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South Africa’s Crypto Future at Stake as Luno Fights for Balanced Regulations

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Brian Armstrong's Bold Prediction: AI Agents Will Soon Dominate Global Financial

TLDR:

  • South Africa’s draft Capital Flow Management Regulations propose approval requirements for all crypto transactions above a set threshold.
  • Luno is preparing a formal submission urging the National Treasury to classify locally held crypto assets as onshore assets.
  • The draft rules require users to declare all crypto holdings within 30 days of the regulations taking effect in South Africa.
  • Luno is collaborating with industry stakeholders to present a unified response aimed at shaping a fair and practical regulatory outcome.

Luno is calling for a fairer regulatory framework as South Africa’s National Treasury reviews its draft Capital Flow Management Regulations.

The proposed rules introduce new controls on crypto asset transactions, including approval requirements and declaration obligations.

Luno, a licensed crypto asset service provider in South Africa, has raised concerns about the practical effects these rules may have on everyday users.

The exchange is preparing a formal submission to the Treasury and is working alongside industry stakeholders to shape a more balanced outcome.

Why Luno Is Pushing Back on the Draft Rules

The draft regulations propose extending exchange control requirements to all crypto asset transactions. This goes beyond the traditional scope of South Africa’s existing capital flow rules. Ordinarily, such controls apply when capital moves across borders, not within the country itself.

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Under the current proposal, any transaction to buy, sell, borrow, or lend crypto above a yet-to-be-determined threshold would need National Treasury approval.

This applies even to transactions between two parties located within South Africa. Luno argues that this level of oversight is disproportionate for domestic activity.

LunoGlobal has stated publicly that while it supports modernising the ageing exchange control framework, the current draft poses hurdles for everyday crypto users.

These hurdles, the exchange warns, could slow South Africa’s growth as a global fintech leader. Luno’s concern is that the rules create friction without adequate justification.

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The exchange is now collaborating with other crypto industry players to build a collective response. The goal is to ensure that the industry’s voice carries weight in the Treasury’s final decision.

Luno believes a coordinated approach will lead to a more practical and fair outcome for all South African crypto users.

What Luno Wants and How Users Can Participate

At the centre of Luno’s advocacy is a specific classification request. The exchange wants crypto assets held on a licensed local provider to be treated as onshore assets.

This would mean such holdings do not count against offshore investment thresholds like the Single Discretionary Allowance or the Foreign Investment Allowance.

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The draft also requires users to declare all crypto holdings within 30 days of the regulations coming into force. Users seeking transaction approval must also state the intended purpose of that transaction.

If the purpose changes, they may be required to sell their crypto assets, adding further complexity to routine activity.

Luno’s formal submission to the National Treasury will advocate for a framework that addresses illicit activity without burdening ordinary users.

The exchange has made clear that compliance and growth should not work against each other. A well-designed framework can achieve both, without unnecessary restrictions.

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The public participation phase is currently open, and the Treasury has invited comment from all parties. Members of the public can submit their views by emailing the National Treasury directly.

The full draft regulations are available on the National Treasury’s official website for anyone wishing to review them before submitting comments.

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Tether pushes deeper into Bitcoin with open-source MDK mining stack

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Tether releases open-source mining software for Bitcoin

Tether’s open-source MDK unifies Bitcoin mining control in a JS and React stack, aiming for AI-ready, vendor-agnostic automation from home rigs to gigawatt farms.

Summary

  • On April 27, Tether launched the open-source Mining Development Kit (MDK), a full-stack Bitcoin mining framework that unifies hardware control and monitoring through a JavaScript SDK and React UI library.
  • MDK is designed to replace fragmented, vendor-locked mining tools with a modular, AI-ready architecture that can scale from home miners to gigawatt-scale industrial operations across Windows, macOS, and Linux.
  • CEO Paolo Ardoino pitched MDK as the foundation for “automation and optimization” in fully autonomous mining workflows, signaling a strategic expansion for Tether beyond its core stablecoin business.

MDK turns mining stack into programmable software layer

Tether has released its Mining Development Kit as an open-source “infrastructure layer” for Bitcoin mining, giving developers and operators a single software stack to control rigs, power systems, and monitoring tools from hobby setups to multi-site industrial farms.
In its launch materials, the company described MDK as a “full‑stack development framework” that lets users “control and operate their entire infrastructure within a single environment,” replacing siloed tools and proprietary dashboards with one extensible platform.

At a technical level, MDK combines a JavaScript backend SDK for real-time device control with a React-based UI component library for building custom dashboards, alert panels, and configuration views on top of mining hardware.
According to Tether, the framework uses a capability-based architecture in which mining devices expose standardized functions while independent “worker” modules and a central orchestration layer coordinate automation, data collection, and optimization across fleets of ASICs.

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The system is designed to run natively on Windows, macOS, and Linux and to remain agnostic to hardware vendors, allowing operators to plug in new devices or cooling systems without rewriting the core stack. Tether argues that this open model “removes vendor lock-in and reduces switching costs,” giving miners more control over their data and operational logic as they scale or reconfigure deployments.

Ardoino touts AI-ready, autonomous mining future

The MDK launch follows Tether’s decision in February to open-source its MiningOS (MOS) platform, with MDK positioned as the programmable developer layer that now sits beneath MOS to power custom workflows and integrations. Industry outlet Techflame quoted CEO Paolo Ardoino as saying MDK will provide “infrastructure support for the next generation of Bitcoin mining focused on automation and optimization,” framing the kit as a way to standardize control systems for an industry moving toward AI-assisted operations.

On X, Ardoino added that, “based on the vast experience we gathered from MiningOS, we are launching today MDK, a Mining Development Kit that allows for maximum flexibility in building mining orchestration and monitoring tools.” Tether’s launch notes say developers can integrate MDK with external services, automation frameworks, or AI agents, enabling “AI-based optimization” of energy usage, hash rate allocation, and maintenance scheduling across distributed facilities.

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Commentators see the move as deepening Tether’s ambition to become not only the largest issuer of the USDT stablecoin but also a key software and infrastructure provider in Bitcoin mining. By open-sourcing MDK under a permissive model and targeting everything from home miners to gigawatt-scale operations, Tether is betting that a shared, programmable stack will become the default control layer for an increasingly industrialized mining sector.

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ASTER Price Breaks Key Support as RSI Weakens and Whale Selling Intensifies

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Brian Armstrong's Bold Prediction: AI Agents Will Soon Dominate Global Financial

TLDR:

  • ASTER price today drops below the $0.66 support after repeated tests, confirming a shift from range trading to bearish movement
  • RSI hits a three-month low near 35, showing weak momentum with room for further downside before oversold levels
  • Whale transferred over 34 million tokens to exchanges, increasing supply and adding pressure on short-term price action
  • ASTER price today eyes $0.60 and $0.55 zones as next targets, while resistance forms near the previous support range

ASTER price is under pressure as the token trades near $0.63–$0.65, following heavy selling and a breakdown below key support.

Market activity shows increased volatility, with technical signals and whale movements shaping short-term direction.

ASTER Breakdown Deepens as Selling Pressure Builds

The recent ASTER price action today reflects a clear shift from range stability to downside movement. The asset traded within a tight band between $0.6900 and $0.6650 throughout April. That structure has now failed after the price broke below the lower boundary.

A tweet from Ardi noted that ASTER is “beginning to break down aggressively,” citing a combined RSI at a three-month low.

The post also referenced a prior capitulation near $0.40, drawing comparisons with current market weakness. The breakdown followed repeated tests of support, which eventually gave way.

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Once the $0.6600 level failed, the price dropped quickly toward the $0.6218 region. This move swept liquidity below recent lows, often linked to stop-loss triggers.

At the same time, RSI readings hovered around the mid-30s, showing sustained bearish momentum without reaching oversold levels.

Resistance has now shifted lower. The $0.6600–$0.6650 zone is acting as a barrier, with sellers likely defending this range. A move back toward this level may face renewed pressure, especially if volume remains weak.

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Short-term projections suggest a possible bounce near the $0.62 region. However, this rebound may not hold if broader selling continues. The structure remains tilted to the downside unless price reclaims lost support levels.

Whale Activity and Ecosystem Growth Shape ASTER Outlook

Beyond chart movements, ASTER price is also reacting to notable on-chain activity. A large holder recently transferred 34.62 million tokens, valued at nearly $22.95 million, to exchanges. This move came from a wallet that accumulated 68.25 million ASTER at a higher average price.

Following this transfer, the asset recorded a drop of about 4.4%. At the same time, the top 100 addresses reduced holdings by over 62% within a single day. This sharp reduction points to increased supply entering the market.

Despite the selling pressure, the Aster ecosystem continues to expand. The platform recently crossed 15 million registered users, ranking among the largest perpetual decentralized exchanges. Growth in user numbers reflects rising participation, even during price weakness.

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The launch of the Aster Chain mainnet in March 2026 added new features, including stealth addresses and zero-gas transactions for selected activities. These updates aim to improve user experience and attract more activity to the network.

Looking ahead, staking and governance features are scheduled for release in Q2 2026. These additions could encourage token locking and reduce circulating supply. However, competition remains strong, with rival platforms gaining market share during the same period.

For now, ASTER price today continues to track both technical weakness and external selling pressure. Price remains below former support, with attention shifting toward lower liquidity zones near $0.55–$0.60. Market participants are watching whether the asset stabilizes or extends its decline.

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Paxos, Toku Add Yield to Stablecoin Payroll Balances

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Paxos, Toku Add Yield to Stablecoin Payroll Balances

Paxos Labs has integrated its Amplify platform with Toku to let employees earn yield on stablecoin salaries as soon as they are paid, without moving funds off-platform or giving up custody.

The feature applies to balances held in Toku wallets, allowing users to opt in and earn yield on USDC (USDC), USDt (USDT) and USDG (USDG) with no lockups or withdrawal delays. The rollout extends across Toku’s payroll network, which it said processes more than $1 billion annually for workers in over 100 countries and integrates with systems including ADP, Workday, Gusto and UKG.

The update addresses a limitation of stablecoin payrolls, where funds typically sit idle between pay cycles. Embedding yield directly into balances allows users to earn on their salaries without using external platforms or transferring assets out of their wallets.

The companies did not disclose how the yield is generated or what rates users can expect.

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Toku provides stablecoin payroll infrastructure through an API that connects to existing systems, enabling employers to offer crypto-denominated salaries without changing payroll workflows.

The feature operates on Paxos Labs’ Amplify platform, which lets companies integrate services such as yield and borrowing through a single connection.

Toku is a stablecoin payroll and employer-of-record platform, while Paxos Labs is a financial utility stack for digital assets incubated within Paxos.

Related: MiCA-licensed Banking Circle joins bank stablecoin settlement race in Europe

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Stablecoin payroll adoption accelerates globally

Stablecoin payroll adoption has been gaining traction as more workers use dollar-pegged tokens for income and everyday spending.

A February survey commissioned by BVNK and conducted by YouGov found that 39% of crypto users and prospective users across 15 countries receive income in stablecoins, while 27% use them for payments, citing lower fees and faster cross-border transfers.

The survey of 4,658 respondents also found that users hold about $200 in stablecoins on average globally, increasing to around $1,000 in higher-income markets. Those paid in stablecoins said the assets account for roughly 35% of their annual income, while reporting about 40% savings on cross-border transfers compared with traditional remittance methods.

Also in February, global payroll platform Deel said it would roll out stablecoin salary payments through a partnership with MoonPay, starting with workers in the UK and European Union before expanding to the United States. The feature allows employees to receive part or all of their wages in stablecoins directly to non-custodial wallets, with MoonPay handling conversion and onchain settlement.

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Deel, which claims to process about $22 billion in annual payroll, said the integration adds crypto settlement rails to its existing infrastructure while maintaining its payroll and compliance systems.

The total stablecoin market cap has grown from about $259 billion in July 2025, around the time the GENIUS Act was passed, to roughly $320 billion, according to DefiLlama data.

Total stablecoin market cap. Source: DeFiLlama

Magazine: Will the CLARITY Act be good — or bad — for DeFi?

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AAVE Goes Live on Solana in DeFi First as Price Prediction Targets $500 and Pepeto Offers 100x From $84

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AAVE Goes Live on Solana in DeFi First as Price Prediction Targets $500 and Pepeto Offers 100x From $84

This Solana price prediction arrives as AAVE’s governance token launched natively on the Solana network this weekend through Sunrise DeFi, backed by a Solana Foundation USDT loan that marks the first time the Foundation sent funds outside its own system, per Crypto Briefing.

SOL climbed from $80 lows to $84.25 while the Fear and Greed Index held at 33 in the fear zone, and Standard Chartered holds a $250 year-end target tied to the Firedancer upgrade.

The bigger question inside this Solana price prediction is not the $500 target. It is what happens when $500 goes into a presale at $0.0000001867 and one listing turns that into $50,000, a return the SOL forecast would need all of 2026 to come close to matching.

Solana Price Prediction After AAVE Launches Natively on the Network

Solana Foundation chair Lily Liu announced the USDT loan to Aave and said the AAVE token would arrive on Solana by the weekend. Trading opened through Sunrise DeFi and is now live across Jupiter, Backpack, Phantom, Raydium, and Meteora, per Crypto Briefing. This brings DeFi’s largest lending protocol, with roughly $15 billion in global deposits, directly into Solana’s total value locked.

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Solana hit $1.1 trillion in economic activity during Q1 2026, a massive jump from the prior quarter per Artemis, and the Firedancer validator client already runs on mainnet with 100,000 TPS capacity. The Solana price prediction has real weight behind it, but a $50 billion market cap means the returns that change lives sit somewhere else.

Solana Price Prediction and the Presale That Gets There Faster

Pepeto Presale Crosses $9.6 Million While the SOL Forecast Takes Shape

Most traders who wait for the SOL forecast to play out end up watching from the outside while early entries turn small amounts into six figures. The person behind Pepeto already proved what happens when a meme coin with 420 trillion tokens gets the right timing: the original Pepe hit $11 billion with no working product.

This time the same builder shipped a full exchange before the first presale dollar came in, and CoinMarketCap already lists a preview page that signals the listing is close.

A veteran from a top exchange’s listing team is running the launch. SolidProof gave every contract a clean audit before the presale opened. The only thing standing between this price and the open market is time.

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The presale has pulled $9.6 million at $0.0000001867 across a 420 trillion token supply, and each round fills faster than the last. PepetoSwap charges zero fees so the full position stays whole after every trade. The bridge sends tokens between Ethereum, BNB Chain, and Solana at no cost so nothing drains in transit. And the scanning tool reads every listed contract for hidden traps, giving regular traders the same safety layer that large wallets rely on.

SOL will draw more capital over the months ahead as the forecast plays out, but the wallets holding Pepeto at presale price are sitting on entries where $1,000 could become $100,000 on listing day. The same creator who already turned a 420 trillion supply meme coin into $11 billion backs this one, and 177% APY staking keeps adding to every position daily.

The day SOL finally reaches $500 and the market celebrates 480% gains, the Pepeto listing will already be history. The early wallets will already hold 100x. And the presale price will be the number that every trader who hesitated thinks about for the rest of the cycle.

Solana (SOL) Price at $84.25 as AAVE Goes Live and DeFi Deposits Flow In

Solana (SOL) trades at $84.25 per CoinMarketCap, recovering from April lows near $80 after AAVE launched natively on the network through Sunrise DeFi.

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Firedancer runs on mainnet with 100,000 TPS capacity, and Standard Chartered targets $250 by year-end. Support holds at $80 with resistance at $90, and the Alpenglow upgrade targeting sub-200ms finality is already live.

Changelly projects a 2026 peak near $107, while nine expert forecasts average $445. Even the aggressive $500 target delivers roughly 480% from here, strong for a Layer 1 coin but nowhere near the returns that presale entries with listing triggers produce from a single event.

Conclusion

The Solana price prediction rewards patience, but the wallets that turned crypto into life-changing money were never built by watching a $50 billion token grind higher for a year.

They were built by finding the moment where a proven creator, live tools, and presale pricing all collide, then buying before the listing reprices everything overnight.

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$9.6 million is already in, the listing date keeps drawing closer, and once trading opens this presale price is gone for good. The wallets entering through the Pepeto official website right now will own the positions that become the returns everyone else spends the rest of 2026 talking about.

Click To Visit Pepeto Website To Enter The Presale

FAQs

What does the Solana price prediction show for 2026 now that AAVE is live on the network?

Solana trades at $84.25 with Standard Chartered targeting $250 and expert forecasts averaging $445. AAVE went live natively on Solana via Sunrise DeFi this weekend, bringing roughly $15 billion in global lending deposits into the network’s DeFi layer, per Crypto Briefing.

Can Pepeto beat the SOL forecast from presale pricing?

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Pepeto at $0.0000001867 targets 100x once the listing goes live, delivering in days what the Solana price prediction needs a full year to reach. The presale raised $9.6 million with 177% APY staking and the listing approaching as the next major price trigger.


Disclaimer: This is a Press Release provided by a third party who is responsible for the content. Please conduct your own research before taking any action based on the content.

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Galaxy Digital Stock Jumps 5% Despite $216 Million Q1 Loss

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Galaxy Digital (GLXY) Stock Performance

Galaxy Digital (GLXY) posted a Q1 2026 net loss of $216 million. Yet shares flashed green, signaling investors were looking past crypto-driven drawdowns.

The result narrowed sharply from a $482 million net loss in Q4 2025. Galaxy also delivered its first data hall to CoreWeave. This marks a key milestone as the project shifts from the construction phase to revenue-generating operations.

Galaxy Digital (GLXY) Stock Rises 5% After Q1 Loss

GLXY shares climbed 5.23% to close at $26.36 on April 28, with another 1% added in after-hours trading, according to Google Finance.

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Galaxy Digital (GLXY) Stock Performance
Galaxy Digital (GLXY) Stock Performance. Source: Google Finance

Meanwhile, the firm said its $216 million net loss, alongside diluted and adjusted earnings per share of negative $0.49, largely reflected a roughly 20% contraction in the total cryptocurrency market capitalization during the first quarter.

Its Treasury and Corporate alone posted an adjusted gross loss of $140 million and an adjusted EBITDA loss of $167 million. Overall, the company’s adjusted EBITDA loss narrowed to $188 million from $518 million in the previous quarter. 

Digital Assets reported $49 million in adjusted gross profit. At the same time, its adjusted EBITDA came in at a loss of $19 million.

“Despite the pullback in digital asset prices and activity, adjusted gross profit remained broadly stable, reflecting a shift in the business mix as recurring fee revenue and transaction income continue to scale and provide greater resilience in softer market conditions,” the press release read.

Global Markets saw gross profit rise 3% quarter over quarter to $31 million. Asset Management and Infrastructure Solutions also contributed $18 million in adjusted gross profit during the first quarter of 2026.

The firm ended the period with approximately $5.0 billion in assets under management and $3.2 billion in staked assets, marking a decline driven by asset depreciation.

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Despite the broader market downturn, the segment recorded $69 million in net inflows during the quarter. This signalled continued organic growth.

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The post Galaxy Digital Stock Jumps 5% Despite $216 Million Q1 Loss appeared first on BeInCrypto.

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Japan Requests Real Estate and Crypto Firms Tighten AML Checks on Property Deals

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Japan Requests Real Estate and Crypto Firms Tighten AML Checks on Property Deals

Japan’s financial, law enforcement and real estate regulators have issued a joint guidance request warning that crypto assets pose money laundering risk in property transactions.

The request, published on Tuesday, was issued by the Ministry of Land, Infrastructure, Transport and Tourism, the Financial Services Agency, the National Police Agency and the Ministry of Finance. It was addressed to major real estate and crypto industry bodies, including the Japan Cryptocurrency Business Association and several national real estate federations.

“Crypto assets, which have the nature of being transferred instantly across national borders, are considered to pose a high risk of being used as a payment method in real estate transactions for the purpose of money laundering,” the request states.

Japan sends request regarding crypto usage in property deals. Source: FSA

The multi-agency request instructed real estate agents to conduct customer due diligence on any crypto-involved transaction under Japan’s Act on Prevention of Transfer of Criminal Proceeds, file suspicious transaction reports with regulators and notify police when criminal activity is suspected, bringing bank-style Anti-Money Laundering (AML) expectations into crypto property deals.

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Related: Japan approves bill to classify crypto as financial instruments

Japan warns against unregistered crypto in property deals

The request warned that converting crypto to fiat on behalf of clients may constitute “crypto asset exchange business” under the Payment Services Act, an activity that requires registration and carries legal risk if conducted without it.

It also asked crypto exchanges to watch for cases where a customer receives property sale proceeds in crypto and then attempts unusually large transactions that don’t match their financial background.

Furthermore, the document reminded firms that under Japan’s Foreign Exchange and Foreign Trade Act, anyone receiving crypto worth more than 30 million Japanese yen (approximately $180,000) from overseas must file a payment report with authorities.

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Related: Japan to test government bonds as digital collateral on Canton

Japan classifies crypto as financial instrument

Earlier this month, Japan amended its Financial Instruments and Exchange Act to classify crypto assets as financial instruments, moving them out of the payments category and into the same regulatory framework as traditional securities.

The change bans insider trading and other market manipulation involving undisclosed information, and requires crypto issuers to publish annual disclosures. Penalties for unregistered crypto exchanges have also been stiffened under the amendment, while the government separately backed plans late last year to cap the tax rate on crypto profits at a flat 20%.

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Polymarket rolls out CLOB v2 with $1M liquidity rewards to harden prediction markets

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Polymarket’s CLOB v2 upgrade ships new exchange contracts, pUSD collateral, and $1M in liquidity rewards to deepen books and court professional market makers.

Summary

  • Polymarket’s Central Limit Order Book (CLOB) v2 went live today, alongside a $1 million liquidity rewards program designed to attract professional market makers and deepen books.
  • The upgrade swaps in new exchange contracts, a rewritten matching engine, and a new collateral token, Polymarket USD (pUSD), as the platform chases institutional‑grade performance on what it calls “The World’s Largest Prediction Market.”
  • With recent fee changes already driving about $1 million in daily revenue on roughly $9.55 billion in 30‑day volume, the new incentives are aimed at scaling liquidity and tightening spreads across hundreds of event markets.

Polymarket’s CLOB v2 upgrade went live on April 28 at around 11:00 UTC, after a brief maintenance window that cleared existing order books and cut over traffic to a rebuilt exchange stack.
According to the project’s changelog, the coordinated release introduces “new Exchange contracts, a rewritten CLOB backend, and a new collateral token (Polymarket USD, or pUSD),” with no backward compatibility for legacy integrations.

CLOB v2 goes live with fresh contracts and collateral

The platform’s documentation describes Polymarket’s CLOB as a “hybrid‑decentralized trading system — offchain order matching with onchain settlement via the Exchange,” now upgraded to CTF Exchange V2 and Neg Risk CTF Exchange V2 for improved speed and scale.
Developers are required to migrate to the new @polymarket/clob-client-v2 or py-clob-client-v2 SDKs, with LinkedIn engineering notes warning that “no update means no execution” for bots and API integrations after the cutover.

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The upgrade also adds support for 1271 signatures and on‑chain attribution codes for builders, making it easier for institutional players and front‑ends to route orders, track flow, and share in fee revenue.
In an earlier summary on X, community contributor Vihan Singh wrote that the team is “upgrading the entire Polymarket exchange stack… new contracts. New order book. New collateral token,” and urged traders to update SDKs before the migration.

$1M liquidity rewards aim at market makers

Alongside CLOB v2, Polymarket announced a $1 million liquidity rewards program meant to draw in market makers and deepen order books across its finance, politics, and culture markets.
The incentives build on a fee overhaul that, according to analyst estimates cited by 
Phemex, is expected to generate “approximately $800,000 to $1 million daily” on current volumes while funding a Maker Rebates Program that pays USDC rebates to liquidity providers.

On‑chain data referenced by KuCoin shows roughly $9.55 billion in 30‑day trading volume, implying about $25 million in monthly fee revenue, or an annualized run‑rate near $300 million.
Polymarket’s own markets page now promotes hundreds of live “Rewards 100, 4.5, 100” markets with the tagline “The World’s Largest Prediction Market,” underscoring its ambition to be the default venue for event‑driven flow.

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With CLOB v2, pUSD collateral, and a seven‑figure liquidity pool aimed squarely at market makers, the platform is pushing closer to institutional‑grade microstructure at the very moment prediction markets are drawing scrutiny from U.S. regulators and a rush of new retail users.

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Judge Denies SBF’s Bid for New Trial in FTX Case

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Crypto Breaking News

A Manhattan federal judge has denied Sam Bankman-Fried’s bid for a new trial, saying there was no new evidence or witnesses to warrant reopening his fraud-and-money-laundering case. U.S. District Judge Lewis Kaplan, who presided over the 2023 trial and later sentenced Bankman-Fried to 25 years in prison, rejected the defense’s claims in an order issued this week.

Bankman-Fried had sought a new trial in February to be overseen by a different judge—a rare maneuver filed without his attorneys’ input while an appeals court was weighing the conviction and sentence. Kaplan’s ruling makes clear that he viewed the motion as lacking merit and as part of an effort to rehabilitate Bankman-Fried’s public image after FTX’s collapse.

“This motion appears to be one part of a plan to rescue his reputation that Bankman-Fried hatched and even committed to writing after FTX declared bankruptcy but before he was indicted.”

In the order, Kaplan specifically rejected the assertion that three former FTX executives could counter the government’s position that FTX was insolvent. He described the claim as “baseless on multiple independently sufficient levels.”

Bankman-Fried had argued that two former FTX executives who did not testify—Ryan Salame, the former CEO of FTX’s Bahamian arm, and Daniel Chapsky, FTX’s former head of data science—could have provided testimony countering the government’s insolvency narrative. Salame has since pleaded guilty to campaign-finance violations and operating an illegal money-transmitting business and was sentenced to seven and a half years in prison in May 2024. Chapsky, who also faced charges, did not testify at trial. A third figure, Nishad Singh, FTX’s former engineering lead who cut a plea deal with prosecutors to avoid jail and testified against Bankman-Fried, was alleged to have changed his testimony “following threats from the government.”

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Kaplan noted that Bankman-Fried could have attempted to compel testimony from these individuals but did not, and that the claim of government pressure driving their decisions was “wildly conspiratorial and entirely contradicted by the record.” The judge also emphasized that Bankman-Fried’s conviction followed seven criminal charges related to fraud and money laundering, centered on the transfer of billions of dollars of customer funds from FTX to Alameda Research for high-risk trades that contributed to the exchange’s collapse. Bankman-Fried is currently held at a federal prison in Lompoc, California.

Key takeaways

  • What was denied: A bid for a new trial based on alleged “new evidence,” with Kaplan ruling the claim baseless and the witnesses not newly discovered.
  • Who was at the center of the request: Three former FTX executives—Ryan Salame, Daniel Chapsky, and Nishad Singh—who the defense said could counter government assertions about insolvency.
  • Notable context on the witnesses: Salame pleaded guilty to campaign-finance violations and operating an unlawful money-transmitting business; Singh testified against Bankman-Fried after striking a plea deal; Chapsky did not testify at trial.
  • Procedural nuance: The motion was filed in February to be heard by a different judge and was pursued without Bankman-Fried’s lawyers, while an appeals court reviewed his conviction and sentence.
  • What this means for the case: Kaplan casts doubt on the viability of reopening the trial, signaling a high evidentiary bar for similar motions moving forward.

What the ruling clarifies about the insolvency narrative

The heart of Bankman-Fried’s defense rested on whether new testimony from Salame, Chapsky, or Singh could alter the government’s portrayal of FTX’s finances. Kaplan’s assessment makes explicit that simply proposing familiar names as potential witnesses does not constitute “new” evidence, especially when the individuals were known to Bankman-Fried long before the trial and had been considered for testimony previously. The court’s language underscores a careful standard for post-trial relief: new evidence must genuinely change the factual landscape of the case, not simply repackage existing information or reframe arguments after a conviction.

Context within the broader FTX saga

The Bankman-Fried case sits within the larger FTX collapse and the ensuing prosecutions of several executives tied to the exchange’s downfall. The seven charges he faced at trial encompassed fraud and money laundering allegations tied to the alleged improper transfer of customer funds to Alameda Research to execute risky trades. Kaplan’s ruling reaffirms the trajectory of the case—the government’s portrayal of insolvency and the misuse of customer funds stands central to the narrative that secured Bankman-Fried’s conviction and lengthy prison sentence. The status of the various co-defendants, their cooperation agreements, and any subsequent testimony will continue to influence related proceedings and potential appeals.

What’s next for the legal process?

With the new-trial bid rejected, the focus shifts to the appellate process and any further motions that might arise as Bankman-Fried and his defense team navigate potential avenues for relief. While the current ruling narrows the grounds for reopening the trial, appellate considerations often hinge on technical aspects of trial procedure and evidentiary standards, rather than re-litigating the facts. Investors, traders, and industry observers will want to monitor whether the defense pursues subsequent avenues or leverages related cases as part of a broader strategy around the FTX collapse and its regulatory implications.

Readers should watch for updates on the appeals timeline and any additional disclosures from the parties as they position themselves for the next phase of this high-profile financial-crypto crackdown case.

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Startale taps Privacy Boost to bring self-custodial privacy to Sony-backed Soneium app

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Startale taps Privacy Boost to bring self-custodial privacy to Sony-backed Soneium app

Startale Group is integrating Sunnyside Labs’ Privacy Boost directly into its Sony-backed Soneium super app, giving users fast, self-custodial shielding and zk-powered private payments without sacrificing auditability or everyday UX.

Summary

  • Startale Group has selected Privacy Boost, built by Sunnyside Labs, as the official privacy partner for the Startale App, bringing self-custodial onchain privacy to a mainstream consumer crypto platform.
  • Privacy Boost will deploy natively on Soneium and integrate into the Startale App via SDK, enabling private transfers, shielding, and privacy-preserving payments with sub-500 millisecond proof generation and over 1,800 transactions per second throughput.
  • The deal marks both a milestone for the Startale App as a core entry point to Soneium and Privacy Boost’s first integration into a consumer-facing application, with a roadmap covering payments, Mini Apps, and future card rails.

Startale Group has named Privacy Boost as the official privacy partner for the Startale App, in a move that brings self-custodial, onchain privacy features directly into a consumer gateway to Soneium, the Sony-affiliated blockchain.

Startale App adds native, opt-in onchain privacy

Under the partnership, Privacy Boost will deploy natively on Soneium and integrate into the Startale App, giving users the option to shield assets, send private transfers, and route payments through privacy-preserving flows while retaining control of their keys.

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The integration is positioned as a milestone in the Startale App’s evolution into a full consumer front door for the Soneium ecosystem, which is being co-developed by Sony Block Solutions Labs. It also marks the first time Privacy Boost’s technology is embedded in a consumer-facing application, shifting it from infrastructure tooling into an end-user product surface.

The Startale App is designed to make the onchain economy accessible to mainstream users, offering asset management, payments, Mini Apps, and ecosystem reward features in a single interface.
As usage scales, Startale and Sunnyside Labs are explicitly targeting the visibility problem of public blockchains, where balances, transfer sizes, and counterparties are exposed by default.

ZK + TEE stack targets consumer speed and compliance

Privacy Boost brings a hybrid architecture that combines zero-knowledge proofs with trusted execution environments, aiming to deliver private transactions at consumer-grade speed and scale.
The system targets sub-500 millisecond proof generation and throughput exceeding 1,800 transactions per second, while keeping assets in user-controlled wallets and supporting selective auditability for compliance and regulatory checks.

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“Not every transaction needs to be private, but every user should have the choice,” said Sota Watanabe, CEO of Startale Group. “With Privacy Boost integrated into the Startale App, privacy becomes something users can enable when it matters. It puts control in their hands to decide when and how they protect their onchain activity. That is what a true SuperApp should deliver.”

As part of the rollout, Privacy Boost will deploy its full protocol stack on Soneium, including smart contracts and TEE infrastructure, making private transfers a native building block for developers on the network. Inside the Startale App, the integration will run via SDK, enabling shielding assets into private pools, private transfers that hide balances and counterparties, and privacy-preserving payment flows intended to support future crypto card functionality.

“Startale is serious about bringing privacy to consumer crypto, from everyday payments and card spending to mini apps,” said Taem Park, co-founder and CEO of Sunnyside Labs. “These are exactly the use cases Privacy Boost was built for, high-performance privacy at consumer scale, with an SDK designed for native application and mini app integration alike.”

The companies say the integration is architected to scale alongside the Startale App’s expansion into new payment flows, Mini Apps, and broader ecosystem integrations, embedding privacy as a default consideration across user interactions rather than an afterthought. For Startale, it fits into a broader mission of “bringing the world on-chain” through Astar Network, Soneium, and consumer products like the Startale App, while Sunnyside Labs positions Privacy Boost as enterprise-grade, self-custodial privacy infrastructure aligned with public-chain principles.

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Visa and WeFi wire self-custody stablecoins straight into card payments

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Visa and WeFi wire self-custody stablecoins straight into card payments

Visa partners with WeFi to enable direct stablecoin spending from self-custody wallets on Visa’s network, bypassing exchanges and pressuring banks’ FX roles.

Visa’s new partnership with WeFi is designed to make stablecoin balances in self‑custody wallets spendable anywhere Visa is accepted, without users first moving funds through centralized exchanges or bank accounts. WeFi describes itself as a “de‑bank” and “on‑chain bank,” offering both self‑custody and custodial wallets plus card rails, and now tying those directly into Visa so that stablecoin funding and fiat settlement happen behind the scenes while the front‑end looks like a normal card payment.

Stablecoins plug into Visa without parking on exchanges

According to a report from Yahoo Finance, Visa and WeFi will “enable users to utilize stablecoin‑backed balances through familiar payment options,” a model executives frame as merging “on‑chain banking” with Visa’s global network. Mathieu Altwegg, Visa’s head of product and solutions for Europe, said the objective is to “connect new value forms to payment experiences that people are already familiar with, all while adhering to existing regulatory frameworks.”

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The rollout starts in select European, Asian, and Latin American markets, with Visa stressing that the initial focus will be on regulated stablecoins that fit into existing licensing regimes such as Europe’s MiCA. A ChainNess summary of the partnership notes that WeFi plans to offer personal IBANs that “can be used like traditional bank accounts,” but with stablecoins as the funding layer and Visa as the acceptance network.

Banks’ FX and settlement role comes under pressure

For users, the pitch is simple: hold stablecoins in a self‑custody wallet, tap a Visa card or use familiar payment flows, and let the conversion and settlement logic run under the hood at the protocol and network layers. As WeFi’s own marketing puts it, the aim is to “bring stablecoins from theory into real, practical utility,” using Visa as the bridge that gives merchants the same experience and risk profile they’re used to, while users stay on‑chain.

That model compresses some of the traditional roles of banks in foreign exchange and cross‑border settlement. If stablecoin balances can fund card payments directly and settle almost instantly through Visa’s networks, banks risk losing a slice of fee revenue historically tied to slow, account‑based FX flows and correspondent banking.

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Visa has been building toward this for several years, from its Bridge stablecoin card‑issuing product to a stablecoin payout pilot for gig workers and a more recent partnership with BVNK for stablecoin‑powered Visa Direct payments. The WeFi tie‑up extends that strategy into the realm of self‑custody and “on‑chain banking,” moving stablecoins from the edges of the system into everyday card payments at scale.

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