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Ex-Celsius CEO Moves to Vacate Sentence as Counsel Withdraws

Alex Mashinsky, the former Celsius Network chief executive, has filed a motion in the Southern District of New York seeking to vacate his 144-month sentence for commodities and securities fraud. The pro se filing—submitted after Mashinsky announced on May 5 that he would proceed without counsel—asks the court to overturn the sentence imposed by Judge John Koeltl in May 2025. The move comes as part of ongoing post-conviction proceedings tied to Celsius’s 2022 bankruptcy and the broader collapse of the crypto lending sector amid the FTX crisis. In the petition, Mashinsky contends that he received ineffective representation and that the record contains “fruit of the poisonous tree” material—evidence tainted by authorities’ alleged misconduct. He states that his counsels stopped communicating with him, prompting the pro se reply he filed directly with the court. The motion to vacate underscores the defendant’s effort to challenge both the quality of legal representation and the legitimacy ...
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Bitcoin ETFs See Record $2.8B Outflow Over Nine Straight Days

US-listed spot Bitcoin exchange-traded funds (ETFs) are sliding into their longest withdrawal stretch since launch, signaling a shift in how institutions seek Bitcoin exposure through the ETF structure. Data compiled by Farside Investors show another $223 million net outflow on Thursday, pushing the nine-session decline to a record for funds that began trading in 2024. The streak has surpassed the previous eight-session low set in February 2025, though total withdrawals remain below the earlier peak of roughly $3.2 billion during that sell-off period. The evolving flow pattern fits a broader picture of diverging demand across crypto ETF products. While traditional spot BTC exposure via ETFs continues to see selling pressure, newer strategies and class-focused funds have begun attracting fresh capital, underscoring a nuanced shift in investor preferences as the market contends with macro headwinds and evolving custody and liquidity dynamics. Key takeaways Spot Bitcoin ETFs in the US p...
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Bitcoin exits top-10 by market cap as crypto cap sinks under $1.5T

Bitcoin’s latest drawdown has done more than nudge its price lower. It coincided with a sharp reevaluation of its place in the global asset hierarchy, as BTC’s market capitalization slipped below the $1.5 trillion mark and its ranking within the world’s top assets fell to 13th. The move comes amid a broader rotation of capital into traditional safe havens and AI-driven equities, set against renewed geopolitical frictions and macro headwinds. Bitcoin traded off a rally that had seen it hover around $83,000 earlier in May, with prices dropping toward the $72,000 area. That move shaved the market cap from roughly $1.66 trillion to about $1.45 trillion, underscoring how quickly asset leadership can shift in a risk-off environment. The retreat has BTC trailing several widely followed conglomerates and tech players, placing it behind heavyweights such as Saudi Aramco, Tesla, and Meta Platforms as investors reallocate capital. The broader market backdrop features a notable rotation into tradi...
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DxSale Suffers $7.3M Drain in BNB Chain Liquidity Exploit

DxSale, a memecoin launch platform used to lock liquidity for projects on the BNB Chain, was struck by a cyberattack that drained about $7.3 million and impacted roughly 1,400 liquidity providers. The incident underscores ongoing fragility in DeFi liquidity mechanisms and the evolving risk ecosystem as bad actors increasingly leverage automation and obfuscated on-chain activity. Blockchain analytics group PeckShield tracked the attacker’s moves, noting that the wallet labeled “0xC457” funneled about $1.87 million worth of BNB into two primary wallets before dispersing the funds across multiple Binance deposit addresses. The findings were shared in a Friday post on X, illustrating how quickly funds can be relocated after a breach. Key takeaways DxSale’s $7.3 million hack affected approximately 1,400 LPs on the BNB Chain, highlighting the vulnerability of liquidity-locking mechanisms in DeFi. The attacker’s activity involved moving BNB to two main wallets and then to numerous Binance dep...
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OKX Ventures, KIS Buy 19.6% Coinone Stake for $106M

South Korea’s Coinone is on the cusp of a leadership-changing investment round, as Korea Investment & Securities (KIS) and OKX Ventures agree to inject a combined 160 billion won ($106 million) for a 19.6% stake in the crypto exchange. The deal, still subject to regulatory approval, envisions a mix of secondary share sales and newly issued equity, with Coinone founder and CEO Myung-Hun Cha expected to remain the largest shareholder and retain management control. OKX Ventures’ participation signals a targeted foray into Korea’s tightly regulated crypto market, where licensing and stringent compliance remain essential for growth. The announcement, released Friday and shared with Cointelegraph, follows earlier market chatter that OKX was in talks to acquire around a 20% stake in Coinone as part of a broader push into Korea’s licensed crypto landscape. OKX has not publicly commented on the rumors. In the same release, OKX framed the partnership as aligning with its focus on “compliant,...
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SEC Grants Paxos Blockchain-Native Clearing Agency Status

Paxos has reached a landmark milestone by obtaining U.S. regulatory clearance to operate as a clearing agency, making Paxos Securities Settlement Company the first blockchain-native firm approved to provide central securities depository services in the United States. The decision underscores a broader shift as traditional markets increasingly integrate blockchain-based post-trade infrastructure within a regulated framework. Paxos emphasized that the registration marks the company’s entry into the core plumbing of financial markets—clearing and settlement—where trades are verified, matched, and the transfer of cash and securities is finalized. In this framework, a registered clearing agency can streamline workflows for banks and brokerages looking to build crypto-enabled market infrastructure with formal oversight. “Paxos’ clearing agency registration is the result of seven years of work with the SEC, beginning with our No-Action Letter in 2019 and the settlement pilot we operated with ...
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Regulatory Milestone: Paxos Becomes SEC-Registered Clearing Agency

Paxos has achieved a landmark milestone in regulated blockchain infrastructure, becoming the first blockchain-native firm to receive registration as a clearing agency from the U.S. Securities and Exchange Commission. Paxos Securities Settlement Company, a subsidiary of Paxos, has been approved to provide clearing and settlement services as a central securities depository in the United States. The registration signals a notable shift as blockchain-based post-trade infrastructure moves closer to full regulatory integration within traditional capital markets. Paxos described the registration as a significant step that could lower barriers for banks and brokerages seeking to build crypto-enabled settlement capabilities within a tightly supervised framework. The company notes that it remains a major issuer of stablecoins and digital assets, including PayPal USD (PYUSD), Global Dollar (USDG), and Pax Gold (PAXG). As part of its regulatory narrative, Paxos has a history of engagement with the...
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