Researchers at L2BEAT have flagged a suspicious governance proposal submitted to the Tornado Cash DAO.

It raised eyebrows for pointing to an unverified contract, something “very unusual for Tornado Cash DAO proposals… [and] a clear indication that the proposal should be treated as malicious.”

Adding to suspicions, the address of the proposer was funded by Railgun (a competing crypto privacy protocol) just four days ago.

Sergey Shemyakov, a ZK researcher, took to X to “summon” others to examine the proposal, which “shows pretty convoluted logic.”

Read more: MEV bot JaredFromSubway.eth loses $7.5M to approvals honeypot

The proposal purports to define a new fee structure and “establish a brand-new dynamic deflationary economic model.”

However, Security Alliance researcher Pascal Caversaccio alleged the “malicious” intentions behind the proposal, stating that the real intention is to switch key addresses with spoofed lookalikes.

The current DAO governance address, which holds $23 million of TORN tokens, would be replaced by an attacker-controlled address which shares the same initial 15 characters.

A similar switch would be made on the staking governance proxy contract.

Caversaccio also notes that the spoofed governance address would be able to “zero out any relayer’s balance at will.” He called the proposal a “governance attack on Tornado Cash” and urged TORN holders to reject it.

Read more: Aztec Network hit by second hack this week as escapeHatch drained of $2M

All TORN up

Today’s governance attack is the latest in a long series of governance, legal and security troubles for Tornado Cash.

Tornado Cash last faced a governance attack in 2023 when a malicious proposal passed, granting an attacker a majority share of votes.

Read more: DeFi has rough weekend with Aave and Tornado Cash chaos

After selling around $800,000 of TORN tokens for ETH, the attacker created a new proposal to set its voting power back to zero. Not before washing the proceeds through none other than Tornado Cash itself, though.

The following year, multiple Tornado Cash IPFS front ends were injected with malicious javascript to leak sensitive deposit information to an attacker-controlled server. Even a hacker allegedly fell victim to the trap.

Read more: Someone stole the stolen money from ZKLend

In the legal sphere, Tornado Cash was sanctioned by the US Treasury in 2022, though the decision was eventually reversed last year.

Despite no longer being banned, Tornado Cash developer Roman Storm was prosecuted for conspiracy to operate an unlicensed money-transmitting business last year, following a rocky trial.

Storm’s fate continues to hang in the balance. In April, a motion for acquittal was left unresolved and prosecutors are keen to retry two counts on which the jury remained deadlocked at the end of his trial.

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Strategy director Jarrod Patten has sold another 1,500 MSTR shares as the company’s stock has fallen to a fresh 52-week low and investor scrutiny over its Bitcoin treasury strategy has intensified.

According to a recent U.S. Securities and Exchange Commission filing, Patten exercised options to acquire 1,500 Strategy Class A shares on June 23 at a strike price of $18.236 per share before selling the entire position the same day at $106.08 per share.

The filing shows the options cost roughly $27,354 to exercise, while the sale generated about $159,120, leaving an estimated pre-tax gain of approximately $131,766.

The latest transaction extends a selling streak that has continued for months. SEC records show Patten has sold 55,750 Strategy shares during the past three months, with those transactions producing roughly $9 million in proceeds.

The insider sales have coincided with growing criticism from some investors over the company’s financing strategy and the potential impact of additional share issuance.

Earlier this month, Patten completed another options exercise using the same $18.236 strike price before selling the shares at around $134 each. As crypto.news previously reported, that transaction generated more than $200,000 in profit.

Strategy stock continues to face heavy selling pressure

While the insider sale occurred earlier this week, pressure on Strategy shares has intensified in recent trading. Yahoo Finance data show MSTR fell below the $100 mark earlier this week before sliding to around $86 on Thursday, leaving the stock down more than 6.5% on the day and roughly 23% over the past week.

The decline has unfolded alongside another sharp move lower in Bitcoin, which briefly slipped below $59,000 after stronger-than-expected U.S. inflation data reinforced expectations that interest rates could stay higher for longer. As cryptocurrency prices weakened, investors also reassessed companies with large Bitcoin holdings, including Strategy.

At the same time, legal pressure surrounding the company has increased. Rosen Law Firm recently announced that it is investigating whether Strategy made materially misleading business disclosures and said it is evaluating possible securities claims on behalf of shareholders.

Analysts say investor confidence has become the key concern

Market criticism has also expanded beyond the stock’s recent decline. In a June 25 X post, longtime Bitcoin critic Peter Schiff argued that Strategy’s falling share price was adding pressure to the cryptocurrency market. Schiff wrote, “As I warned, MSTR’s death spiral has pricked the Bitcoin bubble,” before adding that both MSTR and the company’s STRC preferred shares had suffered steep losses while Bitcoin fell toward $58,000.

Meanwhile, comments from Two Prime CEO Alexander Blume, as reported by CoinDesk, point to investor confidence as the central issue facing Strategy. Blume argued that repeated changes to Michael Saylor’s stated plans have weakened trust among retail investors, potentially making it harder for the company to regain market confidence even if its financial obligations remain intact.

XRP is trading just above $1 and is testing what traders often treat as psychologically important support. While the market price remains under pressure, multiple on-chain signals suggest the token’s network positioning and capital flows may be improving.

CryptoQuant data highlighted shrinking XRP held on major exchanges, seven straight days where withdrawals have outpaced deposits on Binance by transaction count, and continued positive whale accumulation. In parallel, spot XRP exchange-traded funds (ETFs) have gathered meaningful inflows since April, including $243 million in cumulative net purchases.

Key takeaways

• Binance’s XRP reserve has fallen to its lowest level since March, with roughly 100 million XRP leaving over the past month.
• On Binance, XRP withdrawals have exceeded deposits for seven consecutive days since June 17, based on transaction counts (not token volume).
• Whale flows on a 90-day moving average have remained positive throughout the quarter, indicating net accumulation by large holders.
• Spot XRP ETFs have drawn $243 million in cumulative inflows since April, with June inflows totaling $31 million.
• Technically, XRP remains in a broader bearish structure on higher timeframes and is approaching a potential demand zone between $1 and $0.63.

Exchange reserves keep sliding

One of the clearest on-chain themes in recent days is the continued reduction of XRP sitting on exchanges. Crypto analyst Amr Taha pointed out that Binance’s XRP reserve dropped to about 2.68 billion XRP as of June 25, down from roughly 2.78 billion XRP on May 12.

That shift followed an outflow of approximately 100 million XRP from the exchange over the past month, marking what CryptoQuant described as the lowest Binance reserve level since March. Among major trading venues, Binance led in absolute outflows, while other platforms showed smaller but still notable declines.

CryptoQuant data also showed that Upbit’s XRP reserve eased to about 2.48 billion XRP on June 25 from approximately 2.51 billion XRP on May 31. Bybit’s holdings declined to about 82 million XRP from around 92 million XRP on June 2, with Bybit recording the steepest percentage drop among the tracked exchanges.

Withdrawals outpacing deposits on Binance

The story isn’t only about balances—it’s also about flow behavior. Taha flagged a significant change in Binance’s activity: XRP withdrawal transactions have exceeded deposits for seven straight days since June 17.

On June 23, the seven-day withdrawal share climbed to 53.8%, the highest reading since June 2024, while deposits fell to 46.1%, the weakest level since 2024. Importantly, CryptoQuant’s metric tracks transaction counts rather than the total amount of XRP moved.

Even so, the direction of the imbalance matters for how traders interpret positioning. A withdrawal-led stretch typically implies that users are moving coins off the exchange more frequently than they are sending them in, which can reduce readily available liquidity for short-term selling pressure—at least in aggregate.

Whale accumulation supports the flow picture

Large holders appear aligned with the exchange-reserve trend. CryptoQuant data cited in the reporting showed XRP whale flows on a 90-day moving average have stayed positive throughout the quarter at about 5.143 million XRP per day.

In practical terms, positive whale flows generally suggest that large wallets have been adding to positions rather than distributing at scale over the period. While whale activity does not guarantee a near-term price reversal, it can change the balance of who is absorbing supply during downturns.

Spot XRP ETFs add a separate layer of demand

Institutional-style demand has also contributed to a more supportive backdrop. According to SoSoValue’s ETF tracking, spot XRP ETFs recorded $2 million in net inflows on June 24. That helped lift June’s total net inflows to $31 million.

Since April, cumulative net inflows across spot XRP ETFs have reached $243 million, the figure referenced alongside the on-chain flow updates. For investors, ETF inflows are notable because they represent sustained access to XRP exposure through regulated market structures, which can complement—or at times counter—retail-driven volatility.

Price remains weak, but a key chart area is coming into focus

Despite improving on-chain signals, XRP’s price action still reflects a market that has not fully found stabilization. The token was reported trading near $1.01, which was cited as its lowest level of 2026 at the time of the coverage. This placed XRP close to its first move below $1 since November 2024.

With XRP down about 43% year-to-date, traders are watching for whether any bounce can materialize from a defined technical region. The coverage pointed to a potential demand area within a “fair value gap” between $1 and $0.63. That zone corresponds to an unfilled price gap created during a sharp rally in late 2024, and such gaps are frequently monitored by market participants for possible mean-reversion buying if declines extend.

At the same time, higher-timeframe structure remains bearish, according to the analysis summarized in the article. So even if a local demand zone attracts buyers, broader market trend conditions may continue to limit upside follow-through until the structure shifts.

Long-range accumulation thesis still on the table

Beyond near-term technicals, the reporting also included a longer-term view from Versan Aljarrah, founder of Black Swan Capitalist. In commentary shared on X, Aljarrah argued XRP has spent years building an accumulation range, with higher lows appearing on both weekly and monthly timeframes.

The thesis frames prolonged consolidations as setups for stronger breakouts once the range eventually resolves. Aljarrah’s target—$10—implies a move around 900% from current levels, a projection that underscores the bullish end of a spectrum that remains dependent on a confirmed breakout rather than a single bounce.

For now, investors may want to track whether exchange outflows and ETF inflows continue to line up with price stabilization—especially as XRP approaches the $1 to $0.63 area. The next decisive question is whether on-chain strength can translate into a trend shift on higher timeframes, or whether the market continues treating the $1 region as a breakdown point.

Bitcoin (BTC) dropped below $60,000, a key psychological support, on Thursday as losses in megacap technology stocks weighed on investors’ broader risk appetite, adding pressure to an already fragile crypto market.

BTC/USD vs. Nasdaq and S&P 500 daily performance chart. Source: TradingView

The decline has triggered a classic bearish reversal setup that may push the BTC price under the $54,000 mark in the coming days.

Key takeaways:

• Bitcoin’s break below $60,000 has erased its June gains and activated multiple bearish setups.
• Bitcoin’s rounded top and daily bear flag breakdowns are both projecting a downside target below $54,000.

BTC’s rounded top breakdown signals more pain ahead

The BTC/USD pair fell as much as 4.8% on Thursday, hitting an intraday low near $58,000 and erasing its entire June advance. The pullback also completed what appears to be a rounded top pattern on the four-hour chart.

BTC/USD four-hour chart tracking the rounded top bearish setup. Source: TradingView

In technical analysis, a rounded top forms when buying momentum gradually exhausts, shifting the asset from an uptrend to a downtrend in an inverse-U-shaped structure. The pattern officially resolves when the price breaks below the “neckline” or the structure’s base support.

By measuring the distance from the top of the dome to the neckline and projecting that same distance downward from the breakdown point, analysts calculate a clear target.

For Bitcoin, this measured downside target sits just under the $54,000 level, representing an approximate 8.9% drop from current prices.

On the daily chart, Bitcoin has simultaneously triggered a bear flag breakdown.

BTC/USD daily chart tracking the bear flag breakdown setup. Source: TradingView

This secondary pattern independently projects an identical move toward the $54,000 zone, adding substantial weight to the bearish case.

Bitcoin MVRV bands increase $54,000 target odds

Bitcoin’s on-chain price bands also point to the same downside area highlighted by the rounded-top and bear-flag setups.

Glassnode’s MVRV pricing bands compare Bitcoin’s market price with its realized price, or the average price at which coins last moved on-chain. In simple terms, they show whether the market is trading at unusually high profit or loss levels.

BTC MVRV pricing bands vs. price. Source: Glassnode

As of Wednesday, Bitcoin was trading near $60,997, while the 1.0 MVRV band, shown in green, sat around $53,390. That level closely matches the technical downside target near $54,000, making it an important support zone if BTC extends its decline.

Related: Bitcoin nearly loses $59K as DXY surges: Are traders bracing for more pain?

A deeper selloff, however, could push Bitcoin toward the 0.8 MVRV band, shown in blue, near $42,700. Historically, Bitcoin’s major bear-market bottoms have formed around this lower blue band, where unrealized losses become extreme, and capitulation risk rises.

Key Takeaways

• GF Securities’ Jeff Pu downgraded Dell from Buy to Hold following a nearly 200% stock surge, saying upside potential is now constrained
• Despite keeping a $445 price target, Pu warned that valuations exceeding 20x FY28 consensus earnings leave little room for error
• Dell director Lynn Radakovich offloaded $5.06 million worth of shares on June 22, exercising options priced at $31.14 and selling at $421.00
• The analyst expressed concern that Super Micro may capture Dell’s market position in SpaceX’s upcoming deployment phase beginning in 2027
• Shares of Dell were hovering around $434 Thursday, marking approximately a 5% decline following the rating cut

Dell Technologies (DELL) saw its shares slip to around $434 on Thursday, falling more than 5% after GF Securities analyst Jeff Pu downgraded the stock from Buy to Hold.

Dell Technologies Inc., DELL

The rating change comes on the heels of an impressive nearly 200% rally in Dell shares following the company’s fiscal fourth-quarter earnings release in February.

While Pu maintained his $445 price objective, he indicated that the current risk-reward profile has become less favorable given recent price appreciation.

“Despite near-term momentum from GB300/HGX orders, we believe upside potential is constrained given already lofty market expectations,” Pu stated. He pointed out that projections for AI revenue reaching $70 billion or higher, along with corresponding boosts to overall revenue and earnings per share, are already factored into current valuations.

Trading at over 20x consensus fiscal 2028 earnings estimates—or applying a sum-of-the-parts methodology of 25x for AI operations and 15x for legacy business—the analyst concluded the valuation no longer justifies a bullish stance.

Competitive Threats Cloud Long-Term Prospects

Pu also flagged a significant long-term headwind that contributed to Thursday’s negative market reaction. He anticipates Super Micro (SMCI) will capture a larger share of SpaceX’s next-generation gigawatt-scale infrastructure rollout scheduled to commence in 2027.

Dell presently maintains a substantial supply relationship with SpaceX and serves as the exclusive server provider to CoreWeave (CRWV). However, Pu observed that both organizations are exploring an ODM-direct procurement strategy, which could gradually erode Dell’s dominant market position.

This competitive risk appears to have caught investors off guard, amplifying Thursday’s decline.

The downgrade coincided with a regulatory disclosure revealing that Dell director Lynn Radakovich disposed of $5.06 million in company shares on June 22. The transaction involved exercising stock options at $31.14 per share and immediately selling 12,022 shares at $421.00 each.

These trades were executed through a pre-established Rule 10b5-1 trading plan set up in March 2026. After the sale, Radakovich continues to own 25,267 shares directly while maintaining options on an additional 51,979 shares.

Impressive Gains Create High Bar for Future Performance

Dell has delivered exceptional returns this year. Shares have surged more than 247% year-to-date, pushing the company’s market capitalization to approximately $277 billion.

The technology giant recently unveiled its PowerEdge XE8812 server featuring Nvidia’s Vera Rubin NVL4 architecture, capable of supporting up to 144 GPUs per rack. Additionally, Dell secured a substantial $1.4 billion contract with the U.S. Air Force to provide Microsoft enterprise software licenses.

The company also closed a $3 billion senior notes offering, distributed across three separate tranches maturing in 2031, 2034, and 2037.

Despite these achievements, certain analysts have raised red flags regarding Dell’s substantial debt burden and negative equity position, which could become problematic should credit market conditions deteriorate.

Dell’s stock was trading down approximately 5.36% Thursday afternoon, changing hands near the $434 level.

Strategy faces new legal pressure after Rosen Law Firm opened a securities investigation into the Bitcoin treasury company this week. The review follows a steep MSTR selloff and a deeper Bitcoin decline across the wider crypto market and related shares. Together, the events place Michael Saylor’s firm under legal, market, and balance sheet pressure during a volatile trading week.

Strategy Faces Securities Investigation

Rosen Law Firm said it began an investigation into potential securities claims against Strategy and related securities. The firm linked the review to allegations of misleading business information shared with market participants during recent disclosures. It said affected shareholders may seek compensation through a contingency fee arrangement if claims move forward in court.

The firm also said it is preparing a class action to recover possible market losses through the planned lawsuit. Therefore, the legal process could add another challenge for Strategy and its securities program during a weak market. The company already faces pressure because its business model depends heavily on Bitcoin prices, capital markets, and equity sentiment.

The investigation comes after Peter Schiff criticized Saylor’s Bitcoin-backed securities push in recent public comments as Bitcoin prices weakened. Schiff argued that STRC buyers could bring claims tied to promotional statements and offering materials for the security. However, that argument remains separate from Rosen Law Firm’s planned legal action and any future court filing.

Mstr Stock Slides To New Lows

MSTR fell to a new low near $86 after breaking below $100 earlier this week. TradingView data showed the stock dropped more than 5% on the day during regular trading as pressure accelerated. The stock also lost about 23% across the past week as sellers controlled momentum.

The decline reflects heavy selling pressure across crypto-linked equities and Bitcoin treasury names during the current session. Moreover, MSTR often trades as a leveraged proxy for Bitcoin exposure in public markets during volatile trading. That link strengthens during rallies, but it also magnifies losses during sharp selloffs as market risk rises.

Market commentator Zerohedge pointed to heavy put buying across the latest trading session as prices fell today. That options activity added pressure as traders positioned for more downside in the stock during the session. Meanwhile, Bitcoin also weakened after PCE inflation reached 4.1%, the highest level since 2023.

Bitcoin Drop Tests Strategy Treasury Model

Bitcoin’s drop below $60,000 deepened concern over Strategy’s treasury-heavy structure and balance sheet risk. The company holds a large Bitcoin reserve on its balance sheet, so BTC price moves affect sentiment. As a result, every major Bitcoin selloff can weigh on MSTR shares and financing conditions.

Strategy reportedly carries an unrealized Bitcoin loss of more than $13.6 billion after the latest crash. That figure reflects current market prices rather than completed asset sales by the company. Still, it raises questions about leverage, liquidity, and future capital decisions if market stress continues.

Schiff has suggested that Strategy may sell Bitcoin to fund stock buybacks if pressure increases. However, Strategy has not announced any plan to sell its Bitcoin reserves despite the market pressure. Saylor has instead said current reserves exceed debt by over $40 billion, unlike the 2022 downturn.

TLDR

• BlackRock transferred 3,410 BTC and 5,132 ETH to Coinbase Prime.
• The combined value of the transfers reached approximately $217 million.
• Bitcoin transfers accounted for about $209.64 million of the total value.
• Ethereum transfers were valued at approximately $8.43 million.
• Lookonchain tracked the transactions across multiple blockchain transfers.

BlackRock transferred another $217 million worth of Bitcoin and Ethereum to Coinbase Prime on June 25. The transactions followed continued ETF outflows across both products and renewed attention on the asset manager’s blockchain activity. Lookonchain tracked the transfers, while BlackRock did not disclose the purpose behind the deposits.

BlackRock Moves Bitcoin and Ethereum to Coinbase Prime

Lookonchain reported that BlackRock deposited 3,410 BTC and 5,132 ETH to Coinbase Prime through several transactions. The transfers carried an estimated value of $209.64 million in Bitcoin and $8.43 million in Ethereum. The movement occurred on Thursday, June 25.

Blockchain data showed about seven transfers during the operation. Nearly every Bitcoin transaction moved 300 BTC to Coinbase Prime. One separate transaction carried the Ethereum holdings to the same platform.

Market participants linked the transfers with recent ETF withdrawals because similar activity appeared during previous outflow sessions. However, BlackRock did not issue a statement explaining the latest deposits. The company also provided no public update regarding the destination of the transferred assets.

Exchange deposits often attract attention because they can precede trading activity. However, blockchain transfers alone do not confirm that an asset manager has sold any holdings. The available on-chain data only confirms the movement between wallets.

Bitcoin and Ethereum Transfers Follow ETF Withdrawals

The latest deposits arrived while both Bitcoin and Ethereum exchange-traded funds continued recording withdrawals. BlackRock has transferred digital assets to Coinbase Prime during earlier outflow periods. Those previous transactions also prompted market discussion about possible sales.

Some traders interpreted the latest deposits as preparation for another disposal of holdings. Others pointed out that Coinbase Prime supports institutional custody and settlement services. Therefore, wallet transfers alone cannot establish whether any sale occurred.

BlackRock has not confirmed any direct sale connected to the June 25 transfers. The company also has not addressed market speculation surrounding the transactions. As a result, only the blockchain records remain publicly available.

Lookonchain’s published wallet activity showed that the combined transfers reached about $217 million. Bitcoin represented most of the transferred value, while Ethereum accounted for a smaller portion. The deposits reached Coinbase Prime through multiple wallet movements.

Previous blockchain records showed similar transfer patterns during sessions with ETF redemptions. Those observations have contributed to continued discussion whenever BlackRock moves assets to Coinbase Prime. Still, no public filing connected the latest transfers to completed market sales.

The recorded transfers included 3,410 BTC and 5,132 ETH. Based on prices during execution, the combined value reached approximately $217 million. BlackRock has not released any further information regarding the June 25 wallet activity.