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Transport Ticketing Outlook: Data Proves a Demand for Digital: By Yann Chermat

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Transport Ticketing Outlook: Data Proves a Demand for Digital: By Yann Chermat

Traditionally, users of public transport were issued with a physical ticket as proof of payment, issued for either a single journey, a return trip, or for a fixed period of time. It is a simple and effective way for transport networks to validate a passenger’s
right to ride.

However, new data demonstrates that disruptive travel patterns and evolving ticketing form factors are leading a once in a generation transformation in customer payment behaviours across transport networks worldwide.

Accelerated demand for mobile activations

The almost universal penetration of smartphones has created a market for solutions that are natively integrated into a digital wallet. Already proven to be seamless and secure in the payments space, it is no surprise that user demand for such solutions in
the transit space is strong: mobile ticketing using the Calypso Open Standard accelerated rapidly in 2025, with activations increasing by 265% year-on-year, reaching nearly 15 million.

As well as providing unparallelled user convenience, mobile ticketing is also offering an easy way for authorities and operators to roll out new ticketing offers across multiple modes of transport. Digitisation means that many of the complex challenges associated
with integrating multiple transport operators – such as revenue sharing, tariffs, and scalability – can be managed centrally, enhancing visibility and trust between operators. This creates an environment that can support the innovative fare structures required
to make multimodal travel seamless.

However, it is imperative that operators do not risk excluding anyone from travel. Not everyone is willing or able to use a smartphone for their ticket. Physical ticketing media continues to underpin large-scale, interoperable operations globally, evidenced
through nearly 70 million Calypso transport smartcards shipped in 2025, as networks continue to provide an inclusive physical offer alongside mobile.

Cryptography, compliance and confidence

The move to digital-first solutions brings unquestionable benefits, however it also brings a host of new threats. At the forefront of this in 2026 is Artificial Intelligence (AI). The fledgling technology will continue its rise as a scalable attack vector,
providing bad actors with a simple way to automate brute force attacks and reverse engineer digital ticketing solutions at scale. And looking ahead, cybersecurity experts recognise that quantum computing will revolutionise cryptography as we know it. Getting
ahead of ‘harvest now, decrypt later’ tactics is essential.

Organisations that are adopting digital solutions must therefore take a far more proactive approach to their security. Emerging regulatory frameworks such as the Cyber Resilience Act (CRA), the Digital Operational Resilience Act (DORA), and the Network and
Information Systems Directive 2 (NIS2) are exploring how to mandate secure-by-design approaches, enforcing compliance through routine testing and real-time fraud monitoring. The transport ticketing community must work as one to meet this threat, pooling expertise
and resources to help create a resilient, unified front against the rapidly shifting threat landscape.

Ticketing infrastructure for financial services and access control

A strong and seamless ticketing network is built on interoperability. When built on open standards, this allows different stakeholders to participate knowing their systems are all speaking the same language and can adapt with ease. But this language doesn’t
need to be limited to just transport. Fully integrated platforms built on open standards can connect different verticals into cohesive ecosystems that improve the user experience. 

The readers, cards, smartphone activations and back end infrastructure used to support transport ticketing can also be used to support prepaid digital wallets. This unlocks digital payments for those otherwise unable to access them, bringing democratised
financial inclusion to regions without established fixed-line infrastructure. Likewise, the same infrastructure can also provision digital keys for access control, delivering accessible, affordable and easy-to-use solutions, without compromising on security.

Opening up travel with open standards

While networks must react to evolving passenger behaviours and preferences, operators and authorities must never forget that one size does not fit all. Passengers may use different modes of transport to reach their destination, the regularity with
which different passengers use public transport can vary massively, and they may have their own personal preferences on how they pay and store the tickets they use. These are all factors that must be accounted for when designing a ticketing network that is
sustainable long into the future, capable of evolving with network needs without being dictated to by proprietary vendors or card schemes. 

Digital ticketing allows networks to create flexible, pragmatic, value-add ticketing solutions built by networks specifically for passengers. This is the key strategic differentiator that can make public transport a more attractive option than private vehicle
use, but it must sit alongside secure card and paper tickets to ensure that no-one is excluded.

Open standards can enable a future-proof, resilient and sovereign system, delivering a range of contactless use cases, including transport ticketing, mobility, EV charging and access control. Networks must be empowered to own and evolve their systems to
best serve their customers. Digital and physical fare media can coexist as part of a pragmatic fare structure that provides all passengers with a flexible, reliable and affordable alternative to private vehicle usage regardless of how often or when they travel.

Kelp DAO hit for $292 million exploit with wrapped ether stranded across 20 chains

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Kelp DAO hit for $292 million exploit with wrapped ether stranded across 20 chains

A cross-chain bridge holding nearly a fifth of a restaked ether token’s circulating supply just got drained, and the fallout is moving through DeFi faster than Kelp DAO can pause contracts.

An attacker drained 116,500 rsETH (restaked ether) from Kelp DAO’s LayerZero-powered bridge at 17:35 UTC on Saturday, worth roughly $292 million at current prices and representing about 18% of rsETH’s 630,000 token circulating supply tracked by CoinGecko.

LayerZero is a cross-chain messaging layer, or the infrastructure that lets different blockchains send verified instructions to each other. Kelp DAO is a liquid restaking protocol, which takes user-deposited ETH, routes it through EigenLayer to earn additional yield on top of standard Ethereum staking rewards, and issues rsETH as a tradeable receipt.

The bridge that was drained held the rsETH reserve backing wrapped versions of the token deployed on more than 20 other blockchains.

The attacker tricked LayerZero’s cross-chain messaging layer into believing a valid instruction had arrived from another network, which triggered Kelp’s bridge to release 116,500 rsETH to an attacker-controlled address.

Kelp’s emergency pauser multisig froze the protocol’s core contracts 46 minutes after the successful drain, at 18:21 UTC. Two follow-up attempts at 18:26 UTC and 18:28 UTC both reverted, each carrying the same LayerZero packet attempting another 40,000 rsETH drain worth roughly $100 million.

rsETH is deployed across more than 20 networks including Base, Arbitrum, Linea, Blast, Mantle and Scroll, with LayerZero’s OFT standard handling the cross-chain movement.

The rsETH held in the bridge was the reserve backing wrapped versions on every layer 2 blockchain, or networks that run atop Ethereum.

With that reserve drained, holders on non-Ethereum deployments now face the question of whether their tokens have anything underneath them, which creates a feedback loop where panic redemptions on L2s pressure the unaffected Ethereum supply, potentially forcing Kelp to unwind restaking positions to honor withdrawals.

The contagion list is long and still growing.

Aave froze rsETH markets on V3 and V4 within hours, with founder Stani Kulechov affirming the exploit was external and Aave’s contracts were not compromised. SparkLend and Fluid froze their rsETH markets.

AAVE fell about 10% as the market priced potential bad debt.

Lido Finance paused further deposits into its earnETH product, which carries rsETH exposure, while clarifying that stETH and wstETH are unaffected and the core Lido staking protocol has no involvement in the incident.

Ethena temporarily paused its LayerZero OFT bridges from Ethereum mainnet as a precaution, saying it has no rsETH exposure and remains more than 101% overcollateralized. The stablecoin issuer said the pause would last roughly six hours while the root cause is identified.

Kelp, a product under the KernelDAO umbrella, acknowledged the incident in its first public X post at 20:10 UTC, nearly three hours after the drain. The protocol said it was investigating with LayerZero, Unichain, its auditors and outside security specialists. It has not disclosed how the exploit bypassed the bridge’s validation logic.

Whether rsETH holds peg through the weekend depends on how much of the cross-chain float tries to redeem into ETH on Ethereum and whether Kelp can recover any portion of the stolen funds before the Tornado Cash trail goes cold.

The hack lands in an unusually hostile stretch for DeFi. Solana-based perpetuals protocol Drift was drained of about $285 million on April 1 in an attack later linked to North Korea-affiliated actors, and at least a dozen smaller protocols have been exploited in the weeks since, including CoW Swap, Zerion, Rhea Finance and Silo Finance.

Kelp’s $292 million loss is now the largest DeFi exploit of 2026, overtaking Drift by a few million dollars.

Alcoa to cash in on crypto’s thirst for energy

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Alcoa to cash in on crypto’s thirst for energy

The largest aluminum producer in the U.S., Alcoa, is close to selling its idle Massena East smelter in upstate New York to bitcoin firm New York Digital Investment Group (NYDIG), as it offloads dormant assets and taps demand for energy-ready industrial sites.

The company’s chief executive officer, Bill Oplinger, said the company is in advanced talks and expects the deal to close “in the middle part of this year,” Bloomberg reports.

The site, located along the St. Lawrence River, has sat idle since 2014 when Alcoa shut it down due to high operating costs and global competition.

The appeal lies in the site’s power, not the metal itself. Aluminum smelters are built to run around the clock, drawing large amounts of electricity through dedicated substations and transmission lines. When they close, that infrastructure remains.

For bitcoin miners and data center developers, this can cut years off the time required to secure grid access.

Massena East also has access to hydropower from the New York Power Authority, a draw for firms seeking low-cost and carbon-free energy.

The deal reflects a broader shift. Earlier this year, Century Aluminum sold a Kentucky smelter to TeraWulf (WULF), which plans to build a digital infrastructure campus supporting high-performance computing and AI.

Why Michael Saylor’s Strategy decided to make STRC’s dividend bi-monthly

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Why Michael Saylor’s Strategy decided to make STRC’s dividend bi-monthly

Leading bitcoin treasury company Strategy (MSTR) has proposed shifting the dividend payment schedule on its perpetual preferred equity, Stretch (STRC), from monthly to semi-monthly.

The amendment, outlined in Strategy’s investor presentation, would keep the 11.5% annualized dividend rate and total annual obligations unchanged (currently $1.2 billion). Holders would receive payouts roughly every two weeks instead of once a month, with the first semi-monthly payment expected on July 15, following the June 8 shareholder vote.

According to Strategy’s presentation, STRC currently sees an average $0.45 price drawdown after the ex-dividend date (the deadline to own a stock to receive a dividend), with recovery to its $100 par value taking around two weeks. Typically, on the ex-dividend date, the stock price drops by approximately the amount of the dividend payment.

When STRC trades below its $100 par value, Strategy cannot issue shares through its at-the-market (ATM) program to raise funds for bitcoin purchases. By smoothing the price action, the company aims to keep STRC closer to par, enabling more consistent capital raising.

STRC Price Drops Below Par After Record Date (Strategy)

Semi-monthly payments are expected to reduce this volatility and time lag.

Steadier bitcoin buying

More frequent payouts would also reduce reinvestment lag and spread out the buying pressure more evenly across the month, allowing Strategy to purchase bitcoin at a steadier pace and keep purchases consistent.

According to the presentation, the shift aligns with the typical twice-monthly U.S. payroll cycle and creates more entry and exit opportunities for shareholders, all aimed at lowering volatility.

STRC’s historical volatility averaged 13% from August 2025 to March 2026, but dropped to just 2% between March and April 2026, according to Strategy’s data.

STRC Volatility (Strategy)
STRC Volatility (Strategy)

If approved, STRC would become the only semi-monthly dividend-paying preferred in the market, compared with 921 that pay quarterly and 32 that pay monthly, the company said. Nasdaq rules require at least 10 calendar days between dividend declaration and the record date.

STRC recently fell below $99 following the April 15 ex-dividend date, a drop of more than $1, which is the volatility the company is aiming to reduce.

STRC (TradingView)
STRC (TradingView)

Disclosure: The author of this story owns shares in Strategy (MSTR).

Read more: The one metric investors are overlooking in Michael Saylor’s Strategy

OpenAI Updates Agents SDK, Aims at Building Secure Agents

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OpenAI Updates Agents SDK, Aims at Building Secure Agents

OpenAI has introduced new capabilities to its Agents SDK to help enterprises create more secure AI agents.

The ChatGPT maker on April 15 launched a model-native harness that lets agents work across files and tools on a computer, as well as a new native sandbox for execution. The Agents SDK harness provides configurable memory and sandbox-aware orchestration (a process for managing AI agents within secure environments).

OpenAI’s update to the Agents SDK comes more than a year after the vendor positioned the agentic open source framework as a way for enterprise developers to build AI agents. The SDK was touted as the evolution of OpenAI’s “Swarm” project, which also enabled enterprise developers to build multi-agent systems. The update to Agents SDK shows how OpenAI wants to continue pointing enterprises toward its environment and ecosystem.

A Tool for OpenAI Users

“This update just makes it easier to use OpenAI native tooling in their agents,” said William McKeon-White, an analyst at Forrester. He added that with the update, enterprise developers no longer need to manage their agentic configurations and tooling themselves; they can instead build an OpenAI agent and use what OpenAI provides in ChatGPT.

Related:As AI Infosec Woes Heighten, IBM Intros Autonomous Security Service

“This is perfect for people who want to build agents in the OpenAI ecosystem,” McKeon-White said. “For larger organizations that want to remain a bit more provider agnostic, this is a less relevant update.”

However, OpenAI’s desire to funnel more enterprise developers to its ecosystem is a viable strategy for the vendor, said Lian Jye Su, an analyst at Omdia, a division of Informa TechTarget.

“OpenAI wants to become profitable,” Su said. “It wants to keep everything within its ecosystem.”

He added that the vendor also has a large customer base and wants to provide customers with effective security access and protection, which the new update aims to do.

“It’s only fair that it’s being deployed this way,” Su said.

Moreover, Agents SDK update makes agent deployment easier and less technical for enterprise developers, and it also benefits OpenAI.

“If agent deployments become a lot easier, it increases the token consumption, it increases the demand for AI applications,” Su said. “It helps OpenAI identify and invest in new services that they can enable in the future.”

One downside, though, is that enterprise developers who do not want to surrender the whole process of building AI agents to OpenAI won’t have access to the security and protection this update provides.

“Some enterprises are building their own AI agents as well,” Su said. 

Related:Anthropic Tool Speeds up AI Agent Development for Enterprises

 

Here is how crypto firms are adapting as AI is increasingly eating into venture capital fundings

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Here is how crypto firms are adapting as AI is increasingly eating into venture capital fundings

Forty cents of every venture capital dollar invested in crypto companies in 2025 went to firms building products that combine artificial intelligence and crypto, more than double the 18 cents a year earlier.

“AI is increasingly entering crypto not as a parallel narrative, but as part of crypto’s own product and infrastructure stack,” Binance Research said, citing data from Silicon Valley Bank, noting that this shows “how quickly AI is becoming embedded within crypto roadmaps.”

That pressure is visible in crypto’s shift from AI “co-pilots” to “agents.” Co-pilots help users analyze information, while agents can monitor conditions and execute actions. In trading environments, where timing affects outcomes, reducing the gap between insight and execution can change behavior.

The trend is part of a wider surge in AI spending. Crunchbase data shows AI companies raised about $242 billion in the first quarter of 2026, or roughly 80% of global venture funding. Gartner estimates total AI spending will reach $2.52 trillion this year.

AI is increasingly capturing more VC capital (Binance Research)

Crypto leading the AI push

This trend, however, isn’t surprising.

As capital concentrates in one area, it often pulls adjacent sectors along with it, pushing firms to adapt their strategies and shorten product cycles, Binance Research wrote.

While almost all sectors are trying to incorporate AI into their business models, the report says that crypto platforms have moved faster than traditional finance in deploying such systems. This is due to support from always-on markets in the digital assets sector and programmable infrastructure, whereas TradFi faces market-hour constraints and intermediary systems that agents must pass through.

For example, the research noted that on Binance’s AI Pro beta, nearly half of the activity on a recent day, 45.7%, was triggered by the system rather than users.

These interactions came from scheduled tasks and monitoring systems, pointing to growing use of AI tools that run in the background without prompts.

Adoption of AI solutions is uneven across the 17 exchanges and brokers Binance Research surveyed. Risk management, market signals, and fraud detection are standard, while user-facing tools such as copy trading, chatbots, and portfolio advisors are present in only 47% to 71% of them.

Several major platforms have shipped agentic products this year, moving AI closer to monitoring and execution within set guardrails. That compresses the value chain between identifying an opportunity and acting on it, Binance Research added.

That means the competitive landscape will shift from who’s integrating AI features to who’s owning users’ decision-making loops, the report noted.

The Lightning Network isn’t ‘helplessly broken’

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The Lightning Network isn’t ‘helplessly broken’

A post from Udi Wertheimer a few weeks ago made headlines across crypto media with a stark claim: the Lightning Network is “helplessly broken” in a post-quantum world, and its developers can do nothing about it. The headline traveled fast. For businesses that have built real payment infrastructure on Lightning or are evaluating it, the implications were unsettling.

It deserves a measured response.

Wertheimer is a respected Bitcoin developer, and his underlying concern is legitimate: quantum computers, if they ever become sufficiently powerful, pose a real long-term challenge to the cryptographic systems on which Bitcoin and Lightning depend. That part is true, and the Bitcoin development community is already working on it seriously. But the framing of Lightning as “helplessly broken” obscures more than it reveals, and businesses making infrastructure decisions deserve a clearer picture.

What Wertheimer got right

Lightning channels require participants to share public keys with their counterparty when opening a payment channel. In a world where cryptographically relevant quantum computers (CRQCs) exist, an attacker who obtains those public keys could theoretically use Shor’s algorithm to derive the corresponding private key, and from there, steal funds.

This is a real structural property of how Lightning works. What the headline leaves out

The threat is far more specific and far more conditional than “your Lightning balance can be stolen.”

First, the channels themselves are protected by a hash while they are open. Funding transactions use P2WSH (Pay-to-Witness-Script-Hash), meaning the raw public keys inside the 2-of-2 multisig arrangement are hidden onchain for as long as the channel remains open. Lightning payments are also hash-based, routed through HTLCs (Hashed Time-Lock Contracts), which rely on hash preimage revelation rather than exposed public keys. A quantum attacker passively watching the blockchain cannot see the keys they would need.

The realistic attack window is much narrower: a force-close. When a channel is closed, and a commitment transaction is broadcast onchain, the locking script becomes publicly visible for the first time, including the local_delayedpubkey, a standard elliptic-curve public key. By design, the node that broadcasts it cannot immediately claim its funds: a CSV (CheckSequenceVerify) timelock, typically 144 blocks (about 24 hours), must first expire.

In a post-quantum scenario, an attacker watching the mempool could see that a commitment transaction confirms, extract the now-exposed public key, run Shor’s algorithm to derive the private key and attempt to spend the output before the timelock expires. HTLC outputs at force-close create additional windows, some as short as 40 blocks, roughly six to seven hours.

This is a real and specific vulnerability. But it is a timed race against an attacker who must actively solve one of the hardest mathematical problems in existence, within a fixed window, for each individual output they want to steal. It is not a passive, silent drain on every Lightning wallet simultaneously.

The quantum hardware reality check

Here is the part that rarely makes it into the headlines: cryptographically relevant quantum computers do not exist today, and the gap between where we are and where we would need to be is enormous.

Breaking Bitcoin’s elliptic curve cryptography requires solving the discrete logarithm on a 256-bit key, a roughly 78-digit number, using millions of stable, error-corrected logical qubits running for an extended period. The largest number ever factored using Shor’s algorithm on actual quantum hardware is 21 (3 × 7), achieved in 2012 with significant classical post-processing assists. The most recent record is a hybrid quantum-classical factoring of a 90-bit RSA number, impressive progress, but still roughly 2⁸³ times smaller than what it would actually take to break Bitcoin.

Google’s quantum research is real and worth watching. The timelines discussed by serious researchers range from optimistic estimates for the late 2020s to more conservative projections for the 2030s or beyond. None of that is “your Lightning balance is at risk today.”

The development community is not sitting still

Wertheimer’s framing, that Lightning developers are “helpless”, is also out of step with what is actually happening. Since December alone, the Bitcoin development community has produced more than five serious post-quantum proposals: SHRINCS (324-byte stateful hash-based signatures), SHRIMPS (2.5 KB signatures across multiple devices, roughly three times smaller than the NIST standard), BIP-360, Blockstream’s hash-based signatures paper, and proposals for OP_SPHINCS, OP_XMSS, and STARK-based opcodes in tapscript.

The correct framing is not that Lightning is broken and unfixable. It is that Lightning, like all of Bitcoin, and like most of the internet’s cryptographic infrastructure, requires a base-layer upgrade to become quantum-resistant, and that work is underway.

What this means for businesses building on Lightning today

Lightning processes real payment volume for real enterprises today, iGaming platforms, crypto exchanges, neobanks, and payment service providers moving money globally at fractions of a cent with instant finality. The question businesses should be asking is not whether to abandon Lightning based on a theoretical future threat, but whether the teams building Lightning infrastructure are paying attention to what is coming and planning accordingly.

The answer, based on the volume and quality of post-quantum research happening in the Bitcoin development community right now, is yes.

The Lightning Network is not helplessly broken. It faces the same long-horizon cryptographic challenge as the entire digital financial system, and it has a development community actively working to address it. That is a different story from the one the headline told.

Figure Clashes With Short Seller Over Blockchain Lending Claims

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Figure Clashes With Short Seller Over Blockchain Lending Claims

Morpheus Research’s report alleges that the $7.7B fintech is exaggerating its use of blockchain technology, while Figure and asset manager Van Eck dispute the findings.

Figure Technology Solutions found itself at the center of a public battle this week after short-seller Morpheus Research published a detailed report accusing the blockchain-focused HELOC lender of overstating its use of on-chain technology.

Morpheus, which disclosed it holds short positions in FIGR, called the Nasdaq-listed fintech “little more than a risky home equity lender masquerading as a blockchain innovator.” The firm alleged that Figure’s loan origination system does not rely on blockchain, citing the company’s own SEC filings, and argued that its suite of crypto-native products, including Figure Connect, Democratized Prime, YLDS, and the OPEN equity network, has either stalled or is propped up internally.

FIGR shares have been under pressure in recent weeks, falling from a January high of $78 to roughly $37 as of today. The company went public in September 2025 at $25 per share, raising $787.5 million.

FIGR Chart

Figure responded on X, calling the allegations a “misunderstanding of how blockchain is integrated into the Figure loan lifecycle.” The company acknowledged that certain legal steps, particularly for HELOCs, still require traditional documentation to comply with existing regulations. But it said that from the moment a loan is funded, it is represented on blockchain, and all subsequent ownership transfers and pledges are recorded and executed on-chain.

“Participants in our ecosystem are contractually required to transact on blockchain, making it the operational system of record for loan ownership and activity, while traditional documents serve primarily as legal formalities,” the company wrote.

Figure pushed back on claims of deteriorating loan performance, citing a weighted-average delinquency rate of 0.80% across roughly $4.6 billion of securitized assets. It also cited borrower fundamentals, including an average FICO score of approximately 754, average income of around $187,000, and a combined post-loan-to-value ratio of about 62%.

On the question of institutional demand, Figure said over $1.15 billion in whole loan sales were executed on its marketplace in March 2026 alone, and that a recent loan auction on its platform resulted in a record-low spread to the risk-free rate.

Matthew Sigel, head of digital assets research at Van Eck, offered a separate defense of the company. Sigel argued that the bear case relies on a “fundamental misunderstanding of how blockchain features actually work” and focuses on “process issues long solved.” He highlighted Figure’s Digital Asset Registry Technology, or DART, which he said replaces the legacy MERS paper registry with an active digital system that connects via APIs to institutional data aggregators and records liens on the Provenance Blockchain.

Sigel also noted that Figure’s deterministic underwriting model has compressed production costs to roughly $700 per loan, compared with an $11,000 average for legacy banks, and pointed to preliminary Q1 operating data showing marketplace volume of $2.9 billion, up 113% year over year.

Morpheus Research’s report also took aim at the Provenance Blockchain, which Figure describes as an independent Layer 1 network. Morpheus alleged that Figure, its affiliates, and co-founder Mike Cagney collectively control over 65% of the chain’s native HASH governance token, and that a small number of accounts could theoretically halt or alter the network. Figure countered that it holds approximately 25% of outstanding HASH tokens and that key decisions are made through a broader governance framework.

Cagney, who co-founded Figure in 2018, has sold roughly $64 million worth of stock since the IPO at an average price of $28.50, according to the Morpheus report. Figure said the sales occurred pursuant to standard pre-established trading plans or in connection with stock vesting and associated tax obligations.

This article was written with the assistance of AI workflows. All our stories are curated, edited and fact-checked by a human.

Binance and Bitget to probe RAVE’s 4,500% token surge as claims of insider-orchestrated rally grow

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Binance and Bitget to probe RAVE’s 4,500% token surge as claims of insider-orchestrated rally grow

Binance and Bitget, two major cryptocurrency exchanges, have opened investigations into trading activity surrounding RaveDAO’s RAVE token, after onchain sleuth ZachXBT alleged insiders engineered a large short squeeze that drove the token’s rapid rise.

Crypto exchange Bitget’s CEO Gracy Chen said the exchange had “started investigating” the matter, while Binance CEO Richard Teng later said publicly that the platform was also looking into the claims and would “always” do its part to examine signs of market misconduct. Another exchange, Gate, was also mentioned in ZachXBT’s investigation.

ZachXBT has also personally offered a $10,000 bounty to whistleblowers who come forward privately to share evidence about the parties involved.

The little-known project rallied earlier in the week, leading to over $44 million in RAVE positions, most of which were bearish, getting liquidated in a single day. Those liquidations followed a 4,500% rally over the course of a week.

Still, the short squeeze highlighted the concentration of RAVE tokens within a small set of wallets. In fact, nearly 90% of its supply was in just three Gnosis Safe wallets at the time.

Investigators also flagged token transfers to exchanges shortly before the rally began. Millions of tokens were moved to exchanges before prices started surging.

RaveDAO token performance (CoinDesk)

RaveDAO presents itself as a Web3 project focused on electronic music events, offering blockchain-based ticketing and community governance. It traces its origins to a 2023 afterparty in Istanbul and has since hosted events across several regions. The project reported about $3 million in revenue in 2025.

That footprint contrasts with the token’s market behavior. RAVE traded below $0.50 for most of its history before surging in April. It jumped from about $0.30 to over $6 in a single day, then climbed past $27 before starting to recede.

At its peak, the token’s market value briefly exceeded $6 billion, placing it among the largest cryptocurrencies by market cap before dropping. The token is now down more than 50% from its peak and 30% over the last 24 hours.

‘Bait and liquidate’

A separate claim centers on what some describe as a “bait and liquidate” pattern. The idea is that visible transfers suggest selling pressure, drawing traders into short positions.

If those tokens are later withdrawn while prices rise, short sellers may be forced to buy back at higher prices, driving further gains for those on the other side of the trade. These claims remain unproven, but the concentration of supply suggests it’s a real possibility.

Community reports have also linked the project to figures associated with earlier crypto ventures, including ARPA and Bella Protocol, though those connections have not been independently verified. None of the individuals named in these reports has responded publicly.

RaveDAO addressed the situation in a social media thread, stating that the team is “not engaged in, nor responsible for, recent price action.”

In the thread, RaveDAO did not address specific onchain allegations, including supply concentration or the millions transferred to exchanges ahead of the pump, but confirmed it does plan to liquidate portions of unlocked tokens “when appropriate.”

RaveDAO said it was “exploring appropriate models, including price-triggered or performance-triggered locks, that tie team incentives to ecosystem growth.” It stopped short of committing to any specific mechanism or timeline.

CoinDesk has reached out to RaveDAO for comments.

Why Are People Attending Pay360 2026?

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Why Are People Attending Pay360 2026?

At Pay360 2026, we asked attendees a simple but important question:

“What brought you here, and what are you hoping to achieve?”

The answers reflected a mix of opportunity, visibility, and connection — all central to the role events like Pay360 continue to play in the payments ecosystem.

For some, the motivation was clear: launching and showcasing new innovation.

One attendee highlighted a recent partnership with Visa to bring a new fleet card to market — using the event as a platform to introduce the product, engage with potential partners, and build early momentum. In this context, Pay360 becomes more than just a conference — it is a stage for new ideas entering the market.

Others focused on the breadth of the audience.

With prospects, clients, and partners all in one place, the event provides access to the entire payments ecosystem. That concentration of stakeholders creates a valuable environment for generating new business opportunities, strengthening partnerships, and exploring future collaborations.

Brand visibility was another key theme.

For many organisations, attending Pay360 is about ensuring they are seen and recognised within the industry. Events like this offer a chance to communicate what they do, how they differentiate, and where they fit within a rapidly evolving payments landscape. In a crowded market, simply being present and visible can be a strategic objective.

There is also a more human element.

Several attendees pointed to the importance of face-to-face interaction. In an industry where much communication happens remotely, events provide an opportunity to meet in person — to build relationships, strengthen trust, and reconnect with people they speak to regularly but rarely see.

The atmosphere itself was also part of the appeal.

Described as vibrant and busy, Pay360 brings together a wide range of companies, ideas, and conversations in one place. That energy is part of what draws attendees back year after year.

What stands out across all these responses is that there is no single reason to attend.

Some come to launch. Others to network. Others to build awareness. And many to do all three.

Together, these motivations highlight the continued importance of industry events — not just as forums for discussion, but as active marketplaces for ideas, partnerships, and growth.

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