Singapore court has awarded more than $3 million in damages to 40 investors after finding Terraform Labs and co-founder Do Kwon liable for fraudulent misrepresentations tied to the 2022 TerraUSD collapse.

According to the June 29 judgment from the Singapore International Commercial Court (SICC), the award concludes the second tranche of a representative fraud action brought by 275 investors who sought compensation for losses suffered during the collapse of the TerraUSD (UST) algorithmic stablecoin in May 2022.

The latest ruling follows the court’s first-tranche decision in 2025, which found that Terraform Labs Pte Ltd and Do Kwon made actionable fraudulent representations. It also incorporates guidance from the Singapore Court of Appeal’s March 2026 decision, which revised the method for calculating damages by adopting a higher cut off value of about $0.60485 per UST.

Court finds investors relied on false UST claims

In its ruling, the SICC found that Terraform and Kwon falsely represented UST as a stablecoin capable of reliably maintaining its one dollar peg through its algorithm, reserves, and LUNA-based arbitrage mechanism. According to the court, those statements appeared on Terraform’s website, white papers, and public communications despite being false or made with reckless disregard for their accuracy.

The court held that some investors relied on those claims when buying or continuing to hold UST, leading to financial losses after the stablecoin lost its peg. Damages were therefore calculated on a reliance basis for holdings up to May 12, 2022, while losses after that date were treated as too speculative for compensation.

The Court of Appeal’s earlier decision to increase the UST cut off valuation resulted in higher compensation for eligible claimants than under the original damages model.

Bankruptcy cases continue as legal pressure grows

The Singapore judgment adds to Terraform’s expanding legal challenges after the company entered Chapter 11 bankruptcy proceedings in the United States. Claims reconciliation for creditors is ongoing, and any further recoveries for investors are expected to depend largely on distributions from the bankruptcy estate, alongside the outcome of other pending litigation.

Earlier this year, Terraform’s court-appointed bankruptcy administrator also sued market maker Jane Street, alleging the firm used confidential information and manipulated markets to profit during the Terra ecosystem’s collapse. Jane Street denied the allegations, calling the lawsuit an attempt to extract money and maintaining that Terra investor losses resulted from fraud committed by Terraform’s own management.

Do Kwon, who was sentenced to 15 years in prison after pleading guilty to fraud charges in the United States, also continues to face criminal proceedings in South Korea alongside other legal actions connected to the collapse.

According to the SICC ruling and related court proceedings, the case adds to a series of legal actions examining how crypto projects communicated risks to investors before major failures. The court’s findings may also influence future representative actions involving digital asset projects, while regulators in several jurisdictions continue to push for stronger disclosure standards for stablecoin and decentralised finance products.

Bitcoin price has slipped back below $60,000 after another failed breakout attempt, as weak stablecoin inflows have reinforced concerns over a lack of fresh buying demand.

According to data from crypto.news, Bitcoin (BTC) traded near $59,300 on June 30 after briefly reclaiming the psychological $60,000 level before slipping back below it, extending a series of failed breakout attempts since falling under the mark on June 25.

Market sentiment remained fragile as traders weighed shrinking liquidity, record spot ETF outflows, and a challenging macro backdrop. According to CryptoQuant analyst Sunny Mom, the latest on-chain data suggests the market lacks the fresh capital typically needed to support a sustained breakout.

No Dry Powder, No Real Rally

“In this kind of environment, any bounce that does appear is more likely a short-term technical reaction than the beginning of a trend reversal.” – By Sunny Mom pic.twitter.com/PQgdlAqKHz

— CryptoQuant.com (@cryptoquant_com) June 30, 2026

“New money has stopped coming in,” Sunny Mom wrote, adding that “any bounce that does appear is more likely a short-term technical reaction than the beginning of a trend reversal.”

The analyst based that view on the 30-day stablecoin market capitalization growth rate. USDC issuance has turned negative, while Ethereum-based USDT growth has also weakened. 

Stablecoins often serve as the primary source of buying power for crypto markets, making slower issuance a sign that fewer investors are converting cash into digital assets.

Institutional selling and macro headwinds continue to cap Bitcoin

Fresh institutional data has reinforced the liquidity concerns. U.S. spot Bitcoin exchange-traded funds recorded nearly $1.79 billion in net outflows during the final full week of June, the largest weekly withdrawal this year. Because fund managers must sell Bitcoin to meet investor redemptions, those outflows have removed one of the market’s strongest sources of spot demand.

As reported earlier by crypto.news, Strategy recently unveiled its Digital Credit Capital Framework, authorizing up to $1.25 billion in potential Bitcoin sales to meet interest and dividend obligations. The announcement arrived alongside quarter-end portfolio rebalancing by institutional investors, adding another source of supply after months in which the company had consistently accumulated Bitcoin.

Economic conditions have further reduced appetite for risk assets. A stronger-than-expected U.S. Core PCE inflation reading weakened expectations for Federal Reserve rate cuts, while higher Treasury yields encouraged investors to rotate toward fixed-income assets.

At the same time, Brent crude slipped toward $73 per barrel as attention shifted to renewed U.S.-Iran negotiations in Doha after an interim agreement reduced the immediate risk of disruptions through the Strait of Hormuz. Still, geopolitical uncertainty has remained part of the market backdrop.

Technical structure keeps downside risks in focus

Bitcoin’s 1-day USDT chart continues to favor sellers after price failed to reclaim the descending trendline drawn from the May highs. The cryptocurrency is trading just above the key support zone around $58,169, which coincides with the 100% Fibonacci retracement of the recent decline. A decisive move below that level could expose the mid-$50,000 region.

Momentum indicators have yet to confirm a durable reversal. The daily RSI has slipped to around 32, placing Bitcoin close to oversold territory, while the MACD remains below the zero line despite flattening after the recent selloff. Those readings suggest selling pressure has slowed but buyers have not yet regained control.

Derivatives positioning also points to heightened volatility around current prices. CoinGlass liquidation data shows one of the largest downside liquidity clusters between $58,800 and $59,000, while another concentration of leveraged positions sits near $61,000 to $61,500. Either zone could attract price if momentum accelerates.

According to analyst Ted Pillows, Bitcoin’s immediate outlook depends on whether support between $58,000 and $59,000 can hold.

“The key level for Bitcoin here is $58,000-$59,000 which should hold for any bounceback.”

A successful defense of that area could trigger a relief rally toward the low-$60,000 range and potentially $61,500, where liquidation pressure increases.

However, if Bitcoin fails to hold support, it would strengthen the bearish case, particularly if stablecoin issuance remains weak, ETF redemptions continue, and macro conditions keep institutional capital away from risk assets.

Bitcoin miner-turned-AI infrastructure company Ionic Digital has filed for a Nasdaq direct listing that could give former Celsius creditors a public market for shares they received through the bankrupt lender’s restructuring.

Registered stockholders may sell up to 10.8 million Class A shares under the proposed IOND ticker, according to a registration statement filed with the US Securities and Exchange Commission on Monday.

Ionic was formed in 2024 to acquire Celsius Mining’s assets through the bankrupt lender’s restructuring. In the filing, Ionic said it started repositioning itself in 2025 from a pure-play Bitcoin miner into a broader digital infrastructure company serving artificial intelligence and high-performance computing (HPC) workloads. 

The proposed direct Nasdaq listing will not raise new capital for Ionic, according to the filing. Instead, the listing will establish a public market for existing shareholders, including former Celsius creditors who received Ionic shares through the bankruptcy plan. 

Ionic repurposes Bitcoin mining site for AI

Ionic’s AI pivot revolves around its 234-megawatt Ward County property in Texas, originally developed for Bitcoin mining. In October 2025, the company leased the site to AI infrastructure provider Nscale under a 126-month agreement representing nearly $2 billion in contracted revenue. 

Ionic said the agreement could be expanded to include an additional 89 MW if the company secures the required capacity and approvals. This potentially increases its contracted revenue to about $2.6 billion, according to the company. 

Related: Celsius’ Mashinsky gets permanent trading ban in CFTC settlement

The shift has started to appear in Ionic’s financial results. The company recorded $44 million in digital infrastructure leasing revenue in the first quarter of 2026, while Bitcoin mining revenue fell 82% year over year to $7.4 million as it repurposed Ward County and reduced the number of active miners, according to its SEC filing on Monday. 

Ionic Digital’s reported revenue. Source: SEC filing

The filing follows Ionic’s completion of a $400 million equity private placement on Friday. Ionic said the proceeds would be used for general corporate purposes, while its CEO, Andy Stewart, said the funds would support the continued development of its digital infrastructure assets. 

Magazine: Bitcoin decouples from tech stocks, Ether eyes ‘selling wave’: Market Moves

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Key Points

• Since reaching its peak in October, Tencent has experienced a market capitalization decline of approximately $309 billion, with Hong Kong-listed shares falling over 35%.
• Daily stock repurchases have become routine since mid-May, with June’s buyback expenditure exceeding HK$9 billion ($1.1 billion), marking the highest monthly figure in 2025.
• Following a May 13 shareholder vote, Tencent secured authorization to repurchase approximately 912 million shares, representing roughly 10% of outstanding stock.
• Market participants continue expressing skepticism regarding the company’s ability to generate returns from AI investments, which are projected to exceed 36 billion yuan by 2026—more than double current levels.
• Current forward price-to-earnings ratio stands at 11.2x, representing the lowest valuation in company history and trading below even utility provider CLP Holdings.

---

The tech powerhouse based in Shenzhen has embarked on an aggressive share repurchase campaign rather than pursuing external acquisitions. Since mid-May, Tencent has been systematically acquiring its own equity on nearly every trading session in an effort to stabilize a stock price that has suffered dramatically in recent months.

Tencent Holdings Limited, TCTZF

The data paints a stark picture. Since October’s peak, Tencent‘s Hong Kong-traded shares have plummeted more than one-third in value. This dramatic downturn has vaporized approximately $309 billion in total market capitalization.

June has emerged as a particularly active period for share repurchases. The company allocated more than HK$9 billion, equivalent to roughly $1.1 billion, toward buying back its own stock this month. This figure is on track to establish a new record for monthly repurchase activity in 2025.

On a single day—June 15—Tencent repurchased approximately 1.081 million shares totaling HK$5.01 billion, with transaction prices spanning HK$458 to HK$475.6 per share. Earlier, on May 22, the company acquired an additional 1.132 million shares for HK$500.56 million.

Market Sentiment Shifts Negative

The stock’s decline can be traced directly to investor apprehension surrounding Tencent’s substantial AI investment commitments. March witnessed a catastrophic single-session market value erosion of $66 billion following the company’s disclosure of its artificial intelligence spending roadmap.

Management announced in March plans to more than double AI-related capital allocation to surpass 36 billion yuan—approximately $5.3 billion—by 2026. Market participants remained unconvinced that future returns would justify such substantial expenditure.

“Market participants are adopting a wait-and-see approach—they’re demanding tangible evidence that these investments will generate returns, but concrete proof has been lacking,” explained Agnes Ng, portfolio specialist at T. Rowe Price. She noted that investors are specifically awaiting clear monetization pathways for Tencent’s AI initiatives.

Notably, mainland Chinese investors—who traditionally provided support during previous downturns—have become net sellers for three consecutive months ending in June.

Authorization for Share Repurchases

The company’s buyback initiative operates under substantial authority. During the annual general meeting held May 13, shareholders granted approval for Tencent to repurchase up to approximately 912 million shares, equivalent to nearly 10% of total issued equity.

This authorization provides considerable flexibility for continued share acquisitions should the downward price trajectory persist. As of late June, the company’s market capitalization has fluctuated between approximately $470 billion and $485 billion.

Despite the extensive buyback activity, Tencent’s shares remained down 1.8% for June. This compares favorably to the Hang Seng Tech Index, which experienced a more severe 10% decline during the same timeframe.

Should June conclude in negative territory, it would represent the company’s fifth consecutive monthly loss, establishing the longest losing streak since 2018.

Tencent’s situation reflects broader industry trends. Citigroup analysts, including Alicia Yap, anticipate increased buyback activity across Chinese internet firms as companies attempt to retain investor confidence. Meituan’s chief executive recently characterized the food delivery platform as “severely undervalued” and announced plans for its own repurchase program.

Both Meituan and Alibaba shares have declined approximately 35% year-to-date. Regarding valuation metrics, Tencent currently trades at 11.2 times one-year forward earnings, representing an all-time low for the company and falling below utility operator CLP Holdings, which trades above 15 times earnings.

This month, Tencent initiated testing of a new AI-powered assistant integrated into WeChat, branded as Weixin domestically, as part of its strategy to remain competitive with local AI developers.

Last week was one of the worst for US technology stocks since the beginning of 2026, with the index losing around 4.6% under the influence of two opposing factors. Firstly, the market continued to reassess the pace of returns on AI infrastructure investment — concerns that spending is outpacing actual returns triggered a sell-off in semiconductor stocks, with the Philadelphia Semiconductor Index falling nearly 8% over the week. Secondly, the US-Iran conflict surrounding the Strait of Hormuz escalated over the weekend: Tehran claimed responsibility for attacks on commercial vessels, while the US responded with air strikes. By Monday morning, tensions had eased somewhat as both sides announced a temporary halt to hostilities and agreed to hold talks in Doha on Tuesday. Against this backdrop, Nasdaq-100 futures gained around 1.1%.

Technical Picture

On the four-hour chart, the Nasdaq-100 (NDXm on FXOpen) has been trading within a sideways range since May, bounded by support near 28,600 and resistance around 30,700 — a range that formed following the June peak. After reaching that peak, the index experienced a sharp decline on 9 June, accompanied by exceptionally high trading volume. As a result of buyers defending the local lows, the price has since concentrated near the centre of the current range.

At present, the price is holding above the POC zone at 29,440–29,460, which may be viewed by market participants as the key point of attraction within the range. The price is approaching intermediate resistance at the upper boundary of the profile at 29,950, above which lies the red resistance level. RSI + MAs shows readings of 55, 43 and 45 — the oscillator remains above both moving averages, although the moving averages have yet to confirm a potential reversal and remain near the lower boundary of the neutral zone.

Key Takeaways

News of a pause in the US-Iran conflict supported the Nasdaq-100 at the market open, although concerns surrounding AI-related spending remain unresolved and were the primary driver of price action throughout June. The POC zone continues to serve as the key reference point for the balance between supply and demand: this is where the largest concentration of horizontal volume is located, and holding above this area could indicate that the market is preparing to continue its move towards the upper part of the range.

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Ionic Digital, the company formed out of the Celsius Mining restructuring, has filed with the U.S. Securities and Exchange Commission to list on the Nasdaq via a direct listing. The move is designed to create a public trading venue for existing shareholders rather than to generate fresh funding for the business.

In a registration statement submitted on Monday, Ionic said registered stockholders may sell up to 10.8 million shares of Class A stock under the proposed ticker “IOND,” according to the SEC filing: https://www.sec.gov/Archives/edgar/data/2007691/000118518526002704/ionicdigis1061026.htm.

Key takeaways

• Ionic Digital has filed for a Nasdaq direct listing that would allow existing shareholders to sell Class A shares, not to raise new capital.
• The company plans to trade under the proposed ticker “IOND,” with up to 10.8 million Class A shares available for sale by registered stockholders.
• Ionic’s strategy is shifting from Bitcoin mining toward AI and high-performance computing infrastructure.
• A major part of that plan centers on a 234-megawatt Texas power site that the company leased for AI workloads under a long-term contract.
• Recent financial results show leasing revenue rising while Bitcoin mining revenue has declined year over year.

Why the direct listing matters for Celsius creditors

For many participants in the Celsius bankruptcy process, the practical challenge has been converting received restructuring shares into liquid, market-priced assets. Ionic’s filing indicates that the proposed Nasdaq direct listing is meant to address that: the listing “will not raise new capital” and instead establishes a public market for existing shares.

That includes former Celsius creditors who received Ionic shares through the lender’s restructuring plan, the company said in its SEC submission. In other words, the immediate purpose is liquidity and price discovery—important for holders who may otherwise be waiting for private market exits or secondary trading limitations.

From mining operator to AI infrastructure provider

Ionic was formed in 2024 to acquire Celsius Mining’s assets as part of the bankruptcy restructuring. In its filing, the company described a strategic pivot that began in 2025: it is repositioning itself from a Bitcoin-mining-focused business into a digital infrastructure company that serves AI and high-performance computing workloads.

A key element of that pivot is the company’s Ward County property in Texas. The site—originally developed to support Bitcoin mining—has been repurposed for AI infrastructure demand. According to the company, Ionic’s AI strategy is anchored by a long-term lease that turns a mining power base into contracted computing capacity.

The Ward County lease underpins the new revenue model

The SEC filing ties the AI transition to a contract Ionic executed in October 2025. Ionic said it leased the Ward County facility to AI infrastructure provider Nscale under a 126-month agreement. Ionic characterized the deal as nearly $2 billion in contracted revenue.

Importantly, the company noted the contract may be expandable. The agreement could include an additional 89 MW if Ionic secures the necessary capacity and approvals. If that additional capacity is brought into the arrangement, Ionic said the contracted revenue could rise to approximately $2.6 billion, as stated in the filing.

The company also pointed to evidence that its pivot is beginning to reflect in financial reporting. In the first quarter of 2026, Ionic reported $44 million in digital infrastructure leasing revenue. At the same time, it said Bitcoin mining revenue declined 82% year over year to $7.4 million, alongside a reduced number of active miners and the ongoing repurposing of the Ward County site.

Share sale logistics and what comes next

Under the SEC registration statement, registered stockholders may sell up to 10.8 million shares of Ionic’s Class A stock in connection with the proposed direct listing. Because a direct listing does not necessarily involve a traditional underwriting process designed around raising capital, the structure typically emphasizes secondary liquidity—consistent with Ionic’s stated goal that the Nasdaq move is not intended to fund new operations.

The filing also lands after Ionic completed a $400 million equity private placement on Friday, according to company communications referenced in the original coverage. Ionic said the proceeds are intended for general corporate purposes, and its CEO, Andy Stewart, indicated the funding supports continued development of its digital infrastructure assets.

For investors and Celsius creditors watching this transition, several details will likely determine how quickly the market starts pricing Ionic’s AI thesis. These include how much additional capacity (if any) is secured beyond the initial contract footprint, and whether leasing revenue keeps growing fast enough to offset the decline in mining-related income.

Near-term, the key question is whether Ionic’s contractual roadmap for AI and high-performance computing continues to translate into steadily increasing reported revenue as Bitcoin operations are further wound down and capacity is redeployed.

A Michigan judge temporarily blocked prediction market Kalshi from allowing residents to place bets on sporting events, after the state’s attorney general accused the platform of violating gambling laws.

Kalshi was hit with a temporary restraining order from Ingham County Circuit Court Judge Rosemarie Aquilina, who said the platform would be fined $120,000 for each day it fails to comply with the order’s geolocation requirements, according to a Monday court filing. The order lasts for 14 days and expires on July 13.

Aquilina wrote that Michigan residents would suffer irreparable harm from being “exploited by Kalshi’s sports betting operation masquerading as an investment opportunity.” 

The move adds to the growing regulatory scrutiny on prediction market sports betting. It makes Michigan the second US state to enact a court-ordered ban on Kalshi’s sports event contracts, after Nevada issued a temporary ban on Kalshi earlier in March.

On June 17, Kentucky sued five prediction market platforms, including Kalshi and Polymarket, accusing them of operating unlicensed sports betting platforms. More than a dozen other states have taken prediction market operators to court.

The US Commodity Futures Trading Commission (CFTC) has sued several states, arguing that federally regulated event contracts fall under its exclusive authority.

Cointelegraph has approached Kalshi for comment on how the platform will respond to the verdict.

State of Michigan vs. Kalshi, court filing. Source: Law360

Prediction market sports betting rises after the FIFA World Cup

Sports betting activity has been rising on prediction markets since the beginning of the FIFA World Cup. 

Daily taker volume, which measures contracts bought or sold by traders filling existing orders, reached a record $713 million on June 20, according to Dune data. The milestone came more than a week after the World Cup started on June 11.

Daily prediction market taker volume. Source: Dune

Looking at monthly prediction market volume, sports betting was the leading category on the two largest prediction markets, rising 40% to $9.5 billion on Kalshi and 175% to $5.3 billion on Polymarket, Defirate data shows.

A June 11 Bernstein report predicted that the 2026 FIFA World Cup would generate more than $3 billion in incremental sports betting handle and between $5 billion and $10 billion in additional consumer prediction market volume. 

Related: Kalshi in early IPO talks with investment banks: Report

The World Cup winner contract alone has generated over $3.5 billion in trading volume on Polymarket, according to platform data.

World Cup Winner event contract. Source: Polymarket

The growing betting activity helped Polymarket emerge as an onboarding layer for new cryptocurrency users, as about 60% of World Cup bettors interacted with the blockchain for the first time during their prediction market entry, according to a Bitget Wallet study of 857,000 users, shared with Cointelegraph.

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