FTX legal adviser Fenwick settles customer lawsuit for $54m

Fenwick & West has agreed to pay $54 million to settle a class action lawsuit filed by former FTX customers who accused the law firm of helping facilitate fraud at the collapsed cryptocurrency exchange.Fenwick & West has agreed to pay $54 million to settle claims that it helped FTX conceal the misuse of customer funds.Former FTX customers alleged that the law firm advised on legal structures tied to Alameda Research, North Dimension, and unlicensed financial operations.  According to court filings tied to the proposed settlement, the Silicon Valley law firm reached the agreement after initially trying to dismiss the case brought by former FTX users in 2023. The settlement still requires approval from a U.S. judge before it can take effect.  Former customers of the exchange alleged that Fenwick played a central role in legal and corporate arrangements that allowed FTX and its affiliated trading firm, Alameda Research, to move and commingle customer funds without proper safeguards. Plaintiffs claimed the firm helped create structures and entities designed to obscure how customer assets were handled inside the FTX group.  Court records from the original complaint alleged that Fenwick also advised FTX on legal strategies intended to avoid money transmitter licensing requirements in some jurisdictions.  Earlier

05-25

Hyperliquid (HYPE) is emerging as a challenger to traditional exchanges and prediction markets, says FalconX

Crypto trading platform Hyperliquid is beginning to compete with traditional exchanges and prediction market operators as it expands beyond perpetual futures trading, according to a new report from FalconX.  Senior crypto market strategist David Lawant outlined how Hyperliquid‘s recent moves into pre-IPO markets, prediction contracts and tokenized real-world assets are broadening the platform’s appeal beyond crypto-native traders.  “Hyperliquid is seeing traction as demand for its HIP-3 markets expands to include pre-IPO markets,” the report said.  Hyperliquid first gained traction through crypto perpetual futures, a type of derivatives contract that dominates offshore digital asset trading. The platforms native token, HYPE, has skyrocketed 94% over the past three months. But FalconX said newer products could push the platform into more direct competition with firms such as CME Group, Intercontinental Exchange-backed prediction market Kalshi and Polymarket.  The report pointed to growing activity in Hyperliquids HIP-3 markets, which allow users to trade assets including equities, commodities, forex and pre-IPO contracts around the clock. FalconX said those markets gained attention after traders used them to speculate on companies such as Cerebras, Anthropic and SpaceX before public listings.  The platform has also begun rolling out HIP-4 outcome markets, which function similarly to prediction markets by allowing traders to bet on binary

05-25

Tether targets Georgia with lari-backed stablecoin launch 

Tether and the Government of Georgia plan to launch GEL₮, a stablecoin representing the Georgian lari. Tether and Georgia plan GEL₮ as a digital version of the Georgian lari for payments.GEL₮ will target lower transaction costs, fast settlement, programmable payments, and cross-border digital transfers.Georgias framework covers reserves, redemption rights, issuer oversight, AML rules, and U.S. rule alignment.  In a Monday announcement, Tether said the project would place Georgias national currency on digital asset rails under a purpose-built stablecoin framework.  The company said GEL₮ is designed for lower transaction costs, near-instant settlement, programmable payments, and digital value transfers. Further details on the tokens structure, rollout, and regulatory setup will be announced later.  Georgia targets lari-backed stablecoin payments  GEL₮ is expected to support digital payments, cross-border commerce, fintech products, and value transfers across Georgia and the wider region. Tether said the token will work as a digital version of the Georgian lari, not a dollar-backed asset.  The move comes as stablecoins keep growing as payment and settlement tools. Tether said USD₮ has a market capitalization approaching $190 billion, while crypto.news market data recently placed USDTs market cap near $189.5 billion.  Georgia has already supported digital asset payments in some public finance use cases. Tether said the country allows

05-25

Chinese Yuan Hits 3-Year High Amid Iran Oil Deals as Petrodollar Threat Intensifies

As the strategic chokepoint of the Strait of Hormuz experiences severe supply disruptions in energy history due to the ongoing regional conflict, the long-debated emergence of the “petroyuan” is rapidly turning from a theoretical concept into an active market reality, leaving clear technical marks on the foreign exchange charts.  Is the Petrodollar Dead?  The traditional petrodollar system is facing its most significant structural challenge in half a century, but it is not collapsing overnight. The displacement of the dollar in Iranian energy settlements represents a localized erosion of greenback hegemony rather than an immediate liquidation of the global reserve currency.  While the US dollar remains the dominant medium for international trade and liquid treasury markets, bilateral trade networks operating outside of the SWIFT system are expanding. Investors are closely monitoring how this monetary fragmentation will redirect global liquidity—and whether it will ultimately serve as a massive macro catalyst for decentralized digital assets.  Petrodollar Analysis: The Yuans Bullish Run Against the Dollar  A closer look at the weekly CNY/USD chart reveals the undeniable strength of the Renminbi over the past year. Following a cyclical bottom in late 2024 near 0.1365, CNY/USD entered a powerful, well-defined ascending channel.  CNY/USD Weekly Chart Technical Highlights:Current Price: 0.1473 (3-Year High)Moving Average

05-25

Ripple EX-CTO Mocks Lawsuit Claiming Ownership of 3.7 Million Abandoned Bitcoins

A lawsuit filed in a New York court in May 2026 seeks to declare a claimant known as Noah Doe the legal owner of more than 39,000 dormant Bitcoin (BTC) wallets, targeting a combined 3.79 million BTC.  They reported the addresses to the NYPD and sent on-chain and press notices to potential owners, though questions have since emerged about whether the notifications actually reached the wallets that hold the funds.  Lawsuit Targets Satoshi Nakamotos Alleged Stash  The amended complaint names wallets attributed to Satoshi Nakamoto alongside early miner addresses, Casascius Coin holdings, and wallets linked to hackers and unidentified entities. The combined face value of those addresses runs into hundreds of billions of dollars at current bitcoin prices. Recurring debates about Satoshis alleged Bitcoin holdings and the Bitcoin creators identity have long shown how difficult it is to attribute early wallets with any certainty.  Ripple CTO David Schwartz, known on X as JoelKatz, offered a dry take on the case. One post had observed that a court might one day approve “something dumb like this” and that any such ruling would carry little practical weight. Schwartz, who recently flagged a major BitLocker security flaw and shared his meme coin investing views, agreed but carved

05-25

Programmable Privacy Is Live: Panther Protocol Deploys on Polygon

This community-driven milestone introduces a new primitive for decentralized finance: programmable privacy — infrastructure designed to enable confidential on-chain interactions while supporting verifiable compliance when required.  The Panther interface is accessible at: https://pantherdao.app  A New Phase for Privacy in DeFi  Panther combines zero-knowledge cryptography, non-custodial architecture, and DAO governance to explore how privacy and accountability can coexist in decentralized environments.  Users interact directly with smart contracts while retaining full control of their assets, with cryptographic proofs generated locally in their own browser or device.  Compliance Without Surveillance  The initial deployment includes a compliance-enabled zone powered by credentials issued by independent providers such as AMLBot via PureFi tooling.  Participants present zero-knowledge attestations on-chain, allowing the protocol to verify eligibility without exposing personal data or transferring identity information to the DAO or protocol infrastructure.  This model demonstrates a path toward privacy-preserving compliance compatible with institutional participation.  Connected to Real DeFi  The system is designed to integrate with existing decentralized liquidity sources, enabling confidential interactions without isolating users from broader DeFi markets.  Panther Reward Points (PRPs)  The network introduces Panther Reward Points (PRPs), a participation-based mechanism that recognizes protocol activity.  Users accrue PRPs through actions such as interacting with privacy-enabled zones and other qualifying protocol interactions, according to rules defined by Panther DAO governance.  PRPs are intended

05-25

New Zealand Dollar: Rangebound versus US Dollar on RBNZ repricing – BBH

Finance  New Zealand Dollar: Rangebound versus US Dollar on RBNZ repricing – BBH  Brown Brothers Harrimans (BBH) Elias Haddad expects the RBNZ to hold the Official Cash Rate (OCR) at 2.25% this week, while swaps price 125 bps of tightening over the next year. Haddad anticipates the updated OCR track will signal a more muted cycle and sees scope for lower New Zealand rate expectations, keeping NZD/USD confined to a 0.5800-0.6000 range.  Muted tightening path caps New Zealand Dollar  “The RBNZ is widely expected to leave the Official Cash Rate (OCR) unchanged at 2.25% for a third straight meeting.”  “The swaps market implies a 25bps RBNZ rate hike at the July 8 meeting, and a total of 125bps of tightening over the next twelve months to 3.50%.”  “The RBNZ updated OCR path will likely remain consistent with a more muted tightening cycle, totaling 75bps of hikes by 2029.”  “Bottom line: scope for a downward adjustment to NZ rate expectations is a headwind for NZD.”  “NZD/USD should continue to trade within a narrow 0.5800-0.6000 range in the near term.”

05-25

How IronWallets Multi-Chain Support Works for Stablecoin Holders

Stablecoin holders in 2026 rarely sit on a single network. USDT exists as TRC-20 on Tron, ERC-20 on Ethereum, BEP-20 on BNB Chain, and SPL on Solana. USDC spans Ethereum, Solana, Base, Polygon, and other networks.  Holding stablecoins across chains used to mean managing separate wallets per network, switching apps to check balances, and buying gas tokens just to move funds.  IronWallet is a non-custodial multi-chain wallet with no KYC, 10,000+ supported assets, gasless stablecoin transfers, and WalletConnect Pay integration.  The wallet handles assets across Bitcoin, Ethereum, Solana, BNB Chain, Tron, Polygon, and Base, with broader IronWallet stablecoin features built around multi-chain crypto wallet 2026 workflows.  Stablecoin Coverage Across the Networks IronWallet Supports  Each of the major networks IronWallet supports carries its own stablecoin ecosystem:Ethereum: ERC-20 USDC, USDT, and DAI, the original stablecoin home where most institutional supply still livesTron: TRC-20 USDT, which carries roughly half of all USDT circulating supply and most peer-to-peer USDT transfer volume globallySolana: SPL USDC and USDT, with sub-second confirmations and near-zero transfer costsBNB Chain: BEP-20 USDT, USDC, and other major stablecoins with low fees and fast confirmationPolygon: USDC and USDT with Layer 2 efficiencyBase: Native USDC, increasingly common for Coinbase ecosystem stablecoin users  One application covers all of the above.

05-25

Japanese Yen slides as Mideast uncertainty counters weak USD

Finance  Japanese Yen slides as Mideast uncertainty counters weak USD  The USD/JPY pair attracts some dip-buyers following a bearish gap opening on Monday and reclaims the 159.00 mark during the early part of the European session. Moreover, spot prices remain well within striking distance of a three-week high, touched last Thursday, and seem poised to appreciate further amid mixed signals over a potential US-Iran peace deal.  Developments over the weekend fuel hopes for a potential deal to end a nearly three-month-long Iran war and boost investors‘ confidence, undermining the US Dollar’s (USD) reserve currency status. However, the US and Iran remained at odds over key issues, including blockades on the Strait of Hormuz and Tehrans nuclear program. US President Donald Trump said on Sunday that he had told his representatives not to rush into any deal with Iran. This keeps geopolitical risks in play and caps the market enthusiasm.  Furthermore, traders have nearly fully priced in at least one 25 basis points (bps) interest rate hike by the US Federal Reserve (Fed) in early 2027, which helps limit deeper USD losses. Meanwhile, investors remain worried about economic risks stemming from the continued disruption of energy supplies. This, in turn, undermines the Japanese Yen (JPY)

05-25

Why is the Australian Dollar rising despite weakening RBA rate hike odds?

Finance  Why is the Australian Dollar rising despite weakening RBA rate hike odds?  AUD/USD holds ground after two days of losses, trading around 0.7170 during the early European hours on Monday. The pair appreciates as the Australian Dollar (AUD) receives support from fading safe-haven demand in anticipation of the United States (US)-Iran accord. Current reports suggest that the two nations are nearing an agreement centered on a 60-day ceasefire extension.  As part of a potential US-Iran peace deal, the Strait of Hormuz would reopen, Iran would clear the mines it deployed in the waterway and permit free shipping passage, and the United States would respond by lifting its current blockade on Iranian ports.  However, the Australian Dollar may face upcoming challenges against the US Dollar as expectations for further monetary tightening by the Reserve Bank of Australia (RBA) have weakened. This shift in sentiment follows a surprise rise in the nations jobless rate, which has dampened forecasts for future interest rate hikes.  According to recent data, Australias unemployment rate unexpectedly climbed to 4.5% in April, up from 4.3% in March. This spike marks the highest jobless level the country has seen in about four and a half years.  In response to the economic data, financial markets

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