Brazilian police suspect the group of shipping around 6.5 metric tons of cocaine and laundering billions in Brazilian reals through crypto-enabled illicit money brokers. The Brazilian Federal Police last week busted an alleged international drug cartel thought to have trafficked around 6.5 metric tons of cocaine and laundered billions of reais in proceeds via methods that included crypto-enabled illicit money brokers. According to a Thursday announcement, federal and state law enforcement arrested nine people and executed 13 pretrial detention warrants and 44 search-and-seizure warrants across São Paulo, Minas Gerais, Santa Catarina and Espírito Santo. The police also obtained court orders to freeze up to 1 billion reais ($197 million) in assets during the investigation. The organization is suspected of moving billions in Brazilian reais through various asset-concealment methods, including shell companies, crypto-enabled illicit money brokers, luxury assets and real estate. The suspects will face charges incl...
Coinbase CEO Brian Armstrong says AI agents will expand crypto adoption, pointing to Base, USDC and x402 as key pieces of agentic finance. Coinbase CEO Brian Armstrong is pushing back against calls for crypto to pivot to artificial intelligence, arguing AI agents will instead stoke demand for crypto-based financial services. Armstrong took to X on Sunday to tout agentic finance (AiFi), highlighting Coinbase’s Base network, USDC and x402 as the infrastructure for autonomous machine-to-machine payments. “AI being a megatrend takes nothing away from crypto,” Armstrong wrote, because AI agents will need programmable money rather than traditional banking rails. “If anything, it makes crypto more important,” he added. Read more
The stablecoin payments company said client funds were unaffected and that the financial impact would be absorbed through its treasury reserves. Stablecoin payments firm Triple-A confirmed that unauthorized access to its treasury wallets resulted in the loss of company-owned digital assets. On Monday, the Singapore-based company said it detected the unauthorized access on Saturday and temporarily placed certain services into maintenance mode for about three hours while it secured the affected infrastructure. Triple-A said client funds were not affected because it does not custody digital assets on behalf of customers and keeps client funds separately in trust accounts with safeguarding institutions. Triple-A did not disclose the amount lost or explain how the wallets were compromised. Onchain investigator Specter previously estimated the losses at about $11.8 million. Read more
Users reported withdrawal delays and freeze notices as wallets attributed to BitMart fell to about $69 million and its BMX token extended an 81.5% weekly decline. Withdrawals from crypto exchange BitMart appeared to slow after it announced plans to wind down its operations. On Monday, blockchain analytics account Lookonchain reported that only 58 wallets withdrew about $805,000 in over 24 hours. It added that the exchange had not processed any withdrawals during the latest eight-hour period it tracked. X users also continued to report withdrawal difficulties. One user said they received an email stating that a USDT withdrawal had been completed even though the transaction had not been processed and their account displayed an “on-chain withdrawal freeze.” Another user said a $30 test withdrawal remained pending for over 30 minutes. These are individual claims and could not be verified. Read more