FalconX, the digital-asset prime brokerage that acquired crypto ETF issuer 21Shares in November, has laid off about 10% of its workforce as it braces for a longer crypto market downturn, Bloomberg reported Monday.

Bloomberg, citing people familiar with the matter, also said the firm is reshaping its Singapore approach—shifting emphasis toward crypto derivatives trading and planning to withdraw its license application with the Monetary Authority of Singapore. The company intends to keep a presence in Asia while expanding its business in Europe.

Key takeaways

• FalconX reportedly cut roughly 10% of staff amid expectations of an extended downturn, according to Bloomberg.
• The firm is reportedly pivoting its Singapore strategy toward crypto derivatives while preparing to withdraw its MAS license application.
• FalconX plans to maintain operations in Asia but is looking to grow its footprint in Europe, Bloomberg said.
• The move aligns FalconX with other crypto firms that have reduced headcount during the market slowdown.
• Broader exchange activity is shifting beyond spot trading toward derivatives and tokenized real-world assets, CoinGecko and Coinbase reporting suggest.

FalconX cuts staff as it plans a longer runway

Before the layoffs, FalconX employed about 350 people across the United States, the United Kingdom, Singapore, and Hong Kong, Bloomberg said. The report frames the cuts as part of a broader effort to operate through what it describes as a prolonged market slump.

Cointelegraph reached out to FalconX for comment but did not receive an immediate response.

Strategic pivot in Singapore, expansion in Europe

Beyond the workforce reduction, Bloomberg reported that FalconX is changing course in Singapore. The company is reportedly concentrating on crypto derivatives trading there, while planning to withdraw its license application with the Monetary Authority of Singapore.

While that withdrawal would mark a significant shift in its regulatory posture, Bloomberg also said FalconX expects to remain active in Asia. At the same time, the firm intends to expand its European operations—suggesting management is reallocating risk and resources toward regions it believes can better support its near- to mid-term growth plans.

Part of a wider wave of crypto downsizing

FalconX’s reported cuts add to a growing list of crypto companies scaling back operations during the downturn. Bloomberg’s report places FalconX alongside headcount reductions at exchanges and infrastructure providers mentioned by Cointelegraph, including Coinbase, Crypto.com, Luno, Gemini, and BitGo.

The shared theme is not just lower demand for trading products during a market cool-off, but also an industry-wide reassessment of costs, regulatory exposure, and product focus—particularly as volumes and retail participation tend to soften when asset prices pull back from prior peaks.

Exchanges broaden beyond spot as tokenized finance grows

Market pressure has been felt across trading venues. With Bitcoin and other digital assets retreating from last year’s highs, exchanges have seen trading volumes and retail engagement weigh on performance, and some analysts have argued that the market may still be finding its base rather than having fully bottomed.

Cointelegraph previously noted that some market participants believe Bitcoin has not yet reached a market bottom. At the time of the earlier reporting referenced in the source material, Bitcoin was trading below $64,000—about 50% under its October peak above $126,000.

In response, many exchanges are pushing into areas that can support activity even when spot momentum fades. CoinGecko, as cited in the source, reported that the “crypto TradFi” sector—which includes tokenized assets, derivatives, and other traditional finance products—grew fivefold to $6.6 billion between January 2025 and June 2026. That growth profile points to a strategic shift toward revenue streams less dependent on purely spot-driven cycles.

Coinbase’s latest earnings, cited in the source, also illustrate how some major platforms are positioning around products beyond spot Bitcoin trading. While Coinbase missed earnings expectations, it reported that 88% of second-quarter net revenue came from businesses other than spot Bitcoin trading, with derivatives, prediction markets, and tokenized assets cited as increasingly important contributors.

For FalconX, the reported emphasis on derivatives in Singapore fits this broader industry pattern: when spot trading slows, derivatives and structured products can help sustain engagement from more sophisticated participants and hedgers. However, the operational implications of withdrawing a license application—while still planning to operate in the region—will be something investors and clients may want to watch closely, since regulatory access can materially affect product availability and timelines.

Going forward, readers should monitor two things: whether FalconX’s European expansion accelerates in tandem with the Singapore changes, and how the firm’s reported shift toward derivatives aligns with the wider migration toward tokenized and TradFi-linked offerings as the market’s next phase remains uncertain.

A new ransomware group is threatening to leak contact details of over 100,000 UK police officers after stealing data from government departments, including the Ministry of Defence (MoD), the Home Office, the National Crime Agency (NCA), and the Crown Prosecution Service (CPS).

The Times confirmed that a dark web listing from the group, known as ExfilSquad, in late July was legitimate, and that it had leaked the full names, email addresses, area of work details, and more, of over 100,000 staff listed on the Police National Legal Database (PNLD). 

Police revealed that the data of 114,000 PNLD subscribers were leaked, and that most of these individuals were police officers.

The leak also included data from 2,615 CPS staff, 617 Home Office employees, 588 NCA staff and 402 MoD personnel 

In all, ExfilSquad claimed to have hacked 15 firms and government bodies, including Microsoft and the UK’s Department for Education.

It had claimed that 135,000 law enforcement records were stolen, but the validity of these claims was reportedly doubted by researchers when it was listed. 

Read more: Iranian hackers suspected of attacking 30 Minnesota water companies

The ExfilSquad page reads, “Once your company’s data is posted here, it’s NEVER leaving the public eye and it will be passed around the internet FOREVER. The payment we request of you is simply a rounding error compared to the litigation costs of your data leaking. Be smart and just pay.”

Hacked firms were given until August 5 to contact ExfilSquad, with The Times reporting that the hack appears to be financially rather than politically motivated. 

ExfilSquad will likely demand a cryptocurrency-based ransom as, like most ransomware and hacker groups, it can move the crypto into mixers, privacy coins, and unregulated exchanges in order to launder the stolen gains. 

Iranian hacking collective CyberAv3ngers, which allegedly disrupted the services of 30 Minnesota water firms last week, has previously tried to sell illegally obtained data for BTC.

The UK is currently planning to ban public sector bodies from paying ransomware groups in a bid to make hacking government bodies unattractive for criminals. 

Leaked data from these attacks can be used in a variety of ways to orchestrate targeted attacks against officials. Indeed, in 2025, a French tax official was arrested after she was found to have used government software to leak the data of prison officials and crypto specialists to criminals. 

A court later denied her request to be released from prison after she tried to argue that she didn’t know who the criminals were. 

Got a tip? Send us an email securely via Protos Leaks. For more informed news and investigations, follow us on X, Bluesky, and Google News, or subscribe to our YouTube channel.

Mastercard has completed its acquisition of stablecoin infrastructure provider BVNK, bringing on-chain payment technology into its global network.

Mastercard closes deal for BVNK

Mastercard confirmed on Aug. 3 that it had completed the acquisition of BVNK, expanding its infrastructure for moving value between fiat currencies and digital assets. The payments company first announced the agreement in March, valuing the transaction at up to $1.8 billion, including $300 million in contingent payments.

BVNK provides the underlying infrastructure for businesses and financial institutions to hold, move, manage, and convert money across traditional banking systems and blockchain networks. Its APIs support stablecoin payments, cross-border transfers, payouts, settlements, and treasury operations.

Mastercard said integrating that technology will help connect payment systems that currently operate across separate fiat and blockchain rails.

“Digital currencies — particularly stablecoins — are increasingly addressing real-world needs in areas like cross-border B2B payments, remittances, payouts, settlement and treasury flows,” Mastercard chief product officer Jorn Lambert said.

Lambert added that the company expects fiat currencies, stablecoins, tokenized deposits, and other forms of value to coexist within a connected payment system.

Why BVNK strengthens Mastercard’s stablecoin business

The acquisition gives Mastercard direct control over infrastructure that businesses can use to move between fiat money and blockchain-based assets. That could help the card network provide stablecoin services without requiring clients to build their own on-chain systems.

BVNK operates from London and San Francisco and has spent years securing licenses in multiple jurisdictions. When Mastercard announced the agreement in March, Lambert said buying the company would allow it to enter the market faster than developing comparable technology internally.

The platform’s use cases extend beyond crypto trading. Stablecoins can support round-the-clock settlement, international business payments, remittances, and treasury transfers without relying entirely on traditional correspondent banking channels.

BVNK previously received backing from Concentric, Tiger Global, Haun Ventures, Visa Ventures, Citi Ventures, and Coinbase Ventures.

“When we first invested, stablecoins were far from the financial mainstream,” Concentric co-founder and managing partner Kjartan Rist said.

Rist said the investor viewed stablecoins as an opportunity to rebuild the infrastructure supporting global payments.

Mastercard expands beyond traditional card payments

The BVNK deal forms part of a wider effort by Mastercard to secure a role in blockchain-based commerce.

Mastercard joined Visa, Coinbase, and more than 140 other businesses in June to support Open Standard, a consortium preparing to issue the dollar-pegged Open USD stablecoin. The proposed token will allow businesses to mint and redeem Open USD without fees or volume limits, while participating companies will share earnings from its reserves after management costs. The consortium intends to make stablecoin payments cheaper and easier to scale.

Mastercard also launched Agent Pay for Machines in June with support from more than 30 companies, including Coinbase, Ripple, BVNK, and the Solana Foundation. The service is designed for autonomous software agents conducting high-volume, low-value transactions across cards and stablecoins. Mastercard said users can apply authorization controls and settlement conditions to automated payments.

Together, the initiatives position stablecoins as an additional payment rail within Mastercard’s network rather than a separate system competing only with cards.

What comes next for the BVNK integration

Mastercard must now integrate BVNK’s technology, licenses, and business relationships into its broader payments network. The company has not provided a detailed rollout schedule or disclosed whether BVNK will continue operating under its existing brand.

The transaction also adds another major payment company to the competition over stablecoin infrastructure. Mastercard and Visa are both developing services that connect regulated financial institutions with blockchain settlement systems as U.S. rules give payment providers a clearer framework for using dollar-backed tokens.

Mastercard shares closed Monday at $570.97, down about 0.4%, suggesting the acquisition’s completion produced little immediate reaction from investors.

More than 4,585 BTC wallet owners are victims of Coinkite’s firmware bug and its compromised Coldcard hardware wallets, including devices with and without passphrases.

At time of writing, no one has publicly confirmed the identity(ies) of the hacker(s).

If you’re a victim, it is important to take immediate action to protect any remaining funds and document your loss for legal and criminal procedures.

The flaw traces to faulty firmware (on-device software) on Coldcards from March 2021 through late last week. Thousands of customers bought and trusted the devices to secure untold sums of money.

Founder Rodolfo Novak, known as “NVK,” apologized on social media, saying, “I’m sorry and I’m devastated,” pledging Coinkite is “committed to working with affected users who want to pursue a police report, insurance claim, or their own investigation.”

Coldcard victims should report to law enforcement

US residents can always call their local police department to file a complaint. Formal local police reports are important for many reasons, since a report often precedes insurance claims or civil suits. 

Although police departments vary in crypto expertise by location, anybody making a complaint will need to provide any evidence that a police officer requests, such as transaction IDs, the drained addresses, balance screenshots, receipts, or a written timeline.

When filing the report, ask the police officer whether you should also file a complaint with the FBI, or whether they will submit one on your behalf.

The FBI’s Internet Crime Complaint Center, IC3, is the primary federal intake point for crypto theft. Victims of the Coldcard hack may access https://complaint.ic3.gov and submit their documentation.

Victims over the age of 60 who have visual difficulty accessing this website can also call the FBI’s Elder Fraud Hotline at (833) 372-8311.

Again, residents of any municipality may ask for assistance from their local police officer.

Beware fake ‘law enforcement’ inquiries

IC3 states it “does not work with any non-law enforcement entity, such as law firms or crypto services, to recuperate lost funds,” and warns it “will never directly contact victims for information or money.” 

Don’t trust any unsolicited inbound call, text, email, or other message from someone claiming to work for the FBI or IC3. Victims should initiate a report themselves, not respond to an unsolicited inquiry from someone who might be faking credentials.

After submitting these police and FBI report(s), sophisticated victims may consult their attorney as to the suitability of their loss for filing a fraud report at https://reportfraud.ftc.gov regarding Coinkite’s advertising or business practices. 

Victims should also consult their tax professional or attorney regarding the suitability of documenting or timestamping evidence of their loss for IRS tax forms.

Protos doesn’t offer legal or tax advice. Please consult a licensed professional for personalized legal advice that suits your individual situation.

Michigan, where Donald Trump won both times he reached the White House, is a useful miniature of what the loitering gallery of presidential aspirants face across the country in two years. Not all lessons will be welcome for the would-be candidates, nor will they be fully understood until we know the outcome in November. 

But if the tone in this race’s final days is a hint, it signals that the win-at-all-costs footing that has defined the era of Trump has crept into the Democratic ether. Acrimony doesn’t even begin to get at the mood on the ground, according to operatives in both camps. In a recent podcast interview, El-Sayed called Stevens “the least capable candidate in America.” Stevens responded with a message on her social media on Thursday that showed how raw feelings have become: “Everyone in America understands you want to blame all of your problems on Jewish Americans.” 

This primary is about as perfect a snapshot as you could find of the tensions playing out among Democrats. In a swing state like Michigan, Stevens was widely acknowledged as the stronger candidate to go against the presumptive Republican nominee, former Rep. Mike Rogers. Her supporters include outgoing Sen. Gary Peters, and party heavyweights like Chuck Schumer (but not, notably, Sen. Elissa Slotkin, who was Stevens’ former House colleague, but has stayed out of the primary). Meanwhile, El-Sayed—who would be the country’s first Muslim U.S. Senator—has captured the imagination of the left wing of the Democratic Party, drawing visits from Sen. Bernie Sanders and Rep. Alexandria Ocasio-Cortez. At the same time, his unrelenting criticism of Israel has opened wounds inside the Jewish community in Michigan—and beyond—as his detractors say he is venturing into dangerous anti-semititic territory. Add in the race and religion factors animating the race, and Tuesday’s primary in Michigan could lay bare which litmus tests are likely to shape the 2028 presidential contest. 

President Donald Trump called on ExxonMobil and Chevron to cut US fuel prices after the oil majors earned roughly $26.5 billion combined during the second quarter.

Trump demands lower fuel prices

Trump criticized ExxonMobil and Chevron at the White House on Monday, arguing that supply pressure linked to the Iran war had allowed the companies to earn excessive profits.

“They’re making too much money based on a shortage,” Trump told reporters. “I don’t like it.”

The president urged both companies to pass part of their gains back to consumers through lower retail prices.

“Chevron, too much money. ExxonMobil, too much money,” Trump said. “They’re going to give some of that back to the public.”

The remarks marked an unusual rebuke of two companies that have generally benefited from Trump’s support for expanded US oil and gas production. Trump also criticized Chevron CEO Mike Wirth, claiming he had not given the administration enough credit for policies that supported the company’s operations in Venezuela.

Exxon and Chevron profits surge

ExxonMobil reported second-quarter earnings of $14.5 billion, or $3.48 per share, compared with $7.1 billion a year earlier. Adjusted earnings reached $14.7 billion, while operating cash flow totaled $23.6 billion.

The company returned $9.4 billion to shareholders through $4.3 billion in dividends and $5.1 billion in share buybacks, according to its quarterly results.

Chevron earned $12.1 billion during the same period, up from about $2.5 billion in the second quarter of 2025. The company also reported record US production and a 20% increase in worldwide output, according to Chevron.

Higher crude prices and wider refining margins helped both companies offset rising costs. The Iran war pushed West Texas Intermediate crude as high as $109.64 per barrel during the quarter, compared with $65.17 before the conflict intensified.

Iran war keeps pressure on US consumers

US gasoline prices have climbed by more than 30% since the United States and Israel began strikes against Iran, increasing pressure on household budgets ahead of the midterm elections.

The Strait of Hormuz remains central to the price outlook because it serves as a major route for global oil and liquefied natural gas shipments. Restrictions, tanker attacks, and the US blockade have disrupted normal traffic through the waterway.

The American Petroleum Institute defended the industry’s earnings, saying fuel prices reflect global market conditions rather than decisions by individual producers. Crude oil costs, refining margins, distribution expenses, and taxes all contribute to retail gasoline prices.

Trump said prices would fall sharply if the war ended. However, the administration has no direct authority to set the retail prices charged by oil companies or independent fuel stations.

Oil falls as Trump pauses Iran strikes

Oil prices dropped on Monday after Trump called off another planned strike against Iran and said negotiations could reopen the Strait of Hormuz.

WTI crude fell more than 5% to around $80 per barrel, while US gasoline futures also declined nearly 5%. The retreat reflected expectations that a diplomatic agreement could restore more shipping activity and reduce supply risks.

Trump described the negotiations as Iran’s “last chance” to secure an agreement. He said the proposed talks would address the strait first before moving to Iran’s nuclear program.

Tehran disputed Trump’s account, saying it was not negotiating directly with Washington. Iranian officials said they were instead holding discussions with Oman over a temporary safe route through the strait, leaving the timing and scope of any agreement uncertain.