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Cardano Founder Says He’ll Sell A Blackhawk, Lambos, Mothball His Jet

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Cardano founder Charles Hoskinson said he plans to sell a Blackhawk helicopter and multiple Lamborghinis and “mothball” his jet, framing the decision as a personal reset and a critique of how crypto’s culture changed after the 2021 boom.

Speaking in a Jan. 31 video recorded from Fukuoka, Hoskinson opened with a market-watcher’s morning ritual and a broader question about what’s still under an industry participant’s control when prices turn against them. “I sat down,” he said, “and I said, ‘Gosh, you know, how did we get here?’” He described the mood as one of reflection after seeing “the markets and the red lights” on his phone.

Why The Cardano Founder Is Selling His Wealth

He tied that reflection to a multi-stop community tour across Japan, saying his team had recently presented in Hokkaido and Osaka before arriving in Fukuoka, and urged viewers to watch the latest Japanese community livestream. The trip, he suggested, pulled him back to the early days when Cardano was “just an idea,” and the scene felt more insurgent than institutional.

Hoskinson leaned into that contrast, calling crypto “the punk rock of finance” and arguing that a kind of mainstream acceptance drained energy from the sector. In his telling, 2021 marked a turning point: “We all got rich and we all got accepted. And you know, we all just basically became part of the system.” Once inside, he said, the system “take[s] the life out of it,” “strip[s] you of all the things that make you special,” and repackages work into something more consumerized.

Hoskinson then turned the critique inward, describing his own lifestyle as part of the problem. “I look at myself and I say, you know, I’ve gotten a little fat and happy, literally fat, and also an opulent lifestyle,” he said, arguing that repeating the same approach — “be part of that club, hedge a little bit” — isn’t compatible with doing “great things.”

“So, you know what I’m going to do is get back to that punk rock group,” he said. “Downsize a little bit. So, I’m going to sell my Blackhawk, mothball the jet, sell my Lamborghinis, just go all in. Why not?” He positioned the move as a return to an earlier, leaner period: “I started from nothing. Many of you older fans, you remember when I was sitting in my apartment and I had the stuffed giraffes back on the dresser and those were the days I love more than any other.”

A key part of Hoskinson’s “back to first principles” framing was day-to-day building. He said he has been coding every day and credited modern AI tooling for accelerating creativity, mentioning “a little bit of help from our friend Claude” and “a little bit of help from our friend Codex.”

He also pointed to a heavier technical workload, saying he wrote “over 400 pages of technical documents for Midnight over Christmas,” including an “executable specification oracle with a TLA spec” and a protocol specification. The thread running through the examples was urgency and immersion, doing the work “in the pits,” surrounded by builders, rather than managing crypto as a portfolio or status marker.

At press time, Cardano traded at $0.2853.

Cardano price
Cardano falls below key support, 1-week chart | Source: ADAUSDT on TradingView.com

Featured image created with DALL.E, chart from TradingView.com

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.

Universal Basic Income Ideas Surge as AI-Linked Layoffs Rise

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Universal basic‑income ideas are being considered now that AI‑linked layoffs have become more frequent across high‑tech industries. In the past week, companies announced a reduction of 52,000 employees, many of them due to AI implementations that cut labor costs in the U.S. Universal Basic Income Implementation Presented as a Possible Counterpart to an AI Takeover Universal […]

Why Using a Legal NADRA Service in the UK Can Save You Time and Hassle

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For Pakistanis living in the UK, dealing with NADRA (National Database and Registration Authority) documents is an essential but often complex task. Whether you’re applying for a NICOP (National Identity Card for Overseas Pakistanis), renewing your CNIC, or managing family registration forms, accuracy and compliance are crucial.
That’s where legal NADRA services in the UK come in. They act as a bridge between you and the official Pakistani authorities, ensuring that your paperwork is processed quickly, correctly, and legally.

Why Legal Assistance Matters

The process of obtaining or renewing NADRA documents can be confusing. Many applicants face delays due to missing documents, incomplete forms, or incorrect information. Using a legal NADRA service provider like Nadra Solutions ensures that all your forms are handled by professionals familiar with the latest Pakistani documentation standards and UK legal requirements.
By working with experts, you avoid common mistakes that could delay your ID renewal or verification process by weeks or even months.

Save Time with Professional Guidance

Time is valuable, especially for busy professionals and families balancing life in the UK. A legal NADRA agency can handle the process from start to finish, preparing documents, verifying identity, submitting applications, and tracking progress on your behalf.
For example, Nadra London provides walk-in consultations and same-day form reviews, reducing the need for repeated appointments. Instead of navigating government portals yourself, you can rely on trained staff who know exactly which documents are required and how to get results quickly.

Avoid Costly Errors and Rejections

Submitting an application with incomplete or incorrect information is one of the most common reasons NADRA requests get rejected. Each rejection not only delays your ID renewal but may also require you to pay additional fees.
Legal NADRA specialists double-check every detail before submission, ensuring your forms are error-free. Nadra Birmingham is well-known for its thorough verification process, helping clients avoid unnecessary complications. With professional oversight, your application is far more likely to be accepted the first time.

Local Offices Across the UK for Convenience

Access to NADRA services shouldn’t require long travel or waiting times. Fortunately, legal NADRA offices operate across the UK to make the process more convenient.

  • Nadra London serves clients across Greater London and nearby areas, offering both in-person and online appointments.
  • Nadra Birmingham assists Midlands residents with card renewals and family registration services.
  • Nadra Manchester caters to Northern clients, offering bilingual staff to support both English and Urdu speakers.
  • Nadra Bradford provides personalized assistance for Yorkshire communities, ensuring residents can complete their documentation without travelling long distances.
    Having regional offices means you can access fast, legal NADRA services wherever you live.

Secure and Confidential Processing

When dealing with identity documents, privacy and security are non-negotiable. A legal NADRA service like Nadra Solutions follows strict data-protection practices compliant with UK regulations. Your personal details are handled in a secure environment and shared only with authorized NADRA representatives.
This professional approach gives peace of mind that your data is protected throughout the process something not guaranteed when using unverified online services or informal agents.

Streamlined Renewals, Reprints, and Family Registrations

Whether you need to renew your NICOP, update family details, or replace a lost ID, professional NADRA agents know the right procedures for each case. They also understand the documentation differences between Pakistani citizens living abroad and those in Pakistan.
At Nadra Solutions, the team provides clear guidance for renewals, reprints, and new applications, making it easy to manage your legal identity from within the UK. From biometric verification to delivery tracking, every step is simplified for your convenience.

Conclusion

Using a legal NADRA service in the UK isn’t just about convenience; it’s about protecting your identity and saving valuable time. Instead of struggling with confusing online forms or facing rejected applications, you can rely on certified professionals who handle the process with accuracy and care.
Whether you visit Nadra London, Nadra Birmingham, Nadra Manchester, or Nadra Bradford, or choose to work with a trusted provider like Nadra Solutions, you’ll experience a smoother, faster, and legally compliant way to manage your NADRA documentation.

With expert support, you can focus on your life in the UK while the professionals handle the paperwork, saving you time, stress, and endless hassle.

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Binance moves 1,315 bitcoin into SAFU fund as it prepares to buy $1 billion BTC

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Crypto exchange Binance has transferred roughly $100 million worth of bitcoin from one of its hot wallets into its Secure Asset Fund for Users (SAFU), marking an early on-chain step in the exchange’s plan to reframe its user protection reserve around bitcoin.

Blockchain data shows about 1,315 BTC moved in a single transaction from a Binance-labelled hot wallet to a known SAFU fund address early Monday. The transfer was direct and showed no signs of interaction with external wallets, suggesting an internal treasury reclassification rather than a market-facing trade.

Last week, Binance said it would convert $1 billion worth of dollar-pegged tokens into bitcoin over the next 30 days, pledging to replenish the fund if its value falls below $800 million due to price swings.

That announcement sparked speculation the exchange would become a large spot buyer of bitcoin.

Monday’s on-chain activity suggests otherwise, at least for now. The transaction does not represent a conversion of stablecoins into bitcoin. Instead, Binance appears to be allocating bitcoin it already held into the SAFU fund, effectively ring-fencing part of its existing reserves as designated user protection capital.

The shift does, however, introduce a different risk profile. A bitcoin-backed SAFU fund will fluctuate in value alongside the broader market, increasing the importance of Binance’s promise to top it back up during periods of volatility.

Binance did not publicly comment on the movement as of European morning hours Monday.

Kazakhstan allocates $350M from sovereign wealth fund to crypto reserve

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Kazakhstan has set aside $350 million from the National Fund of the Republic of Kazakhstan to support the formation of a national crypto reserve, Deputy Chairperson of the National Bank of Kazakhstan Aliya Moldabekova said at the Annual Business Review this week.

Established to manage the country’s resource wealth, the National Fund of the Republic of Kazakhstan accumulates revenues from oil, gas, and mineral extraction and serves as a fiscal buffer to support economic stability during periods of stress.

The National Investment Corporation (NIC), a subsidiary of the National Bank of Kazakhstan, will be responsible for establishing the country’s national crypto reserve. According to local media reports, $350 million from the National Fund has been transferred to a dedicated account at the Central Depository.

The state will not buy crypto directly. Instead, the reserve will initially be built through investments in crypto-focused hedge funds, with five funds currently under review.

At a later stage, the central bank is considering equity investments in venture capital funds linked to digital assets.

The reserve will also be funded with crypto seized by law enforcement agencies, a practice presently adopted by the US.

Kazakhstan has positioned itself as a regional crypto hub since 2022, when it attracted Bitcoin miners relocating from China. The country has since legalized crypto mining and trading through the Astana International Financial Centre.

Earlier this year, President Kassym-Jomart Tokayev signed legislation to modernize Kazakhstan’s banking system and integrate digital finance into the national financial framework.

The announcement follows a crackdown on illegal crypto exchanges in Kazakhstan, with authorities shutting down 130 unlicensed platforms that processed $124 million in transactions late last year.

BTC spot exchange-traded fund holders are in the red, may throw in the towel

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Bitcoin’s price crash has left investors in the token’s spot exchange-traded funds (ETF) holding losses of 15% on average, setting the stage for potential panic selling if the crypto market doesn’t stabilize.

Since their U.S. debut two years ago, the investors have paid an average of roughly $90,200 per BTC, according to estimates by Bianco Research and 10x Research. With the largest cryptocurrency now trading around $76,800, that leaves them with a paper loss of about $13,400 per BTC.

Being underwater could trigger ETF redemptions, particularly by short-term traders and speculators who bought in hopes of continued gains and quick profits. These potential redemptions could add to bearish pressures in the market.

Demand for ETFs has cratered since the Oct. 8 crash, which social media is widely blaming on Binance, the leading cryptocurrency exchange by volume and open interest.

January already marked a third straight month of net outflows, the first three-month run since their inception. The 11 spot bitcoin ETFs have registered a net outflow of $6.18 billion in the period, according to data source SoSoValue.

A deepening of the bear market could potentially spur a full-scale capitulation: Long-term holders give up, liquidate, and volumes explode. This dynamic often marks peak bear phases.

That said, analysts have previously told CoinDesk that institutional capital flowing into ETFs is meant for the long haul, and is “sticky”, meaning a full-blown capitulation is unlikely.

Bitcoin’s price crash exposes painful truth – crypto market still dances to BTC’s tune

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A decade ago, the crypto market was straightforward: When bitcoin surged, some 500 or more alternative cryptocurrencies followed suit; when it plunged, the entire market crashed. Portfolios spread across “diverse tokens” with unique use cases looked diversified on paper, but cratered during the bitcoin slides.

Fast forward to 2026, and very little has changed, even though the number of altcoins has increased to several thousand.

Despite institutions supposedly painting crypto as a multifaceted asset class akin to stocks, with each project boasting distinct investment appeal, the reality is grim. The market’s still a one-trick pony, following BTC up and down, offering no real diversification.

The year-to-date price action underlines that fact. Bitcoin’s price has tanked 14% to $75,000, the lowest since April last year, with almost all major and minor tokens bleeding by a similar amount, if not more.

CoinDesk has 16 indices tracking the performance of various coins with unique use cases and appeal, and nearly all are down 15% to 19% this year. Indexes tied to DeFi, smart contract and computing coins are down 20%-25%.

Here’s where it gets more alarming: Tokens tied to blockchain protocols generating real revenue have dropped alongside BTC.

According to DefiLlama, decentralized exchanges and lending and borrowing protocols like Hyperliquid, Pump, Aave, Jupiter, Aerodrome, Ligther, Base, and layer 1 blockchains like Tron are among the leading revenue generators over the past 30 days. This starkly contrasts with bitcoin, which has lately failed to hold up to its dual use case as digital gold and a payments infrastructure.

The native tokens of most of these protocols are in the red. For instance, leading Ethereum-based lending and borrowing protocol Aave’s AAVE token has dropped 26%. Hyperliquid’s HYPE stands alone, up 20% even after pulling back from $34.80 to $30, fueled by booming tokenized gold and silver trading.

The disappointing trend is the result of a popular narrative that labels large-cap tokens like bitcoin, ether and solana as safe havens (safe pockets during downturns) while calling revenue-generating projects volatile, according to some observers.

“The jokers that run this industry will keep telling you that BTC, ETH and SOL are the “safe haven majors” — meanwhile the only things that make any money in downturns are $HYPE, $PUMP, $AAVE, $AERO and some other DeFi protocols,” Jeff Dorman, chief investment officer at Arca, said on X.

He added that the crypto industry needs to borrow a page from traditional markets by building consensus around truly resilient sectors, such as DeFi platforms, and hammering their haven appeal home via exchanges, analysts, and funds.

Just as Wall Street brokers and research firms etched “consumer staples” or “investment-grade bonds” as downturn darlings, turning data into price outperformance during bear markets, crypto must anoint and promote its safe havens to make them real.

“Why do you think certain corporate bonds and stocks do better than others in downturns? Because the industry decided certain sectors were “defensive” — consumer staples, utilities, healthcare, etc,” Dorman explained.

Cash-equivalents play spoilsport

According to Markus Thielen, founder of 10x Research, part of the problem is stablecoins, digital tokens whose values are pegged to an external reference, such as the U.S. dollar. These are often seen as cash equivalents. And so, when the largest cryptocurrency slides, traders de-risk their portfolios by moving into stablecoins.

“Unlike equity markets—where capital is typically required to remain invested—the rise of stablecoins has fundamentally changed positioning in crypto. Stablecoins allow investors to shift quickly from bullish to neutral exposure, effectively serving as the defensive allocation within the crypto market,” Thielen told CoinDesk.

He added that bitcoin has always been the most dominant cryptocurrency, consistently accounting for over 50% of the total digital asset market value. This makes it harder to diversify.

“[Still] among major tokens, BNB and TRX have historically behaved more defensively, with TRX showing the strongest defensive characteristics,” he noted. TRX is down just 1% this year, outpacing BTC’s sharper drop.

Looking ahead

Institutional participation in the bitcoin market boomed after the debut of spot ETFs in the U.S. two years ago. This is evident from BTC’s share of the total crypto market, which has held above 50% since then.

This trend is unlikely to change, which means the prospects of wider crypto market decoupling from bitcoin look bleak.

“It will continue to concentrate into BTC, as the ongoing downturn helps kill off zombie projects and unprofitable businesses,” Jimmy Yang, co-founder of institutional liquidity provider Orbit Markets.

Who Struck Step Finance? Treasury Breach Nets $27 Million

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Step Finance, a well-known Solana analytics hub, said its treasury was hit in a major breach that emptied 261,854 SOL from wallets tied to the platform.

The loss forced a sharp market reaction, and users and investors watched prices tumble as the team moved quickly to contain the damage.

Based on reports, roughly 261,854 SOL were unstaked and shifted off the platform on January 31, 2026, an amount worth around $27 million to $30 million at the time.

Breach Hits Step Finance Treasury

Investigators were called in right away. According to the platform’s public posts, security specialists and outside firms are helping to trace the funds. Some transfers were obvious on public ledgers; they could be followed from the compromised wallets to a set of addresses that began converting SOL.

Questions remain about how access was gained. It is not yet clear whether private keys were taken, a staking routine was exploited, or an internal process failed. The exact technical route is still being pieced together.

Image: CMIT Solutions

On-Chain Clues And Market Fallout

Markets reacted violently. The platform’s governance token fell hard, with prices dropping by more than 80% in minutes as panic spread. Traders sold quickly. Price books thinned.

Based on reports from on-chain trackers, multiple large unstake transactions and swaps were executed in a short time window.

Some of the moved SOL was routed to exchanges, while other amounts were split across several wallets, a pattern observers often tie to attempts at cashing out without drawing attention.

Community Anxiety And Operational Response

Step Finance announced emergency steps to shield remaining funds. Access to certain treasury functions was restricted and multisig controls were reviewed.

Accounts under direct protocol control were frozen where possible. The company said it was cooperating with authorities and sharing findings with the wider Solana community.

At the same time, public-facing channels were used to give updates as they became available, though many technical details were deliberately withheld to avoid tipping off the attacker.

SOLUSD is now trading at $105. Chart: TradingView

Recovery Steps And Unknowns

A handful of security firms are conducting forensic work on the transactions. On-chain evidence will be crucial to any effort to recover assets.

Reports note that tracing is a step; recovering funds is another. Legal and regulatory routes may be explored if identifiable intermediaries or exchanges are used to move the stolen value.

Whether user funds outside the treasury were touched has been a key concern, and the company is said to be clarifying that matter.

Featured image from Unsplash, chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.

Nevada Court Grants Temporary Restraining Order Against Polymarket

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In brief

  • A Nevada state court has issued a temporary restraining order blocking Polymarket from offering event contracts.
  • Judge Woodbury ruled the harm from evading Nevada’s “comprehensive regulatory structure” is “immediate, irreparable and not sufficiently remediable by compensatory damages.”
  • The decision adds to mounting regulatory pressure on prediction markets, following enforcement actions in Tennessee and bans in Portugal and Hungary.

A Nevada state court has issued a temporary restraining order blocking Blockratize, the entity behind Polymarket, from offering event-based contracts in the state for two weeks, finding that the platform’s activities likely violate Nevada gaming law and are not shielded by exclusive federal derivatives oversight.

In an order issued Saturday, Judge Jason Woodbury sided with the Nevada Gaming Control Board, ruling that the Commodity Exchange Act “does not vest exclusive jurisdiction over Polymarket’s contracts with the Commodity Futures Trading Commission.” 

The order blocks Polymarket from offering sports and events contracts to Nevada residents ahead of a February 11 hearing on a preliminary injunction.

If upheld, platforms like Polymarket and competitor Kalshi may be forced to obtain state-by-state gambling licenses or abandon sports-related markets entirely, a business segment representing over 80% of some platforms’ trading volumes.

The Nevada Gaming Control Board filed its civil enforcement action seeking “a declaration and injunction to stop Polymarket from offering unlicensed wagering” through its mobile app, which it considers sports wagering activity under state statutes.

“The resulting harm in evasion of Nevada’s ‘comprehensive regulatory structure’ and ‘strict licensing standards’ is immediate, irreparable, and not sufficiently remediable by compensatory damages,” the judge wrote.

The order declared that “an unlicensed participant beyond the Board’s control, such as Polymarket, obstructs the Board’s ability to fulfill its statutory functions,” including preventing wagers from individuals who could influence sporting event outcomes, blocking underage participants, and keeping unsuitable individuals from involvement.

“The balance of hardships and public interest in maintaining meaningful control over Nevada’s gaming industry for the purpose of ensuring its integrity strongly supports issuance of the temporary restraining order,” Judge Woodbury added.

“It appears that Polymarket has already ceased offering event contracts in Nevada,” Daniel Wallach, founder and principal of Wallach Legal LLC, a law firm specializing in sports wagering and gaming law, posted on X.

State-level enforcement may increase “compliance costs and legal uncertainties, potentially deterring investment and slowing the development of new features or products in the prediction market sector,” Even Alex Chandra, a partner at IGNOS Law Alliance, told Decrypt.

Chandra said the government needs to provide “clearer guidelines, potentially standardizing the industry and fostering long-term growth.”

The Nevada action follows similar enforcement moves across multiple jurisdictions. 

Both the Hungarian Supervisory Authority for Regulated Activities and the Portuguese Gaming Regulatory Authority issued bans against Polymarket this month, accusing it of illegal gambling activity. 

Earlier this month, Tennessee’s Sports Wagering Council sent cease-and-desist letters to Polymarket, Kalshi, and Crypto.com, ordering the companies to immediately pull sports-related markets accessible to Tennessee customers and refund pending wagers. 

Rep. Ritchie Torres (D-NY) and 30 House colleagues, including former House Speaker Nancy Pelosi (D-CA), recently introduced the Public Integrity in Financial Prediction Markets Act of 2026.

The bill would stop federal elected officials, political appointees, and employees of Congress and executive agencies from participating in prediction markets when they possess “material non-public information” about a market or the ability to influence its outcome.

Decrypt has reached out to Polyarket for comment.

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Vitalik Buterin Proposes Fix to Content Creator Coin Model

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Ethereum co-founder Vitalik Buterin has proposed a new creator token model that combines decentralized autonomous organizations (DAOs) with prediction market mechanics to incentivize higher-quality content creation.

Creator tokens, or content coins, are blockchain-based assets that can grant fans a slice of ownership, access rights, or even royalties for the content creator’s work, which could be in the form of posts, photos, music, or videos. 

However, in a post on X on Sunday, Buterin said existing creator token platforms notably prioritize mass content creation over quality, and that this is now being exacerbated by AI-generated content.

To combat this, Buterin said one idea would be for content creators to launch tokens and apply to curated creator DAOs, where members decide which content to accept, while speculators profit by predicting which creators or content will be admitted.

Accepted content creators could then see their coins rise in value when the DAO burns their tokens, reducing supply and increasing scarcity.

Source: Vitalik Buterin

He noted that many of the top creator coins on existing platforms like BitClout and Zora are led by celebrities or people of “very high social status,” making it challenging for creators to succeed purely on merit.

Another example, not mentioned by Buterin, is Friend.tech — a SocialFi app on Ethereum layer-2 Base that allowed creators to share content in private chatrooms accessed via tradable keys.

However, some criticized the platform because the price of the keys was driven mainly by speculation.

Friend.tech shuttered in September 2024 after activity had significantly dropped and its native token had fallen 95% from its high.