported $2.42 per share instead, representing a surprise of 35.96%. For the previous quarter, the consensus estimate was $1.6 per share, while it actually produced $3.49 per share, a surprise of 118.13%.

Price and EPS Surprise

With this earnings history in mind, recent estimates have been moving higher for Evercore. In fact, the Zacks Earnings ESP (Expected Surprise Prediction) for the company is positive, which is a great sign of an earnings beat, especially when you combine this metric with its nice Zacks Rank.

Our research shows that stocks with the combination of a positive Earnings ESP and a Zacks Rank #3 (Hold) or better produce a positive surprise nearly 70% of the time. In other words, if you have 10 stocks with this combination, the number of stocks that beat the consensus estimate could be as high as seven.

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a version of the Zacks Consensus whose definition is related to change. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Evercore has an Earnings ESP of +12.21% at the moment, suggesting that analysts have grown bullish on its near-term earnings potential. When you combine this positive Earnings ESP with the stock's Zacks Rank #3 (Hold), it shows that another beat is possibly around the corner.

With the Earnings ESP metric, it's important to note that a negative value reduces its predictive power; however, a negative Earnings ESP does not indicate an earnings miss.

Many companies end up beating the consensus EPS estimate, though this is not the only reason why their shares gain. Additionally, some stocks may remain stable even if they end up missing the consensus estimate.

Because of this, it's really important to check a company's Earnings ESP ahead of its quarterly release to increase the odds of success. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

Have you been searching for a stock that might be well-positioned to maintain its earnings-beat streak in its upcoming report? It is worth considering Corteva, Inc. (CTVA - Free Report) , which belongs to the Zacks Agriculture - Operations industry.

This agriculture has seen a nice streak of beating earnings estimates, especially when looking at the previous two reports. The average surprise for the last two quarters was 23.14%.

For the most recent quarter, Corteva, Inc. was expected to post earnings of $1.89 per share, but it reported $2.2 per share instead, representing a surprise of 16.40%. For the previous quarter, the consensus estimate was $0.87 per share, while it actually produced $1.13 per share, a surprise of 29.89%.

Price and EPS Surprise

For Corteva, Inc., estimates have been trending higher, thanks in part to this earnings surprise history. And when you look at the stock's positive Zacks Earnings ESP (Expected Surprise Prediction), it's a great indicator of a future earnings beat, especially when combined with its solid Zacks Rank.

Our research shows that stocks with the combination of a positive Earnings ESP and a Zacks Rank #3 (Hold) or better produce a positive surprise nearly 70% of the time. In other words, if you have 10 stocks with this combination, the number of stocks that beat the consensus estimate could be as high as seven.

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a version of the Zacks Consensus whose definition is related to change. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Corteva, Inc. currently has an Earnings ESP of +1.47%, which suggests that analysts have recently become bullish on the company's earnings prospects. This positive Earnings ESP when combined with the stock's Zacks Rank #3 (Hold) indicates that another beat is possibly around the corner. We expect the company's next earnings report to be released on November 4, 2025.

Investors should note, however, that a negative Earnings ESP reading is not indicative of an earnings miss, but a negative value does reduce the predictive power of this metric.

Many companies end up beating the consensus EPS estimate, but that may not be the sole basis for their stocks moving higher. On the other hand, some stocks may hold their ground even if they end up missing the consensus estimate.

Because of this, it's really important to check a company's Earnings ESP ahead of its quarterly release to increase the odds of success. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

If you are looking for a stock that has a solid history of beating earnings estimates and is in a good position to maintain the trend in its next quarterly report, you should consider Quest Diagnostics (DGX - Free Report) . This company, which is in the Zacks Medical - Outpatient and Home Healthcare industry, shows potential for another earnings beat.

When looking at the last two reports, this medical laboratory operator has recorded a strong streak of surpassing earnings estimates. The company has topped estimates by 2.37%, on average, in the last two quarters.

For the last reported quarter, Quest Diagnostics came out with earnings of $2.62 per share versus the Zacks Consensus Estimate of $2.57 per share, representing a surprise of 1.95%. For the previous quarter, the company was expected to post earnings of $2.15 per share and it actually produced earnings of $2.21 per share, delivering a surprise of 2.79%.

Price and EPS Surprise

Thanks in part to this history, there has been a favorable change in earnings estimates for Quest Diagnostics lately. In fact, the Zacks Earnings ESP (Expected Surprise Prediction) for the stock is positive, which is a great indicator of an earnings beat, particularly when combined with its solid Zacks Rank.

Our research shows that stocks with the combination of a positive Earnings ESP and a Zacks Rank #3 (Hold) or better produce a positive surprise nearly 70% of the time. In other words, if you have 10 stocks with this combination, the number of stocks that beat the consensus estimate could be as high as seven.

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a version of the Zacks Consensus whose definition is related to change. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Quest Diagnostics currently has an Earnings ESP of +0.49%, which suggests that analysts have recently become bullish on the company's earnings prospects. This positive Earnings ESP when combined with the stock's Zacks Rank #3 (Hold) indicates that another beat is possibly around the corner. We expect the company's next earnings report to be released on October 21, 2025.

When the Earnings ESP comes up negative, investors should note that this will reduce the predictive power of the metric. But, a negative value is not indicative of a stock's earnings miss.

Many companies end up beating the consensus EPS estimate, but that may not be the sole basis for their stocks moving higher. On the other hand, some stocks may hold their ground even if they end up missing the consensus estimate.

Because of this, it's really important to check a company's Earnings ESP ahead of its quarterly release to increase the odds of success. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.