‍New York Court Extends Freeze on Multichain's USDC Amid Liquidation A U.S. court has extended a freeze on approximately $63 million in USDC stablecoins linked to the defunct Multichain cross-chain bridge. This decision supports Singaporean liquidators' efforts to recover assets and highlights growing international legal coordination in cryptocurrency insolvencies. Judge David S. Jones ordered Circle to maintain the freeze on three Ethereum wallets, citing potential irreparable harm if the funds were moved. This action, taken under Section 1519 of the U.S. Bankruptcy Code, pauses a separate class-action lawsuit by U.S. investors. The court will determine if the Singapore liquidation qualifies as a "foreign main proceeding" under Chapter 15, empowering KPMG Singapore to pursue asset recovery. Multichain, formerly Anyswap, was a key DeFi infrastructure. At its peak, it held $9.2 billion in Total Value Locked. The protocol faced collapse after its CEO's arrest in May 2023 and subsequent "abnormal" transfers of over $125 million in July 2023, leading to the cessation of its services.
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New York Court Extends Multichain USDC Freeze Amid Singapore Liquidation Push
A U.S. court has prolonged a freeze on approximately $63 million in USDC stablecoins linked to the defunct cross-chain bridge Multichain, supportin...
‍China Unveils Major Push for Blockchain Integration in Urban Commerce China is set to significantly ramp up the integration of blockchain technology into its urban commercial systems. This strategic initiative, spearheaded by the Ministry of Commerce alongside five other governmental departments, aims to harness emerging technologies to bolster efficiency and foster innovation within metropolitan commercial operations. The "Action Plan for Improving Urban Commerce Quality" emphasizes a robust application of blockchain and artificial intelligence (AI) to streamline and optimize commercial activities, creating more advanced and interconnected marketplaces. This development highlights the Chinese government's commitment to leveraging DLT for greater transparency and security. This undertaking aligns with China's national strategies to solidify its position as a global leader in technological innovation and digital economic development. The integration of such advanced digital infrastructure underscores a proactive stance in fostering a next-generation economy, with a focus on transparency and security through blockchain implementation.
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China Unveils Major Push for Blockchain Integration in Urban Commerce
China is set to significantly ramp up the integration of blockchain technology into its urban commercial systems, signaling a pivotal move towards...
‍Russia Explores Stablecoins for Global Trade Amid Domestic Restrictions Russia is considering the issuance of stablecoins for international settlements, despite a domestic ban on their use for payments within the country. Central Bank Governor Elvira Nabiullina confirmed the potential for cross-border transactions while reiterating opposition to internal stablecoin payments, limiting their use to experimental frameworks for foreign trade. Artem Sheikin, Deputy Chairman of the Senate Committee on Digital Economy Development, advocates for regulatory clarity to facilitate ruble-denominated stablecoins and strengthen the ruble's global standing. He emphasized that clear rules are crucial for the digital landscape.
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Russia Eyes Stablecoins for Global Trade Amid Domestic Payment Ban
Russia is actively exploring the issuance of stablecoins specifically for international settlements, a move that signals a strategic shift in its a...
‍JPMorgan: USDC Surpasses USDT Amid Regulatory Clarity JPMorgan analysts report that USDC is significantly outperforming USDT in on-chain activity and market cap growth. USDC's market capitalization surged 72% from January to July, reaching $74 billion, while USDT grew by 32%. This trend is driven by institutional preference for stablecoins with transparent reserve management, regular audits, and clear regulatory adherence, such as USDC's compliance with the EU's MiCA regulation. USDT has not yet secured MiCA compliance, potentially impacting its adoption in regulated markets.
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JPMorgan: USDC Outpaces USDT in Growth and On-Chain Activity Driven by Regulatory Clarity
According to a recent report by JPMorgan analysts, Circle
‍US Treasury's Trump Coin Design Faces Scrutiny The U.S. Treasury's proposed $1 commemorative coin featuring Donald Trump has drawn criticism due to its reverse design. Lawmakers perceive an undeniable link to the TRUMP meme coin, raising concerns about aligning official government iconography with speculative digital assets. The coin's imagery, including a raised fist and the slogan "Fight, Fight, Fight," mirrors elements used by the TRUMP meme coin. Critics argue that official coins should remain neutral and avoid promoting high-risk investments. This controversy highlights the challenges government bodies face in navigating the complexities of the digital asset landscape.
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US Treasury
The U.S. Treasury Department
‍AI Sparks "Demonic" Fears: Tech's Spiritual Reckoning Rapid AI advancements are igniting debates about spiritual risks and potential "demonic influence." Commentators like Billy Hallowell suggest large language models could be conduits for supernatural forces, highlighting societal addiction and a decline in independent thought. Elon Musk previously warned of summoning a "demon" with AI development. This mirrors historical panics over new technologies like the printing press and television. Theologians explore AI's potential to act "demonically" through manipulation. Concerns about human dependency on AI underscore the need for ethical frameworks and responsible innovation, particularly for decentralized technologies.
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AI Sparks "Demonic" Fears: Tech
The rapid advancement of artificial intelligence (AI) is igniting a profound debate within religious and technological spheres, raising concerns th...
‍Crypto Market Sees Over $1.1 Billion in Liquidations Amid Fed Uncertainty Despite easing US-China trade tensions and a 25-basis-point Fed rate cut, the crypto market experienced significant downturns, with over $1.1 billion liquidated. Bitcoin fell below critical support levels. Investor apprehension was fueled by Federal Reserve Chair Jerome Powell's comments on inflation and future policy, indicating differing views among FOMC members. The end of quantitative tightening, while signaling future liquidity, leaves an interim period with absent active injections, pressuring asset prices. Bitcoin's decline below its 200-day EMA ignited fears, drawing parallels to a 2019 slump following a prior QT cycle. The market awaits clearer signals from the Fed regarding monetary policy.
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Crypto Market Bleeds Over $1.1B Despite US-China Trade Deal & Rate Cut
The cryptocurrency market experienced a significant downturn, witnessing over $1.1 billion in liquidations, despite a notable easing of US-China tr...
‍Crypto Maturity Test: Onchain Revenue Nears $20B in 2025 Blockchain industry onchain revenue is projected to reach nearly $20 billion in 2025, signaling a crucial test of maturity. This growth, driven by user-paid fees across DeFi, consumer applications, and RWAs, highlights a fundamental shift in the digital asset landscape. Tokenized Real-World Assets (RWAs) are a major driver, with their onchain value surpassing $35 billion. Major institutions like JPMorgan, BlackRock, and BNY Mellon are investing in asset tokenization.
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Crypto Maturity Test: Onchain Revenue Nears $20B in 2025, Fueled by RWA Growth
The blockchain industry is rapidly approaching a significant milestone, with onchain revenue projected to reach nearly $20 billion in 2025....
‍MicroStrategy Reports $2.8 Billion Q3 Profit Driven by Bitcoin Accumulation MicroStrategy has announced a substantial $2.8 billion profit for the third quarter, highlighting the success of its aggressive Bitcoin accumulation strategy. The company's net income was $8.42 per common share. MSTR shares saw an after-hours gain of over 3% following the announcement. The company's Bitcoin treasury now exceeds 640,000 BTC, valued at approximately $68 billion. Despite market fluctuations, MSTR's executive chairman, Michael Saylor, remains optimistic about Bitcoin's future price trajectory.
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Strategy Reports $2.8B Q3 Profits Amid Continued Bitcoin Accumulation
Leading corporate Bitcoin holder, Strategy (MSTR), has announced $2.8 billion in profits for the third quarter, showcasing the efficacy of its aggr...
‍Senator Links Binance.US USD1 Debut to CZ Pardon US Senator Chris Murphy has questioned Binance.US's decision to list the USD1 stablecoin shortly after former Binance CEO Changpeng "CZ" Zhao received a presidential pardon from Donald Trump. Murphy suggested this was a promotion of "Trump crypto," as USD1 is reportedly tied to World Liberty Financial, a company associated with the Trump family. The pardon itself has drawn significant criticism, with seven senators writing to the Justice Department expressing concern it signals that crimes can be committed with impunity. California Representative Ro Khanna plans legislation to prohibit presidents and their families from trading crypto or stocks, calling the pardon "blatant corruption." This situation highlights the increasing intersection of politics, finance, and digital assets, fueling calls for greater transparency and ethical guidelines in the crypto industry.
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US Senator Links Binance.US USD1 Debut to Controversial CZ Pardon
Connecticut Senator Chris Murphy has raised significant questions regarding Binance.US