Coin overview
J
Ended--
Last price (USDT)
491.27K
24h total (USDT)
1.05M
Total vol (USDT)
2025-01-15 15:00:00 ~ 2025-01-22 09:30:00
Trading time (UTC+0)
2025-01-22 11:00:00 ~ 2025-01-22 23:00:00
Delivery time (UTC+0)
Total supply1.00B
Resources
Introduction
Jambo is building a global on-chain mobile network, powered by the JamboPhone — a crypto-native mobile device starting at just $99. Jambo has onboarded millions on-chain, particularly in emerging markets, through earn opportunities, its dApp store, a multi-chain wallet, and more. Jambo’s hardware network, with 700,000+ mobile nodes across 120+ countries, enables the platform to launch new products that achieve instant decentralization and network effects. With this distributed hardware infrastructure, the next phase of Jambo encompasses next-generation DePIN use cases, including satellite connectivity, P2P networking, and more. At the heart of the Jambo economy is the Jambo Token ($J), a utility token that powers rewards, discounts, and payouts.
Trump Advocates for Crypto Dominance at Coinbase Event
Key Points: Main event, leadership changes, market impact, financial shifts, or expert insights. Pro-innovation SEC chair appointment impacts policies favorably. Establishment of U.S. Strategic Bitcoin Reserve marks federal backing. Trump Advocates for Crypto Dominance at Coinbase Event President Donald J. Trump addressed the 2025 Coinbase State of Crypto Summit, emphasizing U.S. leadership in digital assets. This move signals a transformative phase for the crypto landscape, with potential market shifts anticipated following the announcements. President Trump’s outspoken support for digital assets signals a marked change in federal crypto policy. Speaking at the Coinbase event , he highlighted new initiatives like the U.S. Strategic Bitcoin Reserve. His statements have historically sparked immediate reactions in crypto markets. Trump’s administration has introduced policy shifts with significant implications for cryptocurrencies. The U.S. Strategic Bitcoin Reserve and leadership changes at key regulatory bodies are pivotal. This approach aims to ensure America’s competitive stance in the global crypto sphere. “We will be working to create clear and straightforward frameworks to ensure American dominance in bitcoin and digital asset markets. Digital assets are essential to the country’s economic strength and competitiveness.” — Donald Trump, President, United States These announcements have had a tangible impact on the industry, fostering regulatory clarity. The establishment of the Strategic Bitcoin Reserve signals federal confidence in Bitcoin. Markets have responded with growing interest in cryptocurrencies. Institutional actors are closely monitoring the administration’s actions. Trump’s endorsement of pro-crypto leadership indicates a reduced regulatory burden. This is expected to foster technological innovation and attract more institutional investment in digital assets. Experts anticipate regulatory shifts to encourage blockchain technology development. Historical data suggests such policy changes can facilitate market entry for institutional and retail investors. The federal backing of digital assets could lead to increased liquidity in U.S.-regulated exchanges.
Bitcoin adoption fueled by ‘deglobalization,’ Trump’s ‘big, beautiful bill’
Bitcoin’s institutional adoption is seeing a new wave of corporate investments, which stand to benefit from more global uncertainty before a trade agreement is finalized or a controversial US spending bill is passed. US President Donald Trump is pushing forward the “One Big Beautiful Bill Act,” which he says would cut as much as $1.6 trillion in federal spending. “The great, big, beautiful bill will grow the economy like it has never grown before,” Trump wrote in a Truth Social post on Thursday. “It puts put our country on the right track, plus!” The proposal comes amid ongoing efforts to finalize a trade agreement between the United States and China, which Trump on Wednesday said was “subject to final approval” by both governments. Source: Donald J. Trump Elon Musk criticized the spending bill in a June 5 X post , warning that it would “increase the deficit to $2.5 trillion.” A growing US deficit may lead to an increase in the money supply through quantitative easing (QE) , which refers to central banks buying bonds and pumping money into the economy to encourage spending through stagnating economic conditions. Arthur Hayes, co-founder of BitMEX and chief investment officer at Maelstrom, has predicted Bitcoin could climb to $250,000 if the US Federal Reserve pivots to QE, due to growing inflationary pressures from trade tariffs. Related: Nasdaq-listed Mercurity Fintech to raise $800M for Bitcoin treasury More tariff-related uncertainty may benefit Bitcoin’s ( BTC ) growing valuation, according to Lucas Outumuro, vice president of institutional DeFi at Sentora (previously IntoTheBlock). “Bitcoin has been benefiting from this deglobalization that Trump has been bringing forth,” he told Cointelegraph during the Chain Reaction daily X spaces show on June 5. “The tariffs created a lot of animosity between international partnerships and people,” he said, prompting large entities and nation states to question whether their wealth was safe in the US economy. https://t.co/LgGfMGBPZp — Cointelegraph (@Cointelegraph) June 5, 2025 Trump unveiled his reciprocal import tariffs on April 2, measures aimed at reducing the country’s estimated trade deficit of $1.2 trillion in goods and boosting domestic manufacturing. Related: Bitcoin still on track for $1.8M in 2035, says analyst New Bitcoin whales reach record realized capitalization The growing Bitcoin adoption from large investors pushed Bitcoin’s realized capitalization among new whales to a record high of $113.7 billion on Tuesday, CryptoQuant data shows. The metric measures the total amount of Bitcoin held by whales with at least 1,000 Bitcoin, with an average coin age below 155 days, excluding centralized exchanges and Bitcoin miner addresses. BTC: Realized Cap for New Whales. Source: CryptoQuant Moreover, the average age of Bitcoin holders has also been decreasing, meaning that more short-term holders are gaining Bitcoin exposure, according to Sentora’s Outumuro. “That’s a sign that the market is getting heated,” said the analyst, adding that Bitcoin acquisitions through exchange-traded funds and other “public vehicles like Twenty One Capital ” are offsetting a significant amount of Bitcoin selling pressure from long-term holders. Led by Strike CEO Jack Mallers, Twenty One Capital aims to develop Bitcoin-native capital markets infrastructure, allowing products like lending, custody and asset issuance to operate directly on Bitcoin rails. Magazine: Bitcoin $110K ‘bull trap’ concerns, James Wynn loses $25M BTC: Hodler’s Digest, June 1 – 7
Trump Urges Fed to Cut Interest Rates by 1%
Key Points: Points Cover In This Article: Toggle Economic Demands Market Impacts Cryptocurrency Trends Trump demands a 1% interest rate reduction. Trump cites economic stabilization reasons. Fed maintains current rate amid inflation risks. Trump Urges Fed to Cut Interest Rates by 1% The demand for rate cuts highlights potential shifts in monetary policy, possibly affecting debt costs and economic growth prospects. Economic Demands President Trump has escalated his call for the Federal Reserve to cut interest rates by a full percentage point. Amidst ongoing economic discussions, Trump argues this move would significantly reduce U.S. debt burdens. CPI JUST OUT. GREAT NUMBERS FED SHOULD LOWER ONE FULL POINT. WOULD PAY MUCH LESS INTEREST ON DEBT COMING DUE. SO IMPORTANT!!! — Donald J. Trump, President, U.S. Trump’s demand is directed at Fed Chair Jerome Powell, who has maintained current rates, citing inflation risks. The Fed’s stance aims to stabilize prices, despite Trump’s marked pressure for aggressive rate reductions. Market Impacts Discussion around Trump’s call impacts market sentiment, with debates on faster rate cuts emerging. Lower rates typically favor risk assets like equities and cryptocurrencies, reflecting increased market speculation. Financial implications include potential reductions in government interest expenses associated with debt servicing. Powell’s decision embodies caution against premature cuts, given persistent economic volatility. Cryptocurrency Trends Cryptocurrency markets could see bullish trends if the Fed adjusts policy. Historically, easing monetary conditions have favored digital assets by boosting investor demand. Long-term outcomes may influence financial markets and institutional involvement in cryptocurrencies. Expert analysis suggests historical rate cuts have enhanced crypto value and DeFi protocol growth.
Circle IPO Opens Strong on NYSE, Suggesting Potential Institutional Confidence and Market Interest
Circle Internet Group Inc. has made a striking entrance onto the New York Stock Exchange, with its shares opening sharply above the IPO price, signaling strong institutional confidence in the crypto sector. The company successfully raised $1.1 billion, positioning Circle with a valuation near $8 billion and highlighting growing investor appetite for cryptocurrency-related public offerings. According to COINOTAG sources, this IPO surge mirrors previous market enthusiasm seen in major crypto listings, underscoring the evolving dynamics of digital asset finance. Circle’s NYSE debut sees shares open 60% above IPO price, raising $1.1 billion and marking a significant milestone in crypto market institutional adoption. Circle’s IPO Opens 60% Above Initial Price, Reflecting Robust Market Demand Circle’s initial public offering on the NYSE was met with substantial investor enthusiasm, as shares opened approximately 60% higher than the IPO price. The offering, led by prominent financial institutions including J.P. Morgan, was initially priced between $50 and $52 but quickly surged beyond expectations. This strong debut highlights the market’s growing confidence in Circle’s business model and the broader cryptocurrency ecosystem. CEO Jeremy Allaire has guided Circle through this pivotal phase, positioning the company as a key player in the digital currency infrastructure space. The rapid price appreciation on the first day of trading underscores institutional investors’ willingness to back firms bridging traditional finance with blockchain innovation. Institutional Backing and Market Implications of Circle’s $1.1 Billion Raise The successful capital raise of $1.1 billion has propelled Circle’s valuation to an estimated range of $6.8 billion to $8 billion, reflecting significant investor trust. This infusion of capital not only strengthens Circle’s balance sheet but also signals a broader acceptance of cryptocurrency companies within mainstream financial markets. Financial heavyweights leading the IPO demonstrate a strategic endorsement of Circle’s stablecoin USDC and its expanding ecosystem. This development may encourage similar IPOs in the crypto sector, potentially increasing liquidity and market depth for digital asset firms. Comparative Analysis: Circle’s IPO Versus Coinbase’s Market Debut Circle’s public offering draws parallels to Coinbase’s 2021 IPO, which also experienced a strong opening surge. Both events highlight the intense market interest in crypto infrastructure companies, though they also introduce potential volatility for associated digital assets like USDC. Industry experts from Kanalcoin emphasize that while initial enthusiasm is promising, sustained growth will depend on Circle’s ability to innovate and maintain regulatory compliance amid evolving market conditions. The IPO serves as a benchmark for how crypto firms can successfully transition into publicly traded entities. Market Sentiment and Expert Commentary on Circle’s Stock Performance Despite the optimistic market response, some analysts urge caution. CNBC personality Jim Cramer notably remarked, “Circle stock is too hot to buy,” reflecting concerns about potential overvaluation following the IPO surge. Such perspectives highlight the need for investors to balance enthusiasm with rigorous due diligence when engaging with newly public crypto firms. Conclusion Circle’s successful IPO and strong market debut mark a significant milestone for cryptocurrency firms entering traditional capital markets. The $1.1 billion capital raise and elevated valuation underscore robust institutional demand and confidence in Circle’s strategic direction. While parallels with Coinbase’s listing offer valuable insights, the long-term trajectory will depend on Circle’s operational execution and market adaptability. Investors should remain attentive to evolving regulatory landscapes and market dynamics as Circle continues its growth journey. In Case You Missed It: Alex Protocol Considers Treasury Grant Program to Reimburse Users After Bitcoin-Related Exploit
U.S. Department of Justice Makes Important Cryptocurrency Announcement
The United States Department of Justice (DOJ) has seized $7.74 million in cryptocurrency illegally obtained by North Korean IT workers. The department filed a civil forfeiture lawsuit with the Washington, DC District Court, saying the funds were used to evade U.S. sanctions and finance North Korea’s weapons programs. North Korean IT experts began working remotely for international companies under false identities, using cryptocurrency revenues to serve the interests of the Pyongyang regime, helping to circumvent sanctions and fund illegal weapons projects, according to the Justice Ministry. The seizure was initiated in connection with the indictment prepared in April 2023 against Sim Hyon Sop, a representative of the North Korea Foreign Trade Bank. Sim was alleged to have worked with IT employees and tried to launder illegal profits. However, American authorities managed to freeze and seize the funds in question in the process. “This seizure further highlights North Korea’s use of the cryptocurrency ecosystem for illicit purposes,” said Matthew R. Galeotti, Director of the Justice Department’s Criminal Division. “We will continue to use all legal means to protect the crypto space and prevent North Korea from using its illicit profits.” “North Korea has been known for years to use global IT services and cryptocurrency systems for its own weapons projects. This multimillion-dollar seizure demonstrates DOJ’s commitment to disrupting these illicit financial systems,” said Sue J. Bai, director of the National Security Agency. *This is not investment advice.
Two MindsEye executives depart Build a Rocket Boy days before its debut
Riley Graebner, CLO, and Paul Bland, CFO at MindsEye, departed Build a Rocket Boy developer yesterday, just a week before the release of the MindsEye game. Gamers on the MindsEye Discord channel have expressed concerns, suspecting a possible company internal difference. The game is expected to be released on the 10th of this month. The MindsEye game recently received adverse reactions from gamers online before its release. The company CEO, Mark Gerhard, suggested that most of the people driving negative feedback were sponsored by someone. Gamers suspect possible internal differences at the MindsEye developer Riley Graebner, now a former CLO at Build a Rocket Boy (BARB), said he was proud of what the team had accomplished while he was at the company. He added that the company had doubled in size to over 450 employees. However, he did not mention the reason for his departure and urged the online community to stay tuned for more updates. Graebner said he has launched multiple products worldwide and built the legal team and legal operation infrastructure from the ground up to systemize and automate. Paul Bland, CFO at BARB, also left after being in the company for two years. He didn’t publicly declare that he was going but updated his LinkedIn profile today to indicate his departure. His LinkedIn page is unavailable, but the account remains on a different URL. See also Google faces major stock risk, Barclays warns Members of the MindsEye Discord channel have shown concern. One member attributed the reason for the departure as a potential internal affairs difference, or they don’t want to deal with possible legal issues if MindsEye comes out broken. According to another member, He believes that people don’t bail out just before the release of a hit, especially in an executive role. Currently, MindsEye has fallen off the radar. According to a gamer on the MindsEye subreddit , BARB has done a poor job of explaining the game. He added that the posted trailer only has buzzwords and unexplained features. According to the gamer, BARB has failed to show off the game, with a few days left before its release. MindsEye is set to launch on June 10 despite developing stories of executive departures from BARB The game released a trailer on May 27 showing a gameplay overview. The trailer received mixed feedback, but Mark Gerhard, the BARB CEO, defended the project, hinting that former rival Rockstar Games may have sponsored the comments. Leslie Benzies, the director behind MindsEye and former producer at GTA , spoke on the game’s campaign length. According to Benzies, the game storyline could take approximately 20 hours. He assured the gaming community that the studio would gradually add content, including multiplayer and a traditional open world. See also Microsoft slashes more jobs weeks after largest layoff The game will debut on PlayStation 5, Xbox Series X/S, and PC via Steam and Epic Games Store, priced at $59.99 for the standard edition. The studio revealed that gamers can craft their own experiences using all the tools to create custom missions and new scenarios within the game. The studio added that the game has been designed intuitively and efficiently, ensuring gamers of all skill levels can realize their imaginations. Benzies revealed in an interview with Variety that the vision goes far beyond a single title at BARB. He added that MindsEye is the first episode and the central story around which more episodes will come. He hinted that the company is already working on future episodes to bring alternative realities while maintaining the core themes of hope and redemption. He said the different realities will also keep the plot of past and future civilizations and multiverse concepts. The director added that the concept of MindsEye was derived from all media types, including cinematic visionaries like Ridley Scott, Paul Greengrass, Christopher Nolan, and J.J. Abrams. He also mentioned films like The Bourne Identity, Memento, and the TV series Lost, which inspired the creation of MindsEye. Cryptopolitan Academy: Want to grow your money in 2025? Learn how to do it with DeFi in our upcoming webclass. Save Your Spot
Bitget Partners With University Of Zurich Blockchain Center, Providing Scholarships
Bitget , the leading cryptocurrency exchange and Web3 company, has announced a partnership with the University of Zurich, the world’s top #3 university (according to Coindesk’s 2021/22 rankings) for blockchain education. The exchange will sponsor the 6th edition of the International Summer School—Deep Dive into Blockchain 2025 program at the University of Zurich Blockchain Center (UZH BCC), offering scholarships and career opportunities to blockchain-curious students. It marks a new chapter in Bitget’s commitment to blockchain education and youth empowerment. Making Blockchain Education More Accessible The scholarship initiative is a part of Bitget’s broader $10M Blockchain4Youth (B4Y) program. It aims to make high-impact blockchain education more accessible to bright, motivated students, presenting them with wider opportunities. Deep Dive into Blockchain (DDiB) is the University of Zurich’s flagship international summer school. The Faculty of Business, Economics, and Informatics hosts it in collaboration with the Global Student Experience. The UZH Blockchain Center, under the academic leadership of its chairman, Prof. Dr Claudio J. Tessone, organizes this program. The three-week program offers an immersive, interdisciplinary exploration of blockchain from academic, technological, legal, and economic perspectives. “We are delighted to partner with Bitget for Deep Dive into Blockchain. Their support empowers the next generation of blockchain professionals by making education all around the globe more accessible. This collaboration reflects our shared vision of fostering innovation, diversity, and global talent in the Web3 space.” — Dr Claudio J. Tessone, Professor of Blockchain and Distributed Ledger Technologies, University of Zurich, and Director of Deep Dive into Blockchain. Funding Scholarships for up to 10 Students Education remains the most enduring bridge between innovation and understanding in an ecosystem often defined by its complexity and speed. Bitget believes in this thought. It is funding scholarships for up to 10 students who meet both the academic and financial criteria set by UZH. The Bitget Blockchain4Youth Scholarship is more than just a subsidy. It is a belief that the most capable minds, not just the most privileged, should build the future of blockchain. Each scholarship will fully cover tuition, accommodation, transportation within Zurich, and access to academic materials and site visits. It will also cover the participation in intercultural programs and events. This comprehensive support structure can empower students to focus not on logistics but on learning. Thus, they can walk away not only with a certificate but with a deeper perspective. “As someone who entered this industry from outside the traditional mold, I know what access and opportunity can unlock. This scholarship isn’t just about learning blockchain—it’s about equipping future leaders with the tools to question, to build, and to leave the space better than they found it. That’s the kind of legacy we want to help shape,” said Vugar Usi Zade, COO at Bitget. “As much as the world needs more developers, lawyers, or economists, it needs more cross-disciplinary thinkers who understand the full societal impact of blockchain,” he added. The 2025 program will also feature a masterclass by Bitget COO, Vugar Usi Zade, offering students firsthand insight from one of the industry’s leading operators. This academic-industry dialogue enables the long-term strategic partnership between Bitget and UZH, anchored in mutual goals of innovation, education, and responsible development. With this partnership, Bitget isn’t just funding education. It’s shaping the future of the industry. For more details and updates, visit the official program page here . About Bitget Established in 2018, Bitget is the world's leading cryptocurrency exchange and Web3 company. It is serving over 100 million users in 150+ countries and regions. It aims to helping users trade smarter with its pioneering copy trading feature and other trading solutions. At the same time, it offers real-time access to Bitcoin price , Ethereum price , and other cryptocurrency prices. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet. It offers an array of comprehensive Web3 solutions and features, including wallet functionality, token swap, NFT Marketplace, DApp browser, and more. Bitget is at the forefront of driving crypto adoption through strategic partnerships, such as its role as the Official Crypto Partner of the World's Top Football League, LALIGA, in EASTERN, SEA and LATAM markets, as well as a global partner of Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist), and İlkin Aydın (Volleyball national team), to inspire the global community to embrace the future of cryptocurrency. Risk Warning: Digital asset prices are subject to fluctuation and may experience significant volatility. Investors are advised to only allocate funds they can afford to lose. The value of any investment may be impacted, and there is a possibility that financial objectives may not be met, nor the principal investment recovered. Independent financial advice should always be sought, and personal financial experience and standing carefully considered. Past performance is not a reliable indicator of future results. Bitget accepts no liability for any potential losses incurred. Nothing contained herein should be construed as financial advice. For further information, please refer to our Terms of Use . Bitget , the leading cryptocurrency exchange and Web3 company, has announced a partnership with the University of Zurich, the world’s top #3 university (according to Coindesk’s 2021/22 rankings) for blockchain education. The exchange will sponsor the 6th edition of the International Summer School—Deep Dive into Blockchain 2025 program at the University of Zurich Blockchain Center (UZH BCC), offering scholarships and career opportunities to blockchain-curious students. It marks a new chapter in Bitget’s commitment to blockchain education and youth empowerment. Making Blockchain Education More Accessible The scholarship initiative is a part of Bitget’s broader $10M Blockchain4Youth (B4Y) program. It aims to make high-impact blockchain education more accessible to bright, motivated students, presenting them with wider opportunities. Deep Dive into Blockchain (DDiB) is the University of Zurich’s flagship international summer school. The Faculty of Business, Economics, and Informatics hosts it in collaboration with the Global Student Experience. The UZH Blockchain Center, under the academic leadership of its chairman, Prof. Dr Claudio J. Tessone, organizes this program. The three-week program offers an immersive, interdisciplinary exploration of blockchain from academic, technological, legal, and economic perspectives. “We are delighted to partner with Bitget for Deep Dive into Blockchain. Their support empowers the next generation of blockchain professionals by making education all around the globe more accessible. This collaboration reflects our shared vision of fostering innovation, diversity, and global talent in the Web3 space.” — Dr Claudio J. Tessone, Professor of Blockchain and Distributed Ledger Technologies, University of Zurich, and Director of Deep Dive into Blockchain. Funding Scholarships for up to 10 Students Education remains the most enduring bridge between innovation and understanding in an ecosystem often defined by its complexity and speed. Bitget believes in this thought. It is funding scholarships for up to 10 students who meet both the academic and financial criteria set by UZH. The Bitget Blockchain4Youth Scholarship is more than just a subsidy. It is a belief that the most capable minds, not just the most privileged, should build the future of blockchain. Each scholarship will fully cover tuition, accommodation, transportation within Zurich, and access to academic materials and site visits. It will also cover the participation in intercultural programs and events. This comprehensive support structure can empower students to focus not on logistics but on learning. Thus, they can walk away not only with a certificate but with a deeper perspective. “As someone who entered this industry from outside the traditional mold, I know what access and opportunity can unlock. This scholarship isn’t just about learning blockchain—it’s about equipping future leaders with the tools to question, to build, and to leave the space better than they found it. That’s the kind of legacy we want to help shape,” said Vugar Usi Zade, COO at Bitget. “As much as the world needs more developers, lawyers, or economists, it needs more cross-disciplinary thinkers who understand the full societal impact of blockchain,” he added. The 2025 program will also feature a masterclass by Bitget COO, Vugar Usi Zade, offering students firsthand insight from one of the industry’s leading operators. This academic-industry dialogue enables the long-term strategic partnership between Bitget and UZH, anchored in mutual goals of innovation, education, and responsible development. With this partnership, Bitget isn’t just funding education. It’s shaping the future of the industry. For more details and updates, visit the official program page here . About Bitget Established in 2018, Bitget is the world's leading cryptocurrency exchange and Web3 company. It is serving over 100 million users in 150+ countries and regions. It aims to helping users trade smarter with its pioneering copy trading feature and other trading solutions. At the same time, it offers real-time access to Bitcoin price , Ethereum price , and other cryptocurrency prices. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet. It offers an array of comprehensive Web3 solutions and features, including wallet functionality, token swap, NFT Marketplace, DApp browser, and more. Bitget is at the forefront of driving crypto adoption through strategic partnerships, such as its role as the Official Crypto Partner of the World's Top Football League, LALIGA, in EASTERN, SEA and LATAM markets, as well as a global partner of Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist), and İlkin Aydın (Volleyball national team), to inspire the global community to embrace the future of cryptocurrency. Risk Warning: Digital asset prices are subject to fluctuation and may experience significant volatility. Investors are advised to only allocate funds they can afford to lose. The value of any investment may be impacted, and there is a possibility that financial objectives may not be met, nor the principal investment recovered. Independent financial advice should always be sought, and personal financial experience and standing carefully considered. Past performance is not a reliable indicator of future results. Bitget accepts no liability for any potential losses incurred. Nothing contained herein should be construed as financial advice. For further information, please refer to our Terms of Use .
AI At The Top Of Investors' Priorities In 2025, According To JPMorgan
AI no longer charms, it captures. At the beginning of 2025, it establishes itself as the undisputed Eldorado of venture capital, absorbing the majority of technological funding, according to JPMorgan. This algorithmic rush driven by record valuations reflects a profound market shift, between excessive hopes and signs of saturation. Here is why this frenzy raises questions. In brief AI concentrated 60% of late-stage investments at the beginning of 2025, according to a J.P. Morgan report. AI startups raised up to seven times more capital with valuations up to 150% higher. Despite AI euphoria, overall venture capital is declining, reminiscent of the excesses seen around bitcoin. AI captures the bulk of venture capital investments at the start of 2025 Artificial intelligence no longer just headlines the news: it absorbs the majority of financial flows. In the first quarter of 2025, it rose to the top of the venture capital food chain, eclipsing other technological sectors. The J.P. Morgan Venture Beacon report presents this unprecedented concentration: AI companies accounted for nearly 60% of all late-stage investments. Excerpt from the JPMorgan Venture Beacon report . This shift towards AI is no coincidence: it reflects investors’ obsession with high-leverage technological narratives. But it also raises the question of a possible speculative bubble fueled by algorithmic promises. AI Startups: record valuations, high strategic expectations AI startups have taken the lead at the expense of non-AI projects. This preference resulted in particularly favorable financing conditions: Valuations 12% to over 150% higher in series rounds; Mega funding rounds reaching valuations 8.8 times higher than average; Record fundraising, with seven times more capital raised in AI projects. This level of financial exuberance crystallizes heavy expectations: automation, scalability, cross-sector disruption. But as rounds follow one another, founder dilution lessens, “pay-to-play” clauses multiply, and boards shrink. The market demands immediate and sustained returns from AI. A risky bet on a technology whose uses are still in the appropriation phase. The venture capital market shows signs of contraction This domination of AI in venture capital in Q1 2025 scarcely masks a structural slowdown in venture capital. Indeed, transaction sizes have dropped by up to 31%, and overall valuations have fallen by 37%. This paradox illustrates a system under strain: AI captures attention, but the overall market is faltering. This imbalance recalls the situation of bitcoin , which attracts massive capital during its bullish phases while coexisting with persistent distrust of the broader crypto ecosystem. Like BTC in 2021, AI today concentrates hopes and excesses. This refocusing exposes venture capital to volatility amplified by the homogeneity of financial bets. BTCUSD chart by TradingView The meteoric rise of AI attracts capital, but this concentration could lead to a speculative bubble similar to bitcoin’s. Meanwhile, Jamie Dimon, CEO of JPMorgan, criticizes the idea of storing bitcoin for national security, rather advocating for weapons . These divergences underline the uncertainty surrounding the sustainability of these technological investments.
Crypto-friendly legislator skips Bitcoin disclosure due date – Is the government ignoring it?
Key Points Pro-crypto lawmaker, Representative Brandon Gill, violated the disclosure deadline for his Bitcoin purchases. Despite a pro-crypto stance, American political leaders own less than $3 million of Bitcoin as of January 2025. Republican Texas lawmaker, Representative Brandon Gill, recently disclosed his Bitcoin (BTC) trades past the mandated deadline. According to a report, Gill purchased up to $500K worth of BTC in January and February, but disclosed these trades outside of the 45-day window required by the Stop Trading on Congressional Knowledge Act (STOP Act). Violation of the STOCK Act Interestingly, Gill isn’t the only one who has failed to comply with the STOCK Act. Over 62 representatives violated the disclosure law across stocks and digital assets in 2024, though they are only liable for a $200 fine. Low Crypto Exposure Among U.S. Lawmakers Despite the violations, around 19 politicians, mostly Republicans, own Bitcoin and crypto-related stocks, based on data from the past two years. Vice President J.D. Vance and Senator Dave McCormick are among the few who have disclosed crypto holdings, with McCormick reportedly owning $5 million worth of BTC. However, excluding McCormick, the total BTC owned by American political leaders was reported to be less than $3 million as of January 2025. This low exposure contrasts with the pro-crypto stance of many Republicans. Despite the risks associated with new technologies like Bitcoin and blockchain, Vance has expressed support for allowing them to develop and let the market decide their fate. Tags: Bitcoin (BTC)
Bitget Partners With University Of Zurich Blockchain Center, Providing Scholarships
Bitget, the leading cryptocurrency exchange and Web3 company, has announced a partnership with the University of Zurich, the world’s top #3 university (according to Coindesk’s 2021/22 rankings) for blockchain education. The exchange will sponsor the 6th edition of the International Summer School—Deep Dive into Blockchain 2025 program at the University of Zurich Blockchain Center (UZH BCC), offering scholarships and career opportunities to blockchain-curious students. It marks a new chapter in Bitget’s commitment to blockchain education and youth empowerment. Making Blockchain Education More Accessible The scholarship initiative is a part of Bitget’s broader $10M Blockchain4Youth (B4Y) program. It aims to make high-impact blockchain education more accessible to bright, motivated students, presenting them with wider opportunities. Deep Dive into Blockchain (DDiB) is the University of Zurich’s flagship international summer school. The Faculty of Business, Economics, and Informatics hosts it in collaboration with the Global Student Experience. The UZH Blockchain Center, under the academic leadership of its chairman, Prof. Dr Claudio J. Tessone, organizes this program. The three-week program offers an immersive, interdisciplinary exploration of blockchain from academic, technological, legal, and economic perspectives. “We are delighted to partner with Bitget for Deep Dive into Blockchain. Their support empowers the next generation of blockchain professionals by making education all around the globe more accessible. This collaboration reflects our shared vision of fostering innovation, diversity, and global talent in the Web3 space.” — Dr Claudio J. Tessone, Professor of Blockchain and Distributed Ledger Technologies, University of Zurich, and Director of Deep Dive into Blockchain. Funding Scholarships for up to 10 Students Education remains the most enduring bridge between innovation and understanding in an ecosystem often defined by its complexity and speed. Bitget believes in this thought. It is funding scholarships for up to 10 students who meet both the academic and financial criteria set by UZH. The Bitget Blockchain4Youth Scholarship is more than just a subsidy. It is a belief that the most capable minds, not just the most privileged, should build the future of blockchain. Each scholarship will fully cover tuition, accommodation, transportation within Zurich, and access to academic materials and site visits. It will also cover the participation in intercultural programs and events. This comprehensive support structure can empower students to focus not on logistics but on learning. Thus, they can walk away not only with a certificate but with a deeper perspective. “As someone who entered this industry from outside the traditional mold, I know what access and opportunity can unlock. This scholarship isn’t just about learning blockchain—it’s about equipping future leaders with the tools to question, to build, and to leave the space better than they found it. That’s the kind of legacy we want to help shape,” said Vugar Usi Zade, COO at Bitget. “As much as the world needs more developers, lawyers, or economists, it needs more cross-disciplinary thinkers who understand the full societal impact of blockchain,” he added. The 2025 program will also feature a masterclass by Bitget COO, Vugar Usi Zade, offering students firsthand insight from one of the industry’s leading operators. This academic-industry dialogue enables the long-term strategic partnership between Bitget and UZH, anchored in mutual goals of innovation, education, and responsible development. With this partnership, Bitget isn’t just funding education. It’s shaping the future of the industry. For more details and updates, visit the official program page here. About Bitget Established in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 company. It is serving over 100 million users in 150+ countries and regions. It aims to helping users trade smarter with its pioneering copy trading feature and other trading solutions. At the same time, it offers real-time access to Bitcoin price, Ethereum price, and other cryptocurrency prices. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet. It offers an array of comprehensive Web3 solutions and features, including wallet functionality, token swap, NFT Marketplace, DApp browser, and more. Bitget is at the forefront of driving crypto adoption through strategic partnerships, such as its role as the Official Crypto Partner of the World’s Top Football League, LALIGA, in EASTERN, SEA and LATAM markets, as well as a global partner of Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist), and İlkin Aydın (Volleyball national team), to inspire the global community to embrace the future of cryptocurrency. For more information, visit: Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet Risk Warning: Digital asset prices are subject to fluctuation and may experience significant volatility. Investors are advised to only allocate funds they can afford to lose. The value of any investment may be impacted, and there is a possibility that financial objectives may not be met, nor the principal investment recovered. Independent financial advice should always be sought, and personal financial experience and standing carefully considered. Past performance is not a reliable indicator of future results. Bitget accepts no liability for any potential losses incurred. Nothing contained herein should be construed as financial advice. For further information, please refer to our Terms of Use.
Trump’s New Tariffs on Global Imports: Implications for Crypto Markets
Key Points: Trump enforces tariffs on 57 nations, impacting trade partners. Projected to generate $400 billion annually. Potential market volatility and reduced growth forecasted. Trump Imposes New Tariffs on Global Imports The new tariffs by President Trump could influence global trade stability, impacting various markets and economies due to increased costs on imports. In a strategic move, Donald Trump has intensified the U.S. trade policy by imposing tariffs of 10% or higher on imports. Key trade partners like China, Japan, and the EU are targeted, potentially shaking global economic relations. Trump’s administration is executing this policy, continuing his previous approach. Known for implementing tariffs during his earlier administration, Trump continues to employ trade measures to address economic strategies. The tariffs are projected to generate substantial revenue for the U.S. economy, estimated at $400 billion annually. J.P. Morgan Research noted the tariffs might cause the largest tax increase since 1968. Market analysts predict increased costs and volatility, reflecting past reactions to similar trade measures. “By our calculations, this takes the average effective tariff rate from around 10% to just over 23%…. These measures could boost PCE prices by 1–1.5% this year… the resulting hit to purchasing power could take real disposable personal income growth into negative territory in the second and third quarter.” — Michael Feroli, Chief U.S. Economist, J.P. Morgan According to the Penn Wharton Budget Model , the long-term effects include slower growth and potential inflation risks. Industry experts highlight potential financial repercussions, including increased PCE prices and reduced disposable income growth. Analysts anticipate that traditional and crypto markets might face heightened volatility due to these changes. Historical patterns reveal market unease during trade tensions, affecting asset classes globally. As the economic environment adjusts to these tariffs, investors may reevaluate their strategies amid uncertain market conditions.
Circle Upsizes IPO, Valuation Exceeds $6 Billion
Key Points: Circle and shareholders increased IPO size to 32 million shares. Price range adjusted to $27–$28 per share. Potential valuation exceeds $6 billion. Circle Upsizes IPO, Valuation Exceeds $6 Billion Circle Internet Financial upsized its initial public offering (IPO) to 32 million shares on June 2, 2025, increasing the price range to $27–$28 per share, potentially raising up to $896 million at a valuation exceeding $6 billion. Circle’s IPO expansion signifies growing investor demand and aligns with favorable regulatory conditions. This move likely encourages institutional participation in stablecoins, reinforcing support for the digital finance sector. Circle Internet Financial, a key player in digital assets, increased its IPO offering . Originally set at 24 million shares, the company and shareholders expanded to 32 million shares. This raises Circle’s potential proceeds to $896 million, with the valuation now topping $6 billion. Led by J.P. Morgan, Citigroup, and Goldman Sachs, Circle’s heightened IPO reflects a positive market outlook and substantial institutional interest. Changes signal an evolution in crypto finance perception, aligning with recent regulatory shifts and favorable policies. Circle’s move is impacting the crypto industry, as it could spur notable interest in stablecoins. USDC issuer’s actions highlight confidence in regulated digital assets. Market participants are seeing potential for increased adoption and integration into the financial system. This expansion aligns with previous attempts to list publicly. It is comparable to Coinbase’s 2021 direct listing, influencing crypto markets. Historical trends indicate potential benefits for associated assets, including USDC, which may see heightened focus as Circle’s key innovation. “Circle and its shareholders have increased the IPO size from 24 million shares to 32 million shares, raised the price range from $24 to $26 per share to $27 to $28 per share, and raised a maximum of $896 million, with a valuation of over $6 billion.” — Wu Blockchain, Industry Commentator, Twitter, June 2, 2025 Circle’s decision reflects strategic alignment with institutional and regulatory developments. The IPO is expected to strengthen Circle’s position in fintech and crypto markets. The outcome could enhance investors’ confidence in stablecoins, fostering broader acceptance and utilization.
Circle’s Ambitious $896M IPO Gains Momentum
Key Points: Circle increases IPO to 32 million shares. Targeted valuation set at $7.2 billion. USDC regulation boosts investor interest. Circle Internet Financial Plans $896 Million U.S. IPO on June 2, 2025 Circle Internet Financial, issuer of the USDC stablecoin , plans a U.S. IPO to raise $896 million on June 2, 2025. Circle’s IPO at $7.2 billion indicates strong stablecoin sector confidence, emphasizing regulatory influence. Circle Internet Financial dramatically increased its IPO goals, with plans to now raise $896 million at a $7.2 billion valuation. This expansion, from an original offering of 24 million shares, underscores substantial investor confidence in the stablecoin issuer. As Wu Blockchain, Financial Analyst noted: “Circle and its shareholders have increased the IPO size from 24 million shares to 32 million shares, raised the price range from $24 to $26 per share to $27 to $28 per share, and raised a maximum of $896 million, with a valuation of over $6 billion.” J.P. Morgan and Goldman Sachs lead a robust team of financial institutions managing the IPO. The share count has risen to 32 million, including contributions from existing shareholders. A revised price range now aligns between $27 and $28 per share. USDC adoption rises amid improved regulatory clarity , engaging institutional investors and enhancing Circle’s market position. This stability serves to drive higher stakes for participants monitoring crypto-financial products. Major financial bodies, including BlackRock, have shown substantial interest in Circle’s strategic direction. Experts believe the firm’s treasury returns have notably grown, reflecting a broader trend in stablecoin success. The postponed SPAC merger initially valued Circle at $9 billion. The current IPO underscores a measured response to dynamic market environments, ensuring rational expectations amidst an ever-evolving sector landscape.
'Truly infuriating': SEC technical briefing on crypto bill sparks blowback from House Democratic staff
Democratic staffers say they felt like the U.S. Securities and Exchange Commission was "trying to hide the ball" when asked technical questions about an upcoming cryptocurrency market structure bill, calling a recent phone call with agency staff the "worst technical assistance briefing" they had witnessed. Democratic staffers spoke freely at a press briefing on Tuesday — a day before the House Financial Services Committee is set to hold a hearing to discuss the bill known as The CLARITY Act — about a meeting that took place last week focused on significant qualms with the draft legislation. The staffers said people on the call representing the SEC were not able to answer simple questions and alluded to some information being privileged. They also said Republicans were provided with written technical assistance, which is routinely done between staffers and agencies when contemplating legislation, but they weren't. SEC staff who are subject matter experts are supposed to be involved in technical assistance briefings, but staffers said someone from the agency's newly created Crypto Task Force, legislative affairs folks, and someone from the office of general counsel were on the call. That is a "stark departure" from how those calls were done in the past, they said during the press conference. When asked by a reporter whether the SEC had been deliberately obstructing the staffers or merely incompetent, one staffer said it was hard to know. "Some of it did feel like they just didn't understand some of the basic questions," they said. Further, the Democratic aide claimed the SEC shared supposedly "privileged" information with Republicans. "That made it feel like they were trying to hide the ball." An SEC spokesperson said the agency does provide technical assistance. “The SEC provides technical assistance to any Member of Congress who seeks it, including on these crypto-related bills," an agency spokesperson told The Block in an email. The CLARITY Act The House Financial Services Committee, a pivotal congressional panel for advancing crypto bills, plans to hold a hearing this week to discuss a bill called the Digital Asset Market Clarity Act, known as CLARITY. Committee Chair French Hill, a Republican, introduced the 236-page bill last week, which looks to create a clear regulatory framework for crypto in part through designating how the SEC and the Commodity Futures Trading Commission will regulate. The bill also requires digital asset firms to provide disclosures to customers and segregate customer funds from their own. A few Democrats cosponsored the bill, including Reps. Angie Craig, Ritchie Torres, and Don Davis. The House Agriculture Committee is also holding a hearing on the bill on Wednesday. Meanwhile, top Democrat of the House Financial Services Committee Maxine Waters sent a letter to SEC Chair Paul Atkins asking him to respond to questions by June 6. "I believe that the current Commission’s expert analysis of the CLARITY Act and fulsome answers to the questions raised above are necessary for the American people, through their representatives in Congress, to determine whether this legislative proposal addresses the unique risks related to crypto, and would foster the needed environment for responsible innovation to take root," Waters wrote in the letter. Calls with the SEC and other agencies are common in both Republican and Democratic administrations, one Democratic staffer said. Those technical meetings are needed to help figure out what a bill does and can be anywhere from 30 minutes to three hours. The meeting held last week lasted one hour, according to staffers. "I've been doing these the whole time I've been on the Hill, which is a long time, and this was the worst call I've ever been on," a staffer said. "It was horrible. They did not have experts that understood the legislation on the phone." The staffer also said that people representing the SEC on the call did not read questions sent ahead of time, calling it "truly infuriating." Cracks are showing The market structure bill expands on legislative work done over the years, particularly on the Financial Innovation and Technology for the 21st Century Act (FIT21), which would have established a regulatory framework for digital assets and introduced consumer protections for investors. That bill passed out of the House last year with 71 Democrats in support, but ultimately didn't move forward. Waters had said FIT21 was one of the worst bills she's ever seen. Lawmakers, led by Republicans, have been pushing full steam ahead on bills to regulate crypto. The Senate voted to move forward with a bill to create a federal regulatory framework for stablecoins, which could be voted on again this week. Pressure to advance crypto legislation is coming from the top. President Donald Trump has said he wants a stablecoin bill on his desk by August, and last week, Vice President J.D. Vance urged action, warning that political roadblocks could send trillions of dollars offshore. However, the House Financial Services Committee has begun showing cracks in how it plans to approach crypto legislation. Last month, some Democrats, including Waters, boycotted a hearing and splintered off to lead a roundtable on "Trump's crypto corruption and conflicts of interest." Trump and his family have embraced digital assets, launching their own memecoins shortly before his 2025 inauguration and several other crypto efforts. His affiliated venture, World Liberty Financial, recently launched its own stablecoin while Trump Media is planning to build a multi-billion dollar Bitcoin treasury. Trump's crypto involvement will still be a "pretty tough hill to climb," a staffer said on Tuesday. Editor's note (June 3): Updated to include comments from the SEC.
Donald Trump Jr. Says Family Got Into Crypto After Being Debanked, Realizing Financial System Was ‘Pyramid Scheme’
The son of the President says that the Trump family went all-in on crypto out of necessity, not because it’s an emerging trend. In a new interview with CNBC, Donald J. Trump Jr., son of U.S. President Donald J. Trump, says the family got into crypto after being “ debanked ” in New York City for political reasons. “The reason we got into crypto and we’re all in on crypto and we’re doing American Bitcoin and we have World Liberty Finance and USD1 was because there was a time… where I could call any single banker in New York City, they’d pick up the phone [and] I’d be able to get a loan for whatever real estate project I was doing across the street. Then we got into politics, and all of a sudden, they wouldn’t take your call. You couldn’t get financing. We were debanked. And what I realized, and my brother realized because we were the recipients of every subpoena imaginable, was that, you know what? We were just the top of this sort of pyramid scheme that we didn’t realize we were a part of, that the financial system was totally undemocratized because we had a certain balance sheet…” After experiencing what the family believes was a political persecution, he says that the Trumps decided to turn to crypto as a way to avoid being “turned off” in the future. “The regular guy was messed up. Now we were all of a sudden in the shoes of the regular guy that wouldn’t be able to take advantage of the markets. And we said, what’s the solution for that? The answer is crypto. These decentralized platforms where you’re not beholden to this, where you create efficiencies. As a guy that did real estate, [I asked] why am I paying points in and out for title insurance? That could be done on the blockchain. So we got into crypto not because it was like, ‘hey, this is the next cool thing.’ We got into it out of necessity. We got into it because we understood just how quickly we could be turned off.” Follow us on X , Facebook and Telegram Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Surf The Daily Hodl Mix Generated Image: Midjourney
FTX Distributes $5 Billion Amid Recovery Efforts
Key Takeaways: Main event: $5 billion distribution led by John J. Ray III. Impacts major cryptocurrencies like SOL and SUI. FTX warns of phishing scams during payouts. FTX Distributes $5 Billion Amid Recovery Efforts FTX has initiated the distribution of over $5 billion to creditors, overseen by FTX Recovery Trust and administrator John J. Ray III, marking a significant phase in the company’s restructuring. FTX has started its second distribution round of more than $5 billion, managed by the FTX Recovery Trust and administrator John J. Ray III. This process aims to reimburse creditors following the company’s bankruptcy filings. John J. Ray III oversees these efforts as plan administrator. The company, under Chapter 11 bankruptcy supervision, is collaborating with BitGo and Kraken for payouts. Ray described the operation as a critical milestone in ensuring creditors receive compensation, stressing its unprecedented nature. Market reactions to the distribution could affect the liquidity of significant digital assets like SOL and SUI. This movement may reignite interest and market activity within the broader cryptocurrency domain. Financial impacts extend beyond individual payouts. It includes potential market fluctuations and the strategic handling of assets recovered from previous investments in major companies. FTX’s case, similar to the Mt. Gox scenario, offers insights into handling digital asset liquidation. The careful management of large crypto holdings underscores the challenges faced by those resolving major bankruptcies. Anticipated outcomes from this process include shifts in cryptocurrency holdings and regulatory scrutiny over large-scale digital asset transactions. The situation may set precedents for future insolvency cases in the industry. “These first non-convenience class distributions are an important milestone for FTX. The scope and magnitude of the FTX creditor base makes this an unprecedented distribution process, and today’s announcement reflects the outstanding success of the recovery and coordination efforts of our team of professionals.” – John J. Ray III, Plan Administrator, FTX Recovery Trust
Trump Media’s Stock Rises on Bitcoin Reserve Plans
Key Points: Trump Media plans a $2.5 billion Bitcoin reserve. Stock saw intraday prices rise by 12.41%. Higher trading volume signals increased investor interest. Trump Media & Technology Group’s Strategic Bitcoin Move The increase in Trump’s company’s stock price highlights investor excitement over its new Bitcoin strategy. This move aligns with Trump’s recent positive sentiments on cryptocurrency. Trump Media’s bold plan to create a $2.5 billion Bitcoin treasury incorporates large-scale financial strategies modeled after established crypto investors. The announcement notably increased market interest, partly due to the firm’s influential leadership under Donald J. Trump. Due to the lack of direct quotes, the information summarized reflects the current state of events and implications related to TMTG’s leadership and its financial strategies rather than attributable statements. The proposed Bitcoin reserve might affect cryptocurrency markets by bringing attention to Bitcoin-related stocks. Trump Media mirrored MicroStrategy’s earlier actions, which significantly impacted Bitcoin’s perception in corporate finance. Investor anticipation could lead to heightened market movements, especially surrounding Bitcoin purchases. Historical precedents show stocks positively reacting to strategic crypto investments, often resulting in volatility tied to Bitcoin trends. Potential outcomes include shifts in how businesses manage their treasury assets, preference for digital currencies, and increased regulatory scrutiny. Data from previous market actions predict similar volatility patterns following cryptocurrency transactions. Historical analysis reveals that such moves may encourage other corporations to explore digital assets as viable treasury options.
FTX Recovery Trust Initiates $5 Billion Second Round of Creditor Payments
The second FTX payout covers multiple claim classes with distributions ranging from 54% to 120%. Creditors must complete KYC, tax forms, and onboarding with Kraken or Bitgo to receive payments. Court rulings limit reimbursements to claim values at petition filing dates, excluding users in 163 countries. The FTX Recovery Trust began distributing $5 billion to eligible creditors on May 30, 2025. This marks the second round of payments under FTX’s Chapter 11 Plan of Reorganization. According to an official post on X, creditors in both Convenience and Non-Convenience Classes who completed pre-distribution requirements qualify for this payout. (1/3) FTX today announced that it has commenced the Second Distribution of more than $5 billion to holders of allowed claims in the Plan’s Convenience and Non-Convenience Classes that have completed the pre-distribution requirements. — FTX (@FTX_Official) May 30, 2025 Distribution Details and Payout Percentages According to official statements, the second distribution covers several claim classes with varying reimbursement rates. Dotcom Customer Entitlement Claims receive 72% of their approved amounts. U.S. Customer Entitlement Claims will be paid at 54%. General Unsecured Claims and Digital Asset Loan Claims each receive 61%. Convenience Claims are reimbursed at a notably higher rate of 120%. These percentages follow the priority structure outlined in the bankruptcy plan. Payments will be processed through designated partners Kraken and Bitgo, with recipients expected to receive funds within one to three business days. FTX Creditor Breakdown FTX to pay $5bn on 30th May – most to large accounts Claims > $50k start to be paid out 72.5% petition value Claims >$50k: $10bn 11k claims Claims >$1m 1.1k claims Claims: $1m-$10m: Avg. acct size = $3m Claims: $10m+: Avg size: $29m Approx. numbers pic.twitter.com/tagHahQjdd — Sunil (FTX Creditor Champion) (@sunil_trades) May 29, 2025 To receive payments, creditors must complete specific steps before the distribution record date. Customers need to log in to the FTX Customer Portal to confirm claims. Completion of Know Your Customer (KYC) verification and submission of tax documents is mandatory. Additionally, onboarding with either Kraken or Bitgo is required to facilitate the transfer. FTX provides detailed onboarding instructions on its portal. This process ensures proper identification and compliance before funds release. Background on the First Distribution and Market Impact The initial creditor payout occurred on February 18, 2025, amounting to $1.2 billion. This round targeted creditors with claims below $50,000. Since the FTT token and FTX exchange collapse in November 2022, markets have closely watched these reimbursements. Liquidation of recovered assets could influence crypto prices and market volatility if converted to fiat or traded extensively. The reimbursement process has generated criticism among creditors and customers. Court rulings determined that reimbursements would be calculated based on claim values at petition filing dates. This approach resulted in creditors recovering only 10% to 25% of their holdings’ value. Furthermore, residents of 163 countries, including Egypt, Iran, Russia, and Pakistan, remain ineligible for payouts. These exclusions have caused frustration and concern among affected users. Advisories and Legal Oversight FTX cautions users to avoid phishing scams and fraudulent websites resembling official portals. The company will never request wallet connections during the process. U.S. Bankruptcy Court filings and related documents remain publicly accessible for transparency. Legal counsel for FTX includes Sullivan & Cromwell LLP, with Alvarez & Marsal and Perella Weinberg Partners providing financial and investment advisory support. John J. Ray III, FTX Recovery Trust Plan Administrator, emphasized the trust’s continued efforts to recover additional funds. The trust aims to resolve outstanding claims and facilitate future distributions as recovery proceeds. Upcoming payment dates and record dates will be announced accordingly to keep creditors informed throughout the process.
New York Police Officers Implicated in Crypto Trader Kidnapping Case
Two New York Police Department (NYPD) detectives have been placed on modified duty after being linked to a shocking case involving the alleged kidnapping and torture of a crypto trader in Manhattan. The incident, which has drawn national attention, raises serious questions about police conduct and the risks faced by individuals in the cryptocurrency industry. New: The NYPD stripped 2 detectives of their guns /badges & placed them on desk duty after the dept. learned they’d had been working security for William Duplessie & John Woeltz, the crypto investors recently arrested for allegedly kidnapping a man & torturing him. @CBSNewYork pic.twitter.com/BBsS9uVR2U — Tim McNicholas (@TimMcNicholas) May 29, 2025 According to reports from The New York Times and ABC11 , detective Roberto Cordero, a member of Mayor Eric Adams’ security detail, allegedly picked up the victim, Michael Valentino Teofrasto Carturan, from the airport and drove him to a Soho townhouse. There, Carturan claims he was held captive for 17 days, during which he was tortured in an attempt to force him to reveal the passphrase to his crypto wallet. Detective Raymond J. Low, who investigates narcotics cases, reportedly provided security at the townhouse while off-duty. Both officers have been reassigned to modified duties as the NYPD’s Internal Affairs division investigates their involvement. The department emphasized that officers are not permitted to work for private security firms without prior approval. Carturan, whose net worth is estimated at $30 million, alleges he was bound with electrical cords, electrocuted, and threatened with an electric chainsaw. The ordeal reportedly ended when he managed to escape on May 22, a date he was told would be his “death day.” Two men, John Woeltz—dubbed the “crypto king” of Kentucky—and Swiss national William Duplessie, co-founder of Pangea Blockchain Fund, have been charged with kidnapping and torture. Woeltz was indicted by a grand jury on May 29 and denied bail, while Duplessie awaits indictment. Both detectives have prior civilian complaints, including allegations of excessive force and abuse of authority. The NYPD and Mayor Adams’ office have expressed deep concern over the allegations, promising a thorough investigation. Notably, the New York Attorney General has urged Congress to enhance federal regulation of the cryptocurrency sector. This request stems from concerns about the potential for market manipulation, fraud, economic instability, and national security risks associated with unregulated digital assets . If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter , LinkedIn , Facebook , Instagram , and CoinMarketCap Community . “Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”
FTX Starts $5B Distribution Using Stablecoins and Partners
FTX is distributing over $5B to creditors through BitGo and Kraken partnerships. Each class has a different recovery rate, but convenience claims are fully compensated. Payouts use stablecoin, giving creditors instant access and faster fund delivery. FTX has initiated the second phase of its payout, distributing over $5 billion to creditors with approved claims. The payments will be made through distribution partners BitGo and Kraken within one to three business days from the announcement. The recovery rates vary widely among creditor classes, reflecting the priorities in the court-approved Plan of Reorganization. Convenience claimants under Class 7 receive 120% of their claims, while other customer categories receive between 54% and 72%. (1/3) FTX today announced that it has commenced the Second Distribution of more than $5 billion to holders of allowed claims in the Plan’s Convenience and Non-Convenience Classes that have completed the pre-distribution requirements. — FTX (@FTX_Official) May 30, 2025 Varied Recovery Rates Follow Court-Ordered Hierarchy Permitted convenience claims, classified under Class 7, receive a distribution rate of 120%, exceeding the full claim amount. This rate contrasts with payouts to other creditor groups. Class 5A Dotcom Customer Entitlement Claims are receiving 72%, while Class 5B U.S. Customer Entitlement Claims stand at 54%. General Unsecured Claims (Class 6A) and Digital Asset Loan Claims (Class 6B) receive a 61% distribution rate. These differences align with the priority sequence outlined in the restructuring plan. John J. Ray III, Plan Administrator of the FTX Recovery Trust, said, “Today’s announcement represents continued progress returning cash to FTX’s customers and creditors. I am proud of the outstanding success of the recoveries to date. Our work continues on recovering more for creditors and resolving outstanding claims.” This statement underlines ongoing efforts to maximize returns for creditors. Asset Transactions Strengthen Repayment Potential Bloomberg reports that FTX has earmarked about $11.4 billion to settle creditor claims. At the time of declaring bankruptcy on November 2022, the figure was drawn from asset valuations. Recently, the estate could repay more money, as it used proceeds from asset sales of Robinhood, Anthropic and some cryptocurrency tokens, including Solana and Sui. Creditors will recover the value of their accounts as of the bankruptcy filing, regardless of subsequent market fluctuations. The payout mechanism primarily uses USDC and USDT stablecoins. This strategy reduces delays caused by traditional banking systems. Stablecoins enable immediate on-chain liquidity, letting creditors access funds instantly without waiting for standard clearing periods. Hence, this improves the speed and efficiency of distributions. Related: Circle Freezes $57M USDC Linked to Libra Token Scandal Customer Cautions and Security Measures FTX warns customers to avoid fraudulent websites and phishing scams impersonating legitimate channels. The company instructs users to rely exclusively on authorized distribution platforms and the official FTX Customer Portal. Customers should remain vigilant since the estate will never request payment details through email. This caution aims to safeguard creditors against scams amid the complex payout process. Sharing partnerships with Kraken and BitGo ensures payments are dealt with safely and promptly. Both sides handle big cryptocurrency transactions and meet all applicable rules and security measures. Hence, creditors may anticipate that their credit issues will be handled officially. The post FTX Starts $5B Distribution Using Stablecoins and Partners appeared first on Cryptotale.
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