Key Takeaways

• Singapore’s financial authority flags Hyperliquid for operating without proper licensing credentials.
• The platform maintains it never represented itself as authorized by Singapore regulators.
• Alert listing doesn’t constitute an operational ban or indicate imminent legal action.
• Singapore continues strengthening regulatory framework for cryptocurrency platforms targeting domestic users.
• Despite regulatory spotlight, Hyperliquid maintains position as leading decentralized exchange.

On June 26, Singapore’s financial watchdog placed Hyperliquid on its official Investor Alert List, citing the platform’s absence of domestic regulatory approval. The warning encompasses both the Hyper Foundation’s web presence and its decentralized trading application. Importantly, this designation doesn’t constitute an outright prohibition or signal immediate enforcement measures.

Singapore Authority Issues Public Warning

The Monetary Authority of Singapore maintains this registry to spotlight financial operations lacking mandatory domestic approval. The authority uses this mechanism to identify services that Singapore residents might mistakenly believe are regulated entities. This alert serves to clarify Hyperliquid’s standing under Singapore’s regulatory framework.

The public alert mechanism dates back to 2004, established as a consumer safeguard initiative. Updates occur regularly, incorporating websites, corporate entities, and digital financial platforms. Appearing on this registry doesn’t necessarily imply fraudulent activity or criminal operations.

The designation indicates MAS hasn’t granted Hyperliquid permission to deliver regulated financial services within Singapore’s borders. Consequently, platform users cannot access the safeguards typically provided through domestically supervised financial organizations. No financial penalties or judicial proceedings against the platform have been disclosed by the regulator.

Platform Emphasizes Decentralized Framework

Hyperliquid responded by stating it never portrayed itself as possessing Singapore regulatory authorization. The platform emphasized the alert hasn’t impacted its permissionless operational model. Trading activity continues flowing through its blockchain-based network infrastructure.

The decentralized trading venue enables participants to maintain direct custody of their digital assets throughout transactions. Settlement occurs transparently via blockchain verification mechanisms. The platform contends its architectural design fundamentally differs from conventional centralized financial services.

According to the platform, its broader network will maintain ongoing dialogue with regulatory bodies and institutional players globally. It advocates for transparent regulatory guidelines governing decentralized finance and blockchain trading environments. Nevertheless, Hyperliquid hasn’t revealed intentions to pursue Singapore licensing.

Regulatory Pressure Intensifies Across Crypto Sector

MAS has expanded its alert roster to include multiple cryptocurrency trading platforms. Bybit received the same designation on June 17, joining previously listed exchanges KuCoin and Bitget. These inclusions demonstrate Singapore’s systematic approach toward unauthorized digital currency operations.

During May 2025, MAS mandated that Singapore-domiciled cryptocurrency companies servicing international clientele obtain proper licenses or cease activities. This directive eliminated a regulatory loophole permitting certain operators to bypass domestic approval requirements. The authority emphasized it had communicated this regulatory stance consistently since 2022.

These enforcement measures connect to enhanced consumer safeguards and strengthened financial crime prevention protocols. The regulator also aims to better harmonize with global anti-money laundering frameworks. Cryptocurrency enterprises based in Singapore now confront more demanding licensing requirements.

Exchange Sustains Leading Industry Status

Hyperliquid continues ranking among the most prominent decentralized trading venues notwithstanding regulatory attention. According to CoinGecko metrics, it holds ninth position among decentralized exchanges measured by transaction volume. DefiLlama data suggests the protocol secures approximately $5.7 billion in total value locked.

The venue concentrates primarily on perpetual futures contracts and additional blockchain-enabled trading instruments. Its architecture merges self-custodial features with high-speed transaction execution. Regulatory authorities may still evaluate how such platforms extend services to users within specific jurisdictions.

MAS hasn’t signaled whether additional measures targeting Hyperliquid will follow. The current alert primarily serves to inform Singapore residents about the platform’s regulatory standing. Meanwhile, the exchange maintains operations through its permissionless blockchain systems.

Stablecoin adoption has increasingly hinged on a practical question, how do users move fiat into crypto and back out without sacrificing the control promised by self-custody? On June 25, Noah, a stablecoin payments infrastructure provider, and Bron, a multi-party computation (MPC) self-custody wallet, announced a partnership designed to connect Bron users to Noah-powered stablecoin on- and off-ramp capabilities.

The companies position the integration as a way to streamline funding and withdrawals from a self-custody wallet, while keeping the user experience closer to familiar financial workflows. The development also reflects a broader market trend, stablecoins are shifting from niche trading instruments toward payment and remittance rails, which in turn increases demand for regulated and reliable fiat access.

What Noah and Bron say they are building

Noah provides what it describes as stablecoin payment rails for fintechs, exchanges, marketplaces, and other businesses across more than 70 countries. Its platform includes components intended to support compliant money movement, including on-ramps and payout-related services.

Bron, meanwhile, presents its wallet as a non-custodial self-custody product that reduces reliance on seed phrases through an MPC-based security design. According to the announcement, Bron uses a three-party MPC architecture for transaction authorization, splitting signing responsibilities across multiple shards, including one on the user device, one operating within the Bron platform, and one held by an independent third party appointed by the user for recovery. The release states that no single party can reconstruct or control the complete signing material or authorize transactions unilaterally.

Under the partnership, the companies say Bron users will be able to access stablecoin on- and off-ramp functionality powered by Noah’s network. In practical terms, the goal is to make it simpler for users to fund their self-custody wallet with stablecoins, and later convert them back out through the same ecosystem, without changing the underlying self-custody model.

Why on- and off-ramps matter for self-custody

Self-custody is often viewed as a security upgrade because users are expected to control their own signing material. However, many mainstream entry points into crypto are still built around centralized services such as exchanges or custodial wallets. As a result, users may have to navigate multiple steps and user experiences, from buying stablecoins on an exchange to transferring them into a self-custody wallet, and then reversing the process when they need fiat access again.

Stablecoin on- and off-ramps aim to reduce that friction. From an industry perspective, the challenge is not only technical integration, but also compliance and operational readiness, including identity checks where required, transaction monitoring, and the handling of fiat rails across jurisdictions. By routing on- and off-ramp activity through an infrastructure provider, wallet makers can focus on wallet security and usability while relying on an external entity for regulated fiat connectivity.

The Noah-Bron announcement suggests the companies are trying to connect these two layers, keeping the security posture associated with self-custody while using Noah as an intermediary for the fiat-to-stablecoin and stablecoin-to-fiat steps.

Implications for high-net-worth and cross-border use cases

The release frames the partnership around users who may want global dollar origination and payouts across markets and international jurisdictions. That points to an audience where cross-border liquidity and payout reliability are often more important than consumer-style onboarding.

For that segment, stablecoins can function as a bridge between traditional payment ecosystems and blockchain settlement. However, the value of the bridge depends on the ability to enter and exit efficiently. If on- and off-ramp access becomes smoother inside a self-custody workflow, it could lower the operational overhead for users who would otherwise rely on transfers between different platforms.

Still, the scope of what users will be able to do depends on how the integration is implemented and which jurisdictions and fiat methods are supported. The announcement indicates that Noah serves businesses in many countries, but it does not provide a detailed list of regions or user flows for Bron consumers.

MPC security, usability, and the security model question

Bron’s MPC-based approach is central to its positioning. In a traditional wallet, the main recovery and authorization mechanism is often a seed phrase, which can be risky if mishandled and inconvenient if users want a more guided recovery process. Bron states that its architecture eliminates seed phrases and introduces additional protections including biometric authentication, policy controls, delayed transfers, hidden vaults, and guardian-based recovery.

From an editorial standpoint, it is important to separate what the announcement clarifies from what it does not. The release describes how the MPC shards are distributed and emphasizes that no party can unilaterally access or move assets. But details on how users will experience on- and off-ramp steps inside the wallet, and what safeguards apply around fiat conversion and transaction initiation, are not fully specified in the announcement text provided.

Market context: stablecoins as infrastructure

Stablecoins continue to be positioned as one of the faster-growing “real-world” use cases in crypto, particularly for payments, remittances, and savings. In that environment, infrastructure partnerships are becoming more common because the ecosystem needs to connect regulated fiat systems with blockchain-based settlement.

Partnerships like the one between Noah and Bron fit a pattern where wallet products and payments rails converge. Wallet providers can improve usability by integrating with established on- and off-ramp providers, while payments infrastructure firms can expand distribution through wallet-based interfaces.

What remains to be seen is how quickly the integration translates into measurable user growth, retention, or transaction volumes, and whether it reduces the need for users to route through centralized exchanges for basic fiat access.

What to watch next

• Supported jurisdictions and fiat methods: integration details typically determine whether the partnership meaningfully expands access.
• User flow and fees: on- and off-ramp integration can change the cost structure versus using exchanges directly.
• Security and recovery behavior: MPC wallet recovery options may interact with onboarding and withdrawal workflows, which users should understand before switching.
• Regulatory posture: stablecoin rails often rely on regulated partners, so compliance coverage is an operational factor for end users.

For now, Noah and Bron have outlined a direction that speaks to the core bottleneck in self-custody adoption, connecting secure control with frictionless access. If implemented smoothly and broadly, the integration could help more users treat stablecoins as everyday payment and value transfer tools, rather than assets that require separate, multi-step processes to move in and out of fiat.

Framework Ventures, a San Francisco-based venture capital firm backed by crypto operators, has closed its fourth fund after raising $400 million for investments in “frontier technology.” The new pool will support not only digital-asset projects, but also emerging areas such as artificial intelligence, robotics, and energy, Fortune reported on Friday.

According to Fortune, co-founders Vance Spencer and Michael Anderson said roughly half of the committed capital has already been deployed. The firm did not disclose its limited partners, and Cointelegraph did not receive a response when it sought additional details about the latest fund.

Key takeaways

• Framework Ventures closed a $400 million fourth fund focused on “frontier technology,” spanning crypto and other emerging sectors.
• About half of the fund has already been deployed, though the firm did not name its limited partners.
• The shift is framed as complementary rather than a break from crypto, with Anderson pointing to alignment with founders’ build paths.
• Recent investments underline the strategy, including robotics and tokenized mortgage activity alongside core crypto holdings.

A frontier-technology fund, not a retreat from crypto

Framework’s latest raise comes as crypto venture firms increasingly look beyond blockchain while remaining active in digital assets. For Framework, the expansion appears designed to follow where its existing founder network is building.

In comments cited by Fortune, Michael Anderson said the firm is not simply chasing the AI trend. Instead, he described the approach as tracking founder-led momentum—suggesting that talent and product direction in frontier tech often overlaps with crypto-native experimentation.

“We can see these founders leading us in this direction,” he said, adding: “We should pay attention.”

How Framework’s recent deals fit the new thesis

Framework’s broader mandate is already visible in its deal activity. In early June, the firm backed Mecka AI, a robotics data startup, with a $60 million round, according to the reporting. Earlier, in February, Framework partnered with mortgage lender Better to support up to $500 million in financing through the Sky stablecoin ecosystem. Fortune also reported that Framework took a $45 million stake in Better, representing roughly 10% of the company’s stock.

The portfolio mix illustrates a consistent theme: backing infrastructure and products that can bridge digital finance with real-world systems. Rather than treating AI or robotics as standalone bets, Framework’s examples show an interest in data, operational tooling, and payments rails—areas where crypto firms often believe incentives and programmability can matter.

Framework also invests directly in established DeFi and digital-asset platforms. On its website, the firm lists positions in projects including Aave, Chainlink, Hyperliquid, Jito Labs, and Plasma.

From early DeFi to a multi-cycle venture strategy

Framework Ventures was founded in 2019, and its first fund focused on early decentralized finance (DeFi) projects. Over time, the firm broadened its investing approach while keeping its emphasis on founders building infrastructure and products in emerging digital-asset markets.

Framework’s history includes multiple fund cycles that map to different periods of the market. Fortune noted that the firm raised a $100 million second fund in 2021, and a $400 million third fund in 2022—both primarily focused on crypto investments. The fourth fund’s size and subject matter suggest an evolution rather than a reversal: continuing to allocate toward crypto while opening a larger window for adjacent frontier technologies.

Industry context matters here. Crypto venture capital has faced a recurring debate over whether early-stage crypto investing can sustain momentum once the sector matures, regulatory uncertainty rises, and attention shifts to AI. Framework’s framing—following founders rather than chasing headlines—attempts to resolve that tension by tying expansion to teams and products already in motion.

What to watch as the fund deploys

With “about half” of the $400 million already deployed, the new strategy is likely entering a visible phase soon, particularly through deals that connect digital assets with broader frontier tech use cases. Investors and builders will probably want to monitor whether Framework’s non-crypto bets stay closely linked to crypto infrastructure—or whether it begins to show a more distinct separation between its blockchain investments and its frontier-technology allocations.

In the near term, attention should also center on how the firm’s portfolio changes after this close: which founders and sectors gain the most allocation, and whether Framework’s approach mirrors the broader crypto venture shift toward diversification without losing a core commitment to crypto-native product development.

The Monetary Authority of Singapore (MAS), the city-state’s central bank and financial regulator, has added decentralized perpetuals exchange Hyperliquid to its Investor Alert List.

The entry, added on Friday, includes the Hyper Foundation website and the Hyperliquid trading app.

The Investor Alert List is a consumer protection measure that identifies entities that may be wrongly perceived as licensed or regulated by MAS. Inclusion on the list does not constitute a ban or enforcement action.

MAS Investor Alert List. Source: MAS

MAS added crypto exchange Bybit to the list on June 17. KuCoin and Bitget also appear on the list. Cointelegraph reached out to MAS for comment but did not receive a response before publication.

Hyperliquid said that it has never claimed to be licensed or authorized by MAS and that nothing about its permissionless infrastructure has changed.

Related: Ripple joins Singapore sandbox to test RLUSD in trade finance

“The Hyperliquid ecosystem remains committed to engaging collaboratively and constructively with regulators and institutions globally and to supporting clear, well-designed frameworks for onchain finance,” the platform wrote in a Friday X post.

According to CoinGecko, Hyperliquid ranks as the ninth-largest decentralized exchange by trading volume, while DefiLlama estimates it holds about $5.7 billion in total value locked.

Singapore tightens crypto oversight

Singapore has steadily tightened oversight of the cryptocurrency industry in recent years. In May 2025, MAS ordered crypto companies serving overseas customers to either obtain licenses or cease operations, saying the policy reflected a long-standing regulatory position rather than a shift in approach.

The directive closed a regulatory loophole that had allowed some crypto firms based in Singapore to avoid licensing by serving only overseas customers. MAS said it had consistently communicated its position since 2022 and was ending the transition period for firms that had continued operating without a license.

MAS said the measures were intended to strengthen consumer protection and align the Lion City’s crypto framework with international standards on Anti-Money Laundering and Countering the Financing of Terrorism.

Magazine: How crypto laws changed in 2025 — and how they’ll change in 2026

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

Framework Ventures, a venture capital company that backs crypto platforms, has closed its fourth fund while expanding its investment strategy beyond blockchain.

The San Francisco-based investor has raised $400 million to target “frontier technology,” including investments in crypto and technologies such as artificial intelligence, robotics and energy, Fortune reported on Friday.

The report cited Framework co-founders Vance Spencer and Michael Anderson, who said about half of the capital has already been deployed but declined to identify the fund’s limited partners.

The raise reflects a broader push by crypto venture firms to expand beyond blockchain into other emerging technologies while continuing to invest in crypto.

Not a shift away from crypto

Framework co-founder Anderson said the company is not simply chasing the AI trend, but instead following where its existing network of founders is already building.

“We can see these founders leading us in this direction,” he said, adding:

We should pay attention.”

Related: Social trading platform Fomo raises $75M, reaches $550M valuation

The company backed the robotics data startup Mecka AI in a $60 million round in early June. In February, Framework also partnered with mortgage lender Better to provide up to $500 million in financing through the Sky stablecoin ecosystem. Separately, Framework took a $45 million stake in Better, representing roughly 10% of its stock, according to Fortune.

Source: Framework Ventures

Cointelegraph approached Framework for details regarding the latest fund, but did not receive a response at the time of publication.

Framework’s portfolio includes Hyperliquid, Plasma and Aave

Framework Ventures was founded in 2019, when it launched its first crypto fund, focusing on backing early decentralized finance (DeFi) projects.

Its portfolio includes major crypto platforms such as Aave, Chainlink, Hyperliquid, Jito Labs and Plasma, according to the company’s website.

Framework Ventures’ portfolio. Source: Framework Ventures

The company says it has invested across multiple market cycles, focusing on founders building infrastructure and products in emerging digital asset markets.

Framework raised a $100 million second fund in 2021 and a $400 million third fund in 2022, both focused primarily on crypto investments.

Magazine: Bitcoin slides to $58K, XRP hits $1 but onchain data promising: Market Moves

TLDR

• Singapore’s Monetary Authority of Singapore added Hyperliquid to its Investor Alert List.
• The listing includes the Hyper Foundation website and Hyperliquid trading application.
• MAS clarified that inclusion on the list does not mean a ban or enforcement action.
• Hyperliquid stated it has never claimed to be licensed or regulated by MAS.
• The platform said its permissionless infrastructure remains unchanged despite the listing.

Singapore’s financial regulator has added a decentralized exchange to its public warning list. The move names Hyperliquid and related platforms in a consumer advisory update. The listing clarifies that inclusion does not mean a ban or enforcement action.

Hyperliquid appears on MAS Investor Alert List

The Monetary Authority of Singapore has placed Hyperliquid on its Investor Alert List. The entry includes the Hyper Foundation website and the Hyperliquid trading application.

MAS uses this list to flag entities that may appear licensed or regulated. However, the regulator states that listing does not confirm any legal violation.

Hyperliquid responded to the update through an official statement. The platform said it has never claimed authorization from MAS at any time.

It added that its permissionless infrastructure remains unchanged. The team stated it will continue engaging with regulators across different jurisdictions.

“The Hyperliquid ecosystem remains committed to engaging collaboratively with regulators,” the platform said in its X post. The statement also supports clear frameworks for onchain finance.

Singapore expands oversight on crypto firms

Singapore authorities have increased scrutiny on digital asset platforms over recent years. The regulator continues to enforce licensing requirements across the sector.

In May 2025, MAS directed firms serving overseas clients to obtain licenses or stop operations. The directive addressed firms operating from Singapore without local approvals.

MAS explained that the move reflects an existing policy stance. The regulator said it had communicated this requirement consistently since 2022.

The directive also closed a gap that allowed firms to avoid licensing by targeting foreign users. As a result, firms had to adjust operations or exit the market.

The regulator linked these actions to stronger consumer safeguards. It also aligned the framework with anti-money laundering and counter-terrorism financing standards.

MAS continues to publish updates through its alert list and regulatory notices. The agency maintains its focus on transparency and compliance within the crypto sector.

Market context and exchange rankings

Hyperliquid operates as a decentralized perpetual exchange within the crypto market. The platform currently ranks among the leading decentralized exchanges by trading activity.

According to CoinGecko, Hyperliquid stands as the ninth-largest decentralized exchange by volume. The ranking reflects current market data across trading platforms.

DefiLlama estimates the platform holds about $5.7 billion in total value locked. This figure tracks assets secured within its protocol ecosystem.

Other exchanges also appear on the MAS Investor Alert List. These include Bybit, KuCoin, and Bitget, based on earlier entries.

MAS added Bybit to the list on June 17 as part of ongoing updates. The regulator continues to monitor platforms that operate without local authorization.

The alert list remains publicly accessible for users and institutions. It provides updated information on entities that may appear regulated in Singapore.

Key Takeaways

• Elon Musk projects Robotaxi and unsupervised Full Self-Driving revenue to become “material in a significant way” by 2027
• TSLA currently commands a price-to-earnings multiple of approximately 344, with shares hovering near $373
• Several institutional funds expanded their Tesla holdings during the first quarter of 2026
• Wall Street analysts maintain a “Hold” rating with a consensus target price of $403.07
• The company is navigating a wrongful-death lawsuit and federal investigation related to an Autopilot/FSD-involved fatality in Texas

---

Tesla (TSLA) shares are currently changing hands around $373, placing the electric vehicle pioneer’s market capitalization at approximately $1.41 trillion with a P/E multiple of 344. This sky-high valuation metric reveals investor sentiment clearly — the market is pricing Tesla not as a traditional automaker, but as a technology platform centered on artificial intelligence and autonomous transportation.

Tesla, Inc., TSLA

During Tesla’s first-quarter 2026 earnings conference call held in April, CEO Elon Musk projected that revenue from unsupervised Full Self-Driving capabilities and the Robotaxi service would achieve “material” significance throughout 2027. Musk further indicated the company aims to launch Robotaxi operations across approximately twelve states before year-end 2026.

Presently, the Robotaxi service operates autonomously in three Texas cities: Austin, Dallas, and Houston. However, revenue generation from this autonomous fleet remains essentially insignificant at this juncture.

Tesla reported 1.28 million active supervised FSD subscriptions as of the end of March. Assuming every subscriber pays the standard $99 monthly fee, this generates approximately $1.5 billion on an annualized basis — a modest figure when measured against last quarter’s total revenue of $22.39 billion.

The company’s Q1 2026 earnings per share registered at $0.41, surpassing Wall Street’s consensus forecast of $0.39. Revenue climbed 15.8% compared to the prior year period, though it fell short of the $22.96 billion analyst projection.

For perspective, Musk’s prediction accuracy deserves scrutiny. According to research conducted by The New York Times, the Tesla chief executive meets his own stated timelines approximately 19% of the time.

Big Money Continues Accumulating Shares

RFG Advisory LLC expanded its Tesla stake by 29.4% during Q1, purchasing an additional 6,367 shares to reach a total position of 28,020 shares valued at approximately $10.4 million. OP Asset Management initiated a fresh position worth roughly $201.9 million. Assenagon Asset Management increased its holdings by 78.2%, accumulating more than 1.7 million additional shares. Institutional ownership now represents 66.2% of outstanding TSLA stock.

This represents substantial confidence from sophisticated investors, particularly given current valuation levels.

On the positive development front, Tesla revealed an energy infrastructure collaboration with Sunrun and Renew Home designed to aggregate over 16 gigawatts of distributed residential power capacity. Meanwhile, the company’s German Gigafactory is reportedly working toward a production target of 7,500 vehicles weekly by October.

The current presidential administration has floated regulations that would eliminate brake pedal requirements for autonomous vehicles, a regulatory shift that could significantly accelerate Tesla’s Robotaxi deployment if enacted.

Ongoing Legal Challenges and Analyst Perspectives

Tesla confronts a wrongful-death legal action stemming from a fatal Texas collision connected to its Autopilot/FSD technology. The National Transportation Safety Board has initiated an investigation into the incident, introducing both legal liability and brand reputation concerns to its driver-assistance technology segment.

Insider trading patterns warrant attention as well. Board member Kathleen Wilson-Thompson divested 26,409 shares on April 30 at $378.11 per share. Chief Financial Officer Vaibhav Taneja sold 2,606 shares on June 8 at $402.20. Aggregate insider dispositions over the previous 90 days total 57,824 shares with a combined value exceeding $21.6 million.

Regarding analyst sentiment, Deutsche Bank and Sanford C. Bernstein both upgraded to “Buy” ratings in early June. Cantor Fitzgerald and Roth MKM similarly maintain bullish stances. Conversely, HSBC and JPMorgan continue with “Hold” recommendations.

The aggregated view across 45 covering analysts stands at “Hold,” with a mean price objective of $403.07. The stock has traded within a 52-week band spanning from $288.77 to $498.83.

Sell-side consensus anticipates full-year 2026 earnings per share of $1.19.

A blue-check account on X falsely claimed to be a freshly fired Coinbase product manager, earning nearly 200,000 views within hours. The meme fit perfectly into crypto investors’ predispositions yesterday with irresistible confirmation bias.

Yesterday, bitcoin and ether hit 52-week lows. Base, Coinbase’s blockchain, was down for roughly two hours. Everything was going down.

The account jokingly explained that Coinbase fired Ravi Riley as “a non-technical PM on the Base sequencer team and my first PR got merged to prod at noon.” Multiple trackers confirmed the roughly two-hour outage, even though it was not caused by Riley, who was never a Coinbase employee.

The memetic implication was that a new hire had crashed Base and then was marched out.

It is, after all, too easy to dunk on Coinbase. The company is the largest publicly traded crypto company and probably has the largest US customer base on social media.

Another Coinbase outage after Brian Armstrong fired workers

Yesterday’s meme traces its origin to at least May 5.

Early in the morning on that day, founder Brian Armstrong cut 700 workers, or roughly 14% of his staff. He revoked access on the spot, before most employees started work in the morning, “Coinbase system access has been removed today. I know this feels sudden and harsh, but it is the only responsible choice given our duty to protect customer information.”

Within two days, the Coinbase website went down altogether. Although the headcount reduction was probably unrelated to that outage, it didn’t matter for many critics on social media.

Attempting to blame the layoffs on something positive, Armstrong framed the cuts as an AI-driven rebuild. Tens of millions of dollars in restructuring charges would somehow improve the business with a nebulous benefit of AI.

Layoffs, then a service outage. Armstrong’s memo had spawned a meme. “Today I was fired from Coinbase” became an instant hit.

The most popular variants claimed absurd job accomplishments, especially Coinbase operations that crypto traders hated: issuing 1099s, freezing accounts, implementing the 4H chart, and website cacheing.

As with any meme on social media, people remake it in endless variations to make Coinbase the punchline of layoffs that never literally happened as a way to make fun of Coinbase’s shortcomings.

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Base outage ends, but Coinbase memes continue

Yesterday, Base resumed normal block production within about two hours. Block production stalled at 16:03 UTC after a malformed block was sequenced.

That consensus failure stopped the chain after block 47806542, according to the network’s status incident. Deposits, withdrawals, and on-chain activity all queued behind the bad block. 

The official Base account said only that “Base Mainnet is currently halted while the team works on an issue with block production.” It stressed that funds were secure.

Read more: Hot air at AWS causes Coinbase outage

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The timing was awkward. The stall hit hours before Base’s scheduled Beryl upgrade, set for 18:00 UTC that same day. 

Anyway, the incident revived a familiar criticism. Base relies on a Coinbase-operated sequencer, so one bad block can stall the entire network. A key sequencer also caused a chain halt in August 2025, the network’s last major stall prior to yesterday.

In other words, it was easy to point a lazy finger at Coinbase for the outage. That’s what happened.

A repeat jokester makes Coinbase the punchline

Riley is a former Chainlink engineer. His post about getting fired from Coinbase mimicked the now-standard layoff-confessional format, complete with vanished Slack access and a wistful note about reflecting.

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Riley is a jokester on social media and has posted another fake layoff confessional in the past.

A Community Note on X dismantled Riley’s claim: “Ravi Riley was never employed at Coinbase, as confirmed by his X bio and LinkedIn profile listing only Brookwell as current and no prior Coinbase role.” The Community Note added that his post mirrored his earlier fake firing claim about a company called Delve.

His Delve post collected 3.8 million views, a satirical jab tied to the Delve compliance scandal. His Coinbase remix kept that general format.

Despite its obvious fake content and a pending Community Note, Riley’s post remained live by early morning today.

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