BG Wealth Sharing, according to authorities, claimed to provide guidance on crypto trading, advertised heavily on social media and offered “daily profit opportunities.” Investment group BG Wealth Sharing, a suspected $150 million crypto Ponzi scheme, has had its domain seized by law enforcement days after allegedly rug-pulling users. Onchain sleuth ZachXBT said on X on Tuesday that “illicit actors” connected to the group tried to launder more than $92 million in crypto between April 27 and Sunday, but he helped lead an initiative that froze more than $41 million, working alongside Tether, Binance, OKX and US law enforcement. He also said the scheme was likely responsible for losses greater than $150 million, given it’s been operating since 2025 and the “thousands of victim exchange withdrawals identified.” Read more
Andreessen Horowitz’s crypto investment arm said its new fund would seek to back projects that “people keep using when the hype fades.” The crypto-focused arm of venture capital firm Andreessen Horowitz has raised $2.2 billion for its fifth fund dedicated to backing crypto projects. In a blog post on Tuesday, a16z Crypto said its latest fund, Crypto Fund 5, would back founders “turning new infrastructure into products people use every day,” including stablecoins, perpetual futures, prediction markets and tokenized assets. “Software is getting more complex and harder to trust,” a16z Crypto general partners Eddy Lazzarin, Guy Wuollet, Ali Yahya and founder and managing partner Chris Dixon wrote in the blog post. Read more
The crypto exchange said eligible US users can now access up to 10x leveraged spot crypto trading through a CFTC-registered entity. Kraken has launched spot margin trading for eligible US retail users on Kraken Pro through a CFTC-registered entity, expanding access to leveraged crypto trading on a regulated domestic platform. The product allows traders to borrow against crypto holdings without selling them, offering up to 10x leverage for long and short positions, according to the company. Kraken said the platform displays liquidation prices and borrowing costs before trades are executed. The crypto exchange said regulated margin trading in the United States has historically been limited to institutions and high-net-worth individuals classified as Eligible Contract Participants, pushing many retail traders toward offshore platforms offering leverage products. Read more
SIX Group received FINMA approval to provide crypto custody through the same regulated infrastructure used for traditional securities settlement and post-trade services. SIX Group said it has received approval from Swiss regulator FINMA to integrate crypto custody into its central securities depository infrastructure, allowing financial institutions to access digital asset custody through the same regulated post-trade system used for traditional securities. The approval also allows SIX to merge its digital central securities depository, SIX Digital Exchange, into SIX SIS AG, consolidating digital and traditional asset services under a single legal entity. SIX said the structure is intended to give institutions a single infrastructure layer for settlement and custody across both traditional and digital assets. Read more