Crypto World
Scammer Makes $135K After Hijacking SpaceX, Starlink Accounts to Shill Meme Coin
A hacker made off with over $135,000 after hijacking the X accounts of SpaceX and Starlink to promote a meme coin.
The profiles were used to shill a Robinhood-based token that briefly hit a $2 million market cap before crashing to almost zero.
SpaceX and Starlink Fall Victim to Compromise
Screenshots circulating on social media show both accounts reposting content from the token’s profile, with the posts featuring a Sam Altman (SCATMAN) meme coin and tags claiming they were associated with SpaceX.
On-chain data shows the hacker created 10 trillion tokens and sold the entire stash, converting it into 59 Ether (ETH) worth around $108,000 shortly after the posts went live.
According to Lookonchain, a separate wallet linked to the attacker made another sale of 59.28 million SCATMAN tokens for 14.7 ETH, valued at approximately $27,000, bringing the total profit to roughly $135,000. The on-chain analytics platform also identified the two addresses used by the hacker.
Per GeckoTerminal data, SCATMAN’s market cap surged to over $2 million before being immediately rug-pulled. Meanwhile, both companies have since deleted the fake posts and regained control of their accounts.
Rug Pulls Remain Common in Crypto Space
Prominent social media account takeovers have become common in the crypto space, many of which have been used to pump and dump low-cap cryptocurrencies.
For instance, Scroll co-founder Ye Chen’s X account was hijacked in January 2026, with attackers impersonating platform staff and sending phishing messages about copyright violations that tricked crypto leaders into clicking malicious links.
A couple of months later, Pepe creator Matt Furie’s account was used to promote a scam token. Around the same time, WinRAR’s official account was also compromised to push a fake Solana meme coin to its followers.
The most notable breach came in May when Keith Gill, popularly known as Roaring Kitty, had his dormant account breached. In this case, hackers launched Red Kitten Crew (RKC) on Solana and walked away with more than $600,000 in half an hour.
Each case followed a pattern seen in crypto several times, where influencers create hype, developers cash out, and retail traders are left dealing with losses.
The post Scammer Makes $135K After Hijacking SpaceX, Starlink Accounts to Shill Meme Coin appeared first on CryptoPotato.
Long-time crypto trader Ogle warned on July 13 that small meme coins with limited liquidity can collapse within minutes when a few large holders decide to sell.
Pointing to recent losses around the latest sensation in the space, CASHCAT, the market watcher reiterated the risks in chasing fast-moving tokens, where paper gains can disappear really fast when leverage, thin markets, and concentrated ownership collide.
Why a Few Wallets Can Move the Whole Market
In a post on X, Ogle made a basic observation about this market: that a lot of people are sitting on hundreds of thousands, sometimes millions of dollars in gains that they have not actually cashed out. According to him, if even two or three of these traders were to sell, it would trigger a major price drop, especially for smaller meme coins.
“When a ton of people have made hundreds of $k or $m in a token, unrealized, in this type of market, it only takes 2-3 of them to sell (if the token is small, especially a meme with little liquidity) for everything to collapse quickly,” he wrote.
The analyst explained that the problem became even worse if the token was listed on perpetual futures exchanges, where traders often borrowed funds to place large bets.
He gave an example of CASHCAT, the meme coin built on the Robinhood Chain, that jumped more than 3,200% over the past week and briefly pushed its market cap to around $226 million about a day ago when its price hit an all-time high (ATH) of $0.2288 per CoinGecko data.
According to Lookonchain, that rally saw a few winners, including one trader who bought 15 million CASHCAT tokens for about $838 and turned that into a profit of over $1 million. However, had they waited a few more days, they would have walked away with nearly $2.9 million. Another trader spent $69 and sold for $711, which, while a tidy 10x on their investment, would have been worth $2.7 million had they also waited.
However, things may have also gone south for those traders since, as Ogle noted, the asset experienced some pretty big liquidations, which came right after the launch of a perpetual contract on Hyperliquid.
Data from CoinGecko shows CASHCAT’s value crashed by approximately 60% with about 90% of long positions liquidated, intensifying selling pressure and volatility. At the time of writing, the meme coin had made some recovery and was trading just below $0.16, although that price still represented an over 18% dip in 24 hours, pushing the coin more than 30% below its ATH.
Utility Tokens vs. Short-Term Meme Bets
In his X post, Ogle, who’s an advisor for the Trump family-backed World Liberty Financial, said that while meme coins can produce quick returns, his trading experience had seen him make the biggest gains from utility-focused assets such as Solana, BNB, Ethereum, Litecoin, and Bitcoin.
According to him, those investments are slower plays that require patience, and many traders often lose interest before the assets can deliver larger returns.
The post Crypto Veteran Warns: A Handful of Sellers Can Wipe Out Meme Coins in Minutes appeared first on CryptoPotato.
The US government moved nearly $300 million in seized Bitcoin and Ether to Coinbase Prime on Monday, renewing speculation that the assets could be sold.
Data from Arkham shows 3,940 Bitcoin (BTC) (worth $243.95 million) and 30,014 Ether (ETH) (worth $53.09 million) were sent to Coinbase Prime on Monday. The funds were linked to several high-profile US government crypto seizures.
“These coin movements were comprised of coins seized from ryan farace (“xanaxman”) and defunct crypto exchange btc-e,” said Galaxy Research head Alex Thorn, referring to the Bitcoin movements. The Ether is linked to Brian Krewson, an Oracle employee implicated in a $54 million crypto storage and money laundering scheme.
The transfers have drawn attention because a sale would appear to conflict with US President Donald Trump’s March 2025 executive order, which said Bitcoin seized by the US government should form part of the Strategic Bitcoin Reserve and should not be sold.
However, the deposits do not confirm a sale, as Coinbase Prime provides institutions with custody, trading, financing and staking services, meaning the transfers may simply reflect asset consolidation.
Related: US Bitcoin reserve hits snag as federal agencies debate for control: Bloomberg
Although the US government has previously transferred cryptocurrency to Coinbase Prime, Monday’s transfer was one of the largest from government-linked wallets this year.
In June, a US government-linked wallet moved 98,589 Chainlink (LINK) tokens to the platform, with the funds traced to assets seized from FTX and Alameda Research. In April, around 8.2 Bitcoin tied to the 2016 Bitfinex hack was sent to Coinbase Prime.
US government-linked wallets are estimated to still hold $20.6 billion in crypto, including around 325,000 BTC, 28,000 ETH, 146 million USDT and 750 Wrappd Bitcoin (WBTC).
Magazine: Bitcoin nearing late stages of bear market: Jamie Coutts, Real Vision
The Digital Asset Market Clarity Act, commonly known as the CLARITY Act, is gaining momentum in the US as a second major law enforcement organization publicly endorses the bill ahead of a critical Senate deadline. The Federal Law Enforcement Officers Association (FLEOA) said it submitted a letter to the Senate Banking Committee supporting the legislation, while urging targeted revisions—particularly around how decentralized finance (DeFi) protections are structured and how accountability is defined.
FLEOA’s July 10 endorsement arrives after earlier backing from the National Organization of Black Law Enforcement Executives (NOBLE) and comes as lawmakers weigh whether the bill can clear Congress before the Senate’s August recess. Industry observers have framed the recess period as a potential make-or-break window for final action this year.
Key takeaways
- FLEOA has endorsed the CLARITY Act in a letter to the Senate Banking Committee, calling it progress toward balancing innovation and public safety.
- The association supports the bill’s consumer-protection goals but wants changes to narrow DeFi-related protections and clarify who is accountable in decentralized systems.
- Law enforcement groups have previously raised concerns that portions of the bill—especially around developer liability—could create overly broad exemptions that hinder investigations.
- The timing is tight, with the Senate’s Aug. 8 recess cited as a key milestone for whether the legislation can pass this year.
Second endorsement—support with conditions
In its statement, FLEOA characterized the current CLARITY Act draft as “meaningful progress” toward establishing a regulatory framework for digital assets while preserving authorities needed to combat crime. The organization said the legislation should maintain existing capabilities related to criminal enforcement, anti-money laundering, counterterrorism financing, sanctions enforcement, and investigative work.
At the same time, FLEOA emphasized that lawmakers should refine specific DeFi provisions. According to FLEOA’s recommendations, the bill’s DeFi protections should be narrowed, clearer accountability should be established for participants within decentralized finance systems, and the legislation should prevent entities from avoiding regulation simply by portraying themselves as decentralized.
FLEOA also asked Congress to adjust the “specific intent” language to make liability easier to establish, and to explicitly confirm that the CLARITY Act does not limit existing federal investigative authority. The request reflects a core tension that has followed the bill through prior negotiations: how to protect legitimate innovation without inadvertently creating gaps that prosecutors and investigators could struggle to navigate.
Crypto Council CEO Ji Kim linked FLEOA’s support to a broader argument that the bill strengthens consumer protection and preserves law enforcement effectiveness, noting the endorsement in a public statement Monday.
Why law enforcement scrutiny has mattered
The fresh FLEOA letter lands on the heels of earlier objections from law enforcement organizations that challenged parts of the CLARITY Act—particularly around developer liability for misuse by users on decentralized platforms.
Earlier reporting highlighted that in June, four law enforcement organizations contacted the White House with concerns centered on Section 604, which aims to protect developers from liability tied to illicit activity conducted by users on decentralized networks. The organizations argued that the language, as written, might function as a broad exemption, potentially complicating investigations into crypto-related crime.
Those concerns prompted attention within the administration. The White House invited law enforcement groups objecting to the bill’s language to a late-June meeting—an indication that the disputes were not merely academic. In July, the Major County Sheriffs of America shifted from opposition to neutrality, reflecting that negotiations and proposed changes were actively shaping positions across law enforcement.
FLEOA’s new letter suggests that—while support for the CLARITY Act is increasing—there remains a category of legal uncertainty that enforcement advocates want addressed before the bill locks in. For investors, traders, and builders, the practical effect is straightforward: the scope of developer protection and the definition of responsibility in DeFi can influence how compliance strategies, product design, and risk management decisions are made.
What the Senate deadline means for prospects
FLEOA’s endorsement also underscores the political urgency surrounding the CLARITY Act. The letter was released less than four weeks before Aug. 8, when the Senate is expected to recess. According to Senator Cynthia Lummis, the window to pass a digital assets bill could be limited this year, warning that failure to enact meaningful legislation could leave rulemaking to other jurisdictions and prolong uncertainty for US market participants.
For the crypto sector, the legislative calendar matters not just for timelines, but for predictability. When a bill is approaching a recess, negotiations often compress: controversial language becomes more difficult to rewrite in depth, and stakeholders may shift their focus toward narrower edits rather than sweeping redesigns.
That dynamic helps explain why the FLEOA letter emphasizes targeted adjustments rather than a fundamental withdrawal of support. The group is signaling that it can back the overall approach—while still pushing for clarifications that could reduce enforcement friction later.
DeFi protections and accountability: the remaining fault line
At the heart of FLEOA’s requests is the question of how the CLARITY Act treats decentralized systems in practice. Supporters of the bill have argued that rules should recognize technological realities and avoid punishing developers for actions they do not control. Enforcement advocates, however, have warned that overly protective language could unintentionally insulate individuals or firms whose conduct resembles regulated activity—even if marketing or structural claims point toward decentralization.
FLEOA’s call to narrow DeFi protections and clarify accountability is therefore not just legal fine-tuning. It goes directly to whether investigators can build cases effectively, and whether compliance obligations remain aligned with operational control and influence.
Equally important is FLEOA’s emphasis on “specific intent” language and an explicit preservation of existing investigative authority. In legislative drafting, intent requirements can determine what must be proven in court. Changes here can shift burdens of proof and affect litigation risk for market participants.
What remains unclear—until lawmakers see the evolving text—is the balance Congress will strike between encouraging responsible development and ensuring that decentralization claims cannot be used as a shield against enforcement. Readers should watch whether forthcoming amendments address the specific points raised by FLEOA and other law enforcement organizations, or whether compromises keep the legislation’s enforcement implications ambiguous.
With the Senate’s August recess approaching, the next steps will likely hinge on how quickly the committee can incorporate these requested revisions into a final bill text—and whether additional groups move toward alignment or raise new objections as the calendar tightens.
Federal Reserve Chairman Kevin Warsh testifies before Congress Today, July 14, and tomorrow. Bond traders increasingly bet the week will confirm what markets already suspect. A rate hike is coming in July.
The testimony lands alongside fresh inflation data and a wave of bank earnings. That makes this one of the most consequential weeks for anyone with a mortgage, a savings account, or a credit card balance.
Why Rate-Hike Odds Have Jumped
Traders have pushed the market-implied chance of a quarter-point hike this month to about 50%. Just weeks ago, that number sat under 10%. Two-year Treasury yields, which track Fed policy expectations closely, have stayed above 4.25%.
Fed Governor Christopher Waller triggered the shift. Markets had viewed him as one of the central bank’s most dovish officials. Waller said policymakers should consider a hike soon if upcoming data show another “hot reading” on core prices.
June’s Consumer Price Index, also releasing Tuesday, should show headline inflation easing to around 3.8% from May’s 4.2%. Falling gas prices are driving that drop.
Core inflation, which strips out food and energy, should tick down only slightly, to around 2.8% from 2.9%. That keeps it well above the Fed’s 2% target. This stickiness is exactly why rate-sensitive chip stocks still face CPI risk.
Don’t Expect Warsh to Tip His Hand
Warsh took office in May and he has already built a reputation for avoiding forward guidance. He made that clear this month at a central-bank symposium in Portugal.
“I want us to have a good family fight. When we get into that room and shut the door, we’re going to have a good debate, but I don’t have much more for you than that.”
So the testimony itself likely won’t confirm a hike. Instead, expect lawmakers to press Warsh on Fed independence from the Trump White House.
They’ll also ask whether AI-driven demand is adding to inflation, and how tariffs and Middle East oil disruptions keep filtering into consumer prices.
The real decision arrives at the Fed’s July 29 meeting, not this week’s hearings.
What a Hike Would Mean for Regular Households
A hike would raise rates on credit cards, home equity lines, and adjustable mortgages. That’s unwelcome news for borrowers already stretched by elevated inflation. Savers benefit more directly. Banks typically raise yields on savings accounts and CDs when the Fed hikes.
The post Warsh Testifies to Congress Today: Will He Bring a Rate Hike in July? appeared first on BeInCrypto.
West Texas Intermediate crude futures have surged to nearly $80 a barrel from $67 at the start of the month, stoking fresh concerns about inflation.
Focus on CPI and Warsh testimony
Investors will receive a fresh read on price pressures Tuesday when the Labor Department releases the June consumer-price index at 8:30 a.m. ET.
Economists surveyed by Bloomberg forecast that headline CPI will fall below a 4% annual rate. The report is expected to show the first declines in both headline and core inflation since January, following May’s readings of 4.2% and 2.9%, respectively.
Even if the figures meet expectations, they risk being viewed as backward-looking in light of the recent oil price surge. Should inflation instead prove more persistent, the data could amplify concerns about the Fed’s path forward.
Attention will then turn to Mr. Warsh’s testimony on Capitol Hill. Given the Fed chair’s preference for limited forward guidance, investors will be watching closely for any signals on rates and inflation.
According to analysts at ING, he could “if he chooses, emphasize the tameness of inflation expectations.”
They added that Mr. Warsh “has enough ammunition here to ride the rate hike risk and instead hold pat. Even if he comes under pressure to hike, the richness attached to the 5yr part of the curve tells us that any hike (if delivered) is likely to be subsequently reversed, with the prospect still for bigger cuts than hikes.”
JPMorgan Chase, Bank of America, Wells Fargo, and Goldman Sachs report second quarter earnings Today, July 14. Analysts expect all four banks to post higher year over year revenue and profit, even as war in Iran and stubborn inflation weigh on markets.
The reports arrive as investors search for signs the US economy can absorb geopolitical shocks and elevated interest rates. Executives’ comments on lending, trading, and deal activity will shape sentiment for the rest of earnings season.
Why This Earnings Batch Matters
The four lenders report against a volatile backdrop; Renewed fighting in Iran has pushed oil prices higher, and inflation remains stickier than expected. However, the Federal Reserve has yet to cut interest rates this year, keeping borrowing costs elevated for consumers and businesses.
Fed Chair Kevin Warsh also testifies before Congress this week. That adds another variable for markets already digesting the bank results.
Jay Woods, chief market strategist at Freedom Capital Markets, said in an optimistic tone from bank executives could reshape how investors view the broader economy.
“If the banks paint an optimistic picture while credit quality remains strong, it could reinforce the narrative that the economy is proving far more resilient than many expected.”
What Analysts Expect From Each Bank
Analysts project Analysts expect JPMorgan to post the strongest growth of the four, with revenue up nearly 14% to $51.1 billion. Its wealth management business is driving most of that gain.
Goldman Sachs should see revenue climb 11% and profit jump 26%. Bank of America’s revenue should grow over 16%, while Wells Fargo, the weakest performer of the group this year, is expected to grow just 5%.
Strong bank earnings this week would send a reassuring signal to the wider market. Banks sit at the center of the economy, so healthy profits suggest consumers are still spending, businesses are still borrowing, and credit quality hasn’t cracked despite war in Iran and stubborn inflation.
For everyday investors, that could mean more confidence in stocks generally, since bank results often set the tone for the rest of earnings season.
But the picture isn’t all upside. Rising deposit costs and pressure on lending margins suggest banks may need to work harder for the same profits ahead, a dynamic that could eventually show up in loan rates or account fees for regular customers.
The Risk Beneath the Optimism
Morgan Stanley strategist Michael Wilson noted that banks are funding loan growth with costlier deposits. That dynamic could pressure profits further into 2027, prompting modest earnings estimate reductions across the sector.
Still, the industry’s balance sheet looks unusually strong. Tom Michaud, CEO of KBW, projects a tangible common equity ratio of 9.7% by the end of 2027 and that level would sit over 50% above where the industry stood entering the 2008 financial crisis. Banks could use that cushion to raise dividends, buy back stock, or pursue acquisitions.
Tuesday’s results will set the tone for a busy earnings week that also features major tech and consumer names. Whether banks can sustain growth while inflation and geopolitical risk persist remains the open question for markets.
The post Big Bank Earnings Today: Will Results Calm Economic Fears? appeared first on BeInCrypto.
SanDisk (SNDK) stock fell 12.63% Monday, July 13, and slid further after hours, as a broad selloff hit memory and chip stocks. Several Wall Street analysts still raised or reaffirmed their price targets on the company despite the drop.
The moves show analysts trust SanDisk’s earnings outlook, even as memory sector volatility has rattled the wider group in recent weeks.
Analysts Defend Bullish Case Despite the Slide
Citigroup reiterated its $2,500 price target on SanDisk with senior analyst, Asiya Merchant, issuing a bullish note and maintaining a buy rating on SNDK. The price target implies roughly 30% upside from the most recent close.
Evercore ISI analyst Amit Daryanani went further, he raised his target to $3,100 from $1,400 and kept an “Outperform” rating. The new target implies nearly 62% upside from the last close. Daryanani argues investors underestimate the durability of SanDisk’s earnings and pricing power through 2027.
Bernstein analyst Mark Newman lifted his target to $3,000 from $1,700. He points to structural changes in how memory suppliers now write long-term supply agreements.
Wedbush analyst Matthew Bryson told MarketWatch the memory market remains “in a very good place.” He said Micron (MU) and SanDisk both benefit from AI-driven demand that chipmakers cannot quickly match, since new fabs take years to build.
Retail Sentiment Stays Extremely Bullish
Stocktwits data showed “extremely bullish” retail sentiment on SNDK, with high message volume. A related poll of nearly 1,800 respondents put Micron ahead for best returns, at 57%. SanDisk drew 19%, still reflecting continued capital flowing into memory stocks despite the pullback.
Data puts 18 of 22 analysts covering SanDisk at “Buy” or “Strong Buy,” with an average target of $2,112.32. Shares remain up nearly 600% year to date, a run that has also stirred renewed AI bubble concerns across the sector.
The next earnings cycle will show whether SanDisk can grow into targets north of $3,000.
The post SanDisk Stock Keeps Sinking, So Why is Wall Street More Bullish? appeared first on BeInCrypto.
The US government sent $297 million in Bitcoin (BTC) and Ether (ETH) to Coinbase Prime in two transfers on Monday. Blockchain intelligence firm Arkham tracked an initial $8.8 million deposit, then a second $288.33 million deposit three hours later.
The larger transfer combines forfeitures from three separate criminal cases. It includes assets tied to Brian Krewson, the defunct BTC-e exchange, and dark web drug dealer Ryan Farace.
A Pattern Tracked Before
This is not the first false alarm from a Coinbase Prime deposit. Forfeited funds moved the same way in January, sparking Samourai Bitcoin sale rumors. The government has repeated the move with other seized assets since then.
It sent seized FTX Chainlink tokens to Coinbase Prime in June and seized Alameda altcoins in May. Neither transfer turned into a confirmed sale.
Monday’s transfers follow the same script, but at a larger scale. Three unrelated forfeiture cases moved to Coinbase Prime within hours of each other, but the question stays open until Treasury or the Marshals Service comments directly on a sale.
Executive Order, Still Not Law
Trump’s March 2025 executive order created the Strategic Bitcoin Reserve partly aimed at baring the government from selling its Bitcoin holdings. But the rule exists only by executive decision, not statute.
Congress introduced the codify Bitcoin reserve bill in May to lock in a 20-year holding period. It has not advanced past committee with many seeing it as a strong indicator of this administrations belief in Bitcoin. However, as BTC continues to be sent to exchange wallets, people are speculating as to the intention behind these moves.
The US’s Dark Bitcoin
Much of the US government’s Bitcoin holdings trace back to criminal forfeitures. Monday’s deposit combines three of the highest-profile cases.
Krewson helped store and launder $54 million in crypto for two convicted drug traffickers, the Department of Justice said. BTC-e ran as an unlicensed exchange from 2011 to 2017. It processed more than $9 billion before its shutdown, according to DOJ court filings.
Farace generated over 9,138 Bitcoin from dark web drug sales. He received a 54-month sentence in 2023.
The post US Government Sends $297 Million in Seized Crypto to Coinbase in One Day appeared first on BeInCrypto.
Japanese convenience store operator Lawson will test payments with the yen-denominated JPYC stablecoin in early August.
Summary
- Lawson will connect JPYC payments directly to its POS system during a single-store Tokyo trial.
- Customers will scan mobile wallet barcodes, while HashPort updates balances using verified checkout transaction data.
- Japan’s megabanks are also preparing yen stablecoins, widening competition across regulated digital payment networks nationwide.
The company will run the trial at its Takanawa Gateway City store in Tokyo’s Minato Ward. HashPort, a digital asset wallet provider, will support the payment system and process balance changes linked to purchases.
Lawson described the project as Japan’s “first” stablecoin payment trial connected directly to a point-of-sale system. That claim comes from the company and the test has not yet started. Lawson has not announced a chainwide launch.
It will decide on wider use after checking system stability and transaction speed. The company will also review whether the process fits normal store operations without slowing customers or adding extra work for employees during busy periods.
How the POS-integrated payment will work
Customers will open a supported mobile wallet and display a barcode on their phones. A Lawson employee will scan the barcode with the store’s existing POS terminal. HashPort will then use the payment information to update the customer’s JPYC balance. The process keeps the checkout within Lawson’s current store system.
The POS link will also allow Lawson to manage purchase details, including product quantities and payment times, alongside its usual sales data. The trial will measure how reliably the systems connect and how long each payment takes.
Customers will use stablecoins at checkout, but staff will still handle the scan through the normal sales terminal. Lawson can compare the stablecoin flow with card and QR payments, including processing steps, error handling and the time needed to finish each sale.
JPYC moves into everyday retail
JPYC Inc. began issuing JPYC on October 27, 2025. The token tracks the Japanese yen and uses yen deposits and Japanese government bonds as reserve assets. As crypto.news reported, the stablecoin initially waived transaction fees and aimed to support payments and transfers under Japan’s regulated framework.
Lawson’s test follows smaller retail and service launches. Japanese okonomiyaki restaurant operator Chibo started accepting JPYC at selected stores in April, according to Financial News. Dental clinics in Tokyo and Chiba also plan to add JPYC payments with HashPort.
The Lawson trial differs because it links the stablecoin payment directly with a major retailer’s POS system. The report said stablecoins may offer merchants lower fees than cards or QR services, though Lawson has not released fee figures for this pilot.
Japan expands regulated stablecoin activity
Japan’s large banks are also preparing yen-based stablecoin services. MUFG Bank, Sumitomo Mitsui Banking Corporation and Mizuho Bank plan to begin live transactions during fiscal 2026, which ends in March 2027. As crypto.news reported, the banks formed a council to develop shared rules for issuance, governance, systems and future participation.
Moreover, the banking project follows an FSA-backed test involving corporate cross-border payments and Progmat’s blockchain infrastructure. Japan has also opened regulated access to foreign stablecoins. Ripple and SBI launched the dollar-backed RLUSD through SBI VC Trade in June 2026 after approval from the Financial Services Agency.
American Bitcoin shares have fallen more than 95% from their peak, according to Bloomberg, cutting over $600 million from the value of Eric Trump’s roughly 6% stake.
Summary
- American Bitcoin’s stock lost over 95% despite its treasury growing beyond 8,000 BTC this month.
- The reverse split lifted ABTC’s quoted price but left the company’s underlying market value unchanged.
- A $117.2 million Bitcoin charge drove Q1 losses while mining costs fell sharply per coin.
The Bitcoin miner and treasury company reached a record low on Wednesday after months of selling pressure. ABTC closed at $6.13 on July 10, the latest available market close.
The fall followed a 1-for-15 reverse stock split that took effect after trading on July 2. Split-adjusted trading began on July 6 under the same Nasdaq ticker. The company reduced its issued share count from about 1.09 billion to roughly 73 million. A reverse split raises the quoted share price but does not increase the business’s total value.
Reverse split fails to stop selling pressure
American Bitcoin used the reverse split to support compliance with Nasdaq’s minimum bid-price rule. Shareholders approved the move at the company’s annual meeting in June. Crypto.news reported the approval on June 25, when ABTC remained under pressure despite the planned change. The stock then fell after split-adjusted trading started.
The company has not said the split can reverse its market decline. Reverse splits can help a listed company meet exchange rules, but investors still price its earnings, assets, debt and outlook. Bloomberg’s calculation places the stock more than 95% below its peak. That decline reflects split-adjusted prices rather than a direct loss caused by the share consolidation.
Bitcoin reserve grows beyond 8,000 BTC
American Bitcoin continues to mine and accumulate Bitcoin while its share price falls. The company added 500 BTC in its latest update, taking its reserve above 8,000 BTC. As crypto.news reported on July 7, the treasury had more than tripled since the company’s Nasdaq debut. The firm also said its satoshis-per-share measure had nearly tripled.
Eric Trump promoted the treasury growth and described the company’s operating model as “virtually unmatched” during an earlier selloff. That statement represents his view, not an independent measure of performance. The company’s strategy combines large-scale Bitcoin mining with direct purchases. It keeps mined coins rather than selling them to cover routine costs, according to management.
Bitcoin charge weighs on first-quarter results
American Bitcoin reported a $118.2 million operating loss for the first quarter of 2026. The result included a $117.2 million non-cash charge tied to the lower market value of its Bitcoin holdings. The company reported an $81.8 million net loss and $62.1 million in mining revenue. Bitcoin fell about 22% during the quarter.
Management said the accounting charge masked stronger mining operations. Chief executive Mike Ho said the “underlying business was profitable” after excluding the mark-to-market adjustment, and said American Bitcoin did not sell any coins. The company mined 817 BTC during the quarter and cut its production cost per Bitcoin to $36,200, down from $46,900 in the prior quarter.
The balance sheet still links American Bitcoin stock closely to Bitcoin prices and mining economics. Lower Bitcoin prices reduce the market value of its reserve and can weaken revenue per mined coin. Higher power, equipment or hosting costs can also narrow margins. Hut 8 provides key infrastructure and remains central to the company’s mining setup.
American Bitcoin’s growing reserve gives shareholders Bitcoin exposure, but treasury growth has not supported its market price. The company must keep Nasdaq compliance while funding mining and purchases. Its next results will show whether lower production costs can offset Bitcoin prices and whether the 8,000-BTC reserve can support the business without pressure on shareholders.
Former CDC CMO: RFK Jr. Is Doing ‘Irreparable Harm’
How You Should Invest Money You’ll Need In 5 Years
Trump Says US Will Become ‘Guardian’ of Vital Strait of Hormuz and Expects Payment Amid Iran Standoff
No Jackpot Winner as $257 Million Prize Rolls Over to $269 Million Monday Draw
Renter of Home in Anne Heche Crash Denies Settlement With Son
Weekend Open Thread: Staud – Corporette.com
How You Should Invest Money You’ll Need In 5 Years
Is Cryptocurrency Halal or Haram? Mufti Zubair Reveals Key Facts | Mufti Taqi Usmani | Samaa TV
Financial Accounting Chapter 1 | Introduction to Accounting | BCOM 1 Year Semester 1 | CWG for BCOM
-
News Videos7 days agoWhats Hidden Inside This Cash Register? #treasure #reselling #money
-
Fashion5 days agoLoro Piana Fall 2026 Enters Houston’s Art Scene
-
Fashion3 days agoWeekend Open Thread: Nutriplenish Leave-In Conditioner
-
Tech7 days agoAnthropic’s new “J-lens” reveals a silent workspace inside Claude that mirrors a leading theory of consciousness
-
Sports4 days ago2026 Genesis Scottish Open Thursday TV coverage: Round 1
-
Sports6 days agoJoshua Pacio ‘more complete’ ahead of ONE rematch vs Malachiev
-
Tech6 days agoAnthropic brings Claude Cowork to mobile and web as usage data shows most users aren’t coding
-
Sports4 days agoSuper Eagles star Moses Simon opens up on Liverpool transfer regret
-
Sports7 days ago
We have punished the disrespect
-
Tech5 days agoCharacter.AI enters the microdrama arena with its own productions, but there’s a twist
-
Crypto World7 days agoClaude AI Created Something Anthropic Never Designed
-
News Videos7 days ago“What’s going on?!” Carl Froch discusses Floyd Mayweather Jr financial issues
-
Crypto World6 days agoNasdaq arthritis company holding Moshe Hogeg crypto hits all-time low
-
News Videos5 days agoCrypto Just Entered Its Most Important 6-Month Candle (Could Decide Everything!)
-
Tech6 days agoKeychron is stepping outside keyboards with a $349 Thunderbolt 5 dock aimed at power users
-
Business6 days agoASX 200 Slides Over 0.6% as Rare Earths and Lithium Stocks Tumble Amid Global Semiconductor Sell-Off Today
-
Business6 days agoWill Trent shares rebound after Q1 update triggers 13% crash? Here’s what technical charts indicate
-
NewsBeat5 days agoMajor update after Huntingdon train attack as man enters plea
-
Tech6 days agoOpenAI teams with Work Louder to launch Codex-native keyboard, weeks after CEO of Apps told staff ‘not to be distracted by side quests’
-
Business6 days agoSpaceX Shares Slide Nearly 6% Amid Post-IPO Volatility and Starship Test Focus
You must be logged in to post a comment Login