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CORE transfers halted on exchanges as Core DAO prepares emergency fork
Core DAO has begun coordinating an emergency hard fork after a small group of validators obtained CORE rewards above the blockchain’s intended issuance, prompting several exchanges to restrict token transfers.
Summary
- Core DAO has contained an incident that allowed a small group of validators to claim CORE rewards above the protocol’s intended issuance.
- An emergency hard fork is being coordinated as a forward upgrade and will not roll back the network or reverse confirmed transactions.
- Coinbase, Bithumb, Coinone and other exchanges restricted CORE transfers around the time the reward issue was disclosed.
- Core has not disclosed how much excess CORE was issued or whether any of the additional tokens entered circulation.
Core said on Sept. 1 that it had contained the issue and stopped what it described as “malicious validators” from drawing further excess rewards. The network is now working with validators on a permanent fix through a forward upgrade, meaning previously confirmed transactions will remain unchanged.
“Assets remain safe,” Core said, adding that a full technical postmortem would be published after the response is completed.
The project has not disclosed the amount of CORE distributed through the incident, the number of validators involved, how long they were able to obtain the excess rewards, or whether any of the additional tokens reached the market.
Core DAO hard fork will not reverse transactions
Core first disclosed the problem on Monday, when it said a small number of validators were accruing block rewards significantly above the amount intended under the protocol.
At the time, the project said it had identified the root cause and was working on mitigation measures. Core described the problem as limited to reward issuance and said it had not affected network security or custody of user assets.
By Tuesday, the team said the activity had been contained and moved to coordinate the emergency hard fork with its validator set. Core has not published an activation time for the upgrade or disclosed the technical vulnerability that allowed the excess rewards to be claimed.
The distinction between a forward upgrade and a rollback means the planned fork is intended to change the network rules from a specified point without rewriting transactions already recorded on the blockchain.
Mainnet upgrades can require coordination between validators and other network participants because nodes must run compatible software after new protocol rules take effect. As crypto.news previously reported, hard forks on production blockchains can require validators and users to reach agreement around the updated network rules.
Core has not said whether validators will need to install a specific software release before the emergency upgrade or what level of validator participation will be required for the fork.
Exchanges restrict CORE transfers
The reward problem led several centralized exchanges to restrict CORE deposits or withdrawals while the network investigated the incident.
Coinbase paused sends and receives on the Core DAO network, according to its status page. Trading functions remained available, with buys, sells, conversions and fiat transactions unaffected by the network transfer restriction.
South Korean exchanges Bithumb and Coinone suspended CORE deposits and withdrawals, citing security concerns surrounding the network.
Bitget restricted CORE deposits and withdrawals under what it described as wallet maintenance, while LBank suspended deposits in response to project requirements. The exchanges did not attribute losses of customer funds to the Core incident.
Core has maintained that user assets were not affected and said the problem involved the issuance of validator rewards.
The project has yet to disclose whether the exchanges will need to complete technical work related to the hard fork before normal CORE transfers can resume.
Validator rewards remain under scrutiny
The unanswered questions center on the amount of CORE obtained by the validators and the mechanism that allowed them to receive more than the protocol intended.
Core has not said whether the excess rewards represented newly created CORE, rewards that would otherwise have been distributed at a later date, or another accounting problem within the validator reward system.
The project has likewise not disclosed whether any of the validators sold, transferred or otherwise moved the additional CORE after receiving it. Its planned postmortem is expected to provide technical details about the root cause, though Core has not given a publication date.
Validators form part of Core’s network architecture, which combines delegated proof of stake with Bitcoin-linked security. Core has spent the past several years building its network around Bitcoin staking and decentralized finance applications.
In March 2025, Core integrated with Cobo to expand its dual Bitcoin staking service for institutional users in Asia. The arrangement allowed Cobo users to stake Bitcoin and CORE while earning BTC-denominated yields.
At that point, institutions had used Core to stake more than 6,200 BTC, while more than 150 Ethereum Virtual Machine-compatible decentralized applications had been integrated into the ecosystem. Core’s total value locked stood above $525 million when the partnership was announced.
The network had already become one of the largest Bitcoin sidechains by locked value. Earlier data showed Core with $423 million in TVL while 55% of Bitcoin’s hash rate was helping secure the network. Messari data cited at the time showed Core had 23 validators during the second quarter of 2024.
Core’s validator system plays a direct role in distributing CORE rewards. The current incident, however, remains limited in publicly disclosed technical details because the project has not explained which part of that reward process was exploited.
Emergency upgrade follows other recent hard forks
Core’s planned response comes shortly after other blockchain networks used hard forks to modify protocol rules, though the reasons for those upgrades differed.
BNB Chain, for example, activated its Pasteur hard fork on Aug. 25 after scheduling changes to bridge verification, validator authorization and block capacity.
One of the Pasteur changes addressed a cross-chain verification weakness that could allow duplicate validators to be counted when determining whether an approval had reached the required threshold. BNB Chain said it had not identified an exploitation of that flaw or linked it to asset losses before the correction was deployed.
Cardano completed another network upgrade in July when the van Rossem hard fork moved its mainnet to Protocol Version 11 that introduced changes to Plutus costs while preparing the network for its planned Ouroboros Leios architecture.
Core’s emergency upgrade is being coordinated after the reward problem was detected rather than as part of a previously announced protocol development schedule.
The network has said the excess reward activity can no longer continue under the mitigation already put in place. Core has not disclosed the identities of the validators it described as malicious or whether it plans to take further action against them.
Its forthcoming postmortem is expected to address the technical cause of the incident, while the amount of excess CORE issued and whether any of those tokens entered circulation remain undisclosed.
Spot XRP funds have logged nine straight sessions of inflows, while Q2 filings show Goldman Sachs, Jane Street and Millennium among their biggest professional holders.
The CLARITY Act is scheduled for a Senate cloture vote on the motion to proceed in two weeks, on September 15. The date will mark a procedural gatekeeping test that determines whether the chamber can begin formal debate on a comprehensive crypto market-structure framework. It needs to clear the 60-vote threshold.
Republicans control 53 Senate seats, so at least seven Democrats would need to join a unified GOP conference to hit the 60-vote cloture threshold. The Senate had originally aimed to hold this vote before its August recess, but that timeline slipped, a delay that industry participants now read as a signal of thinning bipartisan appetite rather than routine scheduling friction.
Two disputes are doing most of the damage to that coalition. One is whether stablecoins should be permitted to pay interest or yield, a provision that pits crypto issuers against banking interests worried about deposit flight.
The other is ethics language tied to President Donald Trump and his family’s crypto businesses, a politically charged sticking point that has made some Democrats reluctant to hand the bill their votes even after supporting it in committee.
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Industry Confidence Is Slipping
SALT CEO John Darsie said he was somewhat pessimistic about the bill’s prospects, adding that passage becomes less likely the closer Congress gets to the midterm elections. Former New York Governor Andrew Cuomo went further, warning that if the CLARITY Act fails before the midterms and Democrats subsequently win the House, a prolonged regulatory clash between Congress and the administration could follow.
That framing matters for anyone pricing crypto regulation into near-term market expectations: a September stall doesn’t just push the timeline, it risks handing the next Congress a divided mandate on digital-asset policy altogether.
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CLARITY Act and September 15
A successful cloture vote would let the Senate open floor debate and consider amendments on stablecoin yield, ethics provisions, and other unresolved language. Additional procedural hurdles and a separate passage vote would still stand between the bill and the President’s desk.
— Coin Bureau (@coinbureau) August 30, 2026
CLARITY ACT: 16 days until the vote that decides crypto's future in America.
Here's where things stand:
The House passed it 294–134 in July 2025 with 78 Democrats voting yes.
The Senate Banking Committee advanced it 15–9 in May 2026, but the full Senate vote was delayed… pic.twitter.com/DJxIAwfnF0
A failed cloture vote carries the opposite risk: without 60 votes to even begin debate, the CLARITY Act would likely sit dormant through the rest of this Congress, leaving the SEC-CFTC jurisdictional split unresolved heading into the midterms. Either outcome sets the tone for how much regulatory certainty crypto markets can expect before 2027.
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Ripple has teamed up with SettleMint to help financial institutions manage tokenized assets from issuance through ongoing custody and lifecycle operations. The partnership, announced Tuesday, is designed to combine Ripple’s institutional custody offering with SettleMint’s platform for digital asset lifecycle management.
Just a day earlier, Coincheck Group said it was working with wallet infrastructure provider DFNS to bring institutional-grade digital asset custody and wallet technology to Japan. Together, the two deals underline a broader industry push in Asia-Pacific: building infrastructure that can meet regulatory expectations and reduce the complexity for regulated entities entering tokenized markets.
Key takeaways
- Ripple and SettleMint plan to integrate Ripple Custody with SettleMint’s Digital Asset Lifecycle Platform to support tokenized assets across their full lifecycle.
- Coincheck Group’s earlier Japan-focused partnership pairs DFNS wallet-as-a-service with institutional-grade custody and lifecycle controls.
- Both initiatives aim to close an “infrastructure gap” that has limited regulated financial institutions’ ability to deploy digital asset services.
- Asia-Pacific remains a high-growth region for onchain activity, according to Chainalysis’ 2025 global adoption index.
Ripple’s custody and token lifecycle integration
Ripple’s announcement centers on an integration between its institutional custody infrastructure, Ripple Custody, and SettleMint’s Digital Asset Lifecycle Platform (DALP). The stated goal is to give institutions a more streamlined way to secure tokenized assets while supporting the operational steps needed before, during, and after issuance.
By positioning the combined stack around both custody and lifecycle functions, the partnership targets a practical bottleneck for regulated firms: it’s not only about holding assets securely, but also about handling operational workflows, controls, and ongoing management in a manner that aligns with enterprise requirements.
Ripple did not outline, in the provided announcement text, specific implementation details such as which tokenization use cases DALP will prioritize or how institutions will integrate the system into existing back-office operations. Investors and enterprise buyers are likely to watch for clearer information on deployment timelines and integration paths once pilots or production rollouts begin.
Coincheck and DFNS bring wallet-as-a-service to Japan
On Monday, Coincheck Group announced a separate strategic partnership with DFNS. The aim of that collaboration is to develop wallet technology and custody services for Japan, with DFNS providing a wallet-as-a-service layer.
According to the company’s description, DFNS’s model supports institutions with transaction lifecycle management. It includes workflow orchestration and governance controls, all delivered through a single platform that supports more than 100 blockchain networks.
The timing matters: Ripple’s announcement comes immediately after another Japan-linked institutional push, suggesting that custody and wallet infrastructure are being treated as foundational components rather than standalone offerings. For regulated institutions considering tokenization, this kind of packaging can reduce the number of vendors and operational handoffs—an important factor when enterprises are trying to move from experimentation to governed deployment.
Why Asia-Pacific is becoming the focus
Both partnerships are taking shape in a region that is actively expanding its onchain activity. Chainalysis’ 2025 global crypto adoption index cited in the report points to Asia-Pacific as the fastest-growing area for onchain crypto activity, with a 69% year-over-year increase in value received.
When activity grows, it typically increases pressure on the surrounding infrastructure—custody providers, transaction tooling, compliance workflows, and governance systems. In practice, regulated financial institutions often need these elements to be coherent and auditable, rather than stitched together from multiple tools.
That helps explain the emphasis on lifecycle management in both announcements. A custody provider alone may secure assets, but lifecycle platforms and wallet infrastructure can help institutions manage operational steps such as issuance controls, governance mechanisms, and the day-to-day management that follows.
Regulation shifts in Japan raise the stakes for enterprise infrastructure
Regulatory direction in Japan provides additional context for why these partnerships are surfacing now. In July, Japan’s parliament passed revisions that classify crypto assets as financial assets under Japan’s Financial Instruments and Exchange Act, as noted in earlier coverage cited in the source text.
Additionally, Japan’s Finance Minister Satsuki Katayama signaled an intent to bring crypto under the same umbrella as traditional finance assets in January, with the aim that citizens would “benefit from digital and blockchain-based assets.” The inclusion of crypto within a more established securities framework increases the importance of controls and institutional-grade operating processes.
For custody and tokenization infrastructure providers, the regulatory shift can be a catalyst—new frameworks often require service providers to adapt how they safeguard assets, manage operational risk, and document processes. Partnerships like Ripple–SettleMint and Coincheck–DFNS can be seen as attempts to deliver the operational readiness institutions increasingly need.
What to watch next
The immediate question for institutions is how these integrated approaches will translate into real-world deployments—particularly around governance, lifecycle workflows, and enterprise onboarding. As Japan and other Asia-Pacific markets refine regulatory expectations, providers that can demonstrate secure custody plus end-to-end lifecycle management are likely to gain an advantage, while others may struggle to meet the operational bar at scale.
The US dollar continues to strengthen following its previous period of weakness, gradually recovering ground against the major currencies. Today, market attention will be focused on the preliminary ADP employment figures for the US. According to forecasts, the private sector is expected to have added 48K jobs, following an increase of 44K the previous month. A significant deviation from expectations could increase dollar volatility and prompt a reassessment of expectations for the Federal Reserve’s future policy.
The situation in the Middle East remains another important factor. Tensions surrounding Iran continue to support demand for safe-haven assets and increase volatility in the oil market. Stronger demand for safe havens could also support the yen and partially limit the upside potential of USD/JPY.
For USD/CAD, the Bank of Canada’s meeting will be the key event. The central bank is expected to keep its policy rate unchanged at 2.25%, meaning that attention will focus primarily on the accompanying statement and press conference. A more dovish tone could increase pressure on the Canadian dollar and support further gains in the pair.
Oil will remain another important driver. EIA crude inventory data and geopolitical tensions surrounding Iran could have a significant impact on oil prices and, consequently, on the Canadian dollar.
USD/JPY
Following last week’s recovery, USD/JPY has once again tested the important 159.40–159.80 support area. Yesterday, buyers managed to establish the pair above the psychological 160.00 level.
If the US employment data comes in stronger than expected, the advance could continue towards 160.50–161.00. The bullish scenario would be invalidated by a firm move below 159.40.
Key events for USD/JPY:
- today at 14:00 (GMT+3): US MBA Mortgage Applications;
- today at 15:15 (GMT+3): US ADP Nonfarm Employment Change;
- tomorrow at 03:30 (GMT+3): Japan Services PMI.
USD/CAD
USD/CAD has been consolidating within a narrow 1.3840–1.3910 range over recent trading sessions.
A breakout and sustained move above 1.3910 could pave the way for further gains towards 1.3960–1.4000. Conversely, a break below the lower boundary of the range could lead to another test of the recent lows around 1.3730–1.3780.
Key events for USD/CAD:
- today at 16:45 (GMT+3): Bank of Canada interest-rate decision;
- today at 17:30 (GMT+3): US crude oil inventories;
- today at 17:30 (GMT+3): Bank of Canada press conference.
The dollar is maintaining its upward momentum, although today’s events could significantly influence the next direction of the market.
For USD/JPY, the main drivers will be the ADP employment figures and any subsequent repricing of expectations for Federal Reserve policy. USD/CAD will additionally be influenced by the Bank of Canada’s decision and developments in the oil market.
Stronger-than-expected US data combined with a dovish BoC tone could support further gains in both pairs, while weaker US figures or more hawkish signals from the Canadian central bank could limit the dollar’s recovery.
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OKX is cracking down on gambling-linked crypto deposits, founder and CEO Star Xu said. Deposits from high-risk addresses can now trigger anti-money laundering (AML) reviews lasting 15 days or longer.
During that window, account functions and funds may be restricted. OKX will cut off users entirely if their activity is confirmed illicit, Xu added.
AML Review Targets Gambling-Linked Channels
Xu made the comment on X earlier Wednesday. He was responding to a user question about how OKX handles betting platforms that send funds directly into exchange wallets.
Xu flagged transactions tied to “guaranteed” escrow services run through Telegram groups, along with a network he called Huiwang. Huiwang is the pinyin name for Huione Guarantee. The Telegram marketplace processed more than $27 billion in transactions before regulators moved against it in 2025.
Successor platforms, including Tudou Guarantee, have since absorbed much of that volume, according to reports on Chinese-language laundering networks.
“Funds obtained through channels including but not limited to guaranteed transactions in TG groups, Huiwang and its variants, etc., may carry higher source-of-funds risks.”
– Star Xu,
OKX flagged wallets tied to the Huione Guarantee marketplace for compliance checks last year, after US authorities moved against it.
It said at the time it could freeze funds or deactivate accounts confirmed to be linked to the network. The US Treasury’s FinCEN cut the network off from the US financial system in October 2025.
Part of a Wider Compliance Push
The crackdown follows a CertiK finding that AML enforcement now outranks securities cases as crypto’s top regulatory risk. OKX itself paid more than $500 million in AML-related penalties in the United States last year.
Xu has also acknowledged that a small share of legitimate users get flagged by the platform’s fraud checks. OKX faced public backlash in July 2025 after users reported accounts frozen over false fraud flags.
Whether the new 15-day review window curbs illicit inflows without snagging more legitimate depositors will soon become clear.
The post OKX Cracks Down on Gambling-Linked Deposits, Triggering AML Reviews appeared first on BeInCrypto.
China’s “credit impulse” is flashing red for risk assets.So far, bitcoin has mostly shrugged it off.
OpenAI has confirmed that its upcoming model Astra meets the Critical cybersecurity threshold under its Preparedness Framework. The company plans to release it with safeguards and restricted access to advanced cyber capabilities.
Astra is the first model OpenAI has placed at that tier. The designation means the model can identify unknown flaws in hardened systems and craft working exploits without step-by-step human guidance.
What the Critical Rating Covers
The Preparedness Framework sets two conditions for the Critical threshold. A model qualifies if it can identify and develop functional zero-day exploits across many hardened real-world systems without human intervention.
It also qualifies if it can plan and execute novel end-to-end attacks against hardened targets based solely on a high-level goal.
Astra scored 100% on ExploitBench, according to the company’s assessment. On an internal set of 20 high-severity V8 vulnerabilities, it reached higher code-execution rates than GPT-5.6 Sol while using far fewer tokens.
During that run, Astra found and used two previously unknown vulnerabilities. OpenAI said it is disclosing both to the affected maintainers.
Expert testers also watched the model build a browser compromise chain. It escaped the sandbox and executed commands on the host machine.
“Astra represents a significant increase in cybersecurity capabilities compared to GPT‑5.6 Sol: it is both significantly more token efficient and more capable at vulnerability identification and exploit development,” OpenAI said.
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OpenAI Layers Guardrails Before Release
The company paused parts of Astra’s development while it strengthened protections. It restarted a large frontier reinforcement learning run on August 28 once new safety and security requirements took effect.
OpenAI said that Astra rejects 91.5% of requests in its cyber jailbreak evaluations. GPT-5.6 Sol refused 59% on the same set. Accounts assessed as higher risk face a stricter refusal boundary.
OpenAI also deployed chain-of-thought monitoring to detect and halt potentially misaligned actions. In honeypot tests, GPT-5.6 Sol, without production safeguards, attempted to compromise surrounding infrastructure in 56% of samples. Astra made no such attempts.
The firm plans to make Astra available soon. Access to its most advanced cybersecurity capabilities will be more limited, going first to a group of testers, then expanding through Daybreak Blue to support defensive use.
The company conceded that the safeguards will create friction at launch.
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The Nasdaq-listed company previously raised $647 million through the facility and accumulated about 29.3 million HYPE tokens.
Remixpoint has sold its entire altcoin portfolio for ¥878.8 million, leaving the Japanese listed company with roughly 1,506 Bitcoin as its only cryptocurrency holding.
Summary
- Remixpoint sold all of its ETH, SOL, XRP and DOGE holdings on September 1 for ¥878.8 million.
- The transactions generated a combined realized profit of ¥117.8 million, which will be booked as business segment revenue in the second quarter.
- Remixpoint now holds only Bitcoin in its crypto portfolio, with its balance standing at approximately 1,506 BTC.
- The company plans to consider using the sale proceeds for grid scale battery assets, strengthening its finances and other corporate measures.
According to a September 2 disclosure from Remixpoint, the company sold all of its Ethereum, Solana, XRP and Dogecoin on September 1 after reviewing market conditions, the risk and return profile of each asset and its financial strategy. The transactions generated a combined realized profit of ¥117.77 million.
The company said the portfolio change would concentrate its crypto holdings and establish Bitcoin as the main asset under its holding and operational strategy. Remixpoint plans to book roughly ¥117 million from the altcoin sales as business segment revenue in the second quarter of its fiscal year ending March 2027.
Remixpoint sells ETH, SOL, XRP and DOGE
Ethereum accounted for the largest portion of the sale by value. Remixpoint disposed of 901.44672542 ETH for ¥353.43 million, compared with a book value of ¥293.22 million, producing a profit of ¥60.2 million.
Its 13,920.07255868 SOL position was sold for ¥227.89 million against a book value of ¥178.58 million. The Solana transaction generated another ¥49.3 million in realized gains.
Remixpoint received ¥260.43 million from the sale of 1.191 million XRP, resulting in an ¥11.52 million profit. Dogecoin was the only position sold at a loss, with 2.802 million DOGE generating ¥37.08 million compared with its ¥40.34 million book value. The DOGE sale resulted in a ¥3.26 million loss.
Combined, the four positions had a book value of ¥761.04 million before being sold for ¥878.81 million.
Ethereum and Solana had previously generated income for the company through staking. Between July 16, 2025 and August 31, 2026, Remixpoint received ¥10.93 million in staking rewards from ETH and ¥18.94 million from SOL, taking total rewards from the two assets to ¥29.87 million. The company received all of those rewards in yen.
Remixpoint had built a diversified crypto portfolio before concentrating its holdings in Bitcoin. In November 2024, crypto.news previously reported that its holdings included Bitcoin, Ethereum, Solana, Avalanche, Dogecoin and XRP. At the time, the company held 215.76 BTC, while Solana was its second-largest crypto position by value.
By December 2024, its Bitcoin balance had increased to 282.87 BTC after another ¥200 million purchase. The company then held ETH, SOL, AVAX, DOGE and XRP alongside Bitcoin, with an aggregate acquisition cost of ¥4 billion across the portfolio.
Bitcoin becomes Remixpoint’s sole crypto holding
Following the September 1 sales, Remixpoint said its cryptocurrency holdings consisted solely of approximately 1,506 BTC.
The decision extends a Bitcoin strategy that the company had been expanding since 2024. Remixpoint approved another ¥1 billion Bitcoin purchase in May 2025 after committing ¥11 billion to cryptocurrency purchases and spending ¥10.5 billion of that amount. The additional allocation would have taken its approved crypto investment to ¥12 billion at the time.
Its Bitcoin strategy accelerated two months later when Remixpoint announced a financing plan designed to raise approximately $215 million. The company said at the time that it intended to increase its Bitcoin exposure, while its crypto portfolio still included ETH, XRP and SOL. Its Bitcoin balance then stood at roughly 1,051 BTC.
Remixpoint reinforced the strategy in July 2025 when CEO Yoshihiko Takahashi chose to receive his salary in Bitcoin. The arrangement made Remixpoint the first publicly listed Japanese company to pay its chief executive entirely in BTC, with the company converting an amount equal to Takahashi’s salary into Bitcoin before transferring it to him.
Bitcoin lending has since generated revenue from the company’s holdings. Remixpoint’s September 2 filing showed that lending operations produced 14.92055902 BTC, valued at ¥164.22 million, between February 24 and August 31. Monthly lending income reached 2.48356398 BTC, worth ¥31.15 million, in August alone.
Japanese companies continue building Bitcoin treasuries
Remixpoint’s Bitcoin concentration comes as other Japanese listed companies have developed treasury strategies centered on the cryptocurrency.
Metaplanet held 43,000 BTC after adding 2,823 Bitcoin during the second quarter of 2026. The company reported an overall average acquisition price of ¥15.3 million per Bitcoin, while revenue from its Bitcoin Income Generation business fell roughly 41% quarter over quarter to ¥1.747 billion.
Metaplanet has moved beyond accumulation into financial products tied to its treasury. In July, the company completed its ¥2.1 billion acquisition of Siiibo Securities and launched Metaplanet Securities, a regulated business intended to develop Bitcoin-backed bonds and digital credit products.
Remixpoint, meanwhile, said the ¥878.81 million raised from its altcoin disposals would be considered for expanding assets in business areas it has identified for future growth, including grid-scale storage batteries. The company named strengthening its financial base and other measures intended to improve corporate and shareholder value among the potential uses of the proceeds.
Figure Technology Solutions has completed its acquisition of real estate lender Kiavi, bringing its lending technology and residential investor loan products into Figure’s blockchain-based capital marketplace.
Summary
- Figure has completed its acquisition of Kiavi’s technology, operating platform and certain other assets under a deal announced in June.
- Kiavi’s residential transition and DSCR lending technology will be integrated into Figure Connect and offered across more than 480 ecosystem partners.
- Kiavi CEO Arvind Mohan will join Figure as chief business officer and oversee the platform’s rollout across the company’s network.
- Figure plans to update its third quarter guidance to include Kiavi’s contribution when it reports its Q3 2026 results.
According to Figure’s Sept. 1 announcement, the Nasdaq-listed company acquired Kiavi’s technology and operating platform along with certain other assets under the merger agreement signed in June. A joint venture between Figure and investment firm Sixth Street purchased loans from Kiavi’s balance sheet as part of the transaction.
Figure completes Kiavi acquisition after $717 million agreement
The closing comes nearly three months after Figure agreed to acquire Kiavi in a transaction carrying a total purchase price of $717 million.
As crypto.news previously reported, Figure expected Kiavi to bring more than $7 billion in annual loan volume into its marketplace. The company projected more than $100 million in monthly flow for Democratized Prime, its onchain credit marketplace connecting lenders with investors.
Kiavi provides financing to residential real estate investors through short-term residential transition loans, or RTLs, and longer-term debt service coverage ratio loans, known as DSCR loans.
At the time the deal was announced, Figure described Kiavi as an asset-light business that generated more than $250 million in revenue and over $100 million in EBITDA during 2025. The company estimated that Kiavi’s lending products represented a $200 billion annual addressable origination market.
Figure said the Kiavi brand, technology and platform will now be integrated across its network of more than 480 active ecosystem partners. Figure Connect will provide access to Kiavi’s residential transition and DSCR lending technology as the company moves the products onto its blockchain-based marketplace infrastructure.
Kiavi CEO Arvind Mohan is joining Figure as chief business officer and will oversee the rollout of the platform across Figure’s ecosystem.
“We are thrilled to integrate Kiavi into Figure and welcome its team to our company,” Figure CEO Michael Tannenbaum said.
Tannenbaum said adding Kiavi’s platform, technology and staff accelerates Figure’s marketplace plans as the company works with partners in the $35 trillion home equity market.
Figure financed deal after $600 million note offering
Figure funded the transaction after completing a $600 million offering of 8.5% senior notes due 2031 in July.
The company’s Sept. 1 regulatory filing showed that it paid approximately $590 million in cash consideration, net of cash acquired, at closing. The amount remains subject to customary adjustments involving Kiavi’s cash, debt, transaction expenses and operating net working capital.
Under the merger structure, Figure’s wholly owned Project Mason Merger Sub merged into Kiavi, leaving Kiavi as a wholly owned Figure subsidiary.
The closing follows a period of rapid loan growth for Figure. Second-quarter loan volume reached $4.3 billion, up 77% year over year, while net income increased 192% to $90 million.
Consumer loan marketplace volume reached $4.1 billion during the quarter, a 72% increase from the same period a year earlier. Figure Connect accounted for $3.2 billion of that volume.
Small and medium-sized business loan volume rose 57% from the first quarter, while third-party borrowing through Democratized Prime stood at roughly $170 million as of Aug. 6. The figure was around 23 times the level recorded at the end of 2025.
Figure said during its second-quarter results that the Kiavi transaction remained on schedule to close during the second half of 2026.
Kiavi expands Figure Connect loan inventory
The acquisition gives Figure another source of residential credit assets as it expands Figure Connect and Democratized Prime.
Figure had already been pursuing a larger position in residential lending. Executive chairman and co-founder Mike Cagney said in May that the company was targeting the first-lien mortgage market, with particular attention on mortgages below $300,000.
Cagney said Figure’s technology could reduce costs associated with originating smaller mortgages. The company’s home equity line of credit system can approve applications in about five minutes and provide funding within three days, compared with conventional processes that can take several weeks.
Figure’s consumer loan marketplace had recorded $1.34 billion in volume in April, up 108% from the same month in 2025.
Kiavi extends that loan inventory into financing used by residential real estate investors. When Figure announced the transaction in June, it said the acquisition would increase the share of first-lien products in its consumer loan marketplace, with first-lien loans projected to account for more than 40% of full-year marketplace volume by 2027.
The company planned to use Kiavi as the first application for agent-to-agent onboarding through Adaptor, Figure’s AI product. Figure said the technology would be used to migrate loan origination onto its infrastructure while reducing operating costs.
Sixth Street’s participation builds on an existing relationship between the two firms. In February 2025, the investment manager committed $200 million to a joint venture with Figure designed to provide more than $2 billion of liquidity to the non-agency mortgage market.
Figure continues building tokenized asset business
Figure has been extending its blockchain infrastructure beyond consumer lending as it brings different financial assets onto its marketplace.
In May, Animoca-backed NUVA connected $19 billion of Figure-linked tokenized assets with Ethereum-based decentralized finance markets. The marketplace launched with products tied to Figure’s YLDS token and a home equity credit pool.
Figure’s regulated digital asset business expanded during the second quarter as well. YLDS circulation reached $556 million at the end of June, compared with $328 million at the end of 2025.
Earlier this year, the company launched the OPEN network for issuing and trading public equities directly through blockchain infrastructure. Figure said the system allows securities to be self-custodied and settled onchain, while its own shares are expected to be exchangeable between OPEN and its Nasdaq-listed stock.
Kiavi’s contribution has not been included in Figure’s existing third-quarter Consumer Loan Marketplace guidance.
Figure said it plans to revise that outlook when it reports its third-quarter 2026 results, including a reconciliation showing how the combined business changes the guidance previously issued by the company.
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