Category: News

Kraken’s mysterious announcement on May 17 has set the crypto space abuzz with speculation and rumors. In a short video on X, the US-based crypto exchange revealed its acquisition of retail trading platform NinjaTrader.

However, the bigger surprise was its use of the symbol “KRAK” in the caption “KRAK the world” with no further context.

Is KRAK a Token or a Ticker?

The post has fueled intense speculation over Kraken’s plans. Some community members are questioning whether the exchange is preparing to launch a native token, plan an IPO, or perhaps both.

Kraken has offered no further explanations for the post as of press time.

Meanwhile, some observers suggest KRAK could represent the ticker symbol for a long-anticipated initial public offering. Others believe it hints at a native exchange token, possibly followed by an airdrop to reward longtime users.

Those who believe it is a token have high expectations for an upcoming airdrop that could benefit the exchange users.

Notably, a native token wouldn’t be a new concept. Rival exchanges like Binance already issue native assets used for loyalty rewards, trading fee discounts, and governance rights on their platforms.

“Do i get airdrop for beeing a loyal kraken customer for the last 8 years?,” One of the exchange user asked.

However, others point to Kraken’s IPO ambitions. Reports from earlier this year suggested the exchange aims to go public by next year.

While no formal filing has been made, Kraken has already laid some groundwork by cutting staff, streamlining operations, and expanding into stock and derivatives trading.

From a regulatory standpoint, going public may be a safer path for Kraken. Launching a token could invite scrutiny from US authorities like the Securities and Exchange Commission (SEC), especially concerning securities classification.

Moreover, there’s also growing interest in tokenized equity, digital assets that represent shares in a company, leaving room for hybrid models.

“IPO ticker? Or are we seeing the first iteration of tokenized equity,” a crypto user questioned.

All of these developments come just as Kraken reportedly escaped a significant data breach.

Earlier in the week, reports emerged that Kraken and Binance were both targeted in the same social engineering campaign that hit Coinbase.

Coinbase recently revealed that it suffered a significant data breach, with the perpetrators demanding a $20 million Bitcoin ransom. However, Binance and Kraken managed to fend off these attacks due to their strong internal safeguards.

The post Kraken Teases KRAK as Mystery Post Fuels IPO and Token Rumors appeared first on BeInCrypto.

XRP is up 15.4% over the past 30 days but has dropped 8.6% in the last four, highlighting growing short-term pressure. Despite the monthly gains, XRP remains the third-worst-performing asset among the top 20 cryptocurrencies, outperforming only BNB and TRX during this period.

Momentum indicators like RSI are attempting to stabilize, but the formation of a red Ichimoku cloud and weakening EMA structure raise concerns. With key resistance levels overhead and a possible death cross forming, XRP faces a pivotal moment in determining its next direction.

XRP RSI Rebounds to Neutral Zone After Steep Drop

XRP’s Relative Strength Index (RSI) has rebounded to 47.52, rising sharply from yesterday’s 35.18 after a steep decline from 65.76 four days ago and a recent peak of 74.22 six days ago.

This rapid swing reflects a shift in momentum after a period of strong selling pressure.

While the RSI is still below the neutral threshold, the move upward may indicate early signs of renewed interest or a short-term relief rally following recent losses.

Recently, US judge Analisa Torres rejected the joint settlement request from the SEC and Ripple, calling it procedurally improper—meaning the original penalties and injunctions remain in place.

The XRP lawsuit continues, with both parties now needing to either refile correctly or resume the appeals process, which could influence its price in the next weeks.

The RSI is a momentum oscillator that ranges from 0 to 100 and helps identify overbought or oversold conditions in the market.

Values above 70 typically suggest an asset is overbought and could be due for a correction, while values below 30 indicate it may be oversold and poised for a bounce.

With XRP’s RSI now sitting near the midpoint at 47.52, the asset is in a neutral zone—neither overbought nor oversold. This could mean price consolidation ahead, or a potential move toward retesting resistance levels if upward momentum builds.

Momentum at Risk as XRP Faces Red Cloud Formation

XRP’s Ichimoku chart shows a shift in market structure. After several sessions of weakness, the price tested the blue Tenkan-sen line.

Notably, the cloud ahead has just turned red for the first time in several days—an early warning that bearish pressure could increase.

While the current candle attempts to close above the Tenkan-sen, the broader structure now faces added resistance, especially as the price approaches the lower edge of the cloud.

The narrowing gap between the red Kijun-sen and the price line adds to the short-term tension, reinforcing that bulls must step in now or risk losing momentum.

The cloud’s color shift suggests that upside traction could be limited even if XRP manages to enter the cloud.

If rejection occurs here, the path of least resistance may shift downward, opening the possibility for a new leg of correction.

XRP Nears Key Resistance as EMA Death Cross Threatens

XRP’s EMA lines are signaling potential trouble ahead, with the short-term averages dropping sharply over the past four days.

A death cross—where short-term EMAs cross below long-term ones—appears increasingly likely if current momentum doesn’t reverse.

XRP price is now hovering near a key resistance zone around $2.40, where both short-term EMAs are converging. A strong breakout above this area could invalidate the bearish setup and open the path toward a potential move to $2.65.

However, failure to reclaim that resistance may leave XRP vulnerable to renewed downside pressure.

The $2.32 level, which held as support in recent sessions, will be critical—if it fails on another retest, the next downside targets lie around $2.15 and $2.07.

With the EMAs turning lower and resistance overhead, XRP must generate significant buying pressure soon to avoid slipping further.

The post XRP Lacks Buying Activity Below $2.50 – More Losses Ahead? appeared first on BeInCrypto.

Launch Coin on Believe (LAUNCHCOIN) has seen explosive growth, surging nearly 3,000% in the past week and 27,000% in a month as interest in the Believe App spiked. The Solana-based platform lets users launch tokens directly through X (formerly Twitter) replies.

While activity on Believe has cooled recently, LAUNCHCOIN’s rapid rise has fueled speculation about the platform’s long-term potential. At the same time, questions remain about the sustainability of this growth and the risks tied to the broader Internet Capital Markets trend it represents.

Believe Turns Tweets Into Tokens—But at What Risk?

Believe is a Solana-based memecoin launchpad that allows anyone to create tokens simply by replying to posts from its “Launchcoin” X account.

The app was founded by Ben Pasternak and rebranded from an earlier project called Clout. Its native token, Launch Coin On Believe (LAUNCHCOIN)—originally PASTERNAK—skyrocketed in the last seven days.

Believe enables creators to launch meme coins instantly via social media, collect fees from trades, and graduate tokens to Meteora if they hit a $100,000 market cap.

While it democratizes access to token creation, it also raises concerns about scams, spam, and mutable metadata that could allow deceptive rebrands.

This simplified launch process plays directly into the growing narrative of Internet Capital Markets (ICM)—a movement reshaping how capital is raised online. ICM allows anyone to tokenize internet-native ideas like memes, apps, or platforms into tradable crypto assets, bypassing traditional financial gatekeepers.

The model removes regulatory and technical barriers, enabling 24/7 global capital formation without the need for accreditation, banks, or brokers. While promising, it also draws criticism for its speculative nature and similarities to meme coins.

Believe App Activity Slows After Brief Surge in Token Launches

Believe App saw a surge in usage between May 13 and May 15, with users launching over 4,000 new tokens per day through its social-media-based platform.

This explosive activity briefly positioned Believe as one of the most active launchpads in the Solana ecosystem.

However, the pace has since slowed considerably—falling to around 2,600 new tokens on May 16 and just 895 on May 17. The decline suggests that the initial hype surrounding the platform may be cooling, at least in the short term.

Despite Believe’s brief momentum, Pump.fun remains the dominant force among Solana launchpads. It consistently handles between 20,000 and 30,000 new token launches per day, far outpacing all competitors.

In terms of market share, Believe reached a high point on May 15, capturing 13.6% of all Solana launchpad token launches—its strongest showing to date. However, this share dropped to just 2.6% by May 17.

Still, some Believe tokens are finding success. Seven of the biggest tokens launched across Solana launchpads in the past seven days originated from the Believe App.

Yet in the last 24 hours, only two tokens from Believe have entered that category, which shows the platform’s current volatility.

Believe generated $14.17 million in revenue over the past 7 days, nearly matching Pump’s $16 million. However, in the last 24 hours, revenue fell sharply to $340,016, while Pump maintained a much higher $2.5 million.

LAUNCHCOIN Surges 3,000% in a Week—What’s Next?

LAUNCHCOIN, the native token of the Believe App, has surged nearly 3,000% over the past seven days, climbing from $0.008 to $0.25. This rapid price appreciation has pushed its market cap to approximately $250 million.

If current momentum holds, LAUNCHCOIN could soon challenge resistance at $0.38. A breakout could potentially pave the way toward the $0.50 level, doubling its current market cap to around $500 million.

However, if on-chain signals point to declining engagement or fading hype, the token could face a correction, first retesting support at $0.16, especially if the narrative around Internet Capital Markets doesn’t live up to its hype.

A break below that level may expose it to further downside toward $0.097, marking a deeper retracement from recent highs.

The post Believe App’s Viral Hype Drives a 27,000% Rally for LAUNCHCOIN appeared first on BeInCrypto.

Authorities in Hong Kong have arrested 12 individuals tied to a cross-border criminal syndicate. The group allegedly laundered over $15 million through cryptocurrencies and hundreds of fraudulent bank accounts.

The Hong Kong Police Force (HKPF) announced that the suspects—nine men and three women aged between 20 and 40—were apprehended during coordinated raids across various districts.

Hong Kong Uncovers Crypto Syndicate Running 550 Shell Accounts

According to a South China Morning Post report, the syndicate allegedly funneled over HK$118 million ($15 million). The funds moved through more than 550 fraudulent bank accounts and virtual asset platforms.

Investigators revealed that the suspects obtained or rented personal details and bank accounts from locals and mainland residents to facilitate their scheme.

During the raids, police confiscated over HK$1.05 million ($134,000) in cash, 560 ATM cards, multiple mobile phones, and numerous financial documents.

Police say the group targeted individuals from mainland China. They helped these individuals open shell accounts in both conventional and digital banks in Hong Kong.

“The syndicate had established an operational base in a flat in Mong Kok since mid-2024. Mainland recruits were housed in this location and awaited instructions to process illicit funds as they flowed into the shell accounts,” Chief Inspector Lo Yuen-shan said.

Once the funds entered these accounts, they were moved through virtual asset exchanges to conceal their origins. The suspects have been formally charged with conspiracy to commit money laundering.

This crackdown adds to a growing list of enforcement actions aimed at curbing crypto-related crimes in the region.

In October 2024, the Hong Kong police reportedly dismantled a similar cross-border operation. The syndicate had defrauded victims of over HK$360 million ($46 million) through romance and pig butchering scams.

That group had recruited university graduates with tech backgrounds and collaborated with foreign cybercriminals to build fake investment platforms.

The authorities stated these efforts support the city’s ambition to become a global hub for virtual assets and protect its residents.

In a recent meeting with Qatari officials, Hong Kong lawmaker Johnny Ng emphasized the city’s potential to lead in Web3 and crypto innovation.

Ng highlighted Hong Kong’s “one country, two systems” model, its legal infrastructure, and international talent pool as key advantages. He said these are crucial for driving global expansion and supporting enterprise growth.

“I believe that Hong Kong’s ‘one country, two systems,’ combined with its professional services, international talent, and robust legal framework, will undoubtedly accelerate its role in connecting globally, while also assisting mainland and local enterprises in rapidly expanding overseas,” He said.

The post Hong Kong Police Busts a Major $15 Million Crypto Laundering Plot appeared first on BeInCrypto.

Shiba Inu (SHIB) is showing mixed performance. The meme coin is up 23% over the last 30 days and 3.4% in the past 24 hours, but it is still down 8.5% over the last week. Recent price action suggests a pause in momentum, with SHIB trading within a tight range and facing resistance near key levels.

Indicators like RSI are stabilizing, while whale activity shows a subtle decline in large-holder participation. These factors point to a market in wait-and-see mode, with SHIB at a critical point where renewed buying or further weakness could determine its next move.

Shiba Inu RSI Recovers After Recent Drop

Shiba Inu’s RSI has climbed to 47.1, up from a low of 31.7 just a day earlier, signaling a rebound in short-term momentum. This follows a sharp pullback from 68.4 six days ago, suggesting that the recent selling pressure may be easing.

While the RSI remains below the neutral 50 level, the quick recovery points to renewed buying interest or a potential shift toward consolidation.

The Relative Strength Index (RSI) measures the speed and change of price movements, ranging from 0 to 100. Readings above 70 typically indicate overbought conditions, while values below 30 suggest an asset may be oversold.

With SHIB’s RSI now sitting near the middle of the range, the asset is neither overheated nor undervalued from a momentum perspective.

This neutral position could lead to sideways movement in the near term, or if buying continues, a possible attempt to retest recent resistance levels.

SHIB Whale Count Continues Gradual Decline

The number of Shiba Inu whales—those holding at least 1 billion SHIB—has declined slightly to 10,205, down from 10,232 recorded nine days ago.

While the drop may seem minor, it reflects a broader pattern of fluctuation and gradual decline in large-holder participation.

This subtle shift may suggest that some major holders are reducing exposure or taking profits during periods of market uncertainty.

Tracking whale activity is important because these addresses can influence price through large-volume moves, often signaling confidence or caution in the asset’s outlook.

Despite intermittent increases, the overall trend in SHIB whale numbers has tilted downward in recent weeks.

This could point to weakening long-term conviction among larger holders, potentially limiting upward momentum unless retail demand or new buyers step in to offset the outflows.

SHIB Price Stalls Between Key Support and Resistance

Shiba Inu is currently trading within a narrow range, facing resistance at $0.0000152 and support at $0.0000139. Its EMA lines, which previously showed strong bullish alignment, are now flattening—suggesting that upward momentum has weakened.

The price appears to be consolidating as traders wait for a decisive breakout in either direction.

If SHIB loses the $0.0000139 support, it may open the door for further downside toward $0.0000127 and possibly $0.0000123.

However, if buyers step back in and the token regains the momentum seen earlier this month, a breakout above $0.0000152 could push the price toward the next resistance near $0.0000176.

The post Shiba Inu Whales Are Still Hesitant – Where is SHIB Price Headed? appeared first on BeInCrypto.

Airdrop activity continues to heat up, with three newly launched tokens—SXT, RIZE, and DOOD—drawing investor attention in the fourth week of May. Space and Time launched its SXT token with an airdrop as a part of the new Chainlink rewards program.

Meanwhile, RIZE powers the Rizenet ecosystem, which is focused on tokenization and decentralized AI. DOOD, the native token of the Doodles NFT collection, joins the wave of NFT projects following the footsteps of APE and PENGU.

Space and Time (SXT)

The latest Space and Time (SXT) airdrop launched on May 8, 2025, as part of its official token generation event (TGE). The airdrop is integrated with Binance Launchpool and Chainlink’s new Rewards program.

The project is distributing 200 million SXT tokens into two batches, representing 4% of the total supply. Eligible users include participants in the Chainlink ecosystem, including LINK stakers, users who engaged in Space and Time’s testnet, and held Community NFTs.

Also, the SXT airdrop claim will be live until June 22.

SXT has been down since its airdrop, and if the correction continues, it could soon start trading below $0.10.

It needs a strong buying pressure to return to levels around $0.126, and if that one is broken, it could rise back to test the resistance around $0.163.

RIZE

RIZE is the native utility token of Rizenet, a decentralized platform for tokenizing real-world assets (RWAs), decentralized AI (DeAI), and DeFi.

The $RIZE token has multiple uses. It pays for tokenization services, grants access to tokenized assets, enables governance through token locking, and rewards contributions to decentralized AI models. RIZE is currently live on Kraken and Aerodrome.

From a technical standpoint, the RIZE token is at a critical point. If it manages to break through the resistance level at $0.064, bullish momentum could drive the price back toward the $0.10 region.

However, failure to maintain its current support at $0.0485 may trigger a downside move, with potential losses extending below the $0.040 mark.

Doodles

Doodles is a well-known NFT collection that originally gained popularity for its colorful, hand-drawn characters and strong community engagement.

It recently launched its own token, DOOD, marking its entry into the growing trend of NFT-native tokens—a path first carved out by Bored Ape Yacht Club with APE and later followed by Pudgy Penguins with the PENGU token in 2024.

Despite the initial excitement surrounding the DOOD airdrop, the token has struggled to maintain upward momentum, falling 35% over the last five days.

The price now faces a key resistance at $0.0052—breaking above this level would be necessary to signal a potential recovery and open the door for a move toward $0.00735.

However, continued bearish pressure could push DOOD below the $0.0040 support, marking new lows and further eroding market confidence.

The post 3 Latest Airdrop Tokens to Watch for the Fourth Week of May appeared first on BeInCrypto.

Bitcoin (BTC) is facing a mix of bullish signals and short-term uncertainty. Moody’s recent downgrade of the US credit rating has heightened long-term bullish sentiment around BTC, reinforcing its role as a hedge against rising debt and fiscal uncertainty.

Meanwhile, on-chain data shows a declining supply of Bitcoin on exchanges, suggesting investors are leaning toward holding rather than selling. Despite these bullish fundamentals, BTC remains in a short-term consolidation phase, with price action needing fresh momentum to break higher.

Moody’s Downgrade Ends US Century-Long Perfect Credit Rating Streak

Moody’s has downgraded the US credit rating from Aaa to Aa1, removing the country’s last perfect score among major credit agencies.

It’s the first time in over a century that the US lacks a top-tier rating from all three, following downgrades by S&P in 2011 and Fitch in 2023. Rising deficits, mounting interest costs, and the absence of credible fiscal reforms drove the decision.

Markets reacted quickly—Treasury yields climbed, and equity futures slipped. The White House dismissed the downgrade as politically driven, with lawmakers still negotiating a $3.8 trillion tax and spending package.

Moody’s also warned that extending Trump-era tax cuts could deepen deficits, pushing them toward 9% of GDP by 2035—a scenario that may strengthen the appeal of crypto, especially Bitcoin, as a hedge against long-term fiscal instability.

Bitcoin Consolidates: Falling Exchange Supply Meets Ichimoku Indecision

After briefly rising from 1.42 million to 1.43 million between May 2 and May 7, Bitcoin’s supply on exchanges is falling once again.

This short uptick followed a more significant decline between April 17 and May 2, when the exchange supply dropped from 1.47 million to 1.42 million. Now, the metric has resumed its downward trend, currently sitting at 1.41 million BTC.

The supply of Bitcoin on exchanges is a key market indicator. When more BTC is held on exchanges, it often signals potential selling pressure, which can be bearish.

Conversely, a decline in exchange balances suggests holders are moving their coins to cold storage, reducing near-term sell pressure—a bullish signal. The current drop reinforces the idea that investors may be preparing to hold rather than sell.

The Ichimoku Cloud chart for Bitcoin shows a period of consolidation with neutral-to-slightly-bearish signals. The price is currently sitting right around the flat Kijun-sen (red line), indicating a lack of strong momentum in either direction.

The Tenkan-sen (blue line) is also flat and closely tracking the price, reinforcing this sideways movement and short-term indecision.

The Senkou Span A and B lines (which form the green cloud) are also relatively flat, suggesting equilibrium in the market. The price is moving near the top edge of the cloud, which typically acts as support. However, since the cloud is not expanding and has a flat structure, there is no strong trend confirmation at the moment.

The Chikou Span (green lagging line) is slightly above the price candles, hinting at mild bullish bias, but overall, the chart signals indecision and the need for a breakout to confirm the next direction.

Moody’s Downgrade Strengthens Bitcoin’s Long-Term Bull Case Amid Short-Term Consolidation

The U.S. losing its last perfect credit rating after Moody’s downgrade could be a major long-term catalyst for Bitcoin.

While it may not trigger immediate price action, the downgrade reinforces the narrative of growing fiscal instability and debt concerns—conditions that strengthen Bitcoin’s appeal as a decentralized, hard-capped asset.

In the medium to long term, more investors may turn to BTC as a hedge against sovereign risk and weakening trust in traditional financial systems.

In the short term, however, Bitcoin price remains in a consolidation phase after breaking above $100,000. Its EMA lines are still bullish, with shorter-term averages above longer-term ones, but they are flattening out.

For bullish momentum to resume, BTC would need to push past the $105,755 resistance.

On the downside, holding above the $100,694 support is crucial—losing it could open the door for declines toward $98,002 and potentially $93,422.

The post US Loses Perfect Credit Rating – How Will It Impact Bitcoin Price?  appeared first on BeInCrypto.

Airdrop activity continues to heat up, with three newly launched tokens—SXT, RIZE, and DOOD—drawing investor attention in the fourth week of May. Space and Time launched its SXT token with an airdrop as a part of the new Chainlink rewards program.

Meanwhile, RIZE powers the Rizenet ecosystem, which is focused on tokenization and decentralized AI. DOOD, the native token of the Doodles NFT collection, joins the wave of NFT projects following the footsteps of APE and PENGU.

Space and Time (SXT)

The latest Space and Time (SXT) airdrop launched on May 8, 2025, as part of its official token generation event (TGE). The airdrop is integrated with Binance Launchpool and Chainlink’s new Rewards program.

The project is distributing 200 million SXT tokens into two batches, representing 4% of the total supply. Eligible users include participants in the Chainlink ecosystem, including LINK stakers, users who engaged in Space and Time’s testnet, and held Community NFTs.

Also, the SXT airdrop claim will be live until June 22.

SXT has been down since its airdrop, and if the correction continues, it could soon start trading below $0.10.

It needs a strong buying pressure to return to levels around $0.126, and if that one is broken, it could rise back to test the resistance around $0.163.

RIZE

RIZE is the native utility token of Rizenet, a decentralized platform for tokenizing real-world assets (RWAs), decentralized AI (DeAI), and DeFi.

The $RIZE token has multiple uses. It pays for tokenization services, grants access to tokenized assets, enables governance through token locking, and rewards contributions to decentralized AI models. RIZE is currently live on Kraken and Aerodrome.

From a technical standpoint, the RIZE token is at a critical point. If it manages to break through the resistance level at $0.064, bullish momentum could drive the price back toward the $0.10 region.

However, failure to maintain its current support at $0.0485 may trigger a downside move, with potential losses extending below the $0.040 mark.

Doodles

Doodles is a well-known NFT collection that originally gained popularity for its colorful, hand-drawn characters and strong community engagement.

It recently launched its own token, DOOD, marking its entry into the growing trend of NFT-native tokens—a path first carved out by Bored Ape Yacht Club with APE and later followed by Pudgy Penguins with the PENGU token in 2024.

Despite the initial excitement surrounding the DOOD airdrop, the token has struggled to maintain upward momentum, falling 35% over the last five days.

The price now faces a key resistance at $0.0052—breaking above this level would be necessary to signal a potential recovery and open the door for a move toward $0.00735.

However, continued bearish pressure could push DOOD below the $0.0040 support, marking new lows and further eroding market confidence.

The post 3 Latest Airdrop Tokens to Watch for the Fourth Week of May appeared first on BeInCrypto.

Cardano founder Charles Hoskinson is preparing to take legal steps against individuals alleging that he manipulated the blockchain to take control of 318 million ADA tokens.

The accusations, which recently emerged on the social media platform X, suggest he used his Genesis keys in 2021 to seize funds belonging to early investors.

Cardano’s Hoskinson Accused of Secretly Altering Blockchain to Control ADA Funds

Last week, NFT artist Masato Alexander claimed that during the Cardano “Allegra” hard fork, the network overwrote certain unspent token allocations from the original token sale. It then rerouted those tokens to Cardano’s reserves.

“In 2021, the Cardano ‘Allegra’ Hard Fork (HF) wasn’t just a routine upgrade. It contained an extra payload. This HF effectively ERASED the original ICO UTxOs holding the ₳318M and swept the funds into the Cardano reserves,” Alexander wrote.

Alexander claimed that although they intended to reissue the funds to their rightful owners, they allegedly withheld a large portion.

He further claimed that only a small percentage of the tokens funded Intersect, a Cardano governance initiative. Most of the tokens, he alleged, were staked to generate an estimated 25 million ADA in additional rewards.

“Only a tiny fraction went to Intersect… Where did the VAST majority of that ₳318 MILLION actually go after being moved from reserves? Separately, the funds were staked, earning 25m additional,” Alexander alleged.

In addition, Alexander criticized the lack of clear documentation on the fund’s path, suggesting there is no verifiable audit trail.

Ironically, Charles recently emphasized needing community input for scaling solutions, citing the importance of governance.

Yet, when ₳318M was at stake, he acted unilaterally via genesis keys to alter the ledger and control these funds.

Interesting. pic.twitter.com/7aeInvGWok

— masato_alexander (@masatoalexander) May 7, 2025

However, Hoskinson has strongly rejected the allegations. In a response posted to X, he described the claims as “lies” and clarified that the ADA vouchers became unspendable following the Allegra hard fork.

The Cardano founder explained that these assets were transferred to a custodial account managed by the Token Generation Event (TGE). This account continued processing redemptions for three years.

“The Ada vouchers became unspendable after the hard fork. They were rolled into a custodial account controlled by the TGE that then continued redemption for 3 more years to distribute the genesis funds to the original buyers,” he said.

Hoskinson stated that original buyers eventually claimed 99.8% of the ADA sold during the ICO. He added that the team allocated only 0.2% of the tokens to fund Intersect.

“After seven years, the remaining 0.2 percent were returned to the TGE and donated to Intersect through the same process that funded the Cardano Foundation,” he added.

While the Cardano team has not released a full public report, Hoskinson noted that the redemption process is still ongoing.

He warned that he will sue Alexander and others who repeat the claims if they keep alleging that Input Output Global stole funds.

“As we are now considering litigation against those slandering us, we will make no further statements until the closing report is published. We will then send letters to the relevant parties demanding retractions and apologies,” the Cardano founder concluded.

The post Cardano Founder Threatens Lawsuit Over 318 Million ADA Seizure Claims appeared first on BeInCrypto.

Crypto trading, often associated with substantial volatility and risks, has created a new class of millionaires and billionaires who have made their fortune through strategic investments. While their success stories dominate headlines, the ways these individuals deploy their digital fortunes reveal a spectrum of ambition, extravagance, and eccentricity.

From extravagant art purchases that defy logic to massive investments in cars and real estate, these individuals are redefining what it means to spend big. Here’s a look at some of the ways crypto millionaires have splashed their digital cash.

Justin Sun

TRON founder Justin Sun has grabbed global attention multiple times for his high-profile acquisitions. In November 2024, Sun spent $6.2 million on a banana. 

Well, specifically, a banana duct-taped to a wall. He acquired the artwork, titled ‘Comedian’ by Italian artist Maurizio Cattelan, at a Sotheby’s auction in New York.

Originally purchased for 35 cents from Shah Alam, a 74-year-old Bangladeshi immigrant working near Sotheby’s, the banana’s value surged through Cattelan’s conceptual art.

Sun, whose net worth is $8.5 billion according to Forbes, didn’t just buy the piece for show. He later ate the banana during a press conference in Hong Kong.

“Many friends have asked me about the taste of the banana. To be honest, for a banana with such a back story, the taste is naturally different from an ordinary one,” Sun wrote on X.

Moreover, in March 2021, he purchased a Beeple non-fungible token (NFT) for $6 million. Later that year, in November 2021, Sun bought the Alberto Giacometti sculpture Le Nez at Sotheby’s for $78 million.

However, this acquisition became embroiled in a heated legal dispute. In February 2025, Sun sued media mogul David Geffen, alleging his former employee stole and sold the sculpture to Geffen for $65.5 million without his consent. Meanwhile, in April 2025, Geffen’s countersuit labeled Sun’s claims a “sham” tied to crypto market woes.

Sun’s spending extends beyond art. In December 2021, he outbid competitors by paying $28 million for a seat on Blue Origin’s first spaceflight, owned by Jeff Bezos. Despite winning the bid, which benefited space-related charities, scheduling conflicts prevented Sun from participating in the launch.

Carl Runefelt (Carl Moon)

Carl Runefelt, widely recognized by his online alias Carl Moon, is a Swedish crypto investor and social media influencer. He rose from being a supermarket cashier to a multi-millionaire crypto influencer in Dubai.

Runefelt publicly documents his millionaire crypto lifestyle, sharing it with his 1.5 million followers on X, around 245,000 followers on Instagram, and 360,000 subscribers on YouTube. His social media presence is dominated by displays of luxury, including hypercars, private jets, and high-end watches, making him a poster boy for the “crypto bro” lifestyle. 

Among his notable acquisitions is a Bugatti Veyron, which he reportedly purchased for $2 million.

“I quit my supermarket job as a cashier back In November 2018. Now, 3 years later I’m driving a Bugatti Veyron in Dubai. What’s the next car I should buy?” Runefelt wrote in a 2022 post on Instagram.

In January 2024, Runefelt added a $300,000 G-Wagon to his car collection. In September that year, he splurged $800,000 on a Ferrari. Moreover, in February 2025, he expanded his car investments with four more Ferraris worth $4 million.

Runefelt also owns a custom $1 million Jacob & Co. watch and a $140,000 Patek Philippe Nautilus, among other expensive acquisitions. These purchases reflect his affluent lifestyle, fueled by his cryptocurrency success, and form part of his strategy to inspire followers through visible wealth.

Ed Craven

Ed Craven is an Australian billionaire and co-founder of Stake.com, a cryptocurrency-based online casino, and Kick, a live-streaming platform. He has a net worth of $2.4 billion, mainly from Stake’s success. 

The platform, launched in 2017 with Bijan Tehrani, is now one of the world’s largest offshore crypto casinos. Notably, in 2025, Craven appeared on Forbes’ list of the youngest billionaires. He is one of only two self-made billionaires under 30.

Craven has used his cryptocurrency wealth for lavish yet smart purchases. He owns one of Australia’s most expensive homes on St George’s Road, Toorak, which he purchased for $80 million. He also bought a $38.5 million property on Orrong Road and owns multimillion-dollar homes in Southbank and Mount Macedon.

Craven’s spending also extends to sports. He committed $100 million to rename the Alfa Romeo Formula One team as the “Stake F1 Team Kick Sauber.”

While real estate dominates his portfolio, his sports investments highlight a strategic use of wealth to elevate personal and corporate prestige, aligning with his entrepreneurial vision.

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