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This week in crypto has been nothing short of dramatic. From Estonia’s biggest fraudsters walking free, to Singapore car dealers taking ETH, and Kazakhstan rolling out its first Bitcoin ETF. We’ve rounded up the biggest stories for you.
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HashFlare Founders Avoid Further Prison in $577M Crypto Ponzi Case
Sergei Potapenko and Ivan Turõgin, co-founders of defunct crypto mining firm HashFlare, have been sentenced to time served after admitting to running a $577 million Ponzi scheme. The Estonian nationals, who spent 16 months in custody, will pay $25,000 fines, complete 360 hours of community service, and serve supervised release in Estonia.
The pair lured over 440,000 customers between 2015 and 2019 with fake mining returns, using new investor funds to pay earlier participants while spending millions on luxuries. Despite prosecutors seeking 10-year terms, the judge noted $400M in forfeited assets and evidence that most customers recovered or profited.
Other News Making Waves
- GMX has distributed about $44M in GLV tokens to Arbitrum-based GLP holders affected by a July 2025 V1 exploit, fully compensating users and restoring confidence. (More)
- Ethereum Foundation co-Executive Director Hsiao-Wei Wang has denied involvement in a recent $12.8M ETH sale, clarifying the wallet used has been independent since 2017. (More)
- Volkswagen Group Singapore has partnered with FOMO Pay to enable BTC, ETH, USDT, and USDC payments for cars and services, with daily and cumulative limits of SGD 4,500 and SGD 13,500. (More)
- Google Play will require cryptocurrency wallet providers in over 15 jurisdictions, including the US and EU, to be licensed and compliant with industry standards from October 29. Non-custodial wallets are exempt, but custodial ones face stricter AML, KYC, and regulatory obligations. (More)
- DeFi Technologies has uncovered major shareholder record discrepancies at depositories, warning that the gaps threaten transparency in crypto-linked securities and investor trust. (More)
- Tron, Tether, and TRM Labs have frozen over $250M in illicit crypto since September 2024 and are expanding their crime-fighting alliance with Binance as the first new member. (More)
- The Ethereum Foundation has sold $12.8M in ETH amid a market rally to $4,683, defending the sales as pre-planned funding moves for operations and grants. (More)
- Former FTX customers are seeking to expand their lawsuit against Fenwick & West, alleging the law firm aided in structuring the fraud and concealing the misuse of customer funds. (More)
- NEOS Investments has filed an SEC prospectus for a “High Income” Ethereum ETF, combining spot ETH ETF exposure with a synthetic covered call strategy to boost yields. (More)
- Ethereum core developer Federico Carrone has been released after a 24-hour detention in Turkey, over alleged links to a privacy protocol, which he denies. (More)
- Do Kwon, Terraform Labs co-founder, is set to change his plea in the U.S. criminal case over the $40B TerraUSD collapse, after previously pleading not guilty to nine felony counts. (More)
- Bithumb has halved its coin lending leverage from 4x to 2x and cut maximum lending limits by 80% following regulatory pressure over excessive risk in South Korea’s crypto market. (More)
- Bitcoin rebounded to $121K in Week 33, with spot, futures, and on-chain metrics strengthening despite a 22% drop in spot volumes and a 27.7% ETF volume decline; analysts warn that high unrealized profits could trigger quick reversals. (More)
- U.S. Senator Elizabeth Warren renewed her push for stricter crypto rules, warning that current laws enable corruption, instability, and criminal misuse. She raised concerns over President Trump’s crypto ties and urged bans on elected officials trading digital assets. (More)
Around the World: Bold Moves and Crypto Regulations
- Kazakhstan-based Fonte Capital has launched Central Asia’s first spot Bitcoin ETF on the Astana International Exchange, offering regulated BTC exposure with BitGo Trust as custodian and $250M insurance. (More)
- Kakao plans to launch a Korean won-pegged stablecoin on the Kaia blockchain, aiming to expand DeFi access amid ongoing regulatory uncertainty in South Korea. (More)
- South Korean retail investors have shifted sharply from U.S. big tech to crypto-linked equities, with stablecoin-related firms making up over 30% of top overseas buys after the U.S. GENIUS Act’s passage. (More)
Market Trends: Winners and Losers
Top 5 Gainers 📈
According to data from CoinGecko, these are the five biggest gainers of the week:
- GraphAI +430.95%, from $0.141523 to $0.751420
- Codatta +521.42%, from $0.00279020 to $0.01733892
- Wiki Cat +315.05%, from $0.000000028182 to $0.000000116970
- SKALE +132.56%, from $0.02095609 to $0.04873610
- Tharwa +163.22%, from $0.00668887 to $0.01760645
Top 5 Losers 📉
According to data from CoinGecko, the five biggest losers of the week are:
- Blackhole –45.30%, from $0.808811 to $0.442439
- Yala –50.88%, from $0.420062 to $0.206332
- AS Roma Fan Token –29.58%, from $7.91 to $5.57
- MAGIC•INTERNET•MONEY (Bitcoin) –32.59%, from $0.00430760 to $0.00290383
- Launch Coin on Believe –26.76%, from $0.081398 to $0.059612
Project Spotlight
Start.fun Launches Blockchain-Powered Venture Platform to Fund U.S. Industrial Comeback
Startup Central has launched Start.fun, a blockchain-based venture launchpad channelling crypto investment into U.S. manufacturing, AI, and deep-tech startups. Using four interconnected tokens and community governance, the platform lets token holders vote on which ventures receive funding. Start.fun merges DeFi with real-world industrial output, replacing traditional VC models with decentralized, community-driven backing. Built-in safeguards like WhaleGuard and YeetGuard protect against manipulation, while revenue from trading fees is shared with stakers.
Why It Matters:
This platform connects crypto funding directly to real-world industrial growth, fostering a decentralized path to U.S. manufacturing innovation.
Disclaimer: This article is intended solely for informational purposes and should not be considered trading or investment advice. Nothing herein should be construed as financial, legal, or tax advice. Trading or investing in cryptocurrencies carries a considerable risk of financial loss. Always conduct due diligence.
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