Crypto World
World Foundation raises $52.5 million in new funding round lead by Pantera Capital
Poised to become the world’s most prominent “real humans’ network”, the project previously known as Worldcoin aims to establish an identity layer to distinguish unique individuals from automated bots. The protocol relies on custom hardware, known as an Orb, to issue credentials without compromising user privacy.
“World’s technology and proof of human and variations are among the most important building blocks to secure and verify interactions in an increasingly digital driven world,” said Tom Lee, an Eightco Holdings board member who also serves as the chairman of Bitmine, in a statement.
World said the investment comes as it shifts from building the network to scaling the utility.
To date, more than 39 million people have joined the World Network, with more than 18 million humans verified by an Orb, World said in the funding announcement press release. The network has utilized more than 475 million World ID proofs since its launch, scaling its capacity alongside the rollout of its updated, enterprise-ready infrastructure, it added.
World, the Sam Altman-backed digital identity project, unveiled in April what it called its most significant upgrade yet to World ID, positioning the system as “full-stack proof of human” infrastructure aimed at consumers, enterprises and AI agents.
Crypto World
World Foundation Raises $52.5M to Expand World ID
World Foundation has raised an initial $52.5 million through a sale of locked WLD tokens to strategic investors, with Pantera Capital leading the funding round.
The round also included Bain Capital Crypto, Eightco Holdings, Selini Capital, Susquehanna Crypto and other investors, according to a Friday announcement shared with Cointelegraph. The WLD tokens sold in the fundraising are subject to a 12-month lockup.
The nonprofit behind the World protocol said that new funds will be used to expand World ID, its system designed to distinguish people from AI agents. World ID generates a digital credential after users complete biometric verification at a World Orb device.
The organization said AI-generated content and autonomous agents are increasing demand for systems that can verify whether an online user is a real person.
World was originally conceived by OpenAI CEO Sam Altman, Max Novendstern and Tools for Humanity CEO Alex Blania. The project has faced regulatory scrutiny in several jurisdictions over its biometric identity verification system.
Related: BTC treasury firm Empery Digital invests $20M in AI data center developer Cardinal Data Power
Crypto firms and investors deepen AI push
Investment in AI infrastructure and agent-focused technologies has continued to accelerate in recent weeks as companies and investors expand beyond traditional crypto markets.
Earlier this month, brokerage infrastructure provider Alpaca raised $135 million in equity financing and secured up to $300 million in debt financing, along with access to up to $300 million in debt financing, to expand its agent-first brokerage platform. The company said the raise will help build infrastructure for AI-powered financial applications.

Source: Matt Huang
The raise came just a few weeks before Coinbase introduced tools allowing businesses to accept USDC (USDC) payments from autonomous AI agents, noting that AI-generated traffic exceeded human traffic on its Base developer documentation for the first time last month.
Investor appetite has followed the trend. Paradigm raised a $1.2 billion fund in July to invest across crypto, artificial intelligence, robotics and other frontier technologies, while Framework Ventures closed a $400 million fund in June with a mandate spanning crypto, AI, robotics and energy.
Capital is also flowing into AI security. Cybersecurity startup AegisAI raised $36 million in Series A funding this week to expand AI-powered email security tools, saying the financing will support defenses against increasingly sophisticated AI-generated phishing attacks.
Magazine: A quantum roadmap would push Bitcoin much higher: Charles Edwards
Crypto World
RISEx Launches ‘Ignite’ Season 1 Points Program, Following $3B in Volume During the Early Access Phase
[PRESS RELEASE – Singapore, Singapore, July 24th, 2026]
Backed by Galaxy Ventures and Vitalik Buterin, the ultra-high-performance perp DEX has officially launched its public rewards program.
RISEx, the fully on-chain perpetuals exchange built on the high-throughput RISE Chain, has officially launched Ignite: Season 1, its core loyalty and ecosystem points program. Following an invite-only beta phase that generated over $3 billion in cumulative trading volume, the program marks the next major step in RISEx’s broader ecosystem rollout as the protocol builds toward long-term community ownership and future token distribution.
Launch week concluded today with the distribution of the Season 0 retroactive points, recognizing the users who traded on a merit-based, invite-only venue with no guarantee of reward.
The program also carries a claim no competing venue can make: 100% of RISE points are allocated to RISEx users, including traders, LPs, and builder code integrators. RISE is an exchange chain, and RISEx is its product. Rather than splitting rewards across a diffuse ecosystem, the entire network’s incentive weight routes through the venue where activity actually happens.
The launch arrives amidst a massive structural shift in crypto derivatives, with decentralized perpetuals rapidly devouring centralized venue market share. Following the successful live deployment of its core exchange infrastructure, including cross-asset netted-margining and native Real-World Asset (RWA) trading, the public opening of RISEx’s rewards system marks the platform’s formal transition into global scale and growth mode.
Ecosystem Traction: By the Numbers
Prior to opening public rewards, the RISEx closed beta cultivated organic, institutional-grade liquidity and deep user engagement over three months:
- $3 Billion+ in cumulative trading volume processed since genesis.
- $26 Million+ in Open Interest (OI).
- $15 Million+ in Total Value Locked (TVL).
- 15,000+ Registered users accumulated entirely through a merit-based referral network.
Source: DUNE
Product First, Incentives Second “Much to the frustration of our growth team, I was adamant that we would not launch an incentives program until our core exchange engine reached absolute stability,” said Sam Battenally, CEO and co-founder of RISE Labs. “Too often, points programs are deployed prematurely to mask unfinished infrastructure or buy empty, temporary volume. We spent the last few months doing the hard engineering work instead by stabilizing core features like reduce-only GTC and bootstrapping deep, quality liquidity. If you are fueling the engine, it has to perform. Now that our core architecture is fully live, optimized, and performing at a world-class level, we are ready to scale.”
Ignite Season 1 Structure & Timeline
Ignite runs according to a product roadmap, and that is RISEx’s commitment to the RISE mission. As the exchange ships and reaches milestones, the season moves with it. AutoYield, Permissionless Portfolio Margin, and equity listings are all part of a larger vision to bring full-scale composable finance on-chain.
This is a deliberate design choice. Rewards should track real product progress rather than a marketing calendar that forces a program to overspend early or thin rewards later, penalizing the early contributors and active traders who showed up first.
- Live Since: Week 1 of Ignite began on Monday, July 20, 2026, at 00:00 UTC.
- Public Distribution: RISEx will distribute 200,000 points per week, settled every Tuesday, with the first weekly distribution on July 28, 2026, at 14:00 UTC.
- Season Length: Ignite is expected to end no later than Q2 2027.
- Allocation: 100% of RISE points are allocated to RISEx users, including traders, LPs, and builder code integrators.
Inside the Ignite Mechanics
Engineered to reward genuine, long-term ecosystem participation over predatory Sybil farming and artificial wash trading, Ignite evaluates user contribution across multiple health metrics rather than volume alone.
- Multi-Layered Earning: Qualifying activity spans higher-order activity, total costs including fees, slippage and negative markouts, trading volume, and open interest and hold time.
- Referral Rewards: Referrers earn an additional 10% of their referee’s points.
- Undisclosed Weightings: The exact methodology and weightings are not published. This protects the program from being gamed.
- Affiliate Program: For those who qualify, the affiliate program offers additional incentives such as fee rebates, point boosts, and more.
Institutional-Grade Architecture
RISEx achieves centralized-exchange execution speeds with full self-custody by utilizing RISE Chain, an EVM-compatible Layer 2 network delivering unprecedented 5 Ggas/s throughput and 1-millisecond latency. Because the exchange and the underlying blockchain share the same state, users benefit from a fully on-chain orderbook where collateral and interconnected DeFi positions exist within a single, atomic execution environment.
With the core perpetual exchange engine stabilized, the platform’s mid-term product roadmap is shifting toward the launch of native EVM Spot trading, AutoYield, and Permissionless Portfolio Margin.
Traders can clear the gate, check their retroactive allocations, and begin earning Season 1 points by visiting rise.trade.
About RISEx
RISEx is a fully on-chain perpetuals exchange built on RISE Chain. Delivering centralized-exchange execution speeds with full self-custody, RISEx features an on-chain orderbook that shares state and liquidity with the entire RISE DeFi ecosystem in a single transaction. RISEx offers institutional-grade crypto perpetuals with flexible collateral, with plans to expand into equities, forex, and commodities.
About RISE Chain
RISE Chain is a next-generation Ethereum Layer 2 purpose-built for high-performance DeFi, delivering 5 Ggas/s throughput and Web2-like latency via its proprietary Shreds architecture. Developed by RISE Labs, the network is backed by Galaxy Ventures, Vitalik Buterin, Finality Capital Partners, EtherFi, OrangeDAO, DACM, P2 Ventures, Stani Kulechov, and other leading digital asset investors.
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Crypto World
BitMEX Hit With 623 BTC Lawsuit After Announcing Shutdown
BKX Services Inc. and David Namdar have filed a class action lawsuit against BitMEX.
The plaintiffs accuse the exchange of market manipulation and misappropriating nearly 623 BTC due to forced liquidations.
Lawsuit Questions BitMEX’s Liquidation Practices
Filed on the same day the exchange announced it would shut down, the two claim that BitMEX’s internal trading team accessed customers’ private information and continued trading while servers were down and users were unable to access the platform.
BitMEX has faced accusations over its liquidation practices and internal trading advantages in the past, with the latest lawsuit reviving these allegations.
According to the complaint, the exchange offered its customers leveraged trading of up to 100 times their collateral but allegedly liquidated their positions before all assets had been used up. This resulted in users losing their positions while the remaining BTC collateral was worth more than the losses incurred.
Instead of refunding the excess BTC to traders, BitMEX allegedly redirected the funds to its insurance pool, which, according to the plaintiffs, made it possible for the platform to financially benefit from forced liquidations.
“BitMEX deliberately developed a system that profited from the liquidations,” read the filing.
The filing also cites an old 2020 case where Brett Messieh and other traders sued the platform for similar offenses. Here, the group accused the company of rigging trading conditions in its favor, resulting in financial losses for users. But the court threw out the case for a lack of evidence.
Traders Lost Almost 623 BTC
Namdar says they lost more than 316.85 BTC in the process, while BKX says its losses were around 305.81 BTC. As a result, the two are looking to recover their seized crypto and damages. Furthermore, the proposed lawsuit seeks to represent U.S. customers who traded BTC perpetual swap products in transactions dating back to July 23, 2018.
Earlier on Thursday, BitMEX owner HDR Global Trading said it will shut down the exchange after a strategic review, with the decision expected to take effect on September 23. The platform has already suspended new account registrations, with traders now only allowed to close existing positions.
Following the announcement, BitMEX co-founder Arthur Hayes thanked his partners, employees, and customers for their support over the years. “It was an amazing ride,” he wrote, adding that he was proud the exchange was shutting down “responsibly on our own terms.”
The post BitMEX Hit With 623 BTC Lawsuit After Announcing Shutdown appeared first on CryptoPotato.
Crypto World
Crypto Advocacy Groups Support CLARITY Passage as Ethics Rules Face Pushback
The Crypto Council for Innovation, Digital Chamber and Blockchain Association wrote to US Senate leaders on Friday calling for the chamber to prioritize “floor consideration” of the Digital Asset Market Clarity (CLARITY) Act.
In a Friday letter to Senator Majority Leader John Thune and Minority Leader Chuck Schumer, the three cryptocurrency advocacy groups urged consideration of the CLARITY Act, which Republican lawmakers have been pushing for a vote before the chamber breaks for state work periods in August. Although the bill has advanced through the Senate banking and agriculture committees, some lawmakers said they planned to withhold their votes until key provisions were addressed.
“[We] recognize that constructive bipartisan negotiations remain underway to secure and expand support for this critical piece of legislation,” said the letter. “We appreciate these good-faith efforts of Senators on both sides of the aisle, and we encourage those discussions to continue.”

Source: Crypto Council for Innovation
The CLARITY Act, expected to be one of the most significant pieces of legislation impacting the crypto industry, needs 60 votes to pass in the Senate, where Republicans hold a 52-47 majority over Democrats. Republicans released the text of the market structure bill earlier this week, including ethics provisions that barred public officials from issuing or sponsoring cryptocurrencies, but many Democrats said that the measures don’t go far enough to prevent corruption.
Related: Goldman Sachs CEO backs ‘not perfect’ CLARITY Act as vote expected soon
“Whatever piece of s— they sent back to us, that was not a serious effort,” Senator Ruben Gallego said on Thursday regarding the ethics provisions, according to Politico.
Gallego added:
”[…] After all the work that we’ve done with our Republican colleagues, that they would take the months and months of work and somehow interpret that and turn around and think what they offered was even remotely close.”

White House crypto adviser on Democratic opposition to CLARITY ethics rules. Source: Patrick Witt
Industry leaders weigh in on CLARITY ahead of potential floor vote
“The status quo in the US isn’t working,” said Coinbase CEO Brian Armstrong in a Wednesday X post. “There’s no federal framework, so bad actors like FTX can harm US customers and much of the industry has gone offshore totally outside US purview. This bill fixes that with strong consumer protections, real tools for law enforcement, and a path for America to lead in this industry.”
Orest Gavryliak, chief legal officer of DeFi platform 1inch, spoke about the bill on Cointelegraph’s Chain Reaction podcast on Friday, saying that CLARITY would help recognize a framework for non-custodial protocols rather than “regulating with enforcement.”
“Some regulators, they try to be friendly to non-custodial protocols or projects, they still try to fit us in into the custodial frameworks and make us use custodial solutions to solve problems that they used to in this legacy custodial or traditional finance, which is wrong [and] doesn’t apply to us at all,” said Gavryliak. “That’s why it’s very important for CLARITY to pass.”
If lawmakers are unable to hold a vote for CLARITY before the Senate breaks in August, it could push consideration into the weeks before the 2026 US midterms, potentially complicating discussions. As of Friday, Kalshi offered users event contracts with a 40.3% chance that the bill would pass before the Senate’s August recess.
Magazine: Here’s why the CLARITY Act’s ethics deal may be so hard to reach
Crypto World
Are Funds Shifting Toward AI Tokens?
US spot Bitcoin exchange-traded funds (ETFs) extended their streak of inflows into a sixth consecutive session, signaling renewed institutional interest at a time when broader market sentiment is improving. At the same time, crypto-linked equities are posting gains amid expectations that US regulatory progress could help clarify the playing field—and that speculative appetite for AI-related stocks may be starting to cool.
Beyond digital assets, investors are increasingly separating “AI winners” from companies still priced primarily on optimism. That shift matters because money often moves in clusters: when one high-beta trade loses momentum, capital can search for the next opportunity—sometimes back in crypto.
Key takeaways
- US spot Bitcoin ETFs logged six straight days of inflows, bringing total fresh capital to about $203.1 million for the latest session and roughly $930 million across the streak, according to the linked Cointelegraph update.
- Market sentiment improved as the Crypto Fear & Greed Index rebounded from “extreme fear” to “fear,” while Bitcoin’s price briefly moved above $67,000.
- The Philadelphia Semiconductor Index (SOX) moved into technical bear-market territory after a drop of more than 20% from its recent peak, reflecting cooling enthusiasm for parts of the AI trade.
- Analysts pointed to US momentum on the CLARITY Act and commentary from Treasury Secretary Scott Bessent as a factor supporting risk appetite across crypto and crypto-adjacent stocks.
- Bitcoin mining stocks rose on news of major AI-focused data center and cloud infrastructure deals from Hut 8 and IREN.
Bitcoin ETFs extend inflows as sentiment steadies
Spot Bitcoin ETFs in the US continued receiving net inflows, extending a winning run to six consecutive trading days and attracting $203.1 million in fresh capital on the day highlighted by Cointelegraph: Bitcoin ETFs extended their inflow streak.
The inflow sequence adds up to roughly $930 million over six sessions—described in the report as the funds’ longest streak since April—occurring alongside a move in Bitcoin that briefly pushed above $67,000. The timing also overlaps with a notable improvement in broader risk sentiment, with the Crypto Fear & Greed Index recovering from “extreme fear” to “fear.”
Even so, the bigger picture remains mixed. Since the launch of the US spot Bitcoin ETFs in January 2024, the funds have accumulated $51.8 billion in cumulative net inflows and hold $80.9 billion in net assets, but they are still down $4.84 billion on a year-to-date net flow basis, per the figures included in the source article. Analysts cited in the report argue that Bitcoin likely needs to sustain trading above the $65,000–$65,500 area to strengthen the case for a durable bullish breakout.
For investors, the usefulness of an inflow streak isn’t just the day-to-day headline—it’s the pattern. A multi-day bid from institutions can reduce the likelihood that any bounce is purely retail-driven, though it doesn’t guarantee follow-through.
AI trade cools while crypto expects regulatory clarity
The crypto market rally referenced by Cointelegraph is linked to two overlapping themes: progress toward US crypto regulation and signs that the AI trade may be losing some of its momentum. The report ties the broader digital asset move to the cooling of the AI trade, with crypto-related equities joining the bid.
Cointelegraph notes that Coinbase, American Bitcoin and Cipher Digital posted double-digit percentage gains as sentiment improved. One cited catalyst was a statement from US Treasury Secretary Scott Bessent suggesting lawmakers were near the “1-yard line” on the CLARITY Act, a legislative effort intended to establish a regulatory framework for digital assets. While investor expectations don’t replace legislation, signals about legislative progress can still shift positioning—especially for firms that have spent long periods waiting for clearer rules.
On the AI side, analysts framed the change more as rotation than collapse. The source points to cooling enthusiasm in AI equities and growing confidence around the interest-rate outlook as supportive inputs for Bitcoin. A concrete proxy for this is the Philadelphia Semiconductor Index (SOX), which fell more than 20% from a recent high and recently slid into a technical bear market. Although SOX remains above year-ago levels, the magnitude of the pullback suggests that some speculative capital is less willing to pay whatever it takes for future AI monetization.
For crypto traders, that distinction matters: when AI-related liquidity tightens, some capital that was “parked” in semiconductors and high-multiple tech can become more willing to chase asymmetric upside elsewhere—provided the regulatory outlook and market structure remain supportive.
Miners ride AI data center and cloud contracts
Another strand of strength showed up in Bitcoin mining stocks, which surged on the back of major AI infrastructure deals highlighted by Cointelegraph: Hut 8 and IREN unveiled multibillion-dollar AI infrastructure agreements.
The source reports gains across Hut 8, IREN, Cipher Digital, CleanSpark and MARA Holdings after Hut 8 disclosed a 15-year, $9.8 billion lease for its AI data center campus. It also notes that IREN shared details of $2.8 billion in cloud services contracts with AI developers. The broader implication is that miners are continuing to diversify away from relying solely on Bitcoin production as mining economics become more challenging.
Alongside the deal headlines, the report emphasizes that the AI pivot is now large enough to shape how markets value parts of the mining sector. It states that IREN projects more than $4 billion in annual recurring AI cloud revenue by the end of 2026. That kind of forecast—especially when paired with long-term infrastructure arrangements—can attract investors who prefer visibility over purely cycle-driven earnings.
Still, the source also flags execution and funding risk. Blocksbridge Consulting, cited in the report, estimates the sector could require roughly $50 billion in additional capital to pursue its AI ambitions, while insider stock sales have drawn increased scrutiny. Taken together, the message is clear: investors may reward the pivot to AI-enabled infrastructure, but they are also watching for whether capital needs remain manageable and whether corporate actions align with long-term delivery.
Robinhood spotlight shifts to tokenization and prediction markets
Outside the immediate crypto market tape, Bernstein updated its view of Robinhood, arguing the brokerage’s next growth phase is likely tied more to tokenized products and prediction markets than traditional crypto trading. The report points to Bernstein raising its price target on Robinhood, lifting it to $160 from $130 while maintaining an Outperform rating.
Bernstein’s forecast in the source includes an expectation that prediction markets could become Robinhood’s fastest-growing segment, generating $1.7 billion in revenue by 2028. It also identifies tokenized equities as a major growth opportunity, citing Robinhood’s Arbitrum-based layer-2 network as infrastructure for bringing real-world assets on chain.
The thesis is reinforced by what the source describes as an acceleration of Wall Street’s tokenization push, naming companies such as Broadridge, Alpaca, Securitize and Cantor Fitzgerald as expanding blockchain-based securities infrastructure. For industry watchers, that matters because tokenization is a bridge concept: it can attract institutional interest by mapping blockchain capabilities onto familiar asset structures, potentially broadening demand for compliant onchain rails.
For readers, the next key question is whether the improving ETF inflow pattern persists while AI equities continue losing speculative steam. Watch for continued multi-day ETF demand, further signals on US regulatory progress around the CLARITY Act, and whether miner-led AI infrastructure narratives translate into measurable financial milestones rather than only headline-driven momentum.
Crypto World
Coinbase reshuffles top ranks amid push into stocks and predictions
Coinbase has replaced or reassigned four senior leaders after cutting 14% of its workforce, as the exchange builds a platform spanning crypto, stocks, derivatives and prediction markets.
Summary
- Coinbase is replacing or reassigning four senior leaders during its multi-asset expansion.
- Dominique Baillet is expected to succeed Lawrence Brock as chief people officer.
- Stocks and prediction markets are growing as weak crypto conditions pressure COIN.
A Coinbase regulatory filing states that Chief People Officer Lawrence Brock will leave his position on Aug. 17 and remain with the company through Sept. 1 to transfer his duties. Coinbase expects to appoint Dominique Baillet as Brock’s successor, placing her in charge of the company’s hiring, retention and workplace operations during a period of product expansion.
Brock will continue providing advice from Sept. 2 through Nov. 30 under an agreement signed on July 23, according to the filing. The arrangement gives him a payment equal to three months of his current base salary after the advisory period, along with continued vesting of restricted stock units scheduled for Nov. 20. Coinbase’s filing does not give a reason for his departure.
His exit follows several changes across Coinbase’s legal, institutional and Base teams. CertiK Pulse reported that Greg Tusar, co-head of Coinbase Institutional, has moved into a policy-focused position after working on the company’s prime brokerage, custody, financing and exchange products.
Paul Grewal also plans to leave his role as chief legal officer and corporate secretary on July 31 after six years at Coinbase. Vice President of Legal Molly Abraham will become general counsel and secretary, while Ryan VanGrack will serve as Coinbase’s first vice chair and head of corporate affairs.
Grewal will remain an adviser and retain his seat on the board of Coinbase National Trust Company, Reuters reported. During his tenure, Grewal helped Coinbase respond to the Securities and Exchange Commission’s 2023 lawsuit and supported the crypto industry’s campaign for new market legislation in Washington.
Coinbase is cutting layers while adding products
Changes at the executive level have arrived less than three months after Coinbase announced plans to eliminate about 700 positions, equal to 14% of its workforce. CEO Brian Armstrong linked the May decision to volatile crypto markets and productivity gains from artificial intelligence, while Coinbase estimated restructuring costs of $50 million to $60 million.
Armstrong told employees that Coinbase needed smaller and more efficient teams, according to a company letter reported by Business Insider. The exchange also planned to reduce management layers and test team structures in which fewer workers handle tasks that previously required several specialized roles.
At Base, Jesse Pollak has stepped back from leading the network’s consumer app and handed control to Jordan Fish, widely known as Cobie. Pollak acknowledged that his focus on social applications and creator coins had failed to produce the adoption he expected, according to CoinDesk.
Pollak will instead focus on developing Base as a blockchain for global finance, with trading, payments and tokenization taking priority. Coinbase has kept the Base app under its control, while the leadership change separates work on the consumer product from Pollak’s role in developing the underlying network.
Alongside the personnel changes, Coinbase describes its business as an “Everything Exchange” that gives customers access to crypto, equities, derivatives and event contracts from one platform. The company has opened commission-free stock and exchange-traded fund trading to all eligible U.S. users, offering access 24 hours a day on five weekdays, according to a Coinbase announcement.
Prediction markets have become an early revenue source within that model. Coinbase reported that the product reached more than $100 million in annualized revenue during March, after operating nationwide for two full months. Its first-quarter results also placed annualized retail derivatives revenue above $200 million and crypto trading-volume market share at a record 8.6%.
Weak crypto conditions test the expansion
Coinbase’s product expansion is proceeding as its research unit maintains a neutral outlook for the third quarter. Coinbase Institutional and Glassnode reported that total crypto market capitalization, excluding stablecoins, contracted by about 12% during the second quarter.
Their joint “Charting Crypto Q3 2026” report found early signs of Bitcoin accumulation but concluded that tighter liquidity, the U.S.–Iran conflict and weak exchange-traded fund demand continued to limit the market. Record stablecoin supply suggested that some sellers moved capital into dollar-linked tokens instead of removing it from crypto entirely, according to Coinbase Institutional.
COIN traded at $158.50 on July 24, down 1.65% from its previous close, with an intraday range of $153.80 to $163.50. The latest move left Coinbase with a market value of about $42 billion, while its shares remained under pressure after falling 31.9% during 2026 and 59.4% over the preceding year.
Baillet’s expected appointment therefore places Coinbase’s People team at the center of two competing demands: managing a smaller workforce and supporting new asset categories. Investors can next assess that execution when Coinbase publishes its second-quarter financial results after the market closes on July 30.
Crypto World
Bitcoin Mining Pool Poolin Seeks Chapter 11 Protection
Singapore-based Bitcoin mining pool operator Poolin and two US affiliates have filed for Chapter 11 bankruptcy in a New Jersey court, according to a court filing accessible via PACER Monitor. The move marks a further sign of stress inside parts of the mining sector as margins are squeezed by electricity costs and infrastructure expenses.
In the filing, Poolin Technology PTE Ltd estimates liabilities in a range of $100 million to $500 million, assets of $1 million to $10 million, and 10,001 to 25,000 creditors. The company also asked the court for permission to sell two West Texas mining sites to Thor CALAP LLC through a proposed stalking-horse bid.
Key takeaways
- Poolin and US affiliates have entered Chapter 11 in New Jersey, citing a wide gap between estimated liabilities and assets.
- Poolin is seeking approval to sell its Tarbush and Pyote West Texas mining facilities for a combined $52 million under a stalking-horse process.
- A court-supervised auction is planned, with a bid deadline of Sept. 8 under the proposed procedures.
- The case reflects broader industry pressure, with other miners restructuring or pivoting toward AI and high-performance computing.
Bankruptcy filing and proposed West Texas asset sale
Poolin’s bankruptcy petition is tied to court-supervised efforts to reorganize and monetize remaining assets. The company’s filing includes estimates of $100 million to $500 million in liabilities against assets estimated between $1 million and $10 million, alongside a creditor count in the 10,001 to 25,000 range.
In addition to seeking Chapter 11 protection, Poolin requested permission to sell two mining sites in West Texas to Thor CALAP LLC. The proposed stalking-horse bid values the deal at $52 million, split into:
- $37 million for the Tarbush assets, including assumed liabilities.
- $15 million for the Pyote site, including power rights, equipment, and other assets related to the mining facilities.
The filing further states that the sale would be subject to a court-supervised auction, with a Sept. 8 bid deadline under the proposed bidding procedures.
Poolin’s market position has shifted
Poolin’s bankruptcy comes at a time when its relative standing in the mining industry has declined. According to Hashrate Index, Poolin is currently the 17th largest Bitcoin mining pool operator by hashrate, with about 0.2% market share.
The filing’s outcome is therefore not just a case-specific story: it underscores how the competitive landscape has evolved since Poolin’s peak. The company was once reported as the world’s largest Bitcoin mining pool in 2019, but its hashrate share has since fallen as other operators scaled and diversified.
Industry pressure: restructuring and an AI pivot
Poolin’s bankruptcy fits a broader pattern in which Bitcoin miners increasingly look for restructuring pathways—or new lines of business—to manage operating constraints. The source reporting notes that financial pressure has been driven in part by rising electricity costs, with some mining operations shutting down while others seek additional revenue.
Earlier examples highlighted in the broader reporting include a Chapter 11 filing by NFN8 Group and two affiliates in February, in which those entities sought bankruptcy protection in the Western District of Texas. Other miners have pursued different strategies, including a shift toward AI and high-performance computing infrastructure.
For instance, the reporting notes that in November 2025, Bitfarms initiated a complete wind-down of its Bitcoin mining operations to pivot toward AI and high-performance computing data centers. More recently, it cites major AI-related infrastructure announcements from publicly traded miners:
- Hut 8 announced a 15-year lease worth $9.8 billion for an AI data center campus.
- IREN disclosed $2.8 billion in cloud services contracts with AI developers.
The same reporting also references MARA Holdings plans to acquire a Texas site with up to 2 gigawatts of capacity to expand AI and digital infrastructure ambitions.
In its coverage, the source further points to comments attributed to Bernstein, stating that AI companies may need deals with third-party providers—such as Bitcoin miners—to overcome computing power limits of AI data centers.
Why this Chapter 11 case matters to the market
For investors and industry participants, Poolin’s filing is notable not only because of what happens inside a bankruptcy court, but because it may influence how mining supply and hosting capacity evolve during a period when many operators are recalibrating their strategies.
The proposed sale of specific West Texas mining sites—along with included power rights and equipment—also highlights where value is being concentrated. In practical terms, power access and deployable infrastructure are often the decisive factors in mining economics, particularly when energy prices and equipment costs challenge profitability.
Meanwhile, the broader shift toward AI infrastructure suggests a deeper restructuring of demand for compute. While Bitcoin mining is tied to network incentives, AI data center expansion depends on long-term capacity planning. That difference helps explain why some miners are attempting to convert physical assets and energy contracts into a different revenue model—yet Poolin’s bankruptcy indicates that not every operator can make that transition fast enough or on terms favorable to creditors.
One watchpoint is the timing and outcome of the court-supervised auction. The filing proposes a Sept. 8 bid deadline, which could determine whether competing bids emerge beyond the stalking-horse valuation or whether the Thor CALAP LLC offer becomes the baseline for a broader asset disposition.
Readers should monitor the bankruptcy docket for updates on the auction process, any competing bids, and the ultimate disposition of the Tarbush and Pyote sites. Just as importantly, the case may provide another data point on how quickly—if at all—mining operators can reposition energy- and infrastructure-heavy businesses toward AI-related compute demand.
Crypto World
Here’s Why Bitcoin Dipped Below $64K Today
Bitcoin’s mid-week price rally that drove it to a monthly peak of $67,000 came to a halt, and the asset dipped below $64,000 earlier today, erasing essentially all the gains it had recorded.
Here are the two possible reasons behind this nosedive.
ETF Investor Exodus
At first, we begin with the spot exchange-traded funds tracking the largest cryptocurrency. They were on a seven-day roll that began last Tuesday and had attracted roughly $1 billion within that timeframe for the first time since April. However, investors changed their minds once again on Thursday, pulling out over $200 million worth of BTC. This coincided with the asset’s initial retracement that drove it toward $65,000.
More recent on-chain data from today, though, claimed that BlackRock has continued to dispose of BTC for its clients, sending approximately $203 million to Coinbase Prime, which it always uses when it liquidates some of its ETF positions.
Of course, the actual damage for the entire day will be announced tomorrow when data providers such as SoSoValue update their numbers. For now, though, the uncertainty remains relatively high given the latest trend shift.
BlackRock moved 3.126K $BTC (~$203M) from its IBIT Bitcoin ETF wallet to Coinbase Prime.
The movement was executed across multiple transactions, including several 300 $BTC batches and one 126.168 $BTC transfer.@blackrock @coinbase pic.twitter.com/hD4ty5YARy
— Onchain Lens (@OnchainLens) July 24, 2026
Trump Threatens With New Tariffs
Ever since he returned to the White House, President Donald Trump has made numerous attempts to impose tariffs on essentially all countries at one point. What’s particularly interesting is the fact that nations within the EU have become the main target, even though they are supposed to be allies.
History shows that the darkest hours of tariff threats have impacted BTC severely, including last April when the asset tanked. The past few hours brought another example of this, which coincided with the asset’s retreat to just under $63,000.
He blamed the bloc for imposing substantial penalties on some of the largest US companies, such as Apple, Meta, and Google, and warned that his administration will “immediately initiate a 301 Investigation into the practice of “ROBBING” American Companies and, in turn, the American Taxpayer.” In addition, he outlined an upcoming wave of tariffs.
“The European Union will pay a very big price for this illegal and highly unethical conduct, which I have consistently warned them about. The penalties will be entirely reversed and, we anticipate, a substantial TARIFF to be placed on them at the earliest possible moment,” reads the message.
The post Here’s Why Bitcoin Dipped Below $64K Today appeared first on CryptoPotato.
Crypto World
Inside the mystery of BitMEX’s insurance fund
Crypto exchange BitMEX is winding down with roughly $270 million sitting in a house insurance fund that customers now suspect its owners will simply keep.
The fund holds about $239 million worth of BTC and $31 million in USDT. A lot of that came from customers’ trading losses.
The exchange hasn’t disclosed where the money will go after its doors close on September 23 and BitMEX declined to comment on its plans for the fund.
To be clear, the fund is owned by BitMEX, not customers, and the exchange never told customers what it would do with the fund if it ultimately closed for business.
Moreover, the fund has paid out to customers during certain loss events, honoring the exchange‘s original promise.
Still, plenty of people are upset given the substantial size of the fund and a November 2025 rebalancing that drained it of the overwhelming majority of its assets at the time.
The exchange’s proprietary token also seems to have little promise of retaining much value after September. It’s already lost 96% of its value year-to-date after a steep crash on the closure news.

BitMEX’s insurance fund goes viral
Speculation about BitMEX owners overtaking the insurance fund is rampant on social media, as allegations earned hundreds of thousands of impressions on the trending topic.
For context, BitMEX’s use of the word insurance is repurposed, a common practice by the crypto industry. Its borrowed name doesn’t actually mean insurance by conventional understanding.
Rather than funding it with policyholders’ insurance premiums or stockholders’ paid-in capital, by and large, BitMEX funded its so-called insurance fund with liquidated assets from customers who lost money trading using BitMEX-provided leverage.
Immediately incensed, plaintiffs filed a proposed class action the same day as BitMEX’s closure announcement.
Plaintiffs alleged that BitMEX’s fund grew quickly during downside volatility and times of stress when customers would have appreciated insurance payouts.
Instead of shrinking during adverse events to offset losses as other insurance funds might have, the fund grew as BitMEX force-closed leveraged bets by its customers.
Although no court has reviewed the allegations, plaintiffs BKX Services and David Namdar say the exchange liquidated their positions. The two say they lost over 622 BTC between them and want to add claims representing similarly situated US customers who traded on BitMEX since July 2018.
Like other lawsuits before, they are seeking the return of their assets plus fees. Prior lawsuits have ended in dismissal, such as a 2020 class action led by Brett Messieh.
Read more: The history of crypto exchanges trading against their own customers
From 36,400 BTC to 3,600
This week’s new lawsuit piles on allegations, describing an in-house trading desk with what it calls “God access” to hidden orders and customers’ liquidation points.
In-house traders, plaintiffs allege, were uniquely able to trade during the server freezes that locked out most other customers.
A civil complaint is merely a document making allegations. Readers shouldn’t interpret claims by plaintiffs seeking money as true nor probable until a court adjudicates the evidence.
For years, the insurance fund held tens of thousands of BTC, peaking above 36,400 during the March 2020 crash. Then came the crypto crash of October 10-11, 2025.
A surprise 100% China tariff threat and flash-crash prices on several Binance trading pairs helped erase more than $19 billion in leveraged positions industry-wide. BitMEX said its fund absorbed only about $2 million in losses during the incident, sailing through relatively unscathed.
Weeks later, it shrank the fund by roughly 90%.
Specifically, on November 18, 2025, BitMEX announced it would rebalance its insurance fund to “approximately 3,600 BTC and just over 30,000,000 USDT” to “better reflect the risks in its markets.” The rebalancing, it promised, would have “no impact on our traders.”
It didn’t say what happened to the tens of thousands of BTC it supposedly no longer needed after that rebalancing.
The math is unforgiving. At today’s BTC price near $64,000, the old fund would have been worth $2 billion. The rebalanced version is worth about $270 million — and it’s going away entirely after September.
At the 52-week high of BTC above $126,000, the value of BitMEX’s pre-rebalanced insurance fund topped $4.5 billion.
Taking their money after taking their money
“There used to be 36,000 BTC in the BitMEX insurance fund, now 3,600. Are they the ones selling I wonder,” posted one skeptic.
“I guess last year they ‘rebalanced’ the insurance fund down from 13-14k to 3,600 ie they pocketed 10k BTC,” alleged another.
The business closure news sharpened suspicions. “Wow.. Arthur Hayes and his partners will profit around $270 million bucks Is this the reason BitMex is shutting down? To collect this Insurance Fund cash?” asked Aaron Bennett.
Neither BitMEX nor Arthur Hayes have answered their questions.
Protos previously documented how the exchange ran a for-profit market maker and paid a $100 million settlement with the Commodity Futures Trading Commission.
Founders Hayes and Benjamin Delo later pleaded guilty to a Bank Secrecy Act violation, before a Trump pardon erased their legal jeopardy.
None of this is new to the courts. Traders have sued and lost against BitMEX over market-manipulation claims before, and the founders remain free men.
What is new is the deadline. After September 23, 2026, the customers who filled the insurance fund one liquidation at a time will have no exchange left to ask where their BTC went.
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.
Crypto World
VAP Group Announces Global Trading Show, The Most Influential Unified Multi-Asset Trading Show
Abu Dhabi, UAE — VAP Group today announced the Global Trading Show from 15-16 December 2026 at Emirates Palace, Abu Dhabi. Powered by Times Of Trading, the event brings together the full spectrum of the trading world, including the most influential 5,000+ market movers together such as ultra-HNW investors, brokers, regulators, exchanges, institutional desks, high-volume traders, influencers and leading financial key opinion leaders, all under one roof at one of the region’s most prestigious venues.
Until now, the region’s trading events have focused on individual markets, while the Global Trading Show unites every asset class, trading technologies, and trader communities, making it a truly cross-asset event for every type of trader.
The Global Trading Show is built on three pillars designed to give attendees direct access to the entire investment universe and the people driving it.
Multi-Asset Trading Floor
Brokers, exchanges, and trading platforms will showcase their products side by side, giving traders and institutions a single vantage point across every major asset class and removing the need for fragmented, single-market events.
Live Trading Tournament
A live trading tournament executed on regulated infrastructure, with a fully transparent prize pool. The competition puts skill on public display in real time, offering sponsors and platforms a high-visibility stage to demonstrate execution quality and reliability under pressure.
KOLs & Creators
Global Trading Show recognizes that today’s markets move as much through influence as through infrastructure. The event convenes leading financial KOLs and creators alongside institutional players, bridging the gap between the trading floor and the platforms where retail and professional audiences increasingly get their market intelligence.
The two-day event will spotlight the next evolution of trading through dedicated AI & Quant, Web3 & DeFi, Retail Education, and Institutional Liquidity zones, complemented by live trading challenges, expert-led masterclasses, and exclusive institutional forums with closed-door sessions and open panels for hedge funds, prime brokers, liquidity providers, sovereign wealth funds and family offices.
“Capital today moves across forex, crypto, gold, AI-driven strategies and more, all at once, yet the industry still meets in silos. We are proud to announce that the Global Trading Show is the region’s only event to bring seven asset classes under one umbrella, where the entire ecosystem converges. Abu Dhabi is where institutional money and emerging assets now meet, so this conversation belongs here, in one of the most significant sovereign-grade venues in the region” – Vishal Parmar, Founder and CEO, VAP Group.
The Global Trading Show highlights how rapidly evolving technology is reshaping market structures by bridging institutional finance with high-velocity retail trading. It serves as a collaborative and intersectional hub for legacy banking compliance, decentralized blockchain networks, and cross-market portfolios.
For sponsorship opportunities, speaker applications, and delegate registration details, visit globaltradingshow.com.
For media queries reach out at media@globaltradingshow.com.
About VAP Group
With 13+ years of expertise, VAP Group is a premier global consulting and media powerhouse driving the next wave of technology-led growth.
Through its media ecosystem and flagship events, including the Global AI Show, Global Games Show, and Global Blockchain Show, VAP Group connects policymakers, enterprises, and innovators worldwide, enabling strategic communications, ecosystem-building, and talent solutions.
Media Contact:
Email: media@globaltradingshow.com
For more information: https://www.globaltradingshow.com/
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