US Freezes $1B Iran Crypto

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Good Morning,

Here's a quick preview of today's content: Fraudster who spent stolen crypto on Dubai trips jailed, CFTC issues new rules for prediction markets, Coinbase completes Deribit integration, Crypto projects apply for Anthropic's security scanner, Senate presses Cantor Fitzgerald on Tether ties, and so much more

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Happy Monday - Let's dive in.

Market Snapshot

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• Bitcoin rebounds to $83,000 as Trump rules out Iran strikes before the midterms

  • BTC ETFs shed $679M in a weekly reversal, with ETH and SOL funds all in the red

  • ETH bets were wiped out at six times BTC's rate in crypto's $1B flush, with $356M in ETH liquidated

  • SUI (+54%), NEAR (+83%), and AERO (+48%) all outpace BTC and ETH over four weeks

• Speculators move 55K BTC to exchanges as traders price in more downside

Prediction Markets

• Which CFB team is taking the National Championship this year?

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Headline Roundup
^{_{The major headlines driving crypto markets}}

• Treasury threatens to freeze $1B of Iran's crypto (BM)

• Ledger hardware wallets hit in $70M attack (BBG)

• Senate presses Cantor Fitzgerald on Tether ties (DC)

• Crypto projects apply for Anthropic's security scanner (CT)

• New York secures industry ban from ex-Celsius CEO (DC)

• DWF Labs sues BitGo for $141M (DC)

• Former FTX COO says 'Altruists' trailer 'made me physically throw up' (TB)

• Mastercard CEO sees cross-border stablecoin use (BBG)

• Tokenized stocks show demand but remain volatile and illiquid (DC)

• Coinbase and Robinhood hold more money than forex pool (FM)

• HSBC and Ant Digital test AI payments (CT)

• MARA transfers $81.1M in bitcoin to Galaxy Digital (CD)

• Papertrade traders lose $18.2M (TD)

• Nearly half of APAC consumers open to using stablecoins (CD)

• Blockchain.com seeks approval for prediction market (DC)

• Coinbase and Gennius plan stablecoin access (TD)

• Zcash sets target for quantum-resistant payments (CD)

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Venture Capital

• Meanwhile, a life insurance backed by Bitcoin, raises $37.5M from Bain Capital Crypto, with participation from Haun Ventures, Framework Ventures, and more (DC)

Access the complete VC deal flow on Fundable.

Launches

• XRP adds new controls for tokenized funds (CD)

• Coinbase completes Deribit integration (TD)

• Telegram rolls out Money wallet (TD)

• Papertrade sets 1000x perps launch (TD)

• Tron's post-quantum cryptography goes live (CT)

Regulation

• CFTC issues new rules for prediction markets (DC)

• UK targets two exchanges in Russian sanctions (DC)

• Kalshi investigates bets on Trump's press secretary pick (TB)

• France rejects budget for stablecoin tax (DC)

• EU limits ESMA rule to crypto giants (FM)

• Thailand issues bitcoin and ether ETF rules (TB)

Cybersecurity

• XRP Ledger patches decade-old bug (TB)

• Darknet marketplace creator gets 40 years (DC)

• France is world's most dangerous place for Bitcoiners (CT)

• Coldcard investigates phishing link on its X account (CT)

• Fraudster who spent stolen crypto on Dubai trips jailed (DC)

Extra Reads

• A year ago, $19B in leveraged crypto bets were wiped out in a single day, and since then, liquidity has rebuilt, but the leverage and crowded positioning that caused the crash are still very much in place - Here's what crypto did and didn't learn from its $19 billion wake-up call

Chart of the Day

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*DISCLAIMER: Investment advice provided by Autopilot advisers LLC, an SEC registered investment advisor. Past performance does not guarantee future results. Investing carries risks including the risk of the loss of principal. Performance doesn't include fees. See more here.