Crypto World
Fold Pays Off $66M Debt, Frees Up BTC Collateral
Fold, a Nasdaq-listed Bitcoin financial services firm, has removed a major liability from its balance sheet after eliminating $66.3 million in convertible debt. The move also released 521 Bitcoin previously pledged as collateral, giving the company direct access to assets that had been locked against its financing obligations. By removing convertible notes that could have been turned into equity, Fold has reduced potential share dilution while gaining more operational flexibility. The restructuring comes as the company prepares to expand its consumer-facing product lineup, including a Bitcoin rewards credit card designed to attract mainstream users interested in accumulating digital assets through everyday spending.
Key takeaways
- Fold retired $66.3 million in convertible debt, removing the possibility of future equity dilution tied to those notes.
- The repayment freed 521 Bitcoin previously used as collateral, restoring full corporate control over the assets.
- With the debt eliminated, the company says it now operates under fewer financing constraints.
- Fold is preparing to launch a consumer Bitcoin rewards credit card as part of its growth strategy.
- The firm became publicly listed in February 2025 after completing a SPAC merger with FTAC Emerald Acquisition.
- Competition among crypto rewards cards is intensifying, with multiple platforms offering similar spending incentives.
Tickers mentioned: $BTC, $FLD
Sentiment: Neutral
Price impact: Neutral. The balance sheet improvement may strengthen fundamentals, but no immediate market reaction is indicated.
Market context: Crypto-financial companies are increasingly exploring debit and credit card products that reward users in digital assets, reflecting broader efforts to integrate cryptocurrency with everyday payments.
Why it matters
Balance sheet restructuring can significantly affect how financial technology companies operate in volatile markets. By removing convertible debt, Fold eliminates a potential source of dilution that could have impacted shareholders if the notes were converted into stock. For investors, this simplifies the company’s capital structure and clarifies its long-term financial obligations.
The release of more than 500 Bitcoin also increases the firm’s strategic flexibility. Digital asset reserves can be used for corporate operations, liquidity management or ecosystem initiatives, particularly as competition among crypto-financial platforms continues to intensify.
More broadly, Fold’s focus on rewards-based Bitcoin accumulation highlights a growing trend within the industry. Instead of positioning cryptocurrency primarily as a speculative asset, many platforms are now embedding it within consumer finance tools, potentially accelerating mainstream adoption.
What to watch next
- The rollout timeline and adoption metrics for Fold’s planned Bitcoin rewards credit card.
- How the newly released Bitcoin holdings are allocated within the company’s corporate strategy.
- Potential financial disclosures showing the impact of the debt restructuring on Fold’s balance sheet.
- Competitive responses from other crypto card providers expanding into consumer payment services.
Sources & verification
- Fold’s official disclosure announcing the elimination of its convertible debt.
- Public filings and investor communications regarding the company’s capital restructuring.
- Market data showing Fold’s share performance following its Nasdaq listing.
- Public announcements from crypto payment platforms offering reward-based cards.
Fold removes debt overhang as crypto rewards competition intensifies
Fold, a publicly traded financial technology company focused on Bitcoin (CRYPTO: BTC) services, has eliminated $66.3 million in convertible debt, a move that simplifies its financial structure and restores access to digital assets that had previously been pledged as collateral. The decision removes a potential source of future shareholder dilution while improving the company’s operational flexibility as it prepares to expand its consumer products.
According to the company’s disclosure, Fold repaid two outstanding convertible notes. These financial instruments allow lenders to convert debt into equity at a later date under predetermined terms. While such financing can provide early-stage capital, it also carries the possibility of share dilution if creditors exercise conversion rights.
By retiring the notes entirely, Fold removed that risk. The company’s management indicated that the repayment strengthens the balance sheet and clarifies its capital structure, which can be particularly important for publicly traded firms navigating volatile market conditions.
The restructuring also released 521 Bitcoin that had been locked as collateral for the debt. With the notes settled, the digital assets are no longer encumbered and can be redeployed for corporate use. This may include treasury management, strategic initiatives or other operational needs as the company continues expanding its services.
Access to those holdings could become increasingly important as Bitcoin-focused financial companies look to build new products around digital asset accumulation and spending. While Fold has not detailed how it intends to deploy the newly available BTC, the company emphasized that the removal of financing restrictions provides greater flexibility for future initiatives.
Founded in 2019, Fold built its reputation through a consumer rewards platform that allows users to earn Bitcoin while making everyday purchases. The company’s core offering includes a debit card linked to a rewards system in which spending in traditional currency generates BTC cashback instead of points or fiat rewards.
That model aims to encourage gradual accumulation of cryptocurrency without requiring users to directly buy or trade digital assets. For many consumers, rewards-based programs offer a simpler entry point into the crypto ecosystem.
Fold entered public markets in February 2025 following a special purpose acquisition company merger with FTAC Emerald Acquisition. The transaction resulted in Fold shares trading on the Nasdaq under the ticker FLD (NASDAQ: FLD), making it one of the first companies dedicated to Bitcoin-based financial services to list on a major US exchange.
Since its public debut, the company has faced the same volatility affecting many crypto-related equities. Market data shows that the stock has declined significantly since listing, reflecting broader market uncertainty and the fluctuating performance of digital asset markets.
Despite these challenges, Fold continues to focus on expanding its consumer-facing offerings. One of the company’s most anticipated upcoming products is a Bitcoin rewards credit card. Unlike the existing debit-based rewards system, the new card would allow customers to accumulate BTC through credit purchases, potentially increasing engagement and transaction volumes.
The launch comes amid rising competition in the crypto rewards card market. Several companies are now targeting consumers who want exposure to digital assets through everyday financial tools rather than direct trading.
For example, the Coinbase Card enables users to spend cryptocurrency balances while earning crypto rewards on transactions. The product forms part of Coinbase’s broader strategy to integrate payments, trading and financial services into a unified digital platform.
Other providers have adopted slightly different models. The Nexo Card allows customers to borrow against their crypto holdings and spend fiat without liquidating their assets, while still earning rewards on purchases.
Meanwhile, exchanges such as Bybit and Crypto.com offer Visa-branded cards that distribute rewards in tokens associated with their platforms. These products aim to create loyalty incentives while also encouraging users to remain within each company’s ecosystem.
Traditional financial networks are also entering the space. Mastercard has collaborated with MetaMask to introduce a crypto-linked payment card that converts digital assets into fiat at the point of sale, enabling purchases at any merchant accepting Mastercard.
Such developments highlight the increasing overlap between cryptocurrency infrastructure and mainstream financial services. As payment networks, fintech firms and exchanges compete for users, reward-based incentives have become a central strategy for attracting and retaining customers.
Fold’s debt repayment and product expansion plans therefore arrive at a time when the sector is becoming more crowded and technologically advanced. The company’s focus on Bitcoin accumulation rather than direct spending positions it somewhat differently from competitors that emphasize transactional crypto payments.
Whether that strategy resonates with a broader consumer base will depend on adoption of its forthcoming credit card and the effectiveness of its rewards program. If successful, the model could appeal to users who prefer gradually earning Bitcoin through spending rather than purchasing it outright.
For now, the elimination of convertible debt represents a structural improvement for Fold’s financial position. By removing potential dilution and reclaiming control of its BTC collateral, the company has taken a step toward strengthening its balance sheet at a time when crypto-focused businesses continue to navigate rapidly evolving market dynamics.
a16z crypto, the crypto-focused venture capital arm of Andreessen Horowitz, is reportedly seeking about $2 billion for its fifth crypto fund.
The raise arrives as the broader crypto market endures a downturn, with venture capital firms also facing mounting pressure.
a16z Crypto Dials Down Fund Size with Blockchain-Focused Round for 2026
According to Fortune, the firm aims to close the round by the end of the first half of 2026. This fifth fund will exclusively focus on blockchain investments.
The latest fund is significantly smaller than a16z crypto’s fourth $4.5 billion fund. BeInCrypto reported in 2022 that the fund was split into $1.5 billion for seed and $3 billion for venture investments.
However, this time, a16z crypto is opting for a shorter fundraising cycle to better capitalize on the fast-changing trends within the crypto space.
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In 2018, a16z crypto launched its first $300 million fund and has since become an active player in the market. Data from CryptoRank showed that in Q4 2025, it backed Kalshi and invested $50 million in the Solana staking protocol Jito. This year the firm invested in Babylon, Kairos, and Talos.
As a Tier 1 investor with a 22.08x retail ROI, a16z holds 187 investments averaging $10-20 million per round, building one of the most extensive portfolios in crypto venture capital.
The firm’s investment focus includes artificial intelligence (27.78%), prediction markets (16.67%), and API and developer tools (11.11% each), among other categories.
a16z is not the only firm raising capital. Just last month, Dragonfly Capital closed a $650 million fund. This showed an ongoing institutional appetite for crypto venture investing.
Crypto Venture Capital Funds Encounter ‘Identity Crisis’ Amid Market Struggles
The broader cryptocurrency market has faced challenges, continuing the decline that began in October. Bitcoin (BTC) is down by 16.7% year-to-date, despite a recent bounce-back. Other major large-cap assets have also experienced struggles.
This downturn has extended its effects to digital asset treasuries, crypto equities, and even venture capital funds. Bloomberg reported in early February that crypto-focused venture capital funds are grappling with what is described as “an identity crisis.”
According to the report, crypto-native funds were shifting their focus toward higher-performing sectors, such as stablecoin infrastructure and on-chain prediction markets. Some were also branching into adjacent industries like fintech and artificial intelligence (AI).
“Web3 as a category is largely uninvestable for now. People have moved on from NFTs, gaming, and the next incremental DeFi platform built for its own sake. Even crypto-native VCs with dry powder are pivoting hard toward fintech and stablecoin plays, and prediction markets. Everything else is struggling to get attention,” Santiago Roel Santos, founder and chief executive officer of crypto private equity firm Inversion, said.
Yet, a16z’s ongoing commitment suggests the firm believes there are opportunities for long-term value creation in the current environment.
Whether the latest efforts mark a floor for crypto venture or simply a consolidation among the sector’s most durable players, the answer will depend in large part on whether the current market downturn produces the kind of breakout companies that justify the capital committed during it.
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An international, cross-border operation led by the U.S. Federal Bureau of Investigation (FBI) and Europol has dismantled LeakBase, one of the internet’s most active hubs for cybercrime. The coordinated takedown targeted a forum that facilitated the sale of stolen data and cybercrime services, drawing more than 142,000 registered members and generating extensive activity with over 215,000 posts. Officials described the operation as one of the largest takedowns of its kind, underscoring the global reach of digital criminal marketplaces and the growing cooperation among law enforcement agencies to disrupt them. The action culminated in simultaneous actions across 14 countries on March 3 and 4, with authorities replacing the site with seizure notices and collecting critical data for evidence.
Key takeaways
- LeakBase hosted a large community of cybercriminals, with 142,000+ members and more than 215,000 posts before the takedown.
- The operation ran on March 3–4 and involved synchronized actions by law enforcement across 14 countries, including warrants, arrests, and site seizures.
- Authorities replaced LeakBase with seizure banners and gathered user data, posts, and IP logs to support prosecutions and future investigations.
- U.S. and international agencies emphasized that the platform served as a conduit for stolen credentials, financial data, and other sensitive information.
- The case sits within a broader pattern of increased leakage and credential exposure affecting the crypto ecosystem, prompting ongoing scrutiny of security practices across exchanges and wallets.
Tickers mentioned: $BTC, $ETH, $COIN
Market context: The takedown aligns with a heightened global emphasis on cross-border cybercrime investigations and the crypto sector’s momentum toward stronger protection of customer data and infrastructure resilience amid rising leakage incidents.
Why it matters
The LeakBase operation highlights the persistent threat posed by large online crime forums that streamline the sale of stolen data, including credentials and financial information. While no specific crypto accounts were cited in the immediate statements, the incident fits a troubling trend in which attackers leverage leaked data to perpetrate social engineering, targeted phishing, and account takeovers within crypto ecosystems. A Justice Department briefing noted that the takedown disrupts a major international platform used by cybercriminals to monetize stolen information, thereby reducing the pool of readily available data for criminals who aim to compromise wallets, exchanges, or payment networks. The broader implication is a push for more proactive security measures across crypto service providers and financial platforms alike, as well as greater transparency around the provenance of user data and the steps required to protect it.
The crackdown also serves as a reminder of prominent, previously shuttered marketplaces, such as Raidforums, whose shutdown in 2022 and subsequent data revelations underscored how leaked information can ripple through the crypto space. In that prior case, exposed data included tens or hundreds of thousands of records tied to crypto-wallet users, illustrating how platform safeguards and user due diligence intersect with criminal risk. Although the LeakBase action did not explicitly cite a crypto-specific breach, the interconnected nature of cybercrime means that leaked credentials and payment details can be repurposed for fraudulent activities across exchanges, wallets, and custodial services. This dynamic has kept the security posture of several platforms under closer scrutiny and spurred calls for enhanced multi-factor authentication, better anomaly detection, and tougher access controls across the board.
From a policy perspective, the operation reinforces the value of international cooperation in cybercrime investigations. Law enforcement officials engaged in search warrants and arrests across eight distinct jurisdictions, reinforcing that cyber threats do not respect borders. While the immediate focus was on dismantling a criminal forum, the long-term effect is a broadened mandate for cross-jurisdictional data sharing, real-time intelligence collaboration, and more aggressive enforcement against online marketplaces that facilitate illicit activity. In crypto markets, where user trust hinges on verifiable security practices, the incident reinforces the imperative for exchanges and wallets to invest in better credential protection, phishing resistance, and response playbooks that can quickly isolate compromised accounts and limit damage.
In parallel, security researchers note that the human factor remains a primary vector for breaches. The narrative surrounding leaked data—whether from exchanges or support channels—underscores how social engineering and insider risk can undermine even the most robust technical defenses. As security teams evaluate their incident response plans, the LeakBase takedown offers a concrete case study in how coordinated, multinational action can disrupt criminal networks, while also raising questions about the balance between takedowns and safeguarding legitimate users who may be affected by seizures and account suspensions.
What to watch next
- Official statements and charging documents from the Department of Justice and participating jurisdictions outlining specific prosecutions and charges related to LeakBase users and operators.
- Updates on any additional seizures, arrests, or indictments tied to the operation, including cross-border investigations into connected forums or marketplaces.
- Post-takedown data disclosures or advisories from impacted platforms or security firms detailing how compromised data was used and what remediation steps were taken.
- Regulatory or policy developments aimed at tightening cybercrime cooperation, data protection standards, and credential theft prevention within crypto exchanges and wallet providers.
Sources & verification
- U.S. Department of Justice press release on the dismantlement of LeakBase and related law enforcement actions (official source)
- Statement from the FBI Cyber Division confirming the takedown and evidentiary preservation (official source)
- Ledger data leak reference tied to Raidforums and its historical impact on crypto-users’ data exposure
- Cointelegraph reporting on Coinbase breach activities and related social engineering risk
LeakBase takedown and the global hunt for cybercrime marketplaces
An international coalition spearheaded by the FBI and Europol orchestrated a landmark takedown of LeakBase, a sprawling cybercrime forum that served as a marketplace for stolen data, hacking tools, and illicit services. The operation, conducted across March 3 and 4, mobilized authorities in 14 countries, signaling both the scale of the network and the depth of international cooperation now applied to cybercriminal infrastructure. After the seizures, authorities replaced the site with seizure banners and initiated the collection of logs, messages, and user data to support ongoing investigations and potential prosecutions. The operation marks a notable milestone in the fight against online marketplaces that enable financial fraud, credential theft, and targeted scams across digital ecosystems.
Officials stressed that the dismantled platform operated as a conduit for the theft and monetization of sensitive personal, banking, and account data. The DOJ’s Criminal Division emphasized that these networks typically enable numerous downstream crimes, including social engineering campaigns that exploit exposed data to manipulate victims or extract money. In the context of the crypto space, where custody and access rely on credentials and reputation, the disruption of such forums is seen as a meaningful step toward reducing the pool of readily available information criminals can weaponize to compromise exchanges, wallets, and accounts.
While the primary focus of the LeakBase takedown was not a single cryptoasset, the ripple effects touch a sector already grappling with credential leakage and social engineering. The broader security environment remains fragile, with past incidents linked to data exposures and compromised customer information that can be weaponized against crypto holders. The operation’s multinational scope highlights a shift toward more aggressive, coordinated enforcement that crosses legal jurisdictions, a development welcomed by security professionals who argue that collaboration is essential to disrupt criminal ecosystems that thrive on anonymity and scale.
Looking ahead, investigators will parse through seized data to map relationships between users, trace stolen credentials, and identify potential targets across financial platforms. The case may yield further charges and unravel ancillary networks that connect LeakBase to other forums or marketplaces. As the crypto sector continues to push for stronger security controls and better data hygiene, this takedown provides a real-world demonstration of how law enforcement, policy, and industry players can align to curb cybercrime’s reach while preserving legitimate users’ trust in digital asset ecosystems.
Crypto World
Crossover Markets Closes $31M Series B at $200M Valuation With Tradeweb Leading the Round
TLDR:
- Crossover Markets closed a $31M Series B round at a $200M valuation, led by Tradeweb Markets.
- Tradeweb will route institutional spot crypto orders to CROSSx using algorithmic order-routing tech.
- CROSSx has matched over $50 billion in notional volume across 12 million trades since its launch.
- Investors include Ripple, Virtu Financial, Wintermute Ventures, XTX Markets, and DRW Venture Capital.
Crossover Markets has closed a $31 million Series B funding round at a $200 million valuation. Tradeweb Markets led the round, joined by DRW Venture Capital, Illuminate Financial, Ripple, Virtu Financial, Wintermute Ventures, and XTX Markets.
The investment strengthens CROSSx, an execution-only cryptocurrency electronic communication network. Through the deal, Tradeweb will route institutional spot crypto orders to the platform.
This partnership reflects the growing convergence between traditional finance and digital asset trading infrastructure.
Tradeweb Partnership Brings Institutional Crypto Access to Global Clients
Tradeweb plans to connect its global clients to Crossover’s institutional spot crypto liquidity. It will use its algorithmic order-routing technology to direct trades to CROSSx.
This move marks Tradeweb’s formal entry into institutional crypto markets. The integration combines CROSSx’s microsecond matching speed with Tradeweb’s established global distribution network.
Crossover Markets CEO Brandon Mulvihill welcomed the development with a clear statement of intent.
“We are pleased to announce our Series B financing and are grateful to both our existing and new investors, whose support is a testament to the transformative role CROSSx is playing in the digital asset ecosystem.” — Brandon Mulvihill, Co-Founder and CEO, Crossover Markets
Mulvihill further noted that institutions are demanding speed, transparency, and efficiency similar to traditional markets. He added that few Wall Street leaders understand those standards better than Tradeweb.
Combining CROSSx’s single-digit microsecond matching with Tradeweb’s global reach marks a significant step forward. He also stressed that clear separation of duties remains fundamental to sound market structure.
Tradeweb CEO Billy Hult echoed that view, framing the deal as a natural progression.
“This collaboration marks Tradeweb’s entry into institutional crypto, a natural next step in our multi-asset strategy. Institutional investors are increasingly turning to crypto to express macro views and manage risk in a 24/7 global market.” — Billy Hult, CEO, Tradeweb
Hult added that as adoption grows, markets now require trusted, institutional-grade infrastructure. The planned integration aims to extend Tradeweb’s electronic execution standards into the crypto space.
Clients can expect the liquidity, transparency, and discipline Tradeweb is known for delivering. That commitment aligns directly with what CROSSx was built to provide.
Crossover also shared its excitement across social media, reinforcing the milestone.
“This milestone marks the continued convergence of traditional finance and digital assets.” — Crossover Markets (@crossover_mkts)
Proceeds to Fund Technology Growth and Expanded Global Operations
Crossover Markets will direct funding toward enhancing its core technology infrastructure. Additionally, the company plans to expand its global operations and deepen institutional integrations.
Since launching, CROSSx has matched over $50 billion in notional trading volume. The platform now supports nearly 100 live participants across 12 million completed trades.
Crossover Markets also highlighted participation from firms like Virtu Financial and XTX Markets. These traditional finance players bring regulatory expertise and disciplined risk management to the table.
Their involvement helps bridge conventional capital markets with cryptocurrency trading infrastructure. Together, they strengthen the institutional credibility of the CROSSx platform.
Crypto-native firms Ripple and Wintermute Ventures also joined the round as participants. Their inclusion reflects confidence from within the digital asset community itself.
CROSSx supports low-latency execution, advanced order types, and FIX protocol connectivity. These features cater directly to institutional participants requiring reliable, professional-grade trading tools.
With this financing in place, Crossover Markets is now better positioned to lead institutional crypto trading. The company aims to solidify CROSSx as the venue of choice for digital asset execution.
As traditional and crypto markets continue merging, Crossover Markets stands at the center of that shift.
US technology giants have signed a White House pledge to cover the power costs of their artificial intelligence data centers, which the Trump administration says will prevent consumers from paying higher utility bills.
The non-binding “Ratepayer Protection Pledge” was signed by Amazon, Google, Meta, Microsoft, OpenAI, Oracle and xAI on Wednesday, promising the companies would “build, bring, or buy” the energy needed to build and operate data centers and would not pass on costs to consumers.
“The data centers […] need some PR help,” US President Donald Trump said at a roundtable attended by government officials and representatives from Big Tech firms.
“People think that if a data center goes in, their electricity prices are going to go up, and that’s not happening. It’s not going to happen — and for the areas where it did happen, it won’t happen anymore,” he added.
Data centers are cropping up across the US amid an AI boom, with the power-hungry technology exceeding the available capacity in some parts of the country, according to a Harvard Kennedy School report from February.
The report said that data centers could demand up to 12% of all US electricity consumption by 2028. US Energy Information Administration data show that residential energy prices increased 6% in 2025 and are expected to continue rising through 2027 and 2028.
Voters concerned about bills ahead of midterms
Trump announced the pledge in his State of the Union address, and it comes ahead of the midterm elections in November, where voters are concerned about cost-of-living pressures and the impact of AI data centers on the energy grid.
“Some centers were rejected by communities for that, and now I think it’s going to be just the opposite,” Trump said, referring to data centers canceled after locals opposed the projects.
Related: Mining companies move deeper into AI, HPC as MARA may sell Bitcoin
The pledge promises that companies will pay for all new power infrastructure required for their data centers and will pay the cost for the infrastructure and power brought online, whether they use it or not.
The companies also promised to hire locally, offer skill development programs and make their backup generators available to the grid to prevent power shortages.
It’s not clear how Big Tech will be held to its promises, and the White House did not share how it would ensure the companies follow through on the pledge.
AI Eye: IronClaw rivals OpenClaw, Olas launches bots for Polymarket
A coalition of tech companies and law enforcement, including Coinbase, has dismantled the core infrastructure of Tycoon 2FA, a major phishing-as-a-service platform that offered tools to bypass multi-factor authentication.
Europol announced Wednesday that Microsoft helped block 330 domains linked to the platform, while law enforcement seized additional key infrastructure.
Financial tracing was also a key aspect. Coinbase said it assisted by tracing blockchain-related transactions funding Tycoon 2FA, which helped identify the phishing platform’s alleged administrator and buyers.
“Taking Tycoon’s core infrastructure offline cuts off a major pipeline for credential theft and initial access, and forces criminals to rebuild, retool, and take on more risk,” Coinbase added.
Phishing scams were flagged as the second-largest threat in 2025 by blockchain security firm Certik, costing crypto investors $722 million across 248 incidents. A PeckShield spokesperson told Cointelegraph on Monday that phishing remains a “persistent threat” in 2026.
Tycoon tools used to bypass multi-factor authentication
Tycoon’s toolkit included spoofed landing pages designed to steal user credentials on legitimate websites. It also captured session cookies and tokens, allowing attackers to bypass MFA protections, according to Coinbase.
Generally, when a user logs in using MFA, the system generates a session token. The token acts as proof of authentication and is stored in the user’s browser. If a hacker steals the token, they can use it to fool the system and bypass MFA.
“That combination, high-fidelity lures plus session-token theft, turns phishing into a reliable on-ramp for bigger crimes like account takeovers, business email compromise, invoice fraud, and follow-on social engineering,” Coinbase added.
One of the largest scam platforms in the world
Tycoon has been active since at least 2023, according to Steven Masada, assistant general counsel at Microsoft’s Digital Crimes Unit. By mid-2025, Tycoon accounted for 62% of phishing attempts Microsoft blocked, including over 30 million emails in a single month.
Related: Traveling? ‘Evil Twin’ WiFi networks can steal crypto passwords
“That placed Tycoon 2FA among the largest phishing operations globally,” he added. “By lowering the technical barrier to entry, it allowed criminals with limited expertise to run sophisticated impersonation campaigns.”
Masada said industries from healthcare to education fell victim to Tycoon 2FA, resulting in rerouted invoices, stolen sensitive data, locked networks and disruptions to patient care.
“Taking this infrastructure offline cuts off a major pipeline for account takeovers and helps protect people and organizations from follow‑on attacks such as data theft, ransomware, business email compromise, and financial fraud.”
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An international law enforcement operation involving the US Federal Bureau of Investigation, Europol and other agencies has taken down one of the internet’s most notorious cybercrime forums, LeakBase.
The forum was a place for hackers to buy and sell stolen data and cybercrime tools, amassing more than 142,000 members and over 215,000 messages.
“The FBI, Europol, and law enforcement agencies from around the world executed a takedown of LeakBase, one of the largest online cybercriminal platforms, seizing users’ accounts, posts, credit details, private messages, and IP logs for evidentiary purposes,” the FBI cyber division assistant director Brett Leatherman said in a statement on Wednesday.
LeakBase takedown involved 14 countries
The takedown operation, which ran on March 3 and 4, involved law enforcement agents and officers in 14 countries taking synchronized actions against LeakBase and its users.
Following the operation, authorities replaced the site with seizure banners, issued prevention notices to members, and collected additional evidence.
Law enforcement also executed search warrants and arrests in the United States, Australia, Belgium, Poland, Portugal, Romania, Spain, and the United Kingdom.
“The takedown of this cyber forum disrupts a major international platform that cybercriminals use to obtain and profit from the theft of sensitive personal, banking, and account credentials,” said Assistant Attorney General A. Tysen Duva of the Justice Department’s Criminal Division.
While there was no specific reference to crypto-related accounts, its predecessor cybercrime marketplace Raidforums, which was shut down in 2022, previously hosted leaked data containing approximately “272,000 detailed personal information” of users of crypto wallet firm Ledger.
Crypto industry sees rise in leaked data
Over the past year alone, the crypto industry has seen a rise in leaked exchange credentials, insider data exposure and social engineering attempts.
Related: Crypto treasury inflows slow to the lowest since October 2024
In May 2025, cybercriminals reportedly bribed overseas customer service contractors to gain access to crypto exchange Coinbase’s internal systems. This allowed them to steal personal data that could be used in social engineering scams or even physical extortion attempts.
Around the same time, almost 60,000 Bitcoin addresses tied to LockBit’s ransomware infrastructure were leaked after hackers breached the group’s dark web affiliate panel.
More recently, on Feb. 23, a trader who goes by the name TraderSZ said a former Revolut employee threatened to expose his identity and private information unless he paid a ransom and also contacted members of his family.
Magazine: Bitcoin may face hard fork over any attempt to freeze Satoshi’s coins
Crypto World
Morgan Stanley Lays Off 2,500 Employees Across All Divisions as AI Drives Major Workforce Shifts in Finance
TLDR:
- Morgan Stanley cut 2,500 jobs, roughly 3% of its workforce, despite record $70.6B revenue in 2025.
- AI adoption linked to an 11% job elimination rate and 11.5% productivity gain across 1,000 surveyed firms.
- Block’s Jack Dorsey cut 4,000 jobs, nearly half its staff, citing AI tools making human roles unnecessary.
- Anthropic’s CEO warned AI could eliminate 50% of entry-level white-collar jobs in law, finance, and consulting.
Morgan Stanley layoffs have reached approximately 2,500 employees across all divisions as of March 2026. The cuts span investment banking, trading, wealth management, and investment management.
Financial advisors, however, are not included in the reductions. This follows the bank’s best financial year ever, with annual revenue hitting a record $70.6 billion in 2025.
The move reflects a growing industry shift toward artificial intelligence adoption at major financial institutions.
Record Profits Do Not Protect Jobs
Morgan Stanley posted a banner year in 2025, beating Wall Street estimates for fourth-quarter profit. Investment banking revenue jumped 47%, while debt underwriting fees nearly doubled during the same period.
Banking executives had expressed an optimistic tone heading into 2026, citing healthy pipelines for mergers and acquisitions. Yet the bank still moved forward with cutting roughly 3% of its global workforce of 82,992 employees.
The cuts are based on strategy and individual performance, according to a source familiar with the matter. The bank also plans to add headcount in select areas following the reductions.
Volatile markets continue to boost trading desks as clients reposition portfolios against risk. Meanwhile, the broader workforce faces mounting pressure from rising AI adoption across financial services.
Social commentary has drawn attention to the pattern emerging across industries. As one widely shared post noted, “Record profits, record layoffs while AI gets the credit and workers get the door.”
The Anthropic CEO stated on national television that AI could wipe out 50% of entry-level white-collar jobs. Those roles include positions in law, finance, and consulting — precisely where Morgan Stanley made cuts.
Morgan Stanley’s own research team surveyed nearly 1,000 companies already using AI tools. The findings showed an 11% job elimination rate alongside a 4% net headcount decline.
Productivity, however, rose by 11.5% across those surveyed companies. The bank had also previously predicted 200,000 European banking jobs would disappear within five years.
AI Drives Layoffs Across the Broader Financial Sector
Morgan Stanley is not alone in linking workforce reductions to AI adoption strategies. Jack Dorsey-led payments firm Block cut over 4,000 employees in late February 2026.
That figure represented nearly half of Block’s entire workforce at the time. Dorsey publicly stated that AI tools had made human workers unnecessary for many functions.
He further stated that most companies would reach the same conclusion within a year. The Block layoffs came as part of an overhaul designed to embed AI across its operations.
These developments followed a broader wave of workforce reductions across U.S. companies since early 2026. Businesses have been streamlining operations as AI tool adoption continues to accelerate.
Observers note that Washington has yet to produce a formal policy response to AI-driven job displacement. Corporate boards are increasingly choosing technology over headcount to sustain profit margins.
Workers across entry-level white-collar roles continue to face an uncertain employment outlook entering the remainder of 2026.
Cyclops has raised $8m to build compliant stablecoin infrastructure for payment firms.
Summary
- Cyclops closed an $8m funding round led by Castle Island Ventures, with participation from F-Prime and Shift4.
- The startup will provide B2B infrastructure so payment processors and fintechs can issue and manage stablecoin products.
- BTC traded around $71.7k and ETH near $2.1k, with majors up 7%–9% as stablecoin volumes on chains like SOL hit record highs.
Stablecoin infrastructure company Cyclops has secured $8m in fresh funding to expand its platform for enterprises that want to issue, manage, and integrate stablecoin products into their existing payments and banking stacks. The round was led by Castle Island Ventures, with participation from F-Prime and payment processor Shift4, underscoring how traditional fintech investors are positioning around regulated, dollar-linked assets rather than pure-speculation tokens. Cyclops aims to act as a middleware layer between banks, processors, and public blockchains, offering APIs for minting and redeeming stablecoins, managing reserves, and handling compliance workflows such as KYC and transaction monitoring. The company is targeting payment companies and fintechs that want to support on-chain settlement and tokenized balances without building their own infrastructure from scratch.
The raise comes as stablecoins continue to gain share in both trading and real-world payment activity. On networks such as Solana, monthly stablecoin trading volumes have hit new highs, supported by low fees and a shift from speculative meme trading toward SOL and stablecoin pairs, while Ethereum remains the dominant venue for larger stablecoin and tokenized-asset flows. For investors like Castle Island and Shift4, backing Cyclops is a bet that the next phase of growth will come from enterprise-grade adoption, where merchants and platforms move parts of their settlement and treasury stack onto public chains. In that model, infrastructure providers handle integration with blockchains and custody partners, while brands focus on user experience and regulatory engagement in their home markets.
Enterprise demand for stablecoin rails
Cyclops is entering a competitive but expanding field where payment firms, exchanges such as Coinbase, and networks like Visa are racing to support stablecoin settlement across multiple regions and currencies. For corporates and fintechs, key requirements include reliable issuance and redemption, clear segregation of reserves, and straightforward integration with existing ledgers and compliance systems. In practice, that means infrastructure providers must connect bank accounts, custodians, and public chains while maintaining audit trails that satisfy regulators and institutional risk teams. By focusing on B2B tooling, Cyclops is positioning itself as a behind-the-scenes provider rather than a consumer-facing brand, similar to how card processors and acquiring banks operate under the logos of retail-facing platforms.
The timing of the round reflects a broader shift in market structure. After a period of deleveraging and ETF-driven repositioning in Bitcoin (BTC) and Ethereum (ETH), liquidity has rotated back into spot markets and stablecoins, with on-chain data showing increased usage for cross-border payments and micro-transactions. At the same time, policymakers in jurisdictions implementing frameworks like MiCA are clarifying capital, reserve, and disclosure rules for fiat-backed tokens, creating a clearer environment for banks and payment institutions to participate. For Cyclops and its backers, success will depend on convincing risk-averse enterprises that tokenized dollars can reduce friction and cost without adding unacceptable complexity or regulatory exposure, turning stablecoin rails from a niche experiment into a core part of global payments infrastructure.
Ethereum price has begun showing early signs of recovery as local market structure turns bullish. Consecutive higher highs and higher lows above key volume levels now place the $2,200 resistance zone in focus.
Summary
- Higher highs and higher lows signal bullish structure shift
- $1,862 high timeframe support held at value area low
- $2,200 major resistance becomes next upside target
Ethereum’s (ETH) recent price action suggests a shift in short-term momentum after a successful defense of major support. While the broader market remains range-bound, the internal structure has begun to show bullish characteristics.
This shift is raising the probability of a continued move higher toward the next significant resistance level.
Ethereum price key technical points
- Bullish Structure: Higher highs and higher lows forming above the Point of Control.
- Key Support Held: $1,862 acted as strong high timeframe demand.
- Upside Target: $2,200 high timeframe resistance above the value area high.
Ethereum’s current price action reflects an important local structural change. After previously trading in a corrective phase, the asset has begun forming consecutive higher highs and higher lows, a classic signal that momentum may be shifting in favor of buyers. This structural transition occurred as price reclaimed and held above the Point of Control (POC), which represents the area with the highest traded volume within the current trading range.
Holding above the POC typically signals that the market is establishing acceptance at higher prices. When buyers manage to sustain price above such an equilibrium level, it often opens the probability of a continuation move toward the upper boundary of the range.
A key factor supporting this shift was Ethereum’s reaction at the $1,862 high timeframe support level. This region aligns closely with the Value Area Low, a technical level where markets frequently find demand. The strong defense of this zone provided the catalyst for the initial bullish rotation that is now unfolding.
From a market structure perspective, this reaction marked the beginning of the internal trend shift. Buyers stepped in aggressively at support, absorbing selling pressure and pushing price back above key volume levels. The resulting momentum has allowed Ethereum to build a short-term bullish structure within the broader range environment.
Despite this positive development, it is important to note that Ethereum remains confined within a larger trading range on higher timeframes. Range-bound markets often produce multiple internal rotations between support and resistance before a decisive breakout occurs. As a result, short-term bullish expansions can still occur even while the broader structure remains neutral.
The next major technical level to watch is the $2,200 resistance zone, which sits above the current Value Area High. This area represents a significant supply region where sellers previously stepped in. If Ethereum continues to maintain its current bullish structure, price could attempt to test this level in the near term.
However, resistance zones such as $2,200 often attract selling pressure, particularly within range environments. Should price reach this area, the market may encounter renewed supply that could trigger a rotational move back toward support levels.
Volume dynamics will play a key role in determining the outcome. A strong expansion in bullish volume as price approaches resistance would increase the probability of a breakout attempt. Conversely, weakening participation could lead to rejection and continuation of the broader range-bound structure.
Overall, Ethereum’s internal market structure currently favors upside continuation, but the presence of strong overhead resistance means traders should remain cautious.
What to expect in the coming price action
If Ethereum maintains higher lows above the Point of Control, the probability of a rally toward the $2,200 resistance zone increases. However, failure to break and hold above this level could trigger another rotation within the broader range, sending price back toward high timeframe support near $1,862.
Over $530 million in Bitcoin (BTC) short positions were liquidated today as the White House nominated pro-Bitcoin Kevin Warsh as Federal Reserve Chairman, triggering a broad crypto market rally.
Bitcoin is up by 9% in 12 hours, adding $123 billion to its market cap. Ethereum (ETH) climbed 11% over the same period, adding $26 billion.
Bitcoin Short Sellers Caught Offguard As White House Officially Nominates Pro-BTC Fed Chair
Bitcoin reclaimed the $73,000 psychological level and was trading for $73,413 as of this writing.
The move forced a cascade of short liquidations across derivatives markets, with Coinglass data showing nearly $30 million in short positions blown out over the past hour. This brings total liquidations to $530 million over the last 24 hours.
The move caught short sellers exposed. Traders betting against BTC and ETH were squeezed out as prices rose sharply, amplifying upward momentum through forced buybacks.
Warsh Nomination Serves as Macro Catalyst
The policy trigger behind the rally came from Washington. The White House officially nominated Kevin Warsh, a former Federal Reserve Governor widely regarded as sympathetic to digital assets, to serve as Fed Chairman for a four-year term.
“Kevin Warsh, of Florida, to be Chairman of the Board of Governors of the Federal Reserve System for a term of four years. Kevin Warsh, of Florida, to be a Member of the Board of Governors of the Federal Reserve System for a term of fourteen years from February 1, 2026,” read the announcement.
Meanwhile, the divergence between Bitcoin and traditional safe havens widened. Bitcoin is up by almost double digits, while Gold fell 3%. This stark contrast suggests capital rotation from traditional stores of value into digital assets.
The Warsh nomination and Saylor’s public stance, indicating potential for buying more BTC than sellers can offload, point to a market increasingly driven by macro policy expectations and institutional positioning.
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