Crypto World
Huobi’s Li Lin Denies Trend Research Links as $373M ETH Loss Shakes Market
TLDR:
- Li Lin confirmed no BTC or ETH sales from Avenir Group during market crash period
- Trend Research sold 658,168 ETH worth $1.35B at $2,058 average versus $3,104 cost
- Total losses reached $688M, erasing prior $315M gains for $373M net deficit
- Ethereum held above $2,000 after eight-day liquidation concluded on exchanges
The founder of Huobi and Avenir Group has publicly rejected claims linking him to a major Ethereum liquidation event.
Li Lin stated he maintained his Bitcoin and ETH positions during the recent downturn. His denial comes as speculation swirled about a Hong Kong fund triggering the market crash.
Major Institutional Player Distances from Liquidation Event
Li Lin oversees Avenir Group, Asia’s largest institutional Bitcoin ETF holder.
The executive denied any investment ties to Trend Research or an entity called Garrett. His statement aimed to counter narratives suggesting his firm played a role in the selloff.
Market participants had pointed fingers at Asian institutions during the price drop. Bitcoin fell below key support levels as Ethereum struggled to hold above $2,000. The rumors intensified as liquidations mounted across centralized and decentralized platforms.
Wu Blockchain reported Li Lin’s position remained unchanged throughout the volatility.
Avenir Group’s Bitcoin ETF holdings stayed intact despite market pressure. The clarification sought to separate his operations from the unfolding liquidation crisis.
On-Chain Analysis Reveals Catastrophic Trading Loss
Data from ai_9684xtpa showed Trend Research liquidated its entire Ethereum position. The entity moved 658,168 ETH to exchanges over an eight-day period. The total value reached $1.354 billion at execution prices.
Trend Research bought Ethereum at an average cost of $3,104 per token. The selling occurred at roughly $2,058 per coin. This price difference generated losses exceeding $688 million on the trades.
The entity had previously secured profits of around $315 million from earlier positions. Those gains evaporated completely in the recent drawdown. Net losses now stand at approximately $373 million according to blockchain records.
The final transfer involved just 0.148 ETH moved to Binance. This small amount marked the complete exit from what was once a substantial holding. The selloff began on February 6 and concluded within days.
Ethereum prices stopped declining shortly after the massive selling commenced. The token stabilized above the $2,000 threshold despite continued pressure. Market observers noted the timing between the liquidation and price floor formation.
The event highlighted risks associated with leveraged DeFi strategies. Trend Research had reportedly deployed a looped position strategy worth over $2 billion. Market-wide liquidations surpassed $1 billion during the same window.
Has ADA finally bottomed after dumping below $0.23 or is there more pain ahead?
Cardano’s native token is once again under heavy pressure, alongside most of the market. However, while BTC and most other alts crashed to their lowest levels since the US presidential elections in late 2024, ADA went even further, dropping to $0.222 (on Bitstamp and other exchanges) for the first time since June 2023.
Despite recovering slightly to $0.27, the token is still 34% down monthly. Moreover, it has plunged by 80% since its cycle top at $1.33 marked in late 2024. Consequently, we asked ChatGPT and Gemini whether the worst is behind ADA or if there is more pain around the corner.
ChatGPT Says…
ChatGPT began with some harsh words for Cardano investors, suggesting that the decline to the $0.22 area is “not just another routine dip.” Instead, it believes it represents a “structural breakdown of long-term support, confirming that sellers remain firmly in control.” This was proven after the asset plunged below key support levels at $0.40, $0.30, and even $0.25 (which was later reclaimed, though).
What could spell further trouble for ADA looking ahead is that these consecutive price drops suggest that “the buy-the-dip demand has steadily weakened” lately. As such, all eyes have now turned to the $0.20 support, which has become the “line in the sand.”
If ADA is to fall below that psychological level, the most realistic target during the ongoing bear phase would be a dip to $0.15-$0.16. However, ChatGPT outlined a more extreme capitulation scenario, in which the token plummets to $0.10-$0.12.
“While this may sound shocking, large-cap altcoins have historically lost 80-90% from cycle highs during severe downturns. ADA is not immune to that pattern,” it concluded.
Gemini’s Take
Dumping below $0.30 meant that ADA’s daily chart has turned into a “falling knife,” said Gemini. This breakdown below the multi-year support was the “final nail in the coffin for many long-term holders.” On its way down, the asset dumped below its 200-day MA (at around $0.45), and it obliterated millions in leveraged longs. Gemini’s “nightmare” scenario envisions a drop to even below $0.10 if certain factors align in an adverse manner:
“If Bitcoin capitulates to $55K in the coming weeks, ADA risks losing its status as a “major” altcoin. A breakdown below $0.15 opens a liquidity vacuum all the way down to $0.09. While this sounds impossible, remember that “impossible” things happen regularly in crypto winters,” it warned.
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Two teenagers from California are facing serious felony charges after authorities say they traveled hundreds of miles to carry out a violent home invasion in Scottsdale, Arizona, in a bid to obtain cryptocurrency believed to be worth $66 million.
Key Takeaways:
- Two California teens allegedly traveled over 600 miles to carry out a violent home invasion targeting $66 million in cryptocurrency.
- Police arrested the suspects shortly after they fled the scene and recovered restraints and a 3D-printed firearm.
- Investigators say unknown contacts on an encrypted messaging app directed the plot and funded supplies.
According to court records cited by local media, the 16- and 17-year-old suspects drove more than 600 miles from San Luis Obispo County and arrived at a residence in the Sweetwater Ranch neighborhood on the morning of Jan. 31 wearing delivery-style uniforms resembling those used by shipping carriers.
Investigators say they forced entry into the home, restrained two adults with duct tape and demanded access to digital assets.
One victim denied holding cryptocurrency, after which the confrontation escalated into physical assault.
Police Stop Suspects After Violent Home Invasion Attempt
Police were alerted when an adult son elsewhere in the house called emergency services. Officers arriving at the property found a struggle underway and one victim screaming.
The suspects fled in a blue Subaru but were stopped at a dead end shortly afterward.
Authorities recovered zip ties, duct tape, stolen license plates and a 3D-printed firearm without ammunition. It remains unclear whether the weapon was functional.
Both teens were initially placed in juvenile detention but prosecutors intend to try them as adults. Each faces eight counts including kidnapping, aggravated assault and burglary, while the older suspect also faces an unlawful flight charge.
They were later released on $50,000 bail and fitted with electronic monitoring devices.
Investigators say the younger suspect told police the pair had recently met and were directed by unknown individuals communicating through the encrypted messaging platform Signal.
The contacts, identified only as “Red” and “8,” allegedly supplied the address and sent $1,000 for disguises and equipment purchased at retail stores.
The suspect also claimed he had been pressured into participating after being invited on a trip to “tie people up” for access to cryptocurrency.
Wrench Attacks on Crypto Holders Rise Sharply in 2025
The case reflects a broader rise in so-called wrench attacks, physical assaults aimed at forcing crypto holders to hand over private keys.
Security researcher Jameson Lopp’s public database lists roughly 70 such incidents in 2025, a sharp increase from the previous year.
The Scottsdale attack is the first recorded US case of 2026, though many incidents are believed to go unreported.
Security analysts say criminals are increasingly using leaked personal data to identify targets and recruiting young perpetrators online to reduce traceability.
A recent industry breach involving customer identity information has been cited by investigators as a factor increasing exposure risks.
Authorities have not linked the incident to separate cryptocurrency ransom demands reported the same day in Tucson, about two hours away.
The post Two High Schoolers Charged in Arizona Home Invasion Targeting $66M in Crypto appeared first on Cryptonews.
Milwaukee Bucks forward Giannis Antetokounmpo has taken a stake in prediction market platform Kalshi, marking the first time an active NBA player has directly invested in the federally regulated event-contracts exchange.
Key Takeaways:
- Giannis Antetokounmpo became the first active NBA player to invest directly in prediction market platform Kalshi.
- Kalshi offers federally regulated “yes-or-no” event contracts across sports, politics and entertainment.
- The deal follows growing scrutiny over the blurred line between trading markets and sports betting.
The two-time NBA MVP announced the partnership Friday, saying he will join Kalshi as a shareholder and collaborate with the company on live events and marketing campaigns.
Kalshi confirmed the agreement in a statement, adding that Antetokounmpo will not be allowed to trade on any NBA-related markets due to internal rules prohibiting insider trading and manipulation.
Inside Kalshi’s ‘Yes-or-No’ Prediction Trading Markets
Kalshi operates a marketplace where users trade “yes or no” contracts tied to real-world outcomes.
The platform lists markets spanning politics, entertainment and sports, allowing traders to take positions on events such as award winners or championship results.
Earlier this week, the service even hosted a market on whether Antetokounmpo himself would be traded before the NBA deadline.
Although money changes hands, the platform is treated as a financial exchange rather than a sportsbook.
As a result, Kalshi is permitted to operate across the United States under federal oversight, avoiding the patchwork of state gambling regulations that apply to traditional betting operators.
The NBA’s collective bargaining agreement allows players to promote betting companies under certain conditions, provided they do not advertise wagers on NBA, WNBA or G League games.
Players may also hold passive equity stakes of up to 1% in such businesses. Antetokounmpo’s investment falls within those limits.
“I like to win. It’s clear to me Kalshi is going to be a winner and I’m excited to be getting involved,” Antetokounmpo said.
He is not the first basketball figure linked to the company. Phoenix Suns star Kevin Durant is reportedly an indirect investor through the 35V venture fund he co-founded with agent Rich Kleiman.
The move comes amid heightened scrutiny of sports wagering. US authorities recently filed gambling-related charges involving several basketball figures, and regulators have been examining the expanding overlap between trading platforms and betting markets.
The NCAA previously asked Kalshi to modify wording on its site that suggested an official relationship with the organization.
Kalshi Expands Sports Push With NHL Deal and Athlete Endorsement
Despite the attention, Kalshi has been expanding its sports presence.
The company announced a partnership with the NHL in October and, in January, signed professional golfer Bryson DeChambeau as its first athlete endorser, including appearances and promotional campaigns tied to events in which he competes.
Kalshi has also secured a major media breakthrough after signing a partnership with CNN, making the company the network’s official prediction markets partner while closing a $1 billion funding round at an $11 billion valuation.
Web3 prediction markets have crossed $13 billion in cumulative trading volume, marking a record high even as broader crypto markets cool.
The surge has drawn in major players across tech and finance, including Fanatics, Coinbase, and MetaMask, all of which have recently launched or expanded event-trading platforms.
The post NBA Star Giannis Antetokounmpo Becomes Shareholder in Prediction Market Kalshi appeared first on Cryptonews.
The battle for the fourth position in terms of market cap continues, but this time, BNB has come on top.
The rather calm behavior during the weekend has worked in favor of bitcoin, at least for now, as the asset has steadily climbed above $70,000 after the rejection on Saturday morning.
Most larger-cap altcoins are also in the green, with ETH trading above $2,100 and SOL close to $90. HYPE is among the few alts deep in the red today.
BTC Taps $70K
The previous weekend brought unexpected volatility to the cryptocurrency markets. The largest of the bunch dumped from $84,000 to under $76,000 on Saturday night and tried to recover to $79,000 on Sunday. However, it was stopped there, and the bears resumed control during almost the entire business week.
After initiating several smaller and less painful leg downs, they stepped up on the gas pedal on Thursday, causing another market calamity. In just over 24 hours, they brought BTC to its knees, pushing it from $77,000 to $60,000 on Friday morning, its lowest price in well over a year.
The cryptocurrency rebounded sharply after this massive decline, and bounced to $72,000 on Friday evening and Saturday morning. It couldn’t proceed further and was pushed down to $68,000 yesterday. Now, though, it has jumped to just over $70,000 after a 2.3% daily increase.
Its market cap has reclaimed the $1.4 trillion mark, while its dominance over the alts is just shy of 57% on CG.
BNB Flips XRP (Again)
ETH was among the poorest performers during the crash, dumping from $2,400 to $1,730 in a few days. However, it has recovered almost $400 since then and now sits above $2,100. BNB and XRP continue to fight for the fourth spot in terms of market cap, but Binance Coin has emerged as the winner during the weekend.
Solana’s SOL is up to almost $90, while LTC, LINK, ZEC, and XLM have posted gains of up to 4%. In contrast, HYPE has dropped by almost 5% to under $32.
The total crypto market cap has added another $80 billion since yesterday and is close to $2.5 billion on CG.
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Cathie Wood’s ARK Invest continued reducing its exposure to crypto exchange Coinbase on Friday, unloading $22 million worth of shares across multiple exchange-traded funds (ETFs) while adding to its position in digital asset platform Bullish.
According to ARK’s trade disclosures, the firm sold 92,737 Coinbase Global shares from the ARK Innovation ETF (ARKK), 32,790 shares from the Next Generation Internet ETF (ARKW) and 8,945 shares from the Fintech Innovation ETF (ARKF). The combined transactions totaled 134,472 shares, worth around $22.1 million.
The sale came as ARK Invest, led by Cathie Wood, has reversed course on Coinbase, selling 119,236 COIN worth about $17.4 million on Thursday after a brief purchase earlier in the week. The Thursday sale was the firm’s first Coinbase sale of 2026 and its first since August 2025.
Meanwhile, Coinbase stock climbed during the Friday session, closing at about $165 after gaining roughly 13% on the day. However, the exchange’s shares are still down by 26% year-to-date (YTD), according to data from Google Finance.
Related: Cathie Wood’s ARK boosts crypto shares amid stock pullback
ARK boosts Bullish stake
At the same time, ARK accumulated shares of Bullish across multiple funds. The investment manager purchased 278,619 shares in ARKK, 70,655 shares in ARKW and 43,783 shares in ARKF, accumulating a total of 393,057 shares worth $10.7 million.
Bullish shares ended the trading day near $27, up about 10%. However, the stock is down by 27% YTD as the company reported a net loss of $563.6 million, or $3.73 per diluted share, in the fourth quarter of 2025, reversing a profit of $158.5 million recorded a year earlier.
Alongside the crypto moves, ARK added Alphabet, Recursion Pharmaceuticals and Tempus AI, while reducing exposure to several high-growth technology companies including Roku, The Trade Desk and PagerDuty.
Related: Cathie Wood’s ARK adds Coinbase, Circle, Bullish as crypto slides
Crypto slump weighs on ARK ETFs
As Cointelegraph reported, a fourth-quarter pullback in digital asset markets hurt several of Cathie Wood’s ARK ETFs. In its latest quarterly report, ARK said weakness in companies tied to digital assets, particularly Coinbase, was a major drag on flagship funds including ARKK, ARKW and ARKF.
Coinbase shares fell more sharply than major cryptocurrencies during the period as centralized exchange trading volumes dropped 9% quarter-on-quarter after October’s liquidation event. The stock declined nearly 35% from October to year-end, underperforming both Bitcoin (BTC) and Ether (ETH).
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Bitcoin’s slide below $70,000 is dividing market participants, according to Bitwise CEO Hunter Horsley. Long-time holders appear uneasy as prices slip, while a fresh class of buyers—institutions—seems to be getting another shot at entry at levels they once believed out of reach. In a CNBC interview on Friday, Horsley noted that the new investor set—institutions—are seeing prices they thought they’d forever missed. The pullback arrives as regulators push for clearer rules and as institutional interest remains visible through inflows to crypto products. The dynamics highlight how price, sentiment, and regulation are intertwining in a single, fast-moving market.
Key takeaways
- Bitcoin priced around $69,635 at publication, down about 22.6% in the last 30 days, signaling persistent downside pressure in a broad bear phase.
- Institutional demand remains robust, with Bitwise reporting more than $100 million in inflows on a single day as Bitcoin hovered near $77,000.
- Long-time holders appear uncertain about the path forward, while new buyers re-enter at elevated levels, underscoring a split between conviction and opportunity.
- Macro assets are moving in tandem with Bitcoin, with gold and silver retreating from their peaks, illustrating a broad risk-off tone across markets.
- Retail curiosity has spiked as searches for “Bitcoin” rose on Google Trends, while mainstream product inflows continued to surface.
Tickers mentioned: $BTC
Sentiment: Bearish
Price impact: Negative. The ongoing bear market and the price retreat imply continued headwinds for near-term momentum.
Market context: The price action comes as regulators pursue clearer rules for digital assets and institutions gradually increase exposure, with Bitcoin correlating with broader liquidity conditions and risk sentiment.
Why it matters
For investors who built positions during the earlier hype around crypto adoption, the current pullback tests the resilience of on- and off-ramp infrastructure and the staying power of institutional interest. The emergence of genuine demand from large buyers at higher price points suggests that the market could still attract capital even as prices soften, potentially laying groundwork for a more durable base if macro conditions stabilize.
From a market structure perspective, the divergence between cautious, long-hold participants and opportunistic institutional entrants could influence price discovery over the medium term. If inflows from institutional vehicles persist, they may counterbalance selling pressure from traders who favor liquidity and quick turns, contributing to a more two-sided market rather than a simple downtrend. This dynamic matters for exchanges, custodians, and other ecosystem participants, as steady liquidity and credible risk controls become critical to sustaining institutional confidence despite ongoing volatility.
What to watch next
- Keep an eye on Bitcoin’s price around the $70,000 level; a sustained hold could invite renewed risk-taking, while a break lower may accelerate exits from leveraged positions.
- Track daily institutional inflows into crypto products and funds, which can indicate whether the current interest is a temporary reentry or a longer-term shift in allocation.
- Monitor regulatory developments in major jurisdictions, as clearer guidelines could unlock additional deployment channels for institutions and funds.
- Watch retail sentiment indicators, including Google Trends data and other search signals, for signs of broader momentum beyond professional buyers.
- Observe ETF and product-flow dynamics into spot BTC offerings; continued inflows would reinforce the thesis of growing mainstream participation.
Sources & verification
- Horsley’s CNBC interview on Feb. 5, 2026, discussing institutional demand and price action.
- Bitcoin price data around $69,635 and the 30-day performance from CoinMarketCap: Bitcoin (BTC) on CoinMarketCap.
- Google Trends data showing heightened search interest for “Bitcoin” in the week starting Feb. 1: Google Trends.
- BlackRock spot Bitcoin ETF inflows reported in coverage from Cointelegraph: Cointelegraph.
- Bitwise fund size and inflows cited by Bitwise communications in the context of institutional demand: over $15 billion in assets under management and more than $100 million in inflows in a single session.
Bitcoin price action shows divergence between holders and new buyers
Bitcoin (CRYPTO: BTC) sits near $69,635 after slipping more than 22% over the past month, according to CoinMarketCap, a move that underscores a bear market in which liquidity and macro forces dominate the narrative. The decline arrives as the industry progresses toward regulatory clarity and as institutional interest remains visible in episodic bursts. In a CNBC interview, Bitwise CEO Hunter Horsley described a market split: long-time holders grow wary of the pace of downside, while institutions—previously priced out—are re-entering at levels they once believed out of reach, signaling a renewed but cautious appetite for exposure.
The conversation about Bitcoin’s next leg has a longer memory. Geoff Kendrick, head of digital asset research at Standard Chartered, had argued in October that Bitcoin wouldn’t likely fall below $100,000 again. That perspective highlights how fast-changing sentiment can reshape benchmark expectations, especially when macro conditions—ranging from liquidity to policy—pose competing forces. Horsley’s account aligns with a broader view: Bitcoin’s price action cannot be divorced from the macro backdrop, and the asset is currently being carried by the same tides that move risk assets in a climate of evolving regulation and central-bank liquidity.
Yet the narrative is not simply about price in isolation. Horsley emphasized ongoing demand from institutions, noting that Bitwise manages more than $15 billion for investors and witnessed well over $100 million in inflows on a single Monday when Bitcoin traded near $77,000. The message is clear: even as headlines and charts point to weakness, a steady stream of capital from sophisticated buyers remains a meaningful counterweight to selling pressure. The market’s liquidity—the ability to absorb a burst of selling without a sharp price collapse—continues to be a defining feature of this cycle, a feature that could ultimately determine whether this pullback establishes a durable base or merely prolongs volatility.
Macro assets offer a complementary lens on the current mood. Gold has retreated about 11.43% from its all-time high of $5,609, trading around $4,968, while silver has dropped roughly 35.95% from its peak of $121.67 to about $77.98. This broad decline across risk-on assets suggests a risk-off stance among investors, even as crypto-specific narratives persist. Google Trends data underscore that retail curiosity remains palpable: searches for “Bitcoin” spiked to a 12-month high during the week when the price dipped toward the $60,000 area, a level not seen since late 2024. At the same time, BlackRock’s spot Bitcoin ETF inflows—around $231.6 million on a single Friday—illustrate how mainstream interest continues to ebb and flow with volatility, underscoring the ongoing process of crypto-market maturation and broader adoption.
Looking ahead, the market appears to be negotiating the tension between momentum and prudence. The convergence of elevated institutional participation with persistent price fluctuations implies that Bitcoin could remain range-bound for a while longer, awaiting clearer catalysts. If macro conditions stabilize and regulatory signals sharpen, the probability of a more decisive move—up or down—could rise as new players re-evaluate risk, liquidity, and the strategic case for crypto exposure. The current data set paints a nuanced picture: a market increasingly steered by institutional conviction, even as price action continues to test the resolve of both bulls and bears.
Bitcoin’s drop below $70,000 is being seen very differently by long-time holders and institutional investors, according to Bitwise CEO Hunter Horsley.
“I think long-time holders are feeling unsure, and I think the new investor set, institutions are sort of getting a new crack at the apple,” Horsley said during an interview with CNBC on Friday. Horsley said that institutional buyers are “seeing prices they thought that they’d forever missed.”
It was only in October that Standard Chartered’s head of digital asset research, Geoff Kendrick, said he doesn’t expect Bitcoin to fall below $100,000 again.
Bitcoin “getting swept up” with the rest of macro
Horsley acknowledged that Bitcoin’s (BTC) recent plunge comes at an unusual time, given the ramp-up in efforts toward regulatory clarity and growing institutional interest. Bitcoin is down 22.60% over the past 30 days, trading at $69,635 at the time of publication, according to CoinMarketCap.
Horsley said that Bitcoin is in a bear market and is “getting swept up” with the rest of the macroassets as investors are “selling everything that is liquid.”
“In the present moment, it is mostly trading with other liquid assets,” he said.
Gold has since fallen 11.43% from its all-time high of $5,609 on Jan. 28, trading at $4,968 at the time of publication, according to Trading Economics.
Meanwhile, Silver has fallen 35.95% from its all-time high of $121.67 on Jan. 29, trading at $77.98 at the time of publication.
Horsley points to strong inflows from institutions
Horsley said demand for Bitcoin remains strong, particularly from institutional investors.
He said that Bitwise manages over $15 billion in institutional funds and saw more than $100 million in inflows on Monday alone, when Bitcoin was trading around $77,000.
Related: Bitcoin difficulty drops by over 11%, sharpest drop since 2021 China ban
“There’s a lot of volume, and there are sellers and buyers,” Horsley said.
Curiosity among retail investors has also spiked. Google Trends data shows worldwide searches for “Bitcoin” reached a score of 100 for the week starting Feb. 1, the highest level in the past 12 months, as the price fell to $60,000 on Tuesday, a level not seen since October 2024.
Meanwhile, BlackRock’s spot Bitcoin exchange-traded fund (ETF) saw $231.6 million in inflows on Friday, following two days of heavy outflows during the turbulent week for the asset.
Magazine: Bitcoin’s ‘biggest bull catalyst’ would be Saylor’s liquidation: Santiment founder
South Korean cryptocurrency exchange Bithumb says it has resolved an incident in which a promotional reward error credited certain user accounts with excess Bitcoin.
In a Sunday statement, the exchange confirmed it recovered 99.7% of the overpaid Bitcoin (BTC) on the same day the incident occurred. The remaining 0.3%, totaling 1,788 Bitcoin that had already been sold, was covered using company funds to ensure customer balances remained fully matched.
“Bithumb’s holdings of all virtual assets, including Bitcoin (BTC), are 100% equivalent to or exceeding user deposits,” the exchange wrote.
According to Bithumb, most of the excess Bitcoin was retrieved directly from accounts, while the portion already liquidated in the market required reimbursement from corporate reserves.
Related: Bithumb flags $200M in dormant crypto assets across 2.6M inactive accounts
Bithumb rolls out compensation plan
The exchange also announced some compensation measures. Users connected to the platform at the time of the incident will receive 20,000 Korean won ($15) each. Traders who sold Bitcoin at unfavorable prices during the disruption will receive full reimbursement of their sale value plus an additional 10% payment. The platform will also waive trading fees for all markets for seven days starting Monday.
The incident began on Friday when a system issue during a promotional event credited some users with an unusually large amount of Bitcoin, briefly causing sharp price swings on the exchange when recipients began selling the funds. The platform quickly restricted affected accounts and stabilized trading within minutes, preventing broader liquidations.
The exchange said the incident was not related to hacking and that no customer assets were lost, with deposits and withdrawals continuing as normal. While the company did not disclose the total amount involved, some users claimed roughly 2,000 BTC had been credited.
Related: South Korean lawmaker faces scrutiny over family ties to crypto exchange: Report
Centralized crypto exchanges face operational issues
Centralized cryptocurrency exchanges have continued to encounter operational problems. In June, Coinbase said account restrictions had been a major issue and reported reducing unnecessary freezes by 82% after upgrading its machine-learning systems and internal infrastructure, following years of complaints from users locked out of accounts for months without any security breach.
Similar concerns emerged during the Oct. 10 market sell-off, when Binance users reported technical difficulties that prevented some traders from closing positions at peak volatility. While the exchange said its core trading system remained operational and blamed broader market conditions for most liquidations, it later distributed about $728 million in compensation to affected users.
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Crypto World
Trump disclaims UAE World Liberty stake knowledge, Gemini exits, China bans yuan stablecoins | Weekly Recap
In this week’s edition of the weekly recap, President Donald Trump denied awareness of reported UAE investment in World Liberty Financial, and China’s central bank joined nine agencies in banning unapproved yuan-linked stablecoins. Trump distances himself from World Liberty investment…
TLDR:
- Forward Industries holds nearly 7 million SOL tokens, more than its next three competitors combined.
- FWDI’s average SOL acquisition cost of $232 creates $1 billion unrealized loss at current $85 price.
- The company’s debt-free balance sheet enables offensive consolidation while rivals face selling pressure.
- Forward raised $1.65 billion in 2025 from Galaxy Digital, Jump Crypto, and Multicoin Capital backing.
Forward Industries controls nearly 7 million SOL tokens as the largest publicly traded Solana treasury company. The firm’s holdings face substantial unrealized losses amid current market conditions.
Unlevered Balance Sheet Provides Strategic Advantage
FWDI purchased its SOL holdings at an average price of $232 per token. Current valuations place SOL near $85, creating a paper loss approaching $1 billion. The company’s share price has declined from $40 to approximately $5.
Chief Investment Officer Ryan Navi maintains the firm can consolidate weaker competitors during this downturn. “Scale plus an unlevered balance sheet is a real advantage in this market,” Navi told CoinDesk. “We can play offense when others are playing defense,” he added.
Forward Industries operates without corporate debt or leverage on its balance sheet. “Forward Industries has strategically avoided leverage and debt by design,” Navi explained. This structure provides flexibility to deploy capital when market opportunities emerge.
The firm raised $1.65 billion through a private investment in public equity during 2025. Galaxy Digital, Jump Crypto and Multicoin Capital led the funding round. Forward Industries now holds more SOL than its next three public competitors combined.
Staking Strategy and Permanent Capital Model
Forward Industries stakes its SOL holdings to generate yields between 6% and 7%. The staking rate will decrease over time as Solana’s programmed issuance declines. This creates an increasingly disinflationary supply environment for the network.
The company partnered with Sanctum to launch fwdSOL, a liquid staking token. This instrument earns staking rewards while functioning as collateral in decentralized finance protocols. Forward can borrow against this collateral at rates below the staking yield on platforms like Kamino.
Navi positions Forward Industries as a permanent capital vehicle rather than a short-term trading operation. “We’re not running a trading book, we’re building a long-term Solana treasury,” Navi stated. The company plans to underwrite real-world assets and tokenized royalties that exceed its cost of capital.
Kyle Samani announced his departure as managing director of Multicoin Capital on Wednesday. He retains his position as chairman of Forward Industries. Samani is receiving his exit from the Multicoin Master Fund in FWDI shares and warrants instead of cash redemption.
“What differentiates Forward is discipline: no leverage, no debt,” Navi said. The firm maintains a long-term view on Solana as strategic infrastructure rather than a speculative bet. Management believes its debt-free structure positions it to lead sector consolidation during this challenging period.
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