Cointelegraph.com
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Cointelegraph.com - 12:38 May 21, 2026
The private Telegram backchannel allegedly allowed Jane Street to unwind hundreds of millions in potential exposure “mere hours before” the Terra ecosystem’s $40 billion collapse. A newly unsealed court filing in the Terraform Labs bankruptcy case alleges Jane Street used a private Telegram channel with former Terraform intern Bryce Pratt to obtain nonpublic information before the collapse of TerraUSD. Pratt is currently a systems developer at Jane Street. The channel, called “Bryce’s Secret,” allegedly gave the quantitative trading firm a backchannel to Terraform insiders as Jane Street unwound exposure to TerraUSD (UST) shortly before the algorithmic stablecoin lost its dollar peg in May 2022, according to the filing. “Jane Street used Bryce’s Secret chat group and other backchannel sources of non-public information to front-run trading that hastened the collapse of Terraform,” the filing states. The claims renew scrutiny of who profited from Terra’s $40 billion collapse, one of the crypto industry’s large... -
Cointelegraph.com - 12:13 May 21, 2026
Boerse Stuttgart’s Seturion has partnered with Societe Generale, SG-FORGE and flatexDEGIRO to build a pan-European blockchain securities settlement system. Boerse Stuttgart Group’s tokenized securities settlement platform Seturion has partnered with Societe Generale, its crypto subsidiary SG-Forge and online broker flatexDEGIRO to build out a blockchain-based securities settlement system across Europe. Under the plan, Societe Generale will issue tokenized structured securities, such as turbo warrants and investment certificates, on Seturion, according to a Thursday announcement. SG-Forge, which holds a Markets in Crypto-Assets authorization from French regulators, will settle transactions using its CoinVertible euro and dollar stablecoins, EURCV and USDCV. FlatexDEGIRO, which says it serves serve 3.5 million customers across 16 countries, will also connect its retail investor flow to the platform. Read more -
Cointelegraph.com - 11:54 May 21, 2026
The US Federal Reserve proposed a limited “skinny” payment account framework for fintech and crypto firms and called for a temporary pause on Tier 3 applications. The US Federal Reserve proposed creating limited payment accounts that could give legally eligible fintech and crypto-linked banks narrower access to its payment rails without the backstops available to traditional banks. The proposal was released on Wednesday through a Federal Reserve Board request for comment and notice of proposed rulemaking, referring to “skinny master accounts” for nonbank financial institutions. The Fed also encouraged regional Reserve Banks to pause decisions on Tier 3 account-access requests while it finishes the rulemaking, a step staff said is expected to end by Dec. 31, 2026. Read more -
Cointelegraph.com - 10:28 May 21, 2026
OSL Group (863.HK) (OSL), a global stablecoin payment and trading platform, today announced that its Hong Kong-licensed digital asset exchange OSL HK has officially listed USDKG, the gold-backed stablecoin issued by the Kyrgyz Republic. HONG KONG, May 21 — OSL Group (863.HK) (OSL), a global stablecoin payment and trading platform, today announced that its Hong Kong-licensed digital asset exchange OSL HK has officially listed USDKG, the gold-backed stablecoin issued by the Kyrgyz Republic. The listing marks a significant step in bringing a state-supervised, asset-backed digital currency to one of the world’s most established licensed virtual asset markets. Pegged 1:1 to the U.S. Dollar and fully backed by physical gold reserves, USDKG is now accessible to professional investors through OSL’s institutional-grade infrastructure. The initial trading pair USDKG/USDT is now available to professional investors across OSL HK’s over-the-counter (OTC) platform. The listing of USDKG aligns with OSL's commitment to contr... -
Cointelegraph.com - 07:38 May 21, 2026
Former Silvergate executive Kate Fraher said the rule that prevented her from sharing her side of the story was unconstitutional. It was finally lifted by the SEC this week. The former chief risk officer of Silvergate revealed she made the decision to settle with the US securities regulator in 2024 to avoid a “multi-year battle” in court, where she was accused of misleading investors about anti-money laundering rules and how the bank monitored crypto customers. In her first public comments about her settlement with the SEC on Wednesday, Kate Fraher claimed that no financial agency proved that Silvergate’s anti-money laundering controls had failed, and that she only opted to settle to “move forward.” Fraher had agreed to a civil penalty of $250,000 and was banned from serving as a company executive or board director for five years. Read more -
Cointelegraph.com - 07:34 May 21, 2026
Italian authorities uncovered a tax evasion scheme in which an individual allegedly used Bitcoin Ordinals and the BRC-20 token standard to generate and conceal $1.1 million. Tax dodgers have started turning to Bitcoin Ordinals, BRC-20 tokens and other digital methods in an attempt to hide their wealth from tax authorities, according to blockchain analytics platform Chainalysis. “Tax evasion and unreported income are age-old financial crimes, but the methods used to commit them are rapidly evolving,” Chainalysis said in a report Wednesday. Tax authorities have been scrambling to catch up with technological advances and to track and apply taxes. A March study estimated that only 32% to 56% of US crypto owners report their gains. In Norway, that percentage was only 12%, according to a study from August 2024. Read more -
Cointelegraph.com - 07:30 May 21, 2026
The Ethereum rollup market is dominated by Arbitrum and Base, which have a combined 68% market share, according to L2Beat. Syndicate Labs announced it is winding down after five years of developing onchain infrastructure for customizable Ethereum rollups and sequencers, citing a shrinking market for rollups. The company said on Thursday on X that the decision was necessary because “the rollup market has fundamentally shifted.” “Unfortunately, the rollup market has shrunk dramatically. For every new rollup spinning up, several more are quietly shutting down,” it said. Read more -
Cointelegraph.com - 05:44 May 21, 2026
Bitwise, Roundhill Investments and GraniteShares had their prediction market ETF applications put on hold by the SEC earlier this month. The US securities regulator is delaying the launch of a recent wave of “novel ETFs,” including those that allow investors to bet on the outcome of events, to consider the implications of introducing the new products. In a statement on Wednesday, SEC Chair Paul Atkins said that “novel products raise novel questions” and instructed his staff to seek public feedback on how the regulator should respond to these applications. Bitwise filed in February for a series of prediction market ETFs under the PredictionShares brand to track US election results, while Roundhill Investments and GraniteShares also filed for prediction market ETFs that month. Read more -
Cointelegraph.com - 04:36 May 21, 2026
ETF analyst Eric Balchunas says crypto and traditional assets are trading down while Hyperliquid is up, leading to a boon for ETFs tied to the token. US-based exchange-traded funds tied to HYPE recorded a 50% trading volume jump on Wednesday, in a rare move for newly debuted ETFs, according to analysts. Two Hyperliquid (HYPE) ETFs from issuers Bitwise and 21Shares have recorded nearly $41 million in total value traded since their launches earlier this month, with trading volumes increasing since their debuts, according to SoSoValue. Bloomberg ETF analyst Eric Balchunas said in an X post Wednesday that such trading increases for ETFs are “very rare,” and many normally record a “big splash [on] day one then drop off OR oblivion for months until [people] notice it. Rare to build in first week like this.” Read more -
Cointelegraph.com - 04:35 May 21, 2026
The attacker tricked the Butter Network cross-chain bridge into minting millions more tokens than the legitimate supply of MAPO. MAPO, the native token of the Map Protocol, fell 96% on Wednesday after an exploit of the Butter Network cross-chain bridge, which allowed an attacker to mint a quadrillion MAPO tokens. The malicious mint was tens of thousands of times larger than the legitimate supply of tokens, sending the value of MAPO from around $0.003 to $0.0001 in a matter of hours, according to CoinGecko. The attacker used a new externally-owned account (EOA) to dump around a billion MAPO tokens, draining about 52 ETH, worth about $180,000, from Uniswap liquidity pools while retaining nearly a trillion tokens that continue to threaten other pools and potential exchange listings, reported Blockaid on Wednesday. Read more -
Cointelegraph.com - 04:30 May 21, 2026
Shares in Nakamoto closed Wednesday at 16 cents. They are down more than 99% from May last year, when the stock traded above $25. Bitcoin treasury company Nakamoto is moving ahead with a shareholder-approved 1-for-40 reverse stock split on Friday in an effort to avoid delisting from the Nasdaq Stock Exchange. The company received a notice from the Nasdaq on Dec. 10, warning that its stock price had fallen below the $1 minimum for 30 consecutive business days, according to an SEC filing. Nakamoto has until June 8 to address the issue and keep its stock above $1 for at least 10 days. A reverse stock split reduces the number of shares outstanding. In a 1-for-40 split, every 40 shares are combined into one. After completion, Nakamoto’s total common shares will drop from 696.1 million to 17.4 million, the company said Wednesday. Read more -
Cointelegraph.com - 02:08 May 21, 2026
SpaceX is expected to go public next month, which would make its 18,712 Bitcoin holdings rank seventh among public companies. Elon Musk’s aerospace company SpaceX reported holding 18,712 Bitcoin worth $1.45 billion in a recent filing, over 10,000 coins more than blockchain tracking firms had estimated. In the company’s S-1 registration statement, filed as part of its bid to become a public company on June 12, SpaceX revealed it purchased Bitcoin (BTC) at an average of $35,320 per coin. Its reported holdings would make it the seventh-largest among public companies. SpaceX’s Bitcoin holdings as of Dec. 31, 2025. Source: SEC Read more -
Cointelegraph.com - 22:53 May 20, 2026
Profit-taking by Bitcoin traders pushed the Coinbase BTC premium to a six-week low, but demand from longer-term traders put a clear support under the range lows. Bitcoin (BTC) demand on Coinbase points to early signs of market stabilization as BTC reclaimed the upper bounds of its range highs. The 14-day trend of the Coinbase Premium Index has remained in an uptrend, suggesting steady buyer interest despite traders taking $1.14 billion in profits, which pushed the daily Coinbase premium to a six-week low. The Coinbase Premium Index dropped to -0.087 on May 19, its weakest reading since March 31. A negative premium means Bitcoin traded at a lower price on Coinbase than on Binance, signaling softer demand from US-based buyers. BTC profit-taking accelerated as it rallied to $82,000 and holders realized 14,600 BTC ($1.14 billion) in daily profits on May 4. CryptoQuant noted unrealized profit margins climbed to 17.7% on May 5, the highest level since June 2025. Read more -
Cointelegraph.com - 22:03 May 20, 2026
The lawsuit followed the launch of a December 2025 investigation by Missouri authorities into several crypto ATM companies, citing “deceptive fee structures” and scams. Missouri is suing the company behind cryptocurrency ATM operator CoinFlip for “knowingly facilitating fraudulent transactions and profiting from them,” in the latest move by a US state authority targeting digital currency kiosks and ATMs. In a Wednesday notice, the office of Missouri Attorney General Catherine Hanaway said the lawsuit against GPD Holdings, doing business as CoinFlip, was in response to incidents of fraud, including against the state's “seniors and veterans.” The state began a probe in December into several crypto ATM companies, including Bitcoin Depot, which recently filed for bankruptcy. Missouri lawsuit against CoinFlip. Source: Missouri AG Read more -
Cointelegraph.com - 21:37 May 20, 2026
The launch marks Coinbase’s latest push into white-label stablecoin infrastructure for businesses building branded digital payment and settlement systems. Coinbase launched USDF with Flipcash, a Solana-based stablecoin backed 1:1 by Circle's USD Coin, as the crypto exchange expands its infrastructure business for companies issuing branded digital currencies. According to Wednesday's announcement, USDF is designed to serve as the settlement asset for currencies created on Flipcash, a platform where users can launch fixed-supply digital currencies priced and transacted in the stablecoin. Flipcash said the token is intended to function as the primary dollar asset within its app. In December, Coinbase launched its white-label stablecoin issuance service for companies seeking branded digital dollar products without managing their own reserve, custody or settlement infrastructure. The platform includes fiat onramps, wallet services and USDC (USDC) reserve backing. It previously identified Solflare, R2 and Flipcash ... -
Cointelegraph.com - 21:22 May 20, 2026
Bitcoin finds footing above $77,000 despite investors’ worry over BigTech earnings results and billion-dollar outflows from the BTC ETFs. Key takeaways: Bitcoin (BTC) reclaimed $77,000 on Wednesday as broader risk markets saw modest relief after Brent crude prices retreated below $108. However, large outflows from spot Bitcoin exchange-traded funds (ETFs) have forced traders to reassess the odds of further downside risk, especially amid lingering fears of a global economic downturn. Read more -
Cointelegraph.com - 20:46 May 20, 2026
Hester Peirce will become an associate professor at a Virginia law school some 18 months after her term at the SEC expired, leaving another empty seat in the agency’s leadership. Hester Peirce, a two-term commissioner at the US Securities and Exchange Commission (SEC), head of the agency’s crypto task force and known to many as “Crypto Mom,” will join the Regent University School of Law as faculty. In a Tuesday notice from Regent University, the law school said that Peirce would join as an associate professor starting in November. Her term at the SEC officially expired in June 2025, but commissioners “may continue to serve up to approximately 18 months after terms expire if they are not replaced before then,” according to the agency. She joined the SEC in January 2018, after her nomination by President Donald Trump and Senate confirmation in December 2017. She was confirmed for her second term in 2020. She was initially nominated by President Barack Obama for a Republican seat on the SEC in 2015, but the US S... -
Cointelegraph.com - 19:36 May 20, 2026
Bitcoin looks on track for a rally toward $80,000 while HYPE, ZEC and a handful of altcoins are pushing toward their range highs. Key points: Bitcoin (BTC) has risen above $77,500, but the recovery is expected to face resistance in the $78,500-$82,000 range. The net outflows of $979.7 million from spot BTC exchange-traded funds this week, according to Fireside Investors data, suggest that investors have turned cautious in the near term. Crypto analyst Ardi said in a post on X that the next retest of the $74,000 to $75,000 zone may be the most important test of this entire bear market. The zone is important because it acted as stiff resistance in 2024 and then flipped into support during the retest in 2025. A break below the support zone may “expose the market to a much deeper rotation back toward the bear market lows.” Read more -
Cointelegraph.com - 18:03 May 20, 2026
Five Republicans and one Democrat won or went to runoffs following primaries in Georgia, Alabama and Kentucky after a crypto-backed PAC and its affiliates spent a combined $20 million on media and ads. Political action committees (PACs) aligned with and funded by the cryptocurrency industry notched a series of wins in three US state primaries on Tuesday, potentially setting a precedent for the 2026 midterm elections. The Fairshake PAC and its affiliates poured a combined $20 million into supportive media for the races. The committee, largely funded by crypto companies Ripple Labs and Coinbase, is behind the Defend American Jobs PAC in supporting Republican candidates and Protect Progress PAC for Democrats considered to be “pro-crypto.” Four Republican candidates and one Democrat won their respective primaries for US Senate and House of Representatives seats in Georgia and Kentucky, while one Alabama Republican will go to a runoff election. Read more -
Cointelegraph.com - 17:33 May 20, 2026
The stablecoin issuer bought SoftBank’s 26% stake, expanding its control over the public Bitcoin holder as it moves into lending, mining and capital markets. Tether has acquired SoftBank Group’s stake in Twenty One Capital, the Bitcoin treasury company that is expanding into lending, mining and capital markets services, in a move that gives the stablecoin issuer greater control over one of the largest publicly traded Bitcoin holders. In an announcement on Wednesday, Tether said it purchased SoftBank’s roughly 26% stake for an undisclosed amount. SoftBank was one of the earliest backers of Twenty One Capital, which launched in 2025 as a Bitcoin (BTC) treasury company backed by Cantor Fitzgerald and led by Jack Mallers. Neither controlling shareholder Tether nor Twenty One Capital disclosed the size of Tether's stake. As part of the ownership change, SoftBank’s representatives will step down from Twenty One Capital’s board of directors. Read more
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