A bipartisan ethics proposal pitched to US President Donald Trump to secure passage of the crypto market structure bill in Congress could create a significant tax benefit for the president, Bloomberg reported Thursday. 

The ethics addendum, which has not been made public, includes a provision requiring the president to divest from crypto-related businesses, according to people familiar with the matter. The proposal would reportedly allow Trump to defer capital gains taxes on any required divestitures, potentially leading to tax savings in the millions. 

Democratic concerns over Trump’s crypto conflicts have been a central obstacle to passing the market-structure bill. Senators have been working on an ethics addendum meant to break that impasse, though the reported tax-deferral benefit could become another point of contention for Democrats to question whether the president’s financial interests are genuinely curbed. 

Cointelegraph reached out to the White House for comment but did not receive an immediate response. 

Related: US Senate pushes CLARITY Act vote to September: Report

Trump’s annual financial disclosure report for 2025, released at the end of June, revealed the US president saw $1.4 billion in income from crypto-related ventures last year.

According to the 927-page disclosure, the licensing and sale of memecoins such as Official Trump (TRUMP) generated the most income for Trump, with about $635 million coming from “royalties” in a “license agreement with Celebration Coins.”

Meanwhile, the Trump family’s DeFi platform, World Liberty Financial, was the second-biggest earner, generating about $588 million from “proceeds from token sales.” 

The disclosure also revealed that Trump earned $197 from the sale of an equity interest in a stablecoin venture. 

Meanwhile, disclosures on World Liberty’s website show that DT Marks DEFI LLC, an entity affiliated with Trump and certain family members, owns “approximately 38% of the equity interests” in World Liberty’s parent company.

Magazine: CLARITY hopes fade, BitMEX shuts as lawsuit looms: Hodler’s Digest, July 26 

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

Upbit will add Block Street (BSB) to its Korean won, Bitcoin and USDT markets on Aug. 7, giving the token three new spot pairs in South Korea. 

According to Upbit’s official listing notice, the exchange scheduled trading for 3:00 p.m. Korea Standard Time and said deposits and withdrawals would initially be supported only through Ethereum.

Upbit also warned that the trading start could be delayed if adequate liquidity is not secured. The exchange said users should verify the supported network before transferring BSB because deposits sent through unsupported networks may require a lengthy return process.

Advertisement

Upbit will impose temporary BSB trading limits

Upbit plans several restrictions during BSB’s opening period. Buy orders will be blocked for about five minutes after trading begins. During the same period, sell orders priced more than 10% below the previous day’s closing price will also be restricted.

In addition, Upbit will allow only limit orders for roughly two hours after trading support starts. The exchange cited a previous closing price of 211.09 KRW and a recent reference price of 222.34 KRW at 11:45 a.m. KST on Aug. 7. Those figures were published before Upbit trading opened and therefore do not represent a post-listing market reaction.

The listing notice identified BSB’s supported Ethereum contract as 0xdb6ba5d510f114f9b2ea08bea7d30e32eee33411. Users are expected to verify that contract before making deposits or withdrawals.

Advertisement

The structure resembles other recent Upbit additions. Upbit added Derive’s DRV token to KRW, BTC and USDT markets while also applying temporary trading controls around the launch.

Block Street targets tokenized asset liquidity

Block Street describes itself as infrastructure for on-chain capital markets focused on tokenized equities and real-world assets. According to the project’s official documentation, its architecture is intended to connect fragmented liquidity across issuers, blockchains and trading venues.

The protocol calls this infrastructure a “Unified Liquidity Layer.” Block Street says the system is designed to improve execution and capital efficiency for tokenized assets while supporting functions such as borrowing, margin, hedging and arbitrage.

BSB serves as the protocol’s utility and governance token. According to Block Street’s BSB documentation, holders can use the token for governance participation, staking and ecosystem incentives.

Advertisement

The project’s whitepaper fixes total BSB supply at 1 billion tokens. Block Street said 207.75 million BSB, equivalent to 20.775% of supply, were expected to circulate around the token generation event.

The project has also raised outside capital to build its infrastructure. Block Street announced an $11.5 million strategic funding round in October 2025, led by Hack VC with participation from Generative Venture, DWF Labs, StudioB and Bridge34.

Meanwhile, tokenized equities have become a broader market theme. In related coverage, tokenized equity activity increased as crypto companies and traditional market participants expanded blockchain-based stock infrastructure.

What happens when BSB trading opens

The immediate event to watch is Upbit’s planned 3:00 p.m. KST trading start on Aug. 7. Because the exchange made the launch conditional on sufficient liquidity, the announced time remains subject to change.

Advertisement

Once trading begins, Upbit’s initial restrictions will expire in stages. The five-minute controls on buy orders and low-priced sell orders will end first, while the exchange plans to maintain its limit-order-only restriction for roughly two hours.

At the time covered by the announcement, there was no verified Upbit market reaction because trading had not yet begun. As a result, price movements on other exchanges before the scheduled launch should not be described as an Upbit listing reaction without time-matched market data.

For deposits, users must continue using the Ethereum network and verify the contract address specified in the Upbit announcement. Although Block Street’s whitepaper describes BSB deployments across Ethereum and BNB Chain, Upbit’s listing notice supports Ethereum only.

That distinction will remain important once deposits, withdrawals and trading are active because transfers made through unsupported networks may not be automatically credited.

Advertisement

A bitcoin wallet that had been dormant since 2011 moved nearly 50 BTC worth about $3.2 million on Thursday, shifting the coins to an address with a history of sending bitcoin to institutional crypto brokerage FalconX.

The wallet received the coins on July 16, 2011, when bitcoin traded around $10, and had not spent them since, according to Galaxy Research. The 49.97 BTC position is now worth roughly $3.2 million after surviving more than a decade of bitcoin booms, crashes and exchange failures.

The transaction, included in block 961331 at 20:14 UTC on Aug. 6, combined four inputs from the dormant address totaling 49.97 BTC with two smaller inputs from other addresses. Exactly 50 BTC was sent to a SegWit address, while a second output received about 0.00116 BTC after fees.

SegWit is a newer Bitcoin address format that makes transactions more space-efficient and generally cheaper to send. Addresses beginning with bc1 use it.

The destination is not a fresh wallet, however. Arkham data show the address has been active for several years and previously sent 6.336 BTC and 16.131 BTC to addresses the analytics platform labels as FalconX deposits.

Trump disclosed more than $1 billion in income from his crypto ventures in 2025. Senate Majority Leader John Thune said a vote would come in September, when lawmakers return on Sept. 14 with three weeks to work through a backlog that also includes government funding and a Russia sanctions bill.

Spot bitcoin funds took in about $626 million between Aug. 3 and Aug. 5, enough to defend the $63,000 to $64,000 area but not enough to push through resistance between $66,000 and $66,600.

Next week brings the U.S. employment report and July inflation data. The Federal Reserve held rates at 3.50% to 3.75% in July, though three officials voted to raise them. A strong jobs number or sticky inflation would strengthen the case for tighter policy, which typically weighs on bitcoin.

Bitcoin has not managed to break $66,000 even with money coming in all week. Next week’s jobs and inflation reports decide whether it gets another try or slips back toward $63,000.

Bitcoin’s BTC$64,237.07 recent price action has been unremarkable and boring, the kind that sends traders looking for excitement elsewhere.

But look closer, through a technical analyst’s lens, and the token appears to be hammering out a bullish pattern, which, if confirmed, could suggest a rally to $76,000.

That pattern is the popular inverse head-and-shoulders (H&S) setup, typically seen at the end of a downtrend rather than in the middle of one. It involves three troughs separated by temporary price recoveries. The middle trough is the deepest, marking peak bearishness or selling, while the shallower trough that follows is the first sign of seller, or downtrend, exhaustion.

A completed pattern, marked by prices rising through a line connecting the interim recoveries, called the neckline, is said to confirm a bullish trend revival.

The pattern is visible on bitcoin’s daily chart: a low near $60,000 in early June formed the left shoulder, a deeper trough near $57,700 in late June or early July marked the head, and the recent bounce from around $62,500 formed the right shoulder. Each trough was followed by a rebound toward a similar resistance zone.

Violent attacks against crypto holders extracted more than $30 million worldwide through late June 2026, according to an Aug. 6 report. 

The firm documented 46 kidnappings, home invasions, hostage situations and related attempts, compared with 40 during the same period in 2025.

The total places 2026 on pace to challenge the record $58 million stolen during 2025. However, Chainalysis said its figures cover reported cases and likely undercount the true scale. Attempted extractions, including blocked transfers, unpaid ransom demands and recovered funds, reached an estimated $107 million during the first half.

Crypto wrench attacks put 2026 on record pace

Only 12 of the 46 documented attempts resulted in payment, producing a 26% success rate. That was down from 49% in 2025 and 67% in 2024, even as the number of known attacks increased.

Chainalysis said 2026 “could become the single-worst year” for violent crypto theft if the first-half pace continues.

The projection is conditional rather than a confirmed year-end outcome. The report covers known cases through late June, and both reporting rates and the size of individual thefts can change sharply during the second half.

While most crypto crime unfolds online, physical violence against holders is accelerating. With $30M already stolen in 2026, “wrench attacks” and home invasions are on pace for a record year, with France emerging as the primary global hotspot. Read our new research for a… pic.twitter.com/ilJiOyJtLy

— Chainalysis (@chainalysis) August 6, 2026

The attack mix also changed. Home invasions represented 37% of incidents, up from 14% in 2025. Kidnappings accounted for 52%. Chainalysis said some cases overlap because an intrusion can develop into detention or forced movement, so classification depends on the dominant outcome.

France’s surge points to data exposure and organized crime

France recorded 30 publicly known cases by midyear, compared with 19 throughout 2025. French authorities have counted a much larger total. The national Gendarmerie said on July 7 that 77 crypto-linked kidnappings and detentions had been recorded since January.

As previously reported in France’s crypto kidnapping crackdown, authorities have expanded intelligence sharing and coordination with digital asset companies. Chainalysis said the French response had produced roughly 200 arrests, 88 indictments and 75 suspects held before trial by midyear.

Official case records show the size of individual investigations. In March, more than 450 officers arrested 18 people over a 2025 kidnapping, with 12 suspects later indicted. Three were placed in pretrial detention and nine under judicial supervision.

In May, authorities detained three additional suspects after a victim was forced to transfer about €68,000 in crypto. One suspect allegedly described being recruited by the DZ Mafia criminal organization. The suspects were indicted and held in pretrial detention, while the investigation remained open.

Chainalysis called compromised personal data the “likeliest culprit” behind the French surge. It cited allegations that a tax official sold dossiers containing investors’ identities, addresses, holdings and tax information. Those claims remain allegations and have not been established by a final judgment.

The report also cited Waltio’s January security breach, which it said affected about 50,000 users. Waltio confirmed unauthorized access to data connected to 2024 tax reports, but said the exposed information excluded names, postal addresses, phone numbers, passwords, wallet addresses, API keys and detailed transaction histories. A direct causal link between that breach and physical attacks has not been proven.

Relatives and homes become bigger targets

Attackers increasingly target people close to crypto holders. Relatives or acquaintances represented about 25% to 30% of documented cases by early 2026, up from almost none in 2021. In France, more than 40% of incidents targeted a relation rather than the holder directly.

In related coverage of a failed family kidnapping, neighbors disrupted an attempt involving the wife of a Sandbox cofounder. Earlier, Ledger cofounder David Balland’s kidnapping showed how attackers may use relatives, executives and public visibility to identify targets.

Most victims were local residents, suggesting prior reconnaissance rather than opportunistic attacks on tourists. Chainalysis said known-residency cases involved locals in 93% of French incidents and 77% of U.S. incidents. It identified the U.S. as a long-running outlier for home invasions.

Onchain trails give investigators leverage

Chainalysis divided attackers into three broad groups based on how they moved stolen assets. Less experienced criminals sent funds directly to centralized exchanges, creating clear compliance and subpoena points. More capable groups used bridges, decentralized exchanges and intermediary wallets to delay identification.

The most advanced cases appeared connected to wider criminal networks and laundering services. One traced flow reached an alleged over-the-counter laundering service that had interacted with cartel-linked wallets, terrorist financing clusters and Southeast Asian laundering networks. These connections describe blockchain exposure, not proof that every connected party participated in the original attack.

The next focus will be whether France’s rapid-alert system, industry coordination and organized-crime prosecutions reduce the attack rate. Investigators will also watch whether centralized exchanges freeze funds quickly and whether cross-chain tracing can identify local crews and their organizers.

For holders, Chainalysis recommended limiting public disclosure of wealth, separating real-world identities from onchain activity and strengthening physical security alongside wallet custody. The report also called for wider blockchain training among frontline police because these cases often begin as conventional kidnappings, home invasions or extortion investigations.