Crypto World
U.S. Treasury sanctions Operation Zero over stolen cyber tools
The U.S. Department of the Treasury has sanctioned a Russia-based cyber “exploit broker” and its affiliates in a high-profile national security action targeting the theft and sale of proprietary U.S. government cyber tools, officials announced Tuesday.
Summary
- The U.S. Treasury sanctioned Russian exploit broker Operation Zero and associates for trafficking stolen U.S. cyber tools, using the Protecting American Intellectual Property Act.
- The action adds individuals and entities to the SDN list, blocking their U.S. assets and barring U.S. persons from dealings with them.
- The sanctions coincide with a DOJ and FBI investigation into a former defense contractor employee who sold proprietary cyber tools for cryptocurrency
Operation Zero blacklisted by U.S.
The designation marks the first use of the Protecting American Intellectual Property Act (PAIPA) in a sanctions case aimed at combatting digital trade-secret theft.
The Treasury’s Office of Foreign Assets Control (OFAC) placed Russian national Sergey Sergeyevich Zelenyuk and his St. Petersburg-based company Matrix LLC, also known as Operation Zero, on the Specially Designated Nationals (SDN) list, along with five associated individuals and entities.
The sanctions target the acquisition and redistribution of “exploits,” specialized computer code that can be used to take advantage of vulnerabilities in widely used software.
According to the Treasury, at least eight U.S. government cyber tools developed for defense and intelligence use were stolen from a U.S. company and allegedly sold by Operation Zero to unauthorized actors.
In its announcement, the Treasury said that Zelenyuk and his network offered substantial bounties to obtain exploits and then monetized the tech with buyers in Russia and elsewhere. Federal officials have expressed concern that such tools could be used for criminal activity or espionage, including ransomware and other destabilizing cyber operations.
The sanctions also encompass individuals linked to the group’s operations, including an affiliate company based in the United Arab Emirates and suspected members of the Trickbot cybercrime gang, previously sanctioned in other actions.
Under U.S. sanctions law, the property and interests of SDN-designated persons within U.S. jurisdiction are blocked, and U.S. persons are generally prohibited from engaging in transactions with them.
The action works in tandem with an ongoing criminal investigation by the Department of Justice and FBI into a former U.S. defense contractor employee who pleaded guilty last year to stealing the cyber tools and selling them for cryptocurrency.
Treasury officials said the sanctions aim to deter future theft of American intellectual property that could threaten national security, underscoring Washington’s broader strategy to hold foreign cyber actors accountable through economic and financial tools.
XRP is hovering around the $1.43–$1.46 region after a volatile February, with traders closely watching for signs of a broader trend reversal. One analyst now believes the token is on the verge of entering what he calls a “Phase 4” rally.
Summary
- A trader predicts XRP is nearing a “Phase 4” rally, citing a potential golden cross and bullish candlestick shift.
- XRP must break above its 50-day SMA to confirm short-term bullish momentum.
- Failure to hold current levels could invalidate the bullish retest and expose $1.20 support.
In a recent post, the trader said: “A trend reversal signal for XRP is imminent.”
The trader’s long-term chart outlines a multi-cycle structure divided into four phases. Historically, Phase 1 marked accumulation and breakout, Phase 2 a corrective consolidation, and Phase 3 a prolonged compression within converging trendlines.
The current structure shows XRP price recently breaking above a multi-year symmetrical triangle before pulling back toward the upper trendline, a classic retest scenario.
The highlighted “Phase 4” zone projects an expansion phase targeting previous all-time highs first (TP1: ATH), followed by an extended Fibonacci projection near $21.5 (TP2: 6.618), though such levels remain highly speculative.
XRP price tests key resistance as momentum slowly rebuilds
On the daily timeframe, XRP’s price action shows stabilization after a sharp drop earlier this year. The 14-day RSI sits near 44, recovering from oversold territory but still below the neutral 50 mark, suggesting momentum is improving but not yet decisively bullish.
Meanwhile, XRP remains below its 50-day simple moving average (SMA), currently near $1.69, which acts as immediate resistance. A sustained move above this level could strengthen the bullish case and confirm short-term reversal momentum.
On the downside, key support lies near $1.30–$1.35, with stronger structural support around $1.20. A breakdown below those levels would invalidate the bullish retest narrative.
For now, XRP sits at a technical crossroads with traders watching closely to see whether this is merely consolidation or the beginning of Phase 4.
The Core Team said they continue with the updates, and the latest is right around the corner.
Despite the ongoing community backlash and questions regarding the migration state, the team behind Pi Network announced a new set of protocol upgrades that are currently in progress, and the deadline is March 1.
In the meantime, the native token has been quite volatile as of late, and we will review its most recent performance.
March 1 Deadline for Nodes
Similar to the updates outlined by the team in mid-February, the new protocol improvements will be rolled out gradually. In this second step, the deadline is set for the upcoming Sunday (March 1).
As with the February batch, all network nodes are required to complete this step before the deadline to “remain connected to the network.”
Protocol upgrades in progress (Step 2 – Deadline: March 1): The Pi Mainnet blockchain protocol continues to undergo a series of upgrades. All Mainnet nodes are required to complete this step before the deadline to remain connected to the network. Details here:…
— Pi Network (@PiCoreTeam) February 25, 2026
The explanatory post actually refers users to the Pi Nodes page on the project’s website. In it, the team reiterates previous statements about the importance of nodes within the Pi Network ecosystem, as they referred to them as the “fourth role.” Once again, they reminded that nodes have to run on laptops and desktops instead of mobile phones.
Pi Nodes, similar to other blockchains, are responsible for validating transactions on the distributed ledger and resolving challenges in maintaining a “distributed currency by having to come to a “consensus” on the order of new transactions that are being recorded.”
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In Pi Network’s case, the consensus algorithm is based on SCP, which allows nodes to form trusted groups, referred to as quorum slices, and only agree to transactions that are in complete alignment.
“Unlike most other crypto projects, the Pi Node will continue to follow the philosophy of user-centric design. Instead of requiring deep technical knowledge to set up a node, everyday people will be able to do that by installing a desktop application on their computers,” said the team.
PI Price Update
Pi Network’s native token went through some intense volatility in the past few weeks, which included a sporadic 35% daily surge a few weeks back that pushed it beyond $0.20. However, it was quickly rejected there and driven to under $0.16 during the market-wide crash earlier this week.
With BTC and the alts rebounding yesterday and today, PI followed suit and now sits inches away from $0.17. The upcoming unlocking schedule has some troubling news for next week, but the following several days should ease the pain, with around 5.5 million tokens to be released daily.
On March 7, though, that amount will skyrocket to almost 22 million, followed by 16.5 million a day later. These large unlocks could increase the immediate selling pressure.
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DOT, STABLE, and UNI have rocketed the most in the past day, with gains of over 20% in some instances.
After dumping to a new local bottom of $62,500, bitcoin went on a tear yesterday, surging by over eight grand to $70,000, where it faced immediate selling pressure.
Many altcoins have produced even more impressive gains over the past day, with ETH reclaiming the $2,000 level, and ADA surging by double digits to almost $0.30.
BTC Tapped $70K
After last week’s rejection at $70,000, bitcoin spiraled down for a few consecutive days and dipped to $65,600 last Thursday. It reacted well to this decline and jumped toward $69,000 during the weekend, where it was stopped again after the latest developments on the tariff front, prompted by the US Supreme Court and the subsequent Trump actions.
Although BTC remained relatively still at first, it plunged when the legacy futures markets opened. In just over an hour, the asset plummeted to $64,400 before it rebounded to $66,400.
That appeared to be a dead-cat bounce, and BTC quickly began to lose value again. This time, the nosedive drove it to a three-week lot of $62,500. The bulls finally stepped up decisively at this point and prevented another leg down. Just the opposite; bitcoin exploded out of the gate and soared to $70,000 for the first time in over a week.
It couldn’t break above that level, and has declined by two grand since. However, it’s still 4.5% up on the day, and its market cap has returned to $1.360 trillion on CG. Its dominance over the alts remains inches above 56%.
Alts Rocket
Ethereum, which some analysts believe might have already bottomed out, is back above $2,000 after an impressive 8% daily surge. XRP has reclaimed the $1.40 line after a 5.5% pump. SOL, DOGE, CC, BNB, and HYPE have marked similar gains, while LINK has soared by 9%.
ADA has outperformed the rest of the larger-cap alts. A 10% surge has driven it to almost $0.30. DOT is today’s top performer, having soared by 24% to roughly $1.60. STABLE, UNI, and NEAR follow suit.
The total crypto market cap has recovered $120 billion since the recent low and is up to $2.425 trillion on CG.
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A convincing bullish reversal setup and hints of easing whale distribution may push the price of XRP up by 20% or more in March.
XRP (XRP) is down more than 50% since October 2025, with five consecutive monthly losses. Can March finally snap the bearish streak?
Key takeaways:
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XRP’s double-bottom setup targets 20% upside in March.
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Whale selling has cooled and larger-holder balances are rising, improving the bullish outlook.
Double bottom hints at 20% XRP rally
As of Thursday, XRP was forming what appeared to be a double bottom pattern after holding the $1.30–$1.35 support area twice in February.
A double bottom forms when the price hits the same floor twice an rebounds. It resolves on a breakout above the neckline, often setting an upside target equal to the pattern’s height from the breakout level.
For XRP, the neckline sits near $1.50. A decisive break above it increases the odds of XRP rising to $1.68–$1.70 by March, roughly 20% above the current levels.
XRP whale flows improve recovery chances
XRP net flows are shrinking toward neutral levels after spending months in distribution phase, according to data resource CryptoQuant.
As of Thursday, the total whale flow on a 90-day moving average was around -3.29 million XRP compared to roughly -33.50 million XRP in December. This shows that whale outflows have substantially decreased despite the 25% price drop in the same period.
At the same time, XRP supply held by wallets with at least 1,000 tokens has resumed its upward trajectory in recent weeks, suggesting that whales have stopped selling and may be re-accumulating near current lows.
A similar easing in whale flows occurred in April 2025, which preceded an XRP rebound of over 50%.
Therefore, a clean flip above zero would signal net accumulation and strengthen the case for XRP to follow through toward its $1.68–$1.70 double-bottom target in March.
What could spoil the bullish XRP scenario?
The $1.68–$1.70 area is above XRP’s 50-day exponential moving average (50-day EMA, the red trendline), a level the price has failed to break throughout February.
A pullback from the 50-day EMA could keep XRP from hitting its double-bottom target. That may further trigger a bear pennant scenario with the price target at around $1, down about 30% from the current price levels.
Related: $209B exited altcoins over the last 13 months: Did traders rotate into Bitcoin?
Macro risks are another headwind. The return of the AI-driven risk-off trade and US–Iran tensions can drain liquidity from high-beta assets, making it harder for XRP to sustain a breakout even if the chart setup currently looks promising.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. While we strive to provide accurate and timely information, Cointelegraph does not guarantee the accuracy, completeness, or reliability of any information in this article. This article may contain forward-looking statements that are subject to risks and uncertainties. Cointelegraph will not be liable for any loss or damage arising from your reliance on this information.
A large crypto trader lost roughly $8.2 million after a leveraged bet on the ARC perpetuals market unraveled on the decentralized derivatives platform Lighter, forcing the exchange to tap its backstop liquidity and trigger auto-deleveraging to manage risk.
In a series of posts on X, the platform explained that the whale built a very large long position over several days, pushing total open interest in the ARC (ARC) market to about $50 million, while roughly 600 traders and market makers took the opposite side.
The trade began to fail when ARC’s price dropped around 6:00 pm ET on Wednesday. About $2 million of the position was liquidated on the order book, and the remaining position was moved into Lighter’s liquidity provider pool (LLP), where it was handled under a high-risk strategy category.
The platform then activated auto-deleveraging (ADL), meaning some profitable short traders were partially closed so the system could safely unwind the position. At one point, the LLP briefly absorbed about 200 million ARC, worth roughly $14.7 million, before the position was reduced further as prices continued falling.
Related: How South Korea is using AI to detect crypto market manipulation
Risk caps limit LP losses to $75,000
Even with the large liquidation, losses to liquidity providers were limited. Lighter said only about $75,000 was affected because the ARC market was isolated in a separate risk bucket rather than exposing the exchange’s entire liquidity pool. Short traders who held positions against the whale were profitable.
“In the end, the big long trader lost around 8.2M USDC (USDC), LLP lost 75k, and the short traders who took the risk of betting against this position were profitable,” Lighter wrote.
Following the incident, Lighter added new safeguards to the market. In a pop-up message on its website, the platform said it introduced a $40 million open interest cap on ARC and moved the pair under a capped liquidity strategy with approximately $100,000 USDC in allocated capital. If that liquidity is exhausted, the system now automatically transitions to ADL to close risk.
The exchange also said similar caps may be applied to other assets.
Related: How pig-butchering crypto scams turn trust into a financial weapon
Manipulation concerns on decentralized platforms
The incident comes amid concerns over price manipulation on decentralized trading platforms. In August last year, four whales were accused of manipulating the price of Plasma (XPL) token on Hyperliquid after the asset jumped about 200% to above $1.80 within minutes.
In June, DeFi protocol Resupply also suffered a security breach in its wstUSR market, resulting in roughly $9.6 million in losses after an attacker manipulated prices through its integration with the synthetic stablecoin cvcrvUSD.
Magazine: Bitcoin may take 7 years to upgrade to post-quantum — BIP-360 co-author
Ethereum co-founder Vitalik Buterin has outlined sweeping changes to the network’s core consensus design following the release of the Ethereum Foundation’s new “strawmap,” a long-range technical roadmap aimed at accelerating layer-1 upgrades through the end of the decade.
Summary
- Vitalik Buterin outlined plans to reduce Ethereum slot times from 12 seconds toward as low as 2 seconds, with finality potentially dropping to 6–16 seconds.
- The Ethereum Foundation’s “strawmap” sketches seven forks through 2029, targeting faster UX, gigagas throughput, post-quantum security, and privacy.
- Upgrades include erasure-coded P2P networking, reduced attester counts, Minimmit-based finality, and eventual quantum-resistant cryptography.
Vitalik Buterin explains Ethereum Strawmap vision
In a detailed post, Buterin walked through one of the roadmap’s central goals: “fast L1,” which seeks to progressively reduce slot times and dramatically cut finality. Ethereum’s current average finality sits at roughly 16 minutes.
Under the proposed trajectory, slot times could gradually fall from 12 seconds to as low as 2 seconds, while finality could shrink to between 6 and 16 seconds using a one-round BFT-style algorithm known as Minimmit.
Buterin emphasized that slot time reductions would occur incrementally, potentially following a “sqrt(2) at a time” formula, and only when proven safe. Key enablers include peer-to-peer networking upgrades using erasure coding to improve block propagation efficiency, as well as architectural adjustments that reduce signature aggregation overhead by limiting the number of attesters per slot.
The strawmap, introduced by Ethereum Foundation researcher Justin Drake, presents five long-term “north stars”: fast L1, gigagas L1 throughput, teragas L2 scaling, post-quantum security, and native privacy. It spans seven projected forks through 2029, with upgrades grouped across consensus, data, and execution layers.
Buterin noted that many of the most invasive changes, including quantum-resistant hash-based signatures, may be bundled together in a gradual “ship of Theseus” style replacement of Ethereum’s consensus system.
While the document is described as a coordination tool rather than an official roadmap, it signals a push toward faster user experience, stronger cryptography, and end-to-end formal verification.
Bitcoin price is up nearly 5% in the past 24 hours, briefly touching the $70,000 level before pulling back toward $68,000. This rebound helped Bitcoin recover almost 12% from its February 24 low.
But despite this strong move, Bitcoin could not hold above $70,000. This hesitation is not random. It reflects a deeper issue that Dessislava Ianeva, Research Analyst at Nexo, says is still limiting Bitcoin’s recovery. Multiple data points now show that while buy signals are appearing, conviction remains weak. And until Bitcoin clears the $70,000 to $70,800 zone, this recovery may remain incomplete.
Smart Money Signals Price Recovery, But Breakout Still Needs Confirmation
Bitcoin’s recent rebound did not happen without warning. One key indicator called the Smart Money Index (SMI) began rising on February 24. This indicator tracks the trading behavior of informed traders, often linked to strategic positioning. When this index rises, it suggests experienced investors may be positioning early.
The last time this happened was February 13, when the SMI started moving toward the signal line. Back then, the Bitcoin price climbed about 7% over two days.
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This time, the move was stronger. Bitcoin jumped nearly 12%, briefly touching $70,000. At the same time, Bitcoin is now forming what appears to be a cup and handle pattern. This is a bullish structure. It often appears before breakouts.
But the breakout is not confirmed yet. Because Bitcoin is still stuck below the critical upsloping neckline zone between $70,000 and $70,800.
This range now acts as the trigger level. Until Bitcoin crosses it, the pattern remains incomplete.
Nexo Analyst Explains Why Bitcoin Price Recovery Still Lacks Conviction
Despite bullish technical signals, the underlying demand is still weak. Trading volume shows this clearly.
Earlier in February, Bitcoin trading volume reached $125.5 billion. That was during the previous price move. Today, trading volume is around $52 billion. That is more than 58% lower.
Even more importantly, Dessislava Ianeva confirmed this broader trading participation weakness.
“In 2026, BTC average trading volumes are down roughly 17% versus the 2025 average, reflecting subdued market participation,” Ianeva mentioned
This means fewer participants are supporting the move. This is critical because price rallies need strong participation to sustain themselves. At the same time, open interest has also dropped sharply.
Open interest measures the number of futures positions that are active. Earlier in January, open interest stood near $37.5 billion. Now it is around $21.5 billion. That is a 43% drop. This tells us fewer traders are willing to take large positions.
Ianeva added to this finding by saying that:
“Derivatives positioning has normalized and funding conditions have cooled, pointing to orderly deleveraging rather than systemic stress.”
This means the market is stabilizing. But it also means aggressive buying pressure is missing. This helps explain why Bitcoin recovery remains slow.
Long-Term Bitcoin Holders Are Still Selling Despite the Price Bounce
Another major sign of weak conviction, apart from the lack of aggressive buying, comes from Bitcoin’s long-term holders.
The Long-Term Holder Net Position Change metric tracks whether long-term investors are accumulating or selling Bitcoin over a 30-day period. These holders are considered the strongest hands because they typically buy during crashes and sell during market tops.
But right now, they are still selling.
February 24 showed a net reduction of 78,583 BTC on a 30-day rolling basis. That selling has only slightly slowed to 75,911 BTC recently. This is still significantly higher than the 61,431 BTC reduction seen on February 23.
This shows that even as the Bitcoin price rebounded nearly 12%, long-term holders did not shift into accumulation. Instead, they continued distributing supply.
This creates a major problem for the rally. Because sustainable Bitcoin price recoveries usually begin when long-term holders start buying aggressively, not selling.
Dessislava Ianeva also pointed to this broader lack of conviction as part of the macroeconomic (global economic) concerns.
“Macro uncertainty continues to constrain liquidity, even as crypto-specific excess has largely been cleared and the market is in a healthier position.”
This confirms that while Bitcoin’s structure is improving with excess like leverage being cleared out, strong conviction has not fully returned. Until long-term holders stop selling and begin accumulating again, Bitcoin’s upside may remain limited — especially near major resistance zones like $70,000.
Supply Cluster at $70,000–$70,800 Is the Real Bitcoin Price Barrier
The strongest reason Bitcoin stalled near $70,000 comes from on-chain supply data. This data is called URPD, or UTXO Realized Price Distribution. It shows where investors last bought their Bitcoin.
Two major supply clusters exist right now. The first sits near $69,400 and holds about 0.93% of supply. The second sits at $70,600 and holds about 0.60% of supply. Together, this zone contains about 1.5% of the total Bitcoin supply.
That makes it one of the strongest resistance zones. This explains why Bitcoin touched $70,000 but could not stay above it.
Investors who bought earlier at these levels are likely selling to break even. This creates selling pressure. But this also explains why breaking $70,800 could change everything.
Above $70,800, supply becomes significantly thinner, as the last key cluster sitting at $70,600 breaks. This means fewer sellers exist, and if Bitcoin breaks above $70,800, the next major target sits near $78,600. This represents a potential upside of over 11%, as projected by the cup-to-neckline distance.
Also, this level is not random, and the technical resistance aligns with a key URPD cluster as well at $78,200.
However, downside risks still exist as the broader trend for the BTC price points lower. Bitcoin must hold above $65,700 to maintain this bullish structure. If Bitcoin falls below $62,400, the bullish pattern would fail completely.
For now, Bitcoin is stuck at a decision point. Smart money signals show early positioning. But falling trading volume, lower open interest, and strong supply at $70,000 are still blocking the breakout. As the Nexo analyst Dessislava Ianeva explained, the market structure is improving. But conviction is not fully back yet.
AllUnity, a stablecoin platform backed by Deutsche Bank, has launched a new stablecoin denominated in Swiss francs (CHF).
After introducing its euro-pegged EURAU stablecoin last year, AllUnity is rolling out CHFAU, a stablecoin pegged 1:1 to the franc, the company said in an announcement shared with Cointelegraph on Thursday.
Initially available to institutional and professional investors, CHFAU launches on the Ethereum blockchain as an ERC-20 token, with plans to expand to additional networks later this year.
CHFAU enters the market fully aligned with the EU’s Markets in Crypto-Assets Regulation (MiCA), as AllUnity secured an E-Money Institution (EMI) license from the German Federal Financial Supervisory Authority (BaFin) in July 2025.
“The launch of CHFAU is a fundamental milestone in our mission to build Europe’s regulated digital payments ecosystem,” AllUnity CEO Alexander Höptner said.
Regulated digital Swiss franc for institutional settlement
CHFAU will be exclusively available to institutional and professional clients through the AllUnity Mint Platform, a spokesperson for AllUnity said.
“We are currently finalizing exchange and trading venue integrations and will communicate specific listings as they go live,” the company said, adding that CHFAU is technically live, but broader availability across venues will be rolled out progressively through integrations.
“The primary purpose of CHFAU is to serve as a trusted, regulated digital Swiss franc for institutional settlement,” Höptner told Cointelegraph, adding:
“Whether for cross-border payments, digital asset markets, or treasury and liquidity management, CHFAU enables secure, real-time value transfer within a fully compliant framework.”
EURAU grows to $1.2 million since launch
AllUnity was founded in early 2024 as a joint venture by Deutsche Bank’s asset management arm DWS, market maker Flow Traders and crypto company Galaxy Digital with the aim of issuing fully regulated stablecoins.
Since its debut in July 2025, AllUnity’s EURAU stablecoin has seen its market capitalization rise to $1.2 million, ranking 16th by market cap among 22 euro‑pegged stablecoins listed on CoinGecko.
Related: ECB targets 2027 digital euro pilot as provider selection begins in Q1 2026
The stablecoin is available on a limited number of exchanges, with CoinGecko listing public centralized exchange Bullish and the decentralized exchange Aerodrome as venues trading EURAU at the time of publication. The stablecoin is also available on platforms including Bitpanda, Rulematch and WAWEX, AllUnity told Cointelegraph.
The total market capitalization of all euro-pegged stablecoins is now at $895 million, with EURC (EURC), issued by USDC (USDC) provider Circle, leading with $459 million.
Not the only Swiss franc stablecoin
Although AllUnity says CHFAU is the first MiCA-compliant Swiss franc‑pegged stablecoin, multiple companies have experimented with similar initiatives in recent years.
According to data from DefiLlama, there are at least three CHF‑denominated stablecoins, including Frankencoin (ZCHF), VNX Swiss Franc (VCHF) and Hedera Swiss Franc (HCHF). The combined market capitalization of these coins is about $38.6 million.
The largest of these, Frankencoin, is a decentralized stablecoin launched in 2023. The project is based in Switzerland and backed by the Frankencoin Association.
Other CHF stablecoin initiatives include CryptoFranc (XCHF), issued by crypto financial services provider Bitcoin Suisse. Launched around 2018, the stablecoin was later discontinued due to insufficient market adoption.
Magazine: 6 massive challenges Bitcoin faces on the road to quantum security
Crypto World
UK politician proposes ban on political crypto donations over foreign interference risks
Some Members of Parliament in the United Kingdom, led by the chairman of the Joint Committee on National Security Strategy, Matt Western, are pushing for a temporary ban on political crypto donations due to concerns over foreign interference.
Summary
- UK MPs have proposed a temporary moratorium on crypto donations to political parties until the Electoral Commission issues statutory guidance.
- The proposal calls for the use of FCA-registered platforms, mandatory source verification and a ban on mixer-linked funds among other provisions.
A letter directed to the Secretary of State for Housing, Communities and Local Government, Steve Reed, has proposed a temporary moratorium on cryptocurrency donations to political parties until the Electoral Commission produces statutory guidance.
In the letter, Western raised concerns around “foreign state intent to interfere in UK political finance” as there is “no clear national enforcement lead for political finance and foreign interference risk.”
“As the security environment worsens and the UK’s military role in Europe grows, the value of influencing the UK’s political positions (for example, on Ukraine, or US/EU relations) is likely to increase,” Western said.
He has urged the Electoral Commission to introduce interim safeguards, such as only allowing political parties to process crypto donations through Virtual Asset Service Providers registered with the Financial Conduct Authority, and accepting contributions where there is high confidence in identifying the ultimate source of the funds.
He also suggests prohibiting the use of crypto mixers or tumblers that can be used to obscure the provenance of assets, alongside a mandate that political parties should convert donations into pound sterling within 48 hours of receipt.
Further, Western recommended stricter source of wealth checks for donors and a review of sentencing for electoral finance offences, alongside higher penalties for breaches involving foreign money and expanded powers for regulators to pursue violations.
Last month, Western, along with a group of other committee chairs, lobbied for a full ban on cryptocurrency donations by including a provision in the Representation of the People Bill. That, however, was not included in the legislation when the bill was introduced to the House of Commons on Feb. 12.
According to a BBC report, Reform UK was the first party at Westminster to accept political cryptocurrency donations in the UK, led by pro-crypto figure Nigel Farage, who announced the move after appearing at the Bitcoin 2025 conference in Las Vegas.
However, details on the party’s official website state that it does not accept anonymous donations and applies permissibility checks to ensure funds originate from UK-registered companies or individuals listed on the electoral register, with contributions above £500 subject to standard compliance procedures.
Across the globe, crypto donations became a defining feature of the U.S. election cycle last year, with several political figures, including current President Donald Trump, having embraced digital asset fundraising. Trump’s campaign began accepting cryptocurrency contributions during the 2024 race.
As previously reported by crypto.news, Representative Mike Collins from Georgia also announced plans to accept cryptocurrency donations last year.
The Federal Election Commission permits cryptocurrency contributions to political committees, provided they adhere to existing contribution limits, disclosure standards, and other reporting requirements.
Former Ethereum treasury firm EthZilla has officially rebranded as Forum Markets as it moves ahead with its pivot towards a full-fledged tokenized real-world assets-focused firm.
Summary
- Rebranded as Forum Markets, the company will trade under the ticker FRMM from March 2.
- Under the Forum Markets brand, the company is repositioning itself as a tokenised real-world asset platform.
- Peter Thiel’s Founders Fund exited its position in the company earlier this month as the stock remained deeply below its August 2025 peak.
According to the official announcement, the company has updated its corporate name and brand to Forum Markets as it moves away from its earlier positioning as an Ethereum treasury company. As part of the rebranding, it has also changed its Nasdaq ticker symbol to FRMM and is expected to begin trading under the new symbol on March 2, subject to Nasdaq approval.
Forum framed the move as the “next development in the company’s planned strategic evolution” and said it plans on “connecting traditional capital markets with blockchain-based financial infrastructure.”
“Forum embodies our belief that the next generation of financial markets will be built around institutional-grade, on-chain products backed by real assets, governed by transparency, and delivered through regulated infrastructure,” the company’s chairman and CEO, McAndrew Rudisill, said in an accompanying statement.
The company said its platform is designed to aggregate, structure, and tokenize cash generating real world assets that were previously inaccessible to a broader base of investors. Forum will leverage its subsidiaries and strategic partners to create a repeatable pipeline to originate and distribute tokenized investment products across multiple asset classes.
Forum has already begun phasing out its balance sheet crypto strategy and announced earlier this month that it had acquired two commercial jet engines leased to a “leading US air carrier,” which will underpin its first aviation-backed offering, the Eurus Aero Token I.
ETHZilla shares climbed more than 13% after the company announced the rebrand and ticker change. However, on a year-to-date basis, the company’s shares were down over 20% as crypto treasury stocks have struggled to gain traction over the past months.
ETHZilla, formerly a biotech company known as 180 Life Sciences, transitioned into an Ethereum treasury firm last year while crypto treasury stocks were trending. Subsequently, it acquired as much as 102,246 ETH at the height of the strategy, but as the initial enthusiasm faded and share prices retreated, the company later announced its intent to pivot toward the tokenized real-world asset market.
Earlier this month, Peter Thiel’s Founders Fund, an early backer of the company, exited its position. ETHZilla has also moved to sell portions of its assets to scale back its crypto exposure and initiate share buybacks in an effort to stabilise its equity performance.
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