Crypto Industry News & Market Trends

FlightAware withdraws Kalshi lawsuit after flight market dispute

FlightAware has voluntarily dismissed its lawsuit against prediction market operator Kalshi just one day after accusing the company of improperly using its flight data and trademark for cancellation contracts.　　According to a Tuesday filing with the U.S. District Court for the Southern District, FlightAware voluntarily withdrew the legal action that it had brought against Kalshi on Monday, ending the case shortly after seeking emergency court intervention.　　The flight-tracking company had also requested a temporary restraining order that would have barred Kalshi from activities involving FlightAware while the dispute was being considered. The request did not proceed after the company dismissed the case.　　FlightAware did not provide a public explanation in the supplied filing for why it withdrew the lawsuit so quickly. Corporate lawyer and Givner Law founder Ariel Givner said on X that such a rapid withdrawal after seeking a temporary restraining order can point to a private resolution between the parties.　　“When a plaintiff drops a case this fast after demanding a TRO, it usually means the parties worked something out privately,” Givner said.　　FlightAware lawsuit had targeted Kalshis cancellation markets　　Filed Monday, FlightAwares complaint accused Kalshi of improperly using its data and trademark to operate prediction markets tied to whether flights would be canceled.　　The

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Brad Lightcap Becomes Latest OpenAI Executive to Head for Exit

Brad Lightcap, a longtime OpenAI executive and former chief operating officer, has announced that he is leaving the company after 8 years to start a new venture. 　　The announcement adds to a wave of senior exits at the artificial intelligence (AI) firm.　　Brad Lightcap Exits OpenAI to Launch New Venture After 8 Years　　Lightcap shared the message he sent to his team on X. He joined OpenAI in 2018 and helped build its finance, legal, and business teams. He became the firms chief operating officer in 2024.　　Sponsored　　Sponsored　　Lightcap then moved to a special projects role in April. At the time, the firm named Denise Dresser, chief revenue officer, to take over some of his responsibilities.　　Chief Executive Sam Altman publicly thanked Lightcap and said he looked forward to working “together on whats next.” Lightcap said he would remain around for a few weeks.　　“I feel incredibly fortunate to have spent most of the last decade pursuing our mission and building this company. Sitting here today, mission success feels within sight. It has been the honor of my life to help bring us to this point, and to do it alongside all of you,” he said.　　Follow us on X to get the latest news as it

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SBI plans Japan-Korea stablecoin network on Canton

SBI Digital Practice and South Koreas Nodeinfra agreed to jointly develop a cross-border payment and settlement network between Japan and South Korea using Canton Network infrastructure.　　The companies announced the memorandum of understanding on Aug. 7, calling the initiative Project Musubi. The first phase will use yen-denominated and won-denominated test tokens rather than live commercial stablecoins, according to SBIs release.　　The project is designed to address the current use of the U.S. dollar as an intermediary in some Japan-Korea settlements. SBI said sequential settlement through a dollar vehicle can create additional friction and settlement risk. Project Musubi instead plans to settle both sides of a currency exchange simultaneously on Canton.　　SBI stablecoin payment network starts with test tokens　　The initial testing phase will use a yen test token and a won test token. SBI and Nodeinfra said they intend to move toward regulated stablecoins when the legal frameworks in each market allow it. The companies did not provide a commercial launch date or name participating banks, exchanges or payment firms.　　SBI Digital Practice and Nodeinfra Partner to Launch Cross-Border Stablecoin Payment Network Connecting Japan and South Korea　　Japanese financial powerhouse SBI Group, through its Canton Network-focused entity SBI Digital Practice (SBIDP), has signed a Memorandum of

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Crypto.com adds 1,500 U.S. stocks and ETFs through tokenized derivatives

Crypto.com has launched tokenized stock derivatives tied to 1,500 U.S. equities and ETFs, giving eligible users access to the products from $1 with trading available around the clock.　　SummaryCrypto.com has launched tokenized derivatives tracking 1,500 U.S. stocks and ETFs for eligible users in the EEA and other approved markets.Users can start with $1 and trade the products around the clock, including instruments tied to Apple, Nvidia, Tesla, GLD and SLV.The products provide synthetic price exposure without ownership or shareholder rights, although eligible users may receive dividend equivalent adjustments.The underlying assets supporting the products are held with U.S. regulated broker dealer Alpaca.　　According to Crypto.coms official announcement on Wednesday, the Tokenized Stocks offering is available through its app to eligible users in the European Economic Area and other approved jurisdictions, with products tracking companies including Nvidia, Tesla and Apple.　　The initial selection also covers exchange-traded funds such as SPDR Gold Shares and iShares Silver Trust, which provide exposure to gold and silver, respectively. Crypto.com said the products support fractional positions, fast settlement, and 24/7 trading outside the normal hours of U.S. stock exchanges.　　Unlike buying shares through a traditional broker, however, Crypto.com users are not purchasing the underlying stocks. The Tokenized Stocks are derivative financial

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ASIC shuts crypto exchange Yepbit websites after investors report blocked withdrawals

The Australian Securities and Investments Commission has taken down several websites linked to Yepbit after investors reported being unable to withdraw funds from the digital asset and futures trading platform.　　ASIC said it received multiple reports from investors who could not retrieve money held through Yepbit, which presents itself as a global trading platform and offers its services to users in Australia. The regulator has now cautioned consumers against dealing with the firm and added warnings to its Investor Alert List.　　Yepbit has also told investors that their funds were unavailable because ASIC had frozen the money while the platform underwent regulatory checks or audits, according to the watchdog. ASIC rejected that explanation and said it had taken no action preventing Yepbit from returning investor funds.　　The regulator said the statements were false and were being used to deflect withdrawal and refund requests from customers.　　Yepbit withdrawal complaints trigger ASIC warning　　At the same time as investors reported problems withdrawing money, ASIC found that Yepbit did not hold an Australian Financial Services Licence, or AFSL, authorizing it to provide financial services in the country.　　Yepbit was also not registered as a virtual asset service provider with the Australian Transaction Reports and Analysis Centre, according to ASIC.　　Under

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Australian regulator takes down Yepbit websites as investors report blocked withdrawals

Quick TakeASIC removed several Yepbit websites after investors reported being unable to withdraw funds from the unlicensed digital assets and futures trading platform.The regulator denied Yepbits claims that it had frozen investor funds, saying the platform lacks an AFSL and AUSTRAC VASP registration.　　The Australian Securities and Investments Commission has joined regulators from other jurisdictions in issuing alerts against Yepbit, saying the digital assets and futures trading platform is operating in Australia without the required financial services authorization.　　In a statement released Wednesday, the regulator said it had removed several websites purportedly operated by Yepbit after receiving reports from investors who said they could not access their funds.　　“ASIC has taken action to protect consumers through its website takedown capability, by removing several websites purportedly operated by Yepbit,” the regulator said. “We have also issued warnings on our Investor Alert List.”　　According to the statement, investors told ASIC that Yepbit had claimed the regulator froze their funds while the platform complied with ASIC audits or regulatory requirements. ASIC said those claims were false and that it had not taken steps to prevent the return of funds held by Yepbit.　　ASIC has previously issued four alerts on Yepbit websites, with the first warning added March 9

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Binance CSO says crypto faces no immediate quantum threat

Binance Chief Security Officer Jimmy Su said current quantum computers cannot break the cryptography protecting major digital assets, including Bitcoin and Ethereum, while warning that the industry needs to prepare before that changes.　　Su addressed the issue in an Aug. 11 Binance post covering five common questions about quantum computing.　　Su said “current quantum computers are nowhere near the scale and reliability needed to break the cryptography protecting digital assets.” He described quantum computing as a long term security concern rather than an immediate threat to users.　　Is quantum computing a real threat to your crypto today？　　Binances CSO answers five key questions on the real timeline, the real risks, and how Binance is preparing.　　Google research lowered the estimated quantum resources needed　　The concern centers on Shors algorithm, which a sufficiently capable quantum computer could use to solve the mathematical problem behind elliptic curve cryptography. In theory, an attacker could derive a private key from an exposed public key and forge transactions. No quantum computer capable of doing that currently exists.　　Google Quantum AI sharpened the debate in March. Its research estimated that breaking a 256 bit elliptic curve could eventually require fewer than 500,000 physical qubits and take minutes under specified hardware assumptions. That represents

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Live updates: Bitcoin at $63,600 as Japan's Metaplanet moves 3,881 BTC between wallets

AI earnings lift stock futures as markets brace for July inflation data　　US stock futures rose Wednesday as strong AI earnings lifted sentiment before todays inflation data.　　CoreWeave surged 16% after hours on booming AI-compute demand and Super Micro rallied 7.6% on a revenue forecast that topped the highest estimates, pushing Nasdaq 100 futures up 0.3%. Koreas Kospi jumped 4%, with Samsung and SK Hynix both up about 6%.　　The bigger event lands at 8:30am ET, when July CPI is expected to show headline inflation easing to 3.4% from 3.5%.　　Its the first inflation read since the weak jobs report cut September rate-hike odds to about 36%, and a soft print would firm the case for the Fed to hold.

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Metaplanet moves 3,881 BTC as paper loss nears $1.4B

Metaplanet moved 3,881 Bitcoin worth about $247.3 million from wallets tracked by onchain analysts on Aug. 12, drawing attention to the Japanese companys large corporate treasury as Bitcoin traded near $63,600.　　SummaryLookonchain tracked 3,881 BTC leaving Metaplanet linked wallets, worth roughly $247 million during Wednesday transfers.Metaplanet officially reported 43,000 BTC holdings in July and has not announced any Bitcoin sale.The transferred amount equals about 9% of Metaplanets last officially disclosed 43,000 BTC treasury balance.Bitcoin traded near $63,600, leaving Metaplanets reported acquisition costs deeply underwater on a mark-to-market basis.Hut 8 separately transferred 493 BTC worth about $31 million during the same trading window.　　Lookonchain first reported a 1,473 BTC transfer worth about $93.8 million, then said total outflows over roughly three hours had reached 3,881 BTC in a later post.　　Metaplanet was not the only corporate Bitcoin holder moving funds. Lookonchain also reported that Hut 8 transferred 493 BTC worth about $31.36 million roughly three hours earlier. The analyst did not identify the purpose of Hut 8s transfer, and the company had not announced a related Bitcoin sale.　　Neither transfer establishes that Bitcoin was sold. Metaplanet had not published a disclosure announcing a sale or explaining its wallet movements when checked Wednesday, while Hut 8

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Erebor Bank nears $1.5B raise at $8B pre-money valuation

Crypto friendly Erebor Bank is nearing a roughly $1.5 billion funding round at an $8 billion pre-money valuation, according to people familiar with the discussions cited by the FT.　　The talks come only six months after the Columbus, Ohio lender received final approval to open as a U.S. national bank. Erebor has not announced the financing and declined to comment to the newspaper, meaning the size, valuation and investor commitments remain subject to change.　　Lux Capital, Human Capital, Valor Equity Partners, Andreessen Horowitz and SV Angel are expected to make commitments, while existing investors 8VC and Haun Ventures are also reportedly participating. The $8 billion figure is before the proposed new capital is added. If the full $1.5 billion closes on those terms, the resulting valuation would be about $9.5 billion.　　Erebor Bank deposits have climbed above $4 billion　　Regulatory figures give some support to the growth behind the fundraising talks. Erebors latest call report showed about $4.06 billion in deposits and roughly $4.66 billion in assets at the end of June, compared with around $1.1 billion in deposits at March 31.　　The FT reported that deposits increased further to $4.6 billion by the end of July, citing a person familiar with the figures. That

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