Category: crypto

Crypto.com has received conditional approval from the OCC to launch a federally regulated trust bank in the United States. The bank will focus on digital asset custody, staking, and settlement services, catering to institutional clients. This move reflects a trend towards federal oversight in the crypto industry.

Step Finance is shutting down its Solana-based platforms due to a hack in January that led to losses of up to $40 million. Efforts to secure funding or pursue acquisition were unsuccessful. The breach targeted executive devices, not smart contracts. Buybacks and token redemptions are being prepared for users.

On-chain investigator ZachXBT hinted at a major exposé on insider trading in the crypto industry. The post drew over 6 million views on X, with Polymarket traders speculating on potential targets like Meteora, Pump.fun, and others. The investigation is set to be released on February 26, sparking widespread speculation.

Ethereum co-founder Vitalik Buterin has sold nearly $7.3 million worth of ETH over the past three days, according to Lookonchain. Despite the sales, Buterin’s wallets still hold a substantial amount of ETH. The sales come as Ethereum trades lower around $1,800, with Buterin focusing on long-term resilience and security.

The Federal Reserve Board of Governors proposed removing “reputation risk” from bank supervision standards to end Operation Chokepoint 2.0. This change aims to focus on concrete financial risks and prevent debanking pressures on lawful sectors, particularly cryptocurrency firms. Senator Cynthia Lummis supports the proposal to make supervision fairer for all lawful sectors.

BitMine Immersion Technologies has increased its Ethereum holdings to 4.423 million ETH, totaling approximately $9.6 billion. Despite market softness, the company continues to accumulate ETH, staking a significant portion and focusing on long-term growth. This contrasts with Vitalik Buterin selling ETH amid market volatility. BitMine’s strategy emphasizes yield optimization and network participation.

Chainlink’s Taylor Lindman has joined the SEC’s Crypto Task Force as chief counsel, replacing Michael Selig. He brings five years of experience from Chainlink, where he focused on regulatory compliance and engaging with policymakers. The task force aims to develop regulatory frameworks for digital assets and move away from an enforcement-first approach.

Terraform Labs’ bankruptcy administrator has sued market maker Jane Street for allegedly using confidential information to profit from the 2022 collapse of the Terra ecosystem. The lawsuit accuses Jane Street insiders of insider trading and market manipulation, seeking damages and a jury trial. Jane Street denies all allegations and plans to defend itself.

Erik Voorhees, a veteran crypto advocate, repurchased 9,911 ETH for $20.38 million at an average price of $2,057 after selling 11,616 ETH for $33.94 million roughly a year ago. This move follows his diversification into tokenized gold, indicating a strategic approach to timing and portfolio management in the crypto market.

BTC is trading around $68,000, slightly up on the day but down over the week. Robinhood’s crypto head says users are buying dips and diversifying beyond BTC and ETH. Staking demand for ETH and SOL on Robinhood remains strong, indicating active on-chain use. Investors are taking advantage of the market downturn to purchase digital assets…