Kraken, the crypto exchange operating under the Payward umbrella, has reportedly cut about 150 jobs as part of a cost-cutting drive tied to broader artificial intelligence deployments across the business. The layoffs could delay Kraken’s US initial public offering, with a timeline now pointing to 2027, according to a Bloomberg report published Friday that cited a person familiar with the matter.

The same reporting notes that AI is being deployed more extensively throughout Kraken, though the firm said there are no plans for additional cuts in the near term. Semafor’s coverage of the situation aligns with Bloomberg’s framing, and Kraken did not immediately respond to requests for comment.

Across the crypto ecosystem, companies have been trimming staff amid shifting market dynamics, with executives framing AI-driven efficiencies as a core driver. Dune Analytics disclosed a roughly 25% workforce reduction this year, while Coinbase announced a cut of about 700 roles, or 14% of its workforce, tied to AI-led restructuring. Gemini and Crypto.com likewise reduced headcounts earlier in the year—about 200 and roughly 180 positions, respectively—citing the growing role of automation in their operating models. The pullback comes as crypto prices have softened since late last year, weighing on balance sheets and contributing to first-quarter losses at several public crypto firms.

Kraken’s IPO trajectory has been a moving target for months. The company confidentially filed with US regulators to go public in November but paused the plan in March amid a broader retreat in crypto markets. Kraken co-CEO Arjun Sethi reiterated last month that the confidential IPO filing remains in play, but he offered no timeline for a listing. Cointelegraph coverage has noted the ongoing confidential filing without providing a firm date for an IPO.

Source: Bloomberg, with additional context from Semafor.

Key takeaways

• Kraken laid off approximately 150 employees as it scales AI-driven efficiencies; no further cuts are planned in the near term, according to sources cited by Bloomberg.
• The company’s US IPO is expected to be delayed to 2027, with the confidential filing still on the table but without a set timing, per the reporting cited here.
• Industry-wide layoffs underscore a broader shift toward automation in crypto firms, including Dune Analytics (25%), Coinbase (700), Gemini (200), and Crypto.com (about 180).
• Crypto price declines since late last year have pressured balance sheets, contributing to first-quarter losses across several public crypto companies and prompting cost-reduction strategies.

Kraken’s AI-driven cost discipline and its implications

The layoffs appear to be part of a broader initiative to harness artificial intelligence to streamline operations across Kraken’s business lines. While the firm emphasizes that AI is enhancing efficiency, it also signals a structural shift in labor needs within the crypto sector as firms recalibrate headcount to match a more automated operating model. This trend—if sustained—could affect how exchanges manage customer-facing operations, risk controls, and product development in a market environment that remains sensitive to liquidity and regulatory developments. Investors will be watching whether these cost savings translate into sustained profitability, particularly as public-market ambitions are teased out over a longer horizon.

IPO timing, strategy, and what to watch next

Kraken’s path to an IPO has been repeatedly adjusted in response to market signals. The company first signaled its intent by filing confidentially in November, but a pause in March reflected a broader downturn in crypto assets and volatility in the sector. With the latest reports placing a US debut in 2027, investors should consider the implications of a delayed listing: a longer timeframe for the company to demonstrate profitability and scaled operational leverage from AI, versus the risk of continued market headwinds or competitive pressure from incumbents and newer entrants alike. Kraken’s leadership has left the door open about the confidential filing’s status, but timing remains uncertain, underscoring a broader market question about when, or if, large crypto exchanges will re-enter public markets with a clear, shareholder-centric growth narrative.

Industry-wide shifts: where AI meets crypto cost dynamics

Kraken’s staffing moves are part of a wider wave rippling through the crypto industry. Dune Analytics reportedly cut about a quarter of its staff as it pivots its product focus; Coinbase’s May retrenchment highlighted a shift toward AI-enabled restructuring; Gemini and Crypto.com also announced significant headcount reductions tied to automation and efficiency drives. These actions reflect how AI adoption is reshaping cost structures across exchanges, data analytics firms, and other crypto services, even as the sector contends with price volatility and the ongoing task of building sustainable, compliant businesses in a highly scrutinized space.

For market observers, the central questions are how much of the required efficiency is achievable through automation versus the need to preserve specialized talent for product development, security, and regulatory compliance; and how long investors are willing to accept slower public-market milestones in exchange for such structural adjustments. The next few quarters will test whether AI-led reductions materially improve margins or whether additional strategic pivots—ranging from product diversification to partnerships and regulatory clearances—will be necessary to support long-term value creation.

Readers should watch how Kraken and its peers articulate their path to profitability as AI investments mature, whether the 2027 IPO window becomes clearer in response to improving market conditions, and how regulators weigh these substantial operational shifts as crypto firms seek greater scale and legitimacy.

Why “Safe APY” Is Becoming One of the Most Misunderstood Narratives in Web3

For years, crypto has been marketed with a powerful promise: passive income with high yield. From staking rewards to liquidity mining to “safe APY” vaults, the idea was simple—deposit assets, earn returns, relax.

But that narrative is quietly breaking down.

What’s emerging instead is a very different reality: yield is becoming reflexive, risk is being reshaped rather than removed, and so-called “stable returns” are increasingly built on layered exposure chains that few participants fully understand.

1. The Illusion of “Safe APY.”

“Safe APY” has become one of the most effective marketing phrases in crypto.

It suggests:

• Predictable returns
• Low risk
• Set-and-forget income
• Institutional-grade stability

But in practice, yield in crypto is rarely created—it is redistributed.

Most yield sources ultimately come from:

• Token emissions (inflation disguised as rewards)
• Leverage loops (borrowing against deposited assets)
• Fee redistribution (often dependent on volatile volume)
• Structured risk exposure (derivatives, hedging, or liquidity risk)

In other words, the “safety” is often a presentation layer, not a structural guarantee.

2. Yield Has Become Reflexive

One of the most important shifts in modern crypto markets is reflexivity in yield systems.

Yield is no longer just a reward mechanism—it actively influences the behavior of the system itself.

When APY rises:

• More capital flows in
• Token prices can inflate
• Borrowing increases
• Leverage expands

When APY falls:

• Capital exits quickly
• Liquidity dries up
• Incentive structures collapse
• Protocols become unstable

This creates a feedback loop where:

yield affects behavior, and behavior reshapes yield

So instead of being “earned,” yield is often engineered through market reflexes that can reverse suddenly.

3. The Hidden Layer: Risk Redistribution

A major misconception in crypto yield is that protocols “reduce risk.”

In reality, most systems simply move risk around the stack.

Here’s what that often looks like:

• Retail users deposit “safe” assets
• Protocols deploy capital into higher-risk strategies
• Market makers or strategies take directional exposure
• Liquidity providers absorb impermanent loss or volatility
• Vaults layer leverage to boost returns

The result is not lower risk—it is a fragmented risk distribution.

And fragmentation creates a dangerous illusion:

if no single user sees the full structure, it feels safer than it is

But the system still carries the same aggregate risk—just packaged differently.

4. Stable Returns Are Often Leverage in Disguise

One of the most overlooked realities in crypto yield design is this:

“Stable APY” frequently depends on leverage chains.

To maintain consistent returns, protocols often rely on:

• Borrowed capital cycles
• Synthetic exposure strategies
• Delta-neutral positioning (which is not risk-free)
• Automated rebalancing systems
• Incentive-driven liquidity routing

These mechanisms can work beautifully in stable conditions.

But they introduce fragility:

• Liquidity shocks can cascade
• Funding rates can flip
• Hedging breaks under volatility
• Correlation spikes destroy “neutral” assumptions

What looks like stability is often a tightly tuned system that works until it doesn’t.

5. The Shift: From Passive Income to Active Risk Packaging

This is the core transformation happening in crypto today:

“Passive income” is gradually becoming active risk packaging.

Instead of simply earning yield, users are increasingly:

• Exposed to multi-layered financial strategies
• Involved in hidden leverage structures
• Dependent on complex incentive systems
• Tied to volatility-sensitive mechanisms

Even when interfaces say “earn passively,” the underlying system is often:

• Actively managed
• Dynamically rebalanced
• Incentive-sensitive
• Market-dependent

In short, the passivity is UI-deep, not system-deep.

6. Why This Matters Now

This shift is not just technical—it is structural.

As crypto matures:

• Pure emission-based yield is shrinking
• Competition for liquidity is intensifying
• Institutional strategies are entering DeFi
• Risk becomes more optimized, not eliminated

This leads to a paradox:

The more “stable” yield becomes, the more engineered—and fragile—it may be.

We are moving from an era of obvious volatility to an era of hidden complexity.

And hidden complexity is often more dangerous than visible risk.

Final Thought 💡

The idea of passive income in crypto was always powerful—but increasingly misleading.

A more accurate framing might be:

Yield is no longer something you simply earn.
It is something you are continuously exposed to.

Or put more bluntly:

“Passive income” in crypto is slowly turning into active risk packaging.

The challenge ahead is not just chasing yield—but understanding what kind of risk structure you are actually stepping into when you do.

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Kraken has reportedly reduced its workforce by around 150 employees as the crypto exchange increases the use of artificial intelligence across its operations, a move that Bloomberg said could delay the company’s planned U.S. public listing until 2027.

Bloomberg reported on Friday, citing a person familiar with the matter, that the layoffs were tied to operational efficiencies created through AI deployment inside the company, whose corporate entity is known as Payward. The same source told Bloomberg that Kraken is not preparing another round of cuts for now, even as AI tools are being adopted more aggressively across different teams.

Pressure on crypto firms has continued to build this year as falling digital asset prices and rising automation costs reshape spending plans across the sector. Publicly traded crypto companies have already posted weaker first-quarter earnings after crypto markets lost momentum late last year.

While Kraken had previously been expected to pursue a U.S. public offering this year, Bloomberg reported that the latest restructuring could push the timeline into 2027. Earlier plans had already faced interruptions after the company confidentially filed paperwork with U.S. regulators in November before pausing the IPO process in March amid weakening crypto market conditions.

At an industry conference last month, Kraken co-CEO Arjun Sethi confirmed that the exchange had confidentially filed for an IPO, although he did not provide a launch window for the listing.

An industry wide trend

Elsewhere in the crypto industry, workforce reductions linked to AI adoption have accelerated throughout 2026. More than 5,000 crypto-related jobs have reportedly been cut this year, with several companies attributing the decisions to automation and restructuring efforts.

Earlier this month, Coinbase said it would reduce about 14% of its workforce as part of what CEO Brian Armstrong described in a public employee memo as a push toward becoming “lean, fast, and AI-native.” Armstrong said AI tools were allowing engineers to complete work in days that previously took weeks and added that non-technical employees were increasingly shipping production code through automated workflows.

Under Coinbase’s restructuring plan, the company said it would remove layers of management, limit the organization to five levels below the CEO and COO, and test smaller AI-focused operational teams.

Other exchanges have also announced large cuts this year. Back in February, Gemini disclosed plans to lay off roughly 200 employees while shutting down operations in the UK, the European Union, and Australia. The exchange linked the decision to mounting losses, IPO-related spending, and weaker crypto market conditions after Bitcoin dropped below $70,000.

Separately, crypto analytics platform Dune said this week that it had cut 25% of its staff as part of a restructuring focused on core products.

Blockchain technology is often praised for one defining feature: transparency. Every transaction is recorded, timestamped, and publicly accessible. At first glance, this feels like the ultimate form of truth in financial systems.

But here’s the uncomfortable reality:

On-chain data is transparent, not truthful.

That distinction matters more than most people in crypto want to admit.

Transparency ≠ Truth

Blockchains show what happened, not why it happened.

A wallet sends funds. A protocol shows inflows. A token spikes in volume. All of this is visible on-chain.

But none of them answer:

• Who is behind the wallet?
• What was the intent?
• Was the activity organic or coordinated?
• Is the behavior sustainable or artificially engineered?

Transparency gives you raw visibility, not contextual meaning.

And without context, data can become misleading—even dangerous.

The Illusion of “Clean Data”

Many investors treat on-chain metrics as the objective truth:

• TVL increases → protocol is healthy
• Wallet growth → adoption is rising
• Volume spikes → demand is real

But each of these can be distorted.

For example:

• TVL can be inflated through circular deposits or incentive loops
• Wallet growth can be driven by bots or airdrop farming
• Volume can be wash trading disguised as activity

On-chain systems don’t lie—but they don’t verify intent either.

So the illusion forms: clean dashboards, messy reality.

Incentives Shape the Data

One of the most overlooked truths in crypto is this:

On-chain behavior is incentive-driven, not truth-driven.

If a protocol rewards deposits, deposits will appear.
If trading volume is rewarded, volume will be manufactured.
If engagement is rewarded, Sybil’s activity will follow.

This doesn’t mean the data is fake. It means it is optimized.

And optimized systems rarely reflect natural behavior.

They reflect economic design outcomes.

The Problem of Wallet Identity

A blockchain address is not a person.

It could represent:

• A retail user
• A fund
• A bot network
• A market maker
• A single entity splitting activity across thousands of wallets

On-chain analytics often treat all addresses equally, but in reality:

One entity can look like thousands of participants.
Thousands of participants can be hidden behind one entity.

Without identity resolution, on-chain truth remains incomplete.

Time Compression Bias

On-chain data is also dangerously immediate.

Real-world understanding requires time:

• Behavior patterns
• Cycles of accumulation and distribution
• Strategic positioning

But dashboards often emphasize:

• 24-hour changes
• Hourly spikes
• Short-term flows

This creates a bias toward reaction over interpretation.

Short-term signals are loud. Long-term truth is quiet.

And in crypto, noise often wins attention.

When Transparency Becomes Misleading

Transparency is powerful—but it can also be weaponized.

Examples include:

• Coordinated liquidity injections to simulate demand
• Fake organic growth narratives built from incentivized wallets
• Sudden “whale accumulation” narratives that ignore internal fund rotations
• Social media interpretations built directly from incomplete on-chain snapshots

In each case, the data is real.

But the interpretation is wrong.

That gap is where most mispricing in crypto happens.

The Missing Layer: Context Intelligence

To move from transparency to truth, one missing layer is needed:

Context intelligence

This includes:

• Entity clustering (who is actually behind the activity)
• Incentive mapping (why behavior is happening)
• Cross-chain correlation (where activity is mirrored or disguised)
• Temporal analysis (whether behavior persists or decays)
• Off-chain signals (governance, announcements, social coordination)

Without this layer, on-chain data is like:

A surveillance camera without audio, labels, or history.

You see movement—but not meaning.

Why This Matters for Investors

Relying on raw on-chain data alone can lead to:

• False confidence in “organic growth.”
• Misinterpretation of adoption cycles
• Overestimation of liquidity strength
• Underestimation of coordinated behavior

In other words:

You may be trading visibility instead of truth.

And in markets, visibility is not enough.

The Real Takeaway

On-chain systems represent one of the most transparent financial infrastructures ever created.

But transparency is not the same as understanding.

It tells you:

• What happened
• When it happened
• Where it happened

It does not reliably tell you:

• Who caused it
• Why it happened
• Whether it will continue

Final Thought

Crypto’s biggest misconception is believing that openness automatically produces clarity.

In reality, openness produces more signals—but not more certainty.

So the real skill in this ecosystem is not reading data.

It is interpreting it.

Because on-chain data is not the truth.

It is evidence waiting for context.

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Verus Protocol’s Ethereum bridge was reportedly exploited on Monday through a fake cross-chain transfer message that allowed a hacker to fraudulently transfer out at least $11.58 million in cryptocurrency.

Onchain security platform Blockaid said in an X post on Monday that its detection system identified an ongoing exploit on the Verus-Ethereum bridge and shared a transaction on Etherscan showing a transfer of 1,625 Ether (ETH), 147,659 USDC (USDC) and 103.57 tBTC v2, worth over $11.5 million.

Blockchain security company PeckShield also called the transfer an exploit, with onchain data showing the funds have since been converted into Ether. The wallet shows a balance of 5,402 Ether, worth over $11.4 million, according to Etherscan.

Cointelegraph reached out to Verus for comment. The protocol had not publicly confirmed the exploit at the time of publication.

Source: Blockaid

Crypto hackers stole more than $168.6 million in crypto from 34 decentralized finance protocols in the first quarter of 2026. April saw the two largest hacks of the year so far: the $280 million Drift Protocol exploit at the start of the month and the $292 million Kelp exploit.

Fraudulent transfer instructions likely caused exploit 

Blockaid said the Verus Protocol incident resembles the $190 million Nomad Bridge exploit and the $325 million Wormhole exploit from 2022.

The attacker exploited the Verus Ethereum bridge by deceiving the protocol into believing transfer instructions were real, causing the bridge to send funds from its reserves to the attacker’s wallet, Blockaid said.

“NOT an ECDSA bypass. NOT a notary key compromise. NOT a parser/hash-binding bug. IS a missing source-amount validation in checkCCEValues – ~10 lines of Solidity to fix,” it added.

Blockchain security provider ExVul reached a similar conclusion and said the attacker used a “forged cross-chain import payload” that passed the “bridge’s verification flow” and resulted in “three attacker-attached transfers to the drainer wallet.”

Related: Aethir halts bridge exploit, promises compensation after $90K loss

“Cross-chain import proofs must bind every downstream transfer effect to authenticated payload data before execution,” the blockchain security provider said, adding that “Bridges should add strict payload-to-execution validation, defense in depth around proof verification and pause outbound flows when anomalous imports are detected.” 

The incident follows THORChain confirming on Saturday that it suffered a $10 million exploit.

Magazine: The legal battle over who can claim DeFi’s stolen millions

BM Blockchain gains attention as beginners explore simpler Bitcoin cloud mining options in 2026.

With Bitcoin drawing more global attention in 2026, many newcomers are looking for simpler ways to try Bitcoin mining without paying for costly equipment, dealing with electricity bills, or setting up technical systems. As interest grows in free Bitcoin mining platforms, mobile access, and examples of daily rewards, more people are paying attention to cloud mining and computing-power platforms.

Recent industry reports suggest that beginners can get a feel for crypto or Bitcoin mining through free plans or limited trials, though payout timing and amounts can differ based on the contract and each platform’s rules. Coverage has also mentioned BM Blockchain as an option aimed at beginners, highlighting guided setup, mobile-friendly use, and access to computing resources without needing users to run their own mining hardware.

In this context, BM Blockchain has become one of the platforms attracting new users who want a more straightforward way to participate in Bitcoin-related computing. The company uses AI to assign computing power, keeps the platform design approachable for first-time users, and offers access to a broader multi-asset ecosystem, along with a $108 welcome reward for new registrations.

Top five free Bitcoin mining platforms in 2026

This ranking is intended for beginners who want to explore Bitcoin mining options in 2026. It emphasizes how easy each option is to access and use, the quality of onboarding help, whether users can participate without owning hardware, and what to expect in terms of daily reward examples. That said, it’s still important to read each platform’s terms closely, because mining results can change with market shifts, network activity, platform policies, and the reliability or availability of their infrastructure.

1. BM Blockchain — Best overall for beginners

BM Blockchain is often considered an ideal starting point for beginners because it aims to simplify the Bitcoin mining process. This is achieved through the use of cloud computing resources, AI-based resource allocation, and a simple registration process. BM Blockchain allows users to gain access to computing power without having to manage their own mining hardware.

The platform supports major digital asset networks such as BTC, ETH, DOGE, XRP, SOL, and USDT. For new users, BM Blockchain offers a $108 registration welcome reward, which can help them try the platform before deciding whether to pursue other participation options.

Why beginners might want to consider BM Blockchain:

• $108 registration welcome reward for new users
• No personal mining hardware required
• AI-powered computing power allocation
• Beginner-friendly interface
• Support for multiple crypto ecosystems
• Daily reward references available through platform access models

View the full contract and claim $108 worth of free hashrate!

BM blockchain 2026 illustrative participation snapshot

2. NiceHash — Hashrate marketplace for flexible users

NiceHash is generally recognized as a hashrate marketplace where people can buy and sell computing power. On its official website, NiceHash says it is a major hashrate marketplace and offers mining and hashrate services aimed at supporting Bitcoin adoption.

NiceHash can be a good fit for users who want more flexibility and are willing to compare different hashrate options, fees, and mining terms. It tends to work better for people who already have a basic understanding of mining, rather than those who are entirely new to it.

Key points:

• Hashrate marketplace model
• Flexible computing power access
• Strong brand recognition in mining markets
• Suitable for users who want more control over mining choices

3. ECOS — Structured mining access for long-term users

ECOS often comes up when people talk about structured cloud mining and getting access to mining infrastructure over a longer period. For beginners, a more structured setup can be appealing because it usually makes it easier to look over pricing, contract duration, and participation terms before signing up.

That said, it’s important to compare the full contract details, including fees, payout rules, and any risk disclosures, before getting involved. Cloud mining is still influenced by factors like Bitcoin price changes, shifts in mining difficulty, electricity expenses, and the condition of the underlying infrastructure.

Key points:

• Structured access model
• Suitable for users who prefer clearer contract formats
• Long-term mining participation options
• Requires careful review of terms and costs

4. Bitdeer — Infrastructure-oriented mining platform

Bitdeer often comes up in discussions comparing mining infrastructure, and it’s frequently mentioned alongside other platforms people consider when looking for ways to access Bitcoin mining. In BingX Learn’s 2026 platform comparison article, Bitdeer is listed as one of the options users might review when weighing features, pricing, payout structures, and potential risks.

Bitdeer may be a good fit for users who want mining services that are more focused on infrastructure. As with any mining platform, it’s important to read the terms of service and look closely at the plans available, fees, and the conditions for payouts.

Key points:

• Infrastructure-focused mining access
• Often included in mining platform comparisons
• Suitable for users reviewing larger-scale mining services
• Requires attention to fees and contract details

5. MinerGate – Multi-crypto mining environment

MinerGate makes it possible to mine several different cryptocurrencies from a single platform.

Features

• Users can mine more than one type of asset
• The dashboard is straightforward and beginner-friendly
• It’s relatively easy to start, without needing high-end hardware

Key points:

• Included in 2026 platform comparison discussions
• May appeal to users comparing simplified mining access
• Requires careful review of payout rules and service conditions
• Best evaluated alongside other platform options

Why free Bitcoin mining platforms are popular in 2026

In 2026, free Bitcoin mining platforms have become popular for three main reasons: the high cost of hardware, the technical skills required, and the fact that many beginners want a cheaper, easier way to get started. Traditional Bitcoin mining often means buying ASIC machines, managing electricity use, setting up cooling, handling maintenance, and having solid technical know-how. For many new users, that’s simply too much to take on at the beginning.

Cloud mining platforms try to make this easier by letting people rent computing power remotely instead of running their own equipment. Some of them provide free trials, signup bonuses, or basic entry options, so users can get a feel for mining before putting in more money. At the same time, it’s worth keeping in mind that “free” access is usually limited, time-bound, or depends on certain platform rules and requirements.

What beginners should check before choosing a platform

Before choosing a Bitcoin mining platform, beginners should take time to look into the following:

• Whether the platform clearly explains fees and payout rules
• Whether rewards are fixed, variable, or illustrative
• Whether the company provides transparent terms
• Whether users can withdraw according to clear rules
• Whether the platform avoids unrealistic profit guarantees
• Whether customer support and account security are available
• Whether users understand crypto market volatility

Bitcoin mining returns can vary based on factors like mining difficulty, changes in Bitcoin’s price, network performance, and how the platform is run. For those who are new to mining, it’s better to see it as a high-risk digital asset activity, not a reliable or guaranteed way to earn income.

FAQ: Free Bitcoin mining platforms in 2026

Q1: What is the best free Bitcoin mining platform for beginners in 2026?
BM Blockchain is presented as a beginner-friendly choice, mainly because it keeps onboarding simple, uses AI to help allocate computing power, supports a broader multi-asset ecosystem, and offers a $108 sign-up welcome bonus for new users.

Q2: Can users mine Bitcoin for free in 2026?
A few platforms may provide free trials, sign-up incentives, or basic entry options. That said, truly free mining is usually limited and depends on the platform’s terms, current availability, and market conditions.

Q3: Are daily rewards guaranteed?
No. Any daily reward numbers are typically examples unless the platform clearly confirms them in its official terms. Actual mining results can change with Bitcoin price movements, network conditions, mining difficulty, and the platform’s rules.

Q4: Does BM Blockchain require users to buy mining hardware?
No. With BM Blockchain, users can access blockchain computing resources without needing to buy, set up, or run their own mining hardware.

Q5: What should beginners avoid?
Beginners should steer clear of platforms that claim guaranteed profits, promise fixed daily income with no risk, advertise unrealistic returns, or do not clearly explain withdrawal requirements.

Conclusion

With growing interest in free Bitcoin mining platforms in 2026, many beginners are looking for services that are easy to start using, provide a clear sense of daily rewards, and don’t require any mining hardware. In this beginner-oriented ranking, BM Blockchain sits at the top, highlighting features like AI-based allocation of computing power, a $108 welcome bonus for signing up, and access to major digital asset ecosystems, all without users needing to run mining equipment themselves.

Platforms such as NiceHash, ECOS, Bitdeer, and MinerGate are also often compared when people weigh Bitcoin mining options. That said, beginners should take time to read the terms, fees, reward conditions, and risk disclosures on any platform before getting involved.

TLDR

• Crypto markets experienced $657 million in liquidations within a 24-hour period
• Long position holders absorbed 89% of losses, totaling $584 million in liquidated trades
• Ethereum suffered the highest losses at $256 million, with Bitcoin recording $180 million
• Bitcoin’s price fell beneath the $77K threshold, marking a 5.59% weekly decline
• Geopolitical tensions escalated after Trump signaled potential military action against Iran

The cryptocurrency sector faced severe turbulence in the last 24 hours, with liquidations exceeding $657 million across global exchanges. Traders holding long positions were hit hardest by the downturn.

Data compiled by Coinglass reveals that 106,371 trading accounts were forcibly closed in a single trading session. The majority of these liquidations—$584 million—came from long positions, while short positions only accounted for $73 million in losses. This disparity highlights a brutal squeeze on leveraged bulls betting on continued price appreciation.

ETH and BTC Dominate Liquidation Figures

Ethereum bore the heaviest blow among individual cryptocurrencies, recording $256 million in liquidated long positions. Bitcoin wasn’t far behind, posting $180 million in forced closures. Combined, these two leading digital assets represented approximately two-thirds of the day’s aggregate liquidation volume.

The single largest liquidation event involved an ETH/USDT perpetual futures contract on Bitget valued at $28.49 million.

Bitcoin had been struggling to overcome resistance between $79K and $80K in recent sessions. When the asset failed to break through this ceiling and subsequently dropped below $77K, it triggered a cascade of automatic liquidations across multiple trading platforms.

Within a single 60-minute window, approximately $526 million in leveraged positions were forcibly closed. Some market analysts estimate that total long liquidations throughout the weekend may have surpassed $800 million.

Bitcoin currently shows a 5.59% decline over the past seven days. Ethereum slipped below $2,120, registering nearly a 10% weekly loss. Solana experienced an 11.22% drop during the same timeframe, trading at $84.94.

The aggregate cryptocurrency market capitalization decreased by 0.93%, settling around $2.65 trillion.

Geopolitical Tensions Amplify Market Stress

The market downturn coincided with heightened geopolitical uncertainty. President Donald Trump indicated that the United States might conduct military operations against Iran, prompting investors to shift toward safer assets and exit riskier positions heading into the new trading week.

Reports suggest Trump plans to convene a Situation Room meeting on Tuesday to evaluate military response options. Should tensions between the US and Iran intensify, additional volatility in leveraged cryptocurrency markets appears likely.

Understanding the Market Dynamics

Prior to this correction, Bitcoin had enjoyed nine consecutive days of positive ETF inflows, accumulating approximately $2.12 billion in fresh capital. Such sustained buying activity typically encourages leveraged traders to establish long positions, anticipating the uptrend will persist.

Spot Bitcoin ETF investors generally operate without leverage. The $2.12 billion influx represents genuine capital allocation rather than speculative leveraged bets. However, momentum-chasing leveraged traders who followed this trend found themselves exposed when prices reversed course.

Critical support for Bitcoin now rests between $75K and $77K. Bulls must defend this range to prevent further deterioration. A reclaim of the $79K to $80K resistance zone will be essential for restoring positive momentum.

Market participants will closely monitor ETF flow data in upcoming sessions. The nine-day streak of positive inflows provided the foundation for the recent rally, and the direction of these flows moving forward could determine the market’s near-term trajectory.

Crypto exchange Kraken has reportedly laid off some of its staff as a cost-cutting measure, which could delay its planned initial public offering in the US until next year.

The company, whose corporate name is Payward, laid off about 150 workers due to efficiencies from deploying artificial intelligence across the business, Bloomberg reported on Friday, citing a person familiar with the matter.

The person said AI is being used more extensively throughout Kraken, but the company is not planning further job cuts at the moment.

Crypto-related companies have cut more than 5,000 jobs so far this year, with many citing increased efficiencies from AI as a reason for the layoffs. Block Inc. undertook the biggest round of layoffs by a crypto company so far in 2026, cutting 4,000 staff or about half its workforce in February in an AI-driven cutback.

A decline in crypto prices since late last year has also stung public crypto companies’ balance sheets, with many reporting losses in their first-quarter earnings.

Kraken’s cuts have reportedly pushed back its plan to go public sometime this year, with the company now eyeing a debut in the US in 2027.

Cointelegraph reached out to Kraken but did not receive an immediate response.

Kraken’s plans to go public have been on and off for months. In November, the company confidentially filed with US regulators to go public before pausing its IPO in March due to a declining crypto market.

Kraken co-CEO Arjun Sethi reiterated Kraken’s confidential IPO filing last month when he was asked onstage at a conference whether there were plans to take the company public soon, but he did not share a timeline.

Source: Semafor

Related: How AI became crypto’s favorite reason to cut staff

The layoffs at Kraken come in the same week that crypto data company Dune said it laid off 25% of its workforce, citing a need to restructure its business and focus on its core products.

Coinbase cut 700 employees, or about 14% of its workforce, earlier this month, on May 5, citing an increase in AI use. 

Rival crypto exchanges Gemini and Crypto.com also laid off 200 and about 180 employees, respectively, earlier this year, both citing the rising use of AI.

Magazine: Guide to the top and emerging global crypto hubs: Mid-2026