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U.S. Senate unanimously opposes clemency for FTX founder Sam Bankman-Fried

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U.S. Senate unanimously opposes clemency for FTX founder Sam Bankman-Fried

President Donald Trump said in January he had no plans to pardon Bankman-Fried. He has cleared Binance founder Changpeng Zhao and Silk Road creator Ross Ulbricht, along with other white-collar offenders.

Bankman-Fried ran two companies at once. FTX was a crypto exchange, which holds customer money the way a broker does and is not supposed to touch it. Alameda Research was a trading firm he also owned. He moved billions of dollars in FTX customer deposits to Alameda, which spent the money on trades, venture investments, political donations, and Bahamian real estate, while FTX’s software exempted Alameda from the rules that would have forced it to cover its losses like any other trader.

The facade was blown open after CoinDesk obtained Alameda’s balance sheet in November 2022 and found that most of what the firm counted as assets was FTT – a token FTX had created itself and could issue at will.

The collateral propping up Alameda was, in effect, something its sister company had invented. Further cracks emerged after the prominent exchange Binance said, days later, it would sell its FTT holdings, leading to a rapid collapse in FTT prices.

Customers rushed to pull their deposits, and FTX could not return the money because it was no longer there. The exchange filed for bankruptcy on Nov. 11, 2022, just over a week after the story ran.

Bitcoin Realized Losses Join A Growing Number Of Early BTC Price Bottom Signals

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Bitcoin Realized Losses Join A Growing Number Of Early BTC Price Bottom Signals

Bitcoin (BTC) “cycle peak buyers” could already be pointing the way to the next bear-market bottom.

Key points:

  • Bitcoin hodlers who bought BTC one to two years ago are cooling selling pressure.
  • The cohort’s realized losses have led to market bottoms once their uptrend reverses, Glassnode data shows.
  • Speculators’ cost basis reinforces the next BTC price battleground at $69,000.

Glassnode: Bitcoin realized loss reversal “worth watching closely”

In an X post on Friday, Cryptovizart, the pseudonymous lead research analyst at onchain analytics platform Glassnode, showed a classic bottom signal potentially repeating.

The latest in a series of such signals, the latest puts buyers who bought BTC in the latter part of the bull market in focus.

“One of the metrics I watch most closely when trying to gauge a bear market’s end is, Realized Loss volume (in USD) by the 1-2 year holders,” Cryptovizart wrote.

Here, coins moving onchain at a loss last did so between July 2024 and July 2025. During that time, BTC/USD increased from around $62,800 to $107,000, placing the majority of investors underwater on their allocation.

“As frustration builds with sustained price underperformance, this cohort tends to progressively increase loss realization,” the post continues.

“Historically, bear markets have not found durable footing until this specific group exhausts its sell pressure.”

Bitcoin realized losses for 1-2 year hodlers (30-day moving average). Source: Cryptovizart/X

An accompanying chart shows a spike in realized losses on a 30-day rolling basis, with the tally recently passing $75 million before beginning a reversal. For Cryptovizart, that feature is key.

“When the 30D-SMA of their realized loss cools and rolls over, it has often been among the clearest early signals that the heaviest distribution phase is behind the market,” they added.

“Worth watching closely.”

Focus shifts to $69,000 BTC price showdown

Hodler realized losses are not the only onchain metric on the radar when it comes to timing the next macro BTC price floor. 

Related: Bitcoin gets new $80K August target: Watch these BTC price levels next

As Cointelegraph reported, stochastic relative strength index (RSI) values on two-month time frames are creating classic market reversal conditions.

In the latest edition of its regular newsletter, The Week Onchain, Glassnode flagged Bitcoin speculators’ aggregate cost basis as bulls’ next resistance hurdle.

At around $69,000, the cost basis for short-term holders (STHs) also coincides with old all-time highs from the 2021 bull market.

“The first meeting with that level will likely draw a strong reaction, because the people most inclined to sell are the ones about to be made whole,” it read.

“A convincing reclaim would give the recovery room to run; a rejection keeps the range intact.”

BTC/USD chart with cost-basis levels (screenshot). Source: Glassnode

Robinhood Chain Memecoin Launchpad Vlad.fun Halts Over Integrity Issue

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Robinhood Chain Memecoin Launchpad Vlad.fun Halts Over Integrity Issue

Cointelegraph is committed to providing independent, high-quality journalism across the crypto, blockchain, AI, and fintech industries.

All news, reviews, and analyses are produced with full journalistic independence and integrity. For more details on our standards and processes, please read our Editorial Policy.

Keel Infrastructure To Consolidate Three Bitcoin Sites Into One AI Campus

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Keel Infrastructure To Consolidate Three Bitcoin Sites Into One AI Campus

Keel Infrastructure Corp. has secured a set of approvals that push its data center project in Sherbrooke, Québec, toward construction. 

The City of Sherbrooke cleared the North American digital infrastructure and energy company to enter into an agreement with Hydro-Sherbrooke for the transfer and operation of 96 megawatts of existing capacity, along with a purchase agreement for the land where the campus will rise.

The power agreement lets Keel consolidate three of its current Bitcoin mining sites in the province into a single 96 MW campus. The company did not request additional power, a choice that preserves the use of current electrical infrastructure and keeps the project in step with Québec’s energy priorities. 

Keel won approval to recategorize the 96 MW from Bitcoin mining to high-performance computing and artificial intelligence, the workload class that draws capital across the sector.

A broader pivot from Bitcoin to AI

That pivot mirrors a broad shift. Public miners across the industry have moved to repurpose energized sites for compute, a trend visible in deals such as CleanSpark’s $6.6 billion data center lease and the company’s own decision to exit Bitcoin mining in favor of AI.

Investors reward operators that control power and built-out sites, though the transition carries risk. VanEck has warned that miners chasing AI infrastructure confront a $50 billion funding gap as capital flows to firms with capacity in hand.

The Sherbrooke footprint traces back to the company’s construction of mining farms in the city, which drew on the province’s low-cost hydro power. Keel will fold that base into one campus rather than build fresh demand into the grid.

Two conditions remain. Transfer of the energy capacity to the new site requires review and approval from Québec’s Ministry of Economy, Innovation and Energy. The land purchase, for a parcel about 100 miles east of Montréal, is subject to customary conditions that include site inspections, feasibility analysis, and municipal approvals. Keel expects that transaction to close in the first quarter of 2027.

“These developments represent an important step forward in the development of our Sherbrooke project, which will be one of the largest data center projects in Québec,” said Philippe Fortier, Executive Vice President, Corporate Development at Keel. “The City’s approval of these agreements reflects the strength of the project and our commitment to the Sherbrooke community.”

Fortier added that the company has operated in Québec since its inception and views the project as a long-term commitment to the local and provincial economies. Keel aims to build the campus on a lasting relationship with its host community.

Live updates: ZachXBT calls hardware wallets complete garbage; BTC steady near $65,000

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Live updates: ZachXBT calls hardware wallets complete garbage; BTC steady near $65,000

Blockchain investigator ZachXBT came down heavily on hardware wallets. BTC traded steady near $65,000 after South Korea’s rate hike.

VerifiedX and BitGo Sign MOU to Deliver Qualified Custody for vBTC, Expanding Institutional Access to Native Bitcoin Utility, and with Immediate Support for Non-Synthetic Canonical on Base

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VerifiedX and BitGo Sign MOU to Deliver Qualified Custody for vBTC, Expanding Institutional Access to Native Bitcoin Utility, and with Immediate Support for Non-Synthetic Canonical on Base

VerifiedX today announced the signing of a Memorandum of Understanding (MOU) with BitGo to provide qualified custody support for vBTC, with immediate support for vBTC.b, the non-synthetic canonical Bitcoin asset issued through the VerifiedX Network and deployed on Base. The partnership represents a significant milestone in bringing institutional-grade custody, compliance, and security standards to programmable Bitcoin while preserving direct redemption to native Bitcoin.

Under the agreement, institutions, asset managers, family offices, corporations, and professional allocators will be able to custody vBTC upon final integration and can now immediately custody vBTC.b through BitGo’s qualified custody infrastructure while accessing the utility of Bitcoin across decentralized finance, payments, collateralization, treasury operations, and on-chain vaulting with recovery features.

Unlike traditional wrapped Bitcoin products, vBTC.b is designed as a fully collateralized non-synthetic on-chain and consensus embedded Bitcoin token with native redemption built directly into the asset architecture without any counterparty or federation reliance. Holders can redeem directly back to Bitcoin without requiring the asset to first be unwound back through the VerifiedX network, creating a seamless institutional experience across Base and Bitcoin liquidity ecosystems.

“Institutions have consistently told us they want two things: qualified custody and non-synthetic productive Bitcoin,” said Jay Pollak, Head of Strategy at the VerifiedX Foundation. “This partnership delivers both. With BitGo’s best-in-class institutional custody infrastructure and vBTC.b’s native Bitcoin redemption model, allocators can maintain institutional-grade security while activating their Bitcoin across a growing ecosystem of applications and opportunities.”

Institutional Bitcoin Without Synthetic Risk

As Bitcoin continues to mature as a treasury and reserve asset, institutions increasingly seek ways to generate utility from their holdings without sacrificing security, transparency, or redemption certainty.

vBTC.b addresses these requirements through a framework that combines:

  • Native Bitcoin
  • Direct Bitcoin redemption
  • Qualified custody support
  • Institutional-grade compliance tooling
  • On-chain transparency
  • Self-custodial programmability
  • Cross-ecosystem interoperability

The result is an asset that enables institutions to move beyond passive Bitcoin ownership and participate in productive and programmable financial infrastructure while maintaining real native ownership to the underlying Bitcoin asset.

Activating Bitcoin Capital

Through vBTC.b, institutions can utilize Bitcoin across a broad range of applications including:

  • Curated institutional yield vaults
  • Bitcoin-backed lending and borrowing
  • Treasury optimization
  • Digital collateral management
  • Settlement infrastructure
  • Automated payment workflows
  • Agentic and AI-powered financial systems
  • Cross-chain liquidity deployment
  • Bitcoin-native commerce and payments

Because vBTC.b remains redeemable to Bitcoin at the protocol level, institutions can maintain confidence that utility does not come at the expense of redemption rights or trade-offs, while reducing counterparty risks and smart contract vulnerabilities, and eliminating rehypothecation at the protocol level.

Security and Compliance First

The partnership combines VerifiedX’s programmable Bitcoin infrastructure with BitGo’s industry-leading custody platform.

BitGo currently safeguards more than $49 billion in Bitcoin under custody, with an overall estimate of digital asset custody levels exceeding $100 billion during peak periods, making it one of the largest digital asset custodians globally. The company provides regulated qualified custody services, institutional security controls, cold storage infrastructure, and insurance protections utilized by some of the world’s largest digital asset participants.

VerifiedX complements this foundation through integrated compliance tooling, transaction monitoring capabilities, auditability features, and institutional controls designed to satisfy modern operational and regulatory requirements.

Building the Financial Operating System for Bitcoin

The BitGo relationship represents another step in VerifiedX’s mission to build the financial operating system for Bitcoin and intelligent assets.

Through the VerifiedX ecosystem, Bitcoin can be transformed from a passive store of value into a programmable financial asset capable of supporting payments, lending, settlement, collateralization, tokenization, AI-driven automation, and next-generation financial infrastructure.

As institutions increasingly seek secure native plumbing to deploy Bitcoin capital, the combination of BitGo qualified custody and vBTC.b provides a framework designed to meet institutional standards without sacrificing Bitcoin’s core principles of ownership, redemption, and utility.

Additional details regarding custody availability, onboarding, and supported institutional products will be announced as the partnership progresses.

About VerifiedX

VerifiedX is a financial operating system for Bitcoin and intelligent assets, enabling self-custodial ownership, instant settlement, programmable finance, native Bitcoin utility, and agentic financial infrastructure. Through products including vBTC, BFLY, and PulseXAI, VerifiedX connects institutions, users, and autonomous systems through a unified blockchain ecosystem framework.

Its ecosystem includes:

  • vBTC & vBTC.b (BTC)
  • BFLY payments and click to earn infrastructure
  • SwitchBlade wallet technology
  • PulseXAI generative and tokenized intelligence 
  • Institutional settlement architecture
  • Privacy-enabled transactions and programmable assets
  • Canonical interoperability systems

 Further VerifiedX Inquiries:

Website: https://verifiedx.io/

Discord: https://discord.gg/7cd5ebDQCj

Twitter (X)): https://twitter.com/vfxblockchain

Github: https://github.com/verifiedxblockchain

Email: [email protected]

PulseXAI and BFLY are trademarks of VerifiedX. Copyright 2026 VerifiedX. All rights reserved.

A bitcoin wallet dormant since the 2017 peak just moved $383 million

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A bitcoin wallet dormant since the 2017 peak just moved $383 million

A bitcoin address that had not spent a coin in eight years moved 5,908 BTC worth about $383 million on Thursday, data shows.

The wallet took in the coins when bitcoin traded at around $16,000, a level the market saw in December 2017 and early January 2018, within weeks of a cycle peak near $20,000.

The stack cost roughly $100 million then and is worth about $383 million now, a gain of about 284%. It was worth $726 million at bitcoin’s lifetime in October 2025.

The entry date is what makes the holding unusual. Bitcoin fell about 80% through 2018 to near $3,200. It recovered to $69,000 in 2021, then collapsed to about $15,500 in November 2022, which briefly put this position underwater five years after it was built.

The wallet stayed shut then, and again last year when bitcoin cleared $122,000, roughly seven times the entry price. It is opening now, with bitcoin near $64,800 and about half the 2025 high behind it.

Bitcoin Price Surges Over $65,500 On Soft Inflation Data

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Bitcoin Price Surges Over $65,500 On Soft Inflation Data

The Bitcoin price jumped over $65,500 on Wednesday after US inflation data showed that producer prices fell in June. 

Data from the Labor Department showed that the Producer Price Index posted its biggest decline in 14 months. The PPI, excluding food and energy, fell 0.3% in June, according to Bureau of Labor Statistics numbers. 

Bitcoin’s price was recently trading at $64,943, a 2% 24-hour jump. 

The Bitcoin price has typically surged when signs inflation is cooling emerge as investors then expect a bigger chance of lower interest rates. Crypto, stocks and other “risk-on” assets have in the past done well in a low-interest rate environment. 

Still, the cooling inflation does not take into account the latest escalation in the US-Iran war: President Trump this week said the US would take control over the Strait of Hormuz. 

On Wednesday, the US leader vowed to intensify the bombing until Tehran stops attacking ships in the Strait of Hormuz and agrees to open the waterway. 

“We’re going to hit [Iran] very hard the night after,” President Trump told Fox News on Tuesday. “And then next week it gets really bad for them because next week comes the power plants.”

“The only way you can negotiate with these people is through strength,” he added. 

Bitcoin’s price has faced increased volatility since the US and Israel attacked Iran on February 28, with the leading cryptocurrency dropping hard on initial reports of war.

Since the start of the year, the leading cryptocurrency has shed nearly 30% of its value, and is now close to 50% below the $126,080 record it notched in October. 

Downwards pressure has been added to the Bitcoin price as US investors fast cashed out of spot exchange-traded funds throughout the month of June as inflation uncertainties and a boom in artificial intelligence-related stocks has led speculators to put their cash elsewhere.

Bitcoin price jumps on cooler inflation numbers

Figures released on Tuesday from June’s Consumer Price Index also showed that inflation appeared to be easing in the US, also leading to a jump in the Bitcoin price. 

Over a seven-day period, Bitcoin’s price has traded from $61,507 to as high as $65,501. 

Traders are now keeping an eye on what new Federal Reserve Chair Kevin Warsh — who’s typically been an inflation hawk in the past — will do while leading the central bank. 

The new Chair told congress this week that the Federal Reserve has “no tolerance for persistently elevated inflation,” and that policy makers at the bank share “a resolute commitment to restoring price stability.”

Kevin Warsh was sworn in as the new central bank chief in May. The former Federal Reserve governor has said he wanted to lower the cost of borrowing but markets initially priced him in as a hawk — someone who would raise interest rates to tackle inflation. 

At the time of writing, the bitcoin price is near $65,000.

Trump to Meet Senators on CLARITY Act push

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Trump to Meet Senators on CLARITY Act push

US President Donald Trump is set to meet with several senators at the White House on Thursday to discuss progress on the crypto market structure bill. 

According to Politico, Senator Bernie Moreno said a group of senators will brief the president on the bill and “its path to success.” Senator Cynthia Lummis will also attend, according to a Senate Republican aide.

“We’ll be talking about the entirety of the bill. I mean, obviously the president’s been very engaged in this bill,” said Moreno. “He’s the one who’s really driven the innovation that I think will pay dividends.” 

The meeting comes as lawmakers race to pass the crypto market structure bill, known as the CLARITY Act, before the Senate’s August recess. Many lawmakers see it as the last realistic opportunity to pass the legislation before the midterm elections. 

“I’m hoping that we can come up with some agreement by the end of this week,” Senator Thom Tillis, who has been helping work through the CLARITY Act’s unresolved provisions, told Politico. 

“I think it’s critical if we’re going to try and get this across the floor before August recess.”

Lawmakers are awaiting a revised draft of the bill. 

In an interview with Fox Business on Wednesday, Lummis said a new draft version of the bill will be introduced in the next few days and expects it to be on the Senate floor next week. 

Cointelegraph reached out to Senator Lummis for comment.

Prediction market odds on CLARITY Act success 

Traders on prediction market Kalshi have put a 79% chance on the CLARITY Act being voted on by the Senate before the August recess, up from 68.8% the previous day. 

Related: Three US senators oppose CLARITY Act on ethics grounds with vote expected soon

However, traders remain less optimistic that the CLARITY Act will become law this year. 

A $3 million prediction market on Kalshi gives the crypto bill a 36% chance of becoming law in 2026, and a 62% chance of doing so before the end of 2027.

Polymarket traders, meanwhile, have put the chance of the CLARITY Act being signed into law this year at 39%.

Magazine: Is Robinhood Chain’s success bullish or bearish for ETH the asset?

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Strategy feels ‘very secure’ until bitcoin reaches $8,000-$10,000, says CEO

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Strategy feels ‘very secure’ until bitcoin reaches $8,000-$10,000, says CEO

Strategy (MSTR), the largest public holder of bitcoin BTC$64,572.85, won’t panic unless BTC sinks to the $8,000-$10,000 range, its CEO has said.

Phong Le identified that range as when the company “would have to consider some of the risk associated with our debt,” in an interview with Bloomberg TV on Tuesday.

Such a drop would represent a drop of around 85% based on bitcoin’s current price of around $64,500 as of writing.

“Until that point in time, we feel very secure about the balance sheet,” Le said. “What we need to do is build a capital structure that can withstand bear markets and of course benefit from bull cycles.”

Strategy’s preferred stock STRC, which is designed to give it the cash flow to fund its bitcoin buying in return for a regular dividend — currently a 13% annual yield, has been under pressure in recent months. The stock is designed to maintain a $100 par, which it lost in April and falling below $75 in late June.

When STRC falls below $100, it restricts Strategy’s ability to issue new shares and then use the cash to buy bitcoin.

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