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FTX’s Sam Bankman-Fried loses appeal of criminal conviction on fraud, conspiracy charges

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FTX’s Sam Bankman-Fried loses appeal of criminal conviction on fraud, conspiracy charges

One argument Bankman-Fried advanced was that the funds he misappropriated were in investments that would eventually grow.

“As the district court recognized, any contention that Bankman-Fried lacked an intent to defraud because he intended to eventually repay his customers was legally misleading and prejudicial because the wire fraud statute encompasses temporary misappropriation of money or property,” the ruling said.

The panel reiterated this argument later on: “Whether the assets purchased by Bankman-Fried appreciated in value is irrelevant as to whether he committed fraud,” the ruling said.

Bankman-Fried’s team tried to argue that FTX was a margin futures trading platform, and therefore customers should have expected that they might lose some access to their funds.

“We are unpersuaded,” the ruling said. “The fact that some FTX customers opted into margin trading, and thus temporary deprivation of their money, is beside the point. Some opted into margin trading, some did not. No one opted into having their money transferred under false pretenses to Alameda.”

The panel’s ruling similarly supported Judge Kaplan’s actions throughout the trial.

The ruling matches the reception Bankman-Fried’s team saw from the panel of judges during the hearing last November, when the three-judge panel repeatedly interrupted and questioned attorney Alexandra Shapiro, who is representing Bankman-Fried.

BlackRock files to list its bitcoin income ETF, BITA expected to launch next week

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BlackRock files to list its bitcoin income ETF, BITA expected to launch next week

BlackRock took another step toward introducing its bitcoin income exchange-traded fund on Nasdaq, filing a share registration document that often signals an imminent debut.

The world’s largest asset manager filed the Form 8-A for the iShares Bitcoin Premium Income ETF on Thursday, usually one of the last procedural moves before an ETF goes live.

The filing “typically means launch in one week,” Eric Balchunas, an ETF analyst at Bloomberg, wrote on X, adding that he would bet the fund, ticker BITA, starts trading on June 18.

Balchunas said a day earlier that he expected the fund to debut “very soon” and noted BlackRock was racing to beat a competing Goldman Sachs product to market. Goldman’s fund is due to go live around July 1.

BlackRock’s fund will earn income by selling call options on BlackRock’s iShares Bitcoin Trust (IBIT), the largest spot bitcoin ETF, with $49 billion in net assets. Each month, it will write options on a portion of its holdings and collect the premium as income.

Ethereum (ETH) falls 1% as index trades lower

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Ethereum (ETH) falls 1% as index trades lower

CoinDesk Indices presents its daily market update, highlighting the performance of leaders and laggards in the CoinDesk 20 Index.

The CoinDesk 20 is currently trading at 1711.6, down 0.3% (-4.68) since 4 p.m. ET on Thursday.

Ten of 20 assets are trading higher.

Leaders: NEAR (+2.7%) and ADA (+1.0%).

Laggards: CRO (-1.4%) and ETH (-1.0%).

The CoinDesk 20 is a broad-based index traded on multiple platforms in several regions globally.

While BTC price holds near $63,000, some data points to pain ahead for bulls: Crypto Markets Today

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While BTC price holds near $63,000, some data points to pain ahead for bulls: Crypto Markets Today

Bitcoin BTC$63,354.69 is trading near $63,000 after dipping to about $59,000 earlier this week, and some data points to pain ahead for bulls, with a possible drop to levels last seen in early 2024.

The largest cryptocurrency is now only 9% above its realized price of about $53,600, according to onchain analysis firm CryptoQuant. Realized price is the average of the prices at which the coins last moved. When the market price gets close, the average holder is barely in profit. That level has marked major bear-market floors in past cycles.

The problem, however, is demand.

Total bitcoin demand fell by 652,000 BTC last week, the largest contraction since January 2022, CryptoQuant said. Demand from ETFs is also shrinking at the fastest pace since U.S. spot bitcoin funds debuted in January 2024, showing the institutional bid that powered this cycle has turned into selling.

Sellers crystallized 187,000 BTC of losses over the past 30 days. That is painful, but still well below the 400,000 BTC loss spike in February and the 1.2 million BTC seen around the November 2022 cycle bottom.

Bitcoin Rises Above $63,000 as Trump Cancels Iran Strikes and Signals Peace Deal

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Bitcoin Rises Above $63,000 as Trump Cancels Iran Strikes and Signals Peace Deal

Bitcoin climbed above $63,000 Thursday after President Trump announced via Truth Social that he was canceling scheduled U.S. military strikes against Iran and signaling that a multi-nation agreement was close, citing approvals from Israel, Saudi Arabia, the UAE, Qatar, Turkey, and other regional powers.

Bitcoin climbed above $63,000 Thursday after President Donald Trump announced via Truth Social that he was canceling scheduled U.S. military strikes against Iran and signaling that a multi-nation agreement was close.

Trump wrote that “discussions with the Islamic Republic of Iran have been brought to the highest level of Iranian leadership and approved,” and that “discussions and final points have been, in both concept and great detail, approved by all parties,” naming Israel, Saudi Arabia, the UAE, Qatar, Turkey, Pakistan, Bahrain, Kuwait, Jordan, Egypt, and others.

Bitcoin had touched a 24-hour low of $61,101 earlier Thursday while U.S. strike threats were live before rallying to a session high above $63,600. The token was trading around $63,720, up roughly 3% on the day, per CoinGecko.

A Familiar Playbook

The price move fits a pattern that has defined Bitcoin trading through the months-long U.S.-Iran conflict. The cryptocurrency has tracked geopolitical risk closely, selling off on escalation and recovering on de-escalation. When Trump announced a five-day pause in strikes in late March, Bitcoin surged above $71,000. When ceasefire talks last produced a deal, the token spiked on short liquidations. Both of those moves faded when hostilities resumed.

Thursday’s rally came after Trump had threatened earlier in the day to hit Iran “VERY HARD TONIGHT,” including seizing the country’s Kharg Island oil hub, Bloomberg reported. The strike cancellation reversed that risk-off pressure across markets. Oil fell sharply on the news, with Brent crude retreating toward the low $90s from highs above $91.

Deal Skepticism Remains

Iranian officials had not publicly confirmed any agreement as of Thursday afternoon. Iran’s national security adviser said there would be no ceasefire without restraining Israeli actions in Lebanon, while Israel said the ceasefire did not apply to Lebanon at all, per NBC News. Earlier ceasefire agreements in this conflict collapsed within days.

Trump added that “The Naval Blockade will remain in full force and effect until this Transaction is finalized,” with the “time and place of the signing to be announced shortly,” per Fox News. The Strait of Hormuz, through which an estimated fifth of the world’s seaborne oil passes, remained subject to disruption risk pending a signed agreement.

Bitcoin remains roughly 49% below its October 2025 all-time high of $126,080, per CoinGecko, with the Iran conflict serving as a persistent drag on risk appetite across crypto markets throughout the spring.

For the bitcoin (BTC) price, SpaceX’s Nasdaq debut could go either way: Crypto Daily

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For the bitcoin (BTC) price, SpaceX’s Nasdaq debut could go either way: Crypto Daily

The months of waiting have ended, and SpaceX is set to begin trading on Nasdaq today after investors pumped $75 billion into the largest IPO in history. What happens next could ripple across financial markets, including crypto.

One theory making the rounds is that recent outflows of over $5 billion from bitcoin BTC$63,621.19 ETFs, which dragged the price of the largest cryptocurrency below $60,000, were partly driven by investors pulling funds to participate in the IPO. If so, some of that capital could find its way back into crypto in the coming days, providing a lift to valuations.

The IPO cuts both ways. On one hand, a blockbuster debut signals broad market confidence, potentially drawing fresh capital and sustaining the risk-on mood that tends to lift bitcoin and the wider crypto market alongside equities.

On the other hand, there’s a note of caution. Pseudonymous analyst Doctor Profit, who correctly called bitcoin’s selloff since October, argues that record IPOs are often a hallmark of excess optimism and market tops rather than new beginnings.

Monero (XMR) prices rocket to $438 amid $120 million onchain laundering maze

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Monero (XMR) prices rocket to $438 amid $120 million onchain laundering maze

The rest was scattered. ZachXBT traced more than $12 million to deposit addresses at the KuCoin exchange and about $8 million to instant swap services, which convert one coin into another quickly and often without identity checks.

Another $8 million was moved off Tron onto the Bitcoin and Ethereum networks through Near Intents, a cross-chain swap tool. Spreading funds across coins, exchanges and blockchains is a common way to break the trail.

Then Tether stepped in. The company can freeze USDT held at a specific address, and ZachXBT said it blacklisted an address tied to the entity holding 72 million USDT. Once frozen, those tokens cannot be moved or cashed out.

It is unclear where the $120 million originally came from. But the pattern, fast movement into a privacy coin, instant swaps and cross-chain hops, is the kind used to launder illicit funds, and Tether’s freeze suggests it reached the same conclusion.

BitGo Launches Lightning Earn To Let Institutions Put Bitcoin To Work On Lightning Network

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BitGo Launches Lightning Earn To Let Institutions Put Bitcoin To Work On Lightning Network

BitGo, an OCC-regulated digital asset trust bank, has introduced Lightning Earn, a new product that allows corporate bitcoin treasury companies and institutional allocators to deploy their bitcoin as liquidity on the Lightning Network and earn bitcoin-denominated routing fees.

The offering is built on an integration with Amboss Technologies’ Rails product, a Lightning infrastructure platform that enables participants to capture routing fees by routing payments and leasing liquidity across the network. BitGo, a subsidiary of BitGo Holdings, Inc. (NYSE: BTGO), said the integration gives institutional clients access to Lightning Network infrastructure without sacrificing custody or governance standards.

Through the BitGo-Amboss integration, clients deploy bitcoin into Lightning Network channels. Those funds then route payments across the network and provide liquidity to new payment destinations. 

In return, participants receive fees denominated in bitcoin — not a token, synthetic instrument, or third-party yield product.

BitGo said its existing security controls, operational workflows, and governance infrastructure carry over into the Lightning Earn product, giving institutions the compliance framework they require to participate.

BitGo commits its own treasury

The bank has deployed a portion of its own bitcoin treasury into Amboss Rails, a move the company described as a direct expression of confidence in the product.

“We believe Rails gives our clients a credible way to deploy their bitcoin without compromising on custody or governance,” said Mike Belshe, CEO and Co-founder of BitGo. “We’ve allocated a portion of our own treasury to Rails, and we are excited to bring this capability to the institutions we serve.”

The decision to commit company funds signals that the company views Lightning Earn as more than a client-facing product. It also positions the firm alongside its clients in exposure to Lightning Network routing economics.

Amboss CEO Jesse Shrader said the partnership marks a turning point for institutional participation in the Lightning Network. 

“BitGo’s integration of Rails sends a clear signal that Lightning is fit for institutions,” Shrader said. “With the capital brought by BitGo and their clients, Bitcoin can serve instant payments at enterprise scale while capturing the benefits of Lightning’s proliferation.”

Amboss builds data, software, and infrastructure products for the Lightning Network, with Rails serving as its primary institutional infrastructure offering.

Metaplanet acquires Siiibo Securities in $13.1m deal to advance Bitcoin strategy

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Metaplanet acquires Siiibo Securities in $13.1m deal to advance Bitcoin strategy

Metaplanet (3350) acquired Siiibo Securities, a Tokyo-based Type I Financial Instruments Business Operator, in a deal valued at approximately 2.1 billion yen ($13.1 million), the Japanese bitcoin treasury company announced on Friday.

Following the completion of the transaction, Siiibo Securities will become a wholly owned subsidiary, renamed Metaplanet Securities.

The acquisition marks the first major step in Metaplanet’s “Project Nova,” a long-term strategy aimed at building a bitcoin-focused financial ecosystem. The company, which holds 40,177 BTC ($2.6 billion) as of May 31, views bitcoin not only as a treasury asset but also as the foundation for a new generation of financial products and services.

Siiibo Securities specializes in corporate bond issuance and distribution through an online platform and has supported more than 100 bond offerings for over 40 companies. Metaplanet believes the firm’s regulatory licenses, customer base, and securities expertise complement its ambitions in digital assets and tokenized finance.

The companies expect synergies including the development of bitcoin-linked investment products, expanded securities distribution capabilities, and the creation of tokenized financial instruments. Metaplanet also plans to leverage Siiibo’s platform to provide new yield-generating opportunities for investors and strengthen its presence in Japan’s evolving digital asset market.

Congress Proposes DOJ Task Force for Crypto Theft Probes

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Congress Proposes DOJ Task Force for Crypto Theft Probes

US lawmakers have introduced legislation that would create a Department of Justice-led task force to coordinate investigations into cryptocurrency theft, scams and other digital asset-related crimes across federal, state and local law enforcement agencies.

Under the proposal, the Justice Department would serve as the primary federal coordinator for cryptocurrency theft investigations, bringing together agencies including the FBI, Homeland Security Investigations and Treasury Department’s Financial Crimes Enforcement Network.

The bill introduced by Republican Representative Lance Gooden and his Democratic House colleague Josh Gottheimer directs the task force to develop best practices for evidence collection, blockchain forensics, asset tracing and victim support. It would also provide training and technical assistance to state and local law enforcement agencies.

According to the FBI’s 2025 Internet Crime Report, Americans reported more than $11 billion in crypto-related losses last year.

Source: Gooden.house.gov

The task force would coordinate with international law enforcement agencies on cross-border investigations and submit annual reports to Congress on emerging threats, enforcement challenges and potential policy recommendations.

The bill specifies that it would not authorize new regulation of cryptocurrency markets, expand the authority of federal agencies or create new criminal offenses, instead focusing on coordination among agencies already responsible for investigating financial crimes.

Related: Chainalysis, South Korean police link up to fight crypto crime

Crypto investigators turn to AI-powered analytics

The proposed task force comes as blockchain intelligence firms increasingly deploy artificial intelligence tools designed to help investigators trace stolen funds, identify illicit activity and analyze complex transaction flows across digital asset networks.

In March, TRM Labs launched Co-Case Agent, an AI investigative assistant for crypto crime and compliance teams. The company said the tool can trace fund flows, audit blockchain transaction graphs and suggest investigative steps from natural language prompts.

Source: TRMLabs

Chainalysis announced similar blockchain intelligence agents later that month, saying the tools would be rolled out over the summer for investigations and compliance. The company said the agents were designed to help users trace funds and gather intelligence as crypto criminals increasingly use AI to scale their operations.

The growing focus on investigative tools comes as crypto-related exploits continue to generate significant losses. According to DeFiLlama, hackers stole roughly $630 million in April alone, marking the industry’s largest monthly loss total since February 2025.

Magazine: Vietnam preps crypto pilot, HK pushes tokenization: Asia Express

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