A U.S. government contractor accused of stealing more than $46 million in crypto from the U.S. Marshals Service has been arrested in Saint Martin following a joint international law enforcement operation, according to the FBI.

John Daghita captured in a joint FBI operation 

In a statement shared on social media, FBI Director Kash Patel confirmed that suspect John Daghita was apprehended overnight by the Federal Bureau of Investigation working alongside France’s elite law enforcement units.

The arrest took place on the Caribbean island of Saint Martin.

According to Patel, the operation was carried out by the French Gendarmerie Nationale, including its elite tactical force, the Groupe d’intervention de la Gendarmerie nationale, in coordination with the FBI.

Authorities allege that Daghita stole more than $46 million in cryptocurrency from the United States Marshals Service, a federal agency responsible for managing and securing seized assets, including digital currencies confiscated in criminal investigations. The agency has historically overseen large crypto holdings obtained through high-profile cases, with funds typically stored in government-controlled wallets until they are auctioned or otherwise disposed of.

Patel praised the international coordination involved in the arrest, highlighting assistance from the French Gendarmerie’s International Cooperation Team Serious Crime Unit in Saint Martin as well as tactical support from the Gendarmerie unit based in Guadeloupe.

“FBI will continue working 24/7 with our international partners to track down, apprehend, and bring to justice those who attempt to defraud American taxpayers—no matter where they try to hide,” Patel said.

Details about how the alleged theft occurred or when the funds were taken have not yet been publicly disclosed. Authorities have also not indicated whether the stolen crypto has been recovered.

Daghita is expected to face further legal proceedings as authorities coordinate next steps following his detention in Saint Martin.

Dubai’s virtual assets regulator has issued a public warning about several companies linked to the crypto exchange KuCoin, alleging they may have been promoting or providing services to residents without the required authorization.

Dubai watchdog flags KuCoin-linked companies for unlicensed crypto activity

In a regulatory notice dated March 5, the Virtual Assets Regulatory Authority (VARA) named Phoenixfin Pte Ltd, MEK Global Limited, Peken Global Limited, and KuCoin Exchange EU GmbH, which it said are commercially advertising services under the KuCoin brand.

According to the regulator, the entities may have been offering virtual asset services to users in Dubai “without the necessary regulatory approvals” and may have misrepresented their licensing status in the jurisdiction.

As a result, VARA has instructed the companies to “cease and desist all unlicensed VA activities” in or from Dubai.

The authority emphasized that the exchange does not hold a license to provide virtual asset services in or from Dubai, meaning any such activities would be in breach of local regulations governing crypto service providers.

Under Dubai Law No. (4) of 2022 and Cabinet Resolution No. 111/2022, all virtual asset service providers must obtain regulatory approval from VARA before offering services in the emirate.

VARA also warned that interacting with unlicensed platforms could expose investors to “significant financial risks and potential legal consequences”, urging residents to verify whether companies are listed on the regulator’s public register before engaging with them.

The regulator further noted that any promotion, advertising, or solicitation related to KuCoin has not been approved, meaning the platform is not permitted to market or promote virtual asset products or services in Dubai.

Founded in 2017, KuCoin is a Seychelles-based cryptocurrency exchange that offers spot, derivatives and margin trading to users worldwide.

The alert is part of VARA’s broader effort to enforce its crypto regulatory framework and prevent unlicensed operators from targeting investors in the emirate.

Vancouver Mayor Ken Sim’s plan to invest city reserves in bitcoin BTC$70,614.48 is not permitted under the Vancouver Charter and British Columbia’s Municipal Finance Authority Act, a staff report says.

The briefing released ahead of a March council meeting recommends closing a 2024 motion to make Vancouver a “bitcoin-friendly city,” after staff determined the plan violates municipal investment rules embedded in the city’s charger. Staff wrote they “conclusively determined that under the Vancouver Charter, bitcoin is not an allowable investment asset for the City.”

The conclusion reflects the highly restrictive framework governing how Canadian municipalities can invest public funds. Section 201 of the Vancouver Charter allows the city to invest idle funds only in a narrow set of instruments, such as federal or provincial government securities, government-guaranteed bonds, municipal debt, bank-guaranteed investments, credit union deposits and certain pooled investment vehicles.

British Columbia’s Municipal Finance Authority Act reinforces the restriction.

Municipal investment pools are limited to conservative assets such as government bonds, municipal securities, bank deposits and highly rated commercial paper.

The law defines eligible securities as bonds, debentures, deposit certificates and promissory notes, reflecting a framework built around fixed income and cash equivalents. Stocks, commodities and cryptocurrencies are not included.

A narrower question remains unresolved: whether Vancouver could still pursue the softer branding goal embedded in the motion by accepting bitcoin for taxes or fees, provided the cryptocurrency is immediately converted into Canadian dollars.

While the charter regulates how city funds are invested, it does not necessarily govern how payments are processed.

Large XRP holders have significantly increased their positions in recent months, accumulating billions of tokens following the sharp market downturn that began around October 10.

The broader crypto market experienced a notable correction during that period, with several major assets retracing after a strong rally earlier in the year. The Ripple token (XRP) was among the tokens affected, sliding from above the $2.30 region and entering a prolonged downtrend that lasted through early 2026.

However, the sell-off appears to have created an accumulation opportunity for large investors.

Data from Santiment shows that wallets holding between 10 million and 100 million XRP have steadily increased their balances since the October crash. These addresses collectively added roughly 4.18 billion XRP over the period, pushing their combined holdings to about 10.87 billion XRP.

Meanwhile, the largest whale cohort, wallets holding 100 million to 1 billion XRP, have also maintained elevated holdings, with balances recently climbing toward 8.74 billion XRP.

The sustained rise in these wallet balances suggests that major investors have been quietly accumulating during the market pullback rather than exiting positions, a pattern that historically precedes stronger market moves once broader sentiment improves.

XRP price analysis

At press time, XRP is trading near $1.40, stabilizing after weeks of sideways price action following the earlier decline from the $2.20 region.

The daily chart shows XRP forming a consolidation range between roughly $1.35 and $1.50, indicating a potential base-building phase as volatility continues to compress.

Momentum indicators remain neutral. The Relative Strength Index (RSI) is hovering around 45, suggesting that the asset is neither oversold nor overbought. This typically reflects a market waiting for a stronger directional catalyst.

Meanwhile, the Chaikin Money Flow (CMF) indicator is slightly negative near -0.11, indicating mild capital outflows despite the ongoing whale accumulation.

Key technical levels to watch include support around $1.35, which has held multiple times in recent weeks. A breakdown below this level could open the door toward $1.20.

On the upside, resistance sits near $1.50, with a stronger barrier around $1.60. A decisive breakout above this zone could signal renewed bullish momentum if whale accumulation continues.

Vancouver city staff said Bitcoin cannot be held in municipal reserves and recommended that the city council drop a proposal to create a Bitcoin reserve.

City staff, led by Colin Knight, general manager of the Finance and Supply Chain Management department, “conclusively determined” that Bitcoin (BTC) is not an “allowable investment” for the city under the Vancouver Charter, according to a motions update report dated March 2.

Staff recommended merging the motion with other related initiatives to reprioritize resources, with a final decision pending a council vote at a meeting on March 10.

The proposal to create a Vancouver Bitcoin reserve was originally introduced in late 2024 by Mayor Ken Sim as part of a motion titled “Preserving the City’s Purchasing Power Through Diversification of Financial Reserves — Becoming a Bitcoin-Friendly City.”

The council passed the motion with six votes in favor and two opposed. However, the latest developments could stall the proposal entirely.

Bitcoin’s inflation hedge argument fades amid bear market

Introducing the proposal in 2024, Mayor Sim said the motion was partly aimed at helping the city hedge against inflation using Bitcoin, which has often been described as “digital gold” because of its fixed supply capped at 21 million coins.

“As an open, decentralized, and secure digital asset, Bitcoin has been recognized by many financial experts and analysts as a potential hedge against inflation and currency debasement,” the motion reads.

Related: Bitcoin is forming a bottom as the 4-year cycle ends: VanEck CEO

The argument that Bitcoin acts as an inflation hedge has weakened recently as the cryptocurrency’s price declined sharply. Bitcoin has fallen about 50% from its October 2025 peak of above $126,000, returning to late-2024 levels and briefly touching lows near $60,000.

Despite skepticism from some analysts who argue Bitcoin does not behave like digital gold, macroeconomists such as Lyn Alden remain bullish on the digital asset relative to gold in the near term.

“If I had to bet Bitcoin versus gold over the next two to three years, I would bet Bitcoin,” Alden said on the New Era Finance podcast on Wednesday.

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