XRP traded at $1.08 on July 13 after losing 1.09% over 24 hours and 5.48% across seven days. 

The token moved between $1.07 and $1.10, while trading volume reached about $836 million. Its market value stood near $67.36 billion, keeping the token sixth among cryptocurrencies by market capitalization. The latest decline pushed the asset toward its lowest price in ten days after buyers failed to hold the rebound above $1.10.

The price had recovered from an early July low near $1.01 and briefly challenged resistance around $1.20. Sellers rejected that move, and XRP returned to a narrow range between roughly $1.09 and $1.12. 

Renewed tension between the United States and Iran then weighed on risk assets and helped push XRP below the lower end of that range. The token now sits close to the psychological $1 level, which traders have defended several times since June.

The broader crypto market weakened as Bitcoin slipped below $63,000 and Ether traded near $1,785. That backdrop matters because XRP has followed broader risk sentiment during recent selloffs. A stronger market rebound could support the token, while renewed pressure across assets may keep buyers cautious near current levels.

XRP whale transactions fall sharply

Large transactions on the XRP Ledger have dropped sharply. Crypto analyst Ali Martinez said the number of transfers worth more than $1 million fell from 70 over the previous week to only two on July 13. 

He described whale activity as “cooled significantly.” The data points to less participation from large holders, but it does not show whether whales stopped buying, moved activity off-chain, or split transfers into smaller amounts.

Lower whale activity can reduce buying support during a weak market, especially when daily trading volume also remains limited. It can also reduce large sell orders, so the metric does not carry one fixed meaning. 

As previously reported, XRP exchange balances have fallen to a seven-year low while spot funds and private wallets absorbed supply. That decline has not lifted the price because market demand has remained too weak to overcome the broader downtrend.

ETF inflow streak comes to an end

Fund flows have also turned less supportive. XRP investment products recorded more than $7 million in net withdrawals last week, ending nine straight weeks of inflows. The reversal followed a period when XRP funds attracted capital even as Bitcoin and Ethereum products faced withdrawals. 

Earlier demand helped regulated XRP funds build a large position, but one negative week shows that institutional interest can change when market conditions weaken.

XRP ETFs had absorbed close to one billion tokens while exchange reserves dropped by about half. The supply shift created a tighter tradable float, yet XRP continued to fall. 

The difference between fund accumulation and price performance shows that ETF demand alone has not controlled the market. Traders now need to see whether outflows continue or whether the latest red week becomes a brief interruption in the longer inflow trend.

Technical indicators keep $1 support in focus

The Bollinger Bands place XRP in the lower half of its recent trading range. Price sits slightly below the middle band near $1.0879, while the upper band stands around $1.1619 and the lower band near $1.0140. 

Holding above the lower band keeps the token away from a deeper breakdown. A move above the middle band and the $1.09 to $1.10 area would give buyers an early recovery signal.

The Aroon Oscillator remains positive near 21.43, showing that some recent upward pressure still exists. However, the reading has weakened, which points to fading rebound momentum. 

Analyst Grega Horvat said the token was approaching support near $1 and identified $0.95 as another level on the four-hour chart. His statement that “trend is down until it is not” reflects a technical view, not a confirmed price path.

The main short-term battle now sits between support near $1.01 and resistance around $1.10. A close below the lower Bollinger Band could bring $1 and $0.95 back into focus. Horvat also listed $0.60, $0.40 and $0.10 as deeper levels if $0.90 fails, but those targets remain speculative and require a much larger decline from the current price.

A recovery above $1.10 would improve the short-term structure and could open a move toward the upper Bollinger Band near $1.16. XRP would then need to clear the earlier resistance around $1.20 before buyers could claim stronger control. 

EGRAG Crypto has argued that the token needs a bounce toward the 50-period moving average near $1.60 before a longer rally can restart. That scenario remains unconfirmed. For now, price action, ETF flows, whale activity and the $1 support zone will guide the next move.

Introduction

Crypto treasuries have undergone a remarkable transformation over the past few years. What was once a simple practice of holding digital assets in a wallet has evolved into a sophisticated financial strategy that supports protocol growth, sustainability, and long-term resilience. As decentralized finance (DeFi), DAOs, and blockchain ecosystems mature, treasury management is becoming one of the most important pillars of successful crypto projects.

Today’s crypto treasuries are no longer passive reserves. They are dynamic capital pools designed to generate yield, manage risk, fund development, and strengthen community governance. This evolution reflects the broader maturation of the digital asset industry, where financial discipline is becoming just as important as technological innovation.

The Early Days: Simple Token Holdings

In the early stages of cryptocurrency, treasury management was relatively straightforward. Most projects held:

• Native governance tokens
• Bitcoin (BTC)
• Ethereum (ETH)
• Stablecoins

These assets primarily served as emergency reserves or funding sources for operational expenses. Treasury decisions were often centralized, with little transparency and limited strategic planning.

While this approach worked during periods of rapid market growth, it exposed projects to significant volatility during bear markets. Many protocols discovered that simply holding tokens was not enough to ensure long-term sustainability.

The Rise of Active Treasury Management

Modern crypto treasuries have shifted toward active portfolio management rather than passive asset storage.

Today’s treasury teams often diversify across multiple asset classes, including:

• Stablecoins for liquidity
• Bitcoin as a reserve asset
• Ethereum for ecosystem participation
• Liquid staking tokens
• Real-world asset (RWA) products
• Tokenized U.S. Treasury bills
• Yield-generating DeFi positions

Instead of allowing assets to sit idle, protocols increasingly deploy treasury capital into carefully selected investments that balance return opportunities with risk management.

Treasuries Are Becoming Revenue Engines

One of the biggest shifts is the idea that treasury assets should work for the protocol.

Rather than relying solely on token inflation or fundraising, many projects now generate sustainable revenue through:

• Lending markets
• Liquidity provisioning
• Staking rewards
• Restaking protocols
• Tokenized fixed-income products
• Validator operations
• Protocol-owned liquidity (POL)

This creates recurring income that can fund development, audits, ecosystem grants, and community incentives without excessive token emissions.

The focus is gradually moving from speculation toward productive capital allocation.

Professional Risk Management Is Taking Center Stage

As treasury sizes grow into hundreds of millions—or even billions—of dollars, risk management has become essential.

Modern treasury strategies often include:

• Diversification across multiple blockchains
• Counterparty risk analysis
• Stablecoin exposure limits
• Smart contract security assessments
• Liquidity stress testing
• Insurance coverage is available
• Multi-signature security
• Time-locked governance controls

The goal is no longer to maximize returns at any cost but to preserve capital while generating sustainable growth.

DAO Governance Is Becoming More Sophisticated

Treasury decisions are increasingly being placed in the hands of decentralized governance.

Many DAOs now vote on proposals covering:

• Asset allocation
• Treasury diversification
• Grant funding
• Buyback programs
• Strategic partnerships
• Yield strategies
• Risk parameters

Governance frameworks are also becoming more structured, with treasury committees, risk councils, and financial working groups helping communities make informed decisions based on data rather than speculation.

Real-World Assets Are Expanding Treasury Options

The tokenization of traditional financial assets is creating new opportunities for crypto treasuries.

Projects can now gain exposure to:

• Tokenized Treasury bills
• Government bonds
• Money market funds
• Corporate debt
• Real estate-backed assets

These instruments provide relatively stable yields while reducing exposure to crypto market volatility.

As regulatory clarity improves, RWAs are likely to become a standard component of diversified crypto treasury portfolios.

Transparency Is Becoming a Competitive Advantage

Blockchain technology offers something traditional corporate finance often cannot: real-time transparency.

Many protocols are now published:

• On-chain treasury dashboards
• Monthly treasury reports
• Asset allocation breakdowns
• Risk assessments
• Revenue metrics
• Governance decisions

This level of transparency builds community trust and enables token holders to evaluate how effectively treasury capital is being managed.

Protocols that openly communicate treasury performance often enjoy stronger community confidence and greater long-term credibility.

Artificial Intelligence Is Entering Treasury Operations

AI-powered analytics are beginning to assist treasury managers with:

• Portfolio optimization
• Risk monitoring
• Market sentiment analysis
• Yield opportunity discovery
• Cash flow forecasting
• Automated reporting

While human oversight remains essential, AI tools can process vast amounts of market data far more quickly than manual analysis, enabling more informed treasury decisions.

As AI capabilities improve, treasury operations may become increasingly automated while remaining governed by community-approved policies.

Treasuries Are Becoming Strategic Ecosystem Builders

Modern treasuries are not just financial reserves—they are strategic tools for ecosystem growth.

Treasury funds increasingly support:

• Developer grants
• Hackathons
• Research initiatives
• Liquidity incentives
• Cross-chain integrations
• Infrastructure development
• Educational programs
• Community expansion

Rather than simply preserving wealth, treasuries actively invest in the long-term success of their ecosystems.

Challenges Still Remain

Despite significant progress, treasury management continues to face important challenges:

• Market volatility
• Regulatory uncertainty
• Smart contract risks
• Governance coordination
• Liquidity management
• Stablecoin concentration risks
• Custody solutions
• Rapidly changing market conditions

Finding the right balance between capital preservation, yield generation, and ecosystem investment remains one of the most difficult responsibilities for treasury managers.

The Future of Crypto Treasuries

Crypto treasuries are evolving from passive wallets into sophisticated digital asset management organizations.

In the coming years, we can expect greater adoption of:

• AI-assisted treasury management
• Automated rebalancing strategies
• Tokenized real-world assets
• Cross-chain treasury infrastructure
• Advanced risk management frameworks
• On-chain financial reporting
• Institutional-grade governance standards

Projects with disciplined treasury management will likely be better positioned to navigate market cycles, attract institutional interest, and sustain long-term innovation.

Conclusion

The evolution of crypto treasuries reflects the broader maturation of the blockchain industry. Success is no longer defined solely by token prices or fundraising rounds but by how effectively a protocol manages its capital over time.

By embracing diversification, transparent governance, sustainable revenue generation, and prudent risk management, modern crypto treasuries are becoming powerful engines of resilience and growth. As digital assets continue to integrate with traditional finance, treasury management will play an increasingly central role in determining which blockchain ecosystems thrive in the years ahead.

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Evernorth has launched a Japanese-language presence as the digital asset treasury company expands its work around XRP. 

The firm introduced a dedicated account for local updates and market analysis. In its opening message, Evernorth said, “Japan believed in XRP early on. Together, we will build from here.” The statement describes the company’s position, but it does not confirm a new office, license, product launch or investment in Japan.

The company said the account will explain market movements in simple terms and provide professional information. It also said it “will not discuss prices.” That limit keeps the channel away from direct XRP forecasts. Evernorth has not released details on staffing, partnerships or services tied to the Japanese account. 

The launch currently centers on communication and local engagement rather than a disclosed operating unit. The company presents the channel as a regional information service, while its website still lists San Francisco as its primary location in the United States.

SBI links Evernorth to Japan’s XRP market

Japan already holds a central place in Ripple’s business network through SBI Holdings. SBI and Ripple formed SBI Ripple Asia in 2016 to develop payment services across Japan and the broader region. 

SBI has also supported XRP-linked products, shareholder benefits and digital asset services through its financial companies. As crypto.news recently reported, Japan has built a broad regulated XRP ecosystem through SBI-led payment, stablecoin and tokenization projects.

SBI also committed $200 million to Evernorth’s planned transaction, according to company filings. Ripple, Pantera Capital, Kraken and Arrington Capital are among the other named backers. 

The Japan channel gives Evernorth a direct way to speak with a market where SBI already operates banking, securities and crypto businesses. However, neither company has announced a separate Japanese treasury vehicle or local fundraising plan.

Nasdaq listing remains under review

Evernorth plans to go public through a merger with Armada Acquisition Corp. II. The combined company expects to trade on Nasdaq under the ticker XRPN if the deal closes. Evernorth says the transaction has more than $1 billion in committed capital and aims to build a large public XRP treasury. As crypto.news reported in June, Evernorth filed an amended registration statement with the U.S. Securities and Exchange Commission.

The listing has not received final approval. An SEC filing states that the registration statement is not yet effective. Armada shareholders must also approve the merger, and the parties must meet other closing terms. 

The company’s expected Nasdaq debut, treasury size and use of proceeds remain forward-looking plans. Evernorth reported 473 million XRP in earlier filings, but the dollar value changes with XRP’s market price.

Japan expansion follows broader Ripple activity

Evernorth’s Japan launch comes as Ripple and SBI add more regulated digital asset services in the country. In June, Ripple and SBI launched the RLUSD stablecoin in Japan after approval from the Financial Services Agency. SBI VC Trade provides local access under Japan’s payment rules. SBI has also moved to acquire Bitbank, adding another exchange business to its wider crypto operation.

These developments create a familiar market for Evernorth, but the company has not said how its Japanese presence will connect with RLUSD, SBI VC Trade or Bitbank. Its public material focuses on XRP treasury management, lending, liquidity and participation in the XRP Ledger ecosystem. The new account may support education and business outreach, while the planned Nasdaq merger remains the company’s main corporate step.

On 7 July, Amazon announced an eight-tranche bond offering worth at least $25 billion, with the proceeds expected to finance the construction of data centres and the expansion of its artificial intelligence infrastructure. Investor demand peaked at $62 billion, highlighting strong appetite for debt issued by major technology companies. Amazon has planned $200 billion in capital expenditure for 2026, up from $131 billion in 2025, with the majority of spending allocated to data centres, AI chips, and related infrastructure.

Technical Outlook

Following its May high near $278, AMZN shares (H4 timeframe) spent the next two months trading in a short-term downtrend, eventually falling to a low around $226. From that level, the stock reversed on strong volume, broke above the descending trendline, and recovered to current levels, signalling a shift in market sentiment.

However, after the breakout, the price consolidated within the current Market Profile, between the Point of Control (POC) at $241 and the profile’s upper boundary at $246.50. If the breakout continues to develop, the resistance area around $256 could become the next significant hurdle for buyers.

Should the price move lower and break below the lower edge of the profile at $235.50, support could emerge near the $226 level. The RSI + MAs indicator currently shows readings of 54, 54, and 48, all within neutral territory and without a clear directional bias. Although the moving averages remain green, the RSI continues to move sideways, reflecting a lack of strong momentum.

Summary

The recovery from the June low, supported by rising trading volume and a break above the trendline, has so far failed to push beyond the current Market Profile range. With the RSI + MAs remaining in neutral territory, the overall technical picture remains mixed. The stock’s next move may depend on whether investors remain confident that Amazon’s substantial AI investments will generate sufficient returns to offset its rising debt burden.

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Bitcoin traded near $62,800 on Monday as investors prepared for a packed week of economic releases and geopolitical news. 

The largest cryptocurrency stayed above the $60,000 support area, even as Asian shares fell and oil prices rose. Bitcoin was down about 1.4% over 24 hours, while its seven-day change remained close to flat. 

That kept short-term momentum weak before the data releases. Ether held near $1,780, while the wider crypto market remained cautious. Four factors now stand out: the U.S.-Iran conflict, inflation data, consumer activity reports, and major corporate earnings.

Renewed attacks between the United States and Iran pushed Brent crude above $79 a barrel and raised fresh concern about shipping through the Strait of Hormuz. Iran said the route was closed, while U.S. officials disputed that claim. 

The conflicting statements leave energy supply risks unresolved. Higher oil prices can lift inflation expectations, strengthen the dollar and reduce demand for risk assets, including Bitcoin and altcoins.

CPI and PPI could reset rate expectations

The June Consumer Price Index will arrive on Tuesday at 8:30 a.m. Eastern Time. The Producer Price Index follows on Wednesday at the same time. 

These reports will show whether price pressure eased after headline consumer inflation reached 4.2% in May and producer inflation stayed elevated. Traders will focus on monthly changes, core inflation and any rise linked to energy, transport or imported goods.

A hotter reading could increase expectations that the Federal Reserve will keep rates high or consider another increase. That outcome may pressure crypto by raising bond yields and supporting the dollar. 

Softer inflation could give Bitcoin room to recover toward resistance near $65,000. As crypto.news previously reported, stronger economic data has recently pushed BTC lower as investors reduced hopes for easier monetary policy.

Retail sales and sentiment test consumer strength

June retail sales and the Philadelphia Fed’s July manufacturing survey will be released on Thursday. Retail sales will show whether consumers kept spending despite higher prices and borrowing costs. 

Strong spending may support the economy, but it could also keep inflation concerns active. Weak sales may raise growth fears. Either result can move rate expectations and produce sharp changes across Bitcoin, Ether and other major tokens.

The University of Michigan will publish preliminary July consumer sentiment and inflation expectations on Friday. Its June sentiment index improved to 49.5 from 44.8 in May, but confidence remained weak. 

Traders will watch whether households expect prices to rise further after the latest oil jump. Higher long-term inflation expectations could make the Federal Reserve more cautious and limit demand for assets that do not provide fixed income.

Bank earnings and ETF flows may steer Bitcoin

Second-quarter earnings season also begins this week. JPMorgan Chase, Goldman Sachs, Bank of America, Wells Fargo and Citigroup are due to report on Tuesday. Morgan Stanley and BlackRock follow on Wednesday, while Taiwan Semiconductor reports on Thursday. 

Their results can shape wider risk sentiment. Bank trading revenue, loan demand and comments on rates may influence financial markets, while chip spending may affect technology shares.

Crypto enters these events with limited momentum but some support from exchange-traded funds. U.S. spot Bitcoin ETFs recorded $197 million in weekly net inflows, ending eight straight weeks of withdrawals. 

The inflows helped BTC hold above its June support zone but did not produce a break above $65,000. The Kobeissi Letter called the schedule a “highly eventful week,” though that description remains market commentary, not a forecast.

Australian crypto exchange Swyftx says AI-enabled microbusinesses and freelancer work could meaningfully expand stablecoin usage over the next decade, particularly for cross-border payments that are often too slow or too expensive for traditional rails.

In a second-quarter industry report, Swyftx projected that the global gig and freelance payments market could grow to $2.1 trillion by 2033, with AI-native workers contributing $775 billion of that total. In its base-case scenario, Swyftx estimated that $262 billion of payments from the AI-native cohort could be settled using stablecoins, assuming an adoption rate of roughly 33%.

Key takeaways

• Swyftx forecasts gig and freelance payments could reach $2.1T by 2033, with AI-native workers accounting for $775B.
• Under a base-case adoption assumption (about 33%), Swyftx projects $262B of AI-native payment volume could be settled in stablecoins.
• Swyftx argues small firms (fewer than five employees) are moving quickly toward AI adoption, potentially expanding the addressable remittance-like use case for stablecoins.
• The exchange links stablecoin demand to fee savings and faster settlement compared with conventional cross-border payment systems.
• Swyftx estimates related “institutional settlement” services could generate up to $1.3B in revenue by 2033 if certain cost assumptions hold.

Why Swyftx thinks AI microbusinesses will push stablecoin volume

Swyftx’s thesis centers on a convergence: accelerating adoption of AI tools among smaller businesses and workers, alongside persistent friction in international payments. According to Pav Hundal, lead market analyst at Swyftx, the trend isn’t just about technology—stablecoin uptake depends on whether the incentives and operational conditions make it worthwhile.

“Adoption doesn’t happen just because the technology exists. It happens when the economics are compelling, and the rules are clear. For stablecoins, both of those conditions are now falling into place.”

The report frames stablecoins as a direct beneficiary of payment utility demand. Swyftx notes that stablecoin market capitalization has doubled over the past two years and that stablecoins reached a record $1.79 trillion in volume in June, citing this as evidence that use cases are expanding beyond speculation.

Small firms, solo founders, and cross-border invoices

A key part of Swyftx’s argument is that the “center of gravity” for AI adoption may be shifting. The exchange says the smallest firms—those with fewer than five employees—are among the fastest-moving participants in adopting AI. In its view, this shift has helped create a new class of solo entrepreneurs who can operate like microbusinesses while serving global clients.

Swyftx estimates solo workers number between six and 10 million today, with a projection that they could reach 17 million over the next decade. It argues these workers frequently invoice across borders and typically deal with payment sizes and timing patterns that are not well optimized by conventional banking and payment infrastructure.

Because these solo founders are likely to be particularly sensitive to remittance and transaction fees, Hundal described the market as “potentially chunky” for stablecoins—suggesting that small savings per transfer could compound into substantial aggregate demand.

Swyftx also suggests that if its stablecoin settlement projections materialize, the benefits may not stop at end users. It says the “institutional settlement layer” beneath these payments—over-the-counter liquidity, custody, and yield services for platforms routing payments—could capture a new revenue stream. In its scenario, that revenue opportunity could reach as much as $1.3 billion by 2033, contingent on the assumption that total transaction, liquidity, and custody costs sum to 0.5%.

Speed and cost: stablecoins versus traditional cross-border payments

Swyftx contrasts stablecoin transfers with what it describes as the shortcomings of traditional cross-border rails: high fees, settlement processes that can take multiple days, and limited availability in more than 50 countries.

To illustrate potential savings, Swyftx points to stablecoin transfers using Ethereum layer-2 networks. It claims such transfers can reduce fees by 80% to 90%, and it cites an example in which the average freelancer could save about 86% per year in transfer fees. The implication for investors and builders is straightforward: stablecoin adoption tends to be strongest where it meaningfully improves the cost-benefit equation of moving money internationally—especially for frequent or recurring small-to-mid size payments.

Separately, the report references the “agentic AI payment” narrative as another driver of stablecoin volume. The reasoning, as Swyftx frames it, is that AI agents will not have direct access to bank accounts, so they will likely rely on crypto-based rails to execute payments. While the report does not provide quantified forecasts specifically tied to autonomous agent payments, it treats the payments workflow gap as a structural reason stablecoins may be used more often.

What to watch as the stablecoin use case evolves

For readers tracking where stablecoin demand could go next, Swyftx’s projections highlight two variables to monitor: how quickly smaller businesses and solo operators translate AI adoption into real payment workflows, and whether the economics of stablecoin settlement—fees, liquidity, custody, and routing—continue improving enough to sustain wider usage. The next question is not only whether AI becomes more common, but whether stablecoin infrastructure can meet the operational needs at scale.

SBI is reportedly preparing to launch a lending product offering a 3% annual yield on its JPYSC stablecoin, adding a yield feature weeks after introducing Japan’s first trust bank-backed yen stablecoin.

According to a Monday report by Nikkei, the Japanese financial group could introduce the service as early as this month through its crypto exchange, SBI VC Trade. The product is expected to lock users’ JPYSC holdings for three months while paying a fixed annual yield of 3%.

The reported lending service follows the recent launch of JPYSC, a yen-backed stablecoin issued by SBI Shinsei Trust Bank under Japan’s trust bank framework. SBI previously said the stablecoin was built to lower transaction costs, support large block transactions, and serve both retail and corporate users.

SBI adds yield feature to JPYSC

Announced in February by SBI Holdings and Startale Group, JPYSC operates under Japan’s Type III electronic payment instrument framework and is fully backed 1:1 by the Japanese yen. The stablecoin is designed for cross-border payments, treasury management, and tokenised asset settlement, while SBI VC Trade acts as its primary distribution platform.

At launch, SBI said the stablecoin was developed for institutional-grade performance and to connect traditional banking systems with blockchain networks. The companies also said financial institutions and large corporations had expressed interest before the rollout.

The reported lending product adds another service around JPYSC as SBI continues to expand its regulated digital asset business. On July 7, SBI became the sole investor in Gauntlet’s $125 million Series C funding round, invested another $76 million as the sole backer of institutional crypto marketplace EDX Markets, and completed the acquisition of Japanese crypto exchange Bitbank for nearly $289 million.

EDX said the new funding will support trading, clearing, settlement, product development, and international expansion, while SBI described the investment as part of its digital asset strategy.

Elsewhere in Japan, interest in stablecoins has continued to spread across both financial institutions and commercial businesses.

A separate Monday Nikkei report said convenience store operator Lawson has started a trial allowing customers to make payments with the JPYC stablecoin at one of its stores. JPYC is recognised as Japan’s first legally approved yen-backed stablecoin.

Japan’s three largest banking groups, MUFG, SMBC, and Mizuho, also announced last month that they plan to begin live commercial transactions using a jointly issued stablecoin during fiscal year 2026, adding another regulated payment project to the country’s expanding stablecoin sector.

Turkish prosecutors have accused 504 people of operating an alleged money laundering network that moved nearly 40 billion Turkish liras through shell companies, jewellery stores, payment providers and cryptocurrency transactions.

According to a 1,548-page indictment prepared by the Istanbul Chief Public Prosecutor’s Office, the suspects allegedly used shell companies, bank accounts, foreign exchange offices, point-of-sale terminals and crypto transfers to disguise proceeds generated from illegal betting operations.

Prosecutors alleged the network established a web of front companies that allowed betting revenues to enter the financial system before being routed through a proprietary digital accounting platform known as “M80.” The indictment stated that the system handled the movement and tracking of the group’s financial operations.

Investigators further alleged that part of the proceeds was converted into cryptocurrencies before being transferred abroad. The indictment also accused members of the network of attracting victims into fraudulent investment schemes by promising unusually high returns.

Turkish prosecutors are seeking prison sentences of up to 34.5 years for alleged ringleader Türker Ak and up to 31 years for alleged network manager Murat Dönmezoğlu.

Turkish authorities have increased their attention on crypto-related investigations. Last year in August, Ethereum core developer Federico Carrone, known online as Fede’s Intern, was detained for about 24 hours after the Turkish Ministry of Internal Affairs accused him of helping others misuse the Ethereum network. 

Carrone denied any involvement in illegal activity, saying his work focused on academic research into privacy tools, and he was later released before returning to Europe.

Taken together, the recent investigations show regulators in several jurisdictions continuing to examine how cryptocurrencies are used in financial crime, with enforcement increasingly targeting laundering networks, cross-border fund movements and digital asset transactions linked to alleged criminal activity.

Crypto laundering remains under scrutiny

The case adds to a series of recent enforcement actions across the globe in which authorities have identified cryptocurrencies as one method used to move or conceal illicit funds rather than the underlying source of criminal activity.

Earlier this year, the People’s Bank of China said virtual currency laundering would remain one of its enforcement priorities as part of its next anti-money laundering strategy. Chinese authorities said criminal groups increasingly combine virtual currencies with cross-border fund transfers, underground banking networks and nominee accounts to make transactions harder to trace.

Ireland has also identified crypto assets as a “very significant” money laundering and terrorism financing risk in its latest National Risk Assessment. The country’s Department of Finance said it plans to introduce industry standards governing crypto-related sources of funds by the second half of 2027 while strengthening anti-money laundering controls across the financial sector.