THORChain has moved into the next phase of its recovery from the May 15 vault exploit.
Summary
Validators must approve v3.19.0 before THORChain begins its staged restart and fully restores network services. The upgrade adds compromised-vault quarantine and temporary keyshare checks before signing resumes across the network. ADR-028 applies the recovery plan without minting new RUNE or diluting existing token holders further. Validators are now reviewing version 3.19.0, which combines security patches with the ADR-028 loss-recovery plan.
The release also introduces a mechanism that can quarantine a compromised vault. THORChain said this would stop an affected vault from processing transactions while keeping its activity visible to the network.
Validators review THORChain v3.19.0 “The next major step in the recovery process is now underway,” THORChain said in its sixth incident update. Validators must vote to approve v3.19.0 before the network can begin the staged upgrade.
THORChain Incident Update #6
The next major step in the recovery process is now underway. Validators are being asked to review, approve, and prepare for the v3.19.0 upgrade, which contains the TSS security patches and ADR028 implementation designed to address the economic impact…
— THORChain (@THORChain) June 8, 2026 The release contains patches for the threshold signature system used to control THORChain vaults. It also implements ADR-028, the governance plan approved after the exploit. The protocol said the upgrade would move the network closer to restoring normal operations.
Version 3.19.0 includes a new Compromised Vault Mimir setting. Once enabled, the setting will isolate the drained vault from transaction processing without removing it from network monitoring.
Keyshare checks come before signing resumes THORChain plans to validate the ADR-028 data migration after validators complete the upgrade. Every node must then verify the integrity of its keyshares through a temporary protocol called keyverify.
Keyshares allow validators to sign vault transactions together without one operator holding the full private key. The added check aims to confirm that the remaining shares are intact before signing restarts.
After those checks, validators will unhalt signing and start a churn. Churning replaces the active validator set and transfers assets into newly generated vaults. The network will wait for that process to finish before restoring other services.
Secured and Trade assets will return first. Liquidity-provider actions will follow, while trading will resume at the end of the 11-step process. Each stage depends on the previous checks completing successfully.
ADR-028 covers losses without new RUNE As previously reported by crypto.news, THORChain validators approved ADR-028 in May. The plan uses protocol-owned liquidity to absorb losses before allocating any remaining shortfall across synthetic asset holders.
The framework does not mint or sell new RUNE. It also avoids direct dilution for existing holders. Future system income will help rebuild protocol-owned liquidity after the restart.
THORChain also activated a bounty window for the attacker and approved the full slashing of the linked node. The protocol said innocent nodes that shared the affected vault would remain protected.
Full restart still depends on validators The May 15 exploit drained about $10.7 million from one of THORChain’s five vaults. THORChain’s report said a newly added node exploited a weakness in the GG20 threshold signature implementation. Four other vaults remained unaffected.
Automatic solvency checks detected the imbalance and halted signing within minutes. Node operators later paused trading, chain observation and churning while developers investigated the attack.
Validator approval of v3.19.0 would begin the final technical sequence, but it would not restore every service at once. THORChain will reopen signing, asset functions, liquidity actions and trading in stages after completing the vault, migration, keyshare and churn checks.
THORChain (RUNE) is restarting. The decentralized cross-chain DEX, paused since May 15 after a $10.7M exploit drained one of its vaults, is rolling out v3.19, its official restart release, with mainnet adoption targeted for the first week of June.
RUNE is trading near $0.38–$0.41 at the time of writing, down sharply from pre-exploit levels and -35% over the past 30 days. It has a market cap of roughly $133M, making it the 222nd-largest digital asset.
$RUNE is pushing directly into a heavy resistance zone around $0.382–$0.385.
This is where rejection risk is high.
If bears defend this zone, RUNE can cool off towards $0.370 first, then $0.360–$0.365. pic.twitter.com/rpEV0LXP5V
— ChiefraT (@ChiefraFba) June 9, 2026
The headline addition waiting in the wings once trading resumes: Monero. XMR is confirmed as the first asset in the DEX queue, giving THORChain a privacy-coin narrative no other major cross-chain protocol can currently match. The community is calling it a renaissance.
Here is the central tension this article unpacks: v3.19 fixes the immediate cryptographic problem and adds a genuinely unique asset. Whether that’s enough to reverse months of RUNE damage depends on execution, and THORChain’s execution track record is currently on trial.
The TSS THORChain Exploit Explained and What V3.19 Actually Fixes 🚨 THORChain Has Entered The Final Restart Phase 🚨
The excitement is reaching another level.
Today validators are voting to quarantine the compromised vault, one of the final critical security milestones before THORChain can continue toward a full network restart.
This means…
— fincontrarian (@fincontrarian) June 9, 2026
THORChain employs a Threshold Signature Scheme (TSS) where multiple nodes must sign transactions, preventing any single node from moving funds independently.
An attacker exploited a flaw in the GG20 TSS implementation, leveraging undisclosed cryptographic weaknesses. Soda Labs confirmed it was a zero-day vulnerability and required human cryptographers to verify it, as AI models couldn’t replicate the attack.
The rollout of version 3.19 addresses this by patching the TSS library, resolving a ~$10M gap through a governance-approved migration and initiating an 11-stage restart that takes about a week to fully resume operations. Separately, a $700K accounting issue was also addressed.
A controversial decision was to temporarily close-source the TSS library during Soda Labs’ audit. Kenton, a THORChain member, noted that this choice allowed for faster recovery at the cost of transparency, sparking debate within the community. The library is expected to return to open-source status in upcoming releases.
EXCLUSIVE: Earn $10 USDC Via Binance Sign-Up
Why Monero First and Whether XMR Can Move the RUNE Needle
(SOURCE: TradingView)
Monero’s prominent position in the DEX queue stems from the lack of trustless, non-custodial options for XMR users, especially since major centralized exchanges have delisted it. If THORChain enables native XMR swaps, it could dominate permissionless Monero liquidity, allowing it to set a starting fee of 50 bps due to its pricing power.
For RUNE holders, increased Monero volume translates to greater demand for RUNE since every swap settles through it. This has sparked the “THORChain renaissance,” in which the integration of Monero is seen as a significant step beyond mere recovery. However, the protocol’s prior issues with privacy-asset integrations raise concerns about its ability to safely manage high-privacy L1S.
While Monero volume is expected to be moderate initially, the broader roadmap includes other assets such as Zcash and Polygon. Monero serves as the opening act for THORChain, not the entire show.
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PANews, June 20 – THORChain has posted an incident update on the X platform, stating that the network is in the final phase of recovery. Currently, the key share integrity of each node is being verified through the new KeyVerify protocol. This step confirms the security of each vault before fund transfers can begin. Once verification is complete, the next major step is the fund transfer itself, during which the network will move all funds to new vaults. The duration of the fund transfer is the main uncertainty and may take anywhere from a few hours to several days. After the fund transfer is complete, the remaining steps will proceed rapidly: re-enabling secured assets and trading assets, liquidity provider operations, and finally, trading functionality.
Earlier news, THORChain released its attack incident recovery plan, and node operator voting has begun
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THORChain has resumed activity after over a month of security verifications and upgrades, following a $10.7 million exploit that prompted a trading halt on May 15.
In a Tuesday X post, THORChain said it restored its network, including trading, signing, swaps and liquidity provider actions.
On Sunday, the protocol said it had confirmed the safety of most of its vaults through the KeyVerify protocol and retired the remaining legacy vaults as part of a migration to a new set of vaults. THORChain called the upgrade the “most significant milestone” in its recovery process. It also said it completed verification of every node's keyshare on Friday.
THORChain is one of the crypto industry's largest cross-chain trading protocols, enabling swaps between networks such as Bitcoin and Ethereum. The protocol has drawn scrutiny from blockchain investigators because hackers have used it to move stolen funds between blockchains.
Source: THORChain
THORChain ships security upgrades and migrates old vaultsTHORChain attributed the exploit to a vulnerability in its GG20 threshold signature scheme, which is used to secure protocol vaults by distributing key control across multiple node operators. According to the protocol, the flaw allowed a malicious node operator to reconstruct a full private key through what it described as “progressive key material leakage,” enabling the theft of $10.7 million.
The protocol implemented an emergency patch on May 20 to protect the remaining vaults before releasing an upgrade on June 9, which included a fix for the exploited vulnerability. A follow-up upgrade was rolled out on June 11 with additional stability improvements and fixes to the KeyVerify protocol.
THORChain network overview, node upgrades. Source: THORChain Explorer
With the recovery process largely complete, THORChain has also outlined plans for new network integrations.
THORChain said it will launch native swaps and vaults for privacy-preserving cryptocurrency Zcash (ZEC) within the next two weeks, followed by Monero (XMR).
It also plans to launch support for the Bittensor (TAO) token in about six weeks after the network’s restart.
Magazine: 53 DeFi projects infiltrated, 50M NEO tokens could be ‘given back’: Asia Express
Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.
THORChain has resumed activity after over a month of security verifications and upgrades, following a $10.7 million exploit that prompted a trading halt on May 15.
In a Tuesday X post, THORChain said it restored its network, including trading, signing, swaps and liquidity provider actions.
On Sunday, the protocol said it had confirmed the safety of most of its vaults through the KeyVerify protocol and retired the remaining legacy vaults as part of a migration to a new set of vaults. THORChain called the upgrade the “most significant milestone” in its recovery process. It also said it completed verification of every node's keyshare on Friday.
THORChain is one of the crypto industry's largest cross-chain trading protocols, enabling swaps between networks such as Bitcoin and Ethereum. The protocol has drawn scrutiny from blockchain investigators because hackers have used it to move stolen funds between blockchains.
Source: THORChain
THORChain ships security upgrades and migrates old vaultsTHORChain attributed the exploit to a vulnerability in its GG20 threshold signature scheme, which is used to secure protocol vaults by distributing key control across multiple node operators. According to the protocol, the flaw allowed a malicious node operator to reconstruct a full private key through what it described as “progressive key material leakage,” enabling the theft of $10.7 million.
The protocol implemented an emergency patch on May 20 to protect the remaining vaults before releasing an upgrade on June 9, which included a fix for the exploited vulnerability. A follow-up upgrade was rolled out on June 11 with additional stability improvements and fixes to the KeyVerify protocol.
THORChain network overview, node upgrades. Source: THORChain Explorer
With the recovery process largely complete, THORChain has also outlined plans for new network integrations.
THORChain said it will launch native swaps and vaults for privacy-preserving cryptocurrency Zcash (ZEC) within the next two weeks, followed by Monero (XMR).
It also plans to launch support for the Bittensor (TAO) token in about six weeks after the network’s restart.
Magazine: 53 DeFi projects infiltrated, 50M NEO tokens could be ‘given back’: Asia Express
Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.
THORChain has resumed trading after more than five weeks offline, the decentralized cross-chain liquidity protocol announced Tuesday, ending a shutdown triggered by an exploit in May.
Signing, churning, liquidity provider actions, and swaps are all live again, the protocol said via an X post.
THORChain (RUNE) describes itself as the world's leading Bitcoin (BTC) decentralized exchange, enabling users to swap native assets across different blockchains without wrapping or bridging through a centralized intermediary.
THORChain paused trading on May 15 after blockchain investigator ZachXBT and security firm PeckShield flagged a suspected exploit across Bitcoin, Ethereum, BNB Chain, and Base.
$10.7 million drained The targeted vulnerability drained approximately $10.7 million from one of the protocol's five Asgard vaults. The remaining four vaults were reportedly unaffected. The protocol said recovery was prioritized for security over speed, with every vault verified and every keyshare checked before resuming operations. Node operators, developers, and the Maya Protocol team were credited with keeping the network stable through the restart process.
THORChain said native Monero swaps are already working end-to-end in testing, with a live launch ahead. Zcash support follows, alongside dynamic fees and deeper liquidity upgrades, per the protocol.
RUNE traded flat following the resumption of operations, The Block's price page shows.
RUNE price flat resumption. Image: The Block/TradingView.Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
THORChain, the decentralized cross-chain liquidity protocol, has resumed trading operations after a roughly five-week pause triggered by a $10.7 million exploit on May 15, 2026. The breach, which targeted one of the protocol’s six Asgard vaults, marks THORChain’s third significant security incident in its operational history.
RUNE, THORChain’s native token, dropped 12-15% immediately following the exploit announcement in May. The recovery plan notably avoided minting additional RUNE tokens, opting instead to absorb losses through protocol-owned liquidity, a detail that likely prevented further downward pressure on the token’s price during the suspension.
How the exploit worked The protocol uses something called GG20 Threshold Signature Scheme (TSS), a cryptographic method that splits a private key among multiple node operators so no single party can move funds alone.
The attacker was a node operator who had joined the THORChain network just two days before the exploit. During signing ceremonies, the processes where node operators collectively authorize transactions, the malicious operator leaked key material. This allowed them to reconstruct the full private key for one Asgard vault and execute unauthorized transactions across multiple blockchains.
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THORChain’s automated solvency detection systems flagged the breach within minutes. The protocol uses a solvency checker with a 1% imbalance threshold, meaning the moment vault balances deviated by more than 1% from expected levels, automated halts kicked in for trading, signing, and churning processes.
Node operators then coordinated via Discord and used on-chain Mimir governance votes to formalize the shutdown and begin implementing a recovery plan.
The recovery playbook Rather than inflating RUNE’s supply to cover the $10.7 million loss, the protocol absorbed the hit through its protocol-owned liquidity reserves.
On the technical side, the team deployed two security patches, versions v3.18.1 and v3.19.1, during the downtime. A vault migration was also executed, moving funds to freshly secured vaults as part of the broader recovery strategy. And in a somewhat unexpected development, the protocol advanced its integration with native Monero (XMR) during the pause.
The community is now actively debating whether to move away from the GG20 threshold signature scheme entirely, with conversation centering on transitioning to a more robust cryptographic framework that would make the kind of key-leaking attack used in this exploit significantly harder or impossible to replicate.
Third time’s the pattern This is breach number three for THORChain. The two-day window between the attacker joining as a node operator and executing the exploit raises pointed questions about onboarding safeguards.
The automated response systems did work. Minutes-not-hours detection and halting is genuinely impressive for a decentralized protocol, and it likely prevented the $10.7 million loss from being significantly larger. The attacker only compromised one of six Asgard vaults, suggesting the damage could have been more severe if the automated systems had been slower.
What this means for investors The GG20 TSS migration discussion is the key variable to watch. If THORChain successfully transitions to a more secure signing scheme, it could emerge from this incident with battle-tested automated defenses and upgraded cryptography. If the migration stalls or introduces new complexity, the protocol’s risk profile remains elevated.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
THORChain DEX, a renowned decentralized cross-chain liquidity entity, has recently resumed its activities following a 1-month halt due to $10.8 million vault exploit. As per THORChain DEX’s official announcement, the DEX platform is completely restarting its operations following recovery from the devastating exploit. The move highlights the return to the platform’s normal functionality as well as its renewed attention toward stability and security.
THORChain DEX Resumes Operations 38 Days after Vault Exploit
Trading is live again on THORChain.
After more than a month offline, the network is fully back. Signing, churning, secured and trade assets, LP actions, and swaps are all up and running. The world's leading Bitcoin DEX is open for business once again.
This recovery was never…
— THORChain (@THORChain) June 23, 2026 THORChain DEX Restarts Activities Following Recovery from $10.8M Exploit After THORChain DEX’s recovery from the noteworthy exploit and a 1-month halt, the platform has resumed trading, swaps, liquidity provision, vault operations, and signing. To give you the context, the shutdown occurred after a cross-chain attack, as a result of which the exploiters drained the above-mentioned amount in diverse crypto assets across various blockchain ecosystems. These networks included Base, BNB Chain, Ethereum, and Bitcoin. After the event, the governance mechanisms of THORChain halted signing and trading via governance mechanisms to prevent any additional damage.
In the meantime, the node operators examined the scenario, and RUNE/USDT, the native token of the platform, plunged by up to 12% following the exploit. The development highlighted growing concerns regarding the security breach. As a decentralized liquidity ecosystem, THORChain permits consumers to efficiently swap local assets between diverse chains without depending on centralized intermediaries or wrapped tokens. However, the recent security challenges have raised apprehensions about its well-being.
Following that, with the announcement of making services available again, THORChain has made its first step towards regaining its lost reputation. While focusing on recovery efforts, the platform prioritized security and accuracy over speed. Such a cautious approach permitted it to enhance confidence with the provision of more resilient operational foundations.
Advancing Roadmap with Zcash ($ZEC) and Monero ($XMR) Integrations THORChain DEX considers its reinstatement of trading activities as a milestone. In this respect, node operators consistently served during the governance upgrades and decisions. Additionally, developers worked collaboratively to provide necessary fixes. Thus, local Monero ($XMR) swaps have now completed end-to-end testing to soon go live, along with the confirmation of the Zcash ($ZEC) integration. Overall, with this move, THORChain endeavors to fortify its status as a dominant $BTC-focused decentralized exchange (DEX).
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Umair Younas is a cryptocurrency-related content writer linked with this work since 2019. Here, at Blockchainreporter, he serves as a news and article writer. He is a crypto, blockchain, NFTs, DeFi, and FinTech enthusiast. He has strong command over writing authentic reviews about brokers and exchanges and he has collaborated with our education team to write educational content as well. He has a dream to raise awareness among people about digital currencies. His works are well-researched and brimmed with information hence they provide fresh insights. Stay tuned to his posts if you want to stay up-to-date with the crypto-verse.
According to a statement from THORChain, the cross-chain protocol platform restored trading and network operations on June 23, more than five weeks after a $10.7 million exploit forced its halt. The restart marks the end of one of the longest disruptions in the project’s history, and it comes after a scrutiny of security upgrades, vault migrations, and extensive verification procedures aimed at preventing a repeat of the May breach.
The THORChain exploit, which struck on May 15, targeted one of its Asgard vaults and exposed weaknesses in the protocol’s GG20 Threshold Signature Scheme (TSS). Unlike many DeFi recovery efforts, THORChain opted against issuing new RUNE tokens to absorb losses; instead, it relied on protocol-owned liquidity. The approach helped shield token holders from dilution while allowing the network to rebuild confidence ahead of its reopening.
Trading is live again on THORChain.
After more than a month offline, the network is fully back. Signing, churning, secured and trade assets, LP actions, and swaps are all up and running. The world’s leading Bitcoin DEX is open for business once again.
This recovery was never…
— THORChain (@THORChain) June 23, 2026
THORChain Bounces Back Five Weeks After Strengthening Its Infrastructure In a post announcing the restart, THORChain confirmed that trading, swaps, liquidity provider actions, and signing functions had all been restored after contributors completed security reviews and network upgrades.
Specifically, the company said that:
“Signing, churning, secured and trade assets, LP actions, and swaps are all up and running.” The original attack drained approximately $10.7 million from a single vault. Investigators later determined that the attacker was a node operator who had joined the network just two days before the exploit and abused the platform’s vulnerabilities.
The breach affected assets across at least nine blockchains, including Bitcoin, Ethereum, BNB Chain, Base, Avalanche, Dogecoin, Litecoin, Bitcoin Cash, and XRP.
THORChain’s automatic solvency mechanisms detected unusual activity and halted signing operations before further damage could occur. Still, the incident was THORChain’s third major exploit since 2021.
According to TRM Labs, cumulative losses associated with attacks involving the protocol have now approached $25 million. This makes the protocol highly questionable as far as its security approach and effectiveness are concerned.
A Non-Dilutive Recovery Helped Stabilize Confidence The exploit initially sent RUNE down between 12% and 15%, erasing tens of millions of dollars in market value. However, the recovery plan’s decision to avoid minting additional tokens helped limit further pressure on the asset.
Governance discussions are now focused on replacing the GG20 threshold signature system with alternative security architectures. The incident has also reignited debate over node operator security and whether decentralized networks can adequately defend against insider threats.
Despite the successful restart, THORChain continues to face broader challenges. The protocol suspended its ThorFi lending business in 2025 amid insolvency concerns, while regulators and compliance firms have repeatedly highlighted its role in facilitating cross-chain transfers associated with major crypto hacks.
For now, the reopening represents an important milestone that could restore confidence in one of crypto’s largest cross-chain liquidity networks. However, the protocol’s team need an effective strategy to convince users to use THORChain again.
Regulators could also have an eye on the protocol to ensure it has effective measures in place to avert future risks.
The cross-chain DEX restored signing, churning, swaps, and LP actions Tuesday morning, six weeks after an Asgard vault breach drained funds across four chains.
THORChain restored full operations Tuesday morning, bringing signing, churning, swaps, and liquidity-provider actions back online after a halt tied to a $10.7 million exploit in May.
The protocol's official account announced the restart just before 3 a.m. ET Tuesday, confirming that signing, churning, secured and trade assets, LP actions, and swaps are all running.
RUNE was trading around $0.42 at the time of the announcement, and its up 3.7% in the past 24 hours, per CoinGecko.
The May ExploitThe halt began May 15, when one of six Asgard vaults was compromised, sending approximately $7.4 million in unauthorized transactions before the network stopped signing. Total losses reached $10.7 million as funds were drained across Bitcoin, Ethereum, BNB Chain, and Base vaults.
A second layer of scrutiny arrived June 1, when security startup V12 disclosed that it had reported a near-identical vulnerability to THORChain developers weeks before the May breach. V12 alleged the protocol silently applied a patch without paying the bounty, then later told researchers the bounty program was permanently retired. The firm said it planned to release exploit code for additional unpatched bugs.
Recovery StepsThe restart statement credited the six-week timeline to systematic verification rather than speed. Developers confirmed every vault and keyshare before reopening functions, according to the announcement. Node operators, the dev team, and the Maya Protocol team, the connected chain that kept liquidity available during the downtime, were cited as contributors to the recovery.
THORChain routes cross-chain swaps through liquidity pools without wrapped tokens or bridges. The protocol describes itself as the leading Bitcoin DEX.
What Comes NextThe restart post lists native Monero swaps as the next feature, with end-to-end testing complete and a live launch described as on the horizon. Zcash support follows close behind. Dynamic fees and deeper liquidity are also in progress, per the announcement.
In This Article Crypto News Today: THORChain Resumes Operations Following $11M ExploitChainlink Joins 47 European and South Korean Banks to Speed up Stablecoin Payments In crypto news today (June 24), Bitcoin is struggling to reclaim $63,000, and this weakness has sparked fears that a drop to $60,000 is coming next. Although BTC/USD is stuck in a tight range, Michael Saylor’s Strategy has begun buying Bitcoin again.
Liquidations have cooled off from yesterday, with just $346M picked up, down from over $ 575M. Of that $346M figure, $278M was liquidations of long positions.
While BTC and ETH are down -0.5% and -1% in the past 24-hours, respectively, SUI and AVAX are two of the only major caps in the green today. SUI is up +2% while AVAX is up +3.5% since yesterday. Trading volume has picked up slightly since yesterday, now at $76Bn, up from $68Bn.
With Bitcoin and the broader market continuing to bleed, the Fear & Greed Index dropped to 17/100, falling below the 20-25 range that had held steady over the past week and indicating a fresh wave of investor concern.
Crypto News Today: THORChain Resumes Operations Following $11M Exploit THORChain has resumed trading after more than five weeks of downtime. On Tuesday, the decentralized cross-chain liquidity protocol announced it had restored operations, ending the pause triggered by a May exploit.
According to the team, transaction signing, liquidity provider actions, and swaps are now available again. THORChain positions itself as the world’s leading decentralized exchange for Bitcoin, allowing users to swap native assets across different blockchains without the need to wrap tokens or rely on centralized intermediaries for bridging.
Trading on THORChain was halted on May 15 after blockchain investigator ZachXBT and the security firm PeckShield reported a suspected exploit affecting Bitcoin, Ethereum, BNB Chain, and Base.
This vulnerability led to the withdrawal of approximately $10.7M from one of the protocol’s Asgard vaults, while the other five vaults remained unaffected.
THORChain is Back Online Following May Exploit
After more than a month offline, @THORChain has resumed trading.
According to the protocol, signing, churning, securing, and trading assets, LP actions, and swaps are all up and running.
The Bitcoin DEX got hit back in May,… pic.twitter.com/8lpjPB9p1B
— BSCN (@BSCNews) June 23, 2026
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Chainlink Joins 47 European and South Korean Banks to Speed up Stablecoin Payments In other crypto news today, Chainlink has joined Project Pangea, a collaboration of 47 banks aiming to enhance cross-border payments with stablecoins. The initiative seeks to reduce foreign exchange settlement times from two days to near-instant execution.
It involves the European banking consortium Qivalis and South Korea’s UniKA alliance, which together manage over $10 trillion in assets, highlighting the significance of this project and Chainlink’s involvement.
Focusing on the Europe–South Korea trade corridor, with over $150Bn in annual trade, banks will use euro- and Korean won-denominated stablecoins for real-time settlement of transactions.
The Payment-versus-Payment (PvP) model will enable simultaneous currency exchanges, lowering both settlement risk and liquidity requirements, a key feature for the project.
Importantly, the initiative will be compatible with existing infrastructures such as SWIFT and ISO 20022, leveraging Chainlink for interoperability with blockchain systems.
Another day, another proof point of Chainlink powering real-world TradFi use cases 🏦@Chainlink and a coalition of 50+ global banks, representing $10T+ in AUM, are coming together to launch Project Pangea and unlock real-time T+0 atomic settlement for the international FX… https://t.co/wWg2LLwp5E pic.twitter.com/5YCczmgFB8
— Zach Rynes | CLG (@ChainLinkGod) June 23, 2026
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Alex Ioannou
On-Chain Journalist
Alex is a seasoned cryptocurrency trader and market analyst with over seven years of active experience in the digital asset space. Since entering the markets in 2017, Alex has specialized in identifying emerging "meta" trends and high-volatility narratives. Notably, Alex... Read More
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THORChain has restored full network operations more than a month after a $10.7 million exploit forced the cross-chain liquidity protocol to suspend trading and other core services.
In an update, the decentralized exchange said signing, node churn, swaps, liquidity provider actions, and secured and trade assets are now fully operational following an extensive security overhaul.
The restart marks the end of one of the most significant disruptions in THORChain’s history. The protocol remained largely offline for nearly six weeks after an attacker compromised a single Asgard vault in May.
Network returns after security overhaul THORChain said the recovery prioritized security over speed, with developers verifying every vault and key share before restoring normal operations.
Following the exploit, the network halted trading, vault signing, chain observation, and node churn. While halted, engineers investigated the vulnerability and secured the remaining infrastructure.
According to the protocol, every stage of the recovery was completed before services resumed. This allowed the network to restore cross-chain swaps and liquidity operations.
The project also credited node operators, developers, the Maya Protocol team, and the wider community for supporting the recovery effort throughout the shutdown.
Recovery follows $10.7M exploit The outage began after an attacker exploited a vulnerability in THORChain’s GG20 Threshold Signature Scheme [TSS]. It allowed a newly churned validator to reconstruct the private key for one Asgard vault and authorize unauthorized withdrawals.
THORChain’s automated solvency monitoring detected the incident, triggering an immediate halt to trading and vault operations. At the same time, emergency governance measures were introduced to prevent further losses.
The protocol later confirmed that the exploit affected a single vault and resulted in losses of approximately $10.7 million.
Rather than restoring services immediately, developers spent more than a month deploying security fixes, validating infrastructure, and migrating assets before bringing the network back online.
Monero and Zcash integrations next Alongside the restart, THORChain outlined several upcoming protocol upgrades.
The project said native Monero swaps are already functioning in end-to-end testing and are expected to launch in the near future.
Native Zcash support is also planned, alongside dynamic fees and deeper liquidity improvements designed to strengthen the protocol’s cross-chain trading infrastructure.
Final Summary THORChain has restored swaps, liquidity provider actions, signing, and node operations after a month-long shutdown following a $10.7 million exploit. The protocol is now shifting its focus to new features, including native Monero swaps, Zcash integration, and further infrastructure upgrades.
The layer-2 (L2) scaling solutions ecosystem is booming. Can crypto achieve scalability without sacrificing decentralization?
The congestion and high transaction fees in established blockchains like Ethereum (ETH) and Bitcoin (BTC) have sparked a need for additional solutions to handle the increased demand. The L2 sidechains such as Arbitrum (ARB), Optimism (OP), and Polygon (MATIC) emerged as an attempt to enhance transaction capabilities while ensuring smooth and orderly operations.
In short, layer-2 solutions are additional protocols or frameworks constructed on existing blockchains to improve scalability and transaction throughput. They come in various forms, such as rollups, state channels, and sidechains.
They alleviate the computational load on the main chain by offloading it to a secondary layer while ideally ensuring security and decentralization.
Optimistic rollups, like Arbitrum and Optimism, take a trust-but-verify stance, treating transactions as valid unless a challenge proves otherwise.
Zero-knowledge rollups, like zkSync, perform calculations away from the main chain and then submit proof that everything checks out.
These solutions accomplish scaling by processing thousands of transactions off-chain and then bundling them into a single transaction on the main chain. This action effectively diverts the transactional load onto their parallel network, easing congestion on the mainnet.
Yet, prominent figures, including Ethereum’s co-creator, Vitalik Buterin, have recently voiced concerns about centralization and censorship in L2 solutions.
Pseudonymous blockchain researcher Andy recently took to X, stating that decentralization had been sidelined for “immediate feedback loops, accessibility, and user acquisition.”
In their opinion, the current L2 stack significantly differs from the idealized version fronted by its backers.
The growing conundrum As the demand for blockchain scalability intensifies, many layer-2 solutions have sprung forth, offering varied approaches to tackle the scalability, security, and speed trilemma.
According to data from layer-2 watchdog L2Beat, there are currently 37 active layer-2 projects with the extensive user, transaction activity, and total value locked (TVL). 36 more are upcoming, and 11 projects have been archived.
Analysts estimate that by the end of the year, there could be more than 100 and even as many as a thousand L2s to address Ethereum’s scalability issues.
Yet, as the ecosystem expands, concerns arise about increasing centralization within these solutions. It’s a paradox: seeking to decentralize but inadvertently embracing centralization.
This concern goes beyond philosophy; it may challenge what makes blockchain robust, transparent, and resistant to censorship.
The L2 solutions offer scalability while potentially compromising the core principles of decentralization. Is this sacrifice necessary, or can we strike a balance that preserves this delicate equilibrium?
Navigating the sequencer dilemma A key component of these L2 networks is the sequencer, which bundles user transactions and sends them to Ethereum.
Sequencers verify, arrange, and compress transactions into a package that can be transported to the layer-1 chain. For this service, they receive a small portion of the fees collected from users.
The technology plays an important role in the functioning of L2s, making them faster, less expensive, and more user-friendly.
Critics argue that today’s sequencers are usually run by centralized entities, representing potential failure points and vectors for transaction censorship. There have also been suggestions that the profitable nature of running sequencers may inadvertently discourage decentralization.
Speaking to crypto.news, Kelsey McGuire, Chief Growth Officer at EVM-based smart contract platform Shardeum, opined that the centralization of some layer-2 platforms could lead to an increased reliance on specific validators and sequencers, creating a scenario where a handful of participants wield disproportionate influence over the network.
Such a scenario could even create rifts in the crypto community between those willing to sacrifice a level of decentralization and those who see themselves as decentralization purists.
In her opinion, sequencers could have transaction ordering, thus creating concerns around front-running or censorship. McGuire suggested exclusively relying on such sequencers could lead to an industry where only a few entities have significant influence, undermining decentralization across the board.
“L2s that do care about decentralization should continue to focus on finding ways to ensure that all the power and influence doesn’t sit within the hands of just a few entities.”
Kelsey McGuire, Chief Growth Officer, Shardeum A recent Binance report also highlighted the risks the current centralized sequencer systems pose, including the potential abuse of transaction order control and the possibility of economic harm to users. For instance, the entire L2 is impacted if a centralized sequencer fails.
Some L2s also lack fraud proofs, although others, including the popular Optimism rollup, are currently developing such systems.
Fraud proofs are layer-1 algorithms that validate the accuracy of layer-2 transactions. Many rollup networks “borrow” Ethereum’s security through these fraud proofs, enabling Ethereum validators to verify that an L2 network is functioning correctly.
Some analysts have suggested that without fraud proofs L2 networks are essentially asking users to trust their security measures instead of Ethereum’s.
I’ve raised the alarm bells about the dangers of L2s being marketed as such without fraud proofs or any meaningful L1 derived security for a very long time.
The response I generally got was “they’re good people. We can trust them to eventually build fraud proofs and not rug in… https://t.co/rbLVIoCShP
— Steven Goldfeder (@sgoldfed) November 22, 2023 Other L2s also lack what experts describe as an “escape hatch” for users to transfer their funds back to Ethereum if a sequencer fails. Without this, there’s a risk of users losing their funds if something goes wrong.
Ethereum’s centralization issues extend beyond L2 centralization. Its transition to the proof-of-stake (PoS) consensus mechanism created new centralization headaches for the network.
Under PoS, network validators are chosen based on the amount of staked ETH they have. It has led to hyper-scale staking platforms such as Lido, which currently houses as much as 20% of Ethereum’s total locked value (TVL) in its liquid staking instrument, the LSD.
Lido also operates one in every three Ethereum validators, leading many to question the excessive dependency on such centralized staking platforms, which ultimately contradicts the Ethereum community’s ethos of decentralization.
The solutions in place Several solutions are being proposed to address these centralization issues. Shared sequencers and direct decentralized sequencers are some of them.
Shared sequencers are networks serving multiple L2s, promoting interoperability and composability. In contrast, direct decentralized sequencing allows each L2 to have its own set of sequencers, allowing for more customization and control.
There are reports that Coinbase and other rollup platforms plan to adopt decentralized sequencers, even as fears abound that large-scale implementation of the technology may compromise speed and security.
L2 platforms like Espresso and Radius are currently developing shared sequencing solutions, each with unique features in their respective architectures.
McGuire, who believes sharing is caring, at least as far as decentralization is concerned, thinks the shared sequencer route may be the best way forward in the L2 space. She feels that a number of the challenges facing L2s could have been negated had the solutions been baked into the underlying L1s from the start.
In his post on the Ethereum Magicians forum, Vitalik Buterin introduced a tiered framework, ranging from stage zero through stage two, to systematically evaluate the level of decentralization inherent in various L2 networks.
This framework acknowledges the practical necessity for nascent L2s to temporarily employ certain centralized mechanisms—akin to “training wheels”—that ensure a secure testing phase and a controlled public roll-out before full decentralization is achieved.
Future horizons As the crypto community grapples with the centralization problem, the future remains uncertain yet hopeful. Innovators actively address these concerns, exploring novel architectures that balance efficiency with decentralization.
The road ahead involves iterative solutions and learning from the successes and pitfalls of existing L2 frameworks.
The conversation is dynamic, evolving alongside the blockchain landscape. The challenge is clear: to forge a path where scalability doesn’t compromise the decentralized ethos.
The community could collaboratively shape the future, steering toward solutions that align with the core principles of blockchain technology.
In the grand narrative of blockchain scaling, the centralization subplot is a critical chapter that will undoubtedly shape the destiny of decentralized networks. The question remains: can we scale without compromising the soul of crypto?
Outspoken Cardano founder Charles Hoskinson surprised Crypto Twitter last week when he announced his “first game is coming out,” alongside a trailer for a game launching on blockchain gaming platform Gala.
When one user asked about it, Hoskinson simply replied, “I have six companies.”
With Voyager: Ascension out today on Gala’s new GalaChain network, now we know a bit more about this particular company—and what Hoskinson’s involvement is.
RFLXT, the company behind the game, told Decrypt that it is an Input Output Global portfolio company, and Hoskinson is the co-founder and CEO of IOG. Hoskinson “doesn't have a position within RFLXT itself,” a RFLXT spokesperson clarified.
(Following publication of this story, Hoskinson tweeted a video in which he says he's a board member at the company and that RFLXT was a "spinout company" from IOG. As previously noted, the studio's PR rep told Decrypt before publication that Hoskinson did not have a position at the company.)
“Our mission at RFLXT is to reinvent what entertainment can be, by launching and combining innovative technologies we haven’t seen combined before,” a spokesperson told Decrypt’s GG via email. “A big focus of our platform is allowing developers and creators (influencers, streamers, etc.) to launch in an environment that’s totally new.”
I have six companies
— Charles Hoskinson (@IOHK_Charles) April 12, 2024
A key strategy for RFLXT is approaching the developers of old PC titles and helping “introduce them to the Web3 world,” they added. This is how Voyager: Ascension came to be. Originally launched in 2018 as Overload, the game hailed from some of the creators of old-school classic shooter Descent. Now it’s been reworked for the crypto world.
“We worked with that team to license the game and introduce features for Web3 audiences,” the RFLXT spokesperson told Decrypt.
Overload is currently available on Steam for $30 with nearly 1,500 very positive reviews. The gameplay looks almost identical to its Web3 counterpart as a fast-paced, sci-fi shooter akin to Quake, albeit in a spaceship. Voyager: Ascension is launching as a purely single-player experience, with a multiplayer mode “coming soon.” Overload has both modes available now.
However, Voyager: Ascension is releasing for free on Gala Games with what the team described as a “very low-priced token season pass” available.
But why GalaChain and not Cardano?
“Helping grow the presence and awareness for games built on Cardano is a major focus for us,” RFLXT told Decrypt’s GG. “But it’s also important to us that RFLXT work with a variety of chains and platforms, as we want to help grow and build the entire space in a new way.”
A core goal for the company is interoperability, as a result RFLXT believes that this partnership with Gala “just made sense,” as “their mission aligns closely with ours.” With that said, the team also confirmed that they are “working with Cardano games” for the RFLXT platform.
“Ultimately, our goal is for our titles to be released in a variety of places,” RFLXT said. “With the special integrations to our Digital Doubles and other RFLXT portal features working across platforms and chains.”
Digital Doubles is an AI-driven product that will enable influencers and streamers to integrate themselves into games. Depending on the title, Digital Doubles will interact with players in a variety of ways, from unlocking special features to being playable characters.
While Voyager: Ascension won’t be integrating this feature, when the RFLXT platform launches “later this summer,” the first full platform title called Chronoshot will integrate Digital Doubles. The team promised “some other titles following that,” with plans to showcase what’s next at August’s Rare Evo conference in Las Vegas.
Edited by Andrew Hayward
Editor's note: This story was updated after publication to include the detail from Hoskinson's tweeted video that he's a board member at RFLXT, which the company did not share when asked prior to publication.
Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.
FTX and Voyager Digital have secured a $450 million settlement. The agreement, sanctioned by Judge John Dorsey of the United States Bankruptcy Court for the District of Delaware, aims to settle all claims between the two firms. This settlement is part of Voyager’s ongoing efforts to repay creditors following its bankruptcy filing in July 2022.
The terms of the deal were detailed in a court filing on April 29. They include the release of $5 million currently held in escrow by Voyager and an additional $445 million tied to a loan repayment lawsuit from Alameda Research. With this settlement, FTX will relinquish all rights to the funds, facilitating a clearer path for Voyager’s debt repayment strategy.
Both Voyager’s attorney, Paul Hage, and FTX restructuring officer, CEO John Ray III, have formally approved the settlement terms as of April 4. This marks a critical step forward in addressing the claims and financial obligations arising from Voyager’s bankruptcy proceedings.
Voyager Customers to Recover 35.7% of Claims Voyager Digital’s path to compensating its creditors has included multiple significant settlements and claims. In April, the company secured approximately $20 million from Three Arrows Capital and about $14 million from Directors and Officers Insurance. These funds are part of a broader strategy to manage and distribute assets to affected parties.
A restructuring plan proposed in May 2023 suggested that Voyager customers might recover 35.7% of their claims, whether in crypto or fiat currency. This plan is part of a series of measures designed to stabilize the firm’s financial standing and provide restitution to its users and investors.
Genesis, Gemini Settle with SEC for $21M The settlement comes amid ongoing legal challenges for entities within the cryptocurrency market. Notably, in October 2023, the U.S. Commodity Futures Trading Commission and the Federal Trade Commission filed lawsuits against Voyager’s former CEO, Stephen Ehrlich. These lawsuits address allegations of fraudulent statements made by Ehrlich, and the cases were still pending at the time of this report.
Additionally, a related lawsuit involving Genesis and Gemini culminated in a $21 million settlement with the SEC. This settlement, approved by a New York federal judge, pertains to charges that Genesis Global Capital sold unregistered securities through the Gemini Earn program. The SEC will receive the penalty upon the bankruptcy court’s confirmation of all claim payments, including those to retail investors involved in the program.
Read Also: US SEC Slammed By Lawmaker Over Misleading Ethereum Security Tag
SponsoredUpdated May 8, 2024, 5:29 p.m. Published May 7, 2024, 5:59 p.m.
2 min read
Former New England Patriots and Tampa Bay Buccaneers tight end Rob Gronkowski will pay $1.9 million to settle claims brought against him by former customers of Voyager Digital, a cryptocurrency lender.
The settlement, which is still subject to approval by the court overseeing the civil lawsuit, will see the National Football League star known as "Gronk" pay into a $2.4 million pool alongside National Basketball Association player Victor Oladipo and racecar driver Landon Cassill, according to a court filing dated May 3.
Gronkowski became a "brand ambassador, Voyager shareholder" and holder of Voyager's VGX token in September 2021, a company press release announced at the time.
Voyager filed for bankruptcy in 2022.
A group of Voyager investors sued Dallas Mavericks owner Mark Cuban and other Voyager promoters that same year, adding Gronkowski and other promoters last year. The investors announced they had reached a deal with Gronkowski in February. Last week's filing saw the Voyager investors announce that they were ready to proceed with "the first trance of proposed Class Settlements," which were made with Gronkowski, Oladipo and Cassill.
"Plaintiffs have now settled with Voyager promoters Cassill, Gronkowski, and Oladipo for millions of dollars in relief to the class leaving Co-Defendants Mark Cuban and the Dallas Mavericks as the remaining Defendants for trial in November 2024," the filing said.
According to an accompanying exhibit, Gronkowski will pay $1.9 million, Oladipo will pay $500,000 and Cassill will pay $25,000 to settle the claims. If the court approves the settlement, the claims against the three will be dismissed.
Coincidentally, the investors filed the proposed settlement with the court just two days before former NFL quarterback Tom Brady – Gronkowski's former teammate – participated in a comedic roast, which saw several comedians and other stars comment on Brady's previous crypto endorsements, though without mentioning FTX, Sam Bankman-Fried's defunct exchange Brady promoted.
Comedian Kevin Hart joked that the roast was taking place at the Kia Forum and not the Crypto.com Arena to avoid reminding people Brady owed them money, while fellow comedian Nikki Glaser took a more pointed approach.
"Tom also lost $30 million in crypto. Tom, how did you fall for that? I mean, even Gronk was like, 'Me know that not real money,'" she said.
Former NFL Star Rob Gronkowski must pay $1.9 million to settle a crypto investor lawsuit. The settlement is subject to approval by the court overseeing the lawsuit. The claims were brought against him by former customers of Voyager Digital, a cryptocurrency lender.
Former NBA All-Star Victor Oladipo and racecar driver Landon Cassill also struck deals with Voyager digital customers. Gronkowski became an ambassador for the crypto company in 2021. In addition, he was also a shareholder and holder of the company’s VGX token, which he advertised to his millions of fans across social media. Voyager filed for bankruptcy in 2022.
Upon the company filing for bankruptcy, a group of investors sued Mark Cuban and other Voyager promoters. This includes Gronkowski, Oladipo, and Cassill in 2023. A deal was reached between Gronkowski and the investors in February, and the settlement total has officially been announced. Furthermore, Rob Gronkowski is contributing $1.9 million to a pool totaling $2.4 million for investors for the crypto lawsuit.
Also Read: Chainlink Weekly Price Prediction: Can LINK Hit $15?
“Plaintiffs have now settled with Voyager promoters Cassill, Gronkowski, and Oladipo for millions of dollars in relief to the class leaving Co-Defendants Mark Cuban and the Dallas Mavericks as the remaining Defendants for trial in November 2024,” the settlement filing states. According to an accompanying exhibit, Gronkowski will pay $1.9 million, Oladipo will pay $500,000 and Cassill will pay $25,000 to settle the claims. Upon court approval of the settlement, the court will dismiss the lawsuit.
In a recent development, three prominent American sports personalities have agreed to collectively pay $2.42 million to settle accusations of promoting the now-bankrupt cryptocurrency exchange Voyager Digital.
Retired NFL star Rob “Gronk” Gronkowski, NBA player Victor Oladipo, and NASCAR driver Landon Cassill have reached settlements without admitting to or denying the allegations.
TLDR Table of Contents
TLDROladipo and Cassill Also ContributeAttorney Fees and Settlement ScopeMark Cuban Remains a Defendant Rob Gronkowski, Victor Oladipo, and Landon Cassill agree to pay $2.42 million to settle allegations of promoting failed cryptocurrency exchange Voyager Digital. Gronkowski will pay the largest share of $1.9 million, while Oladipo will pay $500,000 and Cassill will pay $25,000. The proposed settlement includes all U.S. individuals who enrolled in a Voyager Earn Program Account or purchased VGX tokens from October 2019 to the preliminary approval date. Plaintiffs plan to ask for an award of attorney fees of roughly $792,000 in addition to approving the $2.4 million settlement. The main defendant named in the class action lawsuit is Dallas Mavericks minority owner Mark Cuban, with Gronkowski and other Voyager promoters added in 2023. Of the three athletes, Gronkowski will be paying the lion’s share of the settlement, amounting to $1.9 million. The former New England Patriots tight end had become a Voyager partner, brand ambassador, shareholder, and VGX tokenholder in September 2021.
His sincere empathy for his fans, despite losing money with Voyager himself, has been cited as a key reason for his willingness to settle.
Oladipo and Cassill Also Contribute NBA All-Star Victor Oladipo has agreed to pay $500,000, while NASCAR driver Landon Cassill will contribute $25,000 to the settlement pool. The total settlement of $2.42 million will provide relief to U.S. individuals who enrolled in a Voyager Earn Program Account or purchased VGX tokens from October 2019 to the preliminary approval date.
Attorney Fees and Settlement Scope In addition to the $2.4 million settlement, plaintiffs plan to request an award of attorney fees amounting to approximately $792,000. The settlements were negotiated through mediation, aiming to resolve the issues of whether Voyager products were unregistered securities and if the promoters solicited investors.
Mark Cuban Remains a Defendant While Gronkowski, Oladipo, and Cassill have settled, the main defendant in the class action lawsuit remains Dallas Mavericks minority owner Mark Cuban. The billionaire was scheduled to be deposed in February as part of his defense in the lawsuit. The trial against Cuban and the Dallas Mavericks is set for November 2024.
Oliver Dale
Editor-in-Chief of Blockonomi and founder of Kooc Media, A UK-Based Online Media Company. Believer in Open-Source Software, Blockchain Technology & a Free and Fair Internet for all. His writing has been quoted by Nasdaq, Dow Jones, Investopedia, The New Yorker, Forbes, Techcrunch & More. Contact [email protected]
Recently, prominent figures in American sports took a significant step in a lawsuit against Voyager Digital. Retired NFL star Rob “Gronk” Gronkowski, NBA player Victor Oladipo, and NASCAR driver Landon Cassill collectively reached a $2.42 million settlement to resolve allegations of their roles in promoting Voyager Digital.
What Are the Details of the Payments?According to the class action settlement filed on May 3, Gronkowski will pay the largest portion, amounting to $1.9 million. Oladipo will pay $500,000, and Cassill will contribute $25,000. All three sports stars accepted the settlement without admitting or denying the accusations.
This settlement proposal covers all US individuals who registered for a Voyager Earnings Program Account or purchased VGX tokens before October 2019. In addition to approving the $2.4 million settlement, the plaintiffs plan to request approximately $792,000 in attorney fees.
In 2021, Gronkowski launched an NFT collection and became a partner, “brand ambassador”, shareholder, and owner of VGX tokens at Voyager. The legal representative for the investors, Adam Moskowitz, stated that the athletes’ intentions to settle stemmed from a genuine desire to help their fans. Moskowitz noted, “Despite losing money with Voyager, Gronk developed sincere empathy for all his fans.”
Background of the LawsuitA group of investors filed a class action lawsuit against Dallas Mavericks owner Mark Cuban in 2022, and later, in 2023, included Rob Gronkowski and other Voyager endorsers in the lawsuit process. The lawsuit primarily focused on whether Voyager products were unregistered securities and whether the endorsers misled investors.
Throughout the lawsuit, several settlements were reached through mediation between the parties. These agreements aimed to resolve uncertainties in the industry and facilitate reconciliation among the parties. Particularly, efforts were made to correct market turmoil following Voyager Digital’s bankruptcy filing, events like the collapse of Terra/Luna in May and the default on loans given to the Three Arrows Capital hedge fund caused significant upheaval in the sector.
However, in April, Voyager Digital took a significant step by providing $484 million to compensate its creditors. This funding was obtained through settlements with FTX, Three Arrows Capital, and Directors and Officers (D&O) insurance claims.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Three prominent American athletes have reportedly agreed to pay a collective settlement of up to $2.42 million in an ongoing promotion Voyager lawsuit. The trio, identified as retired NFL star Rob “Gronk” Gronkowski, NBA’s Victor Oladipo, and NASCAR driver Landon Cassill, alleged played huge roles in promoting the now-bankrupt crypto exchange Voyager Digital.
According to court documents, the retired Gronkowski will take the biggest part of the settlement with a payment of $1.9 million. The former New England Patriots tight end partnered with Voyager as a brand ambassador in September 2021. The partnership also saw him become a shareholder in the company as well as a VGX tokenholder.
However, despite losing a sizeable amount of money to Voyager himself, it is believed that Gronkowski’s sincere empathy for his followers and fans is the reason behind his willingness to settle.
NBA player Victor Oladipo will also be contributing $500,000 to the settlement pool, while Cassill will pay the smallest share of $25,000.
The total settlement of $2.42 million is expected to provide relief to the US individuals who enrolled in a Voyager Earn Program Account or purchased VGX tokens from October 2019 to the preliminary approval date. While all three of them have agreed to the terms of the filing, it might be worth noting that they did not exactly admit to the accusations of the plaintiffs.
Meanwhile, other than the amount that the trio has agreed upon, plaintiffs are looking at an additional fee of about $792,000 that will cover the attorneys’ cost.
Main Defendant Remains in Voyager Lawsuit Gronkowski, Oladipo, and Cassill may have settled, but the main defendant in the class action lawsuit remains Dallas Mavericks minority owner Mark Cuban. Back in 2022, a group of investors initially filed a class action against Cuban only. However, things took a different turn when the plaintiffs added Gronkowski and other Voyager promoters in 2023. The trial against Cuban and the Dallas Mavericks is set for November 2024.
Notably, the agreed settlements were carried out through a mediation that was set to achieve two things. Firstly, it aimed to establish whether Voyager products were unregistered securities. It also sought to know if the promoters solicited investors or not.
Voyager Digital filed for bankruptcy in July 2022 following Terra’s crash that had an industry-wide effect. In April, however, the failed platform made some reasonable progress in its bid to compensate its creditors. It was able to raise $474 million through settlements with FTX, Three Arrows Capital, and Directors and Officers (D&O) insurance claims.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Mayowa is a crypto enthusiast/writer whose conversational character is quite evident in his style of writing. He strongly believes in the potential of digital assets and takes every opportunity to reiterate this. He's a reader, a researcher, an astute speaker, and also a budding entrepreneur. Away from crypto however, Mayowa's fancied distractions include soccer or discussing world politics.
Gronkowski, Oladipo, and Cassill to pay $2.4 million in Voyager lawsuit. The settlement underscores regulatory challenges and investor protection concerns. In a surprising crossover of sports and finance, Rob Gronkowski, a retired football star, Victor Oladipo, an NBA player, and Landon Cassill, a NASCAR driver, find themselves at the center of a legal settlement.
The case involves allegations linked to the promotion of the failed cryptocurrency exchange Voyager Digital Holdings Inc.
Who’s to be blamed? According to a court document, the trio has collectively agreed to pay $2.4 million to settle the claims, with Gronkowski taking up the largest share of $1.9 million. The statement added,
“All settling defendants have to provide collectively $2,425,000 in monetary relief.”
The settlement, achieved without admission or denial of the allegations, has sparked discussions within both the sports and cryptocurrency communities.
It covers U.S. individuals who joined Voyager Earn or bought VGX Tokens from the 23rd of October, 2019.
In response to the aforementioned allegations, Adam Moskowitz of The Moskowitz Law Firm, representing the investors, stated to Law360 on the 7th of May that the settlements primarily stem from the athletes’ desire to assist their fans.
He said,
“Gronk had a sincere empathy for all of his fans, even though he lost money with Voyager as well. It is no surprise he continues to be such a trusted and respected spokesperson.”
Praising the U.S. District Judge Roy K. Altman, Moskowitz added,
“We also are grateful to [U.S. District Judge Roy K. Altman], who has carefully presided over our litigation, and we are hopeful to reach additional settlements with other defendants in the future.”
The real culprit Though Gronkowski, Oladipo, and Cassill are defendants, the lawsuit also targets Dallas Mavericks owner Mark Cuban. Investors allege deception in buying unregistered securities with false promises of profits.
Related lawsuits against the NBA, McCarter & English, and Ketchum Inc. have also been merged into the main case.
Moreover, Voyager’s Chapter 11 filing in July 2022, amidst financial turmoil and unsuccessful sale attempts to FTX and Binance [BN] US, has added complexity to this legal situation.
As investors navigate these complexities with legal representation, the outcome of this litigation will undoubtedly shape the trajectory of cryptocurrency regulation and investor protection.
Jimmy has nearly 10 years of experience as a journalist and writer in the blockchain industry. He has worked with well-known publications such as Bitcoin Magazine, CCN, and Blockonomi, covering news...
Has Also Written
Last updated:
May 8, 2024
Three American sports personalities, Rob Gronkowski, Victor Oladipo, and Landon Cassill, agreed on May 3 to collectively pay $2.42 million to settle allegations related to the Voyager promotion case.
The settlement involving the trio’s promotion of the defunct crypto exchange Voyager Digital provides a detailed look at the financial implications and legal aspects of their involvement.
Retired NFL icon Gronkowski agreed to pay the highest amount, $1.9 million. OKC Thunder Guard Oladipo settled for $500,000, while NASCAR driver Cassill agreed to pay $25,000.
GRONKOWSKI AND OTHERS TO SETTLE CRYPTO INVESTOR SUIT FOR $1.9M
– Former NFL star Rob Gronkowski agrees to pay $1.9 million to settle claims from former customers of Voyager Digital, a cryptocurrency lender.
– The settlement, subject to court approval, involves Gronkowski, NBA… https://t.co/jcP9n0sXnz pic.twitter.com/hBnaiiACwB
— BSCN (@BSCNews) May 7, 2024
In addition to the settlement, the plaintiffs are also seeking $792,000 in attorney fees.
Unlike the other defendants, Gronkowski was more involved with Voyager. The NFL player was a partner, VGX token holder, shareholder, and ambassador for the exchange.
According to court documents, the settlement was negotiated through mediation aimed to discover whether Voyager’s products were unregistered securities and if the promoters improperly solicited investors.
Voyager Digital filed for bankruptcy in July 2022 due to severe market turmoil triggered by the Terra/Luna collapse in May 2022 and the default of loans to the Three Arrows Capital (3AC) hedge fund. This series of events ultimately led to the exchange’s downfall.
In April 2024, however, Voyager took steps towards compensating creditors by securing $484 million through settlements with FTX, Three Arrows Capital, and Directors and Officers (D&O) insurance claims. The settlement, including interest, covers around 25% of Voyager creditors’ total claims and is expected to be distributed soon.
Alongside the FTX agreement, Voyager has secured a claim of about $675 million from its ongoing litigation with Three Arrows Capital. Within this sum, $20.43 million constitutes Voyager’s share of the initial distribution from 3AC.
Will Mark Cuban Settle? While the sports personalities have agreed to settle the case, the main defendant has yet to come to the table.
In 2022, a class action was filed against Mark Cuban, the minority owner of the Dallas Mavericks. In 2023, the other sports influencers were added to the suit.
The sports billionaire’s trial is scheduled to begin in November 2024 for his involvement in promoting Voyager’s Earn Program Accounts (EPAs), which were classified as unregistered securities.
Voyager Digital Class Action Lawsuit: Defendants Robert Gronkowski, Victor Oladipo & Landon Cassill settle for combined $2,425,000. ~33% Attorney fees leave $1.62 million. Motion not finalized. Still lawsuits against Mark Cuban, Dallas Mavericks, NBA, McCarter & English & Ketchum pic.twitter.com/9EbVrDZHAM
— JDW_007 (@007_jdw) May 4, 2024
The NBA and Cuban are also facing a lawsuit for alleged “gross negligence” in their marketing partnership with the defunct crypto exchange. The trial against Cuban and the Dallas Mavericks is set for November 2024.
NBA’s decision to support the partnership between Voyager Digital and the Dallas Mavericks has elicited criticisms as a former SEC official suggested an NBA ban on crypto sponsorships.
Three co-defendants and sports stars in the Voyager Digital lawsuit have agreed to settle with the victims However, Mark Cuban and his team haven’t settled, which could see them face trial in November Mark Cuban could face trial in November 2024 after failing to settle claims in the ongoing Voyager Digital crypto-linked class action suit.
Unlike Cuban, other sports stars linked to the lawsuit like Rob Gronkowski, Victor Oladipo, and Landon Cassill, have opted to settle the claims linked to Voyager Digital’s promotion, collectively agreeing to pay $2.4 million.
Should the court greenlight the aforementioned settlement, Mark Cuban and his team will be the only ones left to proceed for trial later in the year, as captured by the filing,
“Plaintiffs have now settled with Voyager promoters Cassill, Gronkowski, and Oladipo for millions of dollars in relief to the class, leaving Co-Defendants Mark Cuban and the Dallas Mavericks as the remaining Defendants for trial in November 2024.”
Voyager Digital and Mark Cuban’s woes Like the settled trio, billionaire Mark Cuban and his basketball team, Dallas Mavericks, signed a five-year promotion arrangement with Voyager Digital in 2021. Given his influence and Maverick’s fanbase, Voyager Digital attracted several customers.
However, things went south after the firm’s bankruptcy in 2022, and investors lost money. This led to a class action lawsuit by the affected customers. The victims claim that Cuban’s promotion affected 3.5 million of them, with the plaintiffs collectively losing over $5 billion.
For perspective, the sports star Rob Gronkowski had an extensive arrangement with the defunct crypto-firm, including a brand ambassador and token holders. His extensive involvement in the promotion saw him cough $1.9 million as part of the settlement, higher than Oladipo and Cassill.
That being said, it remains to be seen whether Mark Cuban will seek a settlement or opt for the trial scheduled for November 2024. Even so, the development is a stark reminder of the risky side of endorsing crypto-firms by influential public figures.
Crypto prices show bullish momentum today, with Bitcoin (BTC) steady in the $93K to $96K range. Binance Coin (BNB) soared 15%, setting a new all-time high. Tron (TRX) surged 70%, earning a spot in the top 10 cryptocurrencies. Reserve Rights (RSR) led gains with an impressive 121% rally.
The global crypto market cap rose by approximately 1%, now at $3.54 trillion. Trading volume also saw a boost, climbing to $292 billion. Let’s dive deeper into the top cryptocurrencies by market capitalization and their price movements today, December 4.
Crypto Prices Today: BTC at $95K, ETH, SOL Gain, XRP Drops by 6% Bitcoin (BTC) is inching closer to $97,000, continuing to trade within a consolidated range for over two weeks. Binance Coin surged to a new all-time high and is now trading at $750, reflecting strong market interest. Meanwhile, Tron (TRX) made a significant leap and has entered the top 10 cryptocurrencies by market capitalization.
Bitcoin Price Today Bitcoin (BTC) price trades at $96,500, with a 24-hour range between $93,629 and $96,669. Its market cap reached $1.9 trillion. The trading volume in the last 24 hours stood at $70 billion. Bitcoin’s market dominance dropped by 0.3%, falling to 54.11%.
According to sosovalue BTC ETFs saw an inflow of $675 million, with BlackRock contributing $693 million. Fidelity added $52 million, while Ark & 21 Shares reported an outflow of $93 million.
Meanwhile, Bitcoin mining firm Foundry cut its workforce to just 80–90 employees. The firm aims to streamline its operations.
Ethereum Price Today Ethereum (ETH) price trades at $3,667, reflecting a 1% increase over the past 24 hours. Its 24-hour low and high are $3,504 and $3,708. The cryptocurrency has a market cap of $441 billion and a 24-hour trading volume of $40 billion. Ethereum’s market dominance currently stands at 12.56%.
As sosvalue reported ETH ETFs saw an inflow of $132 million, with Fidelity contributing $73 million and BlackRock adding $65 million. However, Grayscale recorded an outflow of $6 million.
Meanwhile, Ethereum co-founder Vitalik Buterin emphasized the need for enhanced security and privacy in Web3 wallets. He urged wallets to integrate privacy features directly, reducing reliance on specialized privacy wallets.
XRP Price Today XRP is trading at $2.55, showing a 6% drop in the past 24 hours. Its 24-hour low and high are $2.36 and $2.86. XRP’s market cap stands at $145 billion, with $42 billion in trading volume. It is currently ranked 3rd by market cap.
In other news, Ripple lead attorney in the lawsuit, Jorge Tenreiro, has joined the US SEC as Chief Litigation Counsel. This move raises concerns over stricter crypto oversight, especially due to his role in the XRP case.
Solana Price Today Solana (SOL) price is trading at $238, reflecting a 5% gain in the past 24 hours. Its 24-hour low and high are $216 and $240. The cryptocurrency’s market capitalization stands at $113 billion, with $8 billion in trading volume. Solana ranks 5th among cryptocurrencies by market cap.
In a significant development, Grayscale Investments has applied for a Solana ETF with the US SEC. This move highlights the growing institutional interest in Solana’s ecosystem.
Meme Crypto Prices Today Meme coins are showing a mixed reaction today. Dogecoin (DOGE) price was down by 2%, trading at $0.41, with a 24-hour high of $0.42. On the other hand, Shiba Inu (SHIB) was up by 3%, trading at $0.00003015.
Other top meme coins are also showing mixed movements. PEPE was up by 1%, and WIF gained 4%, while Bonk was down by 1%. The meme coin market continues to remain volatile, with varied performances across different tokens.
Top Crypto Gainer Prices Today Reserve Rights Reserve Rights (RSR) price saw a massive 121% jump in the past 24 hours, trading at $0.026. Its 24-hour low and high were $0.01231 and $0.02669. This impressive rally has placed RSR among the top gainers today.
The surge in RSR price comes amid growing speculation about the potential appointment of Paul Atkins as the next U.S. SEC chair under President Donald Trump. This news has sparked increased interest in the project.
Tron Tron (TRX) price was the second biggest gainer in the last 24 hours, soaring by 70% and trading at $0.38. It has now entered the top 10 cryptocurrencies by market cap. Its 24-hour low and high were $0.2245 and $0.4406, respectively. TRON’s market cap stands at $32 billion, with a trading volume of $12 billion. The strong price movement highlights growing investor interest and solidifies TRON’s position in the top-tier cryptocurrencies.
Top Crypto Loser Prices Today Kaia Kaia (KAIA) price was the worst performer in the last 24 hours, with a 17% decrease in price. Crypto prices today show it is trading at $0.34, with a low of $0.26 and a high of $0.39.
Flare Network Flare Network (FLR) price dropped by 10% and is now trading at $0.034. Its 24-hour low and high are $0.03199 and $0.0382.
The hourly chart looks bullish for the crypto market, with major altcoins and Bitcoin up by 1 to 2%. Overall, the crypto prices today show strong bullish signs, which could be a positive signal for investors looking for growth in the coming days.
RSR has surged over the past 24 hours by 70% to hit a two year high. Reserve Rights trading volume surges by 1658.79% and volume by 223% to ATH. Over the past 24 hours, Reserve Rights [RSR] has made massive gains on its price charts, making a breakout to reach a 2-year high of $0.0269. The altcoin experienced a sustained uptrend over the past month as well.
Source: Coinglass At the same time, its trading volume surged by 1658.79% to hit $1.83 billion. In total, its volume has reached a new all-time high of $4.11 billion.
With the recent gains, two questions that arise are the sustainability of the uptrend and what’s driving it?.
One factor that is driving this uptrend is the persisting rumors that Paul Atkins will become the next SEC chair during the Trump administration.
Since the U.S. election, this has become a topic of discussion with Polymarket showing 74% odds of Atkins as the potential pick.
Can RSR sustain the rally? According to AMBCrypto’s analysis, RSR is currently experiencing a sustained upward movement amidst strong bullish sentiment.
Source: Coinglass This bullishness was witnessed among investors as they continue to open new positions. According to Coinglass data, Reserve Rights’ open interest has surged by 223% to reach a new all-time high of $125.4 million aligning with the rising volume.
Source: IntoTheBlock Additionally, the altcoin’s large transactions have spiked by 3369.23% to reach a yearly high of 451 transactions. It means whales have entered the market as they view the altcoin to have potential.
This shows that the earlier observed surge in open interest is large holders taking long positions.
Source: IntoTheBlock Finally, Reserve Rights’ Daily active addresses have surged by 861.73% over the past 24 hours to reach a yearly high of 6.54k. When active addresses rise, it implies demand, interest, and increased adoption.
Thus, a rising number of participants shows that the price rally is supported by strong market fundamentals and not market speculation which is central for a sustained rally.
As such, the market has geared up with increased participation and funds inflow. This bullishness positions RSR for more gains on price charts. If the current conditions hold, RSR will move to its next target of $0.03.
However, if buyers lose momentum, RSR will decline to $0.0190.
The cryptocurrency Reserve Rights (RSR) has surged over 130% in the past 24 hours, reaching a two-year high of $0.02518. This unexpected rise is attributed to speculation regarding Paul Atkins’ appointment as the new SEC chair in the United States. Atkins’ previous role as an advisor at the Reserve Rights Foundation strengthens this connection.
Paul Atkins’ SEC Chair Position and RSR ConnectionFormer SEC Commissioner Paul Atkins is known for his crypto-friendly stance. Nevin Freeman, one of the founders of the Reserve Rights Foundation, noted Atkins’ positive approach toward cryptocurrencies. The potential of Atkins’ SEC chairmanship has created expectations for a more lenient regulatory environment in the industry, contributing to the rapid increase in RSR’s price.
With the price increase, there has also been a significant rise in trading volume and open positions. The open positions for RSR derivatives surged by 394%, reaching $90.34 million. During the same period, the total volume of RSR derivative transactions exceeded $3.32 billion, marking a more than 7000% increase. Technical indicators support the upward trend, with the Relative Strength Index (RSI) surpassing 70 and the MACD indicator showing a positive crossover.
Technical Indicators Support the UptrendExperts believe RSR could continue its rise by breaking through critical technical resistance levels. The market activity has prompted traders to pursue more profit opportunities. However, specialists emphasize the need for caution due to the inherent volatility.
The sharp increase in RSR’s value is thought to stem from increased investor interest due to the likelihood of Atkins’ SEC appointment. Investors hope that Atkins’ policies at the SEC will positively impact the cryptocurrency sector.
Recent market movements have heightened cryptocurrency investors’ interest in Reserve Rights. It is vital for traders to closely monitor RSR’s technical indicators and market dynamics as a key strategy.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Reserve Rights token RSR is on a short price drop from $0.0197 to $0.017. The token price rose 100% this week after Trump picked Paul Atkins as the US SEC chair. In line with Bitcoin’s price rally, several altcoins are recording new highs on the crypto market. With new all-time high prices of overall crypto market capitalization and the largest cryptocurrency, Bitcoin, the crypto community is fully awake to grab next tokens with growth potential. On the other hand, political announcements from the US are also influencing crypto to a large extent.
Reserve Protocol’s Reserve Rights (RSR) token recorded 160% monthly and around 100% weekly gains. The token price dropped slightly from $0.197 to almost $0.176 when a whale transferred 680 million RSR tokens to Binance Deposit. As a result, investors are suspecting that it is a planned price dump.
The RSR token price was trading near the $0.009 price range at the beginning of the week. When rumors of Donald Trump nominating Paul Atkins as the US SEC chair started circulating on Dec 3, the RSR token price witnessed a significant price surge to as high as $0.0266.
Since then, the token price is on an uptrend with slight price declines in between. The RSR Market cap is $972.49 million with a 7% rise and the trading volume $366M witnessed a 12% surge in the last 24 hours.
Is the RSR Token Going to be Dumped? As per the latest data from on-chain tracking platform, Arkham Intelligence, a whale deposited a whopping 680 million RSR tokens to Binance. Right when this transaction took place, the RSR token price went on a downtrend until the price hit $0.017. As a result, investors are suspecting that there might be a price dump of the RSR token.
However, as we witness with any crypto market price, when there is a significant price surge because of market news and big announcements, there is going to be a price correction. That could also be a possibility with the current slight price decline of the RSR token.
Nonetheless, the RSR token is trading at around $0.018 at press time, with 7% daily gains despite the price decline. Its more than 12% rise in trading volume indicates a further price surge of the RSR token. With the ongoing bull run, there is a high possibility of price surges in multiple altcoins, including memecoins and low-cap cryptocurrencies.
Highlighted Crypto News Today:
MARA Grows Bitcoin Portfolio with Latest 1,300 BTC Purchase
Manisha is a proficient content writer with a keen eye for blockchain, NFTs, and fintech trends. With a passion for breaking down complex topics, she delivers insightful and engaging content for the Web3 community. Her expertise spans emerging market trends, latest news, and industry developments.
Bitcoin $60,983, the prominent cryptocurrency, has experienced a decline due to the anticipated tariff announcements. Trump has introduced tariffs that are substantial enough to raise concerns. A 34% tariff on China alone is enough to unsettle the global economy. We stand on the brink of a recession marked by the most significant customs tariffs in history. The Federal Reserve will likely have to lower interest rates, and the direction of cryptocurrencies should become clearer in the coming hours.
Coinbase’s Altcoin Listing StrategyIn this chaotic environment, the Coinbase exchange is continuing its efforts to list altcoins. Recently, the exchange has accelerated its listing process and added another altcoin to its roadmap. As mentioned earlier, there is no certainty regarding the listing of these altcoins, but a key announcement regarding listings is expected shortly.
The altcoin added to the listing plan and roadmap is Reserve Rights (RSR). If the announcement has not been made by the same time tomorrow, it is anticipated that an announcement will follow within a few days.
Following the announcement, RSR Coin has surged by 18%. This indicates a growing interest from traders and market participants.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Reserve Rights (RSR) has experienced a notable 22% increase in its price over the last 24 hours. This surge follows the news of Paul Atkins, former Reserve Rights Foundation advisor, becoming the new chair of the US Securities and Exchange Commission (SEC).
Additionally, US President Donald Trump’s decision to pause reciprocal tariffs has added a layer of optimism to the cryptocurrency market, further buoying RSR’s price.
Reserve Rights Investors May Note Profits SoonThe market sentiment surrounding RSR remains cautiously optimistic, driven by a significant accumulation of tokens. According to the IOMAP, around 46.73 billion RSR tokens, valued at over $350 million, are currently sitting at a price range between $0.007983 and $0.008202.
These tokens have not yet reached a profit zone, but an 8% rally would make them profitable for investors. As these large holders are likely to maintain a bullish outlook, the anticipation of possible profits could further strengthen the buying sentiment, contributing to a price increase.
However, if the holders aim to sell for a break-even, it might negatively impact the RSR price rally.
RSR IOMAP. Source: IntoTheBlockDespite the news of Paul Atkins becoming SEC Chair, the overall macro momentum for RSR appears to be lackluster. The Chaikin Money Flow (CMF) indicator, which measures market liquidity and investor buying pressure, has not seen any sharp upticks, even after the recent announcements.
This suggests that, while the netflows have been positive, they remain underwhelming compared to the size of the positive developments. If RSR’s price continues its uptick in the coming days, there is a chance that the CMF will start to reflect stronger positive sentiment.
RSR CMF. Source: TradingViewRSR Price Is RisingReserve Rights (RSR) price is currently trading at $0.007543, with a strong support level at $0.007386. Given the 22% rally over the last 24 hours, it is possible that the token will continue to rise if it holds above this support.
A bounce off $0.007386 could see RSR making its way to $0.008196. This would bring the altcoin closer to a profitable range for many investors as well as imbue confidence regarding further rally.
RSR Price Analysis. Source: TradingViewHowever, should RSR fail to breach the $0.008196 resistance or fall below the support of $0.007386, the altcoin’s price could drop to $0.006601 or even lower towards $0.005900. This would significantly damage the bullish thesis and extend recent losses, potentially leading to a further period of consolidation.
Cryptocurrency exchange Coinbase has announced it will add support for Reserve Rights (RSR) on the Base network. The exchange also mentioned that the transfers are already available on both Coinbase and Coinbase Exchange in regions where trading is supported.
Coinbase Listing Coincides With Paul Atkin’s Development According to the announcement, trading for RSR will begin on or after 9AM PT on April 22, 2025. The news comes as the RSR token shows strong price performance across multiple timeframes. The token has jumped 7.7% in the past 24 hours, 7.2% over seven days, and also 24.3% over the past month.
Coinbase will add support for Reserve Rights (RSR) on the Base network. Do not send this asset over other networks or your funds may be lost. Transfers for this asset are available on @Coinbase & @CoinbaseExch in the regions where trading is supported.
— Coinbase Assets 🛡️ (@CoinbaseAssets) April 21, 2025
This upward momentum coincides with recent developments related to Paul Atkins, who has connections to the Reserve Rights project and was recently confirmed as President Trump’s next Chairman of the Securities and Exchange Commission.
The timing of Coinbase’s announcement has drawn attention given the token’s connection to Atkins. He previously served as an advisor to the Reserve Rights Foundation during the project’s early development phase.
The top crypto exchange has provided specific details about how the RSR token will be integrated into its platform. The exchange will support Reserve Rights exclusively on the Base network.
The roll-out will be phased and trading will commence on or after 9 AM PT on April 22, 2025. With that noted, the timeline is subject to liquidity levels being met. When sufficient supply of RSR is accumulated on the exchange, trading will start on the RSR-USD trading pair first.
Atkins Connection And RSR Listing Coinbase’s timing of listing RSR has been questioned due to the token’s connection to Paul Atkins. Atkins served as an advisor to the Reserve Rights Foundation. This was when the project was still in its early phase of development.
As a former SEC Commissioner before accepting his advisory role with Reserve Rights, Atkins advised the project when it was beginning. Reserve’s co-founder and CEO Nevin Freeman publicly praised Atkins’ contribution to the project. He also complimented his balanced way of regulating cryptocurrencies.
I’m pleased to hear that Paul Atkins is in the running for SEC chair!
Paul has been open to working with crypto clients in his consultancy since 2017. I believe he would take a principled approach and I’d be very excited to work with him and his team on productive rule makings… https://t.co/Xp88ha0H8z
— Nevin Freeman 🌐👾 (@nnevvinn) November 28, 2024
Market experts have credited RSR’s recent price appreciation partially to hopes that Atkins’ SEC Chair nomination could bring a crypto-friendly regulatory period for cryptocurrency projects. This can be seen from the token’s robust performance.
The recent announcement comes amidst Coinbase’s renewed legal battle as Oregon’s Attorney General prepares to file a securities enforcement action against the cryptocurrency exchange.
Coinbase has listed the Reserve Rights (RSR) token on the Ethereum Layer-2 Base network, coinciding with Paul Atkins’ swearing-in as SEC Chair. Following the listing, RSR’s price jumped over 13% in 24 hours, reaching a near two-month high of $0.008524. The leading crypto exchange, Coinbase has officially listed Reserve Rights (RSR) on the Ethereum Layer-2 Base network today, April 22, 2025. Trading went live at 9 AM PT, and transfers are already active on both Coinbase and Coinbase Exchange in supported regions.
Trading will begin on or after 9AM PT on 22 April, 2025 if liquidity conditions are met. Once sufficient supply of this asset is established trading on our RSR-USD trading pair will launch in phases. Support for RSR may be restricted in some supported jurisdictions.
— Coinbase Assets 🛡️ (@CoinbaseAssets) April 21, 2025 RSR is the governance token for the Reserve Protocol, a project focused on maintaining the stability of its stablecoin, Reserve Dollar (RSV). The listing has boosted investor interest, with the token jumping over 17.39% in the past 24 hours, reaching a near two-month high of $0.008524. It has also gained more than 31% in the last month.
What’s catching attention is the timing of this listing. Just a day after, on April 21, Paul Atkins was officially sworn in as the new Chair of the U.S. Securities and Exchange Commission (SEC). Atkins had previously served as an advisor to the Reserve Protocol during its early days, although he is no longer affiliated with the project.
Paul Atkins’ SEC Appointment Sparks Optimism for Crypto Regulation Paul Atkins, who replaces acting Chair Mark Uyeda, has promised a more balanced and clear approach to crypto regulation. His confirmation has sparked hopes across the crypto industry for a more supportive regulatory environment.
Some market analysts believe RSR’s recent price surge is linked to optimism around Atkins’ appointment and his past connection to Reserve. While Coinbase hasn’t commented on the timing, the listing adds momentum to a project that now stands as the 107th largest crypto by market cap, valued at $471.8 million.
The move comes as Coinbase also faces a new legal challenge from Oregon’s Attorney General. That is preparing a securities enforcement action against the exchange.
Highlighted Crypto News Today:
SEC Welcomes Paul S. Atkins as New Chair
A journalism graduate who is passionate about writing loves to dance and travel currently starts exploring blockchain technology.
In This Article DISCOVER: Top Solana Meme Coins to Buy in May 2025What Happened to the $DTF Crypto Meme? Is It Gone?Can DTF Crypto Make a Comeback with Reserve Rights Support?DISCOVER: Top 20 Crypto to Buy in May 2025 BONUS: Solaxy, Solana's first-ever Layer 2 solution, raised $33 million.DISCOVER: Best New Cryptocurrencies to Invest in 2025Join The 99Bitcoins News Discord Here For The Latest Market Updates A user known as MemeIndexer, allegedly not associated with the Reserve Rights crypto project team, launched a coin called DTF (Decentralized Token Folios). The idea was to enable anyone to create indexes of any assets, and it was quickly adopted by the RSR team and co-founder, who were already thinking of leaning toward the memecoin game. believe in something DTF $0.000843 28.39%
$DTF is not actually a meme index fund but DTFs will be! pic.twitter.com/h0iwIvGKNs
— Nevin Freeman 🌐👾 (@nnevvinn) November 12, 2024
DISCOVER: Top Solana Meme Coins to Buy in May 2025 What Happened to the $DTF Crypto Meme? Is It Gone? The RSR team initially endorsed DTF during the memecoin rallies in November 2024. It managed to grab decent attention and reach an all-time high of 30M. That wasn’t particularly impressive at the time, as most launched meme coins were hitting those ranges.
Aside from the token small success, the original product itself never found any success and never managed to attract a user base. The RSR team consistently framed DTF as a memecoin, but it was always associated with utility. In what seems like desperate attempts in early March, MemeIndexer launched a new protocol and coin and airdropped DTF holders.
This new protocol and coin were supposed to give new life to the DTF community after the latter lost most of its value, hitting an 800K market cap. It came with a product called Franklin X, which is an AI agent. The product offers two main features, Investment Picker and Wallet Roast. The former gives you investment advice based on your portfolio, and the latter gives supposedly funny remarks about your wallet portfolio. Not an impressive suite of products, but here we are.
It’s safe to say that the launch of the new coin ($FRNX) was disastrous, too, as MemeIndexer lost 0.5% of the token supply to some crypto KOL manager, which was later dumped. At the time of writing, the token is currently at a 168K market cap. This launch hurt whatever was left in the community trust and affected the DTF price even more. You can learn more about why the team launched FRNX here.
Can DTF Crypto Make a Comeback with Reserve Rights Support? Looking at the RSR team, their activity and hype about this project have disappeared since a couple of months ago, and it’s obvious it wasn’t serious in the first place, as this project was always looked upon as a memecoin. However, it appears that the team has not given up on the project, particularly MemeIndexer. They’re still trying to revive it, and there will always be a chance. However, RSR is not performing any better, having lost 98% of its value from its peak. But always DYOR before buying anything.
DISCOVER: Top 20 Crypto to Buy in May 2025 BONUS: Solaxy, Solana’s first-ever Layer 2 solution, raised $33 million. There is an increasing need for L2 networks due to the huge congestion on the blockchains that can happen, especially with Solana. As we know, Solana has kept facing congestion from time to time over the last few months.
As the first-ever Solana Layer-2 blockchain, Solaxy directly addresses Solana’s pain points, congestion, failed transactions, and scalability limitations.
Solaxy aims to offload the burden on Solana and unlock the chain’s full potential for users, developers, and investors alike. Given the renewed interest in the meme coin and the Solana ecosystem, it comes at the perfect time.
Solaxy is off to a hot start as a potential low-cap gem, as it can multiply over the years while offering its holders passive income. The presale raised $32.8 million out of $33.6 million. In the current presale round, $SOLX is priced at just $0.001712, and staking offers up to 122% APY. Holders who lock earn high passive income while the coin price can multiply over time.
Presales that quickly raise funds and attract numerous investors often see gains of 5x to 10x after launch and typically earn listings on centralized exchanges. Additionally, smart whales tend to accumulate these types of projects silently. Get your position in the presale now by visiting the website.
For the latest updates on the project, connect with the SOLX community on X and Telegram.
Click here to learn more about the project and participate in the presale.
DISCOVER: Best New Cryptocurrencies to Invest in 2025 Join The 99Bitcoins News Discord Here For The Latest Market Updates Key Takeaways DTF first product failed and the second one was miserable from the get go. it was always looked upon as memecoin. #Presales
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PANews reported on December 11 that Reserve Rights (RSR) has released a token structure reform proposal (RFC-1269), which proposes to burn approximately 30 billion RSR tokens to reduce the total supply and introduce a governance-based veRSR issuance mechanism to enhance token holder participation and governance weight.
Author: PA一线
This content is for market information only and is not investment advice.
Market Wrap Crypto markets are still sluggish; Tron, Litecoin and Maker moving, Stellar slides and the rest are immobile. Crypto markets are still inactive today as volatility and volumes shrink and red dominates the majority of cryptocurrencies. There has been very little movement in either direction and total market capitalization is still weakened below $115 billion.
Bitcoin hit resistance twice at $3,470 during the past 24 hours, pulling back both times. It is currently trading at $3,460, the same as yesterday with further declines looking likely. On the week BTC has hardly moved at all as it consolidates below $3,500.
Ethereum is still weak at around $107, again with very little activity over the past 24 hours. XRP has fallen back over a percent on the day to below $0.30 as the gap to third place shrinks back to $1 billion.
Most of the top ten is in the red at the time of writing but a couple are bucking the trend and making gains. Tron is the top performer in this section during Asian trading today with a gain of 6%. The momentum is likely to be coming from the BTT token what has increased 600% in price since the ICO last week. Tron has been the top performing altcoin in the top thirty this year and daily volume has doubled to $380 million.
Litecoin has also had a good week with slow but steady gains as it takes and holds sixth spot above Tether. Stellar continues to slide with another 5% lost on the day.
The top twenty is mixed with Maker getting a 6% spike at the moment as it moves up the chart. Binance Coin is also posting a gain of 2.5% but the rest are immobile or falling back slightly.
A very obscure fomo pump has occurred with Bitcoiin (yes, that is the correct spelling), as it surges 350% at the moment. Pundi X and Theta are both having a good day with 15% gains at the moment. Getting dumped is Revain, Nexo and Aurora with 12% losses at the time of writing.
Total market capitalization is pretty much where it was this time yesterday, $113 billion. Daily volume is still the same at $16 billion and things are very quiet in crypto land. There has been very little activity over the past seven days indicating that the next major movement will probably be down again.
Market Wrap is a section that takes a daily look at the top 20 cryptocurrencies during the current trading session and analyses the best-performing ones, looking for trends and possible fundamentals
