In This Article Tellor Tributes Crypto Catching Eyes AgainTRB Price Action And PredictionsSolaxy: First-Ever Layer-2 for Solana Raises $39 Million, Better ICO Than CSPR? Tellor Tributes crypto was first known for its crazy run in December 2023. Back then, it had one of the biggest high market cap utility coins. Later it appeared to be the best shorting opportunity. However, Tellor Tributes is pumping again now. Can it repeat? Tellor TRB $13.81 1.14%
$TRB
Imagine if that wick gets filled. pic.twitter.com/ecbfKoXk05
— PizzaMan (@CAPITANdeCRYPTO) May 27, 2025
DISCOVER: Top 20 Crypto to Buy in May 2025
Tellor Tributes Crypto Catching Eyes Again Tellor crypto is a decentralized oracle platform for DeFi. Which means it provides secure, off-chain data to smart contracts, especially for DeFi apps. For example, it can provide real-time asset prices for DeFi lending platforms.
Within a short time, TRB made a huge run from $78 to over $300 price range. At that point, Tellor’s market capitalization surged from 210M to over 850M. This event was a very quick pump and dump that became well known in the crypto space.
Later, this pump retreated heavily, and Tellor’s price has kept tanking ever since. Many people speculated that it was a pump-and-dump scheme. As well as market manipulation, despite the lack of real evidence.
However, Tellor has kept developing and expanding over the years. It’s one of the main real-time data providers in the crypto space. They released Palmito Testnet in April this year, which is a public testnet for their upcoming Layer 1 blockchain.
Recently, they made the 5.0.0 upgrade on the testnet. It included no-stake reporting, social forking compatibility, and vote extension keyring enforcement. These upgrades are focused on security, scalability, and letting anyone submit data without a bonded stake.
TRB Price Action And Predictions TRB just broke through a major resistance at $40, which has been limiting its price for a while. TRB is currently at over $50, testing new, higher price ranges. Closing over these ranges might suggest a bullish change in market sentiment and could be a sign of another rally.
This bullish change is potentially driven by developments in the Tellor ecosystem, such as the Palmito Testnet. However, a drop back below could suggest that the rally was temporary and could lead to the same old quick drop story.
If you’re interested in new blockchain layers apart from these OG ones, check out Solaxy.
DISCOVER: Top Solana Meme Coins to Buy in May 2025
Solaxy: First-Ever Layer-2 for Solana Raises $39 Million, Better ICO Than CSPR? You can always invest in launches early or presales to maximize profits. Analysts expect the market volume to soar as the bull run approaches. The increasing congestion on blockchains, particularly with Solana, has created a growing need for L2 networks.
🚨 28 Days Remain 🚨
In just 28 days, the Solaxy pre-sale will end, but that is not all.
Announcing for the first time is Solaxy’s Igniter Protocol, where $SOLX holders will be able to create and launch their very own Tokens.
This is just the beginning of $SOLX domination.… pic.twitter.com/3990nDdRWu
— SOLAXY (@SOLAXYTOKEN) May 19, 2025
As we know, Solana has been facing congestion from time to time over the last few months. The first-ever Solana Layer-2 blockchain, Solaxy, directly addresses Solana’s pain points, congestion, failed transactions, and scalability limitations.
It’s a multipurpose L2 that developers can build dApps upon. Also, Solaxy aims to offload the burden on Solana and unlock the chain’s full potential for users, developers, and investors alike.
Solaxy is off to a hot start. The presale raised $39.2 million out of $39.6 million. $SOLX is priced at just $0.00173 in the current presale round, and staking offers up to 102% APY. Holders who lock their $SOLX tokens can earn high passive income, and the coin’s price has the potential to 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. Smart whales tend to accumulate these types of projects silently to maximize profits. One of these whales recently bought over $400k worth of $SOLX on the Ethereum chain; Click here for the transaction ID.
Follow the whales and 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.
DISCOVER: Best New Cryptocurrencies to Invest in 2025
Join The 99Bitcoins News Discord Here For The Latest Market Updates
Key Takeaways Tellor’s recent upgrades focus on security, scalability, and decentralized data submission. TRB’s price surge past $40 suggests potential bullish momentum or a temporary rally. #Altcoin News Today #Presales
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In This Article TRB Price Analysis: Tellor Tribute Targets Critical Moving Average TestSolaxy (SOLX): The Best Solana Crypto to Buy? Layer-2 Scaling Powers a New Altcoin Surge TRB, or Tellor Tributes, is experiencing significant volatility. The token trades around $43.60, just above a key support level. TRB is showing an 8.25% daily gain and a 30-day surge of over 150%, making it one of the top-performing altcoins recently.
However, with resistance at $66, reaching $100 may require a strong catalyst, something that the market has yet to provide. While TRB’s price may face resistance, Solaxy is emerging simultaneously as one of the best Solana crypto to buy.
$TRB pic.twitter.com/dqNQkcR1Wf
— Zeuus X (@zeuusxcrpto) June 2, 2025
TRB Price Analysis: Tellor Tribute Targets Critical Moving Average Test Teller Tribute (TRB) is the native token of the Tellor oracle network, a decentralized data provider for Ethereum smart contracts. The project allows off-chain data, such as asset prices, to be securely submitted and verified on-chain by incentivised participants.
With a market cap of $116 million, in the last 24 hours, we assisted in a $117 million trading volume. This shows that TRB is experiencing strong momentum, but the price seems to be stabilising in the $40 range.
(TRBUSDT)
The recent recovery from $20 and a higher low at $40 shows short-term bullish potential, but the price remains below the 200-day SMA ($45-$50), keeping the long-term trend bearish.
A promising sign would be a breakout above the 200 MA before testing the next resistance. A drop below the support, around $43, would confirm a more bearish continuation.
$Trb $62-64 loading.
$39 is a perfect bottom for that to happen .
— #HEX #Whale #SFamisland Blessed.TRX🍌🦅 (@LongedBitcoin) June 2, 2025
DISCOVER: 20+ Next Crypto to Explode in 2025
Solaxy (SOLX): The Best Solana Crypto to Buy? Layer-2 Scaling Powers a New Altcoin Surge
As blockchain ecosystems grow, scalability becomes a key challenge, especially for high-throughput networks like Solana. Known for its fast and low-cost transactions, Solana has attracted more than just meme coin fans but also developers. But during peak activity, such as NFT launches or meme coin rallies, even Solana experiences congestion and network slowdowns.
To address this, Layer-2 solutions, already proven on Ethereum, are starting to gain traction on Solana. These protocols process transactions off-chain and then finalize them on the base layer, improving speed and lowering costs. That’s where Solaxy (SOLX) comes in: a project positioning itself as the first Layer-2 built specifically for Solana.
Solaxy bundles and processes transactions off-chain, supports external computation, and relies on Solana’s base layer for security, creating a leaner, faster environment for DEXs, games, and token launches. This innovative architecture is backed by working tools, including a testnet bridge with Hyperland and the launch of the Igniter Launchpad, which enables no-code token creation directly into the Solaxy DEX.
Currently in presale, Solaxy has raised over $43.6 million, with its native token SOLX available at $0.001744. Investors can stake SOLX for up to 93% APY, earning while building their position ahead of the upcoming DEX listings.
The presale closes in less than two weeks, and multiple exchange listings are confirmed. With its strong fundamentals, working testnet, and clear demand, Solaxy stands out as one of the best Solana crypto presales to watch in June 2025.
If you’re searching for the best Solana crypto to buy in June 2025, Solaxy may deserve a closer look.
Visit SOLX Here
DISCOVER: Next 1000X Crypto: 10+ Crypto Tokens That Can Hit 1000x in 2025
Key Takeaways TRB is experiencing high volatility: Tellor (TRB) surged 150% in 30 days but faces stiff resistance around $66 and uncertainty without a clear catalyst. Solaxy presale momentum: Solaxy (SOLX) has raised over $43 million, with presale ending soon and listings confirmed, making it a high-potential entry. Layer-2 scaling advantage: Solaxy’s unique Layer-2 design boosts Solana’s scalability, preserving dApp composability and enabling off-chain computation with on-chain security. Utility and Ecosystem: With staking with 93% APY, a testnet bridge, and token launch tools, Solaxy supports the Solana ecosystem and possibly SOLX is one the best solana crypto to buy. #Presales
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Bored gamers living under lockdown are being urged to unlock loot crates to earn TRX tokens and other prizes. Following a partnership between TRON and gaming rewards platform Refereum, TRX and BitTorrent Token (BTT) have been integrated, providing a means for avid gamers to earn token rewards for watching their favorite streamers.
With more than a third of the world on lockdown, citizens have been urged to find productive ways to pass the time, and video gaming has seen a corresponding surge in popularity. Although traditionally assigned worth solely for its entertainment value, “game therapy” has begun to be recognized as a useful course of treatment in its own right, providing a social framework and boosting mental wellbeing.
TRON Nails Its Gamer Credentials to the Mast TRON’s partnership with Refereum further cements the gamer credentials of Justin Sun’s crypto network. Last year, TRON acquired video streaming platform DLive, and has since doubled down on its entertainment strategy through snapping up crypto blogging network Steemit. TRX, which already sees significant traction within the gaming and gambling dApp community, is permeating the gaming industry platform by platform.
Refereum, for its part, already has close ties with DLive, which it partnered with in November, rolling out tokenized rewards to 6 million users. Following the integration of TRX and BTT on April 2, Refereum CEO Dylan Jones said: “It’s our hope that through this partnership with TRON and DLive we can make time at home more interesting for millions of people by offering rewards for watching game streams.”
Bringing People Together While Social Distancing While the world has adjusted to the concept of social distancing and extended quarantine, its effects have increased the sense of isolation in vulnerable people, particularly those who live alone. Live streaming events have taken off as a means of reducing the sense of seclusion and to enhance social cohesion. DJs have been live streaming sets, fitness trainers have been broadcasting workouts, and video gamers have been following suit across networks such as Twitch and DLive.
Gaming fans who sign up to Refereum and watch DLive streamers this month and retweet certain content will be gifted loot crates containing TRX and game codes. $1,000 RFR tokens and 1,000 DLive Lemons are up for grabs, giving gamers an added incentive to watch their favorite streamers show off their skills and entertain the millions who are stuck at home.
The TRON juggernaut is showing no signs of hitting the brakes following another industry partnership, this time with gaming rewards platform Refereum. Excluding Binance, TRON is responsible for the busiest crypto ecosystem in the industry, having racked up a dizzying array of mergers, acquisitions and partnerships. TRX and BTT are now integrated into Refereum’s rewards that users can earn for watching their favorite video game streamers.
There are signs that TRON’s expansion into the gaming and broader entertainment industry is starting to bear fruit. BitTorrent usage is up 30% in a month, with 2.1 million users having installed the Windows BitTorrent client. The TRON Foundation has also been thriving, introducing its own Maker DAO-style stablecoin called Djed. The integration of TRX and BTT into Refereum further extends the reach of the TRON network and bolsters its ecosystem of products.
TRON’s Entertainment Grab Yields Dividends While Ethereum has planted its flag firmly within defi, TRON has established itself as the home of consumer entertainment. This has primarily meant gaming, gambling, and video streaming, all powered by crypto tokens. That tokenization is the most effective means of facilitating micropayments and administering in-game rewards is not a revelation. The way in which TRON has gone about building its empire of consumer-facing platforms, however, has given even its cynics pause for thought.
TRON’s integration with Refereum follows DLive forging a similar partnership back in November that saw users of both platforms offered crypto rewards for consuming video game content. The addition of TRX and BTT gives Refereum users access to highly liquid crypto assets, whose value is relatively stable, and which can be converted to fiat with relative ease. In turn, it extends TRON’s ecosystem while further increasing synergies between DLive, which TRON bought late last year, and Refereum.
When Life Hands You Lemons, Watch Video
Lemons are the native tokens within the DLive platform, used to reward streamers and their fans. They have a fixed value within DLive, and can be earned for performing various tasks. As a result of TRON’s partnership with Refereum, $1,000 in RFR tokens and game codes to be redeemed on Steam are being given away along with 1,000 Lemons on DLive for the first 100 content creators that create a Refereum Hub.
The integration of projects such spanning streaming, gaming, and torrenting creates a thriving hub of communities whose native currencies can be interchanged. Crypto is still waiting for its killer app, but in the meantime, crypto-powered platforms are solving real world problems, even if those problems are as benign as “How can I earn rewards for doing the things I love?” Video game streaming might be one of the most compelling applications for crypto yet.
TRON’s transformation into the gamer’s crypto network of choice is gathering pace. On April 2, a partnership with gaming rewards platform Refereum was announced, extending TRON’s tentacles deeper into the gaming sphere. Many video gamers need no introduction to TRON and TRX, having already encountered it through streaming platform DLive, which TRON acquired in 2019, and through the many TRON gaming and gambling dApps that top the charts.
The upshot of TRON’s partnership with Refereum is that gaming fans can unlock loot boxes containing TRX and game codes during the month of April. The longer term benefits of the deal will be greater utility for TRX and BTT (which is also being integrated with Refereum), and increased demand for the two tokens, particularly from the tech-savvy gamer demographic.
Livening up the Lockdown
Brands as well as individuals have been rushing to share their suggestions for livening up the lockdown that’s seen one third of the world forced to stay at home and self isolate. The predictable upswell in video gaming has proved a lifeline to those who are stuck at home or recuperating during an unprecedented epidemiological crisis. On Instagram, people have resorted to recreating famous paintings at home, while video game usage has climbed 75%.
It’s not just the need for home entertainment that’s seen gaming sales soar: demand for VR headsets has been fueled by the rise of virtual conferences and remote meetings, providing a dual use for the coveted equipment. TRON is well positioned to capitalize on this trend, having laid bare its pro-gamer credentials for some time now. With months more quarantine expected, and the potential for new outbreaks of Covid-19 to occur, it is assumed that digital will subsume physical in every way possible.
From rolling out contactless biometric systems that reduce the potential for infection, to accelerating the establishment of remote workforces, the world is getting used to a new paradigm. While “earning from home” becomes simply “earning,” the attention economy is thriving, from the incentivized ad model pioneered by Brave’s web browser to the rewards streaming system developed by Refereum. Pro gamers get paid to play and now their fans can earn liquid crypto tokens such as TRX and BTT for watching their favorite streamers.
It may not be get-rich-quick, but Refereum’s don’t-get-bored-quick solution for rewarding viewers should be well received. As Refereum CEO Dylan Jones put it: “It’s our hope that through this partnership with TRON and DLive we can make time at home more interesting for millions of people by offering rewards for watching game streams.”
Upheaval at the Ethereum Foundation has some of crypto’s biggest names feeling bullish
In this week's edition of The Protocol Newsletter, we're looking at Ethereum's eventful week that started off with the launch of EthLabs, plus the layoffs at the Ethereum Foundation, and what this all means for the network.
7:48 PM
Positive
Kalshi targets a massive $40 billion valuation, widening lead over rival Polymarket
The prediction market operator, which is eyeing a potential public debut in 2027, could close a new funding round in Q3, according to a Financial Times report.
5:18 PM
Binance withdraws Greek MiCA bid but vows to remain in Europe
The crypto giant must find a home base in the EU by July 1 or regulators will force the company to shut down operations for millions of regional users.
4:01 PM
Negative
BTC0.00%
Bitcoin falls below $60,000 as AI trade continues to draw investor interest and capital
South Korean memory chip giant on Wednesday filed to raise nearly $30 billion in a U.S. offering.
4:00 PM
BTC0.00%
Crypto Long & Short: Infrastructure is the prevailing currency in digital assets
In this week's Crypto Long & Short, Nonco’s Caue Teixeira makes the case that regardless of which coin ultimately wins, infrastructure is the prevailing currency in digital assets. Then, using CoinDesk's liquidation feed, Liquibit Capital's Alen Pavlović finds that June's forced selling peaked near $68,000, days before bitcoin actually bottomed.
3:45 PM
Negative
SecondFi loses $2.4 million in Cardano wallet exploit
SecondFi was hit by three separate attacks exploiting a flaw in its wallet generation software. A further 129 million ADA was secured by the team before attackers could reach it.
3:42 PM
Negative
Trump's refusal to sign housing bill could delay Congress and imperil Clarity Act
As Congress prepared to celebrate the president's signing of the bipartisan housing bill that contains a CBDC prohibition, Trump abruptly cancelled the event.
3:23 PM
Neutral
Ex-FCA policy insider explains the ‘great divide’ in the UK’s crypto ambition
Former FCA policymaker and Hedera Global Policy VP, Isadora Arredondo says there is a gap between the U.K.'s crypto ambitions and how policy is carried out in practice.
2:47 PM
Negative
Bitcoin just broke below the floor of its famous Rainbow Chart into the ‘BTC is dead’ zone
A 50% drop from recent highs has pushed the asset into a zone historically labeled as a dead end, sparking a debate among crypto analysts.
1:48 PM
Negative
Gold, silver and bitcoin tumble as 'debasement' trade unwinds
Precious metals have fallen sharply from their 2025 highs as markets price in Fed rate hikes.
1:42 PM
Negative
BTC0.00%
Bitcoin could fall to $55,000 before finding a bottom, 10x Research says
A strengthening U.S. dollar and the Fed's hawkish turn under new chair Kevin Warsh may keep pressure on crypto through the summer.
1:19 PM
Positive
CoinDesk 20 performance update: Aave (AAVE) gains 5.9% as index moves higher
Internet Computer (ICP), up 2% from Tuesday, joined Aave (AAVE) as a top performer.
1:00 PM
CZ, Binance founder, wants to clear up 'misunderstandings' about who he is
The former CEO of the world's largest crypto exchange is seeking to redefine himself to the world on his own terms.
12:48 PM
Positive
BTC0.00%
+2 Assets
Aave could soar to $3,500 by 2030 on DeFi revival, says StanChart
Geoff Kendrick said Aave has moved past April's cyberattack-related market disruption and is well positioned to benefit from growth in tokenized assets and DeFi.
11:36 AM
Positive
BTC0.00%
+1 Asset
This forgotten coin could surprise everyone before its next halving
Your day-ahead look for June 24, 2026
11:04 AM
Negative
BTC0.00%
+6 Assets
Bitcoin clings to $62,500 as bears tighten grip on crypto market
Bitcoin held above $62,500 and ether near $1,665, but sluggish price action and widening put skews signal bears remain firmly in control.
10:47 AM
Positive
YZi Labs ends proxy war with BNB treasury company CEA Industries
Partner Alex Odagiu will serve as an interim president, pending a search for a new chief executive, while head of YZi Labs Ella Zhang and Matthew Roszak also appointed directors of CEA.
10:38 AM
Positive
Cboe revives S&P 500 binary options, chasing a market popularized by Polymarket, Kalshi
One of the largest U.S. derivatives exchanges is bringing back yes/no bets on the S&P 500 after pulling them a decade ago, moving onto turf that Polymarket and Kalshi turned into one of the internet's fastest-growing corners.
9:47 AM
Positive
The Runes revival: Bitcoin traffic hits a two-year high as transactions blast past 820,000
A surge in Rune protocol activity is pushing Bitcoin transaction counts and fee generation to multi year highs.
[PRESS RELEASE – Dubai, United Arab Emirates, April 24th, 2024
Me3, a prediction platform that integrates digital asset ownership with live events, Web 2.5 gaming & eSports interaction, announces its private sale on the Yield App Angel Launchpad. Yield App, a well-known crypto platform that bridges the gap between traditional finance and the innovative world of Web3, making crypto accessible and rewarding for everyone, teams up with Me3 for an opportunity to revolutionise the way fans interact with their favourite events.
Key highlights:
Stake to Win Rewards: Unlock exclusive rewards and incentives with Me3’s ‘Stake to Win’ feature, incentivizing active participation and fostering a vibrant and rewarding ecosystem for all stakeholders. Flexible Staking and Prediction Pools: Users can engage in prediction pools with flexible staking options, allowing them to amplify their participation and earn rewards for their insights into various events and outcomes. Yield Battle Feature: Me3 introduces the innovative ‘Yield Battle’ feature, enabling users to potentially earn yields while blending decentralized finance (DeFi) with the excitement of competitive gaming, further enhancing their earning potential and entertainment experience. Staking Rewards and Fee Discounts: $ME3 token holders stand to benefit from staking rewards and fee discounts, aligning their interests with the long-term success of the platform. Support from Established VCs and KOLs: With investments from renowned venture capital firms such as Kakao Games (BORA Ecosystem Fund), Outlier Ventures, Master Ventures, Maven Capital, Tokocrypto (acquired by Binance), and more, with support from major KOLs like Jett Chang, Brian D Evans, Mario Nawful, and many others. Successful Offering on Top Launchpads: Having previously completed successful offerings on top launchpads such as Trustswap & Ferrum DAO, Me3 is primed for further growth and success in the digital asset space. “At Me3, we are leading a revolution in the Web3 space by launching innovative products that reinvent the relationship between digital assets and esports. We increase user engagement by combining competitive predictions with the strategic depth of yield-based markets and fan-driven activities through unique features like Hype Pool, Yield Battle, and FANatic. Furthermore, we are growing our reach through strategic alliances with leading Web 2.5 platforms and Asean gaming communities.” said Matthew Ainscow, Founder of Me3.
Launch on Yield App
Me3 through Yield Apps launchpad is offering a private sale to it’s users of up to $400,000 at a token sale price of @ 0.007 per ME3 token at a $7 million fully diluted valuation (FDV).
Tokenomics
$ME3 represents the wide range of features that it brings to the ecosystem. $ME3 token users can engage with Prediction Pools, enjoy safe and transparent transactions, enjoy staking incentives (with up to 50% of platform fees flowing back to them), enjoy fee discounts, and a lot more.
About Me3
Introducing Me3, a pioneering platform that integrates Live Events, Gaming, Sports, and Esports engagement with the dynamic world of digital asset owners.
About Yield.app
Introducing Yield.app, The next generation of personal finance. Built with the user in mind, Yield App offers all the tools needed to grow the user’s crypto portfolio
More details about Yield App can be found on Yield App’s website and Twitter.
For in-depth information can be found here on Yield App’s launchpad sale.
About the author
Chainwire is a specialized crypto newswire service providing high-impact distribution for the cryptocurrency and blockchain industry.
Backed by AGE Crypto and Alphabit, crypto wealth management platform Yield App has announced its shutdown following losses linked to the collapse of FTX.
Yield App appears to be the latest crypto firm to fall victim to the fallout from the FTX collapse, announcing in a Jun. 28 post on X the closure of “all activity” as it “prepares to enter liquidation proceedings.”
Suspension of platform activity ahead of liquidation proceedings
28 JUNE 2024, 04:15 UTC: Yield App Ltd, a Seychelles-incorporated limited liability company, is today, Friday 28 June 2024, announcing the suspension of all activity on the digital wealth platform…
— Yield App (@YieldApp) June 28, 2024 Founded in 2020 by Tim Frost, Justin Wright, Jan Strandberg, and Jason Corbett, Yield App marketed itself as a “one-stop crypto wealth platform where you can earn interest, buy, and swap between your cryptocurrency assets.” Now, the firm is trying to get its funds stuck on the FTX crypto exchange.
“Yield App asks for the patience of its valued customers as it works with its advisors, with whom it jointly commits to releasing further information, including detailed FAQs, at the earliest possible date.”
Yield App
In the X post, Yield App attributed the decision to “portfolio losses incurred through third-party hedge fund managers that held Yield App assets in custody on the collapsed cryptocurrency exchange FTX, and who are subject to ongoing litigation.”
Although the firm didn’t disclose the name of the hedge fund, earlier reports suggested that Yield App’s funds might be trapped on FTX due to “criminal” mismanagement by Swiss hedge fund Tyr Capital Partners.
Tyr allegedly ignored internal risk limits and investor warnings regarding its exposure to FTX. While Yield App wasn’t a direct client of Tyr, it was a client of TGT, a fund whose directors included Yield App co-founders Wright and Corbett, which had invested with Tyr on Yield App’s behalf.
FTX collapsed in November 2022 amid allegations of embezzlement and misappropriation of billions of dollars in customer funds involving its owners and affiliated hedge fund Alameda Research. Sam Bankman-Fried, the founder of the exchange, was sentenced to 25 years in prison and ordered to reimburse $11 billion.
The downfall of FTX continues to leave its mark on the crypto industry, with Yield App being the latest casualty. The crypto investment platform announced its decision to shut down operations, citing significant losses tied to the collapse of the exchange.
In a statement released on June 28, the Seychelles-based company disclosed that the financial turmoil caused by FTX’s implosion had severely impacted its liquidity and overall business operations.
As a result, the firm is suspending all activities on the platform as it prepares to enter liquidation proceedings with immediate effect. The company stated that this step was necessary to ensure fair and equal treatment for all its users and stakeholders.
Losses Tied to FTX Collapse The company said it arrived at this decision after suffering significant losses resulting from third-party hedge fund managers who held Yield App assets in custody on the collapsed exchange FTX.
“This follows the realization of portfolio losses incurred through third-party hedge fund managers that held Yield App assets in custody on the collapsed cryptocurrency exchange FTX, and who are subject to ongoing litigation,” said Yield App.
The firm said its community channels on Discord and other social media platforms will no longer be accessible to users. However, Yield App said it will leave a support channel open for those that wish to reach out to the firm through its official website.
Transparency Concerns The latest developments come as a surprise, as the company had initially told users in November 2022 that it had minimal exposure to FTX. At the time, Yield App’s Tim Frost assured customers that their funds were safe and that the firm had “no significant exposure to FTX”.
The contractual statement now raises concerns about the company’s transparency and its treatment of customers concerning their exposure limit to FTX. Despite these concerns, Yield App is not alone in feeling the aftershocks of FTX’s collapse.
Impact of FTX Collapse on Crypto Firms FTX officially went bankrupt in November 2022, along with its associated entities, due to poor management and misappropriation of customer funds. However, the ripple effects continue to impact other companies.
Earlier this year, OPNX, a crypto exchange for trading bankruptcy claims launched by the founders of Three Arrows Capital (3AC), also wound up its operations as FTX’s bankruptcy proceedings reached their final stages. Although OPNX was not directly affected by FTX, its parent company 3AC suffered a massive liquidity crisis during the 2022 bear market caused by the exchange and Terra blockchain collapse.
Last year, Galois Capital, a hedge fund founded by Kevin Zhou, shut down its flagship fund due to significant exposure to FTX. The company announced that it lost nearly half of the fund’s capital when FTX collapsed.
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.
FTX (FTT) News, Cryptocurrency News, News
Chimamanda is a crypto enthusiast and experienced writer focusing on the dynamic world of cryptocurrencies. She joined the industry in 2019 and has since developed an interest in the emerging economy. She combines her passion for blockchain technology with her love for travel and food, bringing a fresh and engaging perspective to her work.
Yield App has announced that it has halted all activity on its crypto investment platform with ‘immediate effect’ after admitting it had lost funds on FTX a year and a half after it collapsed.
The company said its assets were held by a series of third-party hedge fund managers that were using FTX as custody. As a result, it says it’s preparing to enter liquidation and is in the process of taking legal action against the managers.
In a statement, Yield said, “This decision has been made to ensure fair and equal treatment for all Yield App’s users and stakeholders.”
Previously, Yield had claimed that deposits made on its platform were ‘always safe‘ and even claimed “your funds are insured.” It’s not clear how these issues could endanger deposits that are both always safe and insured.
Suspension of platform activity ahead of liquidation proceedings
28 JUNE 2024, 04:15 UTC: Yield App Ltd, a Seychelles-incorporated limited liability company, is today, Friday 28 June 2024, announcing the suspension of all activity on the digital wealth platform…
— Yield App (@YieldApp) June 28, 2024 Yield noted its community channels will shut while a support channel remains open on its app. Read more: FTX chasing $5M spent on ‘right-wing’ conference venue
Despite this liquidation announcement that claims it involves “the suspension of all activity,” the Angel Launchpad operated by Yield still lists a project meant to launch next week.
Yield is a Seychelles-incorporated firm that offers various crypto trading activities. Its post today may be referring to hedge fund management firm Geneva-based Tyr Capital Partners, which was sued in February 2024 by TGT, a fund that invested with Tyr, for allegedly ignoring internal risk limits and investor warnings regarding FTX.
The Financial Times reports that TGT is trying to recover $22 million from Tyr that was lost to FTX.
FTX, under the leadership of Sam Bankman-Fried, filed for bankruptcy almost two years ago on November 11, 2022. FTX reportedly claims it will have $16.3 billion — after selling its remaining assets — to pay its debts of roughly $11 billion. Both FTX US and Yield were previously audited by Armamino LLP, which no longer offers auditing services.
As part of this asset recovery, FTX is chasing $5 million from a former hotel that hosted various right-wing fringe groups. Recovery plans have also been put in place for FTX creditors which stretch the semantics of a ‘full recovery,’ prompting one group to sue the collapsed exchange.
One firm that was successful in recouping its FTX losses was European investment firm CoinShares which managed to sell its $33.6 million FTX claim to a mystery buyer.
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Yield App, a crypto investment platform, announced that it will immediately stop all its activities, citing FTX losses.
28.06.2024 - 15:52
Update: 28.06.2024 - 15:52
Yield App, a crypto investment platform based in Seychelles, announced today that it will cease all operations immediately.
Crypto Platform Yield App Closed Citing FTX Losses The decision follows portfolio losses linked to the collapsed cryptocurrency exchange FTX, despite previous assurances that it would not have a significant impact.
In the official statement made by Yield App, it was emphasized that the decision was taken “to ensure fair and equal treatment for all users and stakeholders of Yield App.”
The announcement revealed that Yield App had suffered portfolio losses through third-party hedge fund managers who kept Yield App assets under custody on FTX. These assets are currently the subject of ongoing litigation.
In response to the closure, Yield App suspended its community channels, but a support channel remained open through its official website.
Yield App's closure raises questions about the company's transparency regarding its exposure to the FTX crash.
In a Discord message dated November 10, 2022, Yield App's Tim Frost assured users that the firm “does not have significant exposure to FTX.” This latest development contradicts previous assurances.
A source who wished to remain anonymous expressed confusion about the situation, saying: “This whole thing makes no sense. I think it's very strange that they were influenced by FTX even though they made an official statement two years ago.”
*This is not investment advice.
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Yield App, a crypto trading platform based in Seychelles, will shut down immediately, citing exposure to FTX.
The FTX contagion in 2022 remains a thorn in the flesh of the crypto community. The impact of the implosion remains visible even months after the sentencing of its founder, Sam-Bankman Fried (SBF).
Yield App Shuts Down After Hiding Exposure to FTXIn the announcement, the firm said it had suspended all activity on its trading platform as liquidation proceedings commence. Along with the termination of activities, the firm has taken down its community channels but left the support channel open for further information.
“With immediate effect, all activity on Yield App will be halted as Yield App consults with liquidators. This decision has been made to ensure fair and equal treatment for all Yield App’s users and stakeholders,” read the announcement.
Yield App attributed the shutdown to the collapse of FTX, citing exposure. Specifically, Yield App highlighted “portfolio losses incurred through third-party hedge fund managers that held Yield App assets in custody” on the failed cryptocurrency exchange.
While this is understandable, it is surprising, given the firm’s previous reassurance that it did not suffer significant exposure to FTX. Tim Frost, the firm’s CEO, shared the message on Discord on November 10, 2022, a day before FTX filed for Chapter 11 bankruptcy and SBF’s resignation.
The twist shows that the reassurance was false, a made-up story intended to assuage customers. Therefore, the Yield App’s transparency regarding its exposure to the FTX collapse is now in doubt. Lou, founder and CEO of protocol builder XBorg, said lack of transparency is a threat to innovation.
“Greed in the crypto industry is stifling innovation. The pursuit of unsustainable high yields and quick profits is overshadowing long-term advancements,” Lou wrote.
It remains unknown how the litigation will bode for retail investors as liquidation proceedings continue. The firm is trying to release its funds stuck on the now-collapsed FTX crypto exchange.
Yield App halts operations due to FTX losses, despite earlier assurances of minimal impact.
Yield App Ltd, a Seychelles-incorporated crypto investment platform, has announced the immediate suspension of all operations on its digital wealth platform, yield.app.
This move comes as the company prepares to enter liquidation proceedings and aims to ensure fair and equal treatment for all users and stakeholders.
Yield App Stops Operations The decision, effective today, was shared in an official statement through a post on X. “Yield App Ltd, a Seychelles-incorporated limited liability company, is today, Friday, 28 June 2024, announcing the suspension of all activity on the digital wealth platform http://yield.app as the company prepares to enter liquidation proceedings,” said the statement.
Suspension of platform activity ahead of liquidation proceedings
28 JUNE 2024, 04:15 UTC: Yield App Ltd, a Seychelles-incorporated limited liability company, is today, Friday 28 June 2024, announcing the suspension of all activity on the digital wealth platform…
— Yield App (@YieldApp) June 28, 2024
The suspension follows significant portfolio losses incurred through third-party hedge fund managers who had custody of Yield App assets on the now bankrupt cryptocurrency exchange FTX. These hedge funds are also involved in ongoing litigation.
Effective immediately, all activities on Yield App’s platform will stop as the company consults with liquidators. Community channels will also be suspended, although a support channel will remain accessible through the yield app to assist users during this transitional period.
Yield App has requested patience from its customers, assuring them that further information, including detailed FAQs, will be provided as soon as possible.
You may also like: FTT Skyrockets as SBF Seeks Presidential Pardon While Serving 25-Year Sentence: Report Donald Trump Says No Pardon Issuance to FTX’s Sam Bankman-Fried The announcement got mixed reactions from the crypto community. One user expressed disbelief, saying, “I can’t believe it. I thought you would survive the bear market and make a strong comeback. Why give up now when the bull market is only halfway through?”
Another commented, “I’m glad I withdrew my bitcoin a few months ago.” Overall, the sentiment was one of shock, with many X users simply asking, “What?” Another user remarked, “What’s going on? This must be a joke.”
Yield App’s Transparency Questioned The announcement has raised concerns regarding Yield App’s transparency, particularly in light of previous reassurances about its exposure to FTX.
In a Discord message dated November 10, 2022, Yield App CEO Tim Frost assured users that the firm had “no significant exposure to FTX.” This statement has come under scrutiny following today’s revelations.
The liquidation of Yield App’s assets occurs amidst a broader context of FTX’s bankruptcy proceedings. The failed exchange has been actively liquidating assets to settle its disputes. In 2024 alone, FTX sold 8% of its stake in the AI firm Anthropic, offloaded its European arm for $33 million, and planned the sale of Digital Custody for $500,000.
The collapse of FTX has had severe repercussions for several firms. Last year, Galois Capital, a hedge fund founded by Kevin Zhou, closed its flagship fund due to substantial exposure to FTX. The fund lost nearly half of its capital when FTX collapsed.
The GalaxyOne platform allows users to earn yield on cash deposits and trade both crypto and traditional equities.The launch positions Galaxy Digital as a competitor to Robinhood and Coinbase in the U.S. retail investing market.GLXY shares were higher by 8% in premarket action.Shares of Galaxy Digital rose 8% in premarket trading Monday as the company rolled out GalaxyOne, a mobile and web platform built to give retail investors access to a blend of cash, crypto, and equity investing tools, with yield at the core.
The app gives users access to FDIC-insured high-yield cash accounts, crypto trading, and U.S. equities and exchange-traded funds (ETFs), the company announced in a press release. Galaxy says it’s offering 4% annual returns on regular cash deposits and up to 8% for accredited investors through its Galaxy Premium Yield product. Both rates are powered by the company’s institutional lending business, which manages a loan book of more than $1.1 billion.
Beyond passive yield, GalaxyOne users can trade across digital assets like bitcoin BTC$60,851.52, ether (ETH) and solana (SOL), as well as stocks listed on major U.S. exchanges. Galaxy also offers automated reinvestment of earnings into crypto or cash, aiming to simplify compounding returns, the company said.
The launch puts Galaxy in direct competition with Robinhood (HOOD) and Coinbase (COIN), two of the dominant players among digital-first retail traders in the U.S. Both have launched new services this year — including crypto staking, margin trading and retirement accounts — as they try to lock in more users and increase assets held on their platforms.
HOOD and COIN are both trading about 2% higher in pre-market trading alongside a general rise in stock and crypto markets.
Galaxy’s move is notable in part because of its institutional background. The company went public on Nasdaq in May and its stock is up 100% since the listing. Originally built on the infrastructure of Fierce, a fintech platform Galaxy acquired last year, GalaxyOne signals a broader push into consumer finance from a firm historically focused on institutional clients.
Galaxy said more features are on the way, including business accounts, crypto staking and expanded lending products.
AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
Aave is offering a savings account-like app offering over 5% annualized yield, initially available on Apple's App Store.The app allows deposits from bank accounts, debit cards or in stablecoins, with offering balance protection up to $1 million, the protocol said in a blog post.Aave's move is part of a trend in decentralized finance (DeFi) protocols expanding to offer neobank-like services.Aave AAVE$71.43, the largest decentralized crypto lending platform, is rolling out a "savings account"-like consumer yield app, opening waitlist on Apple's App Store first.
With the Aave App, users will be able to earn up to 6.5% annualized yield, higher than money market funds, leveraging Aave's infrastructure lending protocol, and can deposit funds from bank accounts, debit cards or in stablecoins, according to a blog post on Monday. It also offers "balance protection" on deposits up to $1 million.
Aave's move fits into a broader trend of decentralized finance (DeFi) crypto projects branching out to offer neobank-like products directly to consumers. Staking protocol Ether.fi (ETHFI) introduced an Amex-like cash card product and other financial services, while Ethereum layer-2 Mantle recently debuted its neobank app UR offering Swiss bank accounts.
Retail crypto yield platforms, which grew popular in the 2020-21 crypto bull cycle, suffered a big setback following the spectacular blowups of centralized lending platforms such as Celsius and Block.fi in 2022, portending a severe crypto winter.
Aave's expansion comes after acquiring last month San Francisco-based fintech company Stable Finance for developing a consumer savings app. Aave has gathered $70 billion in deposits and boasts 2.5 million in users, the blog post said.
OnchainLens monitoring reported on December 21 that Ethereum co-founder Vitalik Buterin has sold multiple cryptocurrencies over the past two days—including UNI, ZORA, BNB, KNC, OMG and other meme tokens—totaling tens of thousands of dollars. Following those sales, he transferred approximately $564,672 in USDC and 27 ETH (valued at roughly $80,364) using the privacy protocol Railgun.
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According to an official announcement, Luxembourg has officially become Coinbase’s registered MiCA Home under the EU’s Markets in Crypto-Assets (MiCA) framework. Moving forward, Coinbase will use Luxembourg as its EU business hub to provide compliant crypto asset services for users across EU member states.
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According to PeckShield’s monitoring, an address identified as the KyberSwap attacker has once again transferred 2,000 ETH to Tornado Cash. Over the past two years, this attacker has cumulatively transferred and mixed 16,100 ETH via Tornado Cash, equivalent to roughly $40 million at current prices, accounting for over 80% of the $48.8 million lost in the KyberSwap attack in November 2023. Some of the stolen funds have not yet been fully transferred.
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According to monitoring by OnchainLens, James Wynn has liquidated his 40x leveraged Bitcoin (BTC) short position, pocketing roughly $30,000 in profit. He subsequently opened a new 50x leveraged S&P 500 (SP500) short position at a price of 334.42, betting on a future decline in the US stock market.
PANews reported on December 27th that on-chain analyst Specter published an article on the X platform stating that crypto KOL and Instagram influencer Andrew Tate may be involved in crypto money laundering activities, with his associated wallet depositing $30 million into Railgun over the past two years. Specter obtained Andrew Tate's wallet address through a screenshot of a private message he posted on June 9, 2024. Tracing this wallet address revealed a connection to a Texas "pig butchering" scam. Although Andrew Tate was not listed as a defendant in the case, the fund flows in the associated wallet were highly suspicious, exhibiting common money laundering techniques, including small and large transfers through nested services and high-risk exchanges.
The crypto market is ending the week strong despite a four-day streak of U.S. spot ETF outflows and global tensions. Here’s a recap of what transpired in the space in the past 48 hours.
BTC hit with $1.68B ETF outflows Bitcoin [BTC] price held the $90k despite record weekly ETF outflows in 2026. The products saw four consecutive days of outflows, totalling $1.68 billion.
Source: Soso Value This week’s risk-off mode was triggered by Japan’s bond crisis, as investors feared the rout could spill over into U.S. markets. Additionally, the global tensions between the E.U. and the U.S. over Greenland further spooked the markets.
As of writing, these two risk factors were significantly neutralized. The E.U.-U.S. tensions, for example, had eased over a potential Greenland deal, prompting a relief rally in markets.
At press time, the Asian markets surged, with Shanghai’s SSE Composite (SSE) and Tokyo’s Nikkei 225 posting a 33 and 29 basis points surge, respectively.
However, India’s Nifty 50 retreated nearly 1%. The improved sentiment followed Japan’s rate pause after its policy rate decision on the 22nd of January.
Collectively, the shift in sentiment helped Bitcoin hover near $90k despite record ETF outflows earlier in the week.
BitGo joins the crypto IPO mania BitGo, a crypto custody and infrastructure firm, became the latest industry player to go public. The crypto IPO mania underscored the sector’s growth into the mainstream, but BitGo’s first day performance was volatile.
The stock (NYSE: BITGO) opened at $22, slightly above its $18 per share in the initial public offering (IPO).
It hit a high of $24.5 in intraday trading, about a 36% jump. But it later erased the gains and closed the intraday session at $18.49, translating to a 2.7% rally.
Source: Yahoo Finance Several crypto infrastructure firms, including custody provider Anchorage Digital, Kraken, and crypto payments giant Bitpanda, are planning IPOs.
This follows a successful Circle IPO last year. That said, BitGo raised $212 million from the IPO, putting its value above $2 billion.
Railgun to scale DeFi privacy The key final update was from the privacy sector. Ethereum-based Railgun unveiled Railgun_connect, a ‘plug and play’ DeFi integration that allows users to interact with on-chain platforms for staking, swaps, lending, and others, with their private, shielded wallets.
The project team said it successfully tested the feature on CowSwap on Polygon POS and plans to roll it out across the DeFi ecosystem. The team billed the new feature as,
“A first-of-its-kind tool for privacy and is a huge leap in making private addresses as functional as public ones.”
For the unfamiliar, the legacy privacy platforms like Zcash [ZEC] only allow shielded transfers (hiding the balance) and keep it, with no ability to deploy capital across DeFi at scale privately. Railgun’s new feature may change and disrupt the current privacy landscape.
The markets will now shift to next week’s U.S Fed rate decision, scheduled for the 28th of January. With market pricing a rate pause despite the Trump-Powell conflict, it remains to be seen whether it will be hawkish or dovish.
Source: CME FedWatch Tool Final Thoughts Bitcoin tried holding $90k despite a four-day streak of ETF outflows of over $1.6 billion Railgun unveils plan to aggressively scale DeFi privacy as market shifts focus to next week’s Fed rate decision.
Railgun [RAIL] has hit a key milestone that could scale privacy for DeFi like never before. The privacy mania has been so loud on token price gains, but the underlying protocols haven’t been very useful or scalable until now.
From Zcash to Tornado Cash, users could only deposit funds and shield them (hide) from the public or explorers. You can only park the funds there with limited utility.
However, to swap into a DeFi or use a lending protocol, one had to unshield and move the funds, making it easy to correlate and track the activity – A zero usability apart from hiding balances that limits legacy privacy protocols.
Now, the Ethereum [ETH]-based project has successfully tested Railgun_connect on CowSwap, effectively allowing private wallets to use DeFi platforms without unshielding and moving funds.
The project said,
“RAILGUN_connect is a first-of-its-kind tool for privacy and is a huge leap in making private addresses as functional as public ones.”
The team billed the feature as a ‘universal plug-and-play’ that will ‘eliminate the heavy work needed to build an integration to use a DeFi application from a private balance.’
Railgun leverages zero-knowledge proofs for shielded transfers, so interactions with DeFi frontends don’t compromise decentralization or privacy.
Railgun traction hits record high The push for DeFi privacy at scale aligns with Ethereum’s vision and increasing appetite for such solutions.
In fact, the number of shields per day for tracking private wallets has been rising sharply since 2025. In early 2026, the daily average shield hit a record high of 326, further confirming the massive demand for privacy.
Source: X/Etherscan Additionally, the cumulative volume on the privacy protocol reached a record $4.5 billion, up from $2.4 billion a year ago. This translated into nearly 100% growth, or 2x, on a year-on-year (YoY) basis.
Source: Dune The native governance token, RAIL, didn’t fall behind amid this growing network traction. In fact, after the pullback earlier in the week, the token recovered 25%.
This was part of a broader privacy coins rally after the E.U.-U.S. tensions eased, following U.S. President Donald Trump’s tariff pause in favor of a potential Greenland deal.
Source: RAIL/USD, TradingView Final Thoughts Railgun unveiled Raingun_connect, a ‘plug and play’ feature to scale DeFi privacy The privacy project has seen a record daily shield of 326 amid rising demand for privacy solutions.
In brief Researchers from the Cambridge Centre for Alternative Finance have found that the use of coin mixers rose significantly last year, following the lifting of sanctions against Tornado Cash. Data indicate that most users have migrated to new mixing protocols, with Railgun now accounting for 71% of all transaction volume. The available metrics suggest that a significant proportion of mixer usage remains illicit, and that Tornado Cash usage remained high amongst bad actors even after the 2022 ban. Usage of coin mixers has reached its highest level since 2022, according to new research from the Cambridge Centre for Alternative Finance (CCAF).
In an article published on Tuesday, researchers Wenbin Wu and Keith Bear reported that transactions for coin mixers have been rising since the 2022 Tornado Cash ban, as users migrate primarily to more compliant platforms.
The report notes the massive impact sanctions had in 2022 and beyond, with Tornado Cash’s daily transactions falling by 97% in a matter of days, while transactions for mixers as a whole dropped by 48%.
Usage remained low between late 2022 and March 21, 2025, when the U.S. Treasury removed its sanctions against Tornado Cash.
While 2024 did record a modest rise in transactions in relation to 2023 (c. 21,000 vs 16,000), 2025 witnessed a significant increase in usage, as total transactions rose to approximately 32,000.
This compares with approximately 38,000 in 2022 (and 2020), while daily numbers climbed close to 300 in late 2025, having topped 450 just prior to August 2022.
Users on the moveNumbers have been steadily recovering, yet Wu and Bear report that users have shifted to alternative platforms, and that Tornado Cash’s formerly dominant market share has recovered only modestly since March of last year.
Railgun, which uses a ‘proof-of-innocence’ system to check deposits against blacklists, now accounts for 71% of all activity.
It’s followed by Tornado Cash (both Tornado Classic and Tornado Nova), which accounted for 25% of transactions in 2025, and then by Privacy Pools, which accounted for 5% of all mixer transactions.
Similar to Railgun, Privacy Pools employs association sets to prove that deposits came from non-blacklisted sources, although it checks provenance prior to withdrawals.
While the growth of Railgun and Privacy Pools indicates a shift to more compliant mixer protocols, the CCAF report notes that such platforms rely on external providers to flag addresses.
In other words, blacklists “are updated dynamically as new exploits are identified,” providing some opportunity for bad actors to move funds to (and from) them quickly, before it becomes impossible.
There is some indication that transactions to and from mixers have accelerated in the post-2022 landscape: most transactions now occur within 24 hours of wallet creation, whereas pre-2022 most transactions happened after 24 hours.
Noting that “users shifted dramatically toward fast deposits under 24 hours,” the article then goes on to state that such “fast behaviour is consistent with users seeking to avoid identification, a profile more likely to include illicit actors.”
Also pointing to a potentially illicit source of transactions is the fact that, after the 2022 sanctions against Tornado Cash, deposits from centralized exchanges—which generally have to comply with KYC and AML regulations—virtually vanished.
Most deposits now come from unlabelled sources, which are addresses with no recorded entity associations, and which now account for 95% of all funding to mixers (up from 76% in 2020).
While this may suggest that use of mixers remains predominantly illicit, the report’s authors do affirm that such platforms also attract significant numbers of legitimate users.
“Legitimate motivations for using privacy tools include personal financial privacy, protection from targeting (physical attacks on crypto holders are a well-documented and growing problem), and commercial confidentiality,” said Wenbin Wu, who is a Research Associate at the University of Cambridge’s Cambridge Centre for Alternative Finance.
The effect of sanctionsSpeaking to Decrypt, Wu emphasized that blockchains are “radically transparent,” and that such transparency—and permanent visibility—can lead legitimate users to seek out mixers in certain cases.
Yet Wu also states that the 2022 sanctions had the somewhat perverse effect of scaring off legit users, while forcing bad actors to find new channels and protocols.
He said, “The key finding is that sanctions primarily deterred compliant users while illicit actors adapted, initially to alternative mixers, and more recently to cross-chain bridges and decentralised exchanges altogether.”
Having said that, Wu acknowledges that the sanctions imposed “meaningful operational costs” on illicit networks and precipitated the shift to compliant alternatives, providing less scope for bad actors to operate.
He added, “The newer protocols like Railgun and Privacy Pools, which screen deposits against known illicit addresses, are by design less attractive to bad actors.”
CCAF’s report cites research from the Federal Reserve Bank of St Louis, which in a 2023 paper concluded that only 30% of Tornado Cash traffic could be shown to have derived from illegitimate sources.
However, there’s no doubt that mixers remain popular among cybercriminals, with a 2025 paper from researchers at the University of Birmingham and the University of Sydney finding that hackers continued to use Tornado Cash in 78% of Ethereum-related security incidents between August 8, 2022 and March 21, 2025.
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April 1st — Onchain Lens monitoring reports Vitalik has again sold gifted meme tokens, with each fetching 14.5 ETH (valued at roughly $30,000). He also transferred 70,000 USDC and 44 ETH to Railgun for a private transaction.
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With the start of a new month, the activity of wallets belonging to Vitalik Buterin has once again attracted attention from the crypto community, amid a market recovery, particularly with Ethereum gaining nearly 8% since the beginning of the week.
Buterin continues to execute a strategy of offloading gifted meme coins and reallocating funds toward infrastructure and, apparently, charitable initiatives. According to Onchain Lens, which cites Arkham data, several such transactions have been recorded in recent hours.
Specifically, Buterin sold another batch of unknown low-cap meme coins sent to him, receiving about 14.5 ETH, which is just over $30,000 at the current rate.
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Is new meme purge starting? Buterin's position here is clear, as he has repeatedly stated that he does not want to receive such tokens as gifts and urges developers to direct them to charity. Historically, he either "burns" these coins or sells them to fund ecosystem development and charitable causes, as seen when he donated $1 billion worth of Shiba Inu (SHIB) back in 2021.
This is why the context of SHIB resurfaced in today’s transactions. Buterin recently criticized how his previous donation in this token, ultimately valued at $500 million, was used by the Future of Life Institute to lobby politicians for AI.
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At the same time, Buterin continues to actively use privacy tools. In particular, he transferred 70,000 USDC and 44 ETH, totaling $92,000, into the Railgun protocol. Buterin has long advocated that privacy is a fundamental human baseline, making Railgun, built on ZK-SNARKs, a suitable tool for protecting transactions from excessive public monitoring.
The last time Buterin sold Ethereum was at the end of February 2026, when he offloaded 17,696 ETH worth $35 million. Whether today’s activity signals a similar move for April remains unlikely for now, as the nature of these transactions differs.
study producing major crypto privacy news found that zero-knowledge proof systems including Railgun, PrivacyPools, Aleo, and Aztec are mathematically immune to quantum attacks, because they rely on information-theoretic security rather than encryption, meaning they remain safe even against infinitely powerful attackers including future quantum computers.
Summary
The Coinbase-led study, co-authored with Stanford and Ethereum Foundation researchers, found that ZK proof systems derive their security from how information is structured and shared. Bitcoin wallets with exposed public keys remain the most immediately vulnerable category in any quantum attack scenario, while ZK-based privacy tools are unaffected by the same class of attack. The finding provides a concrete security advantage for privacy-preserving DeFi infrastructure at a moment when the broader crypto industry is still debating how and when to implement post quantum cryptography across base-layer networks. Crypto privacy news arrived Tuesday with a significant finding: the same quantum computing threat that has triggered emergency roadmaps at Ripple, Bitcoin, and Ethereum appears not to apply to privacy-preserving zero-knowledge proof systems. A study co-authored by Coinbase researchers alongside teams at Stanford and the Ethereum Foundation concluded that networks like Railgun and PrivacyPools rely on a fundamentally different security model than the one quantum computers are designed to attack.
The study was shared with DL News and concludes that zero-knowledge proof systems “rely on information-theoretic systems which are secure even against infinitely powerful attackers because of how information is structured and shared, not because of encryption.” That distinction is not a matter of degree. It is a categorical difference between computational security and information-theoretic security.
Why Zero-Knowledge Proofs Are Structurally Immune Standard blockchain security, including the protection on Bitcoin wallets and Ethereum accounts, relies on computational hardness: the assumption that breaking the underlying math problem requires more computation than any attacker possesses. Quantum computers using Shor’s algorithm can in theory solve certain categories of these math problems exponentially faster than classical computers, which is why Bitcoin’s elliptic curve signatures are considered potentially vulnerable.
Zero-knowledge proofs work differently. They allow one party to prove knowledge of a secret without revealing the secret itself, and the security guarantee comes from information-theoretic principles rather than computational difficulty. Even a computer with infinite processing power cannot extract more information than the proof was designed to reveal. That structural property makes ZK-based privacy tools immune to Shor’s algorithm and to any quantum attack that targets computational hardness.
What This Means for Railgun, Aztec, Aleo, and PrivacyPools Railgun is a privacy protocol that shields transaction amounts and addresses using ZK proofs on Ethereum. PrivacyPools is a protocol designed to allow compliant privacy by letting users prove their funds do not come from sanctioned sources without revealing their full transaction history. Aleo is a Layer 1 blockchain built natively around ZK proofs. Aztec is an Ethereum Layer 2 with private smart contract execution via ZK proofs.
All four rely on information-theoretic security for their core privacy guarantees. The Coinbase study’s conclusion means that when quantum computers eventually mature to the point of threatening Bitcoin’s key security, the privacy properties of these networks will remain intact. Their vulnerability, if any, would come from other components of their architecture, such as the underlying elliptic curve signatures used for account authentication, which is a separate security layer from the ZK proof system itself.
The Broader Implication for DeFi Privacy Infrastructure The finding arrives as the broader Bitcoin quantum risk debate is producing governance friction across the ecosystem. The quantum threat debate in Bitcoin has centered on whether to force coin migration or rely on optional upgrades. ZK-based privacy infrastructure sidesteps that debate entirely, because its core security model was already quantum-immune by design.
For DeFi developers and institutional users evaluating infrastructure choices over long time horizons, the study provides a concrete basis for treating ZK-based privacy tools as categorically more future-proof than traditional transparency-based blockchain accounts with respect to the quantum threat. Ethereum co-founder Vitalik Buterin has publicly endorsed protocols like Railgun on broader grounds, arguing that privacy should be a default option for blockchain users. The quantum immunity finding adds a security dimension to that argument.
**On May 9, U.S. District Judge Margaret Garnett approved Aave’s asset recovery plan following the rsETH exploit, clearing the transfer of ~$71 million in ETH—previously frozen on Arbitrum—to a wallet controlled by Aave.** Court filings reveal the ruling adjusted the prior restraining order against Arbitrum DAO, enabling the community to complete the ETH transfer via an on-chain governance vote—while waiving legal liability for those voting and executing the transfer. The incident stemmed from the April rsETH exploit, widely linked to North Korea’s Lazarus Group. Earlier, lawyers representing victims of North Korean terrorism had pushed to freeze the assets and sought to include them in an ~$877 million outstanding judgment. The Arbitrum community showed overwhelming support in a Snapshot temperature check vote to return the frozen ETH to Aave’s recovery plan, though formal on-chain governance approval is still required for the actual transfer. The case also forms part of U.S. plaintiffs’ efforts to recover crypto assets tied to North Korea. Beyond Arbitrum, the plaintiffs previously sued privacy protocol Railgun DAO, naming Digital Currency Group (DCG) as a defendant and alleging its involvement in related governance and economic activities.
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Vice President of Strive: Strategy's STRC Has Essential Differences from the Luna/UST Model
Strive Vice President Joe Burnett wrote in an article that prior to the TerraUSD collapse, roughly $18.7 billion in UST was in circulation, backed by just $3.1 billion in Bitcoin reserves, and UST allowed immediate redemptions. Currently, Strategy holds around $51.5 billion in Bitcoin, corresponding to a circulating STRC supply of approximately $10.5 billion, while STRC is not an immediately redeemable asset. He stressed that the two differ significantly in collateral structure, asset coverage ratio, and redemption mechanism, noting "they are clearly completely different models."
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trade.xyz launches contract trading for Japanese storage stock Kioxia (KOXIA)
According to official announcements, trade.xyz has launched contract trading for Japanese storage stock Kioxia (KOXIA), supporting up to 10x leverage. The Kioxia (KIOXIA) product tracks the value of each common share of Kioxia Holdings Corporation, listed on the Tokyo Stock Exchange (stock code: 285A). Its price conversion mechanism converts the underlying Japanese stock price from yen to U.S. dollars based on the current USD/JPY exchange rate. Kioxia manufactures NAND flash memory and solid-state drives (SSDs) for use in data centers, consumer electronics, mobile devices, and enterprise storage.
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Japanese storage chip manufacturer Kioxia's share price rose more than 12%
According to Bitget market data, the share price of Japanese storage chip manufacturer Kioxia Holdings (铠侠) surged by 12%.
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Coinbase secures Luxembourg’s MiCA license, to base its EU operations in Luxembourg.
According to an official announcement, Luxembourg has officially become Coinbase’s registered MiCA Home under the EU’s Markets in Crypto-Assets (MiCA) framework. Moving forward, Coinbase will use Luxembourg as its EU business hub to provide compliant crypto asset services for users across EU member states.
1 minutes ago
The KyberSwap attacker has transferred another 2000 ETH to Tornado Cash, with over 80% of the stolen funds now laundered.
According to PeckShield’s monitoring, an address identified as the KyberSwap attacker has once again transferred 2,000 ETH to Tornado Cash. Over the past two years, this attacker has cumulatively transferred and mixed 16,100 ETH via Tornado Cash, equivalent to roughly $40 million at current prices, accounting for over 80% of the $48.8 million lost in the KyberSwap attack in November 2023. Some of the stolen funds have not yet been fully transferred.
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James Wynn closed out his 40x Bitcoin short position, netting $30,000 in profits, and shifted to opening a 50x S&P 500 short position.
According to monitoring by OnchainLens, James Wynn has liquidated his 40x leveraged Bitcoin (BTC) short position, pocketing roughly $30,000 in profit. He subsequently opened a new 50x leveraged S&P 500 (SP500) short position at a price of 334.42, betting on a future decline in the US stock market.
PANews reported on May 11 that, according to PAShield's monitoring, the TrustedVolumes attackers have transferred and laundered $278,000: depositing 10.2 ETH ($23,600) into TornadoCash, converting 110 ETH ($250,000) into BTC via THORChain, and also attempting to deposit 0.5 ETH into Railgun but changing their minds and returning the deposit.
TrustedVolumes was attacked on May 7, resulting in a loss of approximately $6.7 million.
On May 11, PeckShield monitoring revealed the TrustedVolumes attacker’s activities: depositing 10.2 ETH (valued at approximately $23,600) into Tornado Cash; using THORChain to swap 110 ETH for BTC via a cross-chain transaction (totaling roughly $250,000 in involved funds); and attempting to deposit 0.5 ETH into Railgun before reversing course and withdrawing the funds.
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Vice President of Strive: Strategy's STRC Has Essential Differences from the Luna/UST Model
Strive Vice President Joe Burnett wrote in an article that prior to the TerraUSD collapse, roughly $18.7 billion in UST was in circulation, backed by just $3.1 billion in Bitcoin reserves, and UST allowed immediate redemptions. Currently, Strategy holds around $51.5 billion in Bitcoin, corresponding to a circulating STRC supply of approximately $10.5 billion, while STRC is not an immediately redeemable asset. He stressed that the two differ significantly in collateral structure, asset coverage ratio, and redemption mechanism, noting "they are clearly completely different models."
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trade.xyz launches contract trading for Japanese storage stock Kioxia (KOXIA)
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Japanese storage chip manufacturer Kioxia's share price rose more than 12%
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Coinbase secures Luxembourg’s MiCA license, to base its EU operations in Luxembourg.
According to an official announcement, Luxembourg has officially become Coinbase’s registered MiCA Home under the EU’s Markets in Crypto-Assets (MiCA) framework. Moving forward, Coinbase will use Luxembourg as its EU business hub to provide compliant crypto asset services for users across EU member states.
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According to PeckShield’s monitoring, an address identified as the KyberSwap attacker has once again transferred 2,000 ETH to Tornado Cash. Over the past two years, this attacker has cumulatively transferred and mixed 16,100 ETH via Tornado Cash, equivalent to roughly $40 million at current prices, accounting for over 80% of the $48.8 million lost in the KyberSwap attack in November 2023. Some of the stolen funds have not yet been fully transferred.
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James Wynn closed out his 40x Bitcoin short position, netting $30,000 in profits, and shifted to opening a 50x S&P 500 short position.
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On May 24, HTX Markets data shows RAIL—the token of privacy protocol Railgun—briefly spiked above $4.7 before pulling back. It is now trading at $4.01, boasting a more than 73% gain in value over the past 24 hours.
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According to official announcements, trade.xyz has launched contract trading for Japanese storage stock Kioxia (KOXIA), supporting up to 10x leverage. The Kioxia (KIOXIA) product tracks the value of each common share of Kioxia Holdings Corporation, listed on the Tokyo Stock Exchange (stock code: 285A). Its price conversion mechanism converts the underlying Japanese stock price from yen to U.S. dollars based on the current USD/JPY exchange rate. Kioxia manufactures NAND flash memory and solid-state drives (SSDs) for use in data centers, consumer electronics, mobile devices, and enterprise storage.
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According to Bitget market data, the share price of Japanese storage chip manufacturer Kioxia Holdings (铠侠) surged by 12%.
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Coinbase secures Luxembourg’s MiCA license, to base its EU operations in Luxembourg.
According to an official announcement, Luxembourg has officially become Coinbase’s registered MiCA Home under the EU’s Markets in Crypto-Assets (MiCA) framework. Moving forward, Coinbase will use Luxembourg as its EU business hub to provide compliant crypto asset services for users across EU member states.
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The KyberSwap attacker has transferred another 2000 ETH to Tornado Cash, with over 80% of the stolen funds now laundered.
According to PeckShield’s monitoring, an address identified as the KyberSwap attacker has once again transferred 2,000 ETH to Tornado Cash. Over the past two years, this attacker has cumulatively transferred and mixed 16,100 ETH via Tornado Cash, equivalent to roughly $40 million at current prices, accounting for over 80% of the $48.8 million lost in the KyberSwap attack in November 2023. Some of the stolen funds have not yet been fully transferred.
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James Wynn closed out his 40x Bitcoin short position, netting $30,000 in profits, and shifted to opening a 50x S&P 500 short position.
According to monitoring by OnchainLens, James Wynn has liquidated his 40x leveraged Bitcoin (BTC) short position, pocketing roughly $30,000 in profit. He subsequently opened a new 50x leveraged S&P 500 (SP500) short position at a price of 334.42, betting on a future decline in the US stock market.
The Ethereum-based privacy project Railgun and its native token RAIL have attracted significant attention after a dramatic surge in 2026. Since the beginning of the year, RAIL’s price has soared by over 128 percent, approaching its all-time high of $4.51 before settling down to $4.05. Meanwhile, daily trading volume has rocketed to $7.5 million—roughly ten times its normal levels.
Interest in privacy-focused projects growsRAIL’s rally comes as privacy returns to the spotlight in the crypto world. The renewed rise in privacy-centric projects like Zcash (ZEC) and Monero (XMR) has highlighted a growing demand for such coins. Increased social media activity and influencer engagement have further fueled this upward momentum.
With the statement, “The era of privacy in crypto has officially begun,” Grayscale’s president Barry Silbert brought renewed attention to privacy-focused projects in the sector.
According to Messari data, RAIL’s social media impact jumped by 208 percent in a short period, reflecting a clear surge in public interest in the token.
Trading volume and liquidityRAIL’s total supply stands at 100 million tokens, with 57 million currently in circulation. Most trading occurs on decentralized exchanges, with over 60 percent of total volume attributed to Uniswap. RAIL has yet to be listed on any centralized exchange but is seen as a leading privacy layer within the Ethereum ecosystem.
Quick glossary: Railgun is an Ethereum-based smart contract privacy solution that allows users to conduct transactions discreetly. By pre-approving certain addresses or applying blocklists, the protocol enables privacy for user transactions.
At one point, RAIL surpassed $5 in price and appeared poised for price discovery, but market volatility prompted a slight correction. The highest trading pairs include WETH, USDC, and USDT.
Project fundamentals and recent developmentsUnlike its competitors, Railgun does not operate as entirely permissionless; instead, it employs address approval and blocklisting mechanisms. This allows transfer sources to be checked in advance. While the approach can lessen abusive activity in attacks, identifying addresses to blacklist can sometimes be delayed.
There are currently over $97 million in assets locked within the Railgun ecosystem. Over the past year, the protocol has shown remarkable growth in its space, generating a total of $4.13 million in transaction fees.
Recently, Railgun announced integration with Ethereum’s Kohaku SDK, making direct integration with popular wallets more accessible. MetaMask and other wallets have signaled their support for this feature, though widespread adoption and concrete results have yet to materialize.
Project/TokenSupply (Total/Circulating)All-Time High24h VolumeExchangesRailgun (RAIL)100M / 57M$4.51$7.5MUniswap, On-chainZcash (ZEC)21M / 16M$276.7$150MBinance, CoinbaseMonero (XMR)18.4M / 18.4M$542.3$63MBinance, KuCoinOutlook and future expectationsBeyond Ethereum, Railgun can offer privacy support on networks such as Polygon and Binance Smart Chain. If wallet integration expands in the near future, private transactions could move closer to mainstream adoption. Currently, WETH, USDC, and USDT are the most prevalent tokens in Railgun’s mixing operations. Going forward, more tokens and DeFi platforms may join the ecosystem.
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.
PeckShield: WUSD/GLOVE liquidity pool attacked, resulting in losses of approximately $207,000.
PANews reported on May 25th that, according to PeckShield monitoring, the WUSD/GLOVE project on Ethereum suffered an attack, resulting in a loss of approximately $207,000. After obtaining the funds, the attackers converted the stolen assets into approximately 98 ETH and transferred them to the privacy protocol Railgun.
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May 25 update: According to monitoring from blockchain security firm PeckShield, the WUSD/GLOVE deployment on the Ethereum network was exploited in an attack, resulting in approximately $207,000 in losses. The attacker converted the stolen assets into roughly 98 ETH, then transferred these funds to Railgun—a privacy protocol—apparently aiming to obfuscate the flow of money through coin mixing and privacy-enhancing tools.
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Japanese storage chip manufacturer Kioxia's share price rose more than 12%
According to Bitget market data, the share price of Japanese storage chip manufacturer Kioxia Holdings (铠侠) surged by 12%.
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Coinbase secures Luxembourg’s MiCA license, to base its EU operations in Luxembourg.
According to an official announcement, Luxembourg has officially become Coinbase’s registered MiCA Home under the EU’s Markets in Crypto-Assets (MiCA) framework. Moving forward, Coinbase will use Luxembourg as its EU business hub to provide compliant crypto asset services for users across EU member states.
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The KyberSwap attacker has transferred another 2000 ETH to Tornado Cash, with over 80% of the stolen funds now laundered.
According to PeckShield’s monitoring, an address identified as the KyberSwap attacker has once again transferred 2,000 ETH to Tornado Cash. Over the past two years, this attacker has cumulatively transferred and mixed 16,100 ETH via Tornado Cash, equivalent to roughly $40 million at current prices, accounting for over 80% of the $48.8 million lost in the KyberSwap attack in November 2023. Some of the stolen funds have not yet been fully transferred.
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James Wynn closed out his 40x Bitcoin short position, netting $30,000 in profits, and shifted to opening a 50x S&P 500 short position.
According to monitoring by OnchainLens, James Wynn has liquidated his 40x leveraged Bitcoin (BTC) short position, pocketing roughly $30,000 in profit. He subsequently opened a new 50x leveraged S&P 500 (SP500) short position at a price of 334.42, betting on a future decline in the US stock market.
The Ethereum Foundation's Kohaku Initiative released an SDK enabling seamless integration of shielded pool protocols like Railgun, Tornado Cash, and Privacy Pools directly into wallet interfaces, with 4337 relaying now operational.
The Ethereum Foundation's Kohaku Initiative announced the release of its SDK for integrating privacy protocols into Ethereum wallets without intermediaries.
The team achieved a major milestone with v0.0.1-alpha.21 of the kohaku-eth/railgun integration, which now features operational 4337 mempool relaying for private transactions. Tornado Cash and Privacy Pools integrations are in development.
Kohaku aims to make end-to-end privacy the default for Ethereum users by abstracting away the complexity of interacting with existing shielded pool protocols.
Rather than relying on protocol-specific relaying infrastructure, the SDK enables all privacy protocol transactions to route through the 4337 mempool—a shift the team describes as a major contribution toward user-controlled privacy without dependence on centralized relayers.
Wallets in the worksThe initiative is actively demonstrating practical applications of the SDK beyond theoretical research. Developers have created a CLI-based wallet that consumes the Kohaku SDK to showcase real-world functionality. Wallet integrations are underway, with production wallets including Ambire preparing implementations. A browser extension experimental wallet developed in collaboration with breadcoop is also in progress.
Kohaku's scope extends beyond the work currently highlighted. The initiative is also developing infrastructure for post-quantum accounts, multisigs, and hardware wallet support, according to the team.
The SDK documentation is being expanded to improve developer experience, with the team emphasizing that wallet integration timelines require patience as production implementations move forward.
The Kohaku Initiative represents the Ethereum Foundation's focus on bringing privacy solutions from the research phase to real user adoption. Code is available on GitHub, and vision documentation for the CLI wallet component is publicly accessible. The team plans to showcase progress at Berlin Blockchain Week.
Sources: Ethereum Foundation Kohaku GitHub | Kohaku CLI GitHub Repository | Kohaku Vision Documentation | X Announcement
PANews reported on May 26th that, according to The Defiant, the Kohaku Initiative, a subsidiary of the Ethereum Foundation, has released a software development kit (SDK) that allows privacy protocols such as Railgun, Tornado Cash, and Privacy Pools to be directly integrated into wallet interfaces without intermediaries. This SDK enables all privacy protocol transactions to be routed through the 4337 mempool, allowing users to control their privacy independently without relying on centralized relayers.
The team has implemented private transactions with 4337 mempool relay functionality, and integrations with Tornado Cash and Privacy Pools are under development. Kohaku aims to make end-to-end privacy the default option for Ethereum users by abstracting the complexity of privacy protocol interactions. Developers have created CLI-based wallet demos, and wallets such as Ambire are being integrated, while a browser-based wallet extension is also under development. Kohaku is also developing post-quantum accounts, multi-signature, and hardware wallet support.
Manifold Finance's FOLD token crashes to 64 cents from a $87 peak amid product disappointment.Founder Sam Bacha goes quiet, responds to concerns with memes and jokes.Once-promising startup raised $2.5 million from VCs before downward spiral.Manifold Finance, a onetime buzzy crypto project, has plunged into turmoil.
Its erratic founder is unreachable, the price of its token is plummeting, and frustrated supporters are pleading for updates.
Manifold’s token, FOLD, hit an all-time low of 64 cents on November 8 — 98% off its 2022 peak of $87 — even as crypto markets surged on the election of Donald Trump as the US president.
Fold’s worth peaked at more than $87, and it was trading above $30 as recently as April. In 2022, the venture’s market value topped $128 million. Now it’s only $2 million.
Disappointing responseThe token has crashed amid a disappointing response to Manifold’s year-old liquid staking product, which was meant to compete with the likes of crypto giants Lido and Rocket Pool.
It has also suffered as a prominent backer stopped providing liquidity for the token on decentralised exchange SushiSwap earlier this year.
Meanwhile, founder Sam Bacha has not provided regular updates on a forthcoming product meant to reverse Manifold’s declining fortunes. Self-imposed deadlines have come and gone.
Bacha has occasionally commented in a 2,500-person Telegram chat without offering any explanation as to his whereabouts or Manifold’s progress, instead cracking jokes and sharing irrelevant memes, infuriating some supporters.
Lost supportEven one of Manifold’s most prominent investors, crypto influencer Jordan Fish, better known as Cobie, said in the group Telegram chat that he has lost faith in the company.
“I invested in it in 2021, and at the top, it was worth like $5m and now it’s worth 0,” Fish told DL News. “I don’t know what to tell you, yeah, seems like it failed, crypto investments are risky, maybe I should’ve sold the top, it is what it is.”
‘When did you last talk to Sam? He still alive?’
— Supporter on TelegramPhilipp Zahn, a co-founder of Manifold partner 20squares, declined to comment to DL News, but called the company a “former client.”
Bacha and Alexander Bradley, Manifold employee, did not respond to multiple requests for comment.
Manifold isn’t Bacha’s first project to go sideways.
His last crypto startup, Block Array, appears to be defunct, and has been dogged by allegations of fraud. What’s more, this isn’t the first time he’s gone weeks without providing the status updates that are de rigueur in the crypto industry.
But with the collapse of Manifold’s token and supporters’ anger boiling over, Bacha’s behaviour has taken a more ominous tone.
It’s the latest example of the pitfalls that come with crypto’s freewheeling culture.
Past troubleBacha graduated from the University of Tennessee at Chattanooga in 2013, according to his LinkedIn account, which noted he had stints at AT&T and Amazon before founding his first blockchain-based startup in 2017.
Block Array’s website and white paper were inaccessible on Friday. The X account for its Freight Trust product has been suspended. Freight Trust’s token, EDI, is seldom traded and, despite a total supply of 600 million, had no market value Friday, according to Etherscan. Block Array’s token, ARY, is also worthless, according to Etherscan.
Malicious botsManifold was founded in 2021 to help crypto traders avoid front-running from malicious bots. It raised $2.5 million from P2P.org, Marshland Capital, and several other venture investors.
A version of that anti-front running software was developed for SushiSwap, a decentralised crypto exchange.
But it was quickly shelved due to software bugs. SushiSwap declined to integrate a retooled version of the software, opting to pursue development of an in-house version instead.
After forays into other crypto middleware, Manifold eventually pivoted to liquid staking, a multibillion-dollar business long dominated by DeFi giant Lido.
But Manifold’s liquid staking token, mevETH, saw little uptake after its launch a year ago; the market value peaked at $36 million in March.
Certain transactionsSince then, it has been working in collaboration with German research firm 20squares on a new product, XGA.
XGA is meant to ensure prompt confirmation of certain transactions, which sometimes wallow on Ethereum when a user doesn’t pay a sufficient fee.
Manifold investors held out hope XGA would lift the company from its doldrums. Without warning, however, Bacha stopped providing regular updates on his company’s work.
‘Where were you for the last 30 days? Why not a single reply here in the channel?’
— Supporter in Telegram channelCrypto security firm KebabSec had started an audit of XGA’s code, Bacha said in a September 2 update shared in the Telegram group chat. It is unclear whether that audit has been completed.
Bacha also said Manifold would begin testing XGA on an Ethereum-based test network September 17. A revamp of FOLD’s so-called tokenomics would be detailed by the end of that month, he added.
None of that appears to have happened.
“When did you last talk to Sam? He still alive?” one supporter asked in the Telegram chat on October 28.
Later that day, Bacha broke his silence to ask for feedback on Manifold’s revamped website. And he promised he would promptly share more information.
“I will post the long awaited update today comrades,” he wrote.
That update never came.
Dim moodOn October 30, Bacha took to Manifold’s seldom-used governance forum to propose the Manifold community move its conversation to social media app Discord.
The proposal was panned by supporters, who said that was the least of their concerns.
“Where were you for the last 30 days? Why not a single reply here in the channel? The mood is pretty dim,” one wrote.
“I was being vetted to become Trump’s new Crypto Czar,” Bacha replied in an apparent joke.
Missed deadlinesIn a subsequent message, he took aim at supporters who had accused him of blowing past self-imposed deadlines.
“Deadlines proclaimed by me in Telegram do not constitute any sort of binding agreement,” he wrote.
After the November 5 election, Bacha returned to the chat to share a meme derived from the film “Superman II” in which a supervillain commands, “Kneel before Zod!”
Supporters fear the worst.
“We don’t know if Sam is even coding. We don’t even know if there’s anything happening,” one wrote.
Two possibilitiesThere were two possibilities, the commenter continued: either the company was about to fold and “they don’t know how to tell us,” or “they’re working tirelessly” to release XGA.
On November 11, Matthew Land, a partner at Marshland Capital, an investor Manifold, said in a separate Telegram channel he had spoken with Bacha over the preceding weekend.
Land declined to comment when contacted by DL News Friday.
In his Telegram message, Land said he had told Bacha of “the importance of communication” and of resolving FOLD’s liquidity issue.
“As I said before, ball’s in Sam’s court and on Sam’s timeline,” Land said.
“He understands what’s up imo but we have no impact on his decisions/timeline to address them unfortunately.”
Correction, November 15: A previous version of this story stated that Matthew Land spoke to Sam Bacha about FOLD’s price. It has been corrected to state they spoke about FOLD’s liquidity issues. This story was also updated to note that Land declined to comment.
Aleks Gilbert is a DeFi correspondent based in New York. Have a tip? Contact him at [email protected].
