Digital money transfer business Metal Pay has partnered with TRON, making the TRX token available to users of the instant money service. As a result of the partnership, TRX will be fully integrated into Metal Pay’s mobile application, enabling TRON’s native token to be purchased using fiat currency via debit card or checking account.
In addition, TRON users can earn up to 5% cashback in MTL tokens on eligible transactions for sending and receiving USD using the Metal Pay app. The partnership between Metal Pay and TRON means TRX will be accessible to US citizens, who now have a way to purchase TRX instantly when paying with Visa. Metal Pay also enables crypto-to-crypto conversions between the 20+ cryptocurrencies it supports. Users can swap in and out of TRX with the Metal Pay app, while gaining exposure to digital assets such as BTC, ETH, and MTL.
TRON’s addition to Metal Pay provides its community with a bold new DeFi platform. Home to a variety of developers, dApps, and more, the products that Metal is building will accelerate the growth of the cryptocurrency ecosystem. I believe that TRON shows incredible promise for blockchain technology and decentralized systems, and I’m excited for the chance to work with them as we build the future.” said Marshall Hayner, Founder of CEO, Metal pay.
Metal Pay provides a simple means of sending money to friends and family. The app’s intuitive and user-friendly layout makes it easy for beginners to start sending and receiving money and serves as a gentle onramp to the world of cryptocurrency. At a time when much of the global population is in lockdown, the need to be able to digitally send cash between friends and family, quickly and affordably, has never been greater. Metal Pay makes that possible.
“Whether it be for users or developers, we care about convenience before everything,” says Justin Sun, CEO and Founder of TRON Foundation. “We will always serve our community by providing users with secure, fast, and simple access to TRX. With Metal Pay, we have created the fastest TRX transaction infrastructure while maintaining world-class security.”
TRON’s decentralized blockchain’s high throughput, low-cost transactions, and low barriers to entry have exposed millions of users to cryptocurrency for the first time. Metal Pay’s integration will further extend these benefits to a growing global audience, while further demonstrating the versatility of cryptocurrency.
Blockchain firm Tron has taken another step to encourage cryptocurrency adoption. This time, it has partnered with Digital money transfer company Metal Pay to enable instant buying of TRX in the United States.
Henceforth, U.S based TRX fans can easily buy the token on the Metal Pay mobile app using their Visa debit cards or checking account. TRX can also be used to exchange the over 20 cryptocurrencies that are supported on the app.
Metal Pay provides cutting edge technology for its users to instantly send money to friends and family using their phone number. The app rewards users with the Metal native token, MTL which can be easily converted to the U.S Dollars when they carry out eligible transactions. Henceforth, Tron users in the U.S will also get 5% cashback in MTL tokens on eligible transactions as an incentive when they send and receive USD with the app.
The simple user interface and ease of sending and receiving money allow even users with the least experience in the use of cryptocurrencies to seamlessly use the app to buy and exchange TRX.
Metal Pay currently supports major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) which can be used to trade TRX all within the app. This provides the convenience that the Tron ecosystem seeks to bring to its users and developers as confirmed by the platform’s founder and CEO, Justin Sun. In his words, he said:
“Whether it be for users or developers, we care about convenience before everything. We will always serve our community by providing users with secure, fast, and simple access to TRX. With Metal Pay, we have created the fastest TRX transaction infrastructure while maintaining world-class security.”
The Founder and CEO of Metal Pay, Marshall Hayner in his own statement said Tron’s huge potential as a blockchain company is what drives Metal Pay to collaborate with it to build a better ecosystem for the future.
”I believe that TRON shows incredible promise for blockchain technology and decentralized systems, and I’m excited for the chance to work with them as we build the future,” he said.
At a time when contactless payment is being encouraged by the World Health Organisation to curb the spread of the dreaded COVID-19 pandemic, this partnership couldn’t have come at a better time for TRX users.
Also, it will further widen the reach of cryptocurrency in the U.S and in general as more people get to interact with digital assets. Tron has a mission to decentralize the web and make digital currencies available for all to access and this is a great step towards achieving this goal.
Cryptocurrency exchange Coinbase announced in its statement that it will not support the transition of the Metal DAO (MTL) altcoin to its layer-2 blockchain network and will stop trading for this altcoin on its platform on June 14.
Metal DAO (MTL) announced that it would abandon the Ethereum blockchain and migrate to its own layer-2 blockchain, Metal L2, via an airdrop.
The exchange announced that the tokens in question will continue to be withdrawn by users despite the delisting process. However, users need to perform some procedures to switch to the new network by receiving an airdrop from the Layer-2 network.
According to the statement made by Coinbase, the token holders in question must move their MTL tokens on the exchange to cold wallets by June 23 in order to be eligible for the new token airdrop. According to the statement, users who do not move their assets to cold wallets will not be able to access their assets in the new network.
*This is not investment advice.
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Binance has announced support for the upcoming Metal DAO (MTL) mainnet exchange. To facilitate this transition, all deposits and withdrawals of legacy MTL tokens will be suspended starting at 05:00 on June 24, 2024.
Binance Metal to Support DAO (MTL) Mainnet Exchange Users are advised to ensure that their old MTL token transactions are fully processed before this suspension.
Spot trading, margin trading, futures trading and Binance Earn services will not be affected during the mainnet switch. Binance will manage all technical requirements for the mainnet exchange on behalf of its users.
The swap will convert all old MTL tokens into new MTL tokens at a 1:1 ratio. After the swap, deposits and withdrawals of legacy MTL tokens will no longer be supported.
Once the swap is complete, Binance will publish a separate announcement informing users about when the new MTL tokens can be deposited and withdrawn. Users can refer to the project team's official announcement for additional details.
This mainnet swap represents a significant upgrade for Metal DAO, and Binance's support ensures a smooth transition for all users involved.
*This is not investment advice.
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Binance will support Optimism (OP) and Metal DAO (MTL) network upgrades and hard forks.
PANews reported on November 27th that, according to an official announcement, Binance will support the Optimism (OP) and Metal DAO (MTL) network upgrades and hard forks. The Optimism (OP) and Metal DAO (MTL) networks are expected to undergo upgrades and hard forks on December 3rd, 2025 at 00:00 (UTC+8). Binance expects to suspend token deposits and withdrawals on these networks on December 2nd, 2025 at 23:00 (UTC+8).
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Morgan Stanley raises Micron's price target to $1,200, maintains 'Overweight' rating.
Morgan Stanley released a report raising Micron Technology (MU.O)’s price target from $1,050 to $1,200, while maintaining an "Overweight" rating. The investment bank lifted its fiscal 2027 earnings per share (EPS) forecast for the chipmaker by roughly 40% to $168, and upgraded its free cash flow (FCF) projection from $104 billion to $140 billion. Aligning with Micron’s management, the bank holds that AI will push DRAM demand to consistently outpace supply significantly after 2027. Micron’s last fiscal quarter results matched this trend, with both its quarterly performance and outlook showing notable upside potential.
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US officials: Israel has withdrawn troops from parts of the buffer zone in southern Lebanon.
A U.S. State Department official said Israel has withdrawn from parts of the buffer zone in southern Lebanon, describing the move as a "goodwill gesture" toward the Lebanese government.
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CBRS trades below IPO price post-earnings: Erases all gains six weeks after listing, two smart money firms net $5.8 million from first-day IPO shorts.
According to Hyperinsight monitoring, Cerebras (CBRS), the AI chip firm previously dubbed "Nvidia’s strongest challenger", saw its stock price fall in stages after reporting its first quarterly results since going public, as negative guidance overshadowed better-than-expected performance. The stock has dropped roughly 22% since the earnings release and officially broke below its IPO price today. On-chain whales are overall bearish. CBRS trades at $184 on the Hyperliquid platform, down 7.7% in 24 hours. Large-scale short positions (million-dollar level) total around $11.62 million, 2.39 times the long positions ($4.87 million). Two major short positions were placed precisely at high levels as early as the IPO day or even before the IPO: - Whale 0xe0ff: Shorted at $284.51 on May 14 with a 3x leveraged position of $6.13 million, generating an unrealized profit of $3.24 million (+104%); - Whale 0x9996: Shorted at $275.92 on May 11 with a 5x leveraged position of $5.48 million, generating an unrealized profit of $2.64 million (+162%). It is learned that both addresses currently hold short positions in both CBRS and SPCX, and have recorded substantial unrealized profits, preferring to place short positions at high levels before or on the day of major stock listings. With the realization of negative earnings news in this round, the combined unrealized profit of the two positions is around $5.88 million. Currently, the average entry price of CBRS short whales is around $275, and the current price is over 30% lower than that. The nearest short liquidation line is at $200.13, about 7% away from the current price.
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Multiple high-performing domestic public mutual fund products have tightened their purchase restrictions.
E Fund Management announced in its latest filing that the E Fund Information Industry Select Fund, managed by Zheng Xi, has cut its purchase limit to 10,000 yuan. The same purchase limit reduction to 10,000 yuan applies to another fund under his management, E Fund Information Industry Fund, while E Fund Global Growth Select Hybrid Fund (QDII) has lowered its purchase limit to 10 yuan. In addition, Guolianan Preferred Industry Fund, Harvest Tech Innovation Fund, and Principal Performance-Driven Fund have also announced purchase limits or adjustments to their limits recently. Jin Zicai, a fund manager closely watched by the market, imposed additional purchase limits on multiple public offering funds under his management, with the four funds involved cutting their purchase limits to 500 yuan starting June 23. Purchase limits on high-performing funds likely stem from multiple considerations: they can avoid return dilution caused by short-term concentrated subscriptions, and proactive limits during overheated market conditions also send risk warning signals to the market. As the first half of the year draws to a close, such moves have become increasingly frequent. Overall, Wind data shows that since June alone, 19 funds with year-to-date net asset value returns exceeding 90% have suspended large subscriptions or adjusted their purchase caps. (Source: Cailian Press)
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The US stock market's optical communication sector rises across the board in pre-market trading, with Corning up 9.28%.
According to Bitget market data, the U.S. stock market's optical communication sector saw broad pre-market gains, with MRVL rising 4.99%, LITE up 3.24%, Nokia up 3.11%, Corning up 9.28%, and AXTI up 6.69%.
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US-listed AI chip stocks saw mixed pre-market performance, with Qualcomm surging 13%.
According to Bitget market data, U.S. AI chip stocks posted mixed pre-market performance: Qualcomm (QCOM.O) surged 13%, Intel (INTC.O) rose nearly 6%, AMD (AMD.O) gained nearly 4%, and Google (GOOG.O) declined 1.4%.
Silver price is showing clear signs of weakness even as market sentiment remains tilted to the bullish side. While options data suggests traders still expect upside, price structure and demand signals tell a different story.
This creates a key conflict. Can bullish positioning hold, or is silver moving toward a fresh low?
Price Breakdown Signals Downside Risk as Structure WeakensSilver price, using OANDA: XAGUSD as a spot proxy, has broken below a head-and-shoulders pattern with an upward-sloping neckline. This breakdown occurred around March 13 and has since led to continued downside pressure.
An upward-sloping neckline usually reflects steady buying support. When that support fails, it often leads to sharper declines. That is what silver is now showing. The projected move from this structure points to nearly a 20% drop, with a target near $66. This level sits close to recent lows, keeping further downside firmly in play.
XAG Price Structure: TradingViewAt this stage, price action alone suggests that silver is no longer in a recovery phase. Instead, it is shifting into a weaker trend. But price structure alone is not enough. The next question is whether the broader market is supporting or resisting this move.
Futures Contango Shows No Urgency, Allowing Weakness to PersistThe COMEX futures structure helps answer that question. The spread between the front-month and second-month contracts (SI1 − SI2 is around -0.54) shows that silver remains in contango. This means future silver prices are higher than near-term prices.
In simple terms, the market is not rushing to buy silver now. If demand were strong, front-month contracts would trade at a premium. That would signal urgency and possibly support a rebound. Instead, traders are comfortable waiting.
Contango Brings Risk: TradingViewThis lack of urgency matters. It suggests that the breakdown is not being challenged by strong demand. With futures showing no pressure to absorb selling, the weakness seen in the silver price action is more likely to continue rather than reverse. This becomes clearer when looking at where demand is actually flowing.
Gold Strength and Weak Industrial Demand Leave Silver Without SupportSilver’s weakness is not happening in isolation. It is losing support from both of its key demand drivers.
First, the gold-to-silver ratio has broken out of an inverse head-and-shoulders pattern and is holding above 65. This indicates that gold is outperforming silver. In other words, capital is moving toward gold as a safer asset, while silver is being left behind.
Gold-Silver Ratio: TradingViewAt the same time, industrial demand is weakening.
BeInCrypto’s proprietary silver-to-solar lag model, which tracks silver’s performance relative to solar-driven demand, has dropped sharply. The Z-score has fallen from around +2.0 in late January (when Silver peaked at $121) to about -1.18 now.
Silver-Solar: TradingViewThis shift shows that silver is no longer benefiting from its industrial use case. So, silver is now stuck between two weak forces:
Monetary demand favors gold Industrial demand is losing momentum With both drivers weakening, the bearish setup gains stronger support. However, despite all this, market positioning still tells a different story.
Bullish Positioning Holds, but Key Silver Price Levels Now Decide the OutcomeOptions data shows that traders have not fully turned bearish.
The SLV put-call ratio remains around 0.69 for volume and 0.65 for open interest. This means call options still dominate, reflecting a mild bullish bias. The SLV put-call ratio refers to options data on the iShares Silver Trust (SLV), an exchange-traded fund that tracks silver prices and reflects investor sentiment.
Put-Call Ratio: Bar ChartBut this is not a strong conviction. It suggests that traders are still holding onto upside expectations rather than aggressively buying into strength.
This creates a mismatch. Price is weakening. Demand signals are fading. Yet positioning remains slightly bullish. That gap is where risk builds.
Now, key price levels will decide what happens next.
On the upside:
Silver needs to reclaim $75 to regain short-term strength $78–$80 is the next resistance zone A move above $90 signals a broader shift A break above $96 would fully invalidate the bearish structure Silver Price Analysis: TradingViewOn the downside:
Failure to reclaim $75 opens the path toward $71 A break below $71 exposes $66 Further weakness could push silver toward $63 (the current 2026 low) and even $59 For now, the signals are clear. Silver’s structure is weak, futures show no urgency, and demand is fading. Yet bullish positioning still holds. If the silver price continues to fall, that positioning may start to unwind, adding further pressure to the downside, exposing the current 2026 low.
Key TakeawaysNavigating the China-U.S. Manufacturing ParadoxMonumental Ambition Meets RealityGet 3 Free Stock Ebooks Tesla is negotiating to acquire approximately $2.9 billion in solar manufacturing equipment from suppliers in China Suzhou Maxwell Technologies leads the potential supplier list and has begun seeking Chinese export authorization Additional suppliers being considered include Shenzhen S.C New Energy and Laplace Renewable Energy Technology Delivery timeline targets pre-autumn completion, with Texas as the anticipated destination Musk has set an ambitious target of establishing 100 GW of U.S.-based solar manufacturing capacity by 2028’s end Tesla (TSLA) is currently negotiating the acquisition of approximately $2.9 billion in solar manufacturing equipment from suppliers based in China, Reuters reported citing informed sources. This significant investment aligns with Elon Musk’s ambitious vision to establish 100 gigawatts of solar production capability within the United States by the conclusion of 2028.
$TSLA
NEWS: Tesla in talks with Chinese firms to buy $2.9 billion worth of solar equipment.
Suzhou Maxwell Technologies, the world’s biggest producer of screen-printing equipment used to make solar cells, is among the leading candidates to supply machinery for the project and… pic.twitter.com/hGw4VYCX89
— Tsla Chan (@Tslachan) March 20, 2026
During a January announcement, Musk proclaimed that solar energy has the potential to satisfy America’s entire electrical requirements — particularly as AI data centers drive exponential demand growth. Tesla’s recent employment listings clearly articulate this objective: establishing 100 GW of “solar manufacturing from raw materials on American soil” in the coming years.
Tesla, Inc., TSLA
The equipment package being negotiated encompasses screen-printing production lines essential for solar cell fabrication. Portions of this machinery will require export authorization from China’s commerce ministry prior to international shipment.
Suzhou Maxwell Technologies emerges as the primary contender for securing this contract. As the global leader in screen-printing equipment manufacturing for solar cell production, the company has already initiated the Chinese regulatory approval process.
Two additional Chinese manufacturers are competing for the contract: Shenzhen S.C New Energy Technology and Laplace Renewable Energy Technology. Following Reuters’ publication of this development, all three companies experienced stock price surges exceeding 7%.
Informed sources indicate that the Chinese manufacturers have received instructions to complete equipment delivery by autumn. Two sources specifically identified Texas as the shipment destination.
Musk intends to dedicate most of the solar production capacity toward Tesla’s internal operational needs, while allocating some output to power SpaceX satellite systems, according to individuals briefed on the plans.
Navigating the China-U.S. Manufacturing Paradox This transaction underscores a fundamental contradiction in U.S. manufacturing strategy. While America seeks to diminish reliance on Chinese production, reconstructing domestic solar capabilities still necessitates purchasing equipment from Chinese manufacturers.
The Biden administration exempted solar manufacturing equipment from tariffs in 2024 after U.S. solar producers emphasized the absence of viable domestic alternatives. This exemption has been maintained under the Trump administration.
Musk has publicly criticized tariff policies, contending they create “artificially high” solar costs during a period of surging electricity demand. According to the Energy Information Administration, U.S. power consumption reached record levels in 2025 and projections indicate continued growth through 2027.
Tesla continues utilizing approximately 400 China-based suppliers to maintain competitive pricing, with 60 providing components for Tesla’s global operations, including American facilities. Production of the Cybertruck and Semi experienced disruptions last year when Chinese component deliveries were suspended following tariff increases.
Monumental Ambition Meets Reality Establishing 100 GW of solar manufacturing infrastructure within a two-to-three-year timeframe represents an extraordinary industrial undertaking. To provide perspective, the United States maintained total electricity generation capacity of approximately 1,300 GW in 2024, with solar energy contributing merely 135 GW.
Musk has established a pattern of announcing aggressive timelines that often extend beyond initial projections. However, the magnitude of this potential equipment acquisition — valued at 20 billion yuan — indicates serious commitment beyond mere rhetoric.
Tesla, Suzhou Maxwell, Shenzhen S.C New Energy, Laplace Renewable Energy, and China’s commerce ministry all declined providing statements when approached by Reuters for comment.
TLDR: Terafab will produce two chip types; one for Tesla and Optimus, and a space-hardened D3 variant for orbit. Solar panels in space run five times more efficiently, making orbital AI cheaper to operate than ground-based systems. A lunar electromagnetic mass driver could slash payload launch costs from $1,200 per pound to just dollars in electricity. One entity now controls the rockets, chips, robots, and satellites needed to build an off-planet AI supply chain.
Terafab, a semiconductor facility developed by Tesla, SpaceX, and xAI, has officially broken ground. Elon Musk unveiled the project Saturday night at a decommissioned power plant in Austin, Texas.
The facility targets one terawatt of AI compute annually, roughly double the total electricity capacity of the United States.
Around 80% of its chip output is set for space deployment. Musk framed the effort as the start of what he called a galactic civilization.
Terafab’s Chip Strategy and Space-Bound AI Infrastructure Terafab will produce two distinct types of chips. One type supports Optimus robots and Tesla vehicles. The other, designated D3, is hardened specifically for space.
Most of the facility’s output, roughly 80%, is directed toward orbital deployment. The remainder supports ground-based AI applications and consumer devices.
Musk expects Optimus robot production to reach 10 to 100 times the volume of car manufacturing. That points to billions of chips being produced annually.
The scale makes Terafab central to both commercial and space operations. No existing facility currently targets this combined level of output.
Musk told the Austin audience that solar panels in space operate five times more efficiently than on Earth. Milk Road AI reported this as a central part of its cost argument for orbital AI.
The most powerful AI company on Earth just announced it is leaving Earth.
Elon Musk stood in a decommissioned power plant in Austin on Saturday night and told the world the plan.
The plan involves a chip factory, a moon base, and a magnetic cannon.
Tesla, SpaceX, and xAI are… https://t.co/VZsLu8Ltxk pic.twitter.com/M8H1lwImgY
— Milk Road AI (@MilkRoadAI) March 22, 2026
Space also provides uninterrupted sunlight, unlike ground-based installations. Over time, this positions orbital AI as cheaper to run than terrestrial alternatives.
Near-term chip output from Terafab is directed toward a data center under construction in Virginia. That facility serves as the initial hub before full orbital deployment begins.
It connects ground-level production to the broader space strategy. From there, the roadmap extends outward toward the moon.
Lunar Mass Driver and the Road to a Petawatt Beyond the terawatt lies a petawatt target, one thousand times more powerful. Musk argued that reaching it requires moving manufacturing off-planet.
The moon, with its low gravity and no atmosphere, becomes the logical production site. A lunar base forms the next stage of the infrastructure plan.
Rather than rockets, the plan calls for an electromagnetic mass driver on the lunar surface. This magnetic cannon would launch AI satellites directly into deep space.
A Falcon rocket currently costs around $1,200 per pound of payload. A lunar mass driver could reduce that figure to just dollars per pound in electricity.
Milk Road AI described this as potentially the single biggest reduction in the cost of intelligence in human history, with the caveat that it must first work.
That qualifier is worth noting. No mass driver of this scale has been built or tested. The engineering challenges ahead remain unresolved.
Musk stated his goal to complete the lunar infrastructure within his own lifetime. Terafab has already broken ground, and the D3 chips are currently in design.
The race to place AI infrastructure in space has formally started. One entity now controls the rockets, the robots, the chips, and the satellites required to pursue it.
TLDR: Musk proposes lunar mass drivers to achieve petawatt-scale AI power, 1,000 times current terawatt capacity. The Moon’s low gravity and vacuum environment eliminate the need for traditional chemical rocket launches. Solar-powered AI satellites launched from the Moon could build a distributed orbital computing network. SpaceX Starship will deliver mass driver hardware to the Moon, supporting a long-term lunar city vision. Lunar mass drivers could transform the future of artificial intelligence infrastructure, according to Elon Musk. The tech billionaire recently outlined a plan to build electromagnetic launch systems on the Moon.
These structures would use the Moon’s low gravity, vacuum environment, and solar energy. The goal is to achieve petawatt-scale computing — roughly 1,000 times the output of current terawatt systems. SpaceX’s Starship rocket would deliver all necessary equipment to the lunar surface.
The Moon’s Environment as a Strategic Advantage The Moon’s lack of atmosphere removes a core barrier to orbital hardware launches. Without air resistance, electromagnetic mass drivers can accelerate payloads directly to escape velocity.
This eliminates the ongoing need for traditional chemical rockets in the launch process. Consequently, the cost of sending AI computing hardware into orbit from the Moon falls sharply.
Earth’s energy grids currently cap how fast AI infrastructure can grow. Data centers already compete with cities and industries for available power.
Moving AI operations off-planet bypasses those constraints entirely. The Moon provides room to build energy systems at a far greater scale than Earth currently permits.
Solar energy on the lunar surface runs largely uninterrupted compared to Earth conditions. Without a thick atmosphere reducing solar intensity, panels can maintain consistently high efficiency.
This makes solar power a natural and reliable energy source for mass driver systems. Low launch costs combined with plentiful solar energy present a strong economic foundation for the project.
Musk has previously discussed plans for a self-sustaining lunar city through SpaceX. The mass driver proposal builds on earlier announcements he made in February this year.
Both projects fit within a broader vision for permanent lunar industrial development. Moving AI computing to the Moon aligns directly with that long-term roadmap.
Scaling AI Computation Beyond Earth’s Physical Limits Current terawatt-level AI systems are already pushing Earth-based energy infrastructure to capacity. Reaching petawatt scale demands a fundamentally different approach to power and logistics.
Lunar mass drivers offer a pathway to that scale without overburdening global power grids. The Moon could function, in effect, as a dedicated AI computing and orbital launch platform.
Musk has proposed building an AI satellite factory as part of this broader initiative. Solar-powered satellites carrying compute hardware would be launched into orbit via mass drivers.
This would establish a distributed network of AI processing power circling the Earth. Each satellite would draw energy from the Sun and operate on a continuous basis.
Robotics and optimization systems would manage much of the construction and operational phases. Human involvement would still be needed, particularly during early development on the lunar surface.
Over time, automation would allow the lunar mass driver to scale with fewer labor requirements. Musk has expressed hope of seeing this project realized within his lifetime.
Key TakeawaysCurrent Technical Analysis Shows WeaknessStreet Outlook and Upcoming CatalystsGet 3 Free Stock Ebooks ON Semiconductor secured a strategic design win with Sineng Electric in China, providing advanced hybrid power integrated modules for renewable energy applications. The agreement involves deploying FS7 IGBT and EliteSiC technology, delivering 32% enhanced power density and 8% reduced power dissipation versus prior generations. Shares are currently trading 6.2% under the 20-day moving average, with the RSI indicator at 35.46, approaching oversold levels. Wall Street maintains a Hold rating on the stock, with a consensus price target of $64.67, representing significant upside from current levels. The company’s next quarterly report is scheduled for May 4, 2026, with analysts forecasting 62 cents EPS and $1.49 billion in revenue. ON Semiconductor (ON) announced a significant design win on Tuesday, securing a supply partnership with Sineng Electric for cutting-edge power module technology. Shares climbed 0.93% to reach $56.18 during premarket hours.
ON Semiconductor Corporation, ON
The partnership encompasses two of Sineng’s premier product lines: a 430 kW liquid-cooled energy storage platform and a 320 kW utility-grade solar inverter. ON Semiconductor will provide its F5BP hybrid power integrated modules — featuring FS7 IGBT and EliteSiC technology — for deployment across both systems.
These improvements represent substantial technological advancements. The latest modules achieve 32% superior power-to-weight ratios, 0.1% enhanced efficiency ratings, and 8% decreased power dissipation when compared to previous generation products. Additionally, thermal resistance to heatsink connections improved by 9.3%, a critical factor for equipment durability in challenging outdoor renewable energy installations.
Module-level switching losses decreased by 10%, translating directly to reduced conversion losses in operational systems. For utility-scale solar and storage operators, these efficiency improvements generate substantial economic benefits across project lifecycles.
Jianfeng Sun from Sineng Electric emphasized that the collaboration advances power density and conversion efficiency capabilities at utility scale. ON’s Sravan Vanaparthy highlighted how the modules enable operators to boost output while reducing total ownership costs without expanding physical system dimensions.
This capability proves particularly valuable for project developers operating under fixed land or enclosure limitations — maximizing power output within existing physical constraints delivers tangible competitive advantages.
Current Technical Analysis Shows Weakness Despite the positive announcement, ON’s technical indicators reflect ongoing pressure. Shares currently trade 6.2% beneath the 20-day simple moving average of $59.90 and 3.7% below the 100-day SMA of $58.31.
The Relative Strength Index stands at 35.46 — technically neutral but approaching oversold conditions. The MACD indicator reads -1.3095, positioned below its signal line of -1.1280, indicating continued bearish momentum. Primary resistance appears at $60.00, while support establishes around $55.00.
Over the trailing twelve months, the stock has gained 36.79% and trades nearer to its 52-week peak of $73.76 than its trough of $31.04. Current valuation shows a P/E ratio of 191.9x, representing a premium multiple compared to semiconductor sector peers.
Street Outlook and Upcoming Catalysts Wall Street analyst consensus rates the stock as Hold, with an average price objective of $64.67 — approximately 15% above present trading levels. Barclays launched coverage in February with an Equal-Weight recommendation and $75 price target. JP Morgan and Citigroup both increased their targets during the same period, establishing objectives at $70 and $68 respectively.
The company’s next quarterly earnings release is projected for May 4, 2026. Analyst estimates call for earnings per share of 62 cents — representing growth from 55 cents in the prior-year period — alongside revenue of $1.49 billion, up from $1.45 billion year-over-year.
ON Semiconductor maintains a 9.17% allocation in the First Trust NASDAQ Clean Edge Green Energy Index Fund (QCLN) and represents 3.48% of the SPDR S&P Semiconductor ETF (XSD).
Key TakeawaysAnalyst Firm Reduces Price ExpectationsLatest Financial Results Show Revenue DeclineGet 3 Free Stock Ebooks ENPH declined by as much as 8.78%, settling near $36.40 amid exceptionally light trading volume — approximately 1.32M shares versus a typical 6.7M average A securities class action suit from Pomerantz LLP alleges the company misrepresented its inventory practices and the impact of solar tax credit expirations New Chinese export tax measures triggered widespread selling across the solar industry, increasing concerns about component costs Jefferies lowered its ENPH price target, expressing skepticism about the company’s ability to meet 2026 growth projections Wall Street consensus remains at “Hold” with a $43.17 average target; Goldman Sachs maintains a bullish $51 view while Morgan Stanley stays bearish at $30 Enphase Energy experienced a turbulent trading session on April 2, 2026. Shares tumbled nearly 9% during the day, pressured by a convergence of legal challenges, industry-wide concerns, and negative analyst sentiment.
Enphase Energy, Inc., ENPH
The decline occurred on remarkably low trading activity. Approximately 1.32 million shares traded hands, representing roughly 80% below the stock’s normal daily volume of about 6.7 million shares. This substantial volume decline indicates that many market participants chose to remain on the sidelines rather than actively selling their positions.
The primary catalyst for the selloff was a freshly filed securities class action lawsuit initiated by Pomerantz LLP. The legal action claims that Enphase provided misleading information to the investment community regarding its inventory management strategies and the consequences of expiring solar tax incentives. This type of legal exposure typically triggers immediate negative market reactions, which materialized in ENPH’s share price.
Simultaneously, the entire solar industry faced headwinds. China unveiled new export tax regulations expected to elevate costs for critical solar manufacturing components. Given Enphase’s dependence on international supply networks, rising material costs present legitimate concerns about future profit margins.
Analyst Firm Reduces Price Expectations Jefferies compounded the negative sentiment by reducing its price forecast for ENPH. The financial institution expressed increased skepticism regarding Enphase’s capacity to achieve its 2026 expansion targets — a significant development considering the already pessimistic market sentiment surrounding the company.
The technical indicators also paint an unfavorable picture. ENPH currently trades beneath its 50-day moving average of $43.13, with technical analysis signals pointing to a “Strong Sell” recommendation. Since the beginning of the year, shares have declined approximately 19.44%.
Wall Street remains divided on the stock’s prospects. Goldman Sachs maintains a buy recommendation with a $51 price objective, contrasting sharply with Morgan Stanley’s underweight stance and $30 target. The average consensus among 31 research analysts stands at “Hold” with a projected price of $43.17 — representing substantial upside from current trading levels.
Latest Financial Results Show Revenue Decline Enphase’s latest quarterly earnings, announced in February, presented a complex picture. The company surpassed earnings per share expectations, delivering $0.71 compared to the anticipated $0.52. However, revenue totaled $343.3 million, marking a 10.3% year-over-year decrease that continues to weigh on investor confidence.
CEO Badrinarayanan Kothandaraman demonstrated conviction by purchasing 5,000 shares at approximately $51.98 in early February — a signal of executive confidence, although the stock has since retreated significantly from that price point. Around the same period, one director sold 1,100 shares.
Institutional investors control 72.12% of outstanding shares, while company insiders maintain a 3.1% ownership stake. The company’s market capitalization stands at roughly $5.02 billion following this trading session.
The Jefferies price target reduction and the Pomerantz lawsuit represent the latest significant developments affecting the ENPH investment narrative.
For several years, electricity has been controlled by centralized power grids, where users pay for what they consume. However, this model is starting to change.
As solar energy and blockchain technology become more prominent, individuals can produce their own power and sell excess energy to others.
Decentralized energy grids are making this feasible by enabling peer-to-peer energy trading without depending on traditional utility companies. Instead of wasting unused solar power, households can convert it into a digital asset and earn crypto.
In this guide, you will understand what a decentralized energy grid means and how it works. You’ll also learn how your solar setup can become a new stream of digital income.
Key Takeaways Decentralized energy grids allow individuals to generate, share, and sell electricity locally Solar panel owners can earn crypto by selling excess energy through blockchain-based platforms Smart meters and IoT devices track energy production and enable transparent transactions Platforms like Power Ledger and Energy Web make peer-to-peer energy trading possible This model promotes energy independence, lower costs, and sustainability However, factors like regulations, setup costs, and technology access can affect adoption Understanding What a Decentralized Energy Grid Means This refers to a system where electricity is generated, shared, and consumed locally instead of depending on a single central power source. In this model, businesses and individuals can produce their energy and supply excess power to other nearby users.
Unlike traditional grids, where electricity flows from large power plants to consumers in one way, decentralized grids enable two-way energy flow. Therefore, apart from just being a consumer, you can become a producer.
These systems mostly use smart meters and digital platforms to monitor energy production and consumption in real time. When merged with blockchain technology, transactions between users can be recorded transparently and securely.
How You Can Earn Crypto from Solar Power There are many practical ways to transform your excess solar energy into crypto earnings.
1. Sell excess energy to neighbors If a massive amount of electricity is generated from the solar panels, you can sell the surplus to businesses or nearby homes through decentralized energy platforms. Payments are usually made in crypto, creating a direct income stream.
2. Earn token rewards from energy platforms Some platforms reward users with tokens when they contribute energy to the grid. As you supply more energy, you will earn more tokens. These earnings can be held, traded, or converted into cash.
3. Participate in peer-to-peer energy markets Decentralized grids facilitate P2P trading, where you fix your own price for electricity. Users buy directly from you, and transactions are settled automatically with blockchain-based systems.
4. Stake energy tokens for passive income In some ecosystems, users can stake earned tokens to earn extra rewards over time. This creates an additional layer of income beyond selling your solar power.
5. Join community microgrids When you participate in local energy-sharing networks, you can contribute power to a shared pool. Then, you can earn a portion of the revenue generated from the entire community’s energy usage.
6. Provide energy during peak demand Electricity is more sought after during high-demand periods. By selling your excess power at these times, you can get higher crypto rewards compared to off-peak periods.
7. Integrate with DeFi for additional yield Some platforms permit you to use your earned tokens in decentralized finance (DeFi) protocols. This allows you to stake, lend, or provide liquidity to earn extra returns.
Requirements to Get Started with a Decentralized Energy Grid Before you start earning crypto from your solar power, you’ll require a few key components in place:
1. Solar panel system You need a functional solar setup that can generate excess electricity; hence, as you produce more surplus energy, your earning potential increases.
2. Inverter and energy storage An inverter converts solar energy into usable electricity. When you add a battery system, it allows you to store energy and sell it later, particularly during peak demand periods.
3. Smart meter or IoT device A smart meter monitors the amount of energy you generate and consume in real time. This data is important for recording transactions and calculating your earnings accurately.
4. Access to a decentralized energy platform You may need to join a platform that enables you to connect your energy system to a marketplace where you can sell excess power.
5. Crypto wallet A crypto wallet is needed to receive your earnings. This could be a desktop, a mobile, or a hardware wallet that supports the use of tokens by your selected platform.
6. Internet connectivity Because these systems depend on real-time data and blockchain transactions, you need a stable internet connection to keep everything running smoothly.
7. Local regulatory approval Depending on where you are, you may need permission to sell electricity back to the grid or take part in energy trading. Ensure you confirm local regulations before getting started.
Benefits of Decentralized Energy Grids Decentralized energy systems offer many advantages for individuals and communities:
1. Lower electricity costs By generating and consuming energy locally, you can reduce dependence on traditional utilities and cut down on electricity costs.
2. New income opportunities Solar panel owners can monetize excess energy when they sell it and earn crypto. This turns energy production into a revenue stream.
3. Energy independence Users get more control over their power supply, reducing reliance on centralized grids and enhancing resilience during outages.
4. Environmental sustainability Decentralized grids advocate renewable energy use. This helps reduce carbon emissions and support cleaner energy systems.
5. Efficient energy distribution Local energy sharing reduces transmission losses and enhances overall efficiency compared to long-distance centralized power distribution.
6. Faster and transparent transactions Blockchain fosters real-time tracking and settlement of energy trades. This improves trust and transparency between buyers and sellers.
Conclusion: Turning Sunlight into Digital Income Decentralized energy grids are changing how electricity is produced and shared. Instead of relying solely on traditional utilities, individuals now have the opportunity to generate their own power. This enables them to participate in a more flexible, community-driven energy system.
By combining solar technology with blockchain, excess energy can be converted into crypto, creating a new form of income. This is needed in a world where both energy demand and interest in digital assets continue to grow.
While there are still challenges to overcome, the potential is clear. As adoption increases and infrastructure improves, turning sunlight into digital income could become a practical reality for many households and businesses.
Data suggests retail investors likely support 40-60% of the XRP price floor by holding onto their tokens and refusing to sell.
A well-known XRP community figure and music artist, MC Solar Wind (MCSW), recently assessed how much retail investors support XRP’s current price level. He estimated that individual holders likely account for about 40% to 60% of the asset’s price floor.
Key Points Retail investors likely support 40-60% of XRP’s effective price floor through holding behavior. Around 16 billion XRP sits on exchanges, representing 26% of the 61.68 billion circulating supply. Of 7.8 million activated wallets, 82% hold 500 XRP or less, confirming the dominance of retail investors. Community narrative and belief influence whether supply stays locked or returns to market, affecting XRP’s price floor. XRP On-chain Data Confirms Retail Influence MCSW noted that XRP is currently in a specific phase. As part of his assessment, he estimated that around 15% to 20% of the total supply sits on exchanges, mostly involving retail deposits.
He also pointed out that ETF exposure remains small, at roughly 1% of total supply, and noted that these products are still largely made up of non-institutional participants. In addition, he highlighted that the network has between 7 million and 8 million activated wallets, many of which belong to smaller holders.
Actual on-chain data confirms these claims. Specifically, exchange balances show that about 16 billion XRP is currently held on trading platforms. This represents nearly 26% of the circulating supply, which stands at 61.68 billion tokens.
Additionally, across six ETF products, total holdings amount to approximately $1.1 billion worth of XRP. This equals roughly 1.2% of the asset’s total market capitalization. This confirms that institutional exposure through ETFs remains relatively small compared to the broader market.
The XRP Ledger currently has about 7.8 million activated wallets. Out of these, roughly 6.4 million wallets, or 82%, hold 500 XRP or less. Meanwhile, there have been multiple transfers to self-custody and a growing number of long-term holders. While this does not directly push prices higher, it helps limit downside pressure.
Retail Supports 40-60% of XRP Price Floor Considering these estimates, MCSW concluded that retail investors likely support 40% to 60% of XRP’s price floor. He clarified that this support comes mainly from holding, not from continuous buying. When a large number of holders choose not to sell, it reduces available supply and strengthens price stability.
XRP Market Structure | MC Solar Wind He also noted that price still moves based on activity at the margins. Specifically, market makers, large investors, and ETF inflows have continued to influence short-term price changes.
However, when a large portion of the supply remains inactive, this changes the structure of the market. MCSW stressed that XRP currently represents a market where price movement at the edges is relatively thin, while a strong base supply remains locked, which shows retail influence.
How Community Narratives Influence Investor Sentiment MCSW also discussed how community narratives have determined price behavior over time. He called attention to “riddle” discussions from community figures. According to him, these ideas and interpretations have acted as a kind of cultural link within the XRP community.
He explained that not everyone takes these narratives literally, but they have helped maintain attention and belief. Over time, this has influenced whether people continue holding their XRP or decide to sell.
Speaking further, MCSW compared XRP with other major crypto assets. He said Bitcoin and Ethereum have mostly moved into a stage where institutions dominate. In those markets, ETFs, staking, and corporate investments now mostly influence price movement, even though retail investors built the early base.
On the other hand, assets like Solana and Binance Coin still rely on retail activity. However, the activity comes more from usage, such as DeFi, meme trends, and growing ecosystems, instead of simple long-term holding.
XRP In a Transition Phase MCSW said XRP sits between these two ends. Notably, retail holding still plays an important part, but the asset is moving toward a future where institutional use could take over.
The community figure said XRP currently lies within a bridge phase. Specifically, retail investors still hold a large share of the supply, while institutional involvement continues to grow but has not yet become dominant.
He added that if XRP reaches large-scale adoption, especially in areas like cross-border payments, liquidity demand, and financial integration, the price will eventually depend on real usage instead of belief. In this case, higher price levels, including $20 and beyond, would come from actual demand, not narrative.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
Key Takeaways Enphase exceeded Q1 earnings per share projections ($0.47 versus $0.43 anticipated) while revenue declined 20.6% annually ENPH shares fell approximately 11% on Wednesday following disappointing Q2 guidance Domestic sales plummeted 23% year over year after modifications to federal solar incentive programs The company unveiled plans to enter data center infrastructure, though analysts remain skeptical without proven revenue Wells Fargo reduced its price objective from $50 to $45, while analyst consensus stands at “Hold” with a mean target of $41.20 Enphase Energy delivered first-quarter results on Tuesday that topped earnings expectations on the surface, but deeper analysis revealed concerning trends. Shares tumbled approximately 11% Wednesday as market participants digested shrinking profit margins, disappointing forward guidance, and fundamental challenges facing the company’s primary operations.
Enphase Energy, Inc., ENPH
The solar technology provider reported earnings per share of $0.47, surpassing Wall Street’s $0.43 projection. Total revenue reached $282.9 million, marginally exceeding analyst estimates of $282.25 million. However, this figure represented a 20.6% decline versus the prior-year period, while EPS dropped significantly from $0.68 in Q1 2024.
$ENPH is a perfect example of this market:
Beating earnings isn’t enough anymore.
Revenue missed → analysts cut → stock drops
But here’s the twist:
Calls are piling in
Short interest is high
Crowded trade forming 👀 https://t.co/CfE9vJcwYQ
— Schaeffer's Investment Research (@schaeffers) April 29, 2026
The primary driver behind this downturn is weakness in America’s residential solar sector. Recent modifications to federal tax policy eliminated a crucial financial incentive for consumers purchasing solar installations with cash. Previously, homeowners investing approximately $20,000 in solar equipment could claim $6,000 in federal tax reductions. This advantage has been eliminated for outright purchases.
CEO Badri Kothandaraman didn’t sugarcoat the situation in comments to Barron’s. “The fact is the core revenue is a little bit under stress,” he acknowledged.
Domestic revenue collapsed 23% year over year as a direct consequence. The company is promoting alternative arrangements—leasing systems or purchasing electricity through third-party agreements that maintain subsidy eligibility. Yet market observers remain doubtful these strategies will generate rapid improvement.
William Blair’s Jed Dorsheimer noted the company confronts “larger demand issues compounding the financing complexity.” He emphasized that residential solar adoption stays “highly subsidy-dependent and less economically resilient absent policy support.”
European Markets Provide Limited Compensation Kothandaraman highlighted Europe as an area of strength. Persistent energy security concerns connected to Iran’s conflict are driving increased European solar adoption. “Europeans want energy security,” he explained.
Despite this positive development, European operations represent a relatively minor portion of Enphase’s total revenue stream. The American market continues to dominate, meaning international expansion cannot yet counterbalance the substantial domestic contraction.
Data Center Strategy Receives Lukewarm Market Response The company also revealed development efforts targeting the data center sector—specifically a solid-state transformer solution that directly converts medium-voltage alternating current to low-voltage direct current. Data centers are progressively adopting DC power infrastructure for improved energy efficiency, a transition companies like Nvidia are actively promoting.
While the opportunity appears legitimate theoretically, Wall Street isn’t ready to incorporate it into valuations. Dorsheimer characterized this business initiative as “not a near-term catalyst,” reflecting broader market sentiment.
Given intense competition for data center contracts across numerous vendors, investors will likely demand concrete sales figures before attributing meaningful value to this emerging division.
Regarding analyst coverage, Wells Fargo lowered its price objective from $50 to $45 while maintaining an “overweight” recommendation. Barclays maintains a $31 target with an “underweight” stance. Morgan Stanley similarly rates the stock “underweight” at $30. Overall consensus reflects a “Hold” rating with an average price target of $41.20.
ENPH shares traded near $30.63 Wednesday, substantially beneath the 50-day moving average of $39.37. The stock reached a 52-week low of $25.77 earlier this year against a high of $54.43.
The company maintains a market capitalization of roughly $4.04 billion. Institutional ownership accounts for 72.12% of outstanding shares.
Key Highlights SpaceX has submitted permit applications for a 10-gigawatt solar cell manufacturing plant in Bastrop, Texas, positioned near Austin. The proposed facility features two production floors, each capable of manufacturing five gigawatts of solar cells. This facility aligns with Elon Musk’s strategy to supply power for AI data centers, including orbital installations. The company currently maintains a workforce exceeding 1,000 employees at its Bastrop location, which manufactures Starlink equipment. SpaceX has submitted an S-1 filing for a public offering, aiming for a Nasdaq listing by mid-June 2026 with the ticker symbol SPCX and a prospective valuation surpassing $1 trillion. SpaceX is moving forward with plans to construct one of America’s most substantial solar manufacturing operations. Documentation filed with Bastrop County authorities in Texas, accessed by Bloomberg News, reveals the aerospace company’s intention to develop a 10-gigawatt solar production complex in the Austin metropolitan area.
SpaceX is planning to build a massive, 10-gigawatt solar manufacturing facility near Austin as part of Elon Musk’s ambition to power artificial intelligence data centers in space. https://t.co/D51YHfdf5v
— Bloomberg (@business) May 21, 2026
The proposed installation would be situated in Bastrop, a location where SpaceX currently operates an extensive Starlink manufacturing center with a staff exceeding 1,000 workers. This new development would essentially expand the company’s local operations to twice their current scale.
According to the submitted permit documentation, the manufacturing complex is structured as a two-story building. Each level would have the capacity to generate five gigawatts of solar cell production.
Purpose Behind the Solar Manufacturing Initiative The manufactured solar cells are intended to energize advanced Starlink satellite systems and facilitate[[LINK_START_0]] Elon Musk’s[[LINK_END_0]] ambitious concept of space-based AI computing facilities. These space-deployed data centers would leverage uninterrupted solar energy, circumventing the power limitations that challenge terrestrial AI infrastructure.
Musk outlined this strategic vision during his January appearance at the World Economic Forum. He identified solar energy as the solution to overcome the energy limitations currently hampering AI advancement.
During that presentation, he revealed an ambitious target for SpaceX and Tesla combined: establishing 100 gigawatts annually of solar manufacturing capacity within the United States over the following three years. Such production volume would dramatically surpass existing domestic manufacturing capabilities.
The Austin Business Journal previously reported evidence of significant construction activity at the location, projecting the facility’s footprint could surpass one million square feet.
Public Offering Plans and Company Worth SpaceX submitted its S-1 registration statement this week, outlining its strategy for a public stock offering on the Nasdaq exchange using the ticker symbol SPCX. The company anticipates completing its market debut by mid-June 2026 at the earliest.
Financial analysts have projected the company’s market capitalization could surpass $1 trillion, positioning it among the most significant initial public offerings in financial market history.
The IPO documentation also outlined intentions to enlarge the Bastrop facility, manufacture next-generation Starlink products, and increase solar cell production capacity in conjunction with the new manufacturing plant.
Construction activities at the Bastrop location have already commenced.
Proceeds from the public stock offering are anticipated to finance Starship rocket development, Starlink network expansion, and the construction of the company’s space-based AI computing infrastructure.
SpaceX has not issued public statements regarding the permit submissions or verified the complete project parameters beyond information contained in the official documents and the S-1 registration filing.
Morgan Stanley raises Micron's price target to $1,200, maintains 'Overweight' rating.
Morgan Stanley released a report raising Micron Technology (MU.O)’s price target from $1,050 to $1,200, while maintaining an "Overweight" rating. The investment bank lifted its fiscal 2027 earnings per share (EPS) forecast for the chipmaker by roughly 40% to $168, and upgraded its free cash flow (FCF) projection from $104 billion to $140 billion. Aligning with Micron’s management, the bank holds that AI will push DRAM demand to consistently outpace supply significantly after 2027. Micron’s last fiscal quarter results matched this trend, with both its quarterly performance and outlook showing notable upside potential.
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US officials: Israel has withdrawn troops from parts of the buffer zone in southern Lebanon.
A U.S. State Department official said Israel has withdrawn from parts of the buffer zone in southern Lebanon, describing the move as a "goodwill gesture" toward the Lebanese government.
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CBRS trades below IPO price post-earnings: Erases all gains six weeks after listing, two smart money firms net $5.8 million from first-day IPO shorts.
According to Hyperinsight monitoring, Cerebras (CBRS), the AI chip firm previously dubbed "Nvidia’s strongest challenger", saw its stock price fall in stages after reporting its first quarterly results since going public, as negative guidance overshadowed better-than-expected performance. The stock has dropped roughly 22% since the earnings release and officially broke below its IPO price today. On-chain whales are overall bearish. CBRS trades at $184 on the Hyperliquid platform, down 7.7% in 24 hours. Large-scale short positions (million-dollar level) total around $11.62 million, 2.39 times the long positions ($4.87 million). Two major short positions were placed precisely at high levels as early as the IPO day or even before the IPO: - Whale 0xe0ff: Shorted at $284.51 on May 14 with a 3x leveraged position of $6.13 million, generating an unrealized profit of $3.24 million (+104%); - Whale 0x9996: Shorted at $275.92 on May 11 with a 5x leveraged position of $5.48 million, generating an unrealized profit of $2.64 million (+162%). It is learned that both addresses currently hold short positions in both CBRS and SPCX, and have recorded substantial unrealized profits, preferring to place short positions at high levels before or on the day of major stock listings. With the realization of negative earnings news in this round, the combined unrealized profit of the two positions is around $5.88 million. Currently, the average entry price of CBRS short whales is around $275, and the current price is over 30% lower than that. The nearest short liquidation line is at $200.13, about 7% away from the current price.
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Multiple high-performing domestic public mutual fund products have tightened their purchase restrictions.
E Fund Management announced in its latest filing that the E Fund Information Industry Select Fund, managed by Zheng Xi, has cut its purchase limit to 10,000 yuan. The same purchase limit reduction to 10,000 yuan applies to another fund under his management, E Fund Information Industry Fund, while E Fund Global Growth Select Hybrid Fund (QDII) has lowered its purchase limit to 10 yuan. In addition, Guolianan Preferred Industry Fund, Harvest Tech Innovation Fund, and Principal Performance-Driven Fund have also announced purchase limits or adjustments to their limits recently. Jin Zicai, a fund manager closely watched by the market, imposed additional purchase limits on multiple public offering funds under his management, with the four funds involved cutting their purchase limits to 500 yuan starting June 23. Purchase limits on high-performing funds likely stem from multiple considerations: they can avoid return dilution caused by short-term concentrated subscriptions, and proactive limits during overheated market conditions also send risk warning signals to the market. As the first half of the year draws to a close, such moves have become increasingly frequent. Overall, Wind data shows that since June alone, 19 funds with year-to-date net asset value returns exceeding 90% have suspended large subscriptions or adjusted their purchase caps. (Source: Cailian Press)
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The US stock market's optical communication sector rises across the board in pre-market trading, with Corning up 9.28%.
According to Bitget market data, the U.S. stock market's optical communication sector saw broad pre-market gains, with MRVL rising 4.99%, LITE up 3.24%, Nokia up 3.11%, Corning up 9.28%, and AXTI up 6.69%.
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US-listed AI chip stocks saw mixed pre-market performance, with Qualcomm surging 13%.
According to Bitget market data, U.S. AI chip stocks posted mixed pre-market performance: Qualcomm (QCOM.O) surged 13%, Intel (INTC.O) rose nearly 6%, AMD (AMD.O) gained nearly 4%, and Google (GOOG.O) declined 1.4%.
Key Takeaways Between May 21 and May 22, 2026, Trina Solar (Schweiz) AG offloaded 22.5 million shares of T1 Energy (TE), totaling approximately $190.3 million Despite the substantial divestment, Trina Solar maintains ownership of 30.65 million TE shares, retaining its 10% stakeholder status T1 Energy stock has skyrocketed approximately 895% year-over-year, with recent trading activity near the $10.80 52-week peak The company’s Q4 EBITDA performance reached around $9 million, significantly exceeding Wall Street’s -$11 million forecast Despite allegations from Fuzzy Panda Research regarding FEOC compliance issues, Roth Capital firmly defended T1 Energy’s regulatory standing T1 Energy Inc. (TE) has captured investor attention once again following a substantial share disposal by one of its largest institutional holders over a 48-hour period.
T1 Energy Inc, TE
Between May 21 and May 22, 2026, Trina Solar (Schweiz) AG—which maintains a 10% ownership position in the company—executed the sale of 22,500,000 shares. The combined transaction value totaled roughly $190.3 million.
The shares changed hands at prices spanning from $7.74 to $9.43 each through a series of separate transactions. During the first day of selling on May 21, Trina Solar liquidated more than 13 million shares through three distinct trades.
The following day brought another wave of selling, with 9.5 million additional shares sold at prices between $7.74 and $8.80 per share.
Even after this substantial reduction, Trina Solar (Schweiz) AG continues to directly own 30,652,664 shares of T1 Energy. The firm maintains its status as a major 10% stakeholder in the organization.
Current Stock Performance At the time these filings were made public, TE shares were changing hands near $10.45—just a stone’s throw from the 52-week peak of $10.80. The stock has delivered an extraordinary gain of approximately 895% over the trailing twelve months—a rally that has captured widespread attention.
This upward trajectory has persisted despite facing headwinds from a critical report issued by Fuzzy Panda Research. The short seller’s publication claimed that T1 Energy failed to meet regulatory requirements associated with Foreign Entity of Concern (FEOC) designations. Additional concerns about accounting practices were also raised.
Roth Capital mounted a robust defense in response. The investment firm categorically dismissed the short seller’s assertions, maintaining that T1 Energy meets all FEOC compliance standards, operates with transparency, and supports U.S. domestic manufacturing initiatives.
Following the publication of the short report, TE stock experienced notable call option volume and bullish derivatives positioning, indicating many market participants remain skeptical of the bearish narrative.
Financial Results and Wall Street Perspective T1 Energy delivered fourth-quarter EBITDA results of roughly $9 million. This performance dramatically exceeded analyst consensus, which had projected a negative $11 million figure. The upside surprise stemmed from revenue outperformance and favorable product mix dynamics.
Additionally, the company successfully priced a convertible debt offering worth $160 million, surpassing the initial $125 million target. Expected net proceeds of approximately $151.6 million are designated for capital investments in infrastructure and equipment at the company’s solar cell production facility.
Regarding analyst coverage, BTIG upgraded its price objective to $8.00 while maintaining a Buy recommendation. Conversely, Needham reduced its target from $10.00 to $8.00, reflecting tempered volume projections.
T1 Energy—previously operating under the name FREYR Battery, Inc.—focuses on the solar energy and clean technology sectors. The company’s ongoing expansion of domestic manufacturing infrastructure forms the foundation of optimistic long-term outlooks from multiple research firms.
Technically, the stock trades above its key moving averages with positive MACD readings, though momentum signals are nearing overbought conditions.
PANews, June 10th - According to Cailian Press, the market experienced volatile adjustments throughout the day, with the Shenzhen Component Index and the ChiNext Index both falling by more than 2%, and the Shanghai Composite Index falling below 4000 points. The combined turnover of the Shanghai and Shenzhen stock exchanges was 2.62 trillion yuan, a decrease of 21.1 billion yuan compared to the previous trading day. On the market, hot sectors rotated weakly, with over 3800 stocks declining. In terms of sectors, semiconductor materials stocks rallied across the board, with electronic specialty gases and packaging materials leading the gains. Stocks such as Heyuan Gas, Haohua Technology, and Yake Technology hit their daily limit, while China Shipbuilding Special Gas and Zhongjuxin reached new historical highs. AI application concepts bucked the trend, with stocks such as Nanxing Shares, City Media, and Tianyu Digital Technology hitting their daily limit. The consumer sector saw some activity, with sports and food and beverage sectors leading the gains, and stocks such as Huiquan Beer, Tianfu Cultural Tourism, and Yuanzu Shares hitting their daily limit. The photovoltaic concept saw afternoon fluctuations, with Aiko Solar and JA Solar hitting their daily limit. On the downside, liquid-cooled server and data center power supply sectors experienced deep corrections, with stocks such as Dayuan Pumps, Tenglong Shares, and Megmeet hitting their daily limit. At the close, the Shanghai Composite Index fell 0.42%, the Shenzhen Component Index fell 2.06%, and the ChiNext Index fell 2.70%.
Africa is witnessing a fast rise in solar energy adoption. More communities and households are seeking affordable and reliable electricity. At the same time, blockchain technology is revealing new ways to monitor and trade real-world assets digitally.
One of the most exciting developments is tokenized energy. This is when solar power is converted into digital credits that can be traded online. Rather than wasting excess energy, users can earn value from it through transparent blockchain systems.
In this guide, you will understand how tokenized energy works, how solar credits are made, and how they can be traded across African energy markets.
Key Takeaways Tokenized energy converts solar power into digital credits that can be traded on blockchain systems. Solar credits are generated by measuring real-time energy production through smart meters. Blockchain ensures transparency by securely recording all energy generation and transactions. In Africa, solar credits can be traded through peer-to-peer platforms, exchanges, and microgrids. Tokenized energy creates new income opportunities for households and solar producers. What Does Tokenized Energy Mean? This refers to the process of turning real-world electricity, particularly from renewable sources like solar, into digital tokens on a blockchain network.
Every token represents a measurable amount of energy saved or produced. These tokens can be transferred, stored, or traded just like digital assets.
Blockchain technology is used to record every energy transaction. This makes the system transparent and difficult to manipulate. This ensures that every unit of solar energy is properly verified and tracked.
Tokenized energy enables people to convert sunlight into a digital asset with actual financial value.
How Solar Credits Work in Blockchain Systems Solar credits are earned when solar panels generate electricity and are fed into a monitored system. Smart meters measure the amount of energy produced in real time.
This energy data is recorded on a blockchain network, where it is converted into digital credits. Each credit stands for a verified amount of clean energy.
Smart contracts automate the process. This means that credits are issued without manual approval. Once generated, these credits can be kept in a digital wallet or prepared for trading.
This system ensures transparency, accuracy, and trust in renewable energy tracking.
How Trading Solar Credits Works in Africa Here’s how it functions in Africa:
1. Peer-to-Peer energy trading platforms In several African energy networks, users can trade solar credits directly with others via peer-to-peer platforms. Households with excess solar power sell their credits to people who need electricity access. This creates a flexible and simple energy market.
2. Blockchain-based energy exchanges Some platforms function like digital marketplaces where solar credits are listed, priced, and traded. These exchanges leverage blockchain technology to ensure every transaction is transparent and automatically recorded without manual approval or middlemen.
3. Community microgrid systems In semi-urban and rural areas, microgrids powered by solar energy enable communities to share electricity. Tokenized credits are used to track who produces and consumes energy. This makes distribution fair and encourages more investment in shared solar systems.
4. Cross-border renewable energy trading Tokenized energy can also support trading across different African countries. Solar producers can sell credits internationally through blockchain systems. This helps balance energy supply gaps while creating new income opportunities for renewable energy producers.
Key Benefits of Tokenized Solar Energy Here are some of the perks involved:
1. New income for solar users Businesses and households that generate solar power can earn income by selling unused energy as digital credits. This creates a financial incentive for adopting renewable energy systems and helps reduce the payback period for solar installations.
2. Better energy transparency Blockchain records every unit of energy generated and traded. This makes the system very transparent and reduces fraud and double-counting. It also ensures that all participants can verify energy transactions in real time.
3. Faster renewable energy adoption When people can earn from solar energy, more communities and households are encouraged to install solar systems. This speeds up the transition from fossil fuels to clean, renewable energy sources across various regions.
4. Improved access in rural areas Tokenized energy systems make it seamless to distribute electricity in off-grid communities. People in remote areas can join shared energy networks and benefit from solar power without requiring full connection to national grids.
5. Stronger energy investment opportunities Investors can fund solar projects and monitor performance through blockchain-based credits. This reduces risk and increases confidence in renewable energy projects, leading to more funding for clean energy expansion in Africa.
Challenges Facing Tokenized Energy in Africa Tokenized energy has solid potential. However, it also faces many real-world challenges that slow down adoption across Africa. These issues are usually linked to regulation, infrastructure, and access to technology.
1. Limited infrastructure in many regions Many rural areas still lack electricity grids, smart meters, and trusted solar installations. Without its basic infrastructure, it becomes challenging to accurately measure and tokenize energy production in a consistent way.
2. Regulatory uncertainty across countries Energy and blockchain regulations vary widely across African nations. Some governments are still developing policies for digital assets. This creates uncertainty for investors and companies working in tokenized energy systems.
3. High cost of solar installation Although solar energy saves money in the long run, the upfront cost of batteries, cost of panels, and smart meters is still high for many households. This limits broad participation in tokenized energy systems.
4. Limited internet and digital access Blockchain-based energy systems depend on internet connectivity to record and trade credits. In areas with unstable or weak internet access, it becomes difficult to fully participate in these digital energy markets.
Conclusion: The Future of Tokenized Energy in Africa Tokenized energy represents a major shift in how electricity is produced, tracked, and traded across Africa. By combining solar power with blockchain technology, it becomes possible to turn everyday energy generation into a digital asset that carries real economic value.
Although challenges like infrastructure gaps and regulatory uncertainty still exist, the long-term potential is significant. As more countries invest in renewable energy and digital systems, tokenized solar credits could play a key role in expanding access to electricity and creating new income streams.
The coalition has secured ETH commitments to refill the bridge in tranches and will use Aave and Compound governance proposals to liquidate the exploiter's remaining positions.
DeFi United, a coalition of decentralized finance (DeFi) ecosystem participants, on Tuesday published the technical implementation plan to restore the backing of Kelp DAO's rsETH and recover roughly 107,000 tokens still controlled by the exploiter.
The exploit targeted rsETH's LayerZero-powered bridge on the Unichain to Ethereum route, where a forged inbound packet was verified on the Ethereum side without a corresponding burn on Unichain. The attack released 116,500 rsETH from the Ethereum-side adapter, with proceeds distributed across multiple addresses and supplied as collateral on lending protocols.
Seven addresses associated with the exploiter currently hold active rsETH-backed positions on Aave and Compound, representing approximately 107,000 rsETH of the original 116,500 rsETH stolen.
Restoring BackingDeFi United said it has secured the ETH commitments needed to restore rsETH’s backing, with final execution subject to governance approvals and definitive agreements. The committed ETH will be converted into rsETH in tranches and transferred to the bridge lockbox contract, allowing the bridge to resume normal operation.
The process targets rsETH's nominal exchange ratio of 1.07 ETH. The coalition's fundraising effort has progressively chipped away at the original 163,200 ETH shortfall.
LayerZero Labs on Tuesday pledged more than 10,000 ETH to the effort, donating 5,000 ETH directly to DeFi United and depositing an additional 5,000 ETH to strengthen Aave markets' liquidity. The firm said it would also strategically deepen liquidity for Aave's GHO stablecoin.
Clearing Exploiter’s PositionsRecovering the exploiter’s excess collateral requires governance proposals pertaining to Aave’s Ethereum and Arbitrum deployments. The execution involves a controlled liquidation sequence: the rsETH oracle price will be temporarily adjusted to enable efficient liquidation, generating a temporary deficit to be addressed in a subsequent step. Recovered rsETH will be transferred to a DeFi United multisig and redeemed for ETH through Kelp's standard redemption procedure, with the resulting ETH applied to clear the Aave Ethereum and Arbitrum deficits.
The Aave clearing process aims to recover approximately 13,000 ETH. Compound will take a similar approach with DeFi United providing the liquidity, recovering an estimated 16,776 ETH.
WETH and rsETH reserves on Ethereum Core, Arbitrum, Base, Mantle, and Linea will remain frozen during the process. The final phase involves unpausing and unfreezing rsETH and ETH across affected instances and restoring loan-to-value ratios for any assets whose configurations were temporarily adjusted.
RisksDeFi United flagged several execution risks. ETH deployment is contingent on finalizing agreements and governance approvals. Deliberate interference by the attacker could result in incomplete accrual of deficits, requiring additional liquidation steps to fully resolve the positions. Residual bridge risk also remains until the newly implemented LayerZero and Kelp security measures are validated in production.
This article was written with the assistance of AI workflows. All our stories are curated, edited and fact-checked by a human.
Morgan Stanley raises Micron's price target to $1,200, maintains 'Overweight' rating.
Morgan Stanley released a report raising Micron Technology (MU.O)’s price target from $1,050 to $1,200, while maintaining an "Overweight" rating. The investment bank lifted its fiscal 2027 earnings per share (EPS) forecast for the chipmaker by roughly 40% to $168, and upgraded its free cash flow (FCF) projection from $104 billion to $140 billion. Aligning with Micron’s management, the bank holds that AI will push DRAM demand to consistently outpace supply significantly after 2027. Micron’s last fiscal quarter results matched this trend, with both its quarterly performance and outlook showing notable upside potential.
1 minutes ago
US officials: Israel has withdrawn troops from parts of the buffer zone in southern Lebanon.
A U.S. State Department official said Israel has withdrawn from parts of the buffer zone in southern Lebanon, describing the move as a "goodwill gesture" toward the Lebanese government.
1 minutes ago
CBRS trades below IPO price post-earnings: Erases all gains six weeks after listing, two smart money firms net $5.8 million from first-day IPO shorts.
According to Hyperinsight monitoring, Cerebras (CBRS), the AI chip firm previously dubbed "Nvidia’s strongest challenger", saw its stock price fall in stages after reporting its first quarterly results since going public, as negative guidance overshadowed better-than-expected performance. The stock has dropped roughly 22% since the earnings release and officially broke below its IPO price today. On-chain whales are overall bearish. CBRS trades at $184 on the Hyperliquid platform, down 7.7% in 24 hours. Large-scale short positions (million-dollar level) total around $11.62 million, 2.39 times the long positions ($4.87 million). Two major short positions were placed precisely at high levels as early as the IPO day or even before the IPO: - Whale 0xe0ff: Shorted at $284.51 on May 14 with a 3x leveraged position of $6.13 million, generating an unrealized profit of $3.24 million (+104%); - Whale 0x9996: Shorted at $275.92 on May 11 with a 5x leveraged position of $5.48 million, generating an unrealized profit of $2.64 million (+162%). It is learned that both addresses currently hold short positions in both CBRS and SPCX, and have recorded substantial unrealized profits, preferring to place short positions at high levels before or on the day of major stock listings. With the realization of negative earnings news in this round, the combined unrealized profit of the two positions is around $5.88 million. Currently, the average entry price of CBRS short whales is around $275, and the current price is over 30% lower than that. The nearest short liquidation line is at $200.13, about 7% away from the current price.
1 minutes ago
Multiple high-performing domestic public mutual fund products have tightened their purchase restrictions.
E Fund Management announced in its latest filing that the E Fund Information Industry Select Fund, managed by Zheng Xi, has cut its purchase limit to 10,000 yuan. The same purchase limit reduction to 10,000 yuan applies to another fund under his management, E Fund Information Industry Fund, while E Fund Global Growth Select Hybrid Fund (QDII) has lowered its purchase limit to 10 yuan. In addition, Guolianan Preferred Industry Fund, Harvest Tech Innovation Fund, and Principal Performance-Driven Fund have also announced purchase limits or adjustments to their limits recently. Jin Zicai, a fund manager closely watched by the market, imposed additional purchase limits on multiple public offering funds under his management, with the four funds involved cutting their purchase limits to 500 yuan starting June 23. Purchase limits on high-performing funds likely stem from multiple considerations: they can avoid return dilution caused by short-term concentrated subscriptions, and proactive limits during overheated market conditions also send risk warning signals to the market. As the first half of the year draws to a close, such moves have become increasingly frequent. Overall, Wind data shows that since June alone, 19 funds with year-to-date net asset value returns exceeding 90% have suspended large subscriptions or adjusted their purchase caps. (Source: Cailian Press)
1 minutes ago
The US stock market's optical communication sector rises across the board in pre-market trading, with Corning up 9.28%.
According to Bitget market data, the U.S. stock market's optical communication sector saw broad pre-market gains, with MRVL rising 4.99%, LITE up 3.24%, Nokia up 3.11%, Corning up 9.28%, and AXTI up 6.69%.
1 minutes ago
US-listed AI chip stocks saw mixed pre-market performance, with Qualcomm surging 13%.
According to Bitget market data, U.S. AI chip stocks posted mixed pre-market performance: Qualcomm (QCOM.O) surged 13%, Intel (INTC.O) rose nearly 6%, AMD (AMD.O) gained nearly 4%, and Google (GOOG.O) declined 1.4%.
Morgan Stanley raises Micron's price target to $1,200, maintains 'Overweight' rating.
Morgan Stanley released a report raising Micron Technology (MU.O)’s price target from $1,050 to $1,200, while maintaining an "Overweight" rating. The investment bank lifted its fiscal 2027 earnings per share (EPS) forecast for the chipmaker by roughly 40% to $168, and upgraded its free cash flow (FCF) projection from $104 billion to $140 billion. Aligning with Micron’s management, the bank holds that AI will push DRAM demand to consistently outpace supply significantly after 2027. Micron’s last fiscal quarter results matched this trend, with both its quarterly performance and outlook showing notable upside potential.
1 minutes ago
US officials: Israel has withdrawn troops from parts of the buffer zone in southern Lebanon.
A U.S. State Department official said Israel has withdrawn from parts of the buffer zone in southern Lebanon, describing the move as a "goodwill gesture" toward the Lebanese government.
1 minutes ago
CBRS trades below IPO price post-earnings: Erases all gains six weeks after listing, two smart money firms net $5.8 million from first-day IPO shorts.
According to Hyperinsight monitoring, Cerebras (CBRS), the AI chip firm previously dubbed "Nvidia’s strongest challenger", saw its stock price fall in stages after reporting its first quarterly results since going public, as negative guidance overshadowed better-than-expected performance. The stock has dropped roughly 22% since the earnings release and officially broke below its IPO price today. On-chain whales are overall bearish. CBRS trades at $184 on the Hyperliquid platform, down 7.7% in 24 hours. Large-scale short positions (million-dollar level) total around $11.62 million, 2.39 times the long positions ($4.87 million). Two major short positions were placed precisely at high levels as early as the IPO day or even before the IPO: - Whale 0xe0ff: Shorted at $284.51 on May 14 with a 3x leveraged position of $6.13 million, generating an unrealized profit of $3.24 million (+104%); - Whale 0x9996: Shorted at $275.92 on May 11 with a 5x leveraged position of $5.48 million, generating an unrealized profit of $2.64 million (+162%). It is learned that both addresses currently hold short positions in both CBRS and SPCX, and have recorded substantial unrealized profits, preferring to place short positions at high levels before or on the day of major stock listings. With the realization of negative earnings news in this round, the combined unrealized profit of the two positions is around $5.88 million. Currently, the average entry price of CBRS short whales is around $275, and the current price is over 30% lower than that. The nearest short liquidation line is at $200.13, about 7% away from the current price.
1 minutes ago
Multiple high-performing domestic public mutual fund products have tightened their purchase restrictions.
E Fund Management announced in its latest filing that the E Fund Information Industry Select Fund, managed by Zheng Xi, has cut its purchase limit to 10,000 yuan. The same purchase limit reduction to 10,000 yuan applies to another fund under his management, E Fund Information Industry Fund, while E Fund Global Growth Select Hybrid Fund (QDII) has lowered its purchase limit to 10 yuan. In addition, Guolianan Preferred Industry Fund, Harvest Tech Innovation Fund, and Principal Performance-Driven Fund have also announced purchase limits or adjustments to their limits recently. Jin Zicai, a fund manager closely watched by the market, imposed additional purchase limits on multiple public offering funds under his management, with the four funds involved cutting their purchase limits to 500 yuan starting June 23. Purchase limits on high-performing funds likely stem from multiple considerations: they can avoid return dilution caused by short-term concentrated subscriptions, and proactive limits during overheated market conditions also send risk warning signals to the market. As the first half of the year draws to a close, such moves have become increasingly frequent. Overall, Wind data shows that since June alone, 19 funds with year-to-date net asset value returns exceeding 90% have suspended large subscriptions or adjusted their purchase caps. (Source: Cailian Press)
1 minutes ago
The US stock market's optical communication sector rises across the board in pre-market trading, with Corning up 9.28%.
According to Bitget market data, the U.S. stock market's optical communication sector saw broad pre-market gains, with MRVL rising 4.99%, LITE up 3.24%, Nokia up 3.11%, Corning up 9.28%, and AXTI up 6.69%.
1 minutes ago
US-listed AI chip stocks saw mixed pre-market performance, with Qualcomm surging 13%.
According to Bitget market data, U.S. AI chip stocks posted mixed pre-market performance: Qualcomm (QCOM.O) surged 13%, Intel (INTC.O) rose nearly 6%, AMD (AMD.O) gained nearly 4%, and Google (GOOG.O) declined 1.4%.
PANews reported on May 8th that, according to its governance page, the Arbitrum DAO passed an AIP proposal with 90.96% support, approving the release of 30,765.67 ETH previously frozen by the Security Council to compensate rsETH holders affected by the attack. The proposal was jointly initiated by Aave Labs, KelpDAO, LayerZero, EtherFi, and Compound. The funds will be transferred to a designated recovery address signed by multiple parties to restore the asset backing of rsETH. This release is a one-off measure, and Aave Labs has also committed to unconditionally indemnifying all parties involved in any claims that may arise from the freezing and release.
TLDR: Compound governance approved an oracle tweak that enabled liquidation of stolen rsETH collateral. The attacker used 116,500 rsETH as collateral to borrow ETH and wstETH across Compound v3. DeFi United seized nearly $30M after temporary oracle bounds forced undercollateralization. The recovered rsETH was redeemed into ETH to help restore KelpDAO’s damaged bridge reserves. DeFi governance proved capable of acting as an emergency recovery mechanism after the April 2026 KelpDAO exploit. Roughly 116,500 rsETH worth $292 million were stolen and deployed as collateral on Compound v3.
Standard liquidation rules offered no path to recovery, since the stolen rsETH still priced normally. A governance-approved oracle adjustment changed that, eventually enabling DeFi United to seize roughly $30 million. The recovery marked one of the most coordinated on-chain interventions in DeFi’s history.
Why Standard Liquidation Rules Could Not Touch the Attacker’s Position On April 18, 2026, attackers exploited a vulnerability in KelpDAO’s LayerZero bridge infrastructure. About 116,500 rsETH worth $292 million were released illegitimately from the Ethereum-side escrow.
The attack was widely attributed to North Korea’s Lazarus Group. Rather than selling, the attacker deployed them as collateral across multiple lending protocols.
On-chain data shows the attacker opened a Compound v3 position within minutes of the exploit. ETH and wstETH were borrowed in tranches against the stolen rsETH tokens.
Partial withdrawals helped manage the collateral ratio in the same window. The position was active and borrowing real assets before the protocol could respond.
In the weeks that followed, the position remained technically healthy at market prices. Compound’s rsETH markets were frozen, and loan-to-value ratios were set to zero.
The stolen rsETH still priced normally despite having no legitimate backing. Automated liquidation mechanisms therefore had no grounds to trigger.
DeFi lending liquidations depend on collateral value falling below set thresholds. Because rsETH had not dropped in price, the attacker’s position stayed above water.
There was no admin key or circuit breaker available to freeze the account. DeFi governance was therefore the only available instrument to act.
How a Governance Proposal Triggered Liquidation and Recovered the Collateral The Compound Foundation engaged risk partners, including Gauntlet, to find a resolution pathway. Gauntlet submitted a proposal for a modified oracle for Compound’s rsETH markets.
The new oracle kept the Kelp DAO exchange rate feed as its primary source. It also added configurable price bounds operable by the Compound multisig.
Santiment Intelligence noted that an oracle adjustment pushed the attacker’s position into liquidation. This allowed DeFi United to seize roughly $30 million in collateral.
👏 How was Compound governance able to help recover stolen rsETH from the KelpDAO exploiter? An oracle adjustment pushed the attacker’s position into liquidation, allowing DeFi United to seize ~$30M in collateral.
Check out our latest deep dive below. 👇https://t.co/LvqxqLrBYe pic.twitter.com/im4ot8o8xd
— Santiment Intelligence (@SantimentData) May 13, 2026
Temporarily setting the price floor below market value triggered undercollateralization. A DeFi United Recovery Guardian multisig then repaid the borrowed assets and seized the collateral.
Santiment data recorded $29,044,839 in Compound v3 liquidations on May 9th at 02:30 UTC. The event covered 12,426.70 rsETH at a price of $2,337.29 per token.
Notably, rsETH showed no meaningful price distress during the event. The collateral was removed cleanly without triggering a broader market selloff.
The seized collateral was redeemed through KelpDAO’s system and converted back to ETH. Those funds helped refill the damaged bridge lockbox that backed rsETH.
After completion, the oracle was restored to normal market levels. No persistent changes were made to the Compound protocol.
PANews reported on May 14th that the Compound Foundation stated that, following collaboration with the Aave and KelpDAO teams, all WETH and wstETH Comet positions involved in the rsETH vulnerability exploit were closed over the weekend, and all rsETH held by the attackers has been transferred to DeFi United. Compound stated that this swift action effectively mitigated market risks and protected the protocol's suppliers and reserve funds. Transfer restrictions on Ethereum WETH and wstETH Comet have now been lifted, and all Comet markets have resumed normal operation.
PANews reported on May 21 that Cycles, a multilateral clearing startup founded by Cosmos co-founder Ethan Buchman, has completed a new funding round of $6.4 million, led by Blockchange Ventures, with participation from Coinbase Ventures, Compound VC, Primitive Ventures, and others, bringing its total funding to $8.7 million. Cycles aims to create an open clearing protocol that uses zero-knowledge proofs (ZK), trusted execution environments (TEEs), and graph algorithms to clear more transactions between multiple parties with less capital. Lynq and FalconX, as the first partners of Cycles Prime, will participate in pilot testing on the testnet with market makers, prime brokers, exchanges, and several leading trading institutions. The company also launched Cycles Pay, a stablecoin pegged to its clearing engine.
Morgan Stanley raises Micron's price target to $1,200, maintains 'Overweight' rating.
Morgan Stanley released a report raising Micron Technology (MU.O)’s price target from $1,050 to $1,200, while maintaining an "Overweight" rating. The investment bank lifted its fiscal 2027 earnings per share (EPS) forecast for the chipmaker by roughly 40% to $168, and upgraded its free cash flow (FCF) projection from $104 billion to $140 billion. Aligning with Micron’s management, the bank holds that AI will push DRAM demand to consistently outpace supply significantly after 2027. Micron’s last fiscal quarter results matched this trend, with both its quarterly performance and outlook showing notable upside potential.
1 minutes ago
US officials: Israel has withdrawn troops from parts of the buffer zone in southern Lebanon.
A U.S. State Department official said Israel has withdrawn from parts of the buffer zone in southern Lebanon, describing the move as a "goodwill gesture" toward the Lebanese government.
1 minutes ago
CBRS trades below IPO price post-earnings: Erases all gains six weeks after listing, two smart money firms net $5.8 million from first-day IPO shorts.
According to Hyperinsight monitoring, Cerebras (CBRS), the AI chip firm previously dubbed "Nvidia’s strongest challenger", saw its stock price fall in stages after reporting its first quarterly results since going public, as negative guidance overshadowed better-than-expected performance. The stock has dropped roughly 22% since the earnings release and officially broke below its IPO price today. On-chain whales are overall bearish. CBRS trades at $184 on the Hyperliquid platform, down 7.7% in 24 hours. Large-scale short positions (million-dollar level) total around $11.62 million, 2.39 times the long positions ($4.87 million). Two major short positions were placed precisely at high levels as early as the IPO day or even before the IPO: - Whale 0xe0ff: Shorted at $284.51 on May 14 with a 3x leveraged position of $6.13 million, generating an unrealized profit of $3.24 million (+104%); - Whale 0x9996: Shorted at $275.92 on May 11 with a 5x leveraged position of $5.48 million, generating an unrealized profit of $2.64 million (+162%). It is learned that both addresses currently hold short positions in both CBRS and SPCX, and have recorded substantial unrealized profits, preferring to place short positions at high levels before or on the day of major stock listings. With the realization of negative earnings news in this round, the combined unrealized profit of the two positions is around $5.88 million. Currently, the average entry price of CBRS short whales is around $275, and the current price is over 30% lower than that. The nearest short liquidation line is at $200.13, about 7% away from the current price.
1 minutes ago
Multiple high-performing domestic public mutual fund products have tightened their purchase restrictions.
E Fund Management announced in its latest filing that the E Fund Information Industry Select Fund, managed by Zheng Xi, has cut its purchase limit to 10,000 yuan. The same purchase limit reduction to 10,000 yuan applies to another fund under his management, E Fund Information Industry Fund, while E Fund Global Growth Select Hybrid Fund (QDII) has lowered its purchase limit to 10 yuan. In addition, Guolianan Preferred Industry Fund, Harvest Tech Innovation Fund, and Principal Performance-Driven Fund have also announced purchase limits or adjustments to their limits recently. Jin Zicai, a fund manager closely watched by the market, imposed additional purchase limits on multiple public offering funds under his management, with the four funds involved cutting their purchase limits to 500 yuan starting June 23. Purchase limits on high-performing funds likely stem from multiple considerations: they can avoid return dilution caused by short-term concentrated subscriptions, and proactive limits during overheated market conditions also send risk warning signals to the market. As the first half of the year draws to a close, such moves have become increasingly frequent. Overall, Wind data shows that since June alone, 19 funds with year-to-date net asset value returns exceeding 90% have suspended large subscriptions or adjusted their purchase caps. (Source: Cailian Press)
1 minutes ago
The US stock market's optical communication sector rises across the board in pre-market trading, with Corning up 9.28%.
According to Bitget market data, the U.S. stock market's optical communication sector saw broad pre-market gains, with MRVL rising 4.99%, LITE up 3.24%, Nokia up 3.11%, Corning up 9.28%, and AXTI up 6.69%.
1 minutes ago
US-listed AI chip stocks saw mixed pre-market performance, with Qualcomm surging 13%.
According to Bitget market data, U.S. AI chip stocks posted mixed pre-market performance: Qualcomm (QCOM.O) surged 13%, Intel (INTC.O) rose nearly 6%, AMD (AMD.O) gained nearly 4%, and Google (GOOG.O) declined 1.4%.
PANews reported on May 27th that, according to The Block, Manuel Aráoz, co-founder of crypto security firm OpenZeppelin, stated that he now believes "all DeFi" is insecure and has been advising friends and family to exit all DeFi positions, including low-risk positions in blue-chip protocols such as Aave, MakerDAO, and Compound. Aráoz pointed out that the asymmetry between attackers and defenders in security incidents is intensifying; programming agents possess superhuman abilities to discover vulnerabilities, requiring defenders to fix every single one, while attackers only need a single exploit to steal funds.
Nearly $630 million was stolen from DeFi protocols in April, the worst month since the $1.5 billion theft from Bybit in February 2025. Attacks on Drift and Kelp DAO resulted in losses of $285 million and $293 million respectively, both attributed to North Korean hackers. Since mid-April, total value locked in DeFi has decreased by approximately 14%, from about $172 billion to $148 billion.
Morgan Stanley raises Micron's price target to $1,200, maintains 'Overweight' rating.
Morgan Stanley released a report raising Micron Technology (MU.O)’s price target from $1,050 to $1,200, while maintaining an "Overweight" rating. The investment bank lifted its fiscal 2027 earnings per share (EPS) forecast for the chipmaker by roughly 40% to $168, and upgraded its free cash flow (FCF) projection from $104 billion to $140 billion. Aligning with Micron’s management, the bank holds that AI will push DRAM demand to consistently outpace supply significantly after 2027. Micron’s last fiscal quarter results matched this trend, with both its quarterly performance and outlook showing notable upside potential.
1 minutes ago
US officials: Israel has withdrawn troops from parts of the buffer zone in southern Lebanon.
A U.S. State Department official said Israel has withdrawn from parts of the buffer zone in southern Lebanon, describing the move as a "goodwill gesture" toward the Lebanese government.
1 minutes ago
CBRS trades below IPO price post-earnings: Erases all gains six weeks after listing, two smart money firms net $5.8 million from first-day IPO shorts.
According to Hyperinsight monitoring, Cerebras (CBRS), the AI chip firm previously dubbed "Nvidia’s strongest challenger", saw its stock price fall in stages after reporting its first quarterly results since going public, as negative guidance overshadowed better-than-expected performance. The stock has dropped roughly 22% since the earnings release and officially broke below its IPO price today. On-chain whales are overall bearish. CBRS trades at $184 on the Hyperliquid platform, down 7.7% in 24 hours. Large-scale short positions (million-dollar level) total around $11.62 million, 2.39 times the long positions ($4.87 million). Two major short positions were placed precisely at high levels as early as the IPO day or even before the IPO: - Whale 0xe0ff: Shorted at $284.51 on May 14 with a 3x leveraged position of $6.13 million, generating an unrealized profit of $3.24 million (+104%); - Whale 0x9996: Shorted at $275.92 on May 11 with a 5x leveraged position of $5.48 million, generating an unrealized profit of $2.64 million (+162%). It is learned that both addresses currently hold short positions in both CBRS and SPCX, and have recorded substantial unrealized profits, preferring to place short positions at high levels before or on the day of major stock listings. With the realization of negative earnings news in this round, the combined unrealized profit of the two positions is around $5.88 million. Currently, the average entry price of CBRS short whales is around $275, and the current price is over 30% lower than that. The nearest short liquidation line is at $200.13, about 7% away from the current price.
1 minutes ago
Multiple high-performing domestic public mutual fund products have tightened their purchase restrictions.
E Fund Management announced in its latest filing that the E Fund Information Industry Select Fund, managed by Zheng Xi, has cut its purchase limit to 10,000 yuan. The same purchase limit reduction to 10,000 yuan applies to another fund under his management, E Fund Information Industry Fund, while E Fund Global Growth Select Hybrid Fund (QDII) has lowered its purchase limit to 10 yuan. In addition, Guolianan Preferred Industry Fund, Harvest Tech Innovation Fund, and Principal Performance-Driven Fund have also announced purchase limits or adjustments to their limits recently. Jin Zicai, a fund manager closely watched by the market, imposed additional purchase limits on multiple public offering funds under his management, with the four funds involved cutting their purchase limits to 500 yuan starting June 23. Purchase limits on high-performing funds likely stem from multiple considerations: they can avoid return dilution caused by short-term concentrated subscriptions, and proactive limits during overheated market conditions also send risk warning signals to the market. As the first half of the year draws to a close, such moves have become increasingly frequent. Overall, Wind data shows that since June alone, 19 funds with year-to-date net asset value returns exceeding 90% have suspended large subscriptions or adjusted their purchase caps. (Source: Cailian Press)
1 minutes ago
The US stock market's optical communication sector rises across the board in pre-market trading, with Corning up 9.28%.
According to Bitget market data, the U.S. stock market's optical communication sector saw broad pre-market gains, with MRVL rising 4.99%, LITE up 3.24%, Nokia up 3.11%, Corning up 9.28%, and AXTI up 6.69%.
1 minutes ago
US-listed AI chip stocks saw mixed pre-market performance, with Qualcomm surging 13%.
According to Bitget market data, U.S. AI chip stocks posted mixed pre-market performance: Qualcomm (QCOM.O) surged 13%, Intel (INTC.O) rose nearly 6%, AMD (AMD.O) gained nearly 4%, and Google (GOOG.O) declined 1.4%.
Former OpenZeppelin CTO Manuel Aráoz advised friends and family to exit Aave, MakerDAO, and Compound, citing AI coding agents that are now “superhuman” at finding vulnerabilities, though OpenZeppelin pushed back.
Posted May 28, 2026 at 6:33 am EST.
Manuel Aráoz, former CTO and co-founder of blockchain security firm OpenZeppelin, said in an X post Tuesday that he now considers “all” of decentralized finance unsafe, citing the rise of AI coding agents as a structural threat that traditional audits cannot keep pace with.
“PSA: I now consider all of DeFi unsafe,” Aráoz wrote. “Coding agents are superhuman at finding vulnerabilities, and smart contract security is too asymmetric: defenders need to fix every bug while attackers need just one exploit to steal funds.” He added that he has advised friends and family to exit positions in major DeFi protocols including Aave, MakerDAO, and Compound, three of the most established lending and stablecoin platforms in the ecosystem.
This story is an excerpt from the Unchained Daily newsletter.
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Aráoz’s standing matters even though he no longer represents OpenZeppelin. He co-founded the firm in 2015 alongside current CEO Demian Brener, and the OpenZeppelin smart contract library underpins audits for Aave, Compound, MakerDAO, Uniswap, Coinbase, and the Ethereum Foundation. He served as CTO before departing in 2019.
“Aráoz’s views do not represent OpenZeppelin‘s current position,” OpenZeppelin pushed back on the post publicly via a OpenZeppelin has been building AI-augmented security tooling, including a system called Skills that gives AI coding agents authoritative knowledge of audited smart contract libraries.
The numbers behind Aráoz’s warning are bleak.
DefiLlama data shows more than $1.1 billion lost to DeFi hacks over the past 365 days. April 2026 alone saw nearly $630 million drained across at least 27 reported exploits, the worst month for DeFi security since the Bybit incident in early 2025. The $292 million Kelp DAO bridge exploit on April 18, attributed to North Korea’s Lazarus Group, led the month, followed by a $285 million loss at Drift Protocol tied to a six-month social engineering campaign. Step Finance shut down earlier this year after a $27 million exploit it could not recover from. Since January 2026, more than $137 million has been drained from at least 15 DeFi platforms.
The structural argument Aráoz makes has not been resolved by the industry. Audits cost money, take weeks, and cover code as it exists at the time of review, not the version that a determined attacker probes weeks later. Anthropic has restricted public access to its Claude Mythos model in part because of concerns about its ability to autonomously discover and weaponize software flaws.
OpenZeppelin itself published a framework in May called the “Four Layers of DeFi Risk,” explicitly arguing that audits alone are no longer sufficient. The disagreement between Aráoz and his former firm is less about whether the threat has changed than about whether the right response is to retreat from DeFi entirely or to invest harder in AI-augmented defense.
The FBI recently took out a massive internet scam network, arresting over 300 people, freeing over 2,000 people from human trafficking, and seizing over $8 billion in cryptocurrency.
The FBI said last week that it primarily focused on taking down what it calls “scam compounds” in Asia, Africa, and the Middle East. The scam compounds are typically guarded and filled with trafficked workers who are forced to conduct romance scams and fake investment schemes that target many Americans. Over 2,000 people were freed from the compounds.
The operation focused on Prince Holding Group, a company in Cambodia. Authorities also took out a criminal compound in Dubai, Myanmar, and Thailand. Altogether, the FBI seized over 127,000 bitcoin from the nine scam compounds, which is over $8 billion, making it the largest crypto seizure in human history.
The United States worked with Dubai police to arrest 275 people, six of whom will be transported to the United States to face federal charges.
FBI Director Kash Patel, said the major crackdown gives a clear message to scammers across the world.
“If you target Americans, we will find you, disrupt your network, and bring every available tool of the federal government down on you,” Patel told Fox News.
The FBI also took down the “Democratic Karen Benevolent Army,” an armed militia in Myanmar that has ties to Chinese mobsters and has been engaging in this criminal scam network..
The U.S. seized thousands of smartphones and other office equipment in Thailand, severely crippling the scam infrastructure there.
During the whole operation, the FBI worked with the Royal Thai police, the Burmese army, Dubai’s police, and some Chinese investigators. The FBI also utilized Elon Musk’s Starlink to take down over 7,000 terminals in Myanmar that criminals were using to facilitate communications.
The FBI’s 2025 “Internet Crime Report” states that Americans have been defrauded of $21 billion in cyber-related crimes, with AI and crypto-related scams being the costliest.
Apprehending these con artists and hackers is difficult as the internet allows them to be scattered across the world, seemingly untouchable by American authorities.
TLDR:Binance Pushes BackStakes and ContextGet 3 Free Stock Ebooks Binance faces $1.76B clawback claim over FTX’s 2021 share repurchase using customer funds. Zhao argues Delaware courts lack jurisdiction due to his UAE residence and offshore entities. Binance cites safe-harbor rules for securities transfers to counter FTX’s fraud claims. The case could define U.S. bankruptcy reach over global crypto transactions and offshore gains. Binance is locked in a fierce legal fight. FTX’s estate is demanding nearly $1.8 billion back. The claim centers on a 2021 share repurchase. Binance’s founder, Changpeng Zhao, has filed to drop the case. The stage is set for a jurisdictional showdown.
FTX Digital Markets Ltd. alleges that in July 2021, Binance and Zhao benefited from a $1.76 billion fraudulent transfer. That deal came via Alameda Research, using FTT, BNB, and BUSD tokens.
At the time, Alameda was insolvent and funded the deal with customer funds. It makes up the core of the clawback suit.
The trust argues both constructive and intentional fraud under U.S. Bankruptcy Code sections. They claim the transaction was part of Bankman‑Fried’s broader scheme to misappropriate deposits.
Binance Pushes Back Zhao filed a motion in Delaware bankruptcy court on August 4, 2025. He argues the court lacks jurisdiction over him. He lives in the UAE, not Delaware or the U.S. The trust’s claims, he says, are “so far removed” they fall outside legal reach.
Zhao calls himself a “nominal counterparty.” He insists the entity structure and offshore routing place the transfer outside U.S. law. He also contests that FTX’s lawsuit misapplies safe‑harbor protections tied to securities transfers.
FTX’s filing frames Alameda’s payment as knowingly improper. Caroline Ellison later testified they lacked resources and used customer deposits anyway. Bankman‑Fried dismissed those concerns and pushed ahead. The asset backing of the share repurchase was illusory from the start.
Binance counters that the structure was internationally executed. Its firms reside in Ireland, the Cayman Islands, and BVI. The trust cannot allege Zhao was ever legally “at home” in Delaware. Serving U.S. counsel on him, they argue, violates rules for foreign defendants.
Stakes and Context FTX was once a top exchange. Its collapse wiped out over $8 billion in customer deposits. The trust is now trying to claw back funds tied to senior executives and outside parties. This suit is a key part of that effort.
Zhao faces past legal issues too. He served four months in prison for U.S. anti‑money‑laundering violations. Bankman‑Fried is serving 25 years for fraud. Their dueling motions now focus on this civil liability fight over jurisdiction and fault.
This case will test whether U.S. bankruptcy courts can reclaim offshore crypto gains tied to alleged bankruptcy fraud. Binance insists the suit fails on technical and jurisdictional grounds. Meanwhile, FTX’s estate pushes forward, seeking major recovery for creditors. Investors and crypto watchers should watch closely.
New York's financial regulator fined Paxos $26.5 million for compliance failures linked to its past partnership with Binance.Paxos agreed to invest an additional $22 million to enhance its compliance program to meet NYDFS standards.The compliance issues also included inadequate monitoring for illicit activity and a deficient Know Your Customer (KYC) program.New York’s top financial regulator has fined Paxos, a New York City-based stablecoin issuer, $26.5 million for “systemic failures” in its compliance and anti-money laundering programs, including a past partnership with global crypto exchange Binance, according to a Thursday announcement.
In addition to the fine, Paxos agreed to spend another $22 million improving its compliance program to bring it up to snuff with the New York Department of Financial Services’ (NYDFS) standards.
“The Department of Financial Services has led the nation in regulating the virtual currency industry, protecting consumers and markets through examinations, supervision, and where necessary, enforcement,” NYDFS Superintendent Adrienne Harris said in a press statement. “Regulated entities must maintain appropriate risk management frameworks that correspond to their business risks, which includes relationships with business partners and third-party vendors. The Department continues taking significant steps to ensure accountability, in turn protecting consumers and safeguarding the integrity of the financial system.”
The compliance failures identified by NYDFS were largely tied to Paxos’ one-time partnership with Binance, the world’s largest crypto exchange. The two companies teamed up in 2019 to issue Binance’s dollar-pegged stablecoin, BUSD. The relationship with Binance eventually landed Paxos in hot water: in 2023, NYDFS launched an investigation into Paxos’s issuance of BUSD, the U.S. Securities and Exchange Commission (SEC) sent Paxos a Wells notice informing the company of its intention to sue (a year later, the SEC decided to drop its enforcement action) and Paxos ultimately decided to stop issuing BUSD altogether at the order of NYDFS.
The fine announced Thursday is tied to NYDFS’ original investigation. According to NYDFS’ press release, the investigation revealed that Paxos didn’t have appropriate controls in place to effectively monitor for illicit activity occurring through Binance. And when illicit activity was identified, the regulator said, the company “failed to escalate red flags” to Paxos’ higher-ups and board members.
In addition to the Binance-related compliance issues, NYDFS said its investigation into Paxos turned up other deficiencies in its compliance program, including an “unsophisticated” Know Your Customer (KYC) program that allowed illicit actors to open multiple accounts and remain undetected, and a “deficient” transaction monitoring system that prevented Paxos from “detecting obvious patterns of money laundering.”
A representative for Paxos described the compliance failures identified by NYDFS as “historical issues that were identified over two and a half years ago and have since been fully remediated.” The issues, the representative added, “had no impact on customer accounts and there was no consumer harm.”
“This marks the resolution of this matter and we are pleased to put it behind us,” the representative said. “There are no new claims regarding Paxos’ relationship with Binance or the issuance of BUSD, and Paxos’ other white-labeled stablecoins operate on similar models with different partners and have not faced any regulatory issues.”
TLDR New York regulator fined Paxos $26.5 million for compliance failures related to its Binance partnership Paxos agreed to invest an additional $22 million to improve its compliance program Issues included inadequate monitoring for illicit activity and deficient KYC procedures NYDFS found approximately $1.6 billion in illicit flows between Binance and Paxos via BUSD Paxos states these were “historical issues” that have been “fully remediated” Paxos, a New York-based stablecoin issuer, has reached a $48.5 million settlement with the New York Department of Financial Services (NYDFS) over compliance failures related to its past partnership with cryptocurrency exchange Binance.
The settlement, announced on August 7, 2025, requires Paxos to pay a $26.5 million fine to New York state. The company has also committed to investing an additional $22 million to overhaul its compliance program.
The regulatory action stems from Paxos’ partnership with Binance, which began in 2019 when the two companies collaborated to issue Binance’s dollar-pegged stablecoin, BUSD. According to the NYDFS investigation, Paxos failed to implement proper controls to monitor illicit activity occurring through Binance.
NYDFS Superintendent Adrienne Harris emphasized the importance of risk management in a press statement.
“Regulated entities must maintain appropriate risk management frameworks that correspond to their business risks, which includes relationships with business partners and third-party vendors,” Harris said.
The regulator identified several specific compliance failures in its investigation. When illicit activity was detected, Paxos reportedly “failed to escalate red flags” to higher-level executives and board members within the company.
Compliance Shortcomings Beyond the Binance-related issues, NYDFS discovered other deficiencies in Paxos’ compliance infrastructure. The company’s Know Your Customer (KYC) program was described as “unsophisticated,” allowing bad actors to open multiple accounts without detection.
NYDFS also criticized Paxos’ transaction monitoring system as “deficient,” stating it prevented the company from “detecting obvious patterns of money laundering.” The regulator found approximately $1.6 billion in illicit flows between Binance and Paxos through the BUSD stablecoin.
This settlement resolves an investigation that began over two years ago. In February 2023, NYDFS ordered Paxos to stop issuing BUSD altogether. Around the same time, the U.S. Securities and Exchange Commission (SEC) sent Paxos a Wells notice indicating its intention to sue the company.
The SEC later dropped its enforcement action against Paxos in 2024. The regulator had initially accused Paxos of distributing “unregistered securities” and violating consumer protection laws through its Binance partnership.
Regulatory Timeline The regulatory scrutiny of Paxos intensified in early 2023 when both the SEC and NYDFS took action against the company within days of each other. NYDFS stated that while it had authorized Paxos to issue BUSD on the Ethereum blockchain, it had not authorized “Binance-Peg BUSD” to be issued on any blockchain.
A representative for Paxos described the compliance failures identified by NYDFS as “historical issues that were identified over two and a half years ago and have since been fully remediated.” The spokesperson added that these issues “had no impact on customer accounts and there was no consumer harm.”
“This marks the resolution of this matter and we are pleased to put it behind us,” the Paxos representative stated. “There are no new claims regarding Paxos’ relationship with Binance or the issuance of BUSD, and Paxos’ other white-labeled stablecoins operate on similar models with different partners and have not faced any regulatory issues.”
The NYDFS action against Paxos comes amid increasing regulatory oversight of the cryptocurrency industry, with anti-money laundering regulations and KYC requirements becoming major focus areas for government agencies.
Regulators say Paxos failed to monitor Binance effectively, allowing $1.6B in criminal-linked transactions to pass through the platform.
Paxos has agreed to pay $48.5 million to the New York Department of Financial Services (NYDFS).
This is to resolve allegations related to inadequate due diligence on its former partner, Binance, and failures in its anti-money laundering program.
NYDFS Probe Finds Paxos Lacked Oversight According to an August 7 press release, the terms of the settlement require the stablecoin issuer to pay a $26.5 million fine and invest $22 million in its compliance program. Paxos previously issued the Binance USD (BUSD) stablecoin until 2023, when the NYDFS ordered it to stop over the exchange’s poor geofencing and sanctions controls. According to the regulator, the action was the “first orderly wind down of a stablecoin.”
“Regulated entities must maintain appropriate risk management frameworks that correspond to their business risks, which includes relationships with business partners and third-party vendors,” said Superintendent Adrienne A. Harris.
Paxos, licensed in 2015 as a limited-purpose trust company, was authorized to operate in the virtual currency space. It later entered a partnership with Binance to issue, market, and distribute BUSD.
As part of its regulatory obligations, the firm was required to conduct regular due diligence on Binance. However, New York’s financial watchdog found that it did not have proper controls in place to monitor for serious illegal activity happening on or through the exchange. It also failed to escalate red flags to its senior management and board.
One key issue was Binance’s “lax geofencing,” which allowed users in the U.S. to access its unlicensed exchange. A review of historical transactions between 2017 and 2022, focusing on selected digital assets, revealed that approximately $1.6 billion that moved through it was linked to criminal activity. The investigation also found that the platform had processed payments involving entities that had already been sanctioned by the U.S. Office of Foreign Assets Control (OFAC).
Compliance Issues Beyond its shortcomings with Binance, the New York regulator also found that Paxos had been running a weak compliance program for years. The company’s Know Your Customer (KYC) procedures were described as “unsophisticated,” allowing users with shared addresses, overlapping documents, and suspicious behavior to open multiple accounts undetected.
You may also like: Binance Makes a New Push to Secure EU Approval Pushing Back at Reuters: Inside Binance’s Fight for Its European Future 160 Security Veterans Urge US Senate to Pass CLARITY Act Its poor transaction monitoring system also failed to catch clear signs of money laundering. Authorities noted that the firm had no clear rules for launching investigations after receiving law enforcement requests, which further delayed the detection of illicit activity on the platform.
Paxos has since moved to rebrand itself as a compliance-focused blockchain infrastructure provider. The company has stated that the issues identified were historical, have been fully resolved, and did not impact customer accounts. It continues to operate other regulated stablecoins, including Pax Dollar (USDP) and PayPal USD (PYUSD).
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On-chain data shows the US is one of the world’s largest Bitcoin holders, with its portfolio now exceeding $24 billion. However, recent events have shown that the possibility of the US government increasing its stash is very low. Particularly, the US government’s strategy for cryptocurrency took a new turn this week after Treasury Secretary Scott Bessent clarified that Washington will not be actively buying any additional Bitcoin.
Bessent Rules Out New Purchases But Leaves A Possibility While speaking in a Fox Business interview, US Treasury Secretary Scott Bessent explained that the government has no plans to buy additional Bitcoin beyond its current reserve. The Treasury chief said the reserve will continue to be funded primarily through assets seized in criminal cases rather than direct purchases. His estimates place the value of the reserve between $15 billion and $20 billion.
Bessent later softened his position on social media, noting that even though the US is not allocating budgetary resources to acquire more Bitcoin, it is committed to “budget-neutral pathways” for expanding reserves to make the country the Bitcoin superpower of the world. The statement suggests that auctions, seizures, and non-traditional acquisitions could still increase holdings in the future, even if the Treasury avoids direct market buys.
Bitcoin Holdings Push Toward $24 Billion Data from blockchain analytics platform Arkham Intelligence reveals a bigger picture than Bessent’s estimates of $15 billion to 20 billion. According to Arkham, wallets linked to the US government currently hold about 198,022 BTC, valued at approximately $23.42 billion. Many of these holdings originated from seizures related to criminal activity, including the well-known Silk Road case.
The portfolio, however, extends well beyond Bitcoin. Arkham’s data reveals holdings of about 59,951 ETH, worth $273 million, along with 347 million USDT and smaller allocations across other assets such as 750 WBTC, 40,293 BNB, 5,205 WETH, and 13.6 million BUSD. Taken together, the government’s digital asset holdings are valued at approximately $24.27 billion. This figure recently climbed as high as $25 billion during Bitcoin’s surge above $124,000 last week.
Source: Chart from Arkham Earlier this year, President Donald Trump signed into law the creation of a strategic crypto reserve, a move many interpreted as the start of government-led Bitcoin accumulation. Trump himself had many investors increase their expectations after stating that the United States would prioritize US-based cryptocurrencies like BTC as part of its financial strategy.
This context is what made Bessent’s recent statement so significant. Although the reserve exists in law, the Treasury has now made it clear that active market purchases of Bitcoin are not on the table for the time being. However, it is clear that the US government isn’t planning to sell its holdings anytime soon, which might flood the market with selling pressure.
BTC trading at $114,859 on the 1D chart | Source: BTCUSDT on Tradingview.com Featured image from Pixabay, chart from Tradingview.com
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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.
