Nearly a million people who bought President Donald Trump’s $TRUMP memecoin have collectively lost $3.81 billion, according to an analysis by blockchain analytics firm Nansen. The data, which covers all transactions through the end of June, found that 988,905 of the token’s buyers are underwater.

Trump earned $636 million from the same coin. His 927-page financial disclosure, released by the Office of Government Ethics on 30 June, lists the payout as royalties from CIC Digital LLC, a Trump Organisation affiliate, under a licensing agreement with an entity called Celebration Coins, for which no public digital footprint has been found.

How the money flows

Trump launched the $TRUMP token on the Solana blockchain on 17 January 2025, three days before his second inauguration. The coin surged to $75.26 within hours, briefly giving it a fully diluted market capitalisation above $75 billion.

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First Lady Melania Trump launched her own token, $MELANIA, on 19 January, adding a second Trump-branded coin to the market on the eve of the inauguration. Both coins have since collapsed.

$TRUMP now trades at roughly $1.78, a decline of more than 97% from its peak. A $10,000 investment made on inauguration day would be worth approximately $364 today.

The structure ensures the president profits regardless of what happens to the price. Trump earns royalties and transaction fees each time the token is bought or sold.

Of the one billion tokens created, 80% are held by two Trump-affiliated entities, CIC Digital and Fight Fight Fight LLC. They are being released on a three-year unlock schedule, with roughly 900,000 tokens entering circulation daily.

The regulatory vacuum

The $TRUMP coin launched into a regulatory environment the president was simultaneously reshaping. The SEC has dropped or paused nearly 60% of its crypto enforcement cases since Trump took office, including long-running actions against Binance, Coinbase, and Kraken.

Trump signed the GENIUS Act into law in July 2025, creating the first federal framework for stablecoins. The law gave institutional players the regulatory clarity to launch tokenised products, but it contained no provisions addressing memecoins or tokens issued by elected officials.

Europe’s MiCA regulation took the opposite approach, requiring any crypto asset sold to the public to meet disclosure and consumer protection standards regardless of what it calls itself. The American framework has no equivalent safeguard for the retail buyers who make up the vast majority of memecoin purchasers.

The dinner

On 22 May 2025, Trump hosted a black-tie gala at his Virginia golf club for the top 220 holders of the $TRUMP token, who had spent a combined $148 million. The guest list included Chinese-born crypto mogul Justin Sun, the coin’s largest holder, who at the time was facing SEC fraud charges that the agency has since paused.

A Bloomberg analysis found that 19 of the top 25 wallets were almost certainly controlled by individuals outside the United States. The event offered direct personal access to the sitting president in exchange for purchasing a financial product from which he profits.

The broader crypto empire

The memecoin is one piece of a larger operation. Trump’s financial disclosure lists total crypto-related income of at least $1.4 billion for 2025, including approximately $800 million from World Liberty Financial token sales and $197 million from an equity sale tied to a stablecoin holding company.

World Liberty Financial, a decentralised finance protocol in which a Trump business entity holds 60% and receives 75% of all coin sale revenue, has generated its own controversies. The venture pledged 5 billion of its own tokens to borrow $75 million from a lending platform co-founded by one of its advisers, trapping existing depositors.

Trump Media & Technology Group reported a $405.9 million loss in the first quarter of 2026, driven almost entirely by unrealised markdowns on the cryptocurrency it had accumulated. The company spent roughly $2 billion purchasing Bitcoin near market peaks the previous summer.

What happens next

Senator Kirsten Gillibrand has proposed banning elected officials and their spouses from issuing or promoting crypto tokens. She pushed for similar provisions during GENIUS Act negotiations, but the restrictions were stripped from the final bill.

The proposal faces long odds in a Congress that has largely embraced the industry. Visa, Mastercard, and 140 other firms recently launched a competing stablecoin built on the GENIUS Act framework, underscoring how quickly institutional crypto is maturing under the new rules.

The retail market tells a different story. More than $600 million was stolen from decentralised finance protocols in the first half of 2026, and the Nansen data suggests the president’s own token has cost ordinary buyers nearly four times what was lost to hackers.

Australian Prime Minister Anthony Albanese on Friday condemned senators who blocked amendments to the country’s world-first social media ban for children, warning that the delay would give tech platforms time to destroy documents that could be used as evidence against them. The conservative Liberal Party and the minor Greens party referred the legislation to an eight-week Senate inquiry on Thursday.

The amendments would have expanded the powers of eSafety Commissioner Julie Inman Grant, Australia’s online safety watchdog, to enforce the ban that has prohibited children under 16 from holding accounts on platforms including Facebook, Instagram, and YouTube since December.

The enforcement gap

The ban looked effective on paper. The government initially reported that more than five million under-16 accounts had been removed, deactivated, or restricted after the law took effect on 10 December.

The reality proved different. The eSafety Commissioner reported in March that seven in 10 children who held accounts on restricted platforms when the ban began were still on Facebook, Instagram, Snapchat, and TikTok.

Most had simply declared an age over 16 or submitted a selfie that the platform’s verification system accepted.

Commissioner Inman Grant said in April she was considering court action against those four platforms and YouTube, alleging they were not taking reasonable steps to exclude children. She was satisfied with progress made by the remaining five restricted platforms: X, Kick, Reddit, Threads, and Twitch.

What the amendments would change

The current law gives the commissioner power to demand information from platforms, but not documents. The amendments would close that gap, allowing her to compel internal records, board minutes, and communications about how platforms have responded to the ban.

The bill would also let the commissioner demand information from third parties, including age assurance technology providers, to test whether platforms’ claims about underage circumvention are accurate. Maximum fines would double from A$49.5 million to A$99 million ($68 million).

“If it was passed yesterday, that would have been the date from which these demands could be made by the commissioner,” Albanese told the Australian Broadcasting Corp. “So then fines can be issued.”

Who blocked it and why

The centre-left Labor government does not hold a majority in the Senate. The Liberal opposition and the Greens, who have always opposed the ban, combined to send the bill to an inquiry despite having supported the original legislation with overwhelming support in 2024.

Opposition communications spokesperson Sarah Henderson said the amendments “need to be tougher,” calling the ban “a half-baked law which is poorly designed, which was rushed, which is badly implemented and which is not working.” Greens Senator David Shoebridge questioned why a fine that had never been issued needed to be doubled.

The global wave

Australia’s struggles have not discouraged other countries from following its lead. The UK announced in June that it would ban under-16s from social media apps including TikTok, Instagram, and YouTube, with restrictions expected to take effect in spring 2027.

France, Denmark, Spain, and several other European countries have announced or implemented similar age restrictions. What they will all confront is the same problem Australia has spent seven months discovering.

Passing the law is the straightforward part. Getting platforms to comply, proving they have not, and building age verification systems that actually work without compromising privacy is where every child safety regime runs into the wall.

Communications Minister Anika Wells said this week she had received monthly updates from the eSafety Commissioner since March. “We are not seeing improvements,” she said.

HiFiMAN is bringing back one of the true legends of the planar magnetic headphone world with the HE6 Remastered. The original HE6 earned its near-mythic reputation the old-fashioned way: by delivering exceptional speed, detail, dynamics, and an expansive open-back soundstage when paired with amplification capable of keeping up. It was a headphone prized for its sonic abilities, even if it also developed a reputation for treating underpowered headphone amps with a genuine level of contempt.

The new $1,899 HE6 Remastered retains the original HE6 driver design and open-back architecture, but replaces the older headband with a lighter composite design for greater long-session comfort. The trade-off, such as it is, remains unchanged: with 83.5dB sensitivity and a 50-ohm impedance, this is not a planar headphone for a feeble dongle DAC. Think again. The HE6 Remastered needs serious current and a genuinely capable headphone amplifier to reveal why the original became such an enduring favorite in the first place.

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“From trade shows to the sales floor and online forums, our customers continually cite the HE6 and its series successors as HIFIMAN favorites,” says Dr. Fang Bian, President and CEO, HIFIMAN Electronics. “The HE6 Remastered uses the original’s driver complement to maintain the sound signature that continues to set the bar for open-back planar models at its price point, but with greater comfort for hours of continuous listening.”

HE6 Legacy

The original HE6 was introduced in 2010 and quickly became sought after by headphone enthusiasts, audiophiles, and music lovers, thanks to HIFIMAN’s approach to planar magnetic design, which incorporated a brass protective mesh and reinforcing ribs.

The HE6 was also the first headphone to feature an ultra-thin Nanometer Diaphragm, measuring less than one-millionth of a meter thick and extremely light. This gave the HE6 an extremely fast response, outstanding dynamic range and frequency characteristics, low distortion, high transient response, and comprehensive improvements in dynamics and detail.

The brass protective mesh was implemented to protect the diaphragm from damage, while the reinforced ribs further enhanced the stability of the magnets and overall reliability.

However, as a result of further R&D, HIFIMAN’s engineers determined that the Nanometer Thickness Diaphragm and powerful magnetic system were safe from environmental exposure and mishandling without the need for protective elements. Removing them reduced weight without affecting performance. As a result, HIFIMAN released a later model variant called the HE6 Later, named for the fact that it is a “later” version of the HE6.

What’s New with HE6 Remastered

Sixteen years after the original HE6 was released, many audiophile headphone fans continue to embrace its sonic output, making it an often-requested sample at enthusiast audio shows. In response to this ongoing interest and support, HIFIMAN now offers the HE6 Remastered, which features the same driver design as the original but adds a new composite headband that reduces overall weight from the original’s 550 grams to 522 grams. That is an improvement, certainly, but 522 grams is not exactly light by modern headphone standards.

The HE6 Remastered’s sensitivity is 83.5dB, identical to the original HE6. Frequency response is rated at 8Hz–65kHz, and impedance is measured at 50 ohms. Those specifications make it clear that this is not a headphone for a modest dongle DAC or lightweight portable source. To get the most from the HE6 Remastered, owners should be thinking about a capable desktop headphone amplifier from Schiit, HIFIMAN, Burson, Auris, or one of the many other manufacturers building serious amplification for demanding planar magnetic headphones.

Additional Specifications

Adds Dr. Bian: “We are very fortunate to have so many of our headphones considered industry standards. The HE6 is a longtime favorite, and I’m thrilled to bring an updated version to our most dedicated consumers and thousands of newcomers.”

The Bottom Line 

The HIFIMAN HE6 Remastered is not an attempt to reinvent one of the company’s most iconic planar magnetic headphones. It is a deliberate return to the original HE6 formula, with the brass protective mesh and external reinforcing ribs restored after their removal on the HE6 Later, alongside a lighter composite headband and replaceable earpads. The new headband design, also used on HIFIMAN’s newer HE600 and Edition XV, should improve long-term comfort, but let’s not pretend that 522 grams is “very light.” It is lighter than the original by almost 30 grams, but it is still a substantial headphone.

At $1,899, the HE6 Remastered is targeted squarely at longtime HE6 fans and listeners who want a demanding, open-back planar magnetic headphone built around serious desktop listening. The 83.5dB sensitivity and 50-ohm impedance remain unchanged, which means this is not a product for a phone, laptop jack, or feeble dongle DAC. A proper amplifier from Schiit, HIFIMAN, Burson, Auris, or another manufacturer with real power on tap will be required to make the HE6 Remastered sing.

The competition is not standing still. Audeze’s $1,199 LCD-X is heavier at 612 grams, but far easier to drive; Dan Clark Audio’s 455-gram E3 costs $2,299.99 and adds closed-back isolation; and HIFIMAN’s own $1,399 HE1000 V2 is a considerably lighter 420 grams. The HE6 Remastered is not the obvious value play, nor is it the most convenient choice in this price range. Its appeal is more specific: it brings back the distinct sound and amplifier-hungry personality that made the original HE6 a cult favorite in the first place.

Price & Availability 

The HE6 Remastered is priced at $1,899 and is available at HIFIMAN 

The Original HE6 is still available at HIFIMAN for $1,299

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Martin never meant to spend a year and a half building anything nuclear. Another demanding task kept getting pushed aside, and the delay turned into something much larger. What began as avoidance became a complete fusor, a compact device that creates the conditions for atomic nuclei to fuse using straightforward electric fields instead of the enormous machines found in national labs.

A fusor works by separating gas molecules and crashing their nuclei together at high speeds. Martin targeted deuterium, a heavier type of hydrogen. Inside a sealed spherical chamber, a central wire grid is at a high negative voltage. Electrons shoot off the grid, transforming the gas into plasma. The remaining positive ions accelerate inward. Because the chamber is spherical, many ions bounce off the inner wall and return to the center for another chance to collide. Under the right vacuum and voltage conditions, these collisions can produce fusion and emit neutrons.

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Traditional fusor builds begin with a significant cost. A ready-made spherical vacuum chamber with many ports for pumps, power, and equipment can cost more than $15,000. Welding flanges onto a bespoke steel sphere or constructing standard fittings still costs thousands. Martin wanted something far less expensive while maintaining the spherical form that allows ions to cycle properly. Metal 3D printing offered the breakthrough by melting metal powder with a laser, one thin layer at a time, to build complex forms with minimal waste material. Martin printed the whole chamber body, including all essential ports, in a single run. The part came out sturdy and geometrically perfect, but the surface quality caused the following issue.

Vacuum seals require mirror-smooth metal where rubber O-rings contact flanges. Standard ISO connections were chosen because they are easier to build than knife-edge. Conflat sealing will leak on the slightly rough texture created by 3D printing. Martin solved this problem with smart fixturing rather than purchasing a more expensive printer or post-processing equipment. He added feet to the chamber floor and arranged most apertures along a single axis. A steel base plate perforated with a series of holes allows the item to spin into six different positions. The assembly was delivered to a nearby CNC shop, where a five-axis machine (three-axis machines may perform identical tasks with additional settings) carved precise sealing grooves and flat faces on the key surfaces.

Once machined, the chamber was compatible with ordinary vacuum hardware. Martin attached a roughing pump to swiftly lower pressure, followed by a turbomolecular pump to achieve the deep vacuum required for ions to traverse long distances without interacting with stray air molecules. A rudimentary Pirani gauge purchased on eBay was used to check the pressure. Unused ports remained blanked off. The system pulled down and maintained vacuum for days without measured leakage, demonstrating that the seals and printed-and-machined chamber functioned well.

Power came last, as high voltage fed to the central grid created precisely the plasma conditions required for fusion process. The chamber glowed with the typical glow of ionized gas in the presence of intense electric fields. Martin confirmed that the machine had entered the regime where adding deuterium would result in genuine fusion. He simply never introduced the gas. Fueling was impracticable at the time due to supply constraints and high deuterium prices in his location, as well as the cost of producing it at home using heavy water. Without fuel, the project was unable to produce neutrons, but all supporting systems functioned well.

Martin also created a wooden enclosure for the system using CNC technology. It completed the project by establishing a basic physical barrier during high-voltage operation. The actual shift occurred after the plasma formed. Martin concluded that the vacuum chamber itself was the most valuable consequence. Ultra-high vacuum capabilities is useful for much more than only fusion demonstrations. The same technology may power ion thrusters, support electron microscopy studies, and facilitate other complex hobby and student projects. His attention shifted from completing a single reactor to developing designs and technologies that allow anyone to order or build viable vacuum systems without large budgets or factory access.

Starling Bank is cutting around 130 jobs, roughly 3% of its 4,000-strong workforce, as the London-based neobank restructures its banking and technology operations. Staff were told this week that the changes were intended to simplify how the company operates, reduce duplication, and accelerate product delivery.

The cuts come as Starling pushes AI deeper into its operations. In March, it launched Starling Assistant, an agentic AI tool that can set up savings goals, organise bill payments, and quiz customers on their spending patterns using voice or text prompts.

Falling profits in a falling-rate world

The restructuring follows a second consecutive year of declining earnings. Pre-tax profit fell to £217 million in the year to March, down from £223 million a year earlier, while total revenue dropped from £940 million to £887 million.

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Starling attributed the decline to falling interest rates, which have squeezed margins across UK banking. The neobank remains profitable, having now posted five consecutive years in the black, but the direction of travel is clear.

Customer numbers continued to grow, with platform accounts reaching 6.2 million, up from 5.3 million the previous year. Deposits rose to £12.7 billion.

The AI arms race among neobanks

Starling’s AI push is part of a broader race among digital banks to automate customer-facing operations. Revolut launched its own AI assistant, AIR, to UK customers in April, offering similar capabilities around spending analysis and account management.

Starling’s scam detection tool, launched in October 2025, uses Google’s Gemini models to analyse marketplace listings and flag fraud in real time. The tool has since been expanded to detect more than ten types of scam, including romance fraud and deepfake phishing.

“A key factor in our competitive edge over legacy banks is our agility, our ability to test, launch, learn and reorganise at pace,” a Starling spokesperson said. The bank added that it is continuing to hire technology and AI engineers even as it cuts elsewhere.

Engine as the growth story

The brighter part of Starling’s business is Engine, the software-as-a-service arm that licenses the bank’s core technology stack to other financial institutions. Engine’s revenue grew 25% last year as its client base doubled on international demand.

Engine already powers banks in the UK, Romania, Australia, and New Zealand, and is now targeting the US market. The division has opened an office in New York with a reported $50 million investment and is in discussions with mid-tier American lenders.

A sector-wide shift

Morgan Stanley estimated in June that AI could eliminate as many as 400,000 European banking jobs by 2030, double its earlier forecast of 200,000. ABN Amro announced last year that it would cut roughly 20% of its workforce by 2028, primarily through automation.

Starling’s 130 cuts are modest by comparison, but they signal a shift within the neobank sector itself. The digital challengers that once defined themselves against the bloated workforces of high-street banks are now applying the same efficiency logic to their own operations.