Crypto World
Bitcoin Traders Warn BTC Price Bear Market Is Set to Resume Toward $46K
Bitcoin’s (BTC) failure to close the week above the 200-week exponential moving average (EMA) on Sunday put it at risk of another downward leg over the coming weeks or months.
Key takeaways:
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Bitcoin price signals “structural weakness” with failure to close week above a key trend line.
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Analysts say the next breakdown clears path for another sell-off toward $46,000.
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The $47,000 level features as a deep structural support for Bitcoin.
Bitcoin price weakness sparks sub-$50,000 targets
Data from TradingView showed BTC/USD trading at $71,190, or 6% higher than its intraday low of $67,300.
The pair had failed to produce a weekly close above the 200-weekly EMA on Sunday, currently at $68,300, suggesting that last week’s relief rally to $76,000 was a possible bull trap.
There is evidence of profit-taking every time Bitcoin rises to key accumulation levels, and commenting on the current market setup, many traders warned that any downside could snowball quickly.
Related: Bitcoin risks 50% drop as BTC’s positive correlation with US stocks grows
“$BTC broke down from the rising wedge over the weekend,” said analyst Jelle in a Monday post on X, adding:
“Consolidate here for a day or two, and those untapped lows look ripe for the taking.”
The analyst was referring to the area between the local low of $65,500 and the range low of $59,930 reached on Feb. 6.
“BTC has lost the EMA50 once again, and the global crisis feels more insecure today than it did 2 weeks ago,” fellow analyst Stockmoney Lizards said in the latest Bitcoin analysis on X.
Combined with the technical weakness, “it looks like we could be revisiting the sub-$60K area,” the analyst added.
“Bitcoin is getting close to taking that next leg lower into the mid-$40Ks,” analyst Michael J. Kramer said, referring to the measured target of a bear flag around $46,600.
These targets echo prediction market traders, who price in a 70% chance that Bitcoin drops below $55,000 in 2026, while placing the odds of a drop below $45,000 at 46%.
“Deep structural” support for BTC is at $47,000
Bitcoin is trading near the 200-week EMA at $68,300, coinciding with the realized price of the “largest holder cohort (100-1K BTC),” according to CryptoQuant analyst Axel Adler Jr.
“As long as the price holds above $68K, the largest cohort remains near its cost basis and maintains a more resilient position,” Adler Jr. said in a Bitcoin analysis on Monday, adding:
“A move below this level would signal deteriorating structure and increase the likelihood of a more nervous reaction from large holders.”
Meanwhile, the realized price of the 10-100 BTC holder cohort sits notably lower around $46,700, forming a “deep structural threshold that would become meaningful only in the event of a full-scale deterioration in market regime,” the analyst added.
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Key Takeaways
- For the first time ever, Meta is expected to eclipse Google in worldwide digital advertising revenue during 2026.
- Emarketer forecasts Meta’s net advertising revenue at $243.46B compared to Google’s $239.54B.
- Meta’s advertising expansion rate is anticipated to climb to 24.1% in 2026, rising from 22.1% in 2025.
- Advanced AI capabilities and fresh advertising formats including Reels, Threads advertisements, and WhatsApp commercial placements fuel expansion.
- The trio of Meta, Google, and Amazon is predicted to command 62.3% of worldwide digital advertising expenditure in 2026.
Meta Platforms is positioned to claim the title of the world’s dominant digital advertising enterprise in 2026, based on forecasts from market intelligence firm Emarketer. This milestone would mark the first occasion Meta has surpassed Google in this competitive arena.
Emarketer’s analysis indicates Meta’s worldwide net advertising revenue will hit $243.46 billion this year. Google’s projection stands at $239.54 billion. Both numbers exclude traffic acquisition and content-related expenses.
Meta’s advertising expansion velocity is anticipated to surge to 24.1% in 2026, compared to 22.1% in 2025. Meanwhile, Google’s growth trajectory is expected to remain relatively stagnant at approximately 11.9%.
Industry observers highlight that Meta’s aggressive growth at this magnitude is uncommon. Typically, platforms experience deceleration as they expand. Meta is bucking this trend.
Artificial intelligence plays a central role. Meta’s AI-powered recommendation algorithms increased Reels viewing duration in the United States by over 30% in the latest quarter versus the prior year period. Extended viewing translates directly to additional advertising opportunities.
Reels alone is projected to deliver $50 billion in revenue over the coming twelve months, the Wall Street Journal reports. Meta additionally disclosed that its video-generation technology achieved a $10 billion revenue run rate during Q4.
Advantage+ and Emerging Ad Formats Drive Momentum
Meta’s Advantage+ automated advertising platform has emerged as a critical catalyst. The solution streamlines campaign creation and enhances marketing ROI, attracting widespread advertiser adoption.
The social media giant has simultaneously broadened its advertising real estate through new placements on WhatsApp and Threads. This expansion positions Meta as a direct rival to platforms such as X. Instagram’s Reels format remains locked in competition with TikTok and YouTube Shorts for short-form video advertising dollars.
Emarketer analyst Max Willens credited Meta with demonstrating “incredible patience” — cultivating user engagement across Reels, Threads, and WhatsApp prior to activating monetization features. The approach is yielding substantial returns.
Meta’s infrastructure investment is projected to reach $135 billion this year as the company accelerates its AI capabilities.
Google Confronts Challenges Across Multiple Sectors
Google is navigating obstacles that extend beyond Meta’s ascension. The search giant’s portion of the US search advertising market is forecast to slip beneath 50% for the first time in more than ten years, declining to 48.5% in 2026.
Amazon has gradually eroded Google’s search supremacy as growing numbers of shoppers initiate product searches directly within the e-commerce marketplace.
Google’s varied business structure also constrains advertising revenue expansion. YouTube Premium diverts a significant user base away from ad-supported content, restricting monetization potential.
Smaller competitors experience heightened vulnerability from this transformation. Snap and Pinterest are viewed as particularly susceptible to advertising budget reductions, as marketer spending concentrates increasingly among dominant platforms.
Google and Meta both declined requests for comment.
Emarketer clarified that recent judicial decisions affecting Meta and YouTube were excluded from the analysis, as projections were finalized prior to those rulings.
Collectively, Meta, Google, and Amazon are forecast to control 62.3% of global digital advertising expenditure in 2026, advancing from 59.9% in 2025.
Key Highlights
- Altimeter Capital’s Brad Gerstner projects Anthropic’s ARR could surge to $80B–$100B by year-end 2026
- The company’s ARR currently exceeds $30B, a massive jump from $9B recorded at 2025’s close
- Claude’s average daily user count more than doubled between February and March 2026
- More than 1,000 enterprise clients now invest over $1M per year in Anthropic’s services
- ChatGPT experienced declines in web traffic and mobile usage during March as Claude and Gemini expanded their presence
Brad Gerstner, who founded Altimeter Capital, recently described Anthropic’s revenue trajectory as among the most explosive growth stories in technology sector history. During a weekend podcast appearance, he projected the AI company’s annual revenue run rate could climb to somewhere between $80 billion and $100 billion before 2026 concludes.
This projection represents approximately a threefold increase from Anthropic’s current position. The company’s ARR has now crossed the $30 billion threshold, surging from roughly $9 billion when 2025 ended. Just months earlier in 2026, that metric stood at approximately $15 billion.
Anthropic had initially set its sights on achieving an ARR ranging from $20 billion to $26 billion throughout the calendar year. The company has already exceeded those ambitious targets.
According to Gerstner, the organization has experienced a significant “rebound” during the last three months following a period where it received relatively little attention throughout 2025. He now characterizes the company as surpassing OpenAI, whose ARR currently sits in the $24 billion to $25 billion range.
Business Customers Driving Explosive Revenue
Anthropic now counts over 1,000 enterprise organizations that each commit more than $1 million annually to its platform. The company’s Claude AI models have gained widespread adoption for coding assistance, workflow automation, and API-driven applications.
The company introduced Claude CoWork in January 2026 and most recently unveiled an innovative AI model named Mythos. These product launches have maintained strong visibility for Anthropic throughout the tech industry.
To accommodate its rapid expansion, Anthropic has partnered with Google and Broadcom on developing 3.5 gigawatts of computing infrastructure. Gerstner emphasized that achieving the $100 billion ARR milestone will demand substantial infrastructure capital.
Market Share Shifts Favor Claude
Recent analysis from BNP Paribas reveals that Claude’s portion of chatbot website traffic nearly doubled, climbing from 3.6% in February to 6.6% by March. The platform’s average monthly daily active users jumped from 0.8% to 1.8% during the same timeframe.
Google’s Gemini platform similarly expanded, with its website visit share increasing from 26.2% to 28% in March.
While ChatGPT maintains its position as the leading chatbot platform, it experienced declines in both web traffic and mobile application usage throughout March, based on analysis from BNP researchers led by Nick Jones.
Amazon also featured prominently in the BNP analysis. Uber recently broadened its deployment of Amazon’s Gravitron4 and Trainium3 chip architectures. Amazon CEO Andy Jassy disclosed that AWS AI-related ARR has reached $15 billion, while chip-specific ARR stands at $20 billion.
Meta’s recently launched Muse Spark AI model triggered a significant spike in downloads for the Meta AI application. BNP analysts noted the launch demonstrates Meta’s advancing AI strategy.
Anthropic ranks among multiple privately-held technology companies potentially preparing for public offerings in 2026, with preliminary valuation estimates hovering around $300 billion.
Circle Internet (CRCL) CEO Jeremy Allaire offered his clearest public response yet to growing criticism over how the stablecoin issuer handles illicit funds, saying it does not freeze wallets unless there is a formal legal basis to do so.
Speaking on stage at a press conference in Seoul, Allaire positioned USDC, the second-largest dollar-pegged stablecoin, as a regulated financial product rather than a tool for real-time intervention.
“Circle has a very, very clear performance obligation under the law,” Allaire said. “Circle follows the rule of law, and we are able to undertake actions such as freezing a wallet at the direction of law enforcement or the courts.”
Allaire framed USDC as part of the traditional financial system, subject to legal process and oversight. Decisions to blacklist or freeze funds, he suggested, should not be made at the discretion of the company in the heat of an exploit, but instead follow requests from law enforcement or court orders. The approach reflects Circle’s broader strategy to align closely with regulators and institutions.
Rival Tether, the issuer of the world’s largest stablecoin, USDT, has a more proactive approach. The company has repeatedly frozen funds linked to hack and illicit activity within hours. In several cases cited by blockchain sleuth ZachXBT, including exploits affecting Ledger and Remitano, Tether blacklisted stolen funds while equivalent USDC remained untouched.
Allaire’s remarks come at a time of mounting scrutiny. Earlier this month, Drift Protocol suffered a suspected North Korea-linked exploit that resulted in losses of up to $280 million. Roughly $230 million in USDC was moved across chains over several hours. The incident has become a focal point for critics who argue that Circle is failing to act despite having the technical ability to do so.
Intervention carries risks, too
ZachXBT is among the most vocal. In a widely circulated thread on X, he said Circle’s inaction across more than a dozen cases since 2022 has contributed to over $420 million in illicit funds escaping. He pointed to multiple incidents where stolen USDC remained in identifiable wallets for hours or even days without being frozen, including exploits affecting Cetus, SwapNet, and Nomad.
Critics say the pattern highlights a deeper issue. USDC is centrally issued and contains controls that allow Circle to block addresses. Yet those powers are rarely used in real time. By deferring to legal processes that move far more slowly than blockchain transactions, they argue, Circle creates a gap that attackers can exploit.
Others in the industry argue that faster intervention carries its own risks. Omid Malekan, an adjunct professor at Columbia Business School, responded to calls for discretionary freezes by warning that allowing issuers to act beyond legal requirements would undermine the foundations of decentralized finance (DeFi).
Such powers could erode trust in DeFi systems by introducing centralized points of control, Malekan said.
“If Circle and other stablecoin issuers implement arbitrary freeze or seize functions beyond what the law requires, then not only is code not law, but also law is not law,” he wrote on X. “Instead what a single executive inside a single corporation decides is law.”
Self-styled “unbreakable” Hyperbridge protocol has been exploited, less than two weeks after making a tasteless April Fools’ joke about being hacked.
Despite previously explaining how a hack was impossible as part of the April 1 prank, the project acknowledged the exploit in a “bridge update!” posted to X.
According to crypto security firm CertiK, the hacker “forged message to change the admin of Polkadot token contract on Ethereum and profited ~$237K from minting and selling 1B tokens.”
Another on-chain analyst flagged a further 245 ether (worth over $500,000) which was allegedly drained from the project’s TokenGateway contract before being deposited into Tornado Cash.
While this loss may be modest compared to many crypto hacks, especially bridges, many have focused on the karma dealt to a project with a consistently cavalier attitude towards security.
Read more: Bitcoin Depot didn’t spot 50 BTC hack for three days, report
Hyperbridge claimed the North Korean Lazarus Group had drained $37 million on April 1. The announcement linked to a (now deleted) blog post which contained a Rickroll gif before explaining “Why Hyperbridge Can’t Be Hacked.”
Following backlash, Hyperbridge’s “mad scientist,” who goes by “Web3 Philosopher” on X, boasted of the protocol’s “incorruptible” infrastructure.
In February, they also posted screenshots which appear to show correspondence with a big bounty hunter flagging critical vulnerabilities, who was told “exploit them if you found them.”
Apparently taking the April Fools’ prank as a challenge, a known exploiter address began testing Hyperbridge. The attempts were dismissed with “hope you have a quantum computer bro.”
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Foundry’s U.S.‑based, compliance‑first Zcash pool has already grown to roughly one‑third of network hashrate, giving institutional miners a regulated way into privacy coins while stoking fresh centralisation fears.
Summary
- Bitcoin mining giant Foundry has launched an institutional Zcash pool that already accounts for roughly one‑third of new ZEC issuance.
- The U.S.‑based, compliance‑focused pool is pitched at institutional and public miners as a “purpose‑built” alternative to offshore privacy‑coin infrastructure.
- Foundry argues Zcash’s zero‑knowledge privacy with selective disclosure makes it more compatible with regulation than rivals like Monero.
Foundry Digital, operator of the Foundry USA Bitcoin mining pool, has officially launched an institutional‑grade Zcash (ZEC) mining pool that has quickly grown to around 30% of the network’s hashrate, consolidating a significant share of new ZEC issuance under a single U.S.‑regulated operator. The Rochester, New York‑based firm, which Fortune notes already commands about 31% of global Bitcoin production, is positioning its new pool as the default home for institutional miners seeking exposure to privacy‑focused assets without abandoning compliance.finance.
In a Business Wire release, Foundry said the Zcash pool has seen “rapid and sustained hashrate growth reaching ~30% of the current Zcash network hashrate” since it was first announced on March 11, with “multiple institutional mining customers already onboarded and contributing hashrate.” The company stressed that the pool is “designed for professional mining organizations and public companies that require a U.S.-based, compliance-ready partner, including KYC verification in line with Foundry’s institutional standards,” mirroring the governance of its Bitcoin operation.
Foundry CEO Mike Colyer framed the move as both a bet on Zcash and a response to unmet institutional demand. “Zcash has matured into an institutional‑grade asset, but the mining infrastructure supporting it hasn’t kept pace,” he said, adding that the new pool is “purpose‑built for the operational and compliance requirements of institutional and public miners.”
A CoinMarketCap summary of the launch notes that the pool will offer know‑your‑customer and anti‑money‑laundering checks, transparent payout calculations, reporting tools and 24/7 technical support, with no minimum hashrate required to join.
Zcash, launched in 2016, relies on zero‑knowledge proofs (zk‑SNARKs) to enable shielded transactions that hide sender, receiver and amount while still allowing selective disclosure to auditors or regulators. Foundry and several commentators have argued that this “privacy with a view key” model is more compatible with institutional compliance than fully opaque systems like Monero, which lack native mechanisms for selective transparency.
At the same time, the arrival of a U.S. pool with roughly one‑third of Zcash’s hashrate raises familiar centralisation questions. Unfolded and other mining trackers have previously highlighted that Foundry USA already coordinates about 30% of Bitcoin’s global hashrate, and Mempool.space data shows the pool averaging more than 340 exahashes per second on Bitcoin alone. Adding a Zcash operation that quickly captures around one‑third of ZEC issuance further concentrates influence over block production in a single corporate group, albeit one that stresses its role in “contribut[ing] to the decentralization of Bitcoin’s hashrate” by anchoring North American capacity.
For Zcash, the trade‑off is stark: institutional capital and hashpower are flowing in through a U.S.‑regulated gateway that validates the project’s positioning as a compliant privacy coin, but at the cost of a more concentrated mining landscape. As regulators in the U.S., EU and Hong Kong tighten their grip on stablecoins, exchanges and tokenized assets — a trend explored in recent crypto.news coverage of HKDAP’s launch, MiCA implementation and the CLARITY Act — Zcash’s bet is that privacy with selective disclosure, plus a mining pool built for auditors rather than cypherpunks, is a price worth paying for long‑term relevance.
Bernstein said Monday that Bitcoin’s selloff has already priced in much of the market’s fear around quantum computing, arguing that the threat is real but still manageable rather than an immediate existential risk.
Bitcoin’s (BTC) near 50% drawdown from its $126,198 all-time high in October 2025 is proof that the market has “priced in” several risks tied to a quantum breakthrough, partly thanks to technological progress on zero-knowledge privacy and quantum-proof cryptography that “counterbalance” the AI and quantum acceleration, Bernstein said in a Monday note shared with Cointelegraph.
The note lands two weeks after Google researchers said future quantum computers could break the elliptic-curve cryptography used across many blockchains with fewer than 500,000 physical qubits in some architectures, reviving debate over how quickly Bitcoin needs a post-quantum upgrade path. This research suggested a quantum computer could crack a Bitcoin private key in nine minutes, in a theoretical scenario, which is less than Bitcoin’s 10-minute block production time.
However, Bernstein said Bitcoin core developers have “adequate time” to determine a post-quantum path. Last week, Bernstein predicted that Bitcoin has about three to five years to prepare for a post-quantum security upgrade, Cointelegraph reported on Wednesday.
Institutions will play constructive role in quantum-proofing Bitcoin
Bernstein said large institutional holders, including exchange-traded fund (ETF) issuers and corporate treasury buyers such as Strategy, are likely to play a constructive role in any eventual consensus on a post-quantum upgrade.
“We expect institutional partners with now billions at stake to play a constructive role in building consensus on the post-quantum path.”
The note also highlighted the recently introduced BIP-360 proposal and added that slower consensus from Bitcoin developers is seen as responsible behavior when it comes to a $1.5 trillion asset.
BIP-360 is a draft Bitcoin Improvement Proposal that proposes a Pay-to-Merkle-Root output type designed to reduce long-exposure quantum risk by removing Taproot’s key-path vulnerability, though it does not itself add post-quantum digital signatures.
Bernstein said BIP-360 could be implemented as a soft fork for exposed Bitcoin addresses, but added that this would still leave around 8% of the BTC supply in inactive addresses vulnerable to future quantum breakthroughs.
Related: Bitcoiners push for quantum-resistant BIP-360 upgrade as debate heats up
Quantum-proofing Bitcoin is a social issue, not technical
The real challenge of quantum-proofing Bitcoin lies in the societal adoption element of the new standards, not the technical development, according to Arthur Breitman, co-founder of Tezos blockchain.
“The coding work could be done this afternoon,” but Bitcoin holders would still need to migrate to this new standard, Breitman told Cointelegraph during an interview at EthCC 2026.
“If Bitcoin needed to migrate in the next month, they could do it from a technical perspective […] but they can’t get everyone to migrate their key in a month, Breitman said. “It’s going to take years for people to properly migrate their keys,” he added.
Asset manager Grayscale’s head of research, Zach Pandl, shared a similar view in a research report last Monday. He said Bitcoin’s quantum-proofing challenges are “more social than technical,” provided that its UTXO model does not have native smart contracts and that some address types are not quantum vulnerable.
However, he warned that the community needs to find consensus on how to quantum-proof wallets where the private key has been lost or is otherwise inaccessible.
Magazine: AI has dramatically accelerated the quantum threat to Bitcoin: AI Eye
Bitmine Immersion Technologies said BMNR’s ETH holdings reached 4.875 million tokens, while total crypto and cash holdings hit $11.8 billion. The update came in a company release dated April 13, 2026, and followed several recent ETH purchases.
Bitmine said the total included $719 million in cash, 198 Bitcoin, and two equity stakes. The company also said its ETH position now equals 4.04% of Ethereum’s 120.7 million token supply.
ETH Holdings Move Closer to Stated 5% Goal
Bitmine valued its ETH holdings at about $10.8 billion using an ETH price of $2,206. It also listed a $200 million stake in Beast Industries among its other stated holdings. Another stated holding was an $85 million stake in Eightco Holdings, based on the release. The company grouped those positions with its crypto and cash balances in the $11.8 billion total.
Bitmine said the ETH total leaves it 81% of the way to its stated 5% goal. It used a total Ethereum supply figure of 120.7 million tokens in that calculation. The company said it remains the largest Ethereum treasury in the public market by disclosed holdings. That status reflects the size of its disclosed ETH balance after recent purchases.
Staked ETH Base Grows Through MAVAN
Bitmine also announced the launch of MAVAN, its Made in America Validator Network, in the same release. The platform was built to support Bitmine’s Ethereum treasury and staking activity. It also plans to serve institutional investors, custodians, and other ecosystem partners over time. The company said MAVAN focuses on security, performance, and resilience for large staking operations.
As of April 13, Bitmine said 3,334,637 ETH was staked across its operations. At $2,206 per ETH, that stake was worth about $7.4 billion, according to the company. The staked amount equals about 68% of its total ETH holdings.
A portion of Bitmine’s ETH is already staked through MAVAN, while more may move there later.
Lee said ‘Annualized staking revenues are now $212 million.’ He added that full staking could lift annual rewards to $310 million at current yields. Bitmine said the CESR rate was 2.73%, while its 7-day yield was 2.89%. The company said Quatrefoil administers the CESR benchmark used in that comparison.
NYSE Move Adds Visibility to BMNR
Bitmine began trading on the New York Stock Exchange on April 9, after leaving the NYSE American. The move kept the BMNR ticker and placed the shares on the senior exchange. The April 13 update came four days after that market change became effective. Bitmine linked the listing change with its fast growth in ETH holdings and trading activity.
Bitmine also said BMNR ranks among the most traded U.S. stocks by dollar volume. Fundstrat data showed a five-day average of $747 million through April 10, 2026. The company said that ranked BMNR at number 117 among 5,704 listed stocks. Bitmine compared that trading activity with other public companies focused on crypto treasury strategies.
Bitmine named investors including Cathie Wood, Founders Fund, Pantera, Kraken, DCG, and Galaxy Digital. It said those investors support its plan to keep adding ETH toward its stated goal. The company also compared its treasury size with Strategy’s larger Bitcoin treasury in the same release. Bitmine said its own balance remains the largest disclosed ETH treasury among public companies.
Former CFTC chair J. Christopher “CryptoDad” Giancarlo has quit his senior role at Willkie to focus full‑time on crypto, AI and policy work, including a new book on digital money under Trump’s second term.
Summary
- Former CFTC chair J. Christopher Giancarlo has retired from his senior role at law firm Willkie Farr & Gallagher to focus full‑time on digital assets, AI and policy work.
- Known as “Crypto Dad,” he plans to expand strategic advisory work, private investments and think‑tank research, while promoting a new book on crypto’s evolution through Trump’s second term.
- The move cements Giancarlo’s shift from big‑law partner to full‑time crypto advocate as Washington rewrites U.S. rules for stablecoins, DeFi and tokenized markets.
Former Commodity Futures Trading Commission chairman J. Christopher Giancarlo has stepped down as senior counsel and digital‑assets lead at New York law firm Willkie Farr & Gallagher to focus on cryptocurrency, artificial intelligence and public‑policy work, he confirmed on LinkedIn and in remarks reported by Crypto in America and Phemex.
Giancarlo, who joined Willkie in 2020 and helped build its “Digital Works” crypto practice, said he is pivoting toward “strategic advisory services to founders and boards in the fintech and digital asset sectors,” as well as nonprofit projects such as the Digital Dollar Project.creators.spotify+3
In an April post, Giancarlo told followers “after six rewarding years helping Willkie build one of the world’s leading digital asset legal practices, it is time for my next chapter,” adding that he will focus on “fintech, #digitalassets, #crypto and AI — and on making sure freedom and human agency are baked into the new architecture of banking, finance and money itself.” The former regulator, nicknamed “Crypto Dad” for his industry‑friendly stance at the CFTC, also teased an upcoming book titled “CryptoDad’s New Adventures: The Path to Financial Freedom in the 21st Century,” due for publication in October and billed as a narrative of the crypto industry from the 2024 election into President Donald Trump’s second term.
Giancarlo chaired the CFTC from 2017 to 2019, overseeing the launch of the first regulated bitcoin futures and arguing that U.S. regulators should adopt a “do no harm” approach to blockchain innovation, a phrase he repeated in speeches and later in his first book “CryptoDad: The Fight for the Future of Money.” At Willkie, he co‑chaired the firm’s Digital Works practice out of New York, advising banks, exchanges and fintech firms on crypto regulation and co‑authoring memos on topics ranging from stablecoin rules to the emerging U.S. crypto regulatory framework.
According to the ABA Banking Journal and other legal trade publications, Giancarlo has also become one of the most visible public advocates for a U.S. central bank digital currency through his work at the Digital Dollar Project, arguing that a well‑designed digital dollar could “promote U.S. values of privacy, free enterprise and the rule of law” in a world where China and others are racing ahead with state‑backed e‑money. Finews Asia previously reported that Trump allies had floated Giancarlo as a potential “crypto czar,” noting his push for clear stablecoin rules, safe harbors for token projects and a more unified federal approach to digital‑asset oversight.
His latest career move comes as Washington debates the CLARITY Act, GENIUS stablecoin legislation and bank‑backed tokenization pilots, with regulators from the Federal Reserve to the SEC and CFTC defining how dollar‑pegged tokens, DeFi and tokenized treasuries fit inside the existing system. By stepping away from big law to concentrate on investing, policy research and a new book aimed at retail readers, Giancarlo is betting there is room — and demand — for a former top derivatives regulator to help architect that future from the outside, as both adviser and storyteller.
Crypto World
Crypto exchange Kraken targeted in extortion attempt; says no breach and no funds at risk
Crypto exchange Kraken is facing an extortion attempt by a criminal group that threatens to release videos purportedly showing access to internal systems containing client data, the company said Monday.
The Wyoming-based firm said it identified and shut down two instances of inappropriate access tied to individuals within its support team, each involving limited client data.
“Our systems were never breached; funds were never at risk; we will not pay these criminals; we will not ever negotiate with bad actors,” said Nick Percoco, chief security and information officer of Payward and Kraken, in a post on X.
The first incident came in February 2025, when Kraken received a tip about a video circulating on a criminal forum. An internal investigation identified the individual involved, revoked their access and led to additional security controls. A limited number of affected clients were notified.
More recently, Kraken received another tip and a similar video. The company said it again identified the individual responsible, terminated their access and notified affected users.
Security incidents remain a persistent issue in crypto because the industry combines high-value, easily transferable assets with technical and human vulnerabilities. Digital assets can be moved instantly across borders and are often irreversible once lost, making them attractive targets for malicious actors. At the same time, weaknesses in smart contracts, private key management and exchange infrastructure can create exploitable entry points, while phishing and social engineering schemes continue to target users directly.
Recent crypto exploits have shown increasing sophistication, with attackers combining smart contract vulnerabilities, social engineering and rapid fund movement to maximize impact.
In cases like the Drift exploit, adversaries appear to have used a deep understanding of protocol mechanics and liquidity conditions to manipulate systems in ways that are difficult to detect in real time, underscoring how complex and fast-moving decentralized finance (DeFi) environments can create opportunities for advanced attacks.
Kraken is a U.S.-based cryptocurrency exchange operated by Payward Inc., offering spot and derivatives trading, as well as custody and staking services for digital assets. Founded in 2011, the platform serves retail and institutional clients globally, providing access to cryptocurrencies such as bitcoin and ether (ETH), as well as fiat on- and off-ramps. The company is also known for its focus on security and regulatory compliance across multiple jurisdictions.
Across both incidents, approximately 2,000 client accounts were potentially viewed, according to the company. Kraken has millions of customers, and the security events affected only 0.02% of their client base, a person with knowledge of the matter told CoinDesk.
Kraken said it began receiving extortion demands shortly after the latest access was cut off, with the group threatening to distribute materials from both incidents to media outlets and on social media. The company said it will not comply.
The exchange added that it has been working with industry partners and law enforcement to investigate what it describes as broader insider recruitment efforts targeting crypto, gaming and telecommunications firms. It said it believes there is sufficient evidence to identify and arrest those responsible.
“The security of our clients is our highest priority, and we remain fully committed to combating the growing global threat of insider recruitment and constantly enhancing our security practices to combat new threats,” Percoco added.
Galaxy Digital (GLXY), the digital asset financial services firm founded by Mike Novogratz, said it also recently contained a cybersecurity incident involving unauthorized access to an isolated development workspace. No client funds or account data were accessed or at risk.
Read more: Galaxy Digital’s testnet suffers hack but no client funds or information were compromised
Securitize has announced an integration with TRON, adding one of crypto’s busiest networks to its multichain distribution strategy. The deal will bring tokenized funds and securities issued through Securitize onto TRON and support a new real-world asset product due to launch on the network soon.
This comes at a point in tokenized finance where competition depends as much on where assets can be traded, how easily they can find buyers and sellers, and how many users can reach them, as on the act of tokenizing them in the first place.
Why TRON stands out
TRON gives Securitize entry into a network with large user activity, heavy stablecoin usage, and deep transfer flow.
According to figures cited in the announcement, TRON has more than 373 million accounts, over $26 billion in total value locked, and roughly $7.9 trillion in annual transfer volume.
For tokenized securities, those numbers point to a network with real transaction depth. For issuers trying to place regulated assets inside active onchain markets, that is an advantage.
Carlos Domingo, co-founder and CEO of Securitize, linked the integration to global availability and continuous access.
“Tokenization is about bringing real-world financial assets onto infrastructure capable of global scale and continuous market access,” Domingo said. “TRON has built one of the most widely used blockchain networks for value transfer, and this integration positions tokenized securities to tap into that reach over time.”
Securitize is entering the next phase of the RWA race
For the past few years, tokenized asset firms have focused on proving that regulated securities, private credit products, and fund interests can exist onchain. Much of that work centered on compliance, custody, legal structure, and investor access.
Attention is now turning to trading activity, liquidity, and distribution. After all, once an asset is tokenized, the next step is making sure it can circulate inside an active market.
Securitize enters this deal with one of the strongest institutional profiles in the sector. The company says it has more than $4 billion in assets under management and has worked with firms including Apollo, BlackRock, BNY, Hamilton Lane, KKR, and VanEck.
In the United States, it operates through SEC-registered entities spanning brokerage, transfer agency, and an alternative trading system. In Europe, it operates through an authorized investment firm under the EU DLT Pilot Regime.
Securitize’s credentials give it a leading position among traditional financial firms entering tokenization. The TRON integration adds access to a blockchain economy built around frequent use rather than limited institutional pilots.
TRON brings stablecoin liquidity and everyday transaction flow
TRON has long been associated with stablecoin transfers, especially USDT, and with payment flows across exchanges, wallets, and cross-border activity. That gives it a different profile from chains whose tokenization ambitions are more closely tied to asset management or developer activity alone.
Justin Sun, founder of TRON, described the partnership as part of the growing overlap between traditional finance and DeFi.
“Our collaboration with Securitize, a leader in tokenization, continues the convergence of traditional finance and DeFi in a powerful new way,” Sun said. “Together, we’re building the infrastructure for a global, onchain financial system.”
Ultimately, tokenized products become more useful when they sit inside active markets. A fund or security issued on a chain with thin usage may satisfy legal and technical requirements, yet still struggle to gain meaningful circulation. TRON offers a very different setting, especially for issuers seeking access to large pools of stablecoin liquidity.
Public chains are becoming more attractive to issuers
The news also says something about how tokenized asset firms now view public blockchains. For a long period, many tokenization efforts leaned toward controlled venues, private systems, or highly restricted environments. Public chains now offer constant settlement, transferability, and access to large digital asset user bases.
TRON is not alone in chasing this thesis. Ethereum, Solana, and other networks have all structured themselves as destinations for real-world assets.
The combination of Securitize’s standing with major asset managers and TRON’s place in stablecoin activity is key here. One side brings regulated product experience, while the other brings volume and distribution.
Product importance
Important details are still missing. Neither company has yet identified the first real-world asset product due to launch on TRON. That product’s design will do a lot to determine how important this deal becomes.
Indeed, a tightly controlled fund for a narrow investor group would tell one story, while a product built for deeper onchain liquidity and wider participation would tell another.
There is also a credibility issue in the market. Tokenized finance has produced a steady flow of product launches, partnerships, and pilot programs, but secondary trading activity has often stayed limited. A deal like this suggests firms are paying closer attention to circulation and liquidity, especially on blockchains where large amounts of value already move every day.
Final thoughts
For Securitize, TRON offers access to one of crypto’s largest transaction environments. For TRON, the integration adds another route into tokenized finance at a time when competition among public chains is heating up.
Overall, tokenization depends on issuance and circulation. Firms able to combine both will be in a stronger position as the sector develops.
The post Securitize Expands to TRON as Tokenized Asset Competition Builds appeared first on BeInCrypto.
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