A U.S. federal judge in the Southern District of New York has delivered a sentencing ruling in the Celsius Network saga, with Roni Cohen-Pavon, the platform’s former chief revenue officer, receiving time served plus one year of supervised release for his role in manipulating the CEL token price and defrauding Celsius users. The decision reinforces the ongoing emphasis by U.S. authorities on market integrity and investor protection within the crypto landscape.

During the sentencing before Judge John Koeltl, Cohen-Pavon had initially entered a not-guilty plea to four counts in September 2023, before changing course to plead guilty about a week later. He is an Israeli citizen who was abroad at the time of the indictment and later reentered the United States for arraignment, posting a $500,000 bond with travel restrictions while the case proceeded toward sentencing. The Celsius matter was pursued alongside former Celsius CEO Alex Mashinsky in July 2023, in the wake of Celsius’s 2022 collapse that precipitated substantial losses for investors and platform users.

As the sentencing moves to closure for Cohen-Pavon, the broader Celsius prosecutions remain active but are winding down. Mashinsky, already serving a 12-year sentence in related criminal proceedings, faces separate financial penalties in connection with the case. The court ordered Mashinsky to forfeit $48 million; Cohen-Pavon agreed to pay more than $1 million and a $40,000 fine. In a letter to the judge submitted before sentencing, Cohen-Pavon acknowledged the long path ahead and asserted a commitment to personal reform, framing the sentence as only one facet of a broader obligation to his family and community.

Background coverage indicates that Celsius’s collapse—not only the losses borne by investors and users but also the governance failures implicated in the company’s management—has drawn intensified regulatory attention. Cointelegraph has reported on related developments, noting that the Mashinsky case remains a focal point of enforcement activity in the crypto sector and highlighting ongoing scrutiny of corporate conduct within crypto lending platforms.

Tornado Cash co-founder still potentially facing SDNY retrial

In a separate but parallel enforcement thread, Roman Storm, the co-founder of the crypto-mixing service Tornado Cash, may face a retrial in the Southern District of New York after a jury failed to reach a verdict on multiple counts in a prior trial. Prosecutors have sought a retrial date in October to re-try Storm on money-laundering and sanctions-conspiracy charges that the jury could not unanimously resolve. The procedural posture underscores the breadth of regulatory and criminal risk associated with crypto privacy technologies and sanction evasion concerns.

Storm remains on bail, subject to a $2 million bond and travel limitations that confine movement to certain jurisdictions in New York, Washington, and California. A separate development saw a federal judge grant him permission to attend his niece’s high school graduation in El Dorado Hills, California, illustrating the balancing act between individual circumstances and high-profile enforcement cases in the SDNY ecosystem.

Prosecutors have signaled continued diligence in the Tornado Cash matter. In court filings—and as summarized by coverage outlets—the government is seeking to proceed with a retrial in the autumn window, aiming to resolve the deadlock that characterized the earlier proceedings. This case, alongside Celsius, contributes to a broader pattern of DOJ actions targeting crypto services that facilitate illicit activity or evasion of sanctions, with potential implications for mixers, privacy-enhancing tools, and related business models.

Related reporting emphasizes the broader regulatory and enforcement context surrounding these developments. For instance, coverage related to the Celsius matter has highlighted coordination with other enforcement actions against Celsius’s leadership, while the Tornado Cash case illustrates how sanctions regimes intersect with evolving cryptographic techniques and governance models. The cumulative effect is a clearer demonstration of the legal and regulatory expectations that crypto firms, exchanges, and ancillary service providers must meet to operate within U.S. law, especially in matters touching market integrity, sanctions compliance, and consumer protection.

Regulatory context and industry implications

Viewed together, the Celsius and Tornado Cash proceedings illuminate the current regulatory environment for crypto companies operating in the United States. The Department of Justice and allied agencies have sharpened their focus on criminal conduct linked to price manipulation, fraud, and sanctions violations, particularly when such activities undermine market integrity or enable illicit activity. For exchanges, lenders, and other crypto service providers, the evolving enforcement landscape underscores the necessity of robust internal controls, comprehensive governance, clear disclosure practices, and rigorous AML/KYC frameworks to withstand heightened regulatory scrutiny.

From a policy perspective, these cases contribute to ongoing discussions about the appropriate boundaries for crypto-asset products, the role of centralized management versus decentralized mechanisms, and how traditional financial-law principles apply to novel digital-asset ecosystems. They also intersect with broader regulatory efforts at the national and international levels, including licensing regimes, cross-border supervision, and the alignment of U.S. enforcement priorities with global standards. The Celsius and Tornado Cash matters, taken together, illustrate the practical implications of enforcement actions for institutional participants—ranging from settlement planning and risk management to compliance program design and board governance.

Closing perspective

As authorities continue to pursue accountability in high-profile crypto cases, the Celsius and Tornado Cash trajectories underscore the centrality of compliance, governance, and risk controls for institutions operating in or alongside crypto markets. The evolving legal landscape suggests that the coming years will feature continued attention to market manipulation, sanctions compliance, and consumer protection—with significant implications for licensing, cross-border operations, and ongoing industry reform.

Crypto wallet infrastructure firm Turnkey has raised $12.5 million backed by Circle Ventures and Sequoia Capital.

Turnkey announced the raise on May 14, with participation from Archetype, Bain Capital Crypto, Lightspeed Faction, Galaxy Ventures, and Variant alongside Circle Ventures and Sequoia Capital.

The New York-based company builds key management infrastructure for crypto applications, including non-custodial wallets, automated onchain transactions, and policy-controlled signing. The raise follows a $30 million Series B led by Bain Capital Crypto in mid-2025.

“Stablecoins are transforming how value moves online, and AI agents are upending traditional security assumptions,” said Bryce Ferguson, CEO and co-founder of Turnkey. “Verifiable Cloud is our answer to the security and compliance demands of the next wave of crypto applications.”

What Verifiable Cloud is designed to solve

Verifiable Cloud targets organisations that need to run sensitive operations, including transaction visibility, policy decisions, and agent-driven wallet activity, in a computing environment that can be independently verified.

The product addresses the growing segment where automated AI agents execute onchain transactions on behalf of users and businesses, creating security demands that traditional key management was not built to handle.

Sequoia Capital has been building its exposure to stablecoin and crypto infrastructure through its portfolio. Circle Ventures, the investment arm of USDC issuer Circle, is expanding its backing of stablecoin payment infrastructure across the stack.

Their combined participation signals institutional confidence in the private key management layer as crypto moves into enterprise payments and AI-driven financial applications. Turnkey’s customer base, which includes stablecoin-focused platforms like Polymarket and Anchorage Digital, positions it within the fastest-growing segments of institutional crypto in 2026.

Key Highlights

• ASST stock climbs as Strive introduces daily SATA dividend structure alongside bitcoin treasury expansion.

• Company’s SATA preferred shares transition to daily cash distributions beginning June 16.

• ASST advances following complete debt retirement and enhanced bitcoin accumulation strategy.

• Strive now controls 15,009 BTC while ASST rallies on innovative income structure announcement.

• New daily payout mechanism positions Strive distinctively within bitcoin treasury company landscape.

Shares of Strive (ASST) climbed after the firm combined balance sheet improvements with an innovative income-generating offering. ASST reached $17.97, posting a 7.32% gain, while maintaining strength throughout the trading session. The upward movement coincided with regulatory filings detailing debt elimination and modifications to preferred share terms.

Strive, Inc., ASST

Strive announced that its subsidiary, Semler Scientific, finalized the buyback and cancellation of all outstanding 2030 convertible notes. This transaction eliminated liabilities associated with the 4.25% Convertible Senior Notes scheduled to mature in 2030. Furthermore, the trustee validated that all indenture requirements were met and discharged.

Eliminating this debt provides Strive with increased financial flexibility for its capital allocation initiatives. Additionally, the firm currently maintains a minimal debt-to-equity ratio of 0.01, based on InvestingPro metrics. This metric underscores the company’s recent deleveraging efforts and improves its overall financial positioning.

SATA Preferred Shares Transition to Daily Payment Model

Strive revised the conditions governing its Variable Rate Series A Perpetual Preferred Stock, designated as SATA. The firm submitted the modified certificate to Nevada’s Secretary of State on May 13. Accordingly, these revisions alter the methodology for computing and distributing preferred share dividends.

Beginning June 16, 2026, SATA will distribute cash dividends on every business day. Shareholders registered on the preceding business day will be eligible for each distribution. Nevertheless, dividend declarations will continue on a monthly basis for subsequent monthly dividend cycles.

The board preserved SATA’s yearly dividend rate at 13.00% for monthly intervals commencing after May 16. Moreover, any unpaid regular dividends will generate additional accumulating dividends if Strive fails to make scheduled distributions. The revised provisions also address dividend postponements, notification procedures, and restrictions on specific payments.

Bitcoin Accumulation Strategy Generates Investor Attention

Strive disclosed the dividend modification concurrent with its first-quarter financial results and bitcoin treasury report. The company purchased 6,001 bitcoin throughout the first quarter. This amount comprised 5,048 bitcoin obtained through Semler Scientific and 953 bitcoin acquired via open-market transactions.

Between April 1 and May 12, Strive accumulated an additional 1,381 bitcoin for its holdings. As a result, the firm’s aggregate bitcoin position reached 15,009 bitcoin. This figure establishes Strive among publicly traded entities employing bitcoin as a primary treasury reserve.

This approach also amplified earnings volatility during the reporting period. Strive disclosed a GAAP net loss of $265.9 million for the quarter ending March 31. The majority of this loss stemmed from fair-market value adjustments to its bitcoin position.

XRP (XRP) continued its rebound from April’s low near $1.26, climbing to around $1.50 over the weekend and signaling a potential breakout setup. The move comes as on-chain activity and investor positioning align behind a possible upside move, with the price wrestling to flip the key $1.50 level into support.

Analysts are watching a confluence of signals: a recent surge in XRP whale activity, rising XRP Ledger (XRPL) transactions, and a technical pattern that could unlock further upside if resistance at $1.50 is convincingly breached. While the path forward remains contingent on breaking through near-term hurdles, the combination of on-chain momentum and traditional chart levels provides a framework for how this week might unfold for XRP.

Key takeaways

• XRP whale addresses—wallets holding at least 10,000 XRP—rose to an all-time high of about 332,230, signaling growing accumulation among larger holders.
• XRP Ledger monthly transactions reached a record 71 million in April, up from 43 million a year earlier, representing roughly 65% year-over-year growth.
• A sustained move above the $1.50 resistance is seen as a potential catalyst for the next leg higher, with a measured path toward roughly $1.98 intra-triangle and beyond if buyers can sustain momentum.

Whales and on-chain conviction

Market data provider Santiment has highlighted a notable uptick in the number of XRP wallets classified as mid-to-large holders, a sign that institutional-leaning investors continue to accumulate even amid volatility. The count of wallets holding at least 10,000 XRP reached a record high of around 332,230, reflecting a broader pattern of persistent accumulation that analysts view as meaningful for longer-term positioning.

Santiment described this trend as part of a broader growth trajectory that has been visible since mid-2024, suggesting that larger holders are adopting a more patient stance, potentially signaling conviction beyond short-term price swings. In the context of XRP’s price action, the rising wallet count dovetails with renewed on-chain activity and a price structure that appears to be forming a bullish continuation pattern.

XRPL activity and institutional utility

On-chain activity on the XRP Ledger also surged in April, with monthly XRPL transactions climbing to 71 million—the highest figure on record and well above 43 million a year earlier. Evernorth attributes this jump to expanding institutional utility tied to XRPL-enabled services and partners such as Bitstamp, RLUSD, Braza Bank, and various DeFi protocols. The growth is framed as part of XRPL’s broader push to enhance compliance-oriented infrastructure while broadening use cases for institutions and developers alike.

The sustained increase in activity underscores a broader adoption narrative for XRPL beyond speculative trading. As the ecosystem adds liquidity rails and increasingly institutional-friendly tooling, the ledger’s utility could reinforce demand dynamics for XRP, particularly if the network’s compliance and interoperability capabilities continue to mature.

Technical picture: chart patterns, EMAs, and targets

From a chart perspective, XRP has been navigating an ascending triangle that has capped upside since February. In such patterns, a breakout above the resistance line—confluent with near-term moving averages—often precedes a sustained upward move. The immediate objective, if bulls can push decisively through $1.50, points toward the next resistance band near $1.67-$1.70, where the 200-day exponential moving average sits.

Analysts emphasize that the $1.50 zone is pivotal. A clean breakout above this level would align with the triangle’s measured move, projecting a target near $1.98—roughly 36% higher than current levels. By contrast, failure to sustain above $1.50 could see bears reasserting control and delaying a longer-term rally.

Chart observers also note that XRP has defended its daily 20-day EMA since reclaiming the level in early May around $1.42, providing a foundation for the recent advance. Still, the broader hurdle remains the $1.50 area, and some analysts caution that a sustained push above $1.60 would be a more meaningful bullish signal in the near term.

Looking further out, NeelMacro flagged that a decisive break above $1.60 would be required to sustain any meaningful short-term rally, with momentum likely intensifying only if bids push beyond the $2.00 mark. In a complementary view, other analysts have flagged that clearing the $1.50-$1.60 range could unlock momentum toward higher targets, potentially rekindling interest in a move toward the mid-$2s territory if broader market conditions cooperate.

These technical considerations align with broader expectations that a sustained move above the near-term resistance could catalyze a renewed Bitcoin-like impulse across the market, but they also underscore that the path is contingent on a credible breakout rather than a shallow bounce.

As previously reported by Cointelegraph, the $1.50–$1.60 range is a critical inflection zone for XRP in the near term. A breakout beyond this corridor could reframe market sentiment and draw new buyers into the fold, highlighting the potential for a more meaningful rally toward the $2.40 area if momentum continues to build.

What to watch next

Investors and traders will be watching whether XRP can convert the $1.50 resistance into a sturdy new support level. If successful, the chart suggests a clear path toward the $1.70 area and beyond, with the triangle’s measured move pointing toward approximately $1.98. A sustained break above $2.00 could bring additional momentum, but that outcome will depend on continued on-chain support and a broader appetite for risk in crypto markets.

Beyond price, the expanding XRPL ecosystem—especially with institutional utility and enhanced compliance features—could help sustain demand for XRP even in choppier times. As always, developments from XRPL’s partners and ongoing upgrades to the ledger’s infrastructure will be important to monitor for potential shifts in demand dynamics and network activity.

Readers should keep an eye on how the on-chain and on-ledger signals evolve in the weeks ahead, particularly as the market tests the $1.50 level and watches for follow-through above $1.60. The balance between large-holder accumulation, real-world utility, and technical breakout potential will likely shape XRP’s trajectory into the next phase of the year.