CryptoNews

Ripple’s former CTO David Schwartz has warned that a targeted phishing campaign has begun exploiting Robinhood users through seemingly legitimate emails ahead of the firm’s earnings report.

Summary

David Schwartz has warned that phishing emails targeting Robinhood users are passing authentication checks and mimicking official alerts.

Attackers have exploited email system gaps to embed malicious links inside legitimate-looking messages sent from Robinhood’s infrastructure.

According to Schwartz, the attack involves emails that appear to originate from Robinhood’s own system, with authentication checks such as SPF, DKIM, and DMARC passing successfully, making the messages appear genuine to recipients. 

“WARNING: Any emails you get that appear to be from Robinhood (and may actually be from their email system) are phishing attempts,” he wrote in a post on X.

Details shared by Schwartz show that the emails include a login alert listing time, device, and a case ID, alongside a prompt urging users to “Review Activity Now.” The message layout and branding mirror official communication, yet the embedded button reportedly initiates a phishing sequence designed to capture user credentials.

You might also like: BNB price outlook ahead of Osaka/Mendel hard fork set for tomorrow

Explaining the unusual delivery method, Schwartz said he believes the emails were “somehow injected into Robinhood’s actual email infrastructure,” later describing the exploit as “quite sneaky.” 

The ability to pass standard authentication checks increases the likelihood of users trusting the communication, according to his observation.

Exploit tied to email system manipulation

Insight referenced by Schwartz from Abdel Sabbah outlines a possible attack vector involving Gmail’s “dot trick,” which allows multiple variations of the same email address. Sabbah said attackers created a Robinhood account using such variations and assigned a device name embedded with malicious HTML code.

Robinhood’s system, according to Sabbah, does not sanitize this field, allowing the HTML payload to render inside official emails sent from noreply@robinhood.com. The result is a fully authenticated message that appears legitimate but contains hidden malicious elements.

Phishing scams continue to target crypto users

Phishing attacks have continued to pose a persistent risk to cryptocurrency users, with multiple campaigns reported across wallet platforms in recent days.

As previously reported by crypto.news, MetaMask users were targeted by a phishing campaign that promoted a fake two-factor authentication process, according to blockchain security firm SlowMist. The spoofed emails used MetaMask branding and included a countdown timer designed to pressure users into immediate action.

SlowMist said victims who clicked the “Enable 2FA Now” prompt were redirected to a malicious website that requested their seed phrase, giving attackers full access to wallet funds. The firm noted that such campaigns often rely on small inconsistencies, including misspelled domains and unusual sender addresses, to bypass initial scrutiny.

Read more: Ethereum leverage wipeout sparks hopes for cleaner ETH rally

Bitcoin (BTC) begins the week with traders watching several U.S. economic events that could shape risk appetite. 

Summary

Bitcoin traders are watching the Fed decision for clues on inflation, growth and future rate cuts.

GDP and PCE inflation data could shape market expectations and trigger fresh Bitcoin price swings.

Tech earnings and geopolitical headlines may add pressure as Bitcoin tracks broader risk sentiment.

The focus has shifted from war headlines to the Federal Reserve, inflation data, GDP numbers and large technology earnings.

The Federal Reserve will hold its two-day FOMC meeting on April 28 and 29. Its policy decision and press conference are scheduled for Wednesday, April 29.

Read more: XRP price still follows Wall Street signals, new study finds

Fed decision takes center stage

Markets expect the Fed decision to guide short-term trading across stocks, bonds and crypto. Even when rates remain unchanged, Bitcoin often moves as traders react to the Fed’s tone on inflation, growth and future rate cuts.

The meeting comes as Bitcoin remains sensitive to broader financial conditions. A cautious Fed message may weigh on risk assets, while softer language on inflation could support demand for Bitcoin and other cryptocurrencies.

Additionally, Thursday will bring Q1 2026 GDP data and March PCE inflation figures. The U.S. Bureau of Economic Analysis lists April 30 as the next release date for PCE data, including the core PCE index.

These reports matter because the Fed uses inflation and growth data to guide policy. Strong inflation may reduce hopes for rate cuts, while weak growth may raise concern about the U.S. economy.

Tech earnings and war headlines remain in focus

Large technology companies will also report earnings this week. Microsoft, Amazon, Meta and Alphabet are due on Wednesday, while Apple follows on Thursday, placing a large part of the stock market under review.

Bitcoin may also react to geopolitical headlines. Reports said President Donald Trump was unharmed after shots were fired near the White House Correspondents’ Dinner venue in Washington.

Tension linked to the U.S., Israel and Iran remains another market risk. If the situation worsens, traders may reduce exposure to risky assets. If conditions calm, Bitcoin could follow any recovery in global markets.

For now, the week gives Bitcoin several possible price triggers. The Fed decision, PCE inflation data, GDP figures, tech earnings and war headlines may decide whether BTC holds firm or faces fresh volatility.

At press time, Bitcoin traded at around $77,900, indicating slight loss in the past 24 hours but over 4% in the past week, according to crypto.news data.

Read more: Polymarket’s “smart money” is just 3% of users, study finds

Pi Network will sponsor Consensus 2026 in Miami, placing the project before blockchain builders, investors, and policy figures. 

Summary

Pi Network will sponsor Consensus 2026 in Miami, with both founders scheduled to speak.

Chengdiao Fan and Nicolas Kokkalis will address AI, Web3, and online identity verification.

Protocol 22 and Protocol 23 upgrades could support smart contracts and wider Pi ecosystem growth.

The event comes as the network tries to turn its large user base into broader ecosystem activity.

The project’s two co-founders, Nicolas Kokkalis and Chengdiao Fan, will speak during the conference. Their sessions will focus on Pi’s blockchain infrastructure, digital identity, artificial intelligence, and future application development.

You might also like: Crypto downturn hits household budgets, survey finds

Founders to address AI, Web3, and identity

Chengdiao Fan is scheduled to speak on May 6. Her presentation will cover how Pi’s blockchain, verified identity system, and global user network may support products built for the AI and Web3 era.

Nicolas Kokkalis will speak on May 7 during a panel about proving human identity online while protecting user privacy. The topic has gained more attention as artificial intelligence tools make online impersonation easier.

Pi Network said in an X post, “The Pi Founders will both take the stage as speakers at the Consensus 2026 conference.” The post also said Fan will discuss Pi’s infrastructure and verified identity network.

Moreover, Pi Network continues to present identity verification as one of its main features. The project uses a KYC-based model that combines human checks and AI-supported tools to verify users.

The network claims it has more than 18 million verified users. It also says its system has completed hundreds of millions of verification tasks across its community.

This approach places Pi Network among blockchain projects trying to build proof-of-personhood systems. Pi also uses its mobile-first design to reach users across different markets.

Protocol upgrades mark transition phase

Pi Network’s Consensus 2026 appearance comes during a technical transition for the project. Node operators must upgrade to Protocol 22 by April 27, or failed nodes may be removed from active network support.

Protocol 22 supports node software and desktop applications. The upgrade also prepares the network for Protocol 23, which is expected in May and is designed to support smart contracts.

The planned PiRC1 token standard also points to a wider ecosystem push. These upgrades may help developers build more applications on Pi Network.

Pi coin price rose 5.30% in 24 hours to trade near $0.180, according to CoinGecko data. The move came as market attention turned to Pi Network’s role at Consensus 2026 and its planned network changes.

Read more: Brad Garlinghouse wins top Harvard business leadership award

Galaxy Digital CEO Mike Novogratz said the US CLARITY Act could move forward in May, giving the crypto industry a clear path under federal rules. 

Summary

Mike Novogratz said the CLARITY Act may reach committee in early May before June signing.

The bill seeks clearer crypto rules after delays tied to stablecoin yield and banking concerns.

Alex Thorn gave the bill 50% odds of passing in 2026 amid schedule uncertainty now.

The bill seeks to define how digital assets should operate in the United States.

Novogratz made the comments during a podcast with SkyBridge Capital founder Anthony Scaramucci. He said the bill may reach committee in early May and could reach President Donald Trump’s desk in June.

You might also like: CFTC sues New York as prediction market fight escalates

“So this is going to get done,” Novogratz said. “It probably gets done in May.”

CLARITY Act remains key for crypto rules

The US CLARITY Act aims to bring clearer rules to crypto firms, exchanges, token issuers, and investors. The bill has gained close attention because many crypto companies want one national framework instead of scattered agency actions.

Novogratz said both Republicans and Democrats have reasons to support the bill. He argued that clearer crypto regulation could help the United States keep financial innovation inside the country.

“It’s wildly important for it to get done for both Democrats and Republicans,” he said.

Novogratz also said the CLARITY Act could help more people access US financial products through crypto wallets. He said many people around the world still cannot take part in the American economy through normal financial channels.

He argued that tokenization could allow shares or assets linked to major companies to reach more global users. He named firms such as SpaceX and Google as examples of companies that could be tokenized and sold to users outside the United States.

“There are eight and a half billion people, probably five and a half billion don’t have access to our financial products,” Novogratz said.

Industry doubts remain over timeline

The bill’s progress has not matched earlier market expectations. Many crypto participants expected faster action after the CLARITY Act passed the House in July 2025 with bipartisan support.

However, disputes between banks and crypto firms have slowed the process. One area of concern is stablecoin yield, with banks warning that yield-bearing stablecoins could place pressure on deposits.

Senator Cynthia Lummis warned on April 10 that lawmakers may have limited time to pass the bill. “This is our last chance to pass the Clarity Act until at least 2030,” she said in a post on X.

Galaxy Digital’s head of firmwide research, Alex Thorn, has also shown caution. He said he gives the CLARITY Act a 50% chance of passing in 2026, adding that delays beyond mid-May could weaken the bill’s chances.

Read more: Crypto scam launderer gets 70 months as DOJ cracks down

Ripple released a detailed four-phase roadmap on April 20 to protect the XRP Ledger from future quantum computing attacks, with Phase 2 testing already underway, targeting full post-quantum cryptography implementation no later than 2028, as SoFi separately enabled XRP deposits for retail users the same week.

Summary

Ripple published a four-phase post-quantum cryptography roadmap on April 20, with Phase 2 NIST-standard algorithm testing already active in partnership with Project Eleven.

The plan includes a Phase 1 Quantum-Day contingency that would immediately block classical signatures and force migration to quantum-safe accounts if current cryptography is compromised ahead of schedule.

XRPL’s native key rotation gives it a structural advantage over Ethereum and Bitcoin in a post-quantum migration, allowing users to update cryptographic keys without moving funds or abandoning accounts.

Ripple published a four-phase roadmap on April 20 to make the XRP Ledger resistant to quantum computing attacks, with Ayo Akinyele, Senior Director of Engineering at RippleX, stating that the quantum threat has shifted “from theoretical to credible, and preparation timelines now matter.” The roadmap targets full quantum readiness no later than 2028 and was developed in response to Google Quantum AI research showing that approximately 500,000 physical qubits could eventually break the elliptic curve cryptography that secures most blockchain wallets today.

XRP Ledger Quantum Resistant Roadmap Covers Four Phases Through 2028

As crypto.news reported, the roadmap is structured around two parallel objectives: preserving XRPL’s operational performance throughout the transition, and building contingency measures in case a quantum threat arrives earlier than projected. Phase 1 establishes a Quantum-Day emergency protocol that would immediately block classical signatures across the network and direct users to migrate to quantum-safe accounts using zero-knowledge proofs to prove key ownership without exposing vulnerable cryptographic material. Phase 2 is already active in the first half of 2026, with Ripple’s applied cryptography team testing NIST-standardized post-quantum algorithms against real XRPL workloads and benchmarking their effects on signature size, storage, bandwidth, and throughput. Core engineer Denis Angell has already deployed ML-DSA quantum-safe signatures on XRPL’s AlphaNet as part of this phase. Phase 3, targeted for the second half of 2026, will deploy candidate post-quantum signature schemes alongside existing elliptic curve signatures on Devnet for developer testing without touching mainnet. Phase 4 proposes a formal XRPL network amendment by 2028 implementing native post-quantum cryptography at full production scale.

You might also like: Tokenized Deposits Are Becoming the Institutional Standard for On-Chain Cash

XRPL’s Structural Advantages in a Post-Quantum Migration

The XRP Ledger has two protocol-native features that give it a migration advantage over Bitcoin and Ethereum. XRPL supports native key rotation, allowing users to replace cryptographic keys without changing their account address or moving funds, meaning holders will not need to create new accounts or transfer assets during the upgrade. Ethereum has no protocol-level equivalent, meaning any post-quantum migration on Ethereum would require users to manually move all assets to entirely new accounts, a process significantly complicated by smart contract dependencies. XRPL also supports deterministic seed-based key generation, which enables coordinated, network-wide cryptographic upgrades without requiring individual manual action from every holder. As crypto.news documented, Project Eleven, a quantum security research firm that raised $20 million in a January 2026 Series A, is partnering with Ripple on validator-level testing, developer benchmarking, and a post-quantum custody wallet prototype as part of Phase 2 delivery.

The Broader Quantum Threat to Crypto Infrastructure

Ripple’s roadmap is the most detailed public post-quantum commitment from any major blockchain network and positions XRPL ahead of the broader industry response. As crypto.news tracked, Coinbase’s cryptography advisory board, which includes Stanford’s Dan Boneh and Ethereum Foundation researcher Justin Drake, published a 50-page analysis the same week warning that post-quantum transitions across blockchains, wallets, and exchanges could take years to execute safely even after technical standards are in place. Bitcoin developers remain split between optional opt-in upgrades and more forceful migration measures, while Ethereum is targeting 2029 through a multi-fork roadmap. XRP traded at $1.42 on April 20 when the announcement landed, rising approximately 5% intraday on the news before settling back. On the same day, SoFi separately confirmed that XRP deposits are now available for retail users on its platform, though external wallet withdrawals remain restricted pending further regulatory review.

Ripple said the 2028 target is contingent on successful Devnet testing in Phase 3, ecosystem-wide coordination with validators, and passage of a formal network amendment, each of which introduces its own execution risk to the timeline.

Read more: Google’s $40B Anthropic bet shows where the real crypto rails are being built

Morgan Stanley Investment Management launched the Stablecoin Reserves Portfolio on April 23, a government money market fund exclusively designed to hold the cash reserves backing stablecoin issuers’ outstanding tokens, positioning the Wall Street giant to capture reserve management business ahead of the GENIUS Act’s expected passage.

Summary

Morgan Stanley Investment Management launched the Stablecoin Reserves Portfolio under ticker MSNXX on April 23, designed specifically to hold stablecoin issuers’ required reserves in GENIUS Act-compliant instruments.

The fund invests exclusively in US Treasury bills with maturities of 93 days or less and overnight repo agreements collateralized by Treasuries, targeting a constant $1 net asset value with daily liquidity.

The minimum entry is $10 million, with a 0.15% management fee and a 0.20% net expense ratio, with the fund open to non-stablecoin institutional investors as well.

Morgan Stanley Investment Management filed the Stablecoin Reserves Portfolio with the SEC under its Morgan Stanley Institutional Liquidity Funds trust on April 16, with the fund going live on April 23. The vehicle, trading under ticker MSNXX, is a government money market fund designed to let stablecoin issuers hold the reserves backing their outstanding tokens in a regulated, GENIUS Act-aligned structure.

Morgan Stanley Stablecoin Reserve Fund Targets the Compliance Infrastructure Market

As crypto.news reported, the fund invests only in cash, short-dated US Treasury bills and notes with maturities of 93 days or less, and overnight repurchase agreements collateralized by Treasuries, targeting capital preservation and daily liquidity at a stable $1.00 net asset value. The minimum investment is $10 million and the management fee is 0.15%, with a net expense ratio of 0.20% after fee waivers. While the fund is designed with stablecoin issuers as the primary audience, Morgan Stanley confirmed it is available to other institutional investors as well. Fred McMullen, co-head of Global Liquidity at Morgan Stanley Investment Management, described the launch as a timely response to marketplace demands. “We are pleased to deliver a new investment solution to the marketplace that seeks to address the specific investment needs of payment stablecoin issuers,” McMullen said. The GENIUS Act, currently advancing through Congress, requires stablecoin issuers to hold high-quality liquid assets on a 1:1 basis against all outstanding tokens, making a product like MSNXX a direct compliance vehicle rather than a speculative investment.

You might also like: Trump Extends the Israel-Lebanon Ceasefire by Three Weeks After Oval Office Talks

Why the Timing Is Strategically Significant for Morgan Stanley

The stablecoin reserve fund launch arrives less than three weeks after Morgan Stanley launched MSBT, the first spot Bitcoin ETF issued directly by a major US bank. As crypto.news documented, MSBT crossed $103 million in net inflows within eight days of its April 8 debut, overtaking the WisdomTree Bitcoin Fund and positioning Morgan Stanley as one of the most aggressively expanding institutional digital asset platforms on Wall Street. The stablecoin fund extends that strategy into a different layer of the digital asset ecosystem, moving from Bitcoin exposure products into the foundational infrastructure that stablecoin issuers need to comply with federal reserve requirements. The total stablecoin market cap was approximately $230 billion as of April 2026, meaning that the reserve management opportunity Morgan Stanley is positioning for runs into the hundreds of billions of dollars if the GENIUS Act passes and all major issuers are required to hold qualifying liquid assets.

What the GENIUS Act Compliance Angle Means for the Broader Market

The GENIUS Act, which has already passed the US Senate and is being reconciled with the House version, requires stablecoin issuers to hold 1:1 reserves in cash, Treasury bills, or other qualifying liquid assets at regulated institutions. As crypto.news tracked, Morgan Stanley has been systematically building its digital asset infrastructure across multiple product categories simultaneously, with ETF filings for Bitcoin, Ethereum, and Solana already submitted and retail crypto trading on E*Trade targeted for the first half of 2026. The stablecoin reserve fund adds a B2B infrastructure layer to what has been primarily a B2C product expansion, giving Morgan Stanley a position in both the retail-facing and issuer-facing sides of the regulated digital asset market.

As of late April 2026, the fund held approximately $1 million in assets, consistent with its early-stage status, reflecting that the broader stablecoin reserve management opportunity will materialise as GENIUS Act compliance requirements take effect.

Read more: US Treasury Freezes $344 Million in Crypto Tied to Iran’s IRGC Under Operation Economic Fury

A coalition of more than 120 crypto organizations led by the Crypto Council for Innovation and the Blockchain Association sent a joint letter to the Senate Banking Committee on April 23 demanding an immediate markup of the CLARITY Act, warning that further delay risks pushing investment, jobs, and technological development offshore while ceding global regulatory standard-setting to other jurisdictions.

Summary

More than 120 crypto organizations including Coinbase, Ripple, Kraken, Circle, Uniswap Labs, Andreessen Horowitz, and Galaxy Digital sent a joint letter on April 23 demanding an immediate CLARITY Act markup.

The letter was addressed to Banking Committee Chairman Tim Scott, Ranking Member Elizabeth Warren, Subcommittee Chair Cynthia Lummis, and Ranking Member Ruben Gallego, setting up the most coordinated industry lobbying push the bill has seen.

Treasury Secretary Scott Bessent has called the CLARITY Act a national security priority, while Senator Bernie Moreno warns that missing the end-of-May window could shelve the bill until 2030.

The Blockchain Association posted on X that it and the Crypto Council for Innovation, joined by a broad coalition of more than 120 organizations, had urged the Senate Banking Committee to move forward with a markup on market structure legislation. The letter, addressed to Committee Chairman Tim Scott and Ranking Member Elizabeth Warren, along with Subcommittee Chair Cynthia Lummis and Ranking Member Ruben Gallego, calls on lawmakers to “notice and proceed towards a markup” of the CLARITY Act without further delay.

CLARITY Act Senate Markup Demand Signals Industry Ultimatum

As Bitcoin Magazine reported, the coalition includes Coinbase, Circle, Kraken, Ripple, Uniswap Labs, Andreessen Horowitz, Chainlink Labs, Chainalysis, OKX, Paradigm, and Galaxy Digital, alongside advocacy groups, state blockchain associations, and university chapters of Stand With Crypto. The letter lists six legislative priorities: drawing a clear SEC and CFTC oversight boundary, protecting non-custodial software developers from broker registration requirements, upholding consumer stablecoin rewards tied to activity rather than passive holdings, simplifying digital asset disclosure rules, preventing a patchwork of state-by-state regulation from filling the federal vacuum, and establishing a predictable baseline that keeps capital and innovation onshore. As crypto.news reported, Senator Bernie Moreno dismissed bank opposition to stablecoin rewards as “a lot of noise in the system” at a Washington event on April 22, and said he expects legislation to be completed by the end of May. Treasury Secretary Scott Bessent has separately called the bill a national security priority, warning that every month of delay pushes digital asset innovation toward hubs like Dubai and Singapore.

You might also like: US Treasury Freezes $344 Million in Crypto Tied to Iran’s IRGC Under Operation Economic Fury

The Legislative Clock Is Now the Bill’s Biggest Enemy

The CLARITY Act passed the House 294 to 134 in July 2025 and cleared the Senate Agriculture Committee in January 2026. Despite that progress, the Senate Banking Committee has not scheduled a markup. As crypto.news documented, Congress breaks for Memorial Day recess on May 21, leaving fewer than four weeks of operational legislative time. Even after a successful markup, the bill must clear a 60-vote Senate floor threshold, be reconciled between the Banking and Agriculture Committee versions, reconciled with the House text, and signed by the president. Polymarket currently prices the bill’s 2026 passage odds at below 50%, a sharp decline from the 80% high it reached when the White House signalled imminent progress in early April. Galaxy Research has assessed odds at roughly 50-50 or lower, warning that the sheer number of unresolved questions under severe time pressure makes the path narrower than most in Washington have publicly acknowledged.

Why This Moment Is Different From Prior Industry Pushes

The April 23 letter represents a level of industry coordination the CLARITY Act has not previously seen, with more than 120 organizations signing a unified document rather than issuing separate statements. As crypto.news tracked, Coinbase CEO Brian Armstrong reversed his company’s January opposition and publicly backed the current bill version in April, a shift that removed one of the most high-profile sources of internal industry friction. As crypto.news noted, the remaining obstacle is not within the crypto industry but between the industry and banking trade groups that continue to lobby individual senators to reopen stablecoin yield provisions already negotiated and agreed upon. The Senate Banking Committee has not announced a markup date as of publication.

“Congress must move quickly to establish a predictable federal baseline,” the coalition letter stated, adding that the US risks returning to regulation-by-enforcement if market structure legislation fails to advance in the current window.

Read more: Senate Defeats Democrats’ Fifth Attempt to Limit Trump’s War Powers in Iran, 46-51

Treasury Secretary Scott Bessent announced on April 24 that the US government has sanctioned multiple crypto wallets linked to Iran’s Islamic Revolutionary Guard Corps under a campaign called Operation Economic Fury, with Tether executing the freeze of $344 million in USDT across two addresses on the Tron blockchain at the direction of American authorities.

Summary

Treasury Secretary Scott Bessent announced sanctions on multiple crypto wallets tied to Iran’s IRGC on April 24, resulting in Tether freezing $344 million in USDT across two Tron addresses.

One wallet held approximately $213 million in USDT and the other held $131 million, both blacklisted at the smart contract level after Chainalysis found on-chain patterns consistent with known IRGC wallets.

The action is part of Operation Economic Fury, a broader campaign to systematically cut off all of Tehran’s financial lifelines during the ongoing conflict.

The US Treasury’s Office of Foreign Assets Control sanctioned multiple crypto wallet addresses linked to Iran’s Islamic Revolutionary Guard Corps on April 24, with Tether executing the freeze of $344 million in USDT across two Tron blockchain addresses in coordination with American law enforcement. “We will follow the money that Tehran is desperately attempting to move outside of the country and target all financial lifelines tied to the regime,” Bessent said in a statement announcing the action.

Operation Economic Fury Iran Crypto Freeze Targets IRGC Financial Architecture

The two frozen Tron wallets held approximately $213 million and $131 million in USDT respectively. Both were blacklisted at the USDT smart contract level rather than at the blockchain layer, meaning Tron itself continued operating normally while Tether’s issuer-level controls rendered the funds immovable. Chainalysis told CNN the wallets’ transaction patterns are “consistent with how we’ve observed other known IRGC wallets move funds on chain,” describing frequent large transfers of up to tens of millions of dollars predominantly between private wallets. A US official said investigators had identified material links to the Iranian regime, including transactions with Iranian exchanges and intermediary addresses that interacted with wallets associated with the Central Bank of Iran. As crypto.news reported, Chainalysis estimates Iran’s crypto ecosystem reached approximately $7.8 billion in 2025, with IRGC-linked activity accounting for roughly half of all on-chain holdings by the fourth quarter of that year.

You might also like: Tokenized Deposits Are Becoming the Institutional Standard for On-Chain Cash

Tether as a Sanctions Enforcement Tool

Thursday’s action was not the first time Tether’s freeze capability has been deployed as a Treasury enforcement mechanism, but at $344 million it is the largest single crypto freeze directly linked to Iran since the current conflict began. As crypto.news documented, Tether has increasingly aligned its wallet freezing policy with OFAC’s Specially Designated Nationals list, blocking addresses connected to sanctioned individuals, terrorism financing, and high-risk jurisdictions across a growing number of enforcement actions. The freeze also follows January’s OFAC designations of two UK-registered crypto exchanges, Zedcex and Zedxion, for processing IRGC transactions, which crypto.news tracked as Britain subsequently moved to dissolve Zedxion after TRM Labs found IRGC-linked flows had reached 87% of the platform’s total transaction volume by 2024. The dual approach, sanctioning infrastructure and freezing assets simultaneously, reflects Treasury’s attempt to dismantle the layered architecture Iran has built to move money through digital rails while avoiding traditional banking.

What the Freeze Means for Iran’s Crypto Strategy

Daniel Tannebaum, a senior fellow at the Atlantic Council, told CNN the freeze is meaningful but said that given how sanctioned Iran already is, it does not necessarily move the needle on Tehran’s ability to operate during the conflict. As crypto.news noted, Iran has embedded cryptocurrency into its financial architecture at the state level, legalizing Bitcoin mining in 2019, accepting stablecoin payments for military export contracts since January 2026, and running a formal Strait of Hormuz toll system that operates in practice through stablecoins and yuan to bypass OFAC enforcement. The $344 million freeze removes a significant portion of visible on-chain holdings, but Tannebaum warned that the more effective approach to limiting Iran’s financial reach at this stage is targeting third-country actors enabling Tehran rather than the wallets themselves.

Tether said it executed the freeze in full coordination with OFAC and law enforcement, and reiterated its policy of blocking payments used to evade sanctions.

Read more: Trump Extends the Israel-Lebanon Ceasefire by Three Weeks After Oval Office Talks

Pi Network co-founder Nicolas Kokkalis will take the stage at Consensus 2026 in Miami on May 7, joining a panel titled “How to Prove You’re Human in an AI World (Without Doxing Yourself)” at the Convergence Stage, as Pi positions its KYC-verified user base as a direct answer to one of the most urgent problems in the AI era.

Summary

Nicolas Kokkalis will speak at Consensus 2026 in Miami on May 7 from 10:15 to 10:45 AM EDT on the challenge of verifying human identity online without exposing private data.

Co-founder Chengdiao Fan will separately speak on May 6 on aligning Web3, AI, and blockchain for utility, with Pi Network listed as an official sponsor of the event.

The Consensus appearance arrives as Pi prepares for the April 27 Protocol 22 node upgrade deadline and the May Protocol 23 smart contract launch.

Pi Network has announced that co-founder Nicolas Kokkalis will speak at Consensus 2026 in Miami on May 7, joining a panel that addresses how individuals can prove they are real humans online without being forced to expose personal identity data. Co-founder Chengdiao Fan will separately speak on May 6 in a session titled “Aligning Web3, AI, and Blockchain for Utility.” Pi Network is listed as an official sponsor of the event, which runs from May 5 to 7 and is expected to draw over 20,000 attendees.

Pi Network Consensus 2026 Appearance Frames Identity Verification as Its Core Differentiator

The panel Kokkalis is joining directly addresses one of the fastest-growing problems in the AI era: AI systems can now generate convincing fake profiles, post content, and interact across platforms in ways that are nearly indistinguishable from real human behavior. For platforms, developers, and digital communities, the challenge is confirming that a user is a real person without requiring them to hand over sensitive identity documents. As crypto.news reported, Pi Network argues that its network of KYC-verified users, which has now surpassed 18 million verified participants, gives it a structural advantage in this space that pure code-based blockchains cannot replicate. The project has been building verified identity infrastructure since its founding in 2019, long before the current AI-driven identity crisis made the problem broadly visible to the industry.

You might also like: 5 cryptos with 50x potential: Little Pepe gains spot as presale demand surges

Why the Timing of the Consensus Appearance Matters

Pi’s decision to step onto the Consensus stage at this moment is deliberate. As crypto.news documented, the project is simultaneously navigating a mandatory April 27 Protocol 22 upgrade deadline, the launch of its PiRC1 Token Design Framework, and preparation for the Protocol 23 smart contract release expected in May. Kokkalis and Fan appearing at Consensus 2026 directly after the Protocol 22 deadline frames the project as transitioning from infrastructure buildout to ecosystem activation. The Consensus 2026 timing also places Pi in conversations with the largest institutional, developer, and policy audiences in the crypto world at a moment when identity, AI, and blockchain are converging into a single discussion that Pi’s architecture was specifically designed to address.

What Pi’s Identity Layer Means Beyond Crypto

The broader significance of Pi’s Consensus 2026 appearance extends beyond the crypto industry. As crypto.news noted, Pi competes directly with Worldcoin and Humanity Protocol in the proof-of-personhood space, a category that has attracted significant venture capital attention as AI-generated content proliferates. Pi’s mobile-first KYC system, which uses a combination of human reviewers and AI-assisted fraud detection, has processed over 526 million verification tasks across its network. The project argues that the ability to verify human presence without exposing private data is not just a blockchain use case but the foundational infrastructure challenge for the next generation of the internet. Whether the Consensus stage translates that argument into measurable developer adoption and institutional recognition will be one of the clearest signals yet of whether Pi’s long-term thesis is gaining traction beyond its existing community.

Pi Network’s PI token was trading at approximately $0.1687 as of April 23, down roughly 94% from its February 2025 all-time high of $2.99, with the market yet to price in the project’s recent technical and institutional progress.

Read more: Nakamoto rolls out actively managed Bitcoin options program with Bitwise and Kraken

Pi Network’s PI token (PI) has remained under pressure even as several major cryptocurrencies recovered over the past week. 

Summary

Almost 3 million PI tokens moved to centralized exchanges, raising short-term selling concerns.

Nearly 200 million PI tokens are scheduled to unlock over the next 30 days.

Pi Network’s Protocol 22 deadline and smart contract updates remain key ecosystem events.

Bitcoin and other large assets gained after easing geopolitical concerns, but PI fell by about 4% during the same period.

The token’s market capitalization has dropped to around $1.75 billion. That is far below the nearly $20 billion level reached in February last year, showing that PI has not recovered from its earlier decline.

You might also like: Crypto PAC reverses course after GOP concern over Texas race

The weak price action comes despite new ecosystem updates from the Pi Network team. The project has continued to expand smart contract tools and prepare nodes for a key protocol deadline.

Exchange inflows raise selling concerns

On-chain data shows that almost 3 million PI tokens moved from self-custody wallets to centralized platforms in the past 24 hours. The total PI balance on exchanges has now reached nearly 508 million coins.

Large exchange inflows often raise selling concerns because holders may be preparing to trade or exit positions. This does not confirm a sell-off, but it adds pressure during a weak market phase.

PI also faces heavy token unlocks over the next 30 days. Nearly 200 million coins are scheduled for release, with May 1 expected to bring the largest daily unlock of 20.9 million tokens.

Protocol 22 deadline nears

Pi Network has kept protocol upgrades at the center of its April update cycle. A PiCoreTeam notice referenced by Coindar said Mainnet nodes must upgrade to Protocol 22 by April 27 to “remain connected to the network.”

Community members said the upgrade “ensures network stability and paves the way for full smart contract functionality.” The deadline keeps attention on node readiness as Pi continues to work toward broader network utility.

In its Pi Day 2026 update, the team said Mainnet and Testnet2 moved through v19.6 on February 15, v19.9 on March 1, and v20.2 on March 13. These updates formed part of the groundwork for smart contract features.

Smart contract tools expand on Testnet

On April 17, Pi Network introduced subscription smart contract capability on Testnet. The team said the tool can support recurring blockchain-based services and business models.

Pi described the update as part of its push toward “real, recurring, utility-driven” use cases. The feature may support future apps that need repeated payments or service access inside the Pi ecosystem.

The project will also appear at Consensus 2026, where its co-founders are expected to discuss utility and digital identity.

Read more: DeepSeek says its new V4 models trail OpenAI and Google by months, not years

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

Crypto prices stayed muted with major assets, including Bitcoin, experiencing slight declines on Friday as hopes of peace between the U.S. and Iran began to fade.

Summary

Crypto prices remained subdued as fading U.S.-Iran peace hopes kept Bitcoin range-bound and weighed on overall market sentiment.

Ongoing naval blockade and stalled negotiations pushed oil prices higher, raising macro uncertainty and keeping investors in a wait-and-watch mode.

Analysts remain divided, with derivatives data signaling caution while some expect a potential short squeeze if Bitcoin breaks key resistance near $80,000.

Bitcoin (BTC) price traded sideways between $77,000 and $79,000 over the past 24 hours before consolidating around $77,700 at press time, down 0.6% in the period. Ethereum (ETH) was down 1.5%, exchanging hands at $2,314, while XRP (XRP), BNB (BNB), and Solana (SOL) saw less than 1% sideways movement on the day. The global crypto market cap was down 0.2% at $2.68 trillion, indicating subdued interest from investors.

This trend is likely from traders entering a wait-and-watch mode as the odds of peace between the U.S. and Iran look rather slim while both continue with their back-and-forth escalation at the Strait of Hormuz.

Per recent reports, U.S. President Donald Trump has noted that the U.S. is under no pressure to end the war with Iran, though a failure to reach terms could likely lead to a heavy attack on Iranian infrastructure.

“I have all the time in the world, but Iran doesn’t. The clock is ticking!” Trump wrote in a recent Truth Social post.

You might also like: Japan’s Metaplanet doubles down on Bitcoin with $50M bonds

The U.S. has continued the naval blockade against Iranian ports for the tenth consecutive day to pressure Iran to accept a denuclearization deal. However, Iran, for its part, has rejected any peace talks in Islamabad as long as the blockade remains in place, stating it will not succumb to bullying.

The stalemate regarding the shipping lanes has led crude oil prices to move back to $95 and could surge back above $100 if no resolution is found. Concerns remain over a potential global recession if conflict disrupts the Strait of Hormuz for a prolonged period.

Traditional markets echoed these concerns with safe-haven assets such as gold and silver down slightly on the day. However, Asian tech stocks like the Nikkei 225 and Hang Seng ended a little higher despite the geopolitical noise.

As such, if there is a delay in any peaceful resolution to the conflict, it could continue to pressure markets, especially risk assets such as cryptocurrencies, including Bitcoin. 

A prolonged geopolitical standoff could cause Bitcoin to lose its gains over the past month and hence trigger a wider selloff across the altcoin market. If it fails to hold its current support levels, investors may see a rapid exodus from more volatile projects as capital seeks the relative safety of cash or stablecoins.

How will Bitcoin react?

Singapore-based QCP Capital maintains that the recent bounce in Bitcoin does not signal a structural shift and is unlikely to reverse the bearish momentum seen in recent months.

The firm noted that confidence in risk assets has been supported mainly by the temporary truce extension and reassurances from Federal Reserve Chair nominee Kevin Warsh regarding the central bank’s independence.

Derivatives data also suggests caution. Options markets continue to show muted short-term volatility, while demand for downside protection remains elevated, indicating hedging activity.

In contrast, analysts at K33 Research see scope for further upside. They point to a divergence between Bitcoin’s price recovery and persistently negative funding rates, which could leave the market exposed to a potential short squeeze.

Even so, the $79,000 to $80,000 range is emerging as a key resistance zone, aligning with the realized price of short-term holders who may look to exit positions as prices rise. Data platform CryptoQuant has similarly described the $80,000 level as a “critical inflexion point.”

From a longer-term perspective, Anthony Pompliano argued that sharp pullbacks can lay the foundation for stronger rallies. He suggested that a 50% correction from October highs could eventually pave the way for new peaks, adding that “Bitcoin has become the king of safe havens in all kinds of chaos.”

Read more: Mantle proposes 30,000 ETH loan to help Aave cover bad debt

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

The U.S. Department of Justice has charged active-duty Army soldier Gannon Ken Van Dyke over alleged Polymarket trades tied to the capture of Nicolás Maduro. 

Summary

DOJ accused Gannon Van Dyke of using classified information to trade on Maduro-linked Polymarket markets.

Prosecutors said Van Dyke made about $409,881 after placing more than $33,000 in bets.

The CFTC filed a parallel complaint seeking restitution, disgorgement, and civil penalties over the trades.

Prosecutors said Van Dyke used classified information from a U.S. military operation to place prediction market bets.

Van Dyke, 38, allegedly took part in planning and carrying out the January operation. The DOJ said he made more than $400,000 from trades linked to Venezuela and Maduro-related outcomes on Polymarket.

You might also like: Jane Street asks court to dismiss Terra collapse lawsuit with prejudice

Polymarket bets drew attention

Prosecutors said Van Dyke created a Polymarket account in December and began trading on markets linked to Venezuela. He allegedly placed 13 bets and spent more than $33,000 in total.

The bets included markets on whether Maduro would be out by the end of January and when the U.S. would invade Venezuela. Prosecutors said Van Dyke later tried to hide his identity by asking Polymarket to delete his account.

Moreover, Van Dyke faces charges that include violations of the Commodity Exchange Act, wire fraud, and an unlawful monetary transaction. The charges could bring a long prison sentence if he is convicted.

The Commodity Futures Trading Commission also filed a civil complaint in a parallel case. The agency seeks disgorgement, restitution, and civil penalties tied to the alleged trading activity.

FBI Director Kash Patel said, “Any clearance holders thinking of cashing in their access and knowledge for personal gain will be held accountable.” CFTC Chair Michael Selig said Van Dyke “was entrusted with confidential information” and took action that put national security and service members at risk.

Case raises prediction market scrutiny

The case has renewed attention on prediction markets and possible insider trading risks. Lawmakers have already discussed limits on bets tied to government policy and official action.

Polymarket said it cooperated with the DOJ after finding a user trading on classified government information. The platform stated, “Insider trading has no place on Polymarket. Today’s arrest is proof the system works.”

Read more: Lido joins DeFi relief push after $292M Kelp exploit

The FTX bankruptcy estate sold a 5% stake in Cursor for $200,000 in April 2023. 

Summary

FTX estate sold its 5% Cursor stake for $200K during bankruptcy asset liquidation in 2023.

Cursor’s $60B SpaceX-linked valuation now puts the former FTX stake near $3B in value.

The sale has renewed scrutiny over FTX estate asset sales and missed upside from early exits.

The sale matched the original amount Alameda Research invested in Anysphere, the company behind Cursor, in April 2022.

The stake has drawn fresh attention after Cursor’s reported valuation rose sharply. SpaceX said it secured the right to acquire Cursor later this year at a $60 billion valuation.

You might also like: OKX taps BitGo custody in major US institutional trading push

At a $60 billion valuation, the former FTX-linked stake would be worth about $3 billion. That marks a large difference from the $200,000 sale price recorded during bankruptcy asset liquidation.

The new valuation came after SpaceX secured acquisition rights tied to Cursor. SpaceX could also pay a $10 billion breakup fee if the transaction does not move forward.

Bankruptcy sales face renewed review

The Cursor sale has added to questions over how the FTX estate handled early asset sales. The estate moved to liquidate assets after FTX collapsed and Alameda entered bankruptcy.

Sam Bankman-Fried has criticized the bankruptcy process from prison. Earlier this year, he wrote, “FTX was never bankrupt. I never filed for it.” He also claimed, “The lawyers took over the company and 4 hours later, they filed a bogus bankruptcy so they could pilfer it for money.”

FTX creditors have since received repayments in dollar terms under the restructuring plan. The repayments included claim values plus interest, though some former users have argued they missed gains from crypto and venture assets.

Bull Theory estimates wider missed value

Financial research platform Bull Theory estimated that assets sold early by the FTX estate could now be worth about $114 billion if held through recent market cycles. The analysis listed Anthropic, SpaceX, Solana, Robinhood, Genesis Digital, and Cursor among the missed gains.

Bull Theory wrote, “SBF was a genius at picking generational winners and a criminal at managing their money.” The platform also noted that the estate recovered about $18 billion for users.

Bankman-Fried is serving a 25-year federal sentence after his conviction on fraud and conspiracy charges. Prosecutors said he misused billions of dollars in customer funds from FTX through Alameda Research, investments, political donations, and personal spending.

Read more: GraniteShares Delays Its 3x Leveraged XRP ETFs a Fifth Time, Pushing Launch to May 7

Pi Network has set a hard deadline of April 27 for all Mainnet node operators to upgrade to Protocol 22, warning that any node still running version 21.2 after the cutoff will be automatically disconnected from the network.

Summary

Pi Network issued a mandatory Protocol 22 upgrade deadline of April 27 for all Mainnet nodes, with non-compliant nodes to be automatically disconnected.

The upgrade is described as a critical infrastructure step preparing the network for full smart contract functionality, expected under Protocol 23 in May 2026.

PI traded at approximately $0.1687 on April 23 with an $1.73 billion market cap, largely unmoved by the technical development activity despite the network surpassing 18 million KYC-verified users.

Pi Network’s Core Team posted on X that all Mainnet nodes must complete the upgrade to Protocol 22 before April 27 to remain connected to the network. Nodes that fail to make the transition will fall out of consensus and be disconnected automatically, as the upgrade requires strict version alignment across Pi’s infrastructure to maintain network synchronization and stability.

Pi Network Protocol 22 Upgrade Deadline Puts Node Operators on Notice

Protocol 22 introduces a dual-interface setup allowing node operators to use both a node screen and a desktop Pi application simultaneously, enabling balance checks and network feature access from a computer rather than only a phone. Node operators must update their software to version 0.5.4, and the Pi Core Team says the upgrade takes under 15 minutes if operators follow the correct traffic redirection protocols to avoid resyncing issues. As crypto.news reported, Pi Network also expanded smart contract tools on Testnet on April 17, introducing subscription smart contract capability designed to support recurring blockchain-based services and business models, with PiRC2, the second Pi Request for Comment, opening the design to technical review and community feedback before any Mainnet rollout.

You might also like: Bitcoin to $100k? Fed shake-up and Clarity Act put bulls on edge

Why the Protocol 22 Deadline Matters for What Comes Next

Protocol 22 is not the destination but the foundation. The upgrade is explicitly positioned as the prerequisite for Protocol 23, which is expected to introduce full smart contract functionality in May 2026. Smart contracts would allow developers to build automated, condition-based transactions and more complex decentralized applications directly on Pi’s blockchain, transforming the network from a transactional system into a programmable platform. Pi Network’s 18 million KYC-verified users give it a structurally different developer environment from most other Layer-1 networks, where identity verification is not built into the architecture. As crypto.news tracked, PI surged more than 30% on its March Kraken listing as the market responded to the expanding exchange access and roadmap milestones, though the rally faded quickly, reflecting the market’s consistent pattern of treating each technical development as a sell-the-news event rather than a re-rating trigger.

PI Price Has Not Responded to the Technical Progress

Despite a busy stretch of protocol upgrades, PiRC1 launch, and the approaching Protocol 22 deadline, PI has remained largely unmoved. As crypto.news documented, CoinGecko showed PI at $0.1687 on April 23, with a 24-hour trading volume of approximately $11.17 million and a market cap of $1.73 billion, ranking it 49th. Co-founders Nicolas Kokkalis and Chengdiao Fan are both scheduled to speak at Consensus 2026 in Miami in early May, with sessions framed around utility, identity, and trusted participation, the same themes underpinning the Protocol 22 and PiRC1 rollouts. Traders appear to be watching whether the combination of the April 27 deadline, Testnet smart contract progress, and the Consensus 2026 appearance can give the project a fresh catalyst for price action heading into the Protocol 23 launch.

Pi Network has not confirmed whether the Protocol 23 smart contract rollout will be preceded by an additional community feedback period similar to the PiRC1 and PiRC2 processes, or whether it will move directly to Mainnet deployment upon readiness.

Read more: Ripple Signs Its First Korean Insurance Deal to Pilot Near Real-Time Government Bond Settlement

Pi Network has introduced PiRC1, a new token issuance framework launched under Protocol 22 on April 22, that bars projects from issuing tokens unless they can first demonstrate a functioning application with real user demand, a direct attempt to filter out speculation-driven launches from the ecosystem.

Summary

Pi Network launched PiRC1 on April 22 under Protocol V22, requiring any project seeking to issue ecosystem tokens to demonstrate a real, functioning application with genuine user demand before launch.

Token proceeds under PiRC1 are routed to permanent liquidity pools rather than directly to project teams, adding a structural safeguard against misuse of raised funds.

The framework arrives alongside an April 27 node upgrade deadline for Protocol 22, with full smart contract functionality expected to follow under Protocol 23 in May.

Pi Network launched PiRC1, its Token Design Framework, on April 22 as part of the Protocol V22 upgrade. As HOKANEWS.COM reported, the core principle of PiRC1 is straightforward: only applications that demonstrate genuine use cases and tangible user demand within the Pi ecosystem will be eligible to participate in token issuance. The framework is designed to address one of the crypto industry’s most persistent problems, the proliferation of low-value tokens created primarily as speculative instruments rather than functional components of a real digital economy.

Pi Network PiRC1 Token Issuance Framework Sets a New Standard for Ecosystem Projects

Under PiRC1, no project can launch a token without first having a working application. Token proceeds do not go directly to project teams but are instead routed into permanent liquidity pools, anchored to Pi Coin as the ecosystem’s foundational currency. This design separates fundraising from direct project control, introducing a structural safeguard that prevents teams from pulling liquidity after launch, a pattern that has caused widespread losses across Web3. Pi’s network of KYC-verified users adds an additional accountability layer, since developers and users operate under verified identities rather than anonymously. As crypto.news reported, PiRC1 was released alongside a new PiRC2 document opening the subscription smart contract model to technical review and community feedback. PI traded at approximately $0.1687 as of April 23, with a $1.73 billion market cap and a 24-hour volume of $11.17 million.

You might also like: Ripple Signs Its First Korean Insurance Deal to Pilot Near Real-Time Government Bond Settlement

How PiRC1 Fits the Broader Protocol Upgrade Roadmap

PiRC1 was introduced under Protocol V22 as a direct follow-on to the V21 and V21.2 network upgrades that strengthened Pi’s infrastructure and prepared it for smart contract readiness. Protocol 22 also carries an urgent node deadline: as crypto.news tracked, Mainnet node operators must upgrade to Protocol 22 by April 27 to remain connected to the network. The next major milestone is Protocol 23, expected in May 2026, which will introduce full smart contract functionality for developers. Together, the PiRC1 token framework and Protocol 23 smart contract tools represent what Pi Network is framing as the transition from a mining-focused network to a structured Web3 ecosystem capable of supporting real commercial applications.

What PiRC1 Means for PI’s Market Position

Pi co-founder Chengdiao Fan first introduced PiRC1 as a proposal in late February, emphasizing that tokens should function as tools within applications rather than as stand-alone financial instruments. The framework’s open review period on GitHub and Google Forms gave the developer community a chance to shape the final design before it launched. As crypto.news documented, PI’s market trajectory in 2026 has been heavily dependent on whether the network’s technical milestones translate into actual on-chain usage. Each prior roadmap release has been treated largely as a sell-the-news event by the market. Whether PiRC1 changes that dynamic will depend on how many developers build functioning applications under the framework and how quickly user engagement on those apps becomes measurable.

Pi Network said it plans to continue expanding the PiRC1 framework with feedback from its developer community, and has flagged Protocol 23 smart contract support as the next major technical deliverable expected in May.

Read more: Over 120 Crypto Companies Send Emergency Letter to the Senate Demanding Action on the CLARITY Act

Galaxy’s Alex Thorn says Strategy now holds more Bitcoin than BlackRock’s IBIT and, if its pace holds, could match Satoshi’s estimated 1.1m BTC stash within two years.

Summary

Galaxy’s Alex Thorn says Strategy now holds more Bitcoin than BlackRock’s IBIT, the largest spot BTC ETF.

At current accumulation rates, he believes the entity could surpass Satoshi Nakamoto’s estimated 1.1 million BTC within two years.

The move would make Strategy one of the single largest Bitcoin holders globally, alongside ETFs and long-dormant early-mined coins.

Galaxy Digital head of research Alex Thorn has flagged that Strategy’s Bitcoin holdings have now overtaken those of BlackRock’s iShares Bitcoin Trust (IBIT), the world’s biggest spot Bitcoin ETF by assets. In a post on X, Thorn wrote that on-chain and treasury-tracking data show Strategy has become the “largest single BTC‑holding entity,” beating IBIT’s stash and continuing to add coins on dips.

Thorn added that, if current accumulation trends continue, Strategy is on pace to catch or even surpass the legendary hoard attributed to Bitcoin’s (BTC) pseudonymous creator Satoshi Nakamoto within roughly two years. Satoshi’s cache is widely estimated at around 1.1 million BTC — roughly 5.5% of total supply — and has remained untouched since 2010, a fact that has long shaped market psychology around Bitcoin’s scarcity and “diamond hands” culture.

You might also like: KPMG debuts AI agent to support finance teams in month-end closing tasks

Bigger than the biggest ETF

BlackRock’s IBIT has dominated the U.S. spot Bitcoin ETF landscape since launching in January 2024, amassing more than 700,000 BTC in under 18 months and at times holding over 56% of all spot ETF Bitcoin. Recent data put IBIT’s BTC exposure north of 800,000 coins, worth more than $50 billion at prevailing prices.

By contrast, Strategy’s treasury now holds an estimated 760,000 BTC or more after adding roughly 80,000 BTC year‑to‑date, according to figures cited by market analysts and recent research notes. One Binance‑hosted update earlier this month highlighted that Strategy still controls around 762,000 BTC even after pausing new purchases, underscoring its role as the largest corporate Bitcoin holder.

March to Satoshi‑scale holdings

The comparison with Satoshi is more than symbolism. Analysts point out that if Strategy’s buying pace remains anywhere near recent levels, its stack could cross the 1 million BTC mark within the next couple of years, placing it in the same league as the dormant founder coins that have never moved.

Such concentration raises both bullish and structural questions: bulls argue that deep‑pocketed, long‑term holders reduce available float and support price, while critics warn that megatreasuries and ETFs introduce corporate and regulatory chokepoints into what was designed as a decentralized asset. For now, Thorn’s takeaway is simple: in the competition to own the scarcest large‑cap asset in crypto, one aggressive buyer is closing in on the mythic benchmark set by Bitcoin’s creator.

Read more: Lido says Kelp hack hit 9% of EarnETH, core staking ‘safe and stable’

Binance.US has reduced its spot trading fees to 0% for makers and 0.02% for takers across all trading pairs. 

Summary

Binance.US now charges 0% maker fees and 0.02% taker fees across all spot trading pairs.

The exchange removed volume tiers and subscription rules, making near-zero spot fees available to every user.

The move increases pressure on Coinbase, Kraken, and Schwab as crypto trading competition grows faster.

The exchange said the new pricing applies to every user and does not depend on trading volume, account size, or subscription plans.

The move replaces the platform’s earlier tiered structure and expands zero-fee access beyond a limited number of Bitcoin pairs. Binance.US said the change takes effect immediately and is designed to lower costs for retail traders using the platform.

You might also like: New Kalshi safeguards catch three political insider trading cases

New pricing targets pressure from rivals

The updated fee model puts Binance.US below many major rivals in the US market. The company said the new structure could cut trading costs by as much as 98% compared with some competing platforms, where lower-volume users often face higher charges.

Coinbase’s public pricing shows spot fees for lower-volume traders can range from about 0.40% to 0.60%. Kraken also uses a volume-based model, with entry-level fees starting near 0.25% for makers and 0.40% for takers. 

Charles Schwab also said last week that it plans to launch spot crypto trading for retail clients, starting with Bitcoin and Ether at a fee of 75 basis points per transaction.

Moreover, Binance.US said the reduced fees are backed by its trading infrastructure and recent internal controls work. The company stated that it completed a SOC 2 Type II audit covering its systems and controls before rolling out the new pricing model.

The change also follows the appointment of Stephen Gregory as chief executive. Binance.US said the broader fee cut builds on its earlier strategy of offering zero-fee trading on selected pairs, but now extends that approach to all spot markets on the platform.

Exchange remains under US scrutiny

The fee cut comes as Binance-related operations continue to face political and regulatory attention in the United States. Binance reached a $4.3 billion settlement with US authorities in 2023 over anti-money laundering and sanctions violations. Former chief executive Changpeng “CZ” Zhao also pleaded guilty to a felony charge as part of that case.

Binance.US has said it operates as a separate legal entity from Binance. A company spokesperson said Binance.US “operates independently from Binance.” Even so, pressure on the broader Binance brand has continued. 

In 2026, lawmakers asked federal agencies to review whether Binance is meeting its obligations under a court-ordered monitoring program. Binance denied claims tied to Iran-linked transactions and called the reports “false” and unsupported by evidence.

Fee cut comes as US crypto market gets more competitive

The new pricing shows Binance.US is trying to compete more directly for spot market share at a time when more firms are entering or expanding in the US crypto sector. Lower fees may help the platform appeal to cost-conscious users who trade often and want simpler pricing.

At the same time, the exchange is making that move while the wider Binance group remains under close watch in Washington. That leaves Binance.US trying to balance aggressive pricing with the need to reassure users and regulators about its operating standards.

Read more: Bitcoin Hits an 11-Week High Above $78,000 but Analysts Say the Rally Is a Squeeze, Not a Shift

Virginia voters have narrowly approved a new congressional map that could shift as many as four House seats from Republican to Democrat, delivering a major boost to the party’s bid to retake the House in the 2026 midterms.

Summary

Virginia voters approved a redistricting referendum that replaces the state’s bipartisan commission map with one drawn by the Democratic-controlled legislature.

The new map gives Democrats an advantage in 10 of Virginia’s 11 House districts, up from the six they currently hold.

Republicans have filed legal challenges that could still block the new map from taking effect before the midterms.

Virginia voters narrowly approved a ballot measure on April 21 authorizing the Democratic-controlled state legislature to replace Virginia’s existing congressional map with one designed to favor Democrats in 10 of the state’s 11 House districts. According to the Associated Press, the “yes” side held a lead of approximately 3 percentage points with an estimated 97% of votes counted.

Virginia Congressional Map Reshapes the 2026 Midterm Battlefield

The new map leaves just one solidly Republican seat out of Virginia’s 11 congressional districts, a dramatic shift from the current arrangement in which Democrats hold six seats and Republicans hold five. NPR reported that Democrats could pick up as many as four seats under the redrawn lines, a gain that would significantly improve the party’s chances of reclaiming the House majority this fall. Virginia Democratic state House Speaker Don Scott said in a statement, “Virginia just changed the trajectory of the 2026 midterms.”

You might also like: DOJ Charges the SPLC With Fraud Over Secret Payments to Extremist Informants

Republicans Challenge the Map in Court

The result does not guarantee the new districts will be used in the 2026 elections. Republicans have filed legal challenges against the referendum, arguing the process used to bypass Virginia’s bipartisan redistricting commission was procedurally flawed. NBC News reported that the Virginia Supreme Court declined to block the special election from proceeding, but reserved the right to rule on the legal questions after the vote, leaving the map’s ultimate status in litigation. Virginia House Republican Leader Terry Kilgore said “serious legal questions remain about both the wording of this referendum and the process used to put it before voters.”

The Wider Redistricting Battle Behind the Vote

The Virginia result is the latest move in a national redistricting fight that accelerated last year when President Trump urged Republican-controlled states including Texas, Missouri, and North Carolina to redraw their maps for GOP advantage. Democrats responded, successfully pushing new maps in California and now Virginia. Together, analysts say the net effect of the state-by-state redistricting moves may leave the parties roughly even in added seats, though Virginia’s four potential gains represent the most consequential single-state result of the Democratic counter-effort. Whether the new map survives its legal challenges will determine whether Democrats realize those gains before November.

Virginia Governor Abigail Spanberger said the state was committed to returning to its bipartisan redistricting process after the 2030 census.

Read more: Syed Sameer steps in as power broker in Justin Sun–WLFI standoff

Kraken submitted 56 million crypto tax forms for 2025, most reporting gains under $50, and is now calling on Congress to overhaul what it calls an unworkable reporting threshold.

Summary

Kraken filed 56 million IRS tax forms for 2025, with the majority covering transactions under $50.

The exchange argues the current $10 reporting threshold creates unnecessary burden for both users and platforms.

Kraken is now lobbying Congress to raise the threshold and simplify crypto tax reporting rules.

Kraken filed 56 million crypto tax forms with the IRS for the 2025 tax year, and the exchange says the volume exposes a fundamental flaw in how digital asset transactions are currently reported. Most of those forms covered amounts under $50. The exchange disclosed the figures in a public blog post and used them to make a direct case to Congress: the existing $10 minimum reporting threshold is too low and needs to change.

Kraken Crypto Tax Forms Flood the IRS With Low-Value Reports

Kraken’s filing volume for 2025 dwarfs what most traditional brokerages process, and the exchange says the numbers prove the current framework was not designed with crypto in mind. Under existing IRS rules inherited from traditional finance, crypto platforms must report transactions above $10. Kraken has argued that applying that standard to digital assets generates millions of low-value filings that add compliance costs without meaningful tax revenue gains. “The vast majority of these forms represent transactions so small they would never trigger reporting requirements in traditional markets,” Kraken said in its post.

You might also like: Pyth plugs into Kalshi’s new commodities hub as oracle backbone

Kraken Pushes Congress to Rewrite the Rules

Kraken is now pushing lawmakers to raise the reporting threshold significantly, though it stopped short of naming a specific figure in its public statement. The exchange framed the ask as a matter of practicality. Filing tens of millions of forms for sub-$50 transactions strains platform infrastructure, creates confusion for retail users, and delivers little actionable data to regulators, according to Kraken’s post. The move comes as Congress is already debating broader crypto tax and disclosure reform. The IRS has been expanding its digital asset reporting requirements steadily since 2026, with broker reporting rules set to take effect in phases through 2026 and 2027.

Crypto Tax Reporting Remains a Flashpoint

Kraken’s push adds pressure to that timeline. If Congress moves to raise the reporting floor, it could reduce compliance costs across the industry and narrow the number of forms platforms are required to generate each year. The crypto industry has broadly pushed back against IRS broker reporting rules, arguing the definitions used do not reflect how decentralized networks actually operate. For retail investors, the implications are significant. Millions of small holders who traded crypto in 2025 may have received IRS forms for transactions they never considered taxable events.

Kraken said it plans to continue advocating for threshold reform as the broader crypto regulatory debate moves forward in Washington.

Read more: GSR debuts first active multi‑asset crypto staking ETF on Nasdaq

Ripple CTO David Schwartz has defended Arbitrum’s decision to freeze more than 30,000 ETH linked to the recent KelpDAO exploit. 

Summary

David Schwartz said Arbitrum’s emergency ETH freeze followed the same logic as Bitcoin’s 2010 rollback.

The freeze secured 30,766 ETH tied to the KelpDAO exploit without changing Arbitrum’s broader network state.

Critics said the Security Council’s intervention raised fresh concerns about centralization and emergency governance powers.

He said the move was comparable to Bitcoin’s response to the 2010 value overflow bug, when the network accepted a rollback after an attacker created billions of coins.

The comments came after Arbitrum’s Security Council intervened to freeze 30,766 ETH tied to the exploiter. The action secured the funds without changing the broader state of the network, but it also renewed debate over decentralization and emergency control.

You might also like: Umbra shuts front end after hackers move stolen funds through protocol

Schwartz links Arbitrum action to Bitcoin history

Schwartz said Arbitrum’s response should not be seen as a break from decentralized principles. He argued that communities can reject a network state they view as invalid and take steps to correct it.

He pointed to Bitcoin’s 2010 overflow incident, when an attacker minted more than 184 billion BTC because of a bug. Satoshi Nakamoto and early developers released a patch, and node operators adopted it, which led to a rollback of the chain.

In a post on X, Schwartz said, ”This is exactly what bitcoin did in response to the overflow incident.” He said node operators at the time rejected the database state produced by the existing rules and chose to change those rules.

Schwartz added that no one was forced to accept that earlier state of the blockchain. He said that process showed how decentralized networks can act when users no longer accept the outcome produced by consensus.

Arbitrum freeze drew criticism over centralization

The Arbitrum Security Council froze 30,766 ETH after the KelpDAO exploit. Supporters said the step helped secure stolen funds quickly and avoided broader damage to the ecosystem.

Critics said the move raised concerns because the council can upgrade smart contracts on Ethereum’s base layer without requiring every node operator to download a new software fork. That power led some users to question how decentralized the network remains in practice.

One critic, identified as Nakamoto in the report, said, ”The Security council has the power to upgrade the smart contract on the L1, effectively a coercion mechanism that has absolutely nothing to do with decentralisation.”

That criticism focused on whether emergency powers held by a small group can fit within a decentralized model. The issue has become a recurring point of debate across blockchain networks after major exploits.

KelpDAO exploit pushed governance questions back into focus

The KelpDAO exploit set off a wider discussion about how networks should respond when stolen funds move quickly across chains. In Arbitrum’s case, the council acted to freeze the ETH without waiting for a broader governance process.

Schwartz said the Arbitrum community faced a network state it considered illegitimate, and the council responded to restore order. He said the action reflected a choice by the community rather than a rejection of decentralization.

His defense placed Arbitrum’s decision within a long-running crypto debate. On one side are those who support emergency intervention to recover funds. On the other are those who argue that such powers weaken the core idea of decentralized control.

Read more: Russia advances crypto bill with licensing rules and retail limits