Cryptocurrency
Sam Bankman-Fried’s life in jail, Tornado Cash’s turmoil, and a $3B BTC whale: Hodler’s Digest, Aug. 20-26

Top Stories This Week
Tornado Cash co-founders charged with money laundering, sanctions violations
United States officials pressed charges against the co-founders of crypto mixer Tornado Cash on Aug. 23. Roman Storm and Roman Semenov were both charged with conspiracy to commit money laundering, conspiracy to commit sanctions violations and conspiracy to operate an unlicensed money-transmitting business. Storm was arrested and released on bail a few days later, while Semenov was added to the U.S. list of Specially Designated Nationals and Blocked Persons. Combined, the charges carry a maximum sentence of 45 years in prison. The third Tornado Cash co-founder, Alexey Pertsev, was arrested in the Netherlands on money laundering charges in August 2022. The law enforcement actions are a continuation of a U.S. government crackdown on Tornado Cash that began last year due to its alleged role in laundering funds of the Lazarus Group, a North Korean-linked hacking collective. Tornado Cash has been implicated in several other hacks as well. All told, the mixer has laundered over $1 billion in ill-gotten gains, the U.S. Department of Justice alleges.
Sam Bankman-Fried is low on meds, living on $3 peanut butter in prison
FTX founder Sam Bankman-Fried appears to be having a tough time behind bars, eating only bread with peanut butter to accommodate his vegan diet while exhausting his supply of prescription medication. In the same hearing where Bankman-Fried pleaded not guilty to seven fraud-related charges, his lawyers pleaded for the former FTX CEO to receive better treatment inside Brooklyn’s notorious Metropolitan Detention Center. Also this week, Bankman-Fried was granted permission to meet with his legal team outside of jail with 48 hours’ notice. Every day, he will have roughly seven hours to prepare for his upcoming trial expected to begin in October.
Mystery solved: Bitcoin wallet accruing $3B in 3 months is identified
The mysterious Bitcoin wallet that surged up the ranks to become the third-largest holder of Bitcoin in the world in just over three months, has been identified. Blockchain intelligence platform Arkham Intelligence labeled the wallet as Robinhood: Jump Trading Custody. According to data from crypto statistics platform BitInfoCharts, the wallet address first received Bitcoin on March 8. Over the course of the next three months and two weeks, the wallet had accrued a staggering 118,000 BTC — worth $3.08 billion at current prices. The current largest Bitcoin wallets in the world, according to BitInfoCharts, are reportedly owned by Binance and Bitfinex — as Bitcoin cold wallets.
Prime Trust parent company lost $8M investing in TerraUSD
The parent company of crypto custodian Prime Trust — currently involved in Chapter 11 bankruptcy proceedings — has reported losing roughly $8 million in client and treasury funds through TerraUSD investments, presumably when the algorithmic stablecoin collapsed in May 2022. The company described the investment as well as a ramping up of spending in October and November 2022 — in the midst of FTX’s collapse — as contributing to its bankruptcy filing. Court documents show Prime Trust owed more than $85 million in fiat and $69.5 million in crypto to its clients. The collapse of the Terra ecosystem triggered a major market crash in 2022, affecting several firms including FTX, BlockFi, Celsius Network and Voyager Digital.
PEPE whale seizes dip opportunity, buys $529K worth of tokens
A Pepe holder bought 640 billion Pepe tokens for 320 Ether valued at $529,000 after the price of the frog-themed memecoin dropped by approximately 15% due to recent changes to a multisig wallet and concerns about potential developer manipulation. According to on-chain analytics platform Lookonchain, the whale purchased PEPE at an average price of $0.000001163. The value of the once-popular memecoin plunged after changes related to the amount of signatures required to sign transactions led to worries about a potential “rug pull,” which was later confirmed by one of the project’s co-founders.
Winners and Losers
At the end of the week, Bitcoin (BTC) is at $26,040, Ether (ETH) at $1,653 and XRP at $0.52. The total market cap is at $1.05 trillion, according to CoinMarketCap.
Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Bone ShibaSwap (BONE) at 18.58%, Sui (SUI) at 12.86% and Toncoin (TON) at 11.97%.
The top three altcoin losers of the week are Pepe (PEPE) at -21.07%, XDC Network (XDC) at -9.62% and ApeCoin (APE) at -8.35%.
For more info on crypto prices, make sure to read Cointelegraph’s market analysis.
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Mike Kanovitz, CEO of Jurat
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John Deaton, pro-XRP lawyer
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Prediction of the Week
Bitcoin ‘overconfidence reigns’ but bulls must reclaim $27.8K — Trader
Bitcoin needs to reclaim one key moving average to “regain its bullish status,” argues popular pseudonymous analyst CryptoCon, warning that bulls remained too optimistic about the $26,000 BTC price support holding.
For CryptoCon, the 20-week exponential moving average (EMA), now at $27,750, must be won back as support in order for the uptrend to be safe. “I have been covering this moving average a lot recently, but I believe it is critical for Bitcoin to regain its bullish status,” he wrote.
The analysis compared current BTC price action to its rebound from 2018 cycle lows. “It is very important that Bitcoin both rises above and retests the 20 Week EMA as support,” CryptoCon noted with a chart showing the similarities between 2019 and 2023, with the retest and subsequent successful EMA reclaim circled.
FUD of the Week
Chinese official sentenced to life in prison for Bitcoin mining, corruption
A Chinese government official has been sentenced to life in prison for illegitimate business operations related to running a 2.4 billion Chinese yuan ($329 million) Bitcoin mining enterprise and for unrelated charges of corruption. Prosecutors say Xiao Yi — a former member of the Jiangxi Provincial Political Consultative Conference Party Group — “covered up” the mining operation by instructing relevant departments to fabricate statistical reports and adjust the classification of electricity consumption. From 2017 to 2020, his facility’s electricity consumption accounted for 10% of the city of Fuzhou’s total electricity consumption.
FBI flags 6 Bitcoin wallets linked to North Korea, urges vigilance in crypto firms
The United States Federal Bureau of Investigation (FBI) has flagged six Bitcoin wallets linked to North Korean state-backed hacking group Lazarus. The six wallets contain 1,580 BTC worth $40 million believed to be hoarded from various cryptocurrency hacks over the past year. The FBI in its investigation found that Lazarus Group moved approximately 1,580 BTC linked with several crypto exploits. The hacking group has been actively involved in multiple crypto-linked exploits over the years and are believed to have stolen nearly $2 billion in crypto since 2018.
OpenSea manager accused of insider trading sentenced to 3 months in prison, $50K fine
A federal judge has sentenced former OpenSea product manager Nathaniel Chastain to three months in prison for wire fraud and money laundering related to insider trading on the platform. He was accused of using insider information in his position at OpenSea to profit off the trading of NFTs. In his position as product manager, he had the authority to choose which NFTs would be featured on the OpenSea website. He purchased 45 NFTs prior to them being featured and then resold them.
Recursive inscriptions: Bitcoin ‘supercomputer’ and BTC DeFi coming soon
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Cryptocurrency
Bitcoin’s $120K Rally in Jeopardy as Miners Flood Binance With $2B BTC

Bitcoin’s recent attempt to reclaim the $120,000 mark is facing new headwinds after Binance witnessed one of the largest single-day miner deposit spikes in months.
According to a report by CryptoQuant analyst Amr Taha, on July 25, miners sent over 18,000 BTC, worth more than $2 billion, to the exchange. The move coincided with a $650 million USDC withdrawal event, raising concerns over short-term liquidity pressure despite an otherwise bullish market backdrop.
Miner Behavior Flips
The uptick in miner deposits marks a sharp shift from their previously cautious stance. As recently as June 29, CryptoQuant data showed miners were holding onto their reserves, despite declining revenues and a slight 3.5% drop in Bitcoin’s hashrate. Analysts attributed this “HODL” behavior to strong unrealized profits and expectations of further upside.
However, Bitcoin’s July rally toward $120,000, just a few grand shy of its July 14 all-time high, appears to have triggered profit-taking. Taha suggested that rising operational costs and mining difficulty may also be compelling miners to liquidate some holdings to manage expenses.
He stated that such large inflows to exchanges have historically preceded periods of consolidation, as selling pressure temporarily outweighs new demand:
“While long-term sentiment remains bullish, this sharp inflow and capital movement may precede a period of consolidation or a local correction.”
The expert also noted that Binance had recorded its largest USDC net outflow in more than two months, with $650 million exiting the platform on the same day as the BTC inflow. This stablecoin drain suggests that some traders could be shifting funds to cold storage or alternative venues, potentially reducing immediate buy-side liquidity on the exchange.
Meanwhile, Binance has taken steps to adapt to shifting liquidity conditions. It recently launched Discount Buy, a feature allowing users to purchase crypto at below-market rates, potentially incentivizing accumulation during dips.
Taha suggested in his analysis that the platform is once again “becoming a focal point for short-term supply and liquidity shifts.”
Market Outlook
At the time of this writing, BTC was trading at $117,981, down slightly by 0.7% over the past 24 hours and 0.6% over the past week, while holding an 8.8% monthly gain.
The asset remains within a tight seven-day range of $115,184 to $119,568, perhaps indicating market indecision near key resistance.
Despite the sell-off, Bitcoin’s long-term fundamentals remain strong. Miner reserves had been climbing since March, with addresses holding 100 to 1,000 BTC accumulating 65,000 BTC, their highest level since November 2024, per CryptoQuant.
For now, traders are waiting to see if the flagship cryptocurrency can hold support above $115,000. If it does, analysts expect another attempt at breaking $120,000, potentially setting the stage for a retest of the all-time high.
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Cryptocurrency
GalaChain, Through Landmark Shrapnel Partnership, Secures Access to China’s Trusted Copyright Chain

[PRESS RELEASE – San Francisco, USA / CA, July 30th, 2025]
600 M-Gamer On-Ramp: GalaChain Secures TCC Access, Expands Gala Utility, and Welcomes Shrapnel
Gala today announced GalaChain’s position as the first foreign blockchain to collaborate with China’s Trusted Copyright Chain (TCC), a breakthrough that gives roughly 600 million gamers a cross-border path to NFTs in the world’s largest gaming market. Development of the cross-border bridge starts immediately, with full public launch targeted in Q1 2026.
“We are delighted to announce that Shrapnel has signed a cooperation agreement with Gala Games, a globally leading blockchain platform focused on the gaming sector, to establish a strategic partnership. Together, they will jointly invest in developing a large-scale FPS game targeting over 600 million Chinese gamers. This signing formally marks the beginning of a collaboration between the Gala Games Blockchain Platform and the Trusted Copyright Chain. This initiative will bridge the two major digital ecosystems, providing trusted digital infrastructure and professional services for the authentication, distribution, trading, and protection of digital assets in the global gaming industry,” said Xuan Hongliang, Director, National Operation Center of the Trusted Copyright Chain (TCC).
Key Highlights
- Regulatory first: The bridge will be compliant with Chinese laws and regulations, including registration of NFTs inside China, unlocking a compliant path to ≈ 600 million gamers.
- Economic flywheel: Shrapnel assets moving between China and the rest of the world consume $GALA, with an on-chain dashboard to display usage.
- Shrapnel may use up to 10 percent of China’s revenue for periodic $SHRAP repurchases on GalaChain to support ecosystem health, subject to market and regulatory conditions.
- Scaling GalaChain: Shrapnel network fees are powered by $GALA, materially expanding GalaChain ecosystem activity.
- Influencer alignment: Built-in invitation links (邀请链接) and invitation NFTs (邀请凭证) let Chinese content creators verify every wallet activation, badge claim, or play-test entry they facilitate. Each qualifying action consumes GALA, updates a public on-chain counter, and lets contributors pick up rewards.
- Developer momentum: AAA extraction shooter Shrapnel is migrating its entire economy from Avalanche to GalaChain. By moving its economy to GalaChain, Shrapnel gains faster finality, gas-efficient infrastructure with instant China compliance.
- Community participation: Community participation: A free commemorative Bridge Badge NFT will be dropped to all Gala wallets and Neon players, and a 72-hour public claim window welcomes newcomers. The badge guarantees first-wave Shrapnel play-test slots and becomes the first NFT mirrored on TCC.
Executive Quotes
Eric Schiermeyer, Founder & CEO, Gala Games
“We are honored to connect GalaChain to the Trusted Copyright Chain through our partnership with Shrapnel. Every cross‐chain transfer will consume GALA, reinforcing the network for players on both sides of the Pacific. Thanks to Shrapnel, we can now serve China’s vast gaming community through a platform built for performance and regulatory readiness.”
Ken Rossman, CEO, Neon Machine
“Through our groundbreaking partnership with GalaChain and the China Trusted Copyright Chain, we’re empowering hundreds of millions of players in China and beyond with true ownership of their in-game assets. This collaboration unlocks player-driven economies that are regulated and compliant, ensuring seamless cross-market access. Shrapnel players around the world can now own, trade, and monetize their gear, creating a unified, transparent, and innovative gaming ecosystem without borders.”
Resources & Press Kit: https://gogames.gala.com/uiGFM
About GalaChain
GalaChain is Gala’s high-throughput Layer 1, purpose-built for entertainment, gaming, and DeFi. Secured by a global node network with 1 $GALA gas fees, the chain powers Gala’s portfolio of AAA games, music drops, film premieres, DeFi apps, and other projects while offering developers turnkey APIs for wallets, royalties, and bridging, now including the new link to China’s Trusted Copyright Chain.
For more information, users can visit https://games.gala.com/ or follow Gala on X, Telegram, or Discord.
About the Trusted Copyright Chain (TCC)
The Trusted Copyright Chain is China’s national blockchain for registering and trading licensed digital assets. Operated under the National Press and Publication Administration, TCC timestamps copyrights, enforces royalty splits, and settles transactions in renminbi, giving rights-holders a compliant pathway to reach China’s 600-million-player market with digital asset ownership.
About Neon Machine
Neon Machine is an independent game studio behind Shrapnel, the first moddable premium shooter. Powered by GalaChain, Shrapnel pairs blockbuster visuals with true, on‐chain ownership of player‐generated gear and maps—delivering an open, creator‐driven economy.
Source
iResearch “2024 China Gaming Market Report”
DISCLAIMER: The purchase or sale of any token or digital asset involves risk. The information in this press release is provided for informational purposes only, and we urge you to read this material carefully and ask us any follow-up questions that you may have before joining the GalaChain platform. You should also consult with your legal, accounting, or tax advisors regarding any applicable laws, rules, or regulations that might govern your purchase of the digital assets discussed in this press release or your participation in the GalaChain platform, and regarding the tax or other financial implications of any purchase or sale. By your purchase or sale of any digital assets or tokens offered by GalaChain, you agree to assume the risks of such participation, and GalaChain disclaims any liability thereof. Digital assets are unregulated in many jurisdictions and may be subject to price volatility. You should conduct your own due diligence. Nothing in this release constitutes financial advice or an offer to sell in any jurisdiction where such activity is prohibited.
Media Contact: Press@gala.com
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Cryptocurrency
XRP to Flip ETH? ETF News Sparks 2017 Flashbacks

TL;DR
- XRP/BTC breaks 7-year range, signaling potential shift toward historical runs last observed in 2017.
- Ripple is close to settling with the SEC; ETF talks intensify as the market closely watches August developments.
- Whale wallets buy 60M XRP in 24 hours, adding $180M in buying pressure across exchanges.
- XRP trades at $3.10, which is close to its recent ATH; an analyst suggests a true breakout above $26.
XRP/BTC Breakout Ends 7 Years of Consolidation
XRP has broken out of a price range it held against Bitcoin for nearly seven years. According to crypto analyst Cas Abbé, XRP/BTC had been consolidating since 2018, with price movement largely sideways during that period. The pair has now moved above a long-term resistance level around 0.000035 BTC, a level that held for most of the consolidation phase.
XRP/BTC has now been consolidating for almost 7 years now.
The SEC case is over, and XRP spot ETFs are coming.
This might be the catalyst which could result in a breakout.
And once that happens, $XRP will rally like Q4 2024.
And maybe, it could go from top 3 to top 2 coin… pic.twitter.com/rKnjiVlL3I
— Cas Abbé (@cas_abbe) July 30, 2025
Interestingly, this breakout is drawing comparisons to XRP’s 2017 performance, when the token surged to the number two spot by market cap. XRP/BTC is currently testing a zone last visited during that cycle, between 0.00019 and 0.00023 BTC.
The analyst even hinted that XRP’s potential rise could take it to the number 2 spot in terms of market cap, meaning that it could flip ETH.
Legal Developments and ETF Speculation Fuel Momentum
Ripple’s legal case with the US SEC has reached a new stage. The two parties agreed to reduce the originally proposed $125 million fine to $50 million.
In addition, the injunction blocking Ripple from institutional XRP sales has been removed. A previous 60-day negotiation window ended in June, and a final extension is expected to close in August.
While some in the community expect a key update by August 15, legal analyst Bill Morgan clarified that the SEC has no formal deadline to drop its appeal by that date. Despite this, market participants continue to monitor legal progress closely, especially as talk of a spot XRP ETF gains attention.
The SEC has not withdrawn the Appeal in the Ripple matter yet. There is no deadline on the SEC to withdraw the appeal however the SEC needs to report to the appeal court by 15 August 2025, which acts as a deadline for the SEC to do something although it may just ask for more…
— bill morgan (@Belisarius2020) July 29, 2025
An approved ETF could expand access to XRP and possibly trigger further capital inflows, similar to what was seen with Bitcoin and Ethereum ETFs earlier in the year.
Market Activity, Whale Buying, and Network Signals
XRP was trading at $3.10 at press time, with a 24-hour trading volume of $5.6 billion. The token has seen a minor decline in the past 24 hours and an 11% drop over the last week. Its market cap currently stands at $183.5 billion, ranking it as the third-largest crypto asset.
On-chain analyst Ali Martinez reported that large holders bought 60 million XRP in the past 24 hours, a total worth over $180 million. This follows a steady rise in whale accumulation, with large investors increasing exposure over the last month.
In addition to price action and volume, on-chain indicators are signaling a possible continuation. Analyst Captain Redbeard reported that XRP’s NVT ratio, used to measure network value versus transaction volume, has dropped to multi-month lows while the price has continued to climb. This pattern last appeared before a strong XRP rally, suggesting a potential breakout setup.
Price Gaps and Criminal Case
Analyst Amonyx pointed out that XRP’s previous all-time high against Bitcoin would place its current USD value near $26.6. With XRP still priced at $3.10, the difference between current levels and historical peaks remains wide.
Separately, a criminal report involving XRP has emerged. Nancy Jones, the widow of country music artist George Jones, filed a report claiming $17 million worth of XRP was stolen. Her ex-boyfriend, Kirk West, was arrested at Nashville International Airport on July 24 in connection with the case.
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