Crypto venture capitalists at Hack VC deleted a post about disagreeing with a disgruntled former employee, Hsin-Ju Chuang, who has tragically passed away. Its official X account currently has no mention of her passing.

Its deleted post read, “While our understanding of events differs materially, we do not wish to discuss the details publicly at this time out of respect for their privacy.”

That statement has been replaced by a post from another account, co-founder and Managing Partner Alexander Pack.

Hack VC told Protos, “We removed our earlier statement after seeing the tone the public conversation was taking. Some of the responses directed toward her had become increasingly hostile, and we did not want anything we had posted to contribute to further attention or negativity toward her.”

The firm initially broadcasted its disagreement after Chuang’s August 23-24 accusations of workplace pressure.

Specifically, she complained about medical emergencies, the behavior of Pack and Daniel Bulaevsky, and overtime work pressure amid serious medical symptoms.

She also accused the firm of stalling her health insurance continuation, a dispute that headed to private mediation and spilled over onto social media.

President Donald Trump disclosed purchasing $50,001 to $100,000 worth of Strategy shares in July, according to a US Office of Government Ethics filing released Tuesday.

The filing shows Trump bought $50,001 to $100,000 worth of Strategy shares on July 27, following a smaller $1,001 to $15,000 purchase three days earlier. Strategy is the world’s largest publicly traded corporate Bitcoin holder, with 846,000 BTC, according to BitcoinTreasuries.net data.

Trump also disclosed transactions involving several other crypto-linked companies, including a Coinbase stock purchase and sales of Bitcoin miners MARA Holdings and CleanSpark in July. The July 27 Strategy purchase was the largest of the crypto-linked transactions identified in the filing.

Top 10 Bitcoin treasury companies. Source: BitcoinTreasuries.NET

The transaction matched Trump’s largest previously disclosed Strategy purchase, a $50,001 to $100,000 buy on Feb. 12, according to BitcoinTreasuries.NET. His accounts have also reported several smaller purchases and sales of Strategy shares this year.

The filings do not show how many Strategy shares remain in Trump’s portfolio, as transactions are reported in value ranges rather than as a running share balance.

Strategy purchase a small part of broader portfolio activity

The Strategy purchase represented a small portion of Trump’s broader portfolio activity in July. The filing shows sales of $5 million to $25 million each of Microsoft and Amazon stocks on July 20, along with several purchases and sales valued at between $1 million and $5 million.

On Tuesday, the White House told CNBC that Trump’s stock and bond portfolio is independently managed by third-party financial institutions, without input from Trump or his family.

Strategy shares have rallied nearly 30% over the past five trading days and about 37% over the past month, according to Yahoo Finance data.

Strategy (MSTR) stock. Source: Yahoo Finance

Disclosure comes amid crypto policy push

Trump’s Strategy disclosure comes as his administration has pursued a series of policies aimed at supporting the US crypto industry, even as comprehensive market structure legislation remains stalled in Congress.

Although the Senate failed to advance the CLARITY Act on Sept. 15, federal regulators have moved ahead using their existing authority. Two days after the failed cloture vote, the Securities and Exchange Commission (SEC) cleared limited onchain trading of tokenized US stocks under a temporary exemption, while the Commodity Futures Trading Commission (CFTC) eased registration requirements for certain software providers offering access to regulated derivatives markets.

The CFTC separately sent a broader crypto market rulemaking initiative for White House review on Sept. 17. Dubbed “Regulation Crypto Asset Transactions and Regulation Crypto Asset Markets,” the initiative is still in its preliminary stages and has yet to become a formal proposal.

Source: CFTC

The administration’s crypto push has also extended to Bitcoin itself. Last week, the House Financial Services Committee voted 28-21 to advance legislation that would codify Trump’s Strategic Bitcoin Reserve into law and require Bitcoin placed in the reserve to be held for at least 20 years.

The US government currently holds an estimated 324,527 BTC, according to Arkham Intelligence data.

Magazine: Winners and losers of the SEC’s new tokenized stocks rules

Bitcoin has held a dense $85,000–$86,500 buyer cost range after reaching $87,392, but Bitfinex analysts have said continued ETF and corporate purchases are needed to confirm a new bull market.

Bitfinex Alpha said in its Sep. 23 report that Bitcoin’s advance from its July 1 low of $57,803 has reached a test that separated lasting bull markets from failed recoveries in previous cycles. The analysts have identified the $85,000–$86,500 range as the largest concentration of recent buyer cost bases. Holding that area would show that buyers who entered during the rally are willing to keep their positions through a pullback.

Why Bitcoin’s $85K buyer range matters

According to Bitfinex, about 633,000 BTC last changed hands between $85,000 and $86,500, creating the largest cost range in its price distribution data. Buyers also moved roughly 2.95 million BTC into profit over four trading sessions as Bitcoin climbed. The amount of supply concentrated between $80,500 and $82,500 fell from 252,000 BTC to 170,000 BTC per $1,000 price band between Sunday and Tuesday.

For the analysts, the new concentration beneath spot price offers a more useful test than the speed of the rally itself. A drop through the range would put many recent buyers back at a loss; sustained buying above it would show that demand is continuing after the breakout.

The distinction matters because forced purchases by traders closing short positions can lift prices quickly without creating a lasting source of demand. In earlier coverage of the rally, crypto.news reported that Nansen senior research analyst Nicolai Sondergaard attributed part of Bitcoin’s move above $84,000 to a short squeeze alongside renewed ETF buying. He warned that weaker fund inflows or rising U.S. Treasury yields could leave the advance exposed to a reversal.

Bitfinex places the next price test near Bitcoin’s yearly open of $87,722. Its analysts expect a hold above the $85,000–$86,500 range to leave $90,000 in view if ETF inflows continue and futures funding stays neutral. Below the buyer range, they identify the corporate treasury cohort’s cost near $80,500 as the first support area. A sustained move below $81,300, particularly alongside ETF outflows, would challenge their reading of the breakout.

ETF and corporate purchases need to continue above cost

U.S. spot Bitcoin ETFs took in $999 million on Sep. 21 and another $714.7 million on Sep. 22, Bitfinex reported. Monday’s dollar inflow was the largest since Oct. 6, 2025, when Bitcoin reached its all-time high. Across four sessions ending Sep. 22, the funds absorbed $2.31 billion, equivalent to roughly 27,900 BTC at each day’s average price, according to the report.

The buying followed a $450.4 million ETF outflow on Sep. 15, which Bitfinex called the funds’ largest daily withdrawal since June. For U.S. investors using listed spot funds, the next flow figures will show whether purchases continue now that the aggregate ETF investor cost basis is near $86,000. Bitfinex said the ETF and corporate treasury cohorts held profitable positions at the same time this week for the first time since January.

Corporate filings provide a second measure. As reported in Strategy’s SEC filing, the company bought 950 BTC for $75.7 million during the week ending Sep. 20, lifting its holdings to 846,000 BTC. The filing also showed $174 million spent repurchasing STRC preferred shares. Strategy used existing cash for both transactions and made no sales through its stock offering programs that week.

Bitfinex also counted Strive’s purchase of 1,355 BTC between Sep. 14 and 18. Together, the two companies acquired 2,305 BTC in one week, compared with roughly 5,900 BTC acquired by all public treasuries over the preceding three months, the report said. Both purchases were executed below the analysts’ estimated $80,500 average cost for the corporate treasury cohort.

“The critical test will be whether both cohorts maintain continuous net buying above their respective cost basis,” Bitfinex said. Purchases that appear only after prices fall below investors’ average entry may support a decline, but the analysts said they would not establish the continuing demand needed for a sustained advance.

Holder data has yet to confirm a bull market

On-chain readings give Bitfinex another way to check whether the rally survives its first setback. The share of Bitcoin supply held at a profit rose from 63% on Sep. 17 to 78.2% on Sep. 22. The analysts want the measure to stay above 75% during the first correction; a fall below that line would indicate that holders newly returned to profit had sold into the move.

Bitcoin’s market value relative to its realized value, or MVRV, stood at 1.62 on Sep. 22, below its long-run average of about 1.8, according to Bitfinex. The analysts associate that average with a Bitcoin price near $95,000 at the current realized price. They said crossing and holding it alongside ETF inflows would strengthen the bull-market case, while a failed attempt would resemble earlier recoveries that ran out of demand.

Recent buyers remain in profit as well. Bitfinex put short-term holder MVRV at 1.20 against a cohort cost basis of $71,763. The report said readings of 1.3 to 1.4 would correspond to a price above $93,000, an area where recent buyers have historically become more likely to take profits.

Long-term holders offer a less settled signal. Bitfinex said the group sold coins through late August, and its aggregate position change remained negative, though selling had slowed. Its latest available long-term holder spent-output profit ratio was 0.77 on Sep. 16, meaning coins spent by that group were changing hands below their average acquisition cost. The analysts want the ratio to rise above 1.0 while Bitcoin holds its price, showing that the market can absorb sales from holders taking profits.

Bitfinex identified $87,000–$90,000 as the break-even area for buyers from January whose coins have since aged into the long-term holder group. Its report also put Bitcoin about 12% above the $76,677 True Market Mean and 63% above the $52,785 realized price as of its analysis.

Justin Sun-owned HTX claimed in its September proof of reserves (PoR) that it held 360949.90 USDS in 0xdaa4393013f359fd63a133a3b893d311aba4e471 at a block height of 25876316‎.

However, that address at that block height actually contained 0 USDS.

The only transaction where this address actually received USDS was at a block height of 25889452. This was on September 2, after the PoR which is dated September 1.

This isn’t the only problem in this PoR.

Additionally, it claims that there were 44,975,772.00 of the Sun-founded USDD in 0x18709e89bd403f470088abdacebe86cc60dda12e at a block height of 25876316.

However, this address actually had 44,886,000 USDD in that address at that block height.

Read more: Tether has publicly listed a company that partially controls USDS

These are also not the only mistakes that HTX has made in its PoR historically.

As Protos has previously reported, it previously claimed a certain amount of STEAK-USDC in its May PoR, however it didn’t have any STEAK-USDC in that address at the claimed block height.

However, it did have an equivalent amount of sUSDS in that address, suggesting it had confused its disclosures between these assets.

All of these issues raise serious concerns about HTX’s PoR process, and especially how it makes certain that all assets are matched to liabilities at all times.

Protos reached out to HTX for comment on this discrepancy, but it didn’t respond before publication.

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Hsin-Ju Chuang, a former partner at crypto venture firm Hack VC, was pronounced dead on Aug. 24 and recently became public after a local newspaper, Hoodline, reported the news this month and circulated on social media.

Her body was found by the California Highway Patrol inside a vehicle in the desert, according to the report.

Chuang, 37, of North Las Vegas, was pronounced dead at the scene at 9:47 p.m. local time last month, a coroner’s release said. The coroner directed further questions to the California Highway Patrol. Authorities have not announced a cause of death, revealed the results of an autopsy, or provided further details about the circumstances, Hoodline said.

The California Highway Patrol spokesperson referred CoinDesk’s request for further comment to the CHP’s Inland Division, which is handling the investigation.

Her death has drawn attention across crypto social media because Chuang, a longtime operator in the crypto industry, published a lengthy X post on Aug. 23, stating that she had rejected a settlement with Hack VC that would have required her to remain silent about her experience at the firm.

Pi Network price fell back toward $0.088 on Sep. 23 after an intraday move above $0.092 failed to hold. The pullback came as traders weighed recent network upgrades against a daily chart that still shows PI below its main moving averages.

According to the PI/USDT daily chart, the token opened near $0.0903, reached $0.0926, and fell as low as $0.0858 before trading around $0.0882. The move left PI below $0.09 despite a rebound from the session low.

CoinGecko listed PI near $0.0883, down about 0.7% over 24 hours but up roughly 7.3% over seven days. The weekly gain gives the latest decline a different scale from the longer slide visible on the daily chart.

Pi Network price faces a test at $0.0909

The daily chart places PI below its 50-day moving average of about $0.0909 and its 100-day moving average near $0.0970. Both lines slope downward, and the shorter average remains beneath the longer one. PI would first need to recover $0.0909 to challenge the area around $0.0926, where the latest advance stalled.

A move through that range would bring $0.0970 into view. PI traded close to $0.098 during its earlier September rise before losing ground, making the 100-day average a useful level for judging whether a recovery extends beyond a brief bounce.

On the downside, the latest daily low near $0.0858 is the first level to watch. The chart then shows a recent trading area around $0.080 to $0.083. A daily close below that area would put the July lows, near $0.07, back in focus.

The daily Bear Bull Power reading was slightly negative, near −0.00006. Its small size points to limited momentum in either direction at the chart’s latest reading, even though price remains below both moving averages.

A 4-hour rebound is still holding above $0.0861

The shorter timeframe gives buyers one firmer signal. The 4-hour Supertrend line stood near $0.0861, below PI’s price of about $0.0882. PI also recovered after a sharp fall toward $0.081 earlier in the week, then reached the $0.091 to $0.092 area before pulling back again.

The 4-hour Aroon indicator showed its up line near 92.86% and down line near 28.57%. Those readings reflect a more recent high than low within the indicator’s lookback period. They fit the recovery from this week’s low, though the failed push past $0.092 shows that the rebound has yet to clear nearby resistance.

A sustained break below the Supertrend level around $0.0861 would weaken the short-term setup and expose the $0.083 to $0.081 area. If buyers instead regain $0.09 and close above $0.0926, the daily 100-day moving average near $0.0970 becomes the next larger test. Both paths depend on levels the charts have already shown; neither is a confirmed outcome.

KYC progress brings more users closer to migration

Pi Network said on Sep. 17 that more than 417,000 users previously flagged as possible duplicate accounts can move forward with identity verification. The team also said it planned an update to address a separate issue affecting 497,000 users who were stuck in the migration process. The second group should not be counted as already unblocked.

The project has also been moving through a series of protocol upgrades. Its node page says mainnet nodes must upgrade to Protocol v27. These changes may affect access and network use over time, but the announcements alone do not establish why PI fell during the Sep. 23 session.

Migration also does not automatically mean that newly eligible users will sell tokens. For traders, the measurable near-term question is whether demand can carry PI back above the $0.0909 to $0.0926 resistance range. The token remains more than 97% below its February 2025 peak of roughly $2.99, according to crypto.news’ account of its first year on open mainnet. At the current price, a short-term recovery would still leave that larger decline intact.

For U.S. readers tracking PI, the same chart levels provide a clearer test than the upgrade calendar: $0.0861 is the nearby 4-hour support signal, while a daily move above $0.0909 and $0.0926 would show whether buyers can sustain the rebound.

What precedent could the SpaceX land swap set?

OKX US CEO Roshan Robert has said tokenized stocks must preserve the rights of traditional shares as the SEC begins a five-year test of blockchain-based U.S. stock trading.

Roshan Robert, CEO of OKX US, told crypto.news that holders of tokenized National Market System stocks should receive the same rights and privileges as investors who own traditional shares of the same class. In his view, changing the technology used to trade and settle a share should not change the investor’s claim on the company.

The distinction matters under the Securities and Exchange Commission’s five-year trading exemption, issued on Sep. 17. Qualifying venues can use permissioned automated market makers and liquidity pools to trade tokenized versions of certain U.S. listed stocks, subject to limits and other conditions. The order expires on Sep. 17, 2031, unless the SEC changes it.

Tokenized stocks must preserve ownership and voting rights

Under the SEC order, a venue must verify that each tokenized stock provides the rights and privileges of an equivalent class of conventional stock. The agency identifies the investor’s interest in the company, dividends, voting rights, and a claim on remaining assets if the company is liquidated. A product that only tracks a share’s price through synthetic exposure does not qualify as tokenized NMS stock under the exemption.

Robert said parity between the two forms of the same share is necessary to protect investors and avoid splitting traditional and tokenized markets into products with different rights. For a U.S. investor, the SEC’s condition makes the rights attached to the token central to whether it can trade through this particular route.

The legal structure can differ across stock-linked tokens already on the market. A recent ownership review covered by the publication found that a token could give its holder a direct ownership interest, a claim through a custodian or a contractual claim without ordinary shareholder rights. The token’s movement on a blockchain does not, by itself, settle which of those interests its holder owns.

Even where a third party creates the token, the SEC order requires a qualifying venue to check how shareholder rights reach the holder. Its conditions address access to voting materials and other issuer communications, along with the underlying economic rights. The exemption covers secondary trading; it does not permit a venue to conduct a company’s initial share offering under the order.

Issuers get 30 days to object to third-party tokens

When an unaffiliated third party tokenizes a company’s stock, the venue must give the issuer written notice before trading begins. The SEC requires a wait of at least 30 calendar days after the issuer receives it. If the company objects within that period, the venue cannot offer the tokenized stock under this exemption. The process applies specifically to shares tokenized by an unaffiliated party, rather than every tokenized share.

Robert described written notice as a safeguard for secondary trading on public blockchains. He said issuer involvement can help keep tokenized shares aligned with the original stock’s shareholder rights, disclosures and corporate actions. A defined way for companies to respond would also give investors more confidence in the market, according to Robert.

Issuer objections have already become a live issue outside the SEC’s new route. As earlier coverage of the AMC dispute detailed in September, AMC Entertainment challenged a Robinhood product linked to its shares. The SEC’s objection process concerns qualifying tokenized NMS stocks; its order excludes products that offer only synthetic exposure to a company’s share price.

Liquidity pool prices pose a test for U.S. stock rules

For Robert, equal ownership rights are only part of the work needed to operate tokenized stock markets at scale. He said venues must also maintain fair access, protection against front-running and manipulation, dependable market data, and records that allow trading activity to be reviewed. He called for market surveillance and leverage controls while the systems develop.

Pricing presents a specific problem. An automated market maker can set a token’s price from the assets held in its liquidity pool rather than directly from bids and offers across conventional stock exchanges. The SEC said that design may make it difficult for a venue to meet Regulation NMS requirements intended to prevent trades at prices inferior to protected quotes elsewhere. The agency also identified a risk that the tokenized share’s price could diverge from the traditional share’s price.

A September report on trading-hour gaps examined the problem when the main U.S. stock market is closed. RedStone COO Marcin Kaźmierczak said traders may have less ability to correct a gap between a pool’s token price and the underlying share when they cannot trade the share in its primary market.

The SEC has limited the number of eligible stock symbols and the trading volume permitted under its exemption. Venues must use public, auditable smart contracts on public blockchains, even though access to their trading pools is permissioned. They must also stop trading a tokenized stock when the primary exchange halts its underlying share.

The five-year exemption gives the SEC trading data

Robert said some questions about tokenized markets can only be tested while venues operate under controlled conditions. He expects live activity to show the SEC how investors use the products, how liquidity develops and whether pool prices stay aligned with the shares traded on established exchanges.

The order also grants conditional relief to certain firms supplying tokenized shares to the approved liquidity pools, while requiring operational records and disclosures. For venues, the exemption is temporary relief from the definition of an exchange under the Securities Exchange Act; it is not a permanent set of tokenized stock rules.

Robert said evidence from the five-year period could help the SEC decide whether Regulation NMS needs changes and whether any part of the exemption should become permanent. The commission has requested public comments on the order, including how tokenized trading might affect pricing and liquidity in the underlying stock market.