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What is CASHCAT? Robinhood Chain’s memecoin

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Trump taps Robinhood for new child investment account rollout

CASHCAT is a token named after a company name that was thrown away sixteen years ago. It reached a $156 million market cap, briefly outweighed every real asset on Robinhood’s blockchain, and its own website calls it fan fiction with a ticker.

Summary

  • CASHCAT is a community memecoin on Robinhood Chain with a fixed supply of one billion tokens. It has no affiliation with Robinhood Markets, and its own site says so.
  • The name comes from real history: before Robinhood was Robinhood, Vlad Tenev and Baiju Bhatt called their company CashCat. A New Yorker profile preserved the detail and a token resurrected it.
  • It surged more than 2,100% in a week to a market cap near $156 million, at one point worth roughly twelve times every tokenized real-world asset on the chain combined.
  • CEO Vlad Tenev dismissed utility-free assets on July 2, then posted six days later that the chain works great for memes too, and followed the token’s account.
  • The token fell more than 33% in 24 hours after Noxa, the launchpad driving the boom, stopped accepting launches on July 11 and went dark two days later.

In 2010, two Stanford graduates building a trading company had a name for it. The name was CashCat. They discarded it, called the company Robinhood instead, and the detail survived only in a New Yorker profile and in the memory of people who read startup lore for fun. Sixteen years later, Robinhood launched a blockchain designed to settle tokenized stocks for institutions, and within days the busiest thing on it was a token named after the name they threw away. CASHCAT reached a market capitalization near $156 million, out-massed every real asset the chain was built for, and made a handful of anonymous wallets millionaires. Its website describes it as fan fiction with a ticker. That is not a criticism. It is the project’s own self-assessment, and it is more honest than most.

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The basics

CASHCAT is a memecoin native to Robinhood Chain, the Ethereum layer 2 that Robinhood launched on July 1, 2026. For readers new to the network, crypto.news has also explained the chain it launched on.

Its supply is fixed at one billion tokens, with no further issuance. Its contract address is 0x020bfC650A365f8BB26819deAAbF3E21291018b4, and verifying that string against a trusted source before any transaction is the single most useful thing in this article. It does not have its own blockchain or application. It is a fungible token deployed on someone else’s chain, which is what almost every memecoin is.

It has no product, no roadmap in any meaningful sense, and no utility. The project does not pretend otherwise. Asked what the utility is, the site answers that the utility is cat.

Most importantly, and against what a large number of buyers appear to believe: it is not a Robinhood product. It is not owned, endorsed, backed, listed, or affiliated with Robinhood Markets in any way, and the token’s own website disclaims any connection to the company or to Tenev personally.

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Where the name comes from

The connection is entirely historical and it is worth getting right, because the ambiguity is the asset.

Before the company became Robinhood, Tenev and co-founder Baiju Bhatt called their venture CashCat. The detail appears in a New Yorker profile of the company and had circulated among people who follow startup history for years. When Robinhood Chain launched, someone recognized that a discarded corporate name attached to a live corporate blockchain was a nearly perfect memecoin: instantly legible to anyone who knew the story, plausible to anyone who did not, and impossible for the company to claim without endorsing it.

That is the entire link. A name the founders rejected in 2010, revived as a token in 2026 by people with no relationship to them. There is no corporate partnership, no licensing arrangement, and no shared ownership. What exists is a shared piece of trivia, and the token converted that trivia into a market capitalization.

There is a small extra layer that fueled it: Tenev himself had tweeted about CashCat back in April 2021, which meant the lore was not merely documented but personally acknowledged by the CEO years before the token existed. None of that constitutes affiliation. All of it makes affiliation feel more plausible than it is.

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What happened

The timeline is short and steep.

Robinhood Chain went live on July 1. CASHCAT deployed shortly after. Within roughly 24 hours it had rallied more than 1,700%, and over its first week it climbed more than 2,100%, reaching an all-time high above $0.17 and a market capitalization near $156 million, with some measurements putting the peak higher.

At its peak day on July 8, the token generated roughly $98 million in 24-hour volume, which was about 17% of the entire chain’s decentralized exchange volume. Set that against what the chain was built for: tokenized real-world assets on Robinhood Chain totalled roughly $12.8 million. At its high, one joke token was worth approximately twelve times every real asset on the network combined.

It did not stay alone. Cash Dog in Hood, Little John, Hoodrat, and Arrow followed within days, none of which existed before July 1. Noxa, the launchpad feeding the wave, was averaging roughly 18,600 new token launches per day. On July 8, Pump.fun added Robinhood Chain support, opening the chain to Solana’s memecoin crowd without bridging. For more context, crypto.news has covered the full story of the takeover.

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Then it turned. On July 11, at the precise moment CASHCAT was hitting peak trading volume, Noxa stopped accepting new token launches. Two days later it went dark, citing concerns about low-quality tokens flooding the platform, having generated an estimated $12 million in cumulative fees. CASHCAT fell more than 33% in 24 hours. One prominent trader who claims to have ridden the token from a $10,000 market cap to $230 million dismissed the selloff as noise.

The Tenev problem

The CEO’s involvement is the reason this token is confusing rather than merely amusing, and the sequence matters.

On July 2, the day after the chain went live, Tenev told CNBC that the future of crypto is in real-world assets, drawing a line between productive tokenized assets and speculative tokens without underlying utility. His framing was that an asset not tied to an underlying utility is not a productive asset. It was a clean statement of the thesis the entire chain was built to prove, and it was, in effect, a dismissal of exactly the category CASHCAT belongs to.

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Six days later, as CASHCAT climbed, he posted on X that while the company is building Robinhood Chain to be the best chain for real-world assets, it works great for memes too. He then followed the token’s account.

Both readings of that reversal are defensible. The charitable one: a permissionless chain cannot control what deploys on it, refusing to acknowledge the most visible thing on your own network would look ridiculous, and a light-hearted post is not an endorsement. Robinhood’s crypto chief stayed rigorously on message throughout, saying the company remains focused on building a secure and scalable foundation for real-world assets.

The uncharitable one: the follow and the post told the market what the company actually values, which is volume, and a retail buyer who sees the CEO engaging with a token named after his own company is going to draw a conclusion the disclaimer will not undo. The distinction between acknowledging and endorsing is clear to a lawyer and invisible to someone who just downloaded a wallet.

Who made money, and from whom

This is the part that gets celebrated and should be read carefully, because every one of these numbers has a counterparty.

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One early buyer spent $838 and received 15.04 million tokens. They sold roughly 13.5 million for about $917,600 and held a remainder worth around $133,700, producing a return in the region of 1,250 times. A second wallet turned $85 into 17.4 million tokens and realized about $687,700 while sitting on roughly $1.2 million more on paper. The five most profitable wallets banked close to $3.7 million between them.

Now the other side. That $3.7 million came from the opposite end of roughly 12,300 sell orders. Every dollar of realized profit in a memecoin is a dollar someone else paid at a higher price, because the token produces no revenue and holds no assets. There is no external cash flow funding those returns. The gains are transfers.

The liquidity structure makes it worse than the market cap suggests. CASHCAT’s trading pool has been worth far less than the token’s headline capitalization, which means a $156 million number sits on a pool that cannot absorb anything close to $156 million of selling. Large trades swing price hard in both directions. A market capitalization is a multiplication, not a promise that the money is there.

And the standard verification does not exist. Security audits of the CASHCAT contract were not possible because Robinhood Chain is too new for the tooling to have caught up. That is a chain-wide condition, not a CASHCAT-specific failure, but it removes the check that would ordinarily flag a malicious contract before a nine-figure market cap forms on top of it.

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How a memecoin actually prices

Because CASHCAT is the first token most Robinhood users will look at closely, it is worth walking exactly how a number like $156 million comes to exist, since almost nobody who quotes it understands what it measures.

Market capitalization is a multiplication. Take the last traded price, multiply by circulating supply, print the result. CASHCAT has a fixed supply of one billion tokens, so at a price above $0.15 the arithmetic produces something in the region of $156 million. That is the whole calculation. It is not a valuation, not an appraisal, and not a statement that $156 million exists anywhere.

What makes the number misleading is where the price comes from. The last trade might have been for a few hundred dollars. In an automated market maker, price is set by the ratio of assets in a liquidity pool, and the pool behind CASHCAT has been worth far less than the token’s headline capitalization. So a relatively small purchase moves the ratio, moves the price, and instantly revalues all one billion tokens at the new level. That is why memecoins can add nine figures of notional value in a day: a thin pool is a lever, and modest buying at the margin repriced the entire supply.

The lever works identically in reverse, which is what July 13 showed. When Noxa exited and sentiment turned, sellers hit the same shallow pool and the price fell more than 33% in a day. Nothing about the token changed. Supply was still one billion. The contract was unaltered. The only thing that moved was the ratio in the pool, and the market cap followed it down mechanically.

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This is why the comparison that ran through every headline, that CASHCAT was worth twelve times every real-world asset on the chain, is both true and slippery. It is true as arithmetic: $156 million against $12.8 million. It is slippery because the two numbers are not the same kind of thing. The tokenized asset figure represents real instruments with real backing that could be redeemed. The memecoin figure represents a price multiplied by a supply, sitting on a pool that could not absorb a fraction of it. One number is a balance. The other is an echo.

The practical implication for anyone holding: your position is worth the market cap right up until you try to sell, at which point it is worth whatever the pool gives you. In a token where five wallets extracted roughly $3.7 million against 12,300 sell orders, the people who found out first were the ones who tried. That is why thin liquidity moves price so hard.

What this token actually shows

Set the price action aside and CASHCAT is the cleanest available case study in how new chains actually bootstrap, which is why it is worth understanding even if you would never touch it.

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The optimistic reading, which serious traders make: memecoins are the ignition sequence. A new chain needs transactions, wallets, and liquidity to look alive, and speculation delivers all three faster than tokenized Treasuries do. Solana grew through a memecoin cycle before producing serious infrastructure, and one veteran trader explicitly compared Robinhood Chain’s early ecosystem to Solana’s. The automated market makers, oracles, and routing built to service speculation are the same rails that tokenized equities will eventually need. In that reading CASHCAT is not a distraction from the strategy; it is the first stage of it. That in the category CASHCAT belongs to.

The pessimistic reading, which the timeline supports: memecoin traders are mercenary by construction, loyal to activity rather than to any chain, and the moment a flashier venue offers quicker returns the volume leaves and the $12.8 million of tokenized assets is what remains. The launchpad that produced the entire boom extracted $12 million in fees and exited within eleven days of the chain going live. That is not the profile of a bootstrapping sequence. It is the profile of an extraction cycle, and the 33% drop when the launchpad left is the evidence.

Which reading is right gets settled by a single number, and it is not CASHCAT’s price. It is whether tokenized real-world assets on Robinhood Chain grow well beyond roughly $13 million while the speculation fades. Robinhood’s second-quarter earnings on July 29 are the first real look. Until then, CASHCAT is a token named after a discarded company name, worth more than everything the chain was built to carry, running on an unaudited contract, on a network whose CEO spent one week explaining why assets like it do not last and the next week noting they work great anyway.

What to watch

If you are tracking this token instead of trading it, three things carry information.

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Whether the ecosystem keeps spawning. STONKCAT opened a $SCAT presale on July 16, and a MemeToro presale is running alongside it, both borrowing Robinhood Chain’s branding and pitching future products. New entrants arriving weeks after the launchpad that started the wave exited tells you the branding gap is now a repeatable business, which is bearish for CASHCAT specifically: every new token competes for the same attention that is the only thing holding its price up. It also shows how launchpads mint tokens on demand.

Whether the chain’s real assets grow. Tokenized real-world assets on Robinhood Chain sit around $12.8 million against roughly $312 million in total value locked. That figure, not CASHCAT’s price, decides whether the memecoin wave was an ignition sequence or an extraction cycle. Robinhood’s second-quarter earnings on July 29 are the first look at Stock Token adoption from the company’s own books.

Whether liquidity deepens or thins. The pool behind CASHCAT has been worth far less than the token’s headline capitalization, which is the mechanism behind both the rise and the 33% single-day fall. A token whose pool deepens is a token that can absorb selling. A token whose pool thins as attention rotates is a token whose market cap becomes progressively more theoretical. Also relevant: Robinhood Chain’s 90-day gas subsidy has been making trading artificially cheap, and its expiry is a real test.

The broader point for anyone reading this as a lesson instead of a trade: CASHCAT did nothing unusual. It is a well-executed example of an entirely standard pattern, distinguished only by the quality of its joke and the fact that a public company’s CEO engaged with it. The pattern will repeat on the next chain, with a different name, and the mechanics will be identical. What makes this instance worth remembering is the setting. Most memecoins erupt on chains built by anonymous developers for exactly this kind of activity, where nobody claims to be surprised. CASHCAT erupted on a network built by a listed American brokerage, marketed to institutions, staffed with compliance officers, and launched with a keynote about the future of finance. It took six days for the joke to become the chain’s largest asset by market capitalization, and the company could do nothing about it, because permissionless means permissionless. That is the lesson worth carrying: a corporate chain cannot choose its users any more than a public square can. Robinhood built the venue and the crowd decided what it was for.

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Frequently asked questions

What is CASHCAT?

A community memecoin on Robinhood Chain, the Ethereum layer 2 Robinhood launched on July 1, 2026. It has a fixed supply of one billion tokens and a contract address of 0x020bfC650A365f8BB26819deAAbF3E21291018b4. It has no product, no utility, and no affiliation with Robinhood. Its own website describes the project as fan fiction with a ticker and says the utility is cat.

Is CASHCAT affiliated with Robinhood?

No. It is not owned, endorsed, backed, or listed by Robinhood Markets, and the token’s own website disclaims any connection to the company or to Vlad Tenev. The name references CashCat, the working name Tenev and co-founder Baiju Bhatt used before the company became Robinhood, a detail preserved in a New Yorker profile. That is trivia, not a relationship.

Why did CASHCAT rise so fast?

A combination of legible lore and a new chain with nothing else on it. The name connected instantly to Robinhood’s founding story, Robinhood Chain had just launched with cheap fees and easy token creation, and attention concentrated on the first breakout token. It rallied more than 1,700% in 24 hours and more than 2,100% over its first week, reaching a market cap near $156 million.

Did Vlad Tenev endorse CASHCAT?

Not formally. On July 2 he told CNBC that assets not tied to an underlying utility are not productive assets. On July 8, as the token climbed, he posted that while the company is building the chain for real-world assets, it works great for memes too, and he followed the token’s account. That is acknowledgement rather than endorsement, but the distinction is clearer to a lawyer than to a retail buyer.

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How much was CASHCAT worth compared to the chain’s real assets?

At its peak, roughly twelve times more. Tokenized real-world assets on Robinhood Chain total around $12.8 million, while CASHCAT reached a market capitalization near $156 million. On its biggest day the token generated approximately $98 million in 24-hour volume, about 17% of the entire chain’s decentralized exchange volume.

Why did CASHCAT crash?

Noxa, the launchpad driving the chain’s memecoin wave, stopped accepting new launches on July 11 as CASHCAT hit peak volume, then went dark two days later, citing low-quality tokens flooding the platform. It had generated an estimated $12 million in cumulative fees. CASHCAT fell more than 33% in 24 hours following the exit.

Who made money on CASHCAT?

A small number of early wallets. One turned $838 into roughly $1.05 million across realized and unrealized value, about 1,250 times. Another turned $85 into roughly $687,700 realized plus $1.2 million on paper. The five most profitable wallets took close to $3.7 million between them. That money came from the other side of roughly 12,300 sell orders, since a memecoin produces no revenue and gains are transfers between participants.

What are the risks?

Considerable. The trading pool is worth far less than the headline market capitalization, so large trades swing price sharply and the stated value cannot be exited at that value. Security audits of the contract were not possible because Robinhood Chain is too new for verification tooling. The token has no revenue, no assets, and no utility, so price depends entirely on attention, which has already proven it can leave in a day.

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Disclaimer: This article is for information and educational purposes only and does not constitute financial or investment advice. Memecoins are extremely speculative, frequently trade on thin liquidity, and most participants lose money. Contract addresses and project claims should be verified independently before any transaction. Nothing here is a recommendation to buy any token. Always do your own research. Figures are accurate as of July 17, 2026 and move rapidly.

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Ethereum Drops 4%, but Analysts Still See a Path Toward $2,245 and Beyond

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Ethereum dropped by around 4% in the past 24 hours, slipping back to around $1,835 after briefly climbing above $1,930 earlier this week.

Despite the pullback, two market analysts continue to point to near-term upside based on different indicators, although one believes the recovery will be followed by a much deeper correction before a new bull cycle begins.

ETH Market Roadmap

Upon observing Ethereum’s historical behavior around the 0.8 MVRV Pricing Band, Ali Martinez found that the asset has repeatedly rallied toward, or even above, its Realized Price after reclaiming the band as support over the past six years. After briefly trading below the 0.8 MVRV band, ETH has now moved back above it, which prompted Martinez to identify its Realized Price at $2,245 as the next major level to watch if the historical pattern repeats.

Separately, Tony Research said the market is unfolding as he previously expected after Ethereum reached $1,900. The analyst believes the current correction into the $1,800 zone will be followed by a rally toward $2,000, and a further move to around $2,200 could transpire if Bitcoin climbs to $70,000.

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After that, Tony Research expects 7-10 days of distribution before Ethereum declines into a final bottom zone between $1,260 and $890, which the analyst considers a dollar-cost averaging opportunity ahead of a new bull cycle targeting $7,000. It is also likely that ETH could briefly retest its 2022 bottom with a wick without breaking the broader trend.

The analyst explained that the outlook depends heavily on Bitcoin’s performance.

ETF Inflows Stall

On the institutional side of things, US-based spot Ethereum ETFs saw more than $28 million in net outflows after posting inflows for two straight days. Grayscale’s ETH recorded the largest withdrawals at nearly $14.3 million, followed by Fidelity’s FETH with $11 million and Grayscale’s ETHE with $4.8 million in outflows.

On the other hand, Bitwise’s ETHW was the only fund to attract fresh capital after bringing in $2.3 million, according to data compiled by SoSoValue.

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Despite this, July has remained positive overall, as total net inflows surpassed $190 million. So far this year, these funds have posted net outflows in five months, while only April and July have recorded net inflows.

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UK Sentences Two Tied to $115M Crypto Ransom, Public Transport Breach

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UK Sentences Two Tied to $115M Crypto Ransom, Public Transport Breach

The United Kingdom National Crime Agency (NCA) and City of London Police said two men associated with the “Scattered Spider” hacking group were sentenced to five years and six months in prison.

The two pleaded guilty during their first court appearance at Woolwich Crown Court on June 22 and were sentenced on Thursday, according to a press release from the NCA.

British authorities said the pair were part of the Scattered Spider cybercrime group, which investigators have linked to high-profile ransomware and cryptocurrency extortion attacks targeting companies in the UK and the US.

The hacking group was linked to the infiltration of London’s public transport network in September 2024, leading to a reported 29 million British pounds ($38.9 million) in losses and recovery costs.

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US prosecutors linked the Scattered Spider group to collecting $115 million in crypto ransom payments from at least 47 US companies, according to a September press release from the Department of Justice (DOJ).

The group was also accused of breaching Caesars Entertainment and stealing a large customer database in September 2023, prompting the company to pay a $15 million ransom in Bitcoin (BTC).

US prosecutors said the group’s attacks disrupted businesses and organizations nationwide, including critical infrastructure and the federal court system.

Source: Dark Web Informer

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Related: MacOS malware hijacks Telegram sessions, targets crypto wallets: SlowMist

FBI seized $36 million from Scattered Spider-linked wallets

In July 2024, the FBI seized about $36 million worth of cryptocurrency from Scattered Spider-linked wallets, according to the DOJ’s September release.

According to the DOJ, investigators linked the group to at least 120 computer network intrusions. It said the FBI traced and seized digital assets tied to wallets allegedly controlled by members of the group as part of its investigation.

“These malicious attacks caused widespread disruption to US businesses and organizations, including critical infrastructure and the federal court system, highlighting the significant and growing threat posed by brazen cybercriminals,” said Matthew Galeotti, then acting assistant attorney general of the Justice Department’s Criminal Division.

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Magazine: Does Botanix’s failure prove Bitcoiners don’t care about DeFi?

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Maestro Supports Robinhood Chain: The Fastest Trading Bot on the New L2

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Maestro is live on Robinhood Chain, the new Ethereum layer-2 built on Arbitrum that has quickly become one of the busiest spots in crypto for memecoins and new launches. Attention around the chain continues to rise, led by CASHCAT and the new tokens launching in its wake.

The market moves fast, and Maestro keeps you ahead.

Maestro runs entirely in Telegram, so there’s no separate app or extension standing between you and a trade. Everything happens in one place, from your first buy to managing an open position. Decide to trade and you’re in, no delay, no detours.

What is Robinhood Chain

Robinhood Chain is Robinhood’s own Ethereum layer-2, built on Arbitrum. Robinhood positioned the chain around tokenized stocks and real-world assets, but memecoin trading took off just as quickly. Low fees and quick transactions make it a natural fit for high-frequency trading, and that’s the version Maestro is built for: fast, permissionless, and running around the clock.

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Here’s everything the Robinhood Chain trading bot puts in a trader’s hands.

What you can do on Robinhood Chain

Maestro arrives fully loaded on Robinhood Chain, with fast execution, extensive DEX and launchpad coverage, and all the tools you need to move first.

Speed comes first. Quick buys and swaps get you into a position while a token’s still running, buying the moment you click, with no approval step in the way. When a token’s moving, every second counts, and Maestro can get you there first.

For the moves you’d rather not sit and watch, limit orders let you set your price and step away. Maestro executes the moment the market hits it. Catch a dip you’ve been waiting on, or take profit at your target while you’re nowhere near the screen.

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When the smart money’s already positioned, copy trading puts you on the same side. Track any wallet worth following and Maestro copies every trade that wallet makes in real time, so you’re never the last one in.

Coverage that keeps growing

Robinhood Chain’s onchain activity has exploded, and new tokens don’t all launch in the same place. Miss where one launches and you miss the trade. Maestro gives you the fastest access to every launchpad and DEX that matters. Trading is live across Uniswap v2, v3 and v4, with launchpad support across Virtuals, Bankr, Flap.sh, Livo.trade, Trench.today, Bags.fm, RobinFun, LeaveHood, HoodFun, ApeStore, Noxa, Printr, Pons and more. New integrations land as fast as they launch, so you’re covered wherever the next run starts.

More money back with every trade

Cashback is Maestro’s way of paying you back for trading. Every trade returns up to 30% of your trading fees, and on a chain built for fast, high-volume trading, that adds up quickly. Cashback applies on every chain Maestro supports, Robinhood Chain included, so the more you trade, and the more chains you trade across, the more of that cost comes back to you. Few trading bots make staying active this rewarding.

Bridge in without leaving the chat

Moving funds onto Robinhood Chain has never been simpler. Maestro handles bridging directly in the bot, and offers two routes depending on what matters most. Relay Protocol is the fast, lower-cost option when you just want funds on the chain and ready to trade. Houdini Swap is the private one, routing your funds so there’s no link left between your wallets. Either way, bridging is part of the same flow as your first trade, not a separate errand before it.

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Trading Robinhood Chain, start to finish

Getting in is quick. Open Maestro in Telegram, bridge funds onto Robinhood Chain through Relay Protocol or Houdini Swap, and you’re ready to trade. Paste a token’s contract address, set your buy amount, and the order goes through at the best available price in a couple of taps. From there, you manage everything in the same chat. Set a limit order to take profit, add to a position that’s working, or sell whenever you want. No tab-hopping needed.

The original bot, on a new chain

Maestro didn’t just show up for Robinhood Chain. The first Telegram trading bot has spent years proving itself on the fastest, most competitive chains in crypto, and all of that experience came to Robinhood Chain from day one. Traders here get the same engine that’s earned trust everywhere else Maestro runs, with the full toolkit ready from the start.

Another chain, another edge

Robinhood Chain is one of the fastest-evolving markets in crypto, and Maestro is all hands on deck to give traders the edge they deserve. That means deeper coverage and faster execution as the chain evolves. That’s how Maestro has always operated, and how it keeps setting the standard for trading bots everywhere.

Start trading on Robinhood Chain with Maestro today.

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Disclaimer: The above article is sponsored content; it’s written by a third party. CryptoPotato doesn’t endorse or assume responsibility for the content, advertising, products, quality, accuracy, or other materials on this page. Nothing in it should be construed as financial advice. Readers are strongly advised to verify the information independently and carefully before engaging with any company or project mentioned and to do their own research. Investing in cryptocurrencies carries a risk of capital loss, and readers are also advised to consult a professional before making any decisions that may or may not be based on the above-sponsored content.

Readers are also advised to read CryptoPotato’s full disclaimer.

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Panic Hits Japan and South Korea Markets: Can Crypto Become the Big Winner?

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Panic Hits Japan and South Korea Markets: Can Crypto Become the Big Winner?

South Korea’s Kospi has entered a technical bear market while Tokyo’s Nikkei sank again on Friday, as an unwinding AI trade exposes structural fragilities across Asia’s biggest developed economies.

Both governments are simultaneously opening legal doors for digital assets, an overlap worth watching closely.

The AI Trade Unravels Across Seoul and Tokyo

A technical bear market is a decline of 20% or more from a recent peak, a threshold the Kospi crossed after falling from the record high it set last month. The reversal followed an extraordinary run.

At its peak, the index had jumped 116% this year, lifting South Korea to the world’s sixth-largest stock market. Leverage fueled much of that climb, and now it fuels the descent.

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Outstanding leveraged bets hit a record 29.2 trillion won, roughly $19.7 billion, in early July. Retail investors piled into single-stock ETFs tied to Samsung Electronics and SK Hynix, seeking exposure to artificial intelligence with borrowed money.

Follow us on X to get the latest news as it happens.

Analysts see uncomfortable echoes. Jin Qianjing, from Shenwan Hongyuan Group, warned that Korean stocks could amplify sentiment across global technology markets given their high leverage.

The comparison most often drawn is to China in 2015, when margin debt and a retail frenzy preceded a meltdown that erased trillions. China’s Star Market 50 Index has already retreated more than 10% in two weeks.

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Japan tells a parallel story. The Nikkei 225 slid again on Friday, trading near its lowest levels in over a month, as heavy selling in chip-related names dragged it lower.

Tokyo Electron, Advantest, and SoftBank Group all posted steep losses. Taiwanese shares fell alongside them, while AI valuations face sustained pressure over sustainability concerns.

Can the Crisis Accelerate Crypto Adoption in South Korea and Japan

The timing creates a curious contrast. While equity markets convulse, both countries are formalizing crypto inside their financial systems.

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Japan’s parliament passed amendments to the Financial Instruments and Exchange Act on July 15. The reform classifies crypto as financial products rather than payment tools, aligning them with stocks and bonds.

The package introduces insider trading bans, issuer disclosures, and penalties of up to 10 years in prison. It also establishes a flat 20% tax expected from January 2028, replacing rates that climbed toward 55%.

Domestic spot crypto ETFs become legally possible under the new framework. Approval remains uncertain, though exchanges reportedly eye first listings around 2027.

“The reform does not classify Bitcoin or Ethereum as securities. Instead, it recognizes crypto assets as investment products and introduces investor protection, disclosure requirements, and market surveillance similar to those in traditional financial markets,” XWIN said, cited by CryptoQuant.

Subscribe to our YouTube channel to watch leaders and journalists provide expert insights.

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South Korea moved days earlier in a different direction. Seoul announced the National Asset Basic Act, which recognizes digital assets as part of state wealth alongside real estate and intellectual property.

That law governs roughly 1,400 trillion won in public holdings and replaces a framework dating to 1950. Tokenized government bonds and security tokens for state real estate sit inside the same agenda.

The convergence matters for adoption. Household savings in Japan approach $13 trillion, and even marginal reallocation would dwarf current crypto inflows.

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Whether the crisis actually pushes capital toward digital assets remains unproven. Investors burned by leveraged AI bets may prefer safety over volatility, and regulatory clarity does not guarantee demand.

Still, the sequence itself is notable. Two economies confronting structural strain are simultaneously building the legal plumbing required for institutional crypto participation.

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Bullish ADA Predictions, SOL Shows Rally Potential, and More: Bits Recap July 17

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Cardano’s ADA has been struggling to remain in crypto’s top 20, and its recent performance has been quite concerning (to say the least). Even so, analysts continue to float optimistic price targets for it.

Solana’s native token has flashed signs of an uptrend, while Ethereum (ETH) might be heading toward the biggest crash in its history.

ADA’s Latest Forecasts

The asset’s price has slipped well below $0.20 and is among the most severely affected by the prolonged bear market. X user The Boss noted the downward structure but reminded that the strongest reversals begin during such a negative environment when “almost nobody is paying attention.”

CryptoJack and Celal Kucuker also chipped in. The former spotted the formation of an inverse head-and-shoulders pattern on ADA’s chart, which has historically been a precursor of a rally, while the latter envisioned a parabolic increase to a new all-time high of $5.

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The whale activity supports the bullish perspective. Investors holding between 100,000 and 100 million ADA have boosted their total possessions to more than 25.6 million coins, while those owning fewer than 100 units have reduced their exposure. This combination represents a healthy setup for the token, yet it can’t 100% guarantee a short-term pump.

Of course, not everyone is so optimistic. X user Alexander Legolas believes that Bitcoin (BTC) may soon tumble to $48,000, dragging ADA to around $0.10 along the way.

SOL’s Targets

Solana’s native cryptocurrency currently trades at around $75 (per CoinGecko), but some market observers think it may soon head north to much higher levels.

Ali Martinez recently argued that the Average True Range (ATR) stop has flipped below price, marking the first SuperTrend buy signal on the asset since October 10. That said, he projected a possible rise to $96 and even $121.

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Michael van de Poppe suggested that SOL could stage a decisive comeback should it stay above $73, while the rising fear, uncertainty, and doubt (FUD) around the project may also be considered good news. After all, this means that most weak-hand investors have already exited, potentially setting the stage for a meaningful recovery.

ETH Crash Incoming?

Earlier this week, the second-largest cryptocurrency tried to reclaim the $2,000 psychological mark, but failed and now trades at approximately $1,830. And while many investors eagerly await a substantial rebound, certain analysts warned that a major collapse could be on the way. Crypto Rover told his 1.6 million followers on X that ETH might repeat previous cycles that ended in “devastating sell-offs.”

“The worst may still be ahead,” he added.

Ash Crypto is in the completely opposite corner. They reminded that every time the Russell 2000 hits a new all-time high, ETH has followed with a parabolic move in the next 12-18 months.

“We are seeing the same setup now. If history repeats, ETH could be gearing up for one of its biggest runs yet,” the analyst concluded.

The post Bullish ADA Predictions, SOL Shows Rally Potential, and More: Bits Recap July 17 appeared first on CryptoPotato.

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Some SpaceX bonds have already sunk to junk-like territory

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The value of SpaceX’s longest-dated series of bonds shriveled to 90.7 cents on the dollar this week while their effective yield sank to a junk bond-like rate of 7.5%.

This is despite bond investors lending Elon Musk’s company billions of dollars and signaling their willingness to delay principal maturity until 2056.

The 9.3% collapse ranks SpaceX’s long bonds dead last among 1,450 benchmark corporate notes rated US investment-grade “BBB.”

The notes’ credit spread, i.e. the extra yield lenders demand for taking idiosyncratic SpaceX risk, has worsened from 175 basis points at issuance to 231.

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At the same time, the stock price of Musk’s company has also been cratering from its high and even trading below its IPO price, so it is not surprising to see the value of its bonds follow suit.

Stock chart of SpaceX since IPO. Source: TradingView.

A collapse from highs to lows at SpaceX

For obvious reasons, bond prices typically correlate to quick downturns in common stock prices of the corporate issuer.

Fear is often company-wide and not usually unique to its creditworthiness as distinct from its general business prospects. 

A bond trader at Post Oak Group explained the irony of SpaceX needing to raise capital from bond markets so early into its life as a public company.

“Two weeks after the largest IPO in history, SpaceX is already tapping debt markets while carrying a $5 billion net loss and CapEx [capital expenditures] that more than doubled year over year,” he told CNBC. 

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Indeed, SpaceX’s own filings show company-wide CapEx jumping 86% to $20.7 billion — not quite double, but close enough.

Meanwhile, SpaceX also absorbed more money-losing operations from the Grok side of X, the xAI segment which has lost $6.4 billion from operations.

Worse, SpaceX started subsidizing xAI in the middle of an AI industry-wide borrowing binge. Nvidia, SpaceX, and Amazon unloaded $75 billion of bonds on investors in a matter of weeks, emptying bond traders’ pocketbooks right when SpaceX needed to borrow more.

With lots of supply, the answer is predictable: lower prices.

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Read more: 28,000 crypto wallets pledged $560M for SpaceX shares they didn’t get

SpaceX priced its first-ever bond sale on June 23 in five slices maturing between 2031 and 2056. It had another $20 billion bridge loan earlier this year.

Initially, demand seemed bottomless. Buyers happily placed nearly $90 billion of orders at issuance. Then, the bonds started trading.

Buyers at issuance logged roughly $305 million of paper losses in the first two days of secondary trading. 

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The difference between a bond’s yield and its price

SpaceX’s bonds (aka “notes”) maturing in 2056 pay a fixed 6.65% coupon. That means the company must pay $66.50 per year, for 30 years, on every $1,000 of face value. 

Those payments (aka “coupons”) are fixed. The price of those bonds, however, fluctuates in terms of their overall value to an investor. 

In other words, what buyers will pay for that fixed stream of payments fluctuates on a daily basis. This is the variable “price” of the bond, which is distinct from its yield of coupon payments.

Anyone buying bonds at a discount locks in a fatter return, because the stream of payments is constant. Price and yield are two ends of a seesaw; one falls, the other rises.

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In the case of SpaceX, its bonds sold in June at 99.45 cents on the dollar and slid to 94.52 cents by July 7. They now fetch an even worse 90 cents on the dollar, enough to push the effective yield (due to the bonds’ lower price) to a junk-like rate of 7.5%.

Next, the bond “spread” is the portion of that yield above the US Treasury bond rate, and it is risk premium mostly attributable to SpaceX.

When that spread widens, or gets larger, the market is repricing SpaceX as less creditworthy. 

Man Group calculated that SpaceX’s 30-year bonds pay a bigger effective yield than the average junk-rated borrower, despite an investment-grade rating.

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Bondholders and shareholders grieve together

Common shareholders of SPCX have similar grievances. 

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Their stock peaked at $225.64 on June 16, days after an IPO that ultimately raised $85.7 billion. Since then, they’ve surrendered more than $1 trillion in market capitalization. 

When SpaceX revealed its bond sale on June 22, SPCX shares dropped 16% in a day. On Thursday, SPCX closed at $131.11, its first finish below the $135 IPO price, and roughly 42% off the peak.

Equity holders can at least tell themselves a story about traveling to Mars. Bondholders own no upside on the possibilities of space travel, only the hope for a full slate of coupon payments.

SpaceX still owes its lenders three decades of 6.65% coupons. Yet within three weeks, an increasingly uncertain market has already discounted many months of those payments by repricing those bonds lower.

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Playbook for WEEX Cup 2026: Data Intelligence, Predictive Insight, and $1M in Community Rewards

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Playbook for WEEX Cup 2026: Data Intelligence, Predictive Insight, and $1M in Community Rewards

Every World Cup produces a moment nobody saw coming. This year, WEEX, a world leading crypto exchange, gave its community three ways to get ahead of it: a live prediction data report with Foregate, a $1,000,000 Dice Rush campaign, and an interview with football legend Michael Owen that ended up predicting the tournament’s biggest upset before it happened.

The Guide That Reads the Tournament Like a Market

WEEX teamed up with ForeGate, the Solana-based on-chain prediction market, to publish the ForeGate 2026 World Cup Winning Guide — a living report tracking advancement odds, likely matchups, and title paths as the tournament unfolds.

The idea was simple: treat football like a market, not a guessing game.

Where most World Cup content freezes on kickoff day, this one kept moving — updated as results came in, odds shifted, and underdogs made their case. While the tournament kept changing, WEEX made sure the data changed with it.

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WEEX Cup: Where Every Roll Could Be Worth $1,000,000

Alongside the data, WEEX built something louder: WEEX Cup – Dice Rush, a World Cup-themed event backed by a $1,000,000 USDT prize pool, plus trial fund, token rewards and more!

The mechanics are built for momentum, not complexity:

  • Earn dice — complete tasks like deposits, trading, or inviting friends
  • Roll to win — move across the board, unlock BTC, ETH, USDT, coupons, and more
  • Stack points — unlock milestone rewards and enter WEEX Cup match predictions
  • Back a champion — use points to support the team you believe will lift the trophy, then share the prize pool with everyone who called it right

Users who picked less-favored outcomes were positioned for bigger rewards — a mechanic that turned out to be more prophetic than anyone expected.

The numbers tell the story. Over 100,000 users have joined the event so far. More than $1,000,000 in rewards has already been distributed, with top winners claiming over $2,000 each.

One line sums up the design philosophy: the crowd isn’t always right, and the ones who bet against it get paid more for being early.

When WEEX and Michael Owen Predicted the Upset Before It Happened

Weeks before Cape Verde became the story of the tournament, WEEX COO Andrew Weiner sat down with football legend Michael Owen to talk about what makes this World Cup different.

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One line from that conversation stands out now:

“When you’re in the minority of opinion, you have the biggest chance for the biggest value.”

Owen went further, pointing to the tournament’s expansion to 48 teams as fertile ground for exactly this kind of surprise:

“There’s possible value in certain situations — it’s down to people to try to find it.”

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Then Cape Verde happened.

A nation of 546,000 people, ranked outside the world’s top 70, playing in its first-ever World Cup — and it didn’t just show up. It drew Spain 0-0. It drew Uruguay 2-2. It drew Saudi Arabia 0-0, advancing out of the group stage without winning a single match, one of only five teams in World Cup history to do so.

Then, in the round of 16, Cape Verde held reigning champions Argentina to a 1-1 draw through regulation time — before finally falling 3-2 in extra time.

Four matches. Three former World Cup champions faced. Zero regulation-time losses.

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It was, by every measure, the value Owen had described weeks earlier — found by a team nobody was pricing in.

A football legend called it before the tournament even started. That’s the kind of insight WEEX brought to its community.

WEEX’s World Cup Journey: Three Moves, One Idea

Report, game, and conversation weren’t three separate campaigns. They were one belief, expressed three ways:

The best value in football — and in markets — is rarely where everyone’s already looking.

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WEEX didn’t just watch the World Cup happen. It built tools to help its community read it, play it, and occasionally, predict it before the world caught on.

Disclaimer: This information does not hold any official affiliation, sponsorship, or endorsement with FIFA or any official international football governing body. 

About WEEX

Founded in 2018, WEEX has developed into a global crypto exchange with over 6.2 million users across more than 150 countries. The platform emphasizes security, liquidity, and usability, providing over 1,200 spot trading pairs and offering up to 400x leverage in crypto futures trading. In addition to the traditional spot and derivatives markets, WEEX is expanding rapidly in the AI era delivering real time AI news, empowering users with AI trading tools, and exploring innovative trade to earn models that make intelligent trading more accessible to everyone. Its 1,000 BTC Protection Fund further strengthens asset safety and transparency, while features such as copy trading and advanced trading tools allow users to follow professional traders and experience a more efficient, intelligent trading journey.

Follow WEEX on social media

X: @WEEX_Official

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Instagram: @WEEX Exchange

Tiktok: @weex_global

Youtube: @WEEX_Official

Discord: WEEX Community

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Telegram: WeexGlobal Group

The post Playbook for WEEX Cup 2026: Data Intelligence, Predictive Insight, and $1M in Community Rewards appeared first on BeInCrypto.

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ESMA Enlists 14 New CASPs in MiCA Register as Licensing Slows

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Crypto Breaking News

Europe’s MiCA licensing pipeline added 14 more crypto-asset service providers to ESMA’s interim Markets in Crypto-Assets (MiCA) register in the second post-deadline update, bringing momentum down from the larger first wave after the transitional period ended.

According to an ESMA update published on Thursday, the total number of licensed crypto-asset service providers (CASPs) now stands at 294. The latest entries include Ripple Payments Europe (Ripple’s European payments business), Bison Bank based in Portugal, and Croatia’s state-owned Hrvatska poštanska banka (HPB).

Key takeaways

  • ESMA added 14 CASPs in the latest MiCA register update, taking the licensed total to 294.
  • Banking groups are prominent among new entrants, including institutions from Germany, Portugal, and Croatia.
  • EMT and ART registers did not change: 21 EMT issuers remain unchanged, and ART still lists no approved issuers.
  • ESMA also expanded its non-compliant list by two entities after actions by Italy’s CONSOB.

MiCA register slows after an initial surge

ESMA’s latest expansion arrives after a more aggressive update on July 3, when the regulator added 37 CASPs in its first major post-deadline roll-out following the end of MiCA’s transitional period. The difference in scale—37 entries the first time versus 14 this update—suggests a shift from the fastest initial licensing push into a steadier, slower cadence.

Still, the register’s upward trajectory remains important for firms planning market entry. For investors and market participants, the register functions as an on-the-record signal of which providers are operating under MiCA’s licensing umbrella, rather than relying only on voluntary or transitional arrangements.

Banks and payment providers extend regulated crypto services

The newest CASP entries underscore how established financial institutions continue to embed crypto services within regulated frameworks. Alongside Ripple Payments Europe and the banks already named, ESMA’s update includes German cooperative banks Volksbank Schwarzwald-Donau-Neckar and Raiffeisenbank Auerbach-Freihung.

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ESMA also listed Kaiser Partner Privatbank, a Liechtenstein-based private banking group, further expanding the footprint of wealth and private banking providers offering crypto-related services under MiCA.

The latest additions build on a broader pattern already visible in ESMA’s interim register, which includes dozens of traditional finance firms—such as Spain’s BBVA and CaixaBank, Germany’s Commerzbank, France’s CACEIS Bank, and Standard Chartered Luxembourg.

EMT and ART issuance remains largely static

While CASP licensing activity continues to progress, ESMA reported no changes to two token-specific registers that track stable-value and reference-asset products.

For electronic money tokens (EMTs)—crypto-assets designed to maintain a stable value against a single official currency—ESMA’s register remains at 21 unique issuers. For asset-referenced tokens (ARTs), which are designed to track multiple assets such as currencies or commodities, the register continues to show no approved issuers.

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That divergence matters because it points to uneven readiness across MiCA’s product categories. CASPs can continue onboarding under MiCA’s service rules, while token issuance—particularly ARTs—appears to be moving at a slower pace.

Non-compliant register adds two entities

Separately from the licensed CASP framework, ESMA also updated its non-compliant register by adding Reversal Investment Group and Kortex.

ESMA said the additions followed enforcement actions by Italy’s securities regulator, the Commissione Nazionale per le Società e la Borsa (CONSOB). With these additions, the non-compliant list now totals 164 entries, including crypto exchange MEXC.

For market participants, non-compliant listings are a caution flag: they indicate entities that ESMA deems to be outside MiCA’s compliance expectations. Traders and users looking for regulatory clarity typically treat the contrast between the licensed register and the non-compliant register as a practical guide for due diligence.

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What to watch next

With ESMA’s CASP register continuing to climb—while EMT and especially ART approvals remain comparatively constrained—investors should watch whether token issuance accelerates in the next updates and how quickly the gap between service-provider licensing and token product approvals narrows under MiCA.

Risk & affiliate notice: Crypto assets are volatile and capital is at risk. This article may contain affiliate links. Read full disclosure

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Argentine judge orders freeze of 25 crypto wallets in $LIBRA probe

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Argentine judge orders freeze of 25 crypto wallets in $LIBRA probe

Argentine court has ordered the identification of holders behind 25 cryptocurrency wallets and frozen assets linked to the $LIBRA token investigation after authorities traced millions of dollars across multiple blockchain networks.

Summary

  • An Argentine judge has ordered the identification of holders behind 25 crypto wallets and frozen assets linked to the $LIBRA investigation.
  • Investigators traced nearly 498,539 USDT through multiple wallets, with several transactions passing through Binance, Bybit, OKX, and Bitfinex.
  • Authorities are seeking KYC records and transaction data after tracing about $8.2 million that began moving again in May.

According to Argentine newspaper Clarín, Federal Judge Marcelo Martínez de Giorgi issued the order after reviewing a report from the Cybercrime Technical Department of the Argentine Federal Police, which reconstructed the movement of crypto assets linked to the $LIBRA case from May onward. 

The order seeks account holder identities, know-your-customer records, IP addresses, transaction histories, and other information that could identify those behind the transactions.

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The latest measure centers on 25 wallets believed to have handled part of the money left with the creators of the $LIBRA token following its failed launch in February 2025. The judge also instructed authorities to freeze assets associated with those wallets, although it remains unclear whether the funds are still held there or have already been transferred elsewhere.

Court documents reviewed by the publication reconstructed the activity of eight wallets identified as the “Libra Team,” which investigators linked to the token’s creation and the withdrawal of investor funds after Argentine President Javier Milei promoted the project on social media. During that period, the token’s price briefly surged before collapsing within minutes.

According to the report, token creator Hayden Davis previously said roughly $110 million remained under his control after the launch. Investigators found that four of the eight Libra Team wallets consolidated funds into a single wallet identified as “61yk.”

Investigators trace funds through exchanges

The police report stated that wallet “61yk” had remained frozen for nearly six months under an order from the U.S. District Court for the Southern District of New York, which is handling a separate case involving Davis.

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After the restriction was lifted, investigators alleged the wallet redistributed funds using what the report described as a “digital smurfing” strategy, breaking larger balances into smaller transfers to make the transactions harder to follow or eventually convert into fiat currency.

Authorities traced a major movement on May 10, when 498,539 USDT was transferred through a cross-chain interoperability protocol to a wallet on the Tron network. The receiving wallet then split the funds into 17 separate transactions in what investigators described as another attempt to obscure the trail.

The Federal Police report found that at least 10 of those transactions passed through Binance, while eight wallets were linked to Bybit, two to OKX, and another two to Bitfinex. Because centralized exchanges generally require customer identity verification, investigators believe those transfers could help identify some of the individuals involved, although the report noted that some platforms may not hold KYC information for every account.

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Crypto analyst Fernando Molina, who has independently tracked the movement of $LIBRA funds, previously estimated that about $8.2 million remained dormant before becoming active again in May through wallets now under judicial scrutiny. 

Separate information reviewed by Clarín indicates that the remaining funds are managed through a trust established by Davis, which is intended to distribute grants to Argentine companies as part of a proposed revival of the project before the end of the year. Earlier reports said the trust had already received 71 grant applications.

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Bitcoin Has Already Spent 42 Days Building Its Bottom, This Metric Says

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Bitcoin Has Already Spent 42 Days Building Its Bottom, This Metric Says

Bitcoin (BTC) has been counting down to its next bottom for nearly two months, a classic onchain metric suggests.

Key points:

  • BTC supply in loss passed 50% for the first time this bear market in early June.
  • In previous bear markets, that event sparked a countdown to a new BTC price macro bottom.
  • Separate data hints that the bull market’s “emotional premium” has now gone.

Supply in loss countdown already Bitcoin’s second-longest

In its H1 2026 Round-Up report, crypto research company K33 Research flagged more than 50% of the BTC supply now being held at a loss.

A typical bear-market feature, supply in loss has become a yardstick for progress toward macro bottoms for BTC/USD.

K33 data shows that once supply in loss passes the 50% mark, the bottom has come no more than 101 days later. Bear markets have provided various time frames, with the shortest bottom “window” lasting just 13 days in 2022.

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The 2018 bear market required 23 days to reach its floor, while in 2014, Bitcoin continued to decline for 101 days after the 50% supply-in-loss mark was hit. 

In 2026, supply in loss repeated standard bear-market behavior, crossing 50% on June 5. Since then, 42 days have elapsed, making this year’s bottom window Bitcoin’s second-longest ever.

BTC supply in loss and days until bear-market bottom (screenshot). Source: K33 Research

In accompanying commentary, K33 observed that returns over the year following the phenomenon “tend to be very solid.”

Earlier this month, Axel Adler Jr., a contributor to onchain analytics platform CryptoQuant, estimated that supply in loss was around two months away from levels that correspond to bear-market bottoms.

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CryptoQuant data puts supply in loss at 46% as of July 17.

“Distribution of capital” teases silver lining

Continuing, CryptoQuant eyed what it described as “rare” readings from Bitcoin investor cost-basis models.

Related: Bitcoin $107K buyers providing ‘early signals’ of 2026 bear-market bottom: Glassnode

The realized cap variance (RCV) model, which measures the difference between realized cap and market cap, currently sits in the bottom six percent of its historical range.

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“Instead of tracking price alone, it isolates the variance between realized cap and market cap relative to its own rolling history, capturing how stretched or compressed investor cost basis has become versus current valuation,” contributor Crazzyblockk explained in a QuickTake blog post on Thursday. 

“When that variance compresses into deeply negative z-score territory, the emotional premium built during rallies has largely been priced out. The metric doesn’t read narrative, it reads the distribution of capital.”

Bitcoin RCV data (screenshot). Source: CryptoQuant

At -2.35, standardized RCV’s Z-score is once again pointing to the final stages of the Bitcoin bear market.

“Every prior stretch where the model spent extended time below a -2.0 z-score, late 2018, mid-2022, early 2015, preceded forward twelve-month returns north of 75%,” the post noted. 

“The most extreme reading in this dataset, -4.68 in November 2018, landed almost exactly on Bitcoin’s cycle bottom near $3,792.”

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