PsiQuantum co-founder Terry Rudolph said in July it has no plans to attack Bitcoin, even if its upcoming facility becomes powerful enough to break the blockchain’s cryptography. The quantum computing company PsiQuantum is a step closer to its goal of building the world’s first useful quantum computer, breaking ground on the construction of a 1 million-qubit quantum facility, a size that scientists say is powerful enough to crack Bitcoin’s cryptography. PsiQuantum co-founder Peter Shadbolt shared a photo of its Chicago site in a post to X on Thursday, saying that 500 tons of steel had been erected in six days, which will house the computer. PsiQuantum said in September that it raised $1 billion to build the facility in collaboration with chip maker Nvidia, designed to house quantum computers capable of functioning even if they have errors. Read more
The Securities and Exchange Commission has ended its long-running fraud and securities violation lawsuit against Justin Sun in a $10 million settlement. The US Securities and Exchange Commission has ended its lawsuit against crypto entrepreneur Justin Sun with a $10 million settlement, wrapping up a three-year legal battle over alleged fraud and securities laws violations. The SEC said in a letter to a Manhattan federal court on Thursday that Rainberry, one of Sun’s companies, would pay a $10 million fine, and claims against Sun and his companies, the Tron Foundation and BitTorrent Foundation would be dropped. Sun and his companies did not admit or deny the SEC’s allegations, the agency said in the letter. Read more
Crypto markets spent the week chasing green, but Ether’s rally toward $2,500 might hit significant setbacks. Cointelegraph explains why. Key takeaways: ETH derivatives signal a shift to safety as professional desks hedge against downside risks and global instability. Institutional preference for decentralization keeps Ethereum dominant despite its recent drop in network activity. Read more
If adopted, the proposal will take effect on Jan. 1 of the calendar year following the publication of the final IRS rules. The US Internal Revenue Service (IRS) is seeking to require electronic delivery of tax forms to crypto exchange users. Under the current rules, exchanges are required to provide paper copies of tax form 1099-DA, the IRS tax form used to document crypto transactions from a centralized exchange or broker, if users request paper forms. The proposed new rules, slated to be published on Friday, remove this requirement and allow brokers to “terminate” their relationships with existing clients if they refuse electronic delivery of tax forms. Read more
Public miners are trimming Bitcoin reserves as tightening margins, debt pressure and a post-crash reset force the industry to rethink its once-popular hold strategy. Bitcoin mining companies have offloaded a sizable portion of their Bitcoin reserves in recent months, signaling a shift away from the self-treasury strategy that dominated the industry during the 2024–2025 market upcycle. According to TheEnergyMag’s Miner Weekly newsletter, publicly listed miners have sold more than 15,000 Bitcoin (BTC) since October. That month marked the market’s peak before a historic flash crash triggered widespread deleveraging across the industry. Several large miners contributed to the sell-off. The newsletter highlighted Cango’s February sale of 4,451 BTC, equal to roughly 60% of its reserves, as well as Bitdeer, which reportedly liquidated its entire Bitcoin treasury last month. Read more