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A new Dogecoin price analysis by crypto analyst Javon Marks shows that Dogecoin is still moving upward. The coin continues to make higher lows, which means each dip in price is not falling as low as before. This pattern is often a strong sign that an uptrend is still in place. Marks explains that even though Dogecoin has seen some pullbacks, the overall trend remains positive. If this pattern continues, Dogecoin could see a significant move upward and triple in price from current levels. 

Javon Marks Highlights Dogecoin Price Strong Uptrend
In his new analysis, Javon Marks says the Dogecoin price is still showing strong technical signs of growth. The Dogecoin price has been forming a series of higher lows on the chart, meaning buyers are still supporting the coin at stronger price levels each time. This kind of movement shows that the market is not losing interest and that the uptrend is still healthy.

Now, the price pattern looks stronger and more stable. According to the analysis, the Dogecoin price has broken out of a long-term trendline that once acted as strong resistance. The chart shows the coin has now moved beyond a point that previously limited its climb.

Source: X
Even with some short-term pullbacks, Marks believes the Dogecoin market structure supports more upward momentum. He says the current setup is similar to the early stages of a larger move that can take Dogecoin much higher. Traders who have been following Dogecoin for a long time are starting to notice this pattern again. 

Marks adds that Dogecoin’s chart appears to be building strength slowly. Each higher low helps build pressure for the next possible breakout. As long as this trend continues, Dogecoin’s path stays bullish.

Why A 200% Price Move Remains On The Table
Javon Marks believes Dogecoin could still see a 200% rise from its current price. His chart shows a main target near $0.6533, and possibly even higher, around $1.25, if the coin keeps moving in this pattern. Marks says these goals remain possible as long as Dogecoin keeps holding its higher-low levels.

The uptrend, which has been forming for a while, is the key reason why such a big move is still realistic. As long as prices do not fall below critical support zones, the bullish structure stays in place. Based on this, Marks says the Dogecoin price could continue rising in the coming months if buyers remain active.

The analyst is seeing this as a positive sign that Dogecoin’s next big run may still be ahead. The current price action shows stability, and the trend is still pointing upward. As long as the higher lows keep forming and support stays strong, the chance for a 200% price jump remains open.

DOGE bears continue to push price down | Source: DOGEUSDT on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com

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Monad Foundation opens the official MON airdrop portal, allowing more than 230,000 crypto users to claim tokens ahead of its public mainnet launch.Polymarket traders remain cautious, with most betting the full distribution will take place in late November, despite high community enthusiasm.Dragonfly’s State of Airdrops Report 2025 warns U.S. restrictions have cost users $1.8 billion –$2.6 billion in missed rewards and pushed major projects to relocate offshore.The Monad Foundation has officially announced the long-awaited MON airdrop, confirming that tokens can now be claimed via its verified portal at claim.monad.xyz.

The airdrop will distribute MON tokens to 5,500 Monad community members and nearly 225,000 participants from the broader crypto ecosystem. The claim window remains open until November 3, 2025.

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The foundation said the distribution aims to reward “people who eat, sleep, and breathe crypto,” making long-time blockchain users the first stakeholders ahead of Monad’s public mainnet launch.

The project emphasizes community participation, noting that members identified through the Monad Community Recognizer and Monad Cards initiatives played a key role in selection.

Qualified recipients span five categories: Monad Community, On-chain Users, Crypto Community, Crypto Contributors, and Monad Builders. Those meeting multiple criteria can claim combined allocations.

The claim portal uses Privy for authentication, allowing users to verify ownership via EVM or Solana wallets as well as Twitter, Discord, or email.

It cautions against imposter sites and warns that there is no advantage to claiming early. The foundation also detailed anti-sybil protections, using Trusta AI to detect bots and manual verification to ensure authentic accounts.

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Market Skepticism Persists Despite Portal LaunchTraders remain divided on when full distribution will occur. According to Polymarket data, only 5 % expect it by October 31, while 93 % bet on a late-November drop and 98 % on December 31.

Source: PolyMarketThat caution echoes BeInCrypto reporting, which said enthusiasm remains high despite past delays. Some traders voiced frustration, alleging that many testnet users were not eligible for the airdrop.

The MON airdrop targets experienced Web3 users — from DeFi traders and NFT collectors to contributors like ZachXBT, SEAL 911 members, and Protocol Guild developers. The foundation clarified that Monad and Category Labs employees are excluded from eligibility.

Analysts say the event fits within a broader wave of community-driven token launches. Airdrops tied to mainnet releases are becoming major catalysts for user engagement across the crypto sector.

According to Dragonfly’s State of Airdrops Report 2025, restrictive U.S. policies have excluded millions of American users from claiming tokens, causing an estimated $1.8 billion to $2.6 billion in lost revenue between 2020 and 2024 and prompting many blockchain projects to move offshore for regulatory certainty.

While anticipation for Monad remains strong, the timing and execution of the MON airdrop will ultimately determine how much confidence users place in its upcoming mainnet debut.

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The United States Government is set to dramatically increase its Bitcoin (BTC) holdings in a budget-neutral way. On Tuesday, the Department of Justice (DoJ) formally indicted Chen Zhi, the founder and chairman of Prince Holding Group, with wire fraud and money laundering conspiracy.

While Zhi remains at large, the U.S. government announced that it is in control of about 127,271 Bitcoins, valued at about $15 billion at press time. Notably, the U.S. government is in possession of private keys to a crypto wallet that was previously unhosted.

At the time of this writing, it remains unclear how the United States government got custody of the private keys to the wallet holding the illicit BTCs.

Following the seizure of Zhi’s Bitcoin by the DoJ, the U.S. government is set to increase its holdings for the strategic BTC reserve (SBR) to 324,625 BTCs, valued at about $36.5 billion. Scott Bessent, the current Secretary of the Treasury, previously stated that the U.S. government is considering adding more Bitcoins to its SBR in a budget-neutral way.

“Under Section 3(d) of the SBR Executive Order, any coins that can be traced to identifiable victims must first be returned to them. But for the remainder, which would otherwise sit idle or be liquidated, the SBR ensures that Bitcoin recovered from atrocities like pig-butchering is preserved as a strategic national asset,” Zach Shapiro, managing partner at Rain Law, noted.

Sell Order Ahead?According to on-chain data analysis from Arkham Intelligence, the U.S. government transferred $75 million in BTCs seized from the Potapenko/Turogin case to a new wallet. The movement sparked fear of potential Bitcoin sale or liquidation to reimburse victims.

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The Chainlink price continues to attract growing optimism after analyst Ali Martinez reaffirmed that LINK remains within a buy zone ahead of a potential surge to $100. His bullish outlook aligns with Chainlink’s recent partnership with S&P Global Ratings, a collaboration that further strengthens its institutional relevance.

Chainlink Price Action: Analyst Targets $100 Breakout From Symmetrical Triangle
The LINK price continues to trade within a symmetrical triangle that has been forming since 2022, suggesting an imminent breakout. Market analyst Ali Martinez emphasized that Chainlink remains in a buy zone, projecting a potential bull rally toward the $100 mark once a decisive breakout occurs. 

Interestingly, this aligns with his earlier outlook, where he highlighted that maintaining the $20 support could trigger a rally toward $47 as an interim target. The pattern’s lower boundary near $15 has consistently provided solid support, while resistance around $21 remains the key obstacle to surpass. 

A confirmed breakout above this resistance could validate the bullish setup, paving the path toward $37, $55, and ultimately $100. Meanwhile, the long-term Chainlink price prediction remains optimistic as institutional partnerships enhance market confidence. 

Notably, any dip below $14 might briefly pause the momentum, though continued accumulation signals unwavering investor conviction. 

LINK/USDT 1-Day Chart (Source: X)
Chainlink’s S&P Global Ratings Collaboration Strengthens Institutional Confidence
Chainlink’s alliance with S&P Global Ratings introduces a groundbreaking initiative to publish Stablecoin Stability Assessments (SSAs) on-chain through its DataLink infrastructure. This collaboration allows over 2,400 financial institutions to access standardized risk evaluation metrics, enhancing transparency and improving stablecoin adoption within regulated environments. 

Moreover, the partnership arrives as the stablecoin market exceeds $300 billion, underlining Chainlink’s expanding role in institutional-grade finance. Through its proven oracle infrastructure, Chainlink enables S&P Global to assess credit, market, and custody risks securely on-chain. 

Specifically, this integration enhances DeFi risk management and bridges traditional financial systems with blockchain data. The LINK price could benefit from this institutional validation as more entities adopt Chainlink’s framework for secure and transparent reporting. Therefore, the partnership strengthens Chainlink’s position as the core data layer powering the next generation of digital finance.

Could This Be the Perfect Entry for LINK?
The Chainlink price is approaching a decisive moment where technical signals and institutional support align. The symmetrical triangle pattern suggests a potential breakout, while the S&P Global partnership strengthens long-term adoption prospects. With analysts eyeing a $100 target, the risk–reward setup appears favorable for investors with a long-term outlook. Therefore, this period could represent a strong opportunity for those seeking exposure before a confirmed breakout in LINK’s value.

The world's two largest economies continue to tussle over key industries related to defense and national security. U.S.-China Tensions Trigger Mid-Morning Bitcoin Slump Washington and Beijing were at it again on Tuesday morning as China moved to sanction five U.S. subsidiaries of Hanwha Ocean, a South Korean ship manufacturer with alleged links to the U.S.

Key takeaways:

SOL recovered above $200, but weak onchain activity and rising competition limit the odds of a sustainable rally.

Traders show little bearish conviction, yet stagnant network growth and shifting market share keep SOL’s upside capped.

Solana’s native token SOL (SOL) climbed back above $200 on Tuesday, recovering from Friday’s flash crash that pushed prices down to $167. Still, the record $1.73 billion in long liquidations left a lasting mark on SOL’s derivatives market, prompting traders to question whether the bullish momentum has faded and if the token can realistically hit $300 this cycle.

SOL perpetual futures funding rate, annualized. Source: Laevitas.chDemand for leveraged bullish positions remains muted, as the perpetual futures funding rate hovers around 0%. Under normal market conditions, this indicator typically ranges between 6% and 12%, showing that longs (buyers) are willing to pay to maintain their exposure. Notably, SOL’s funding rate before Friday’s crash was around 4%, already below the neutral range.

When the funding rate turns negative, it generally indicates that shorts (sellers) dominate, though this rarely lasts long due to the cost of maintaining those bets. Even so, the ongoing strain in SOL’s derivatives market likely mirrors the broader damage Friday’s liquidations inflicted across the cryptocurrency sector.

Weak Solana network activity amid increased competitionSolana’s onchain metrics reveal a persistent lack of bullish momentum, even with SOL trading 31% below its $295 all-time high from January. Network activity has struggled to regain traction since the memecoin frenzy earlier in 2025, and the blockchain has also lost its lead in decentralized exchanges (DEXs) as new competitors gain market share.

Solana weekly network fees and DApps revenue, USD. Source: DefiLlamaDecentralized applications (DApps) on Solana generated $35.9 million in weekly revenue, while network fees totaled $6.5 million, marking a 35% drop from the previous month. This slowdown weakens demand for SOL as the payment token for blockchain computation. Lower activity also reduces staking yields for SOL holders, adding further downside pressure.

Blockchains ranked by 7-day fees, USD. Source: NansenIn contrast, competing networks such as BNB Chain, Ethereum, and Hyperliquid have seen their fees rise significantly, largely at Solana’s expense. BNB Chain’s impressive $59.1 million in weekly fees highlights the success of four.meme, a memecoin launchpad platform fully integrated with Binance Wallet and positioned as a direct rival to Solana’s Pump.fun.

Even if one assumes BNB Chain’s momentum is temporary, fees across the Ethereum ecosystem have surged. Layer-2 scaling networks such as Base, Arbitrum, and Polygon each saw weekly fees jump by 40% or more. Uniswap recorded its highest-ever weekly fees at $83.8 million, driven largely by activity on Ethereum and Base. Meanwhile, Hyperliquid also benefited from Friday’s market volatility, posting a notable spike in trading fees.

To gauge whether SOL traders have turned bearish, it’s useful to examine the balance between call (buy) and put (sell) options.

SOL options put-to-call volume ratio at Deribit. Source: Laevitas.chThe SOL put-to-call volume ratio on Deribit has remained below 90% for the past week, signaling weak demand for neutral or bearish positions. Historically, when traders expect a correction, this metric rises above 180%—a level last reached on Sept. 20, following an 11-day, 26.7% rally in SOL’s price.

While SOL’s derivatives metrics may have been distorted by the volatility from Friday’s flash crash, the ongoing weakness in onchain activity as rival blockchains gain momentum is concerning. The rise of Aster, Hyperliquid, and Uniswap has come directly at the expense of Solana’s upside potential.

Even if traders are not explicitly bearish on SOL, it is unlikely that a single event, such as the potential approval of spot Solana exchange-traded funds in the United States, would be enough to drive its price to $300 in the near term.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Journalist

Posted: October 15, 2025

Key Takeaways 
Why is Hyperliquid’s HIP-3 upgrade a game-changer? 
It allows anyone to deploy their perps market on Hyperliquid, from prediction markets to on-chain stocks.

Will it benefit HYPE’s value? 
Yes, high growth will drive more fees and help with HYPE buyback. 

Hyperliquid [HYPE] rolled out the much-awaited upgrade that analysts believe will help achieve its “everything exchange” vision. 

The upgrade, also known as HIP-3 (Hyperliqiuid Improvement Proposal 3), will enable permissionless perpetual markets by third-party builders on the platform. 

Think of it as a marketplace, like an app store, but for perps, and it’s more decentralized. Users can then choose what and where to trade, but under the hood, they’ll be using Hyperliquid. 

From trading on-chain stocks, prediction markets, and anything in between, HIP-3 enables all of that. Reacting to the update, Ryan Watkins, a mega HYPE bull and Founder of VC Syncracy Capital, said, 

“Christmas came early to Hyperliquid. Now loading, the everything exchange.”

Source: X

Long-term impact on HYPE
Speculation and stablecoins have become key narratives this cycle. The recent perp DEX explosion further cemented this.

For the unfamiliar, perps or perpetuals allow traders to increase their position and potential gains with limited capital. But the loss can get bigger too. 

As of writing, Trade XYZ, a perp trading for stocks, and Ventuals, which allow users to trade pre-IPO companies with 10x leverage, came live on the platform. 

If demand for HIP-3 grows, the trading volume on Hyperliquid infrastructure increases. This translates to higher fees that help buy back HYPE tokens.

Overall, the value accrual could boost HYPE value if builder-deployed perps go mainstream. 

Besides, each builder must stake 500K HYPE before launching on the platform. This adds to the buying pressure and flywheel that ultimately benefits HYPE holders.

Even so, the 500K HYPE has been deemed as expensive by some analysts, especially if the market doesn’t pick up traction. On top of that, the stake can be slashed if the builder breaches the on-chain requirements. 

“To ensure high-quality markets and protect users, deployers must maintain 500k staked HYPE. In the event of malicious market operation, validators have the authority to slash the deployer’s stake by conducting a stake-weighted vote.”

That said, Hyperliquid remained dominant in the on-chain perp DEX space. At press time, it had $8.24 billion in Open Interest (OI), while Lighter, ranked second with $1.44 billion.

HYPE’s market position and outlook
Based on Bitcoin [BTC] perps alone, Hyperliquid ranked fourth in terms of OI when compared to other top centralized exchanges. 

Source: Velo

Meanwhile, Polymarket was only pricing a 32% chance that the price of HYPE could hit a new all high of $70 by year-end. 

It remains to be seen how HYPE will balance the upgrade and the looming token unlock scheduled to begin next month. 

Bitcoin traders are on edge as the market nears what could be the final stage of this bull run. Veteran trader CryptoBirb warns that the current Bitcoin rally is 99.3% complete, leaving just 10 days before a possible cycle peak. 

This period could decide whether Bitcoin makes one last big surge or crashes into a new bear market

Bitcoin Bull Run Nears Its Cycle EndCryptoBirb explains that it’s been 1,058 days since Bitcoin hit its last big bottom, which means this bull run is almost at the end of its usual cycle. His model, called the “Cycle Peak Countdown,” points to October 24 as the possible date for the next big peak.

In past cycles, Bitcoin usually peaks between 518 and 580 days after a halving. Right now, we’re at day 543, which puts us right in the middle of that peak zone. 

“We’re not just getting close to the top,” says Birb, “we’re already inside the same window where every major Bitcoin peak has happened before.”

However, the recent price drop of Bitcoin from its ATH of $126,300 to $102,560 is seen as a sign of a healthy correction that often happens to remove weak holders before the big rally.

Technical Indicators Show Pre-Peak ResetTechnical indicators support this view, the Fear & Greed Index has fallen from 71 to 38, and RSI has cooled to 45. These indicators suggest that emotions are resetting, creating a foundation for a possible final rally. 

On-chain metrics also show some cooling, NUPL dropped to 0.522, and MVRV fell to 2.15, reflecting recent profit-taking.

Meanwhile, institutional behavior is also noteworthy. Bitcoin ETF inflows shifted from +$627 million to -$326.4 million, and Ethereum ETFs saw $428.5 million outflow. Experts interpret this as smart money taking profits before retail FOMO drives the last leg of the rally.

24 Oct – Make-or-Break MomentHistorically, the October 20–November 5 window marks the peak zone for Bitcoin cycles. With key dates like October 24th approaching, traders should expect heightened volatility and potential explosive moves.

As of now, BTC is trading around $112,281, reflecting a drop of 3% seen in the last 24 hours. 

Trust with CoinPedia:CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.

Investment Disclaimer:All opinions and insights shared represent the author's own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.

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The Ethereum derivatives market shrank by 45%, with open interest collapsing from $33 billion to $18 billion.

Last Friday, trade tensions between the US and China suddenly escalated, triggering the largest cryptocurrency liquidation event in history.

As a result, Ethereum, the second-largest digital asset, saw its value drop significantly, breaking important technical support levels and causing a big dip in the derivatives market.

A Technical Narrative of Breakdown and Recovery
According to an assessment by CryptoQuant analyst _OnChain, the story unfolded across ten distinct areas on a 30-minute chart. In zones 1 through 3, buyers were still in charge, and the price stayed above the Exponential Moving Average (EMA 96), the Simple Moving Average (SMA 240), and the structural volume-weighted average price (AVWAP) of the uptrend in October.

However, the first signs of trouble emerged in areas 4 and 5. Before any major conflict headlines, the market displayed weakness, with the price closing below the EMA 96, SMA 240, and the uptrend’s structural AVWAP.

Critically, in area 5, these same indicators, which had previously functioned as support, were tested and held as resistance. This technical failure confirmed that sellers had seized control of the market. The catalyst then hit in area 6, corresponding with China’s announcement of new export controls on rare earth minerals.

The market technician noted that the real damage occurred in areas 7 and 8, which aligned with posts by U.S. President Donald Trump on Truth Social, threatening China with a new set of substantial tariffs. The price closed well below all of the support levels mentioned, including the AVWAP that was based on the last major low from September 25. It is here that the liquidation cascade kicked off, wiping off over $19 billion in leveraged positions and hurting more than 1.6 million traders.

However, signs of revival emerged in sections 9 and 10 following the trade conflict easing. Analysts from The Kobeissi Letter indicated that the U.S. may have misinterpreted China’s export controls, which were not a full ban. Subsequently, Trump made another social post, with Vice President JD Vance making conciliatory comments of his own, to bring immediate relief. Crypto prices then climbed back up, with ETH closing above all AVWAPs, the EMA 96, and SMA 240, confirming that buyers had returned to power.

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The Derivatives Fallout and Structural Reset
The impact on Ethereum’s derivatives market was severe. The _OnChain report notes that Open Interest (OI), which represents the total value of unsettled derivatives contracts, collapsed from a record high of $33 billion on August 22 to approximately $18 billion following the major drop on October 10.

This 45% contraction illustrates a dramatic cooling in speculative activity as leverage was forcibly removed from the system.

Still, the deleveraging, while violent, may have created a healthier foundation as institutional investors used the downturn as an accumulation opportunity. Data from CryptoQuant showed Ethereum’s Coinbase Premium Index, which tracks U.S. institutional demand, hit its highest level this year during the sell-off. This institutional buying, which also happened with Bitcoin, helped set a support floor, pushing ETH’s price back up to around $4,100 for a while.

Bitcoin's Leverage Flush Favors Accumulation, K33 SaysCrypto prices were down sizably on Tuesday but bounced off of their worst levels.Updated Oct 14, 2025, 8:22 p.m. Published Oct 14, 2025, 8:21 p.m.

Crypto markets posted big declines on Tuesday, but signs of relief from the Federal Reserve helped prices bounce off their worst levels. A late day Truth Social post from President Trump reminded bulls that he has the power to reverse rising asset prices at any time.

Bitcoin BTC$112,870.83 traded as low as $109,800 during the early U.S. session Tuesday after tumbling from nearly the $116,000 level overnight. It's since bounced to $112,600, down 2.8% over the past 24 hours.. Ether ETH$4,111.08 declined 4%, while BNB, XRP and Dogecoin dropped between 4% and 6% during the same period. The broad-market CoinDesk 20 Index fell 3.2%.

Prices found some footing after Fed Chair Jerome Powell said the central bank is nearing the end of its quantitative tightening (QT) cycle — the process of shrinking its bond holdings. He also noted that the labor market is cooling and rising risks to employment, coupled with some signs of tightening in money markets. The comments add up to another likely rate cut later this month.

U.S. equity indexes responded sharply, with the Nasdaq and S&P 500 reversing early losses to briefly turn green before closing with 0.75% loss and 0.15% loss, respectively.

At least a portion of the day's bounce in both crypto and stocks was erased in a few minutes late in the session after President Trump took to Truth Social to suggest blocking cooking oil imports from China unless that country steps up its buying of soybeans.

Miners continue to be bidCrypto mining stocks once again led digital asset equities as investors continue to bet that booming computing power demand from artificial intelligence (AI) will benefit these firms. Bitfarms (BITF), Cleanspark (CLSK), Iren (IREN), Marathon Digital (MARA) and TeraWulf (WULF) each surged over 10% on the day.

Massive leverage flush favors bitcoin accumulation
While the rebound from last week's flash crash lost momentum on Tuesday, Vetle Lunde, head of research at K33, sees the current dip as a constructive setup with bitcoin stabilizing after a major leverage reset.

"After the recent leverage purge, we turn constructively bullish on BTC, though patience remains key," Lunde wrote in a Tuesday note. He noted that liquidity is likely to stay thin in the short term as traders recover from forced selling but argued that prior unwinds of this kind often marked market bottoms.

Price deviation between Binance's BTC perpetual swaps and Coinbase spot prices K33)

"We finally see current levels as attractive for increasing spot BTC exposure, as leverage has violently been cleared," he said. "Combined with a supportive backdrop, including expansionary policy expectations, high institutional demand, and pending ETF catalysts, the setup favors gradual accumulation.

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.

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Total Crypto Trading Volume Hits Yearly High of $9.72T

Combined spot and derivatives trading on centralized exchanges surged 7.58% to $9.72 trillion in August, marking the highest monthly volume of 2025

What to know:

Combined spot and derivatives trading on centralized exchanges surged 7.58% to $9.72 trillion in August, marking the highest monthly volume of 2025Gate exchange emerged as major player with 98.9% volume surge to $746 billion, overtaking Bitget to become fourth-largest platformOpen interest across centralized derivatives exchanges rose 4.92% to $187 billionView Full Report

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Cathie Wood's ARK Invest Takes 11.5% Stake in Solana Treasury Firm Solmate Infrastructure (SLMT)

Ark Invest has reportedly taken a 11.5% Solmate (SLMT) stake while the company said it bought $50 million discounted SOL from Solana Foundation.

What to know:

Solmate (SLMT) says a Schedule 13G filing shows ARK Invest owns approximately 11.5% of the shares as of Sept. 30, 2025.The company also says it bought $50 million worth of SOL from the Solana Foundation at a 15% discount.Read full story

In brief
Rep. Troy Downing is introducing a bill to give President Trump’s crypto retirement executive order the force of federal law.
The order, signed in August, encouraged 401(k) providers to offer exposure to crypto and other alternative assets.
The $25 trillion U.S. retirement savings industry could inject huge amounts of capital into crypto, but also expose retirees to greater risk.
A Republican congressman is pushing to legally codify an executive order recently signed by President Trump regarding retirement plans and alternative assets, in a move that could further push 401(k) providers to open the door to Bitcoin and other cryptocurrencies.

Rep. Troy Downing (R-MT), a freshman congressman who has embraced crypto as a favorite issue this year, will introduce a bill Tuesday that would codify President Trump’s August executive order on crypto and 401(k)s into law, a representative of the lawmaker confirmed to Decrypt. 

The one-page bill, dubbed the Retirement Investment Choice Act, would simply grant the president’s order “the force and effect of law,” according to a copy of the legislation seen by Decrypt. News of the bill’s introduction was first reported by Politico.

Trump’s executive order insists that Americans preparing for retirement should have access to alternative assets, including crypto-exposed investment vehicles, in situations where a 401(k) provider “determines that such access provides an appropriate opportunity” to enhance returns on their retirement savings.

Downing’s bill would, if passed, make that demand not just an executive branch policy, but a matter of federal law.

“Alternative investments hold the transformative potential to supercharge the financial security of countless Americans saving for retirement,” the congressman said Tuesday in a statement shared with Decrypt. “I applaud President Trump for his leadership to democratize finance and am proud to be leading the effort in Congress to codify his EO and enshrine this move for generations to come.”

Should the $25 trillion American retirement savings industry open its doors to crypto products, analysts estimate the move could inject billions upon billions of dollars into the digital asset economy.

Currently, Bitcoin and Ethereum ETFs are the only directly crypto-exposed assets trading on Wall Street. But that state of play is poised to soon change, with numerous altcoin and meme coin exchange-traded products, including those exposed to Solana and Dogecoin, expected to soon gain SEC approval.

What’s more, an increasing number of publicly traded companies have begun pegging their fortunes to the prices of various cryptocurrencies by investing in massive digital asset treasuries.

Such crypto-affiliated stocks have surged in recent months—but many have also crashed spectacularly. 

Despite Republicans’ current power trifecta in Washington, there is little guarantee that Downing’s bill will become law. A similar effort to codify an executive order signed by President Trump to establish a strategic Bitcoin reserve has languished in the House since March.

Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.

Ethereum’s Fusaka upgrade has been activated on the Sepolia testnet, marking the next major step in the network’s ongoing push to improve scalability and performance.

The upgrade marks the second phase of a three-step rollout under Ethereum’s Fusaka roadmap, following the Holesky testnet activation on Oct. 1. The Sepolia deployment focuses on stress testing the network’s new data-availability system and higher block gas limit before developers push the code to the final Hoodi testnet later this month.

Fusaka’s rollout is introducing a suite of performance and consensus improvements. The full upgrade aims to increase Ethereum’s block gas limit to 60 million, allowing blocks to process more transactions and complex smart-contract activity while testing whether nodes can maintain stability at higher capacity.

“There was solid engineering work by the client teams to ensure that the current node setups, both in terms of hardware and networking, can reliably handle 60M gas blocks without risking networking instability,” Gabriel Trintinalia, protocol engineer at Consensys’ client Besu and a core developer on the upgrade, told Cointelegraph.

Since larger blocks result in nodes processing and storing more data, Peer Data Availability Sampling (PeerDAS) is also being tested. 

PeerDAS lets Ethereum validators verify transaction data by sampling small pieces from multiple peers instead of downloading everything, improving speed and scalability while staying decentralized.

Paul Harris, another Fusaka core developer and a protocol engineer at Consensys’ Teku client, said that under PeerDAS, validators no longer need to store all network data, significantly reducing the burden on nodes.

“Fusaka changes how data availability is done, enabling scaling beyond what was possible before PeerDAS,” Harris said.

The Ethereum Foundation unveiled the Fusaka testnet schedule on Sept. 26, outlining the final steps before the network’s next major upgrade. Fusaka follows this year’s Pectra update, with its final trial on the Hoodi testnet set for Oct. 28 and a mainnet launch expected in December.

A brief history of Ethereum upgradesSince its launch in July 2015, the Ethereum network has undergone several major upgrades to improve scalability, security and performance.

The most recent review took place on May 7, when the Pectra upgrade went live, introducing three key improvement proposals. Among the changes, Pectra enabled externally owned accounts to function like smart contracts and pay gas fees in tokens other than ETH, and raised the validator staking cap to 2,048 ETH from 32 ETH. The upgrade also expanded the number of data blobs allowed per block.

Before Pectra, Ethereum rolled out the Dencun upgrade on March 13, 2024, drastically reducing the cost of gas fees in the network. Within one year of the Dencun upgrade, the average gas fees on Ethereum dropped by as much as 95%.

Ethereum Hard Fork timeline. Source: ethroadmap.comPerhaps the most famous Ethereum upgrade is known as The Merge, which occurred in September 2022 and transitioned Ethereum to a proof-of-stake blockchain from a proof-of-work blockchain.

The Merge resulted in the end of mining and the introduction of validators, along with a reduction in energy costs by up to 99%.

The Merge. Source: ethroadmap.comThe Shanghai upgrade in April 2023 was also a critical step for the network’s roadmap, as it allowed validators staking Ether (ETH) to make withdrawals for the first time, and completed Ethereum’s transition to proof-of-stake.

Magazine: Asia Express: Alibaba founder’s Ethereum push, whales are 91% of Korean market

ETF progress is overshadowed by turbulence across the broader markets as Samsung integration talks surface.

Market Sentiment:

Bullish

Bearish

Neutral

Published:
October 14, 2025 │ 5:29 PM GMT

The harsh market moves on Tuesday had served yet another pushback for the crypto sphere. Bitcoin’s (BTC) pulling back to $110K set off a domino effect across major-cap altcoins, with Hedera (HBAR) now falling out of crypto’s TOP 20 by global market cap after a 24% monthly downturn, dwindling nearly 50% from the cycle top.

HBAR Network Landing On Samsung Galaxy Phones?Tongues are wagging their tails on X in relation to a potential link-up between Samsung & Hedera Hashgraph (HBAR). Previously, the South Korean tech behemoth integrated crypto access via Coinbase, while people familiar with the matter now claim Samsung’s flagship Galaxy devices might have built-in support for Hedera’s Distributed Ledger Technology (DLT).

📢 RUMOR ALERT: Samsung confirmed HBAR integration yet.

What we know:

Rumors are flying about Galaxy devices supporting $HBAR.

Samsung is already integrating crypto access via Coinbase.

What we don’t know:

No official Samsung / Hedera press release.

No roadmap, technical… pic.twitter.com/X7snlTI7Xs

— Mason Blak C (@Masonblakcrypto) October 14, 2025
With no confirmation yet, Hedera’s HBAR token keeps struggling amidst an all-around market dip, pushing HBAR’s price to retest the $0.18 support floor this Tuesday. Now, HBAR holders are relying on Hedera’s Spot price-tracking exchange-traded fund (ETF) to be approved by year-end, but the United States (USA) government shutdown can stall the move.

Sponsored

Regardless, Canary Capital had recently amended their HBAR ETF, bringing ticker symbols as well as maintenance fees. Amendments like these usually stem from commentary by the SEC, even though the current 0.95% sponsorship fee seems a bit high, notes crypto analyst The HBAR Bull. In most cases, revealing management fees & tickers is the last step before take-off.

Delve into DailyCoin’s top crypto currency news:
Whales Short XRP, PEPE & DOGE Ahead Of Powell’s Talk
Dogecoin Founder Slams ‘Uptober’ Talks; DOGE Dips 29%

People Also Ask:Why is HBAR’s price dropping despite this Samsung integration buzz?

The decline may be due to broader market sentiment and regulatory uncertainties around crypto ETFs, overshadowing long-term potential gains from Samsung’s integration.

What is the Samsung integration buzz about?

Rumors suggest Samsung might integrate HBAR Network into Galaxy devices, potentially boosting adoption, but this hasn’t yet translated into immediate price support.

How does the U.S. government shutdown affect HBAR?

The shutdown could delay SEC approvals for HBAR ETFs, adding to market volatility and contributing to the current price pressure.

What is Canary Capital’s role in this?

Canary Capital filed for an HBAR ETF, with listing possibly imminent, but regulatory delays due to the shutdown might hinder this.

What does HBAR’s inclusion in Rex Shares’ filing mean?

It’s part of 21 crypto-backed ETFs, indicating institutional interest, which could mitigate short-term price pressure if approvals proceed.

DailyCoin's Vibe Check: Which way are you leaning towards after reading this article?

Market Sentiment

0% Neutral

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

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

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

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

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

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

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

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

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

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

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

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

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

Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.

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

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

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

Summary

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Journalist

Posted: October 15, 2025

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Summary

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

More For You

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

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

What to know:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

News of the memo was first reported by Bloomberg News.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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