Author: James Wilson
Arkansas Attorney General Tim Griffin has filed a lawsuit against prediction market operator Kalshi, accusing the company of offering illegal gambling services to state residents without the licenses and oversight required under Arkansas law. Summary Arkansas Attorney General Tim Griffin sued KalshiEX LLC and Kalshi Inc. on November 4, accusing the prediction market of operating an illegal gambling platform. The lawsuit alleges Kalshi allowed Arkansas residents as young as 18 to wager on sporting events, elections and entertainment without required state gambling licenses. Arkansas seeks consumer restitution, civil penalties, unpaid taxes and court orders restricting the company’s alleged unlawful activities.…
South Korea has yet to begin discussions on imposing additional sanctions against North Korea over its alleged involvement in the $6.3 billion Binance hack, although the country’s Foreign Ministry is reviewing measures targeting Pyongyang’s cyber activities. Summary South Korea’s Unification Ministry said on November 5 that discussions on sanctions specifically related to the Binance hack had not begun. The Foreign Ministry is separately reviewing possible measures against North Korean cyber activity, including unilateral sanctions, but has made no decision. The FBI attributed the October 29 theft of more than $6 billion in cryptocurrency to North Korea’s TraderTraitor operation. Kim Yo-jong…
Trump Media & Technology Group has transferred approximately 4,259 Bitcoin (BTC), worth $343.67 million, to Crypto.com, raising questions about whether the company is preparing to sell part of its cryptocurrency holdings. Summary Blockchain tracker Lookonchain flagged a transfer of approximately 4,259 BTC, worth $343.67 million, from wallets linked to Trump Media to Crypto.com. The Bitcoin moved in two transactions of roughly 2,140 BTC and 2,119 BTC, from addresses Arkham labeled as convertible-note collateral. Trump Media’s June 30 SEC filing identified 4,260.73 BTC pledged against its convertible notes, closely matching the latest transfer. Holders of the company’s convertible notes can request…
Polygon has received a proposal to recover approximately 70.49 million POL, worth $6.5 million, stolen during separate security incidents involving Binance and Polymarket. Summary A Polygon Labs validator-support team member has proposed a hard fork to recover approximately 70.49 million POL linked to the Polymarket and Binance security incidents. The proposal covers 23.86 million POL associated with Polymarket and 46.63 million POL associated with Binance, valued at approximately $6.5 million using October 29 prices. Polygon block producers have restricted transfers from five identified addresses, but the existing restrictions do not return the funds. The proposed hard fork would transfer the…
Democrats have put the crypto industry’s financial ties to President Donald Trump and his family at the center of their planned congressional investigations after winning control of both chambers in the U.S. midterm elections. Summary Democrats plan to scrutinize financial relationships between crypto businesses and the Trump family. Elizabeth Warren is expected to lead Senate Banking, with Robert Garcia heading House Oversight. World Liberty Financial, USD1 and the TRUMP memecoin have already drawn Democratic inquiries. The industry faces renewed oversight as its market structure legislation remains unfinished. According to Bloomberg Government’s Nov. 4 report, investigations into Trump-linked business arrangements are…
Cipher Digital shares have fallen nearly 19% to around $6.60 on Nov. 4 following Gina Hinojosa’s victory in the Texas governor’s race, after the Democrat campaigned for a moratorium on new data centers. Summary CIFR traded near $6.60 on Wednesday morning before falling further in the session. Hinojosa has called for a pause on new data centers until lawmakers pass community protections. Cipher reported its first HPC lease revenue in quarterly results released on Nov. 2. Riot disclosed a $28 billion Corsicana lease covering 910 MW of critical IT capacity. FinancialContent’s morning market data showed CIFR at $6.595, down 18.78%,…
House Democrats have begun discussing a crypto market structure bill for the next Congress that would give the Securities and Exchange Commission more oversight and revive investor protections proposed by Representative Maxine Waters. Summary Democrats are discussing a market structure proposal built around Waters’ rejected 2025 investor protection amendment. SEC supervision and a more limited CFTC role are among the ideas under discussion. Ethics provisions could restrict crypto activities involving President Donald Trump and other federal officials. Waters’ earlier proposal included withdrawal deadlines, custody safeguards and monthly proof-of-reserves reporting. Eleanor Terrett reported that the discussions involve expanding Waters’ Crypto Investor…
Stripe has made stablecoin payouts to crypto wallets available to eligible U.S. businesses across more than 160 recipient markets, with New York companies excluded from the public preview. Summary U.S. businesses can send USDC or OUSD directly to recipients’ external crypto wallets. Nine networks support USDC payouts, while OUSD is available across four supported chains. Stripe’s published stablecoin payout fee is $0.50 plus 0.5% of the transfer amount. The company announced 160-market stablecoin payouts on Oct. 16, before the latest social media coverage. According to Stripe’s documentation, businesses can fund the transfers from a USD or USDC balance in their…
A federal judge has rejected an emergency request to halt US stock perpetual futures while finding that the challengers are likely to succeed in arguing that the CFTC exceeded its legal authority. Summary Stock perpetual futures avoided an emergency trading halt in a lawsuit backed by Cboe and Citadel Securities. Judge Valerie Caproni found the challengers likely to succeed on their claim against the CFTC. The court denied immediate relief because the alliance failed to demonstrate imminent, irreparable harm. The CFTC’s preliminary injunction response is due Nov. 6, with the alliance’s reply due Nov. 10. According to the Southern District…
ApeChain has announced plans to replace LayerZero with Chainlink’s Cross-Chain Interoperability Protocol, bringing APE, USDC, and other key assets into a new cross-chain setup across the Yuga Labs ecosystem. Summary ApeChain plans to replace LayerZero with Chainlink CCIP across the Yuga Labs ecosystem. APE, USDC and other key assets will adopt Chainlink’s Cross-Chain Token standard. The announcements provide no migration deadline or token swap instructions for existing holders. ApeCoin says the upgrade will make connections easier for applications, communities and their assets. Chainlink said in its announcement that ApeChain is deprecating its legacy cross-chain solution, with CCIP becoming the ecosystem’s…