Citigroup is launching a blockchain-driven marketplace for private company shares, aiming to give wealthy and institutional investors a new route to pre-IPO exposure through tokenized instruments.

According to The Wall Street Journal, the platform will issue tokenized depositary receipts that represent ownership interests in private firms. The rollout will start with foreign investors, with a U.S. access plan to follow. Citi executives described the approach as enabling investors to hold private-company shares “right next to” their Apple stock within a familiar brokerage framework.

The project hinges on tokenization to modernize private markets. Citi argues that structuring private investments through tokenized depositary receipts can offer greater transparency than traditional private structures such as special-purpose vehicles, which have grown pervasive but exposed to opaque governance and limited visibility for investors.

The infrastructure behind the venture will be provided by SIX Digital Exchange, a subsidiary of SIX Group, the operator of Switzerland’s stock market. Citi said it is already in discussions with several large private companies about listing their shares on the platform, signaling a potential early slate of listings once the platform launches.

Key takeaways

• Platform mechanics on a familiar rails: Citi will issue tokenized depositary receipts backed by private-company ownership; foreign-investor access is planned first, with a U.S. rollout later; SIX Digital Exchange will power the blockchain layer.
• Transparency over opacity: Citi positions tokenized receipts as a more transparent alternative to SPV-based access to private equity and late-stage private stakes.
• Private markets’ long-run outperformance: PitchBook data summarized by the American Investment Council indicate private equity has outperformed the S&P 500 across 5-, 10-, 15-, and 20-year horizons, underscoring why market participants want broader access to pre-IPO exposure.
• Rising demand tempered by caution: Demand for tokenized pre-IPO exposure is rising—exemplified by high-profile IPO fervor—but investors should heed warnings about tokenized stock structures not representing equity, as OpenAI has cautioned.

Platform mechanics and governance

The reported plan frames Citi’s new marketplace as a direct on-ramp to private ownership through blockchain-enabled receipts. Tokenized depositary receipts will represent genuine ownership interests in private companies, with SIX Digital Exchange providing the underlying ledger and settlement infrastructure. Citi indicates it has engaged with several large private firms about listing their shares on the platform, signaling that the first wave of offerings could include substantial pre-IPO stakes.

While tokenization promises streamlined ownership records and potentially clearer governance, advocates acknowledge that valuation and liquidity dynamics for private shares remain complex. The platform’s success will hinge on how readily investors can buy, sell, and reconcile these receipts in real time, how dividends or distributions (if any) are handled, and how regulators oversee tokenized private equity transactions as they intersect with traditional markets.

Private markets in the spotlight

The broader appeal of pre-IPO investing has intensified as fintechs and traditional financial players explore tokenized access to private assets. Long-run performance trends in private markets have reinforced the appeal: data cited by the American Investment Council, drawing on PitchBook, show private equity delivering stronger returns than the S&P 500 across five-, ten-, fifteen-, and twenty-year horizons. Will Dunham, president and CEO of the council, has argued that this long-run outperformance strengthens the case for expanding retail access to private markets through regulated investment vehicles, including those tied to retirement portfolios.

Beyond Citi’s venture, the ecosystem is already experimenting with tokenized exposure to private companies. Some platforms offer tokenized representations that provide economic exposure, rather than direct equity ownership. OpenAI’s tokenized-stock warnings—issued last year—underscore a critical caveat: tokenized securities may not confer actual equity rights in the underlying company, a nuance that has important implications for investors seeking true ownership or voting rights.

Market signals and the road ahead

The appetite for tokenized and private-market access is underscored by high-profile IPO dynamics. Bloomberg has reported that SpaceX’s upcoming public listing has drawn substantial retail interest, with reported orders exceeding $70 billion ahead of the offering. This level of activity highlights a broader shift in how investors approach large-valuation, high-profile listings, and it echoes the growing willingness of retail and institutional buyers to participate in tokenized or blended private-to-public journeys.

At the same time, the ecosystem remains nuanced. Platforms like Kraken’s xStocks have seen significant on-chain activity as part of the push toward tokenized equities, illustrating how retail participants are experimenting with tokenized exposure to private and public offerings. Yet the landscape is not without risk: OpenAI’s caution about tokenized stocks remains a salient reminder that tokenized formats can diverge from direct equity rights, potentially affecting valuation, voting, and rights to dividends.

As Citi advances toward a potential rollout, observers will watch regulatory clarity, liquidity dynamics, and valuation standards to determine whether tokenized private-share platforms can scale into durable capital-formation channels or whether they remain a niche instrument tied to select institutions.

Watch for regulatory updates and liquidity progress in the coming months, as markets weigh whether tokenized private shares can meaningfully broaden access to private markets while preserving investor protections and price discovery. The outcome could shape how banks and fintechs collaborate to reframe private equity access for a broader audience.

TLDR

• XRP Ledger recorded under $400 in daily fees based on on-chain data from DefiLlama.
• Around 327 XRP were burned in 24 hours, valued at less than $400.
• Weekly fees stood near $3,100, while monthly fees reached about $16,000.
• Bitcoin, Ethereum, Solana, and Tron generated far higher daily fee revenue.
• XRPL uses a fixed fee model of 0.00001 XRP per transaction as a spam control measure.

The XRP Ledger recorded under $400 in chain fees in a single day as network activity remained low across key metrics. Data from DefiLlama showed minimal fee generation compared with major blockchains. Meanwhile, explorers reported only 327 XRP burned within 24 hours, reinforcing weak transaction value.

XRP Ledger Fee Activity Overview

The XRP Ledger generated roughly $3,100 in weekly fees, while monthly totals stayed near $16,000. Bithomp data confirmed that daily activity translated into less than $400 in burned XRP value. At the same time, the network processed over one million transactions daily.

DefiLlama tracked the fee levels across major chains and showed XRPL far below peers. Bitcoin generated about $183,000 in miner fees in one day. Ethereum posted over $323,000 in the same period, while Solana reached $358,000.

Tron recorded more than $1 million in daily chain fees, widening the gap further. XRPL activity stayed focused on low-cost transfers and automated network operations. The fee structure remained fixed at 0.00001 XRP per transaction.

The network design burned fees instead of paying validators or miners. This structure limited direct income from transaction demand. As a result, fee value reflected only anti-spam cost.

XRP Ledger Network Structure and Transaction Costs

The XRP Ledger processed high transaction volumes but maintained very low cost per transfer. The protocol required 10 drops per transaction as a base fee. At current prices near $1.11, the cost stayed near one-thousandth of a cent.

Analysts noted that a million transactions only burned around 10 XRP. This equaled under $20 in total network cost. The system kept fees stable even during higher usage periods.

Glassnode data showed a decline of about 89% in daily fees during 2025. December levels dropped to lows not seen since 2020. Network address activity also fell sharply over the same period.

Active addresses declined by roughly 80% in the first half of 2025. Market data showed reduced engagement across payment and data functions. The trend aligned with lower fee capture across the ledger.

Market Comparison Across Major Blockchains

Bitcoin users paid $183,000 in fees within a single day, according to market trackers. Ethereum recorded over $323,000 during the same session. Solana followed closely with $358,000 in daily fees.

Tron surpassed $1 million in chain fees over the same timeframe. These networks linked fees directly to transaction demand and execution priority. XRPL maintained a fixed-cost model independent of market pressure.

Over twelve months, XRPL fees remained lower than a single day on Tron. The gap highlighted differences in fee design across networks. XRP traded near $1.11 while the ledger continued processing steady but low-value transactions.

US lawmakers have introduced legislation to create a federal task force focused on cryptocurrency theft, fraud, and hacking investigations.

The proposal follows a year in which Americans reported more than $11 billion in crypto-related losses. If approved, the measure would establish a coordinated reporting and enforcement framework across multiple federal agencies.

Crypto fraud losses drive call for coordinated enforcement

Bipartisan lawmakers introduced the Federal Cryptocurrency Theft Enforcement and Coordination Act in Congress. The proposal would create a task force led by the attorney general. Officials from the Department of Justice, FBI, Department of Homeland Security, and Treasury would participate.

The bill arrives after a sharp rise in crypto-related complaints across the United States. According to the FBI’s 2025 Internet Crime Report, Americans filed 181,565 cryptocurrency complaints. Those reports resulted in more than $11.3 billion in recorded losses. Investment fraud generated the largest share of those losses. FBI data showed investment scams accounted for approximately $7.2 billion. Complaint volume also increased 21% compared with the previous year.

Older Americans reported the highest losses among all age groups. People over 60 filed 44,555 complaints during 2025. The FBI said those victims lost roughly $4.43 billion through crypto-related schemes. Meanwhile, blockchain analytics firm TRM Labs reported rising criminal activity involving digital assets. According to the firm, wallets linked to illicit activity received $158 billion in cryptocurrency during 2025. The figure stood at $64.5 billion in 2024.

Bill seeks single reporting channel for victims

Representative Lance Gooden and Representative Josh Gottheimer introduced the legislation. The lawmakers said victims currently lack a central place to report crypto-related crimes. The proposal aims to establish a more coordinated response structure. 

Gooden said Americans need a unified strategy against cryptocurrency criminals. He argued that fragmented enforcement leaves victims without clear support options.  The bill seeks to improve communication between agencies handling crypto investigations.

Under the proposal, the task force would coordinate investigations across participating agencies. It would also develop standardized guidance for local law enforcement departments. Officials would create procedures for handling cryptocurrency theft and fraud cases. The legislation also focuses on victim assistance. Lawmakers said the framework would provide a clearer reporting process. Support services would operate through a centralized federal structure.

Proposal follows changes in federal crypto enforcement

The bill arrives after the Department of Justice disbanded the National Cryptocurrency Enforcement Team in 2025. Officials said the previous unit relied heavily on enforcement actions against industry participants. The current proposal instead focuses on criminal investigations and victim support. Federal agencies already operate several programs targeting digital asset crime. 

The FBI’s Operation Level Up identifies scam victims before losses escalate. According to the bureau, the initiative saved more than $225.8 million during 2025. Other agencies also continue crypto enforcement efforts. The Treasury Department’s Scam Center Strike Force has targeted overseas fraud networks. Authorities said the program seized more than $700 million linked to scam operations.

Industry groups have expressed support for the proposal. The Digital Chamber said law enforcement agencies need stronger tools and training. Satoshi Action Fund CEO Dennis Porter said the legislation would provide a coordinated federal response for victims and investigators. The measure must still advance through congressional committees before becoming law. Lawmakers could also attach the proposal to a broader legislative package during the current session.

Archax has introduced real-time yield payments on Hedera, enabling interest generated by tokenized securities to be distributed continuously in USDC.

The system allows interest payments to update automatically as tokenized securities move between wallets. According to Archax, cash flows are transferred alongside the underlying asset, allowing yield to follow ownership in real time.

Most tokenized securities continue to distribute interest through periodic payments, similar to traditional financial products. Archax said its system allows cash flows to accrue and settle continuously, supporting applications such as real-time coupon payments and revenue-sharing arrangements.

The launch builds on Archax’s earlier work on tokenized investment products. In September, the company introduced Pool Tokens on Hedera, allowing multiple tokenized assets to be bundled into a single onchain instrument, including a product backed by money market funds from several major asset managers.

Graham Rodford, CEO and co-founder of Archax, said tokenization was “the first step,” while real-time cash flows could allow tokenized assets to support yield streams and reduce market inefficiencies.

Archax is a UK-regulated digital asset exchange and custodian, while Hedera is a public distributed ledger network used by financial institutions developing tokenized asset products. According to Hedera, Archax’s platform hosts more than $300 million in tokenized assets from six asset managers.

Related: Franklin Templeton, BNP Paribas see tokenization boosting EU’s capital efficiency

Yield-bearing tokenized assets gain traction

Financial institutions are increasingly bringing yield-bearing assets onto blockchain networks, with tokenized money market funds becoming a growing segment of the real-world asset market.

In April, OKX added BlackRock’s BUIDL tokenized Treasury fund to a collateral framework with Standard Chartered, allowing institutional clients to use the yield-bearing asset as trading margin while it remains in regulated custody.

Weeks later, JPMorgan filed to launch a tokenized money market fund on Ethereum designed for stablecoin issuers. The fund will invest in Treasury bills and overnight repurchase agreements, allowing issuers to earn yield on reserves backing their stablecoins.

The push comes as tokenized real-world assets continue to expand, bucking broader weakness in the crypto market. According to Binance Research, the value of active tokenized RWAs has increased 589% since early 2025, with tokenized bonds and money market funds adding roughly $6.5 billion in value over the period.

Growth in tokenized US Treasurys began climbing in early 2025. Source: RWA.xyz

Magazine: Does ‘Paper Bitcoin’ mean there’s an unlimited supply of BTC?

New artificial intelligence (AI) models have shifted the cybersecurity playing field in favor of attackers, causing a “vulnerability apocalypse” that led to the resurgence in decentralized finance (DeFi) hacks, according to Mitchell Amador, the CEO of bug bounty platform Immunefi.

The proliferation of new AI models, such as Claude Opus 4.8 and ChatGPT 5.5, is the main reason that led to the resurgence in crypto hacks in 2026, Amador told Cointelegraph at the recent WAIB Summit in Monaco.

Hacking activity across the industry surged in April 2026, with illicit actors stealing more than $634 million from cryptocurrency platforms, the highest monthly total since the Bybit hack helped drive losses to roughly $1.4 billion in February 2025, according to DefiLlama data.

Total crypto hacks by monthly sum, all-time chart. Source: DefiLlama

Crypto needs to survive the next three to four years

The next three to four years will be a crucial survival period for the crypto industry, until cybersecurity teams harness the defensive capabilities of these same AI models to build “impregnable” codebases that attackers won’t be able to breach, said Amador.

This timeline could shrink to less than two years if the industry adopted more “crowdsourced security solutions” until cybersecurity researchers turn these AI models to their advantage, he added.

Amador’s comments followed the release of Anthropic’s latest Claude Mythos model, Fable 5, which sparked industry concerns over its potential ability to accelerate cryptocurrency exploits.

Anthropic said on Tuesday that Fable 5 has safeguards that reroute topics such as cybersecurity to a different model, Claude Opus 4.8.

Related: Recovery hopes fade as Kelp DAO hacker launders nearly all $220M in stolen funds

The industry has become increasingly sensitive to security risks after a string of major DeFi exploits renewed concerns about protocol vulnerabilities.

On April 19, an attacker drained about 116,500 restaked Ether (rsETH), worth roughly $290 million to $293 million at the time, from Kelp DAO’s LayerZero-powered rsETH bridge.

LayerZero said Kelp DAO’s 1/1 decentralized verifier network (DVN) setup created a single point of failure by relying on a single verifier path for cross-chain messages. LayerZero said it had previously advised against that configuration.

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

The US government has transferred nearly $984,000 in cryptocurrency linked to Alameda Research and FTX.

• The US transferred nearly $984K in seized FTX and Alameda-linked crypto.
• About $768K of the funds moved to Coinbase Prime, according to Arkham data.
• Arkham data shows US government crypto holdings total about $20.93B.

Blockchain data shows that most of the funds moved to Coinbase Prime as authorities continue managing seized assets. The transfers form part of ongoing efforts tied to the recovery and distribution process following the FTX collapse.

Coinbase Prime receives portion of seized FTX funds

Arkham Intelligence data showed movement from wallets connected to seized Alameda and FTX assets. The transfers totaled approximately $984,000 in cryptocurrency. Of that amount, about $768,000 moved to Coinbase Prime.

The transactions occurred as authorities continue overseeing digital assets recovered from the bankrupt exchange. The funds remain linked to broader bankruptcy and recovery proceedings. Current records point to the FTX Estate as the eventual destination of recovered assets.

Government agencies have gradually managed seized cryptocurrency through transfers and liquidation activity. These actions support efforts to return value to affected creditors. The latest movement represents a small portion of assets held under government control.

FTX recovery process continues through asset management

Authorities seized multiple cryptocurrency holdings connected to Alameda Research and FTX after the exchange collapsed. Since then, officials have managed those assets through established recovery procedures. The process includes custody, transfers, and liquidation when required.

The FTX Estate continues working to recover and distribute value to creditors. Recovered assets form a key part of that effort. Government-managed transfers help move seized holdings through the recovery framework.

Blockchain monitoring platforms continue tracking wallet activity connected to seized assets. Arkham Intelligence reported the latest transactions through publicly visible blockchain records. The transfers added another step in the long-running FTX recovery process.

Bitcoin remains the largest asset in government crypto holdings

According to Arkham data, the US government currently controls a cryptocurrency portfolio worth about $20.93 billion. Bitcoin accounts for the majority of those holdings. Government wallets hold approximately 328,354 BTC valued at around $20.57 billion.

The portfolio also includes roughly 62,437 ETH worth more than $103 million. Other holdings include USDT, WBNB, BNB, WBTC, and additional digital assets. These assets originate from separate enforcement actions and seizures.

Although the recent $984,000 transfer represents a small fraction of total holdings, it remains part of active asset management. Government agencies continue processing seized cryptocurrency tied to major enforcement cases. The latest movement highlights ongoing efforts connected to the FTX and Alameda recovery proceedings.

TLDR

• Federal prosecutors charged two suspects in a $389M crypto money laundering case.
• Authorities linked the operation to AudiA6, a bitcoin mixing and cybercrime forum network.
• The group allegedly processed over 10,000 BTC and earned millions in fees.
• Investigators traced funds connected to darknet markets and ransomware activity.
• International agencies conducted coordinated arrests and seized digital infrastructure.

Federal prosecutors in Philadelphia charged two men in a $389 million crypto laundering case. Authorities linked the operation to a global network using bitcoin mixing services and darknet platforms. Officials said arrests occurred in Georgia after a coordinated multinational enforcement action.

Crypto Money Laundering Charges Linked to AudiA6 Network

Ruslan Tkachuk and Alexander Ledenev face conspiracy charges tied to a crypto money laundering scheme. They allegedly operated a service processing large bitcoin flows across multiple wallets globally coordinated.

Prosecutors said AudiA6 handled about 10,333 Bitcoin worth $389.7 million. The group earned over $10 million through transaction fees up to 5% and the platform network-wide.

Authorities traced about 393 Bitcoin linked to darknet markets and ransomware groups, investigators confirmed. They said additional funds entered indirectly through criminal networks.

Officials said undercover agents conducted six operations between 2022 and 2026. Agents posed as criminals seeking laundering services for illicit proceeds operations.

In one exchange, operators accepted stolen bitcoin without restrictions, prosecutors said. In another, they instructed that all funds must pass through mixers transactions.

Prosecutors said blockchain analysis exposed traceable flows through exchange records systems. They said marketing claims of full anonymity did not match transaction trail activity.

Charges include conspiracy to launder monetary instruments and money laundering offenses charges filed. Each count carries a maximum sentence of 20 years in prison.

Dark2Web Forum and International Arrest Operation

AudiA6 operated Dark2Web, a forum used for cybercrime coordination and payments in an online marketplace. Users negotiated illicit services, including scams and narcotics-related transactions.

Authorities said the platform functioned alongside a bitcoin mixing infrastructure framework layer. It supported transactions designed to obscure fund origins across wallets.

FBI and Secret Service agents conducted undercover exchanges over several months. They engaged operators posing as criminals seeking laundering services investigations period.

Operators responded with statements supporting unrestricted laundering of illegal funds for illicit activity. One operator said “don’t care” when asked about stolen Bitcoin sources.

A coordinated operation involved Europol and multiple international law enforcement agencies across the operation. Searches targeted properties, digital devices, and cryptocurrency-linked accounts.

Authorities froze assets, seized devices, and replaced websites with seizure banners. They also blocked Telegram channels linked to the AudiA6 network channels.

U.S. officials plan extradition proceedings for both suspects from Georgia. The Eastern District of Pennsylvania continues prosecution led by federal attorneys.