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RIVER, the native token of a multi-chain stablecoin abstraction platform, has surged more than 1,900% in the past month, climbing from around $5 in late December to over $80 and breaking into the top 100 crypto assets by market cap. The project aims to eliminate the need for bridging stablecoins between blockchains and has recently drawn high-profile support from Tron founder Justin Sun and BitMEX co-founder Arthur Hayes. Hayes pushed for more centralized exchange listings early on, while Sun invested $8 million to help integrate Tron into the River ecosystem.
Despite the hype and a further 168% gain over the past week, analysts warn the rally may be partly driven by derivatives market dynamics rather than fundamentals. Blockchain analytics firm CoinGlass highlighted RIVER as an example of how deeply negative funding rates can lure traders into crowded long positions, creating a cycle of “consensus positioning” that can be repeatedly reset and potentially trap traders.
Meanwhile, River’s on-chain fundamentals paint a more subdued picture. The protocol’s total value locked (TVL) stands around $161 million, far below its $605 million peak in October. Its over-collateralized stablecoin, satUSD, has a market cap of roughly $159 million, ranking around 40th among stablecoins.
Despite the hype and a further 168% gain over the past week, analysts warn the rally may be partly driven by derivatives market dynamics rather than fundamentals. Blockchain analytics firm CoinGlass highlighted RIVER as an example of how deeply negative funding rates can lure traders into crowded long positions, creating a cycle of “consensus positioning” that can be repeatedly reset and potentially trap traders.
Meanwhile, River’s on-chain fundamentals paint a more subdued picture. The protocol’s total value locked (TVL) stands around $161 million, far below its $605 million peak in October. Its over-collateralized stablecoin, satUSD, has a market cap of roughly $159 million, ranking around 40th among stablecoins.
BitMine Immersion has expanded its Ethereum treasury to 4.24 million ETH, worth roughly $12.3 billion, after purchasing an additional 40,302 ETH in its latest weekly buy. The firm’s total crypto and cash holdings now stand at about $12.8 billion. Its ETH position represents around 3.5% of Ethereum’s circulating supply.
Nearly half of BitMine’s ETH — just over 2 million coins — is now staked, generating significant yield. Chairman Tom Lee said the company is the world’s largest ETH staker and estimated that, once fully staked through partners, annual staking revenue could reach about $374 million.
Beyond ETH, BitMine also holds bitcoin, major equity stakes, and substantial cash reserves. Backed by prominent institutional investors, the company aims to accumulate 5% of Ethereum’s circulating supply long term.
Lee added that discussions at Davos signaled growing institutional acceptance of crypto, with Wall Street increasingly viewing digital assets and blockchain as converging with traditional finance and AI. BitMine’s stock was mostly flat over the past week, with slight pre-market weakness.
Nearly half of BitMine’s ETH — just over 2 million coins — is now staked, generating significant yield. Chairman Tom Lee said the company is the world’s largest ETH staker and estimated that, once fully staked through partners, annual staking revenue could reach about $374 million.
Beyond ETH, BitMine also holds bitcoin, major equity stakes, and substantial cash reserves. Backed by prominent institutional investors, the company aims to accumulate 5% of Ethereum’s circulating supply long term.
Lee added that discussions at Davos signaled growing institutional acceptance of crypto, with Wall Street increasingly viewing digital assets and blockchain as converging with traditional finance and AI. BitMine’s stock was mostly flat over the past week, with slight pre-market weakness.
Kraken launches DeFi Earn in the U.S., EU and Canada
Kraken has announced the launch of its DeFi Earn product in the United States (most states), the European Union and Canada, aiming to give centralized exchange users easier access to onchain yield opportunities.
The product is built on Veda’s vault infrastructure. The initial USDC vaults will have risk managed by Chaos Labs and Sentora, with capital allocated across major onchain protocols such as Aave, Morpho, Sky and Tydro. Target yields are advertised at up to 8% annually.
With this model, Kraken seeks to simplify the DeFi experience for mainstream users while keeping yield generation and capital deployment directly onchain.
Kraken has announced the launch of its DeFi Earn product in the United States (most states), the European Union and Canada, aiming to give centralized exchange users easier access to onchain yield opportunities.
The product is built on Veda’s vault infrastructure. The initial USDC vaults will have risk managed by Chaos Labs and Sentora, with capital allocated across major onchain protocols such as Aave, Morpho, Sky and Tydro. Target yields are advertised at up to 8% annually.
With this model, Kraken seeks to simplify the DeFi experience for mainstream users while keeping yield generation and capital deployment directly onchain.
Sharps Technology says its Solana treasury has been generating steady staking income since launch, offering the first quantitative look at how the Nasdaq-listed medical device firm’s onchain yield strategy is performing while SOL prices remain under pressure.
According to the company’s latest update, its validator partners are producing approximately 7% gross annualized staking returns before fees. Nearly all of Sharps’ SOL holdings are currently staked. The firm also recently launched an institutional-grade validator in partnership with Coinbase, signaling a shift from a passive treasury approach to more direct participation in Solana’s network infrastructure.
Sharps is increasingly positioning staking rewards as a recurring cash-flow stream rather than a directional bet on SOL’s price. This mirrors a broader trend among publicly traded Solana treasury companies that are leaning on validator operations and staking yields to help support valuations during weaker market conditions.
The company holds just under 2 million SOL worth roughly $250 million, placing it among the largest public holders of Solana. However, the position was accumulated at an average cost of about $195 per token, well above current prices near $120. SOL is down nearly 60% from its peak about a year ago, while Sharps’ shares remain more than 80% below their highs from last summer.
According to the company’s latest update, its validator partners are producing approximately 7% gross annualized staking returns before fees. Nearly all of Sharps’ SOL holdings are currently staked. The firm also recently launched an institutional-grade validator in partnership with Coinbase, signaling a shift from a passive treasury approach to more direct participation in Solana’s network infrastructure.
Sharps is increasingly positioning staking rewards as a recurring cash-flow stream rather than a directional bet on SOL’s price. This mirrors a broader trend among publicly traded Solana treasury companies that are leaning on validator operations and staking yields to help support valuations during weaker market conditions.
The company holds just under 2 million SOL worth roughly $250 million, placing it among the largest public holders of Solana. However, the position was accumulated at an average cost of about $195 per token, well above current prices near $120. SOL is down nearly 60% from its peak about a year ago, while Sharps’ shares remain more than 80% below their highs from last summer.
Bitwise launches first onchain vault strategy on Morpho
Bitwise Asset Management has rolled out its first onchain vault strategy through the DeFi lending protocol Morpho, marking a deeper move into the onchain yield market. The initial vault targets yields of up to 6% on USDC by allocating capital to overcollateralized lending markets, with Bitwise actively managing both strategy and risk.
The firm says the vault structure is built to make DeFi yields more accessible to investors who don’t want to handle complex onchain risk management themselves. Bitwise acts as the vault “curator,” designing the strategy and overseeing real-time risk controls, while user funds remain non-custodial and held directly onchain via smart contracts.
Looking ahead, Bitwise plans to expand support to other stablecoins and digital assets, as well as broaden into additional DeFi strategies such as real-world asset tokenization, decentralized exchange liquidity provision, and yield farming. The company has previously described onchain vaults as “ETFs 2.0” and expects assets in such structures to grow further following a market reset that exposed weak risk practices across some earlier vault strategies.
Despite their transparency and automation, onchain yield products still carry risks, including potential smart contract vulnerabilities and losses if collateral values drop too quickly. Unlike traditional financial products, these vaults are not insured, and losses may be shared among participants within the same pool.
Bitwise Asset Management has rolled out its first onchain vault strategy through the DeFi lending protocol Morpho, marking a deeper move into the onchain yield market. The initial vault targets yields of up to 6% on USDC by allocating capital to overcollateralized lending markets, with Bitwise actively managing both strategy and risk.
The firm says the vault structure is built to make DeFi yields more accessible to investors who don’t want to handle complex onchain risk management themselves. Bitwise acts as the vault “curator,” designing the strategy and overseeing real-time risk controls, while user funds remain non-custodial and held directly onchain via smart contracts.
Looking ahead, Bitwise plans to expand support to other stablecoins and digital assets, as well as broaden into additional DeFi strategies such as real-world asset tokenization, decentralized exchange liquidity provision, and yield farming. The company has previously described onchain vaults as “ETFs 2.0” and expects assets in such structures to grow further following a market reset that exposed weak risk practices across some earlier vault strategies.
Despite their transparency and automation, onchain yield products still carry risks, including potential smart contract vulnerabilities and losses if collateral values drop too quickly. Unlike traditional financial products, these vaults are not insured, and losses may be shared among participants within the same pool.
Dormant 9-year Ethereum whale moves $145 million to Gemini
A long-dormant Ethereum whale wallet has reactivated after nine years, transferring 50,000 ETH worth roughly $145 million to the Gemini exchange in the past 12 hours, according to on-chain monitoring by EmberCN.
The address originally withdrew 135,000 ETH from Bitfinex about nine years ago, when ETH was trading near $90, for a total cost of around $12.17 million. At current prices, that position represents an approximate 32x gain.
Despite the large transfer, the whale still holds 85,000 ETH, valued at about $244 million, suggesting the move may be partial profit-taking rather than a full exit.
A long-dormant Ethereum whale wallet has reactivated after nine years, transferring 50,000 ETH worth roughly $145 million to the Gemini exchange in the past 12 hours, according to on-chain monitoring by EmberCN.
The address originally withdrew 135,000 ETH from Bitfinex about nine years ago, when ETH was trading near $90, for a total cost of around $12.17 million. At current prices, that position represents an approximate 32x gain.
Despite the large transfer, the whale still holds 85,000 ETH, valued at about $244 million, suggesting the move may be partial profit-taking rather than a full exit.
Tokenized US Treasuries surpass $10 billion, USYC overtakes BUIDL
Tokenized U.S. Treasuries have surpassed $10 billion in total value, marking a shift from proof-of-concept experimentation to live financial infrastructure. In a notable development, Circle’s USYC has edged past BlackRock’s BUIDL to become the largest tokenized Treasury product on the market.
As of Jan. 22, USYC holds $1.69 billion in assets under management, about $6.14 million (0.36%) more than BUIDL. Over the past 30 days, USYC expanded by 11% while BUIDL contracted by 2.85%, signaling a clear divergence in net flows rather than a simple branding battle.
USYC’s edge comes largely from distribution and collateral integration. The product is embedded in exchange collateral rails, including Binance’s off-exchange collateral framework for derivatives trading. Its yield structure, which accumulates returns directly into the token’s value, also fits more smoothly into automated margin and collateral systems than BUIDL’s payout distribution model.
Access plays a major role as well. USYC features lower minimum investment thresholds and is open to a broader base of non-U.S. institutions, family offices, and trading firms. BUIDL, by contrast, is limited to U.S. Qualified Purchasers and requires a significantly higher minimum, narrowing its addressable market within digital asset–native finance.
The $10 billion milestone highlights how tokenized Treasuries are evolving into a default yield-bearing collateral layer on blockchain rather than a niche experiment. Competition in the sector is now less about brand recognition and more about infrastructure integration, capital efficiency, and reducing operational friction for institutions deploying on-chain collateral.
Tokenized U.S. Treasuries have surpassed $10 billion in total value, marking a shift from proof-of-concept experimentation to live financial infrastructure. In a notable development, Circle’s USYC has edged past BlackRock’s BUIDL to become the largest tokenized Treasury product on the market.
As of Jan. 22, USYC holds $1.69 billion in assets under management, about $6.14 million (0.36%) more than BUIDL. Over the past 30 days, USYC expanded by 11% while BUIDL contracted by 2.85%, signaling a clear divergence in net flows rather than a simple branding battle.
USYC’s edge comes largely from distribution and collateral integration. The product is embedded in exchange collateral rails, including Binance’s off-exchange collateral framework for derivatives trading. Its yield structure, which accumulates returns directly into the token’s value, also fits more smoothly into automated margin and collateral systems than BUIDL’s payout distribution model.
Access plays a major role as well. USYC features lower minimum investment thresholds and is open to a broader base of non-U.S. institutions, family offices, and trading firms. BUIDL, by contrast, is limited to U.S. Qualified Purchasers and requires a significantly higher minimum, narrowing its addressable market within digital asset–native finance.
The $10 billion milestone highlights how tokenized Treasuries are evolving into a default yield-bearing collateral layer on blockchain rather than a niche experiment. Competition in the sector is now less about brand recognition and more about infrastructure integration, capital efficiency, and reducing operational friction for institutions deploying on-chain collateral.
Blockchain investigator ZachXBT has alleged that a person linked to a multimillion-dollar theft from U.S. government crypto wallets is the son of an executive at a firm contracted by the U.S. Marshals Service (USMS) to manage seized digital assets.
According to the investigation, an individual known online as “Lick,” identified as John Daghita, is suspected of siphoning tens of millions of dollars in crypto. ZachXBT further claims he is the son of Dean Daghita, president of Command Services & Support (CMDSS), a company awarded a 2024 contract to help the USMS custody and dispose of certain categories of seized cryptocurrencies.
The allegations stem from on-chain tracing and online activity, including a recorded dispute in which the suspect allegedly displayed control of wallets holding millions of dollars. Funds were traced back to a government-linked wallet associated with assets seized from the 2016 Bitfinex hack. While most previously flagged stolen funds were recovered, a portion remains missing.
No charges have been filed, and the claims have not been tested in court. CMDSS did not respond to media requests for comment. The company’s government contract had already faced scrutiny in the past, including a formal protest over licensing and potential conflicts of interest, though that challenge was ultimately denied. Broader reports have also highlighted operational difficulties within the USMS in tracking and managing its seized crypto holdings.
According to the investigation, an individual known online as “Lick,” identified as John Daghita, is suspected of siphoning tens of millions of dollars in crypto. ZachXBT further claims he is the son of Dean Daghita, president of Command Services & Support (CMDSS), a company awarded a 2024 contract to help the USMS custody and dispose of certain categories of seized cryptocurrencies.
The allegations stem from on-chain tracing and online activity, including a recorded dispute in which the suspect allegedly displayed control of wallets holding millions of dollars. Funds were traced back to a government-linked wallet associated with assets seized from the 2016 Bitfinex hack. While most previously flagged stolen funds were recovered, a portion remains missing.
No charges have been filed, and the claims have not been tested in court. CMDSS did not respond to media requests for comment. The company’s government contract had already faced scrutiny in the past, including a formal protest over licensing and potential conflicts of interest, though that challenge was ultimately denied. Broader reports have also highlighted operational difficulties within the USMS in tracking and managing its seized crypto holdings.
Solana’s urgent Agave v3.0.14 upgrade began as a vague but high-priority alert to validators, then evolved into a broader test of how fast a decentralized operator network can respond to serious security risks.
Early data showed slow adoption, with a relatively small share of staked SOL running the patched version during a period labeled “urgent.” That raised concerns about whether a high-performance proof-of-stake network can coordinate quickly enough when time-sensitive fixes are needed.
Details later published by Anza clarified the stakes. Two critical vulnerabilities had been responsibly disclosed: one in Solana’s gossip system that could have caused validators to crash under certain conditions, and another in vote processing that could have allowed attackers to flood validators with invalid votes and potentially disrupt consensus at scale. Version 3.0.14 patched both issues.
The episode also highlighted how coordination on Solana is reinforced by economics, not just goodwill. The Solana Foundation’s delegation program now ties stake delegation to required software versions, meaning validators who fail to upgrade risk losing delegated stake.
At the same time, operational realities—such as building from source, internal testing, and release pipelines—make rapid upgrades difficult, especially under time pressure. The situation underscored that “always-on” blockchain infrastructure depends not only on code, but on incentives, client diversity, and the ability of thousands of independent operators to converge quickly during security incidents.
Early data showed slow adoption, with a relatively small share of staked SOL running the patched version during a period labeled “urgent.” That raised concerns about whether a high-performance proof-of-stake network can coordinate quickly enough when time-sensitive fixes are needed.
Details later published by Anza clarified the stakes. Two critical vulnerabilities had been responsibly disclosed: one in Solana’s gossip system that could have caused validators to crash under certain conditions, and another in vote processing that could have allowed attackers to flood validators with invalid votes and potentially disrupt consensus at scale. Version 3.0.14 patched both issues.
The episode also highlighted how coordination on Solana is reinforced by economics, not just goodwill. The Solana Foundation’s delegation program now ties stake delegation to required software versions, meaning validators who fail to upgrade risk losing delegated stake.
At the same time, operational realities—such as building from source, internal testing, and release pipelines—make rapid upgrades difficult, especially under time pressure. The situation underscored that “always-on” blockchain infrastructure depends not only on code, but on incentives, client diversity, and the ability of thousands of independent operators to converge quickly during security incidents.
Online gambling networks tied to sanctioned guarantee platforms have processed more than 414 million USDT in under two months, with a portion of funds moving directly to major crypto exchanges.
Blockchain analytics firm Bitrace found that despite shutdowns of payment providers linked to Huione and Tudou Guarantee, gambling operations continue using Telegram-based wallets such as Huione Telegram Wallet, Wangbo Wallet, and HWZF for settlement. These guarantee marketplaces, originally meant to facilitate trade, evolved into hubs for scams, money laundering, and illegal gambling, using escrow-style systems and Telegram mini apps to handle crypto deposits and withdrawals.
Even after enforcement actions and platform closures, the infrastructure remains active. Bitrace reported that gambling-related entities received 414 million USDT over 53 days, and about 9 million USDT was sent directly to exchanges like Binance, OKX, and HTX, potentially triggering compliance scrutiny.
Investigations also show shared backend systems between some wallet services, meaning user funds may be pooled rather than segregated. Authorities have previously labeled Huione Group a major money laundering concern, and related networks have processed tens of billions of dollars before shutdowns. However, rebranding, shared infrastructure, and Telegram-based tools continue to enable gambling syndicates to move funds while reducing direct exposure, highlighting ongoing gaps between marketplace bans, wallet controls, and exchange-level enforcement.
Blockchain analytics firm Bitrace found that despite shutdowns of payment providers linked to Huione and Tudou Guarantee, gambling operations continue using Telegram-based wallets such as Huione Telegram Wallet, Wangbo Wallet, and HWZF for settlement. These guarantee marketplaces, originally meant to facilitate trade, evolved into hubs for scams, money laundering, and illegal gambling, using escrow-style systems and Telegram mini apps to handle crypto deposits and withdrawals.
Even after enforcement actions and platform closures, the infrastructure remains active. Bitrace reported that gambling-related entities received 414 million USDT over 53 days, and about 9 million USDT was sent directly to exchanges like Binance, OKX, and HTX, potentially triggering compliance scrutiny.
Investigations also show shared backend systems between some wallet services, meaning user funds may be pooled rather than segregated. Authorities have previously labeled Huione Group a major money laundering concern, and related networks have processed tens of billions of dollars before shutdowns. However, rebranding, shared infrastructure, and Telegram-based tools continue to enable gambling syndicates to move funds while reducing direct exposure, highlighting ongoing gaps between marketplace bans, wallet controls, and exchange-level enforcement.
Aurelion CEO warns of “paper gold” risks, shifts treasury to tokenized gold
Björn Schmidtke, CEO of Aurelion, has warned that the global gold market is heavily exposed to so-called “paper gold,” with most investors holding IOUs rather than claims to specific physical bars. He estimates that roughly 98% of gold exposure is unallocated, meaning investors cannot verify which exact bars back their holdings.
According to Schmidtke, products like gold ETFs make access to gold easy but create a disconnect between financial ownership and physical possession. The system works as long as few investors demand delivery. However, in a severe financial shock or rapid fiat currency devaluation, a rush to redeem physical gold could expose structural weaknesses and create major bottlenecks.
In such a “seismic event,” Schmidtke said, physical gold prices could surge while paper gold products lag, leaving some investors unable to settle claims efficiently. He pointed to past dislocations in the silver market as a warning sign of what could also happen in gold.
To mitigate these risks, Aurelion has shifted its treasury strategy toward Tether Gold (XAUT), a blockchain-based token backed by physical gold stored in Swiss vaults. Each XAUT token is linked to a specific allocated gold bar, allowing ownership to be transferred onchain without immediately moving the metal itself.
Schmidtke compared the model to having a digital title deed for each gold bar, improving transparency and traceability if investors choose to redeem physical gold. While physical delivery would still take time, token holders can verify their ownership and allocation more clearly.
The move reflects Aurelion’s long-term strategy. The company has restructured its treasury to hold XAUT instead of traditional gold exposure. Schmidtke argued that how investors own gold is just as important as whether they own it, and that tokenized gold combines the speed of digital transactions with the security of physical backing.
Björn Schmidtke, CEO of Aurelion, has warned that the global gold market is heavily exposed to so-called “paper gold,” with most investors holding IOUs rather than claims to specific physical bars. He estimates that roughly 98% of gold exposure is unallocated, meaning investors cannot verify which exact bars back their holdings.
According to Schmidtke, products like gold ETFs make access to gold easy but create a disconnect between financial ownership and physical possession. The system works as long as few investors demand delivery. However, in a severe financial shock or rapid fiat currency devaluation, a rush to redeem physical gold could expose structural weaknesses and create major bottlenecks.
In such a “seismic event,” Schmidtke said, physical gold prices could surge while paper gold products lag, leaving some investors unable to settle claims efficiently. He pointed to past dislocations in the silver market as a warning sign of what could also happen in gold.
To mitigate these risks, Aurelion has shifted its treasury strategy toward Tether Gold (XAUT), a blockchain-based token backed by physical gold stored in Swiss vaults. Each XAUT token is linked to a specific allocated gold bar, allowing ownership to be transferred onchain without immediately moving the metal itself.
Schmidtke compared the model to having a digital title deed for each gold bar, improving transparency and traceability if investors choose to redeem physical gold. While physical delivery would still take time, token holders can verify their ownership and allocation more clearly.
The move reflects Aurelion’s long-term strategy. The company has restructured its treasury to hold XAUT instead of traditional gold exposure. Schmidtke argued that how investors own gold is just as important as whether they own it, and that tokenized gold combines the speed of digital transactions with the security of physical backing.
New Jersey man gets 12 years for fentanyl trafficking, used Bitcoin to pay suppliers
A Passaic County, New Jersey man has been sentenced to 12 years in federal prison for his role in a major fentanyl trafficking and international money laundering conspiracy that used Bitcoin to pay overseas drug suppliers, according to the U.S. Department of Justice.
William Panzera, 53, of North Haledon, was convicted of conspiracy to distribute controlled substances and international promotional money laundering. Prosecutors said he was part of a drug trafficking organization that imported and distributed hundreds of kilograms of fentanyl analogues and other drugs, including MDMA, methylone, and ketamine.
The substances were sourced from suppliers in China and distributed across New Jersey, both in bulk and as counterfeit pharmaceutical pills that actually contained fentanyl analogues. Authorities said the conspiracy led to the importation of more than one metric ton of fentanyl-related substances and other drugs into the U.S. Members of the group allegedly sent hundreds of thousands of dollars to China through wire transfers and Bitcoin payments.
Panzera was found guilty at trial in January 2025. Eight other defendants tied to the case have already pleaded guilty, the DOJ said.
The case is part of a broader international crackdown on fentanyl trafficking and darknet drug markets. In May 2025, the DOJ announced the results of Operation RapTor, a global law enforcement effort targeting online opioid trafficking networks. The operation resulted in 270 arrests worldwide and the seizure of more than $200 million in cash and digital assets.
Authorities also confiscated over two metric tons of drugs, including 144 kilograms of fentanyl-laced substances, and more than 180 firearms. The investigation drew on intelligence from previously dismantled darknet markets such as Nemesis and Tor2Door and marked the first time sanctions from the Office of Foreign Assets Control were used in support of a JCODE operation.
A Passaic County, New Jersey man has been sentenced to 12 years in federal prison for his role in a major fentanyl trafficking and international money laundering conspiracy that used Bitcoin to pay overseas drug suppliers, according to the U.S. Department of Justice.
William Panzera, 53, of North Haledon, was convicted of conspiracy to distribute controlled substances and international promotional money laundering. Prosecutors said he was part of a drug trafficking organization that imported and distributed hundreds of kilograms of fentanyl analogues and other drugs, including MDMA, methylone, and ketamine.
The substances were sourced from suppliers in China and distributed across New Jersey, both in bulk and as counterfeit pharmaceutical pills that actually contained fentanyl analogues. Authorities said the conspiracy led to the importation of more than one metric ton of fentanyl-related substances and other drugs into the U.S. Members of the group allegedly sent hundreds of thousands of dollars to China through wire transfers and Bitcoin payments.
Panzera was found guilty at trial in January 2025. Eight other defendants tied to the case have already pleaded guilty, the DOJ said.
The case is part of a broader international crackdown on fentanyl trafficking and darknet drug markets. In May 2025, the DOJ announced the results of Operation RapTor, a global law enforcement effort targeting online opioid trafficking networks. The operation resulted in 270 arrests worldwide and the seizure of more than $200 million in cash and digital assets.
Authorities also confiscated over two metric tons of drugs, including 144 kilograms of fentanyl-laced substances, and more than 180 firearms. The investigation drew on intelligence from previously dismantled darknet markets such as Nemesis and Tor2Door and marked the first time sanctions from the Office of Foreign Assets Control were used in support of a JCODE operation.
Entropy shuts down after four years, returns capital to investors
Entropy, a decentralized crypto custody startup, has shut down after four years of operation and will return its remaining capital to investors, founder and CEO Tux Pacific announced.
The company raised about $27 million in total funding, including a $25 million seed round led by a16z crypto in 2022. Despite several product pivots and two rounds of layoffs, Pacific said Entropy was ultimately unable to find a venture-scale business model.
In its final phase, Entropy was building a crypto automation platform — described as similar to tools like n8n or Zapier but tailored for digital assets. The system featured automated transaction signing using threshold cryptography, secure computation through trusted execution environments (TEEs), and AI integrations. Earlier, the startup had positioned itself as a decentralized alternative to centralized custodians such as Fireblocks and Coinbase, using multiparty computation to let users set programmable rules for managing funds.
Pacific said they plan to take a break before potentially moving into pharmaceutical research, with a focus on hormone delivery technologies for menopausal women and transgender women undergoing hormone replacement therapy (HRT).
Entropy’s closure comes amid a broader slowdown in crypto venture activity, as the sector continues to undergo consolidation and funding declines.
Entropy, a decentralized crypto custody startup, has shut down after four years of operation and will return its remaining capital to investors, founder and CEO Tux Pacific announced.
The company raised about $27 million in total funding, including a $25 million seed round led by a16z crypto in 2022. Despite several product pivots and two rounds of layoffs, Pacific said Entropy was ultimately unable to find a venture-scale business model.
In its final phase, Entropy was building a crypto automation platform — described as similar to tools like n8n or Zapier but tailored for digital assets. The system featured automated transaction signing using threshold cryptography, secure computation through trusted execution environments (TEEs), and AI integrations. Earlier, the startup had positioned itself as a decentralized alternative to centralized custodians such as Fireblocks and Coinbase, using multiparty computation to let users set programmable rules for managing funds.
Pacific said they plan to take a break before potentially moving into pharmaceutical research, with a focus on hormone delivery technologies for menopausal women and transgender women undergoing hormone replacement therapy (HRT).
Entropy’s closure comes amid a broader slowdown in crypto venture activity, as the sector continues to undergo consolidation and funding declines.
Coinone put up for sale as Coinbase explores Korea investment
South Korea’s third-largest crypto exchange, Coinone, is reportedly up for sale, according to Seoul Economic Daily. Chairman and major shareholder Cha Myung-hoon is said to be considering selling part of his stake while exploring various strategic options.
Cha and his private company together control a combined 53.44% stake in Coinone. Gaming firm Com2uS is the second-largest shareholder with 38.42%. A Coinone official said the company is in talks with overseas exchanges and domestic financial firms regarding potential equity investments and broader cooperation, though no specific deal structure has been finalized.
Market speculation suggests that not only Cha’s holdings but also Com2uS’s stake could be included in a broader sale. Com2uS accumulated its shares in 2021–2022, but Coinone’s continued losses have pushed the book value of that investment down significantly.
Meanwhile, Coinbase, the largest crypto exchange in the U.S., is expected to visit South Korea this week to meet with Coinone and other local companies. Industry sources say Coinbase remains highly interested in the Korean market and is seeking local partners to develop products aligned with domestic regulations.
The potential deal comes as consolidation accelerates across South Korea’s crypto sector, with firms pursuing mergers, acquisitions, and strategic alliances amid deeper regulatory integration and growing institutional involvement.
South Korea’s third-largest crypto exchange, Coinone, is reportedly up for sale, according to Seoul Economic Daily. Chairman and major shareholder Cha Myung-hoon is said to be considering selling part of his stake while exploring various strategic options.
Cha and his private company together control a combined 53.44% stake in Coinone. Gaming firm Com2uS is the second-largest shareholder with 38.42%. A Coinone official said the company is in talks with overseas exchanges and domestic financial firms regarding potential equity investments and broader cooperation, though no specific deal structure has been finalized.
Market speculation suggests that not only Cha’s holdings but also Com2uS’s stake could be included in a broader sale. Com2uS accumulated its shares in 2021–2022, but Coinone’s continued losses have pushed the book value of that investment down significantly.
Meanwhile, Coinbase, the largest crypto exchange in the U.S., is expected to visit South Korea this week to meet with Coinone and other local companies. Industry sources say Coinbase remains highly interested in the Korean market and is seeking local partners to develop products aligned with domestic regulations.
The potential deal comes as consolidation accelerates across South Korea’s crypto sector, with firms pursuing mergers, acquisitions, and strategic alliances amid deeper regulatory integration and growing institutional involvement.
SharpLink Gaming is positioning itself as a disciplined, long-term-focused Ethereum treasury rather than chasing rapid accumulation like some rivals. While the firm has already amassed 865,797 ETH (worth over $2.6 billion), it has paused major purchases since October, choosing to add more ETH only when it is accretive to shareholders—specifically when its multiple to net asset value (mNAV) is above 1.
CEO Joseph Chalom emphasized that SharpLink is avoiding excessive capital raises that could dilute shareholders, distancing the company from what he called unfocused or “zombie” digital asset treasury models. Instead, the firm aims to attract long-term institutional investors through methodical operations and a clear, shareholder-aligned strategy.
In contrast, competitor BitMine Immersion Technologies has aggressively accumulated more than 4.2 million ETH and made high-profile investments, including a $200 million stake in MrBeast’s Beast Industries.
SharpLink is also pursuing yield strategies, recently staking $170 million worth of ETH on Ethereum layer-2 network Linea as part of a multi-year plan to generate enhanced returns. The company ultimately aims to hold 5% of Ethereum’s circulating supply, but says it will prioritize ETH concentration per share over growth for its own sake.
Despite a more than 60% drop in its share price over the past six months, SharpLink reports rising institutional ownership, which it views as validation of its long-term, disciplined approach.
CEO Joseph Chalom emphasized that SharpLink is avoiding excessive capital raises that could dilute shareholders, distancing the company from what he called unfocused or “zombie” digital asset treasury models. Instead, the firm aims to attract long-term institutional investors through methodical operations and a clear, shareholder-aligned strategy.
In contrast, competitor BitMine Immersion Technologies has aggressively accumulated more than 4.2 million ETH and made high-profile investments, including a $200 million stake in MrBeast’s Beast Industries.
SharpLink is also pursuing yield strategies, recently staking $170 million worth of ETH on Ethereum layer-2 network Linea as part of a multi-year plan to generate enhanced returns. The company ultimately aims to hold 5% of Ethereum’s circulating supply, but says it will prioritize ETH concentration per share over growth for its own sake.
Despite a more than 60% drop in its share price over the past six months, SharpLink reports rising institutional ownership, which it views as validation of its long-term, disciplined approach.
Staking ether through ETFs or directly: balancing yield, fees and control
Investing in crypto assets such as ether (ETH), the native token of the Ethereum network, used to be relatively straightforward: investors would buy coins on platforms like Coinbase or Robinhood, or store them in self-custody wallets such as MetaMask and hold them directly.
Then staking emerged — the process of locking up a certain amount of crypto to help validate transactions on a network and earn rewards. This became a way for investors to generate passive income while continuing to hold tokens, often through exchanges, in anticipation of long-term price appreciation.
As crypto has moved closer to mainstream finance, however, new products such as spot exchange-traded funds (ETFs) have appeared alongside direct ownership. These products offer more ways to gain exposure, but also require investors to make more complex decisions.
Ether ETFs, originally designed to give traditional investors easier access to ETH exposure, are now incorporating staking. These funds not only track the price of ether but also provide the potential for passive income through staking yields.
For instance, digital asset manager Grayscale recently became one of the first to distribute staking rewards to shareholders of its Ethereum Staking ETF (ETHE). The fund paid $0.083178 per share. That means an investor who bought $1,000 worth of ETHE shares at a price of $25.87 would have earned approximately $82.78 in staking rewards.
This development raises a key question: is it better to buy and hold spot ETH directly through a crypto platform, or to purchase an ETF that stakes ETH on an investor’s behalf?
Yield vs. ownership
At its core, the decision comes down to two main factors: ownership and yield.
When investors buy ETH directly through platforms like Coinbase or Robinhood, they own the actual crypto asset. Their gains or losses depend on price movements, while the platform typically holds the assets in custody on their behalf.
If they choose to stake that ETH through Coinbase, the platform manages the technical process, and investors earn rewards — typically around 3% to 5% annually — minus a commission retained by the exchange. This approach does not require running validators or specialized software, and investors remain within the crypto ecosystem, free to transfer, unstake, or use their ETH elsewhere.
By contrast, when investors buy shares of an ether ETF, the fund purchases and holds ETH on their behalf, without requiring them to create a wallet or use a crypto exchange. If the ETF includes staking, the fund stakes the ETH and distributes rewards to shareholders.
Fees represent another major difference.
Grayscale’s Ethereum Trust (ETHE), for example, charges a 2.5% annual management fee regardless of market conditions. If the fund stakes ETH, an additional portion of rewards may go to the staking service provider before any income is passed on to shareholders.
Coinbase, on the other hand, does not charge an annual custody fee for holding ETH but may retain up to 35% of staking rewards. This commission level is common among staking service providers, although exact rates can vary. Coinbase’s paid membership tiers may offer lower fees.
As a result, effective staking yields are often higher through Coinbase than through staking ETFs. However, ETFs may appeal more to investors seeking simplicity and access through traditional brokerage accounts.
In other words, investors can gain exposure to ETH price movements and earn passive staking income without ever needing to understand crypto wallets or exchanges. Buying shares of a staking ETF is somewhat analogous to earning dividends through an equity income fund — except the rewards come from blockchain activity rather than corporate profits.
Risks and limitations
Despite their convenience, staking ETFs carry risks.
First, income is not guaranteed. Just as dividend-focused ETFs can see yields decline if companies cut dividends, staking rewards can fluctuate.
Staking yields depend on network activity and the total amount of ETH staked. Currently, ETH staking yields are around 2.8% annually, but this figure changes over time. If validators underperform or are penalized, the fund could lose a portion of its staked ETH.
The same general risks apply when staking through Coinbase. Although the platform handles the technical aspects, rewards still vary and validator performance affects returns. However, staking through an exchange offers more flexibility than an ETF: investors retain ownership of their ETH and can choose to unstake or transfer it — options not available to ETF shareholders.
Access and control are also important considerations. Even when holding ETH on exchanges like Coinbase or Robinhood, investors remain part of the crypto ecosystem. They can transfer ETH to private wallets or use it in decentralized finance (DeFi) applications, although withdrawal processes may sometimes be complex.
With an Ethereum ETF, that flexibility disappears. Investors do not directly own ETH, cannot transfer it to a wallet, stake independently, or use it in DeFi protocols. Their exposure is limited to buying and selling ETF shares through brokerage accounts, meaning access is governed by fund structures and traditional market hours rather than blockchain networks.
Which option is better?
There is no one-size-fits-all answer — the right choice depends on an investor’s priorities.
For those seeking yield without managing private keys or staking infrastructure, a staking ETF may be attractive, even if fees reduce overall returns.
For investors who value direct ownership, long-term flexibility, or the ability to independently stake and use ETH within the crypto ecosystem, holding ETH directly through a wallet or exchange may be the better choice. This route also avoids fund management fees, although transaction and network costs still apply.
Summary
Ether staking ETFs combine price exposure with passive income, making crypto investing more accessible to traditional investors. However, this convenience comes at the cost of higher fees, less control, and no direct ownership of ETH. Investors must weigh simplicity and regulated access against flexibility, potentially higher yields, and full participation in the crypto ecosystem when deciding between staking ETFs and holding ETH directly.
Then staking emerged — the process of locking up a certain amount of crypto to help validate transactions on a network and earn rewards. This became a way for investors to generate passive income while continuing to hold tokens, often through exchanges, in anticipation of long-term price appreciation.
As crypto has moved closer to mainstream finance, however, new products such as spot exchange-traded funds (ETFs) have appeared alongside direct ownership. These products offer more ways to gain exposure, but also require investors to make more complex decisions.
Ether ETFs, originally designed to give traditional investors easier access to ETH exposure, are now incorporating staking. These funds not only track the price of ether but also provide the potential for passive income through staking yields.
For instance, digital asset manager Grayscale recently became one of the first to distribute staking rewards to shareholders of its Ethereum Staking ETF (ETHE). The fund paid $0.083178 per share. That means an investor who bought $1,000 worth of ETHE shares at a price of $25.87 would have earned approximately $82.78 in staking rewards.
This development raises a key question: is it better to buy and hold spot ETH directly through a crypto platform, or to purchase an ETF that stakes ETH on an investor’s behalf?
Yield vs. ownership
At its core, the decision comes down to two main factors: ownership and yield.
When investors buy ETH directly through platforms like Coinbase or Robinhood, they own the actual crypto asset. Their gains or losses depend on price movements, while the platform typically holds the assets in custody on their behalf.
If they choose to stake that ETH through Coinbase, the platform manages the technical process, and investors earn rewards — typically around 3% to 5% annually — minus a commission retained by the exchange. This approach does not require running validators or specialized software, and investors remain within the crypto ecosystem, free to transfer, unstake, or use their ETH elsewhere.
By contrast, when investors buy shares of an ether ETF, the fund purchases and holds ETH on their behalf, without requiring them to create a wallet or use a crypto exchange. If the ETF includes staking, the fund stakes the ETH and distributes rewards to shareholders.
Fees represent another major difference.
Grayscale’s Ethereum Trust (ETHE), for example, charges a 2.5% annual management fee regardless of market conditions. If the fund stakes ETH, an additional portion of rewards may go to the staking service provider before any income is passed on to shareholders.
Coinbase, on the other hand, does not charge an annual custody fee for holding ETH but may retain up to 35% of staking rewards. This commission level is common among staking service providers, although exact rates can vary. Coinbase’s paid membership tiers may offer lower fees.
As a result, effective staking yields are often higher through Coinbase than through staking ETFs. However, ETFs may appeal more to investors seeking simplicity and access through traditional brokerage accounts.
In other words, investors can gain exposure to ETH price movements and earn passive staking income without ever needing to understand crypto wallets or exchanges. Buying shares of a staking ETF is somewhat analogous to earning dividends through an equity income fund — except the rewards come from blockchain activity rather than corporate profits.
Risks and limitations
Despite their convenience, staking ETFs carry risks.
First, income is not guaranteed. Just as dividend-focused ETFs can see yields decline if companies cut dividends, staking rewards can fluctuate.
Staking yields depend on network activity and the total amount of ETH staked. Currently, ETH staking yields are around 2.8% annually, but this figure changes over time. If validators underperform or are penalized, the fund could lose a portion of its staked ETH.
The same general risks apply when staking through Coinbase. Although the platform handles the technical aspects, rewards still vary and validator performance affects returns. However, staking through an exchange offers more flexibility than an ETF: investors retain ownership of their ETH and can choose to unstake or transfer it — options not available to ETF shareholders.
Access and control are also important considerations. Even when holding ETH on exchanges like Coinbase or Robinhood, investors remain part of the crypto ecosystem. They can transfer ETH to private wallets or use it in decentralized finance (DeFi) applications, although withdrawal processes may sometimes be complex.
With an Ethereum ETF, that flexibility disappears. Investors do not directly own ETH, cannot transfer it to a wallet, stake independently, or use it in DeFi protocols. Their exposure is limited to buying and selling ETF shares through brokerage accounts, meaning access is governed by fund structures and traditional market hours rather than blockchain networks.
Which option is better?
There is no one-size-fits-all answer — the right choice depends on an investor’s priorities.
For those seeking yield without managing private keys or staking infrastructure, a staking ETF may be attractive, even if fees reduce overall returns.
For investors who value direct ownership, long-term flexibility, or the ability to independently stake and use ETH within the crypto ecosystem, holding ETH directly through a wallet or exchange may be the better choice. This route also avoids fund management fees, although transaction and network costs still apply.
Summary
Ether staking ETFs combine price exposure with passive income, making crypto investing more accessible to traditional investors. However, this convenience comes at the cost of higher fees, less control, and no direct ownership of ETH. Investors must weigh simplicity and regulated access against flexibility, potentially higher yields, and full participation in the crypto ecosystem when deciding between staking ETFs and holding ETH directly.
The Federal Reserve is widely expected to keep interest rates unchanged, making Chair Jerome Powell’s post-meeting press conference the main focus for markets. Investors will be watching closely for signals on whether the pause in rate cuts reflects a hawkish stance driven by persistent inflation risks, or a dovish pause that leaves the door open for easing later this year.
While the rate decision itself is largely priced in, Powell’s tone could significantly influence the U.S. dollar, equities, and crypto markets. A hawkish message could dampen expectations for near-term cuts and pressure risk assets, while a dovish tilt — especially if supported by dissenting Fed officials — could lift stocks and bitcoin.
Powell may also address the economic impact of Tổng thống Donald Trump’s affordability-focused housing measures, including large-scale mortgage bond purchases and restrictions on institutional homebuyers. Some analysts warn these steps could boost near-term housing demand and add to inflation pressures.
Additional attention may fall on trade-related inflation risks, bond market volatility, and political tensions surrounding Fed independence. Even subtle shifts in Powell’s language are likely to drive market volatility across asset classes.
While the rate decision itself is largely priced in, Powell’s tone could significantly influence the U.S. dollar, equities, and crypto markets. A hawkish message could dampen expectations for near-term cuts and pressure risk assets, while a dovish tilt — especially if supported by dissenting Fed officials — could lift stocks and bitcoin.
Powell may also address the economic impact of Tổng thống Donald Trump’s affordability-focused housing measures, including large-scale mortgage bond purchases and restrictions on institutional homebuyers. Some analysts warn these steps could boost near-term housing demand and add to inflation pressures.
Additional attention may fall on trade-related inflation risks, bond market volatility, and political tensions surrounding Fed independence. Even subtle shifts in Powell’s language are likely to drive market volatility across asset classes.
Solana is entering a quieter but more mature phase focused on building core financial infrastructure rather than chasing hype-driven trends like memecoins, NFTs, or blockchain games.
According to Backpack CEO Armani Ferrante, the ecosystem has spent the past year shifting its attention toward decentralized finance, trading systems, and payments. He says more people now see blockchains as a new form of financial infrastructure, with Solana positioning itself around high-speed onchain trading, market structure, and settlement — sometimes described as “internet capital markets.”
While parts of the crypto market remain subdued and retail sentiment is cautious, Ferrante notes that institutional interest is stronger than ever. Traditional finance players are increasingly optimistic about tokenization, stablecoins, and onchain settlement.
Ferrante argues that the long-term value of Solana and other blockchains lies in serving as neutral settlement layers, where assets like stocks and derivatives can move seamlessly across platforms as standardized tokens instead of being locked in siloed databases.
He also stresses that real-world adoption will require deeper alignment with regulations. As crypto evolves into embedded financial infrastructure, compliance and legal clarity will be essential — a sign of industry maturity rather than a limitation.
According to Backpack CEO Armani Ferrante, the ecosystem has spent the past year shifting its attention toward decentralized finance, trading systems, and payments. He says more people now see blockchains as a new form of financial infrastructure, with Solana positioning itself around high-speed onchain trading, market structure, and settlement — sometimes described as “internet capital markets.”
While parts of the crypto market remain subdued and retail sentiment is cautious, Ferrante notes that institutional interest is stronger than ever. Traditional finance players are increasingly optimistic about tokenization, stablecoins, and onchain settlement.
Ferrante argues that the long-term value of Solana and other blockchains lies in serving as neutral settlement layers, where assets like stocks and derivatives can move seamlessly across platforms as standardized tokens instead of being locked in siloed databases.
He also stresses that real-world adoption will require deeper alignment with regulations. As crypto evolves into embedded financial infrastructure, compliance and legal clarity will be essential — a sign of industry maturity rather than a limitation.
Tezos activates Tallinn upgrade, cuts block time to 6 seconds
Tezos has successfully activated its 20th protocol upgrade, known as Tallinn, following the completion of its on-chain governance process. The proposal received broad support from bakers (validators) and the community, continuing Tezos’ model of decentralized, forkless network evolution.
Developed by Trilitech, Functori and Nomadic Labs, Tallinn marks the 20th direct protocol amendment since Tezos launched in 2018. The network’s self-amending design allows upgrades to be proposed, approved and implemented without hard forks or downtime.
One of Tallinn’s most significant changes is the reduction of Tezos Layer-1 block time to six seconds. This lowers transaction latency and improves settlement-layer finality. The upgrade also strengthens integration between Layer-1 and Etherlink, Tezos’ EVM-compatible Layer-2 network. While Etherlink transactions already execute in under 50 milliseconds, Tallinn enables them to reach Layer-1 finality in just two blocks, or roughly 12 seconds.
On the security and staking side, Tallinn expands block attestation rights to all bakers rather than a limited subset. The use of BLS cryptographic signatures allows hundreds of validator signatures to be aggregated into a single signature per block. This enhances security, stabilizes staking rewards and reduces processing load for network nodes.
The upgrade also introduces an Address Indexing Registry for applications using the Michelson runtime. By removing redundant address data, this feature can improve storage efficiency by up to 100 times. It is expected to reduce costs and increase throughput for large NFT ledgers, address-heavy smart contracts and enterprise-scale applications.
Tezos has rolled out regular protocol upgrades since its launch, focusing on usability, security and performance. Tallinn represents another step in optimizing the network while preserving decentralization and long-term upgradeability.
$XTZ
Tezos has successfully activated its 20th protocol upgrade, known as Tallinn, following the completion of its on-chain governance process. The proposal received broad support from bakers (validators) and the community, continuing Tezos’ model of decentralized, forkless network evolution.
Developed by Trilitech, Functori and Nomadic Labs, Tallinn marks the 20th direct protocol amendment since Tezos launched in 2018. The network’s self-amending design allows upgrades to be proposed, approved and implemented without hard forks or downtime.
One of Tallinn’s most significant changes is the reduction of Tezos Layer-1 block time to six seconds. This lowers transaction latency and improves settlement-layer finality. The upgrade also strengthens integration between Layer-1 and Etherlink, Tezos’ EVM-compatible Layer-2 network. While Etherlink transactions already execute in under 50 milliseconds, Tallinn enables them to reach Layer-1 finality in just two blocks, or roughly 12 seconds.
On the security and staking side, Tallinn expands block attestation rights to all bakers rather than a limited subset. The use of BLS cryptographic signatures allows hundreds of validator signatures to be aggregated into a single signature per block. This enhances security, stabilizes staking rewards and reduces processing load for network nodes.
The upgrade also introduces an Address Indexing Registry for applications using the Michelson runtime. By removing redundant address data, this feature can improve storage efficiency by up to 100 times. It is expected to reduce costs and increase throughput for large NFT ledgers, address-heavy smart contracts and enterprise-scale applications.
Tezos has rolled out regular protocol upgrades since its launch, focusing on usability, security and performance. Tallinn represents another step in optimizing the network while preserving decentralization and long-term upgradeability.
$XTZ
Ultra-wealthy investors who hold a large share of their fortunes in crypto are increasingly turning to decentralized finance (DeFi) to unlock liquidity, avoiding the need to sell their digital assets.
According to Jerome de Tychey, founder of Cometh, many high-net-worth clients such as family offices control tens or even hundreds of millions of dollars in bitcoin, ether and stablecoins, yet face difficulties borrowing from traditional banks. To solve this, firms like Cometh use DeFi protocols including Aave, Morpho and Uniswap to structure crypto-backed loans that resemble Lombard-style lending in traditional finance.
Instead of liquidating crypto to fund luxury spending — such as travel, property upgrades or large lifestyle expenses — investors can pledge their digital assets as collateral and borrow stablecoins or equivalent liquidity. This allows them to maintain long-term exposure, avoid triggering capital gains taxes and access cash quickly.
Speed is a key advantage. A bitcoin-backed loan on a DeFi platform can be executed in seconds, while a comparable Lombard loan at a private bank may take days due to credit reviews and documentation requirements. Many DeFi protocols are also permissionless, offering an additional layer of privacy for borrowers who value discretion.
However, the risks are higher. Crypto price volatility can lead to rapid collateral liquidations if asset values fall below required thresholds. As a result, these strategies typically require active monitoring and risk management.
Cometh positions itself as a bridge for traditional investors entering DeFi, helping clients navigate tools that can be technically complex. The firm recently secured a MiCA license in France, enabling it to expand its regulated operations within the European Union.
Beyond crypto, Cometh is also exploring ways to apply DeFi-style strategies to traditional financial assets such as stocks and bonds through tokenization frameworks linked to ISIN identifiers.
According to Jerome de Tychey, founder of Cometh, many high-net-worth clients such as family offices control tens or even hundreds of millions of dollars in bitcoin, ether and stablecoins, yet face difficulties borrowing from traditional banks. To solve this, firms like Cometh use DeFi protocols including Aave, Morpho and Uniswap to structure crypto-backed loans that resemble Lombard-style lending in traditional finance.
Instead of liquidating crypto to fund luxury spending — such as travel, property upgrades or large lifestyle expenses — investors can pledge their digital assets as collateral and borrow stablecoins or equivalent liquidity. This allows them to maintain long-term exposure, avoid triggering capital gains taxes and access cash quickly.
Speed is a key advantage. A bitcoin-backed loan on a DeFi platform can be executed in seconds, while a comparable Lombard loan at a private bank may take days due to credit reviews and documentation requirements. Many DeFi protocols are also permissionless, offering an additional layer of privacy for borrowers who value discretion.
However, the risks are higher. Crypto price volatility can lead to rapid collateral liquidations if asset values fall below required thresholds. As a result, these strategies typically require active monitoring and risk management.
Cometh positions itself as a bridge for traditional investors entering DeFi, helping clients navigate tools that can be technically complex. The firm recently secured a MiCA license in France, enabling it to expand its regulated operations within the European Union.
Beyond crypto, Cometh is also exploring ways to apply DeFi-style strategies to traditional financial assets such as stocks and bonds through tokenization frameworks linked to ISIN identifiers.
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