ARK Invest, Cathie Wood’s investment firm focused on disruptive technology sectors, acquired 158,587 shares of Robinhood (HOOD) on Tuesday ahead of the brokerage’s “Take Flight” event scheduled to take place tomorrow at 7:30 PM ET.

Apart from HOOD, ARK Invest also accumulated shares of Coinbase, CoreWeave, Tesla, and Alibaba.

Take Flight is Robinhood’s flagship event, concentrated on the company’s next phase of growth and product expansion. It will be held live at the TWA Hotel at JFK Airport and feature keynotes from Robinhood CEO Vlad Tenev as well as other leadership members.

Robinhood is expected to unveil new products and tools aimed at assisting users with wealth management and financial planning during the presentation.

Robinhood has intensified its shift toward a super app model with the recent introduction of AI-powered features and service expansion despite headwinds from a cooling crypto market.

HOOD closed Tuesday down around 3% at $76, Yahoo Finance data shows. The stock has declined 33% so far this year due largely to declining crypto trading revenue.

This week, rumors of a “10 a.m. Bitcoin dump” blamed on quantitative trading company Jane Street gained traction online after it was sued by Terraform Labs’ court-appointed administrator, but market watchers said the data does not support a consistent, company-driven selloff.

The accusations mounted a day after Jane Street was sued by Terraform Labs’ administrator amid allegations of insider trading that worsened the collapse of Terra’s algorithmic stablecoin ecosystem in May 2022.

Elsewhere in the market, demand for spot Bitcoin exchange-traded funds returned after five consecutive weeks of net negative outflows. US-listed spot Bitcoin ETFs took in over $1 billion in three consecutive days this week, with $254 million in cumulative inflows on Thursday, according to Farside Investors data.

Corporate Ether treasuries also came under pressure. The leader in corporate Ether (ETH), Bitmine Immersion Technologies, was seen facing an $8.8 billion paper loss on its holdings amid the ongoing market downturn.

Analysts reject Jane Street “10 a.m. dump” claims, say Bitcoin isn’t easily manipulated

Cryptocurrency investors accused quantitative trading company Jane Street of pressuring Bitcoin’s price with a daily, programmatic sell-off at the US market open, but market analysts and data suggest the pattern is not consistent, and no single company can force Bitcoin into a prolonged bear market.

The claims surged online a day after Terraform Labs’ court-appointed administrator sued Jane Street, alleging insider trading tied to transactions that worsened the collapse of Terra’s algorithmic stablecoin ecosystem in May 2022.

Several market watchers, including crypto influencer Justin Bechler, have argued that Jane Street’s holding of BlackRock’s iShares Bitcoin Trust exchange-traded fund (ETF), known as IBIT, could mask a net short Bitcoin position through hedges that do not appear in public filings. Bechler argued that Jane Street conducted coordinated algorithmic selling of Bitcoin at 10 a.m. EST daily, manipulating the Bitcoin (BTC) price to buy the ETF at a discount.

”When Jane Street reports holding $790 million in IBIT shares, the filing tells you nothing about whether those shares are hedged by puts, offset by short futures, or wrapped in a collar that makes the firm’s net Bitcoin exposure zero or even negative,” wrote Bechler, adding that the ”actual position could be a massive short that looks like a long because the offsetting half of the trade is invisible under current disclosure rules.”

CryptoQuant’s head of research, Julio Moreno, cautioned that the activity Bechler described is not unique to one company. He said buying spot exposure while selling futures is a common approach for delta-neutral funds seeking to capture spreads rather than directional price moves.

Jane Street’s latest 13-F filing also disclosed holdings in Strategy, as well as sizable positions in Bitcoin mining companies Bitfarms, Cipher Mining and Hut 8.

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Vitalik sells 17,000 ETH in one month after earmarking $45 million for privacy

Ethereum co-founder Vitalik Buterin has reduced his Ether balance by about 17,000 ETH in one month after announcing plans to earmark $45 million worth of tokens for privacy projects.

Buterin’s wallets tracked by Arkham held about 241,000 Ether (ETH) in early February, before a series of outflows reduced the combined balance to 224,000 ETH on Tuesday.

The reduction came amid continued selling by Buterin, including about 2,961 Ether worth $6.6 million over a three-day period earlier in the month. Onchain analysts reported that this accelerated recently as he sold $7 million worth of tokens in three days.

Arkham Intelligence data shows the ETH sales were routed via decentralized exchange (DEX) aggregator CoW Protocol using numerous smaller swaps instead of one large transaction, a method typically employed to minimize market impact.

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Bitmine paper loss nears $8.8 billion as Ether slump tests cyclical thesis

Corporate Ether treasuries are coming under increasing pressure as the crypto downturn deepens, with analysts warning the market is approaching a make-or-break phase for Ether’s investment case.

Bitmine Immersion Technologies, one of the biggest corporate holders of Ether (ETH), is sitting on a large unrealized loss as ETH trades well below the company’s average acquisition price, according to third-party tracker Bitminetracker. Some estimates put Bitmine’s paper losses in the $8.8 billion range after Ether’s slide over recent months.

ETH’s price has fallen 60% during the past six months, dropping well below Bitmine’s average cost basis of $3,843 per token, Bitminetracker data shows.

Crypto research outlet 10x Research said Monday that Ether is now trading near valuation and cost-basis levels that test whether the asset is simply in a cyclical downturn or entering a period of deeper, structural weakness.

 “Investors must therefore assess carefully whether the asset is simply in a cyclical downturn or entering a phase of deeper structural impairment.”

Bitmine continues to buy ETH despite the mounting paper losses. Last week, Bitmine acquired 45,749 Ether at an average aggregate cost basis of $1,992 per ETH, signaling confidence from the world’s largest Ether treasury firm.

Big Wall Street participants are maintaining exposure to Bitmine despite the market downturn.

The top 11 Bitmine shareholders, including Morgan Stanley, Ark Investment Management and asset manager BlackRock, have all increased their exposure to the treasury company during the fourth quarter of 2025.

Bitmine’s stock price has fallen by about 59% over the past six months and traded at $19.68 in the pre-market on Monday, data from Google Finance showed.

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Aave surpasses $1 trillion in lending volume amid institutional expansion

Decentralized finance protocol Aave has surpassed $1 trillion in cumulative lending volume, marking a historic first in the DeFi industry.

“A decade ago, DeFi and Aave didn’t exist. They were just ideas. Today, Aave stands as the backbone of onchain lending, powering a new financial system that is open, global, and unstoppable,” Aave Labs CEO Stani Kulechov said in an X post on Wednesday.

The feat marked another step toward Aave’s goal of becoming the “largest, most efficient liquidity network in the world,” Kulechov added. “One that builders, banks, and fintechs plug into by default, fundamentally improving liquidity and cost structures across global finance.”

In August, Aave Labs launched Aave Horizon, a new lending market on Ethereum, specifically for traditional finance firms and other institutional investors to borrow stablecoins against real-world assets.

VanEck, WisdomTree and Securitize were among the first participants to use Aave’s institutional offering.

On Feb. 15, Kulechov said DeFi lending could benefit from tokenizing “abundance assets,” such as solar, batteries for energy storage and robotics for labor. He expects those assets to be worth a combined $50 trillion by 2050.

Kulechov originally launched Aave as ETHLend in November 2017 before rebranding to Aave in September 2018. It now secures over $27.2 billion in total value locked, enabling users to earn interest on deposits and borrow instantly using crypto as collateral.

Aave leads several prominent DeFi lending platforms in TVL, including Morpho, JustLend, SparkLend, Maple, Kamin Lend and Compound Finance, each of which holds over $1 billion in total value locked.

Aave has generated over $83.3 million in fees over the last 30 days, nearly four times that of its next-closest competitor, Morpho.

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Curve founder says DeFi must ditch token emissions for real revenue

Decentralized finance (DeFi) can no longer rely on inflationary token incentives to sustain growth, according to Curve Finance founder Michael Egorov.

In an interview with Cointelegraph, Egorov said protocols must generate real revenue rather than depend on emissions to attract liquidity.

“Your yield should come from revenues, not from tokens,” Egorov told Cointelegraph. “You need real revenues flowing.” He added that if a token “is not doing something, maybe it’s better for you to not do token at all.”

Egorov contrasted the current environment with the “DeFi summer” of 2020, when triple-digit and even 1,000% annual percentage rates drew capital into new protocols. He said that at the time, speculative premiums drove token prices and bootstrapped total value locked (TVL) for protocols.

“Right now, news doesn’t change prices of tokens anymore,” he told Cointelegraph, arguing that users have “re-evaluated the risks.”

His comments came as DeFi’s TVL has fallen about 38% over the past six months, according to DefiLlama. Data from the analytics platform shows TVL dropped from $158 billion on Aug. 23, 2025, to about $98 billion as of Monday.

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DeFi market overview

According to data from Cointelegraph Markets Pro and TradingView, most of the 100 largest cryptocurrencies by market capitalization ended the week in the green.

The Pippin (PIPPIN) token rose 55% as the week’s biggest gainer in the top 100, followed by the Decred (DCR) token, up over 44% during the past week.

Thanks for reading our summary of this week’s most impactful DeFi developments. Join us next Friday for more stories, insights and education regarding this dynamically advancing space.

Axon Enterprise (AXON) shares surged more than 20% following its fourth-quarter results, which highlighted rising demand for the company’s AI-enhanced software tools and growing adoption across its customer base.

The Scottsdale-based company posted record results as Software & Services revenue increased 40% to $343 million, highlighting continued momentum in its high-margin SaaS business.

Full-year revenue rose 33% to $2.8 billion, marking the fourth consecutive year of growth above 30%, supported by strong bookings of $7.4 billion and future contracted bookings of $14.4 billion.

Net income for the fourth quarter totaled $3 million, while non-GAAP net income reached $178 million, and Adjusted EBITDA came in at $206 million. The company maintained a Rule of 40 above 55 and delivered a 25.5% full-year Adjusted EBITDA margin despite ongoing strategic investments in AI, new product categories, and acquisitions.

Axon has projected revenue growth between 27% and 30% for 2026. Also, the company has set ambitious 2028 revenue and adjusted EBITDA targets of $6 billion and 28%, reflecting management’s confidence in the company’s rapidly expanding AI ecosystem and recurring revenue model.

Rick Smith, who founded the company in 1993 and serves as chief executive, described the current environment as unprecedented in the firm’s history.

“If we deploy AI more aggressively and more thoughtfully than anyone else in this space, while honoring the responsibility that comes with the operating environment we operate in, we will create value that our customers simply cannot replicate,” Smith said on an earnings call.

Key Takeaways

Tether has acquired a minority stake in Juventus Football Club, marking its first entry into professional sports ownership.
The acquisition is part of Tether’s strategic diversification beyond its core stablecoin business, expanding into technologies like AI and biotech.

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Tether announced Friday it has taken a minority stake in renowned football club Juventus, marking its entry into professional sports ownership. The financial details of the acquisition have not been disclosed.

Tether’s investment in Juventus is part of its ongoing diversification strategy. The firm, best known for its USDT token—the largest stablecoin by market capitalization—has expanded its investment portfolio to include various sectors such as artificial intelligence, Bitcoin mining, biotech, and now sports with its stake in Juventus.

According to the latest data from CoinMarketCap, USDT has a market cap of approximately $141 billion and boasts a user base exceeding 400 million across emerging markets.

“Aligned with our strategic investment in Juve, Tether will be a pioneer in merging new technologies, such as digital assets, AI, and biotech, with the well-established sports industry to drive change globally. We will explore avenues for innovative collaborations and the potential to revolutionize the global sports landscape,” said Paolo Ardoino, CEO of Tether.

The investment, made through Tether’s investment arm separate from its stablecoin reserves, builds on the company’s existing sports initiatives. Last year, Plan ₿, founded by Tether and the City of Lugano, became the sole kit sponsor of FC Lugano in the Swiss Super League.

Juventus, also known by the name ‘Old Lady,’ is Italy’s most successful football club and one of the most decorated and important clubs globally. The team has won 36 Italian League Championships, including a record of nine consecutive titles between 2011 and 2020. Juventus is also recognized as the first club in the history of European football to have won all three major UEFA competitions.

Tether is collaborating with industry figures including Juan Sartori, who brings experience from Sunderland AFC, AS Monaco Football Club, and the European Club Association, to develop its sports industry strategy.

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BeInCrypto community recently had the pleasure of hosting Alon Muroch, SSV Labs Founder and a key contributor to SSV Network, in an insightful AMA session. As SSV celebrates its first year, Alon shared exciting developments, including the groundbreaking SSV2.0 upgrade and the introduction of Based Applications (bApps). Here’s a recap of the session, highlighting the major takeaways.

A Year of Growth and Success

SSV Network has experienced rapid adoption, securing over 2 million ETH and establishing 1,200+ globally distributed node operators. Major projects like Lido, ether.fi, and various exchanges are already leveraging the network.

Introducing SSV2.0: A New Era for Ethereum Security

With SSV2.0, the focus shifts from traditional staking and restaking to an innovative concept called Based Applications (bApps). These applications allow developers to tap directly into Ethereum’s validator set to secure various out-of-protocol services.

“Essentially, if you build something important like Oracles, Co-processors, AI agents, bridges, data availability, etc., you should get as close to Ethereum’s security as possible. That’s how the SSV2.0 roadmap was created, revolving around ‘Based Applications’, or bApps in short.” — Alon explained the shift

How bApps Revolutionize Security

SSV2.0 extends validator participation beyond Ethereum, enabling multi-chain validation across Solana, Cosmos, and even Bitcoin. This approach transforms validators into a new asset class, fostering a more collaborative and secure ecosystem.

Risk Expressive Model (REM): It allows validators to allocate security based on a bApp’s specific needs dynamically.

Based Applications Chain: A neutral app chain that enables multiple L1 validators to contribute security.

Yield Opportunities: Validators can now opt into securing multiple bApps without slashing risks, creating a win-win model for both stakers and developers.

The Economic Shift: SSV Tokenomics in SSV2.0

The upcoming changes in SSV economics introduce three new fee categories—validator operations, bApp security, and gas fees for the Based Applications Chain. This evolution will drive higher demand for the SSV token, making it ultra-sound (deflationary) similar to Ethereum.

“Currently SSV is used for paying fees for running validators on the SSV network. SSV2.0 will introduce two more fee categories (bApps and gas fees for the chain). That’s more than tripling the fees collected. Some of the collected fees (in SSV) will also be burnt.” — Alon elaborated

Bridging Multi-Chain Security

SSV2.0 introduces a paradigm shift, allowing blockchain validators to collaborate in securing key infrastructure like oracles and bridges. This unlocks cross-chain security and enhances decentralization across different ecosystems.

“Imagine Solana and Ethereum validators working hand in hand to secure a really big oracle service between the two chains… That’s a type of collaboration that is not possible today. Multi-chain validators in SSV2.0 will usher in a new era of collaboration and a type of security which is greatly missing. Potentially that can even mean that Ethereum validators will secure Solana, and Solana validators will helpe secure Ethereum” — Alon illustrated the vision.

Incentivizing Developers & Ecosystem Growth

SSV’s early adoption success stems from strategic incentives and partnerships. The SSV DAO has played a crucial role in onboarding developers, and Alon hinted at major incentive programs coming soon to further accelerate bApp development:

“We have some very big plans that I can’t disclose yet, haha. But I think the SSV DAO did an excellent job in incentivizing devs in the early days of SSV, which brought us to 2M ETH staked. I’m confident we can replicate that.” — Alon added.

Final Thoughts

SSV2.0 is set to redefine blockchain security by making decentralized validation more accessible, capital-efficient, and multi-chain. The introduction of bApps, REM, and the Based Applications Chain marks a monumental leap for Ethereum’s security landscape.

“Based applications will profoundly change the restaking market and give rise to the Based Economy, unifying Ethereum and unlocking new sources of yield for validators.” — Alon said.

Stay tuned for further updates, and be sure to explore SSV Network’s website to get involved!

US-based crypto exchange Kraken has disclosed that it is being “extorted” by a self-proclaimed security researcher who exploited a critical bug from their platform to steal $3 million worth of digital assets. The researcher reported the bug on June 9 but used it to withdraw funds from Kraken’s treasury rather than safeguarding them.

Nick Percoco, Kraken’s Chief Security Officer, revealed that the researcher, along with two associated accounts, used the bug to withdraw over $3 million. Following the exploit, the researcher demanded a speculative reward for the stolen funds before agreeing to return them. Percoco stated in a June 19 X post that this behavior is not white-hat hacking but extortion.

One of the accounts involved had completed Know Your Customer (KYC) verification, yet the identity of the researcher remains undisclosed. The individual initially demonstrated the bug with a $4 crypto transfer, which would have sufficed to earn a substantial reward through Kraken’s bounty program. However, the researcher shared the bug with two other accounts, leading to the significant theft.

In light of these events, Kraken emphasized that the stolen cryptocurrency came from its treasury, ensuring that no user funds were endangered. Percoco reiterated the unethical nature of the actions, stressing that Kraken is being unfairly criticized for requesting the return of the stolen assets.

In response to Kraken’s allegations, CertiK disclosed on X that its security researchers were behind the hack. CertiK further said that it informed Kraken of the vulnerability upon discovery. Kraken promptly classified it as a critical level issue and tried to fix it. The security firm later alleged Kraken of threatening their employees to repay a “mismatched” amount of crypto without providing repayment addresses.

Crypto Briefing reached out to CertiK for an official statement. The crypto security firm said that they made it clear during its whitehat operation that “millions of dollars of cryptocurrency were minted from air, and no real Kraken user’s assets were directly involved” throughout its execution of the research activities.

“Despite Kraken acknowledging this as the highest level of risk, they continued to delay their response. The verbal consensus reached during our meeting was not confirmed afterward. Ultimately, they publicly accused us of theft and even directly threatened our employees, which is completely unacceptable,” CertiK said in the statement shared with Crypto Briefing.

At the time of updating this article, CertiK has added several details to their communications with Kraken.

The incident highlights the growing threat of crypto hacks and exploits, although it should be noted that not all executions are made with the same financial intent. Data from a report by Merkle Science indicates that in the first quarter of 2024, hackers stole $542.7 million in digital assets, a 42% increase from the same period in 2023. Private key leaks, not smart contract vulnerabilities, were the leading cause. The same report finds that smart contract-related losses dropped significantly to $179 million in 2023 from $2.6 billion in 2022.

Update: This article has been updated to reflect the official statement from CertiK on the incident. Crypto Briefing has reached out to Kraken for comment. This story is still developing.

Data management is of the highest importance in today’s data-driven world, where security, transparency, and efficiency are key. Industries across various sectors, such as consumer insurance, media, advertising, and healthcare, are challenged to effectively manage large volumes of sensitive data while ensuring privacy and compliance.

Handling data across various sectors is exactly what Verida Network is trying to solve. Unlike traditional systems, Verida Network offers a decentralized infrastructure that ensures user data remains private, secure, and accessible only with consent.

This positions Verida to take advantage of the massive opportunities worth trillions of dollars. They can tap into the vast consumer insurance market valued at over $6 trillion, the lucrative media and advertising sector at $1.5 trillion, and the thriving health and pharmaceutical industry at $1 trillion.

Nevertheless, using this potential necessitates overcoming substantial obstacles in transitioning from Web2 to Web3 technologies. Verida Network is dedicated to providing the essential infrastructure needed to address these challenges.

Current Challenges in Web3 Adoption

Web3 technology is still in its early stages, and it still finds it hard to compete with Web2 alternatives due to its inefficiencies in developing feature-rich and strong applications. While the blockchain offers an Inter-Planetary File System (IPFS), there’s still the need for a new type of decentralized data storage infrastructure.

This new decentralized data storage infrastructure should be able to support identity, authentication, messaging, and personal data storage.

Furthermore, users and developers are already accustomed to the high performance, availability, and security Web2 offers. Thus, the Web3 sector needs a better technological stack that provides superior services than this, and decentralized storage networks such as Filecoin (based on IPFS), Sia, and Arweave can’t offer this.

Verida Network provides private encrypted databases and offers users control over where and how their data is stored. Furthermore, it supports real-time synchronization, permission data access, and client-side encryption. Subsequently, an ecosystem like this offers all the features needed for the Web3 sector to become better than the Web2 competition.

Verida is the Decentralized Solution for Private User Databases

Verida Network is a layer-zero decentralized public infrastructure (DePIN) ecosystem that combines user-controlled keys with the performance and privacy of traditional databases for complex dApps. It is not a blockchain network but a DePIN that offers privacy-preserving database storage for self-sovereign identities.

In other words, Verida Network was created to provide users with control over their data and how they choose to interact with the digital world.

Chris Were, CEO and co-founder at Verida, explained this vision:

“For years the world of crypto has been fixated on faster blockchains as the solution to mass adoption, when in reality the ability to handle personal data and combine it with crypto is the real secret.”

To achieve this, Verida Network employs many resources. First, they provide software SDKs to developers so they can integrate them into their applications to leverage the technical capabilities of the Verida protocol. Furthermore, Verida also offers open-source server nodes to any member of the public to provide storage capacity to the network and earn VDA tokens.

Innovative Features of Verida Wallet

Verida Wallet is one of the most strategic products of this project, and it functions simultaneously as a data wallet and as a crypto wallet. It is very innovative and has a user-friendly interface, which makes it possible for users to interact seamlessly with Verida protocol and other blockchains. The Verida Wallet comes with a lot of capabilities that make it very revolutionary in the crypto sector, and they include:

Single Sign On: The single sign-on feature on Verida Wallet allows users to log in to multiple applications and websites with one set of credentials. Thus, they can interact with decentralized applications on the Verida Network using consensual authentication.

Identity: One of the core functionalities of the Verida Wallet is that it provides an avenue to create decentralized identities in blockchain wallets and manage their private keys across different dApps.

Sharing of Data: With this wallet, users can browse through their data and consensually share them. Moreover, Verida Wallet allows the receipt, storage, and sharing of W3C Verifiable Credentials. Furthermore, users don’t have to expose their private information due to the integration of Zero-Knowledge (ZK) credentials.

Profiles and Inbox: This wallet also features an inbox and profiles. It provides private and public profiles that can be shared with third parties. Moreover, there’s an inbox feature that allows users to receive messages and requests.

Tokens and Transactions: In addition to harboring a data wallet, the Verida Wallet allows users to sign transactions, transfer assets, and manage NFT while simultaneously earning Verida tokens.

Verida SDKs for Enhanced Development

The Verida SDK allows user data to be end-to-end encrypted with a private key on the user’s endpoint, preventing access from storage node operators and application developers. The Verida software development kits are mainly divided into SDKs for developers and clients.

The SDKs for developers help them create self-sovereign applications that leverage Verida Network to access smart contracts on supported blockchains. Moreover, they also have client SDKs that allow developers to build applications that access encrypted private storage, identity, and messaging capabilities. The client SDK is an easy-to-use library offering support for web browsers, React Native, and NodeJS applications.

Verida Token (VDA): The Ecosystem’s Lifeblood

The Verida Token (VDA) primarily facilitates payments, governance, transactions, and data storage on the platform. It plays a vital role in the creation of an ecosystem that allows secure interactions between accounts. In other words, the Verida Token facilitates secure data storage and trusted sharing among users.

The Verida Token has an economy of stakeholders, and this includes:

End Users: The end users make payments for application and storage subscription fees on the Verida Network.
Applications: The dApps on the Verida Network earn revenue from subscription fees. They can also generate valuable data and even help pay users’ storage fees.
Storage node operators on the Verida Network can also stake the VDA token to earn an income.

According to their whitepaper, the original token name is Verida Utility Token (VDA), and it has a fixed supply of 1,000,000,000. The token distribution is quite fair. Verida growth rewards take 20% of the allocation at 200 million tokens. Verida DAO and project development take the same 20% of allocation each at a combined 400 million.

Following suit is the community reserve, which takes 15.4% of the allocation, and foundational supporters with 15.1% of the allocation. The remaining distribution includes the token launch, which takes 6%, and storage credits, which takes 3.5% of the allocation.

Diverse Use Cases for Verida Network

Verida Network has excellent and marvelous applications and use cases, which we will discuss below:

Credentials Management

One of the major applications of the Verida protocol is in credentials. It builds a mobile infrastructure that supports the latest and innovative identity and credential standards. Moreover, it offers data storage infrastructure that facilitates easy recovery and backup of these critical credentials.

Balancing AI Innovation and Privacy

One of the highlights of AI’s rise is that there should be a balance between the value of data for AI innovation and an individual’s fundamental right to privacy. Thus, Verida Network develops a realm of possibilities and a future that cultivates a balance between AI’s prosperity and its respect for data privacy.

Enhancing Healthcare Data Security

More than 130 million health records were stolen in the healthcare sector in 2023 alone. This highlights the need for secure, reliable, and scalable data management solutions in healthcare. Enter Verida Network, whose supercharged capabilities enable cross-border health data flows without compromising patient privacy. There is an actual application in Uzbekistan where Verida Network helps secure healthcare data.

Personalized User Experiences

One of the growing trends among consumers is the ever-burning need to receive customized experiences when accessing a product or service. Verida Network creates a realm of developer tools and a wallet interface, allowing users to receive unique experiences while protecting their data and privacy.

Chris Were said:

“Global commerce is driven by personal data. Product recommendations on Amazon from previous purchase history, Ads based on search history, Insurance based on where you live, the list goes on. Connecting payments with personal data is going to transform crypto and enable a wave of innovation rivalling what we have seen with introduction of he Internet.”

Verida’s Ecosystem of Partners

Kima Finance, Primacy, inDAO, WalletConnect, Veramo, Ten, Polygon ID, Synapse, zkpass, and Nillion are among the growing ecosystem of Verida’s partners. Moreover, Near Protocol and Gate.io, a crypto exchange with a daily trading volume of over $3 billion, are among their partners.

Besides their strategic partnerships, Verida Network is gaining massive online traction. It has more than 87,000 community members on Twitter and nearly 40,000 members on Discord. Moreover, it has more than 30 storage nodes and 50,000 identities deployed globally.

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Sky Mavis has recovered $5.7 million of funds stolen from Axie Infinity’s Ronin Bridge, according to a Friday announcement from the team.

The recovery was achieved through the collaborative efforts of various entities, including the Økokrim, a Norwegian law enforcement agency, and the FBI, said Sky Mavis. Specifically, Økokrim successfully froze and returned $5.7 million stolen from the bridge hack.

“We’d like to publicly extend our heartfelt gratitude to everyone who assisted in the recovery efforts, especially Økokrim and the FBI in the US, for their tireless effort to track down and recover these assets for the Axie and Ronin communities,” the team stated.

Allocation of recovered funds

Sky Mavis noted that approximately 15% of the recovered assets will cover recovery efforts, while the remaining 85% will go to the Axie Infinity treasury.

According to the team, recovering stolen crypto requires collaboration between law enforcement, legal professionals, financial experts, and blockchain specialists, including Chainalysis.

In addition to $5.7 million in recovered funds, law enforcement has frozen an additional $40 million in stolen assets. However, recovering these funds will take longer, with no definitive timeline provided for their return.

On March 29, 2022, the Ronin network suffered a major security breach, resulting in a loss of 173,600 ETH and 25 million USDC, totaling about $600 million.

Following the incident, Sky Mavis raised $150 million to reimburse users. In April 2022, Binance reported that the exchange had recovered $5.8 million of funds stolen in the Ronin Bridge attack.

Sky Mavis has since enhanced security measures, including partnerships with new validators like Google Cloud.

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Bakkt is considering strategic options, including a potential sale or breakup, according to an initial report from Bloomberg citing persons familiar with the matter. The move comes amid a surge in takeover activity within the cryptocurrency sector.

The sources, who asked to remain anonymous due to the confidential nature of the matter, revealed that Bakkt has been working with a financial advisor to evaluate its options. However, no final decision has been made, and the company may choose to remain independent.

Bakkt was launched in 2018 by Intercontinental Exchange, which owns several major futures markets and the NYSE. The venture’s founding CEO, Kelly Loeffler, later served as a US Senator from Georgia for a year. Earlier this year, Bakkt faced the risk of being delisted from the NYSE after disclosing that it might not be able to continue as a going concern.

Increased crypto merger and acquisition activities

The potential sale of Bakkt comes as consolidation activity heats up in the digital-asset sector, with crypto prices nearing record highs. While some companies are considering expansion, others are still recovering from the industry-wide meltdown that occurred two years ago. Recent examples of consolidation include Robinhood’s acquisition of European crypto exchange Bitstamp and Riot Platforms Inc.’s proposed takeover of its rival Bitfarms.

Bakkt, which went public through a merger with a blank-check vehicle in 2021, reported a first-quarter loss of $21 million on $855 million in revenue. The company also recently announced a partnership with Crossover Markets to develop a crypto electronic communication network (ECN).

One of Bakkt’s valuable assets is its BitLicense from the New York State Department of Financial Services, which allows it to operate in the state. Other major industry participants with this license include crypto exchange Coinbase, stablecoin issuer Circle, and Jack Dorsey’s digital payment firm Square.

Following the news of the potential sale, Bakkt shares rose 15% to $22.33 on Friday, bringing the company’s market value to around $300 million. Despite this recent increase, the stock has fallen approximately 30% over the past year.

On June 6, Robinhood, a US-based multi-asset trading platform, announced its plan to acquire global crypto exchange Bitstamp.

This acquisition will bring Bitstamp’s vast retail and institutional customer base across the EU, UK, US, and Asia to Robinhood, significantly expanding its global footprint outside the US.

Robinhood to Enhance Crypto Services with Bitstamp Acquisition

Robinhood aims to enhance its crypto services through the acquisition of Bitstamp. Bitstamp brings over 50 active licenses and registrations worldwide to the table. This allows Robinhood to integrate a reputable institutional business into its ecosystem.

Acquiring Bitstamp also means Robinhood will enter the institutional space with ready-made relationships, infrastructure, and products. Bitstamp’s core spot exchange—offering more than 85 tradable assets, staking, and lending services—will bolster Robinhood’s crypto offerings.

Read more: How to Buy and Sell Crypto on Robinhood: A Step-by-Step Guide

Johann Kerbrat, the General Manager of Robinhood Crypto, expressed that the acquisition of Bitstamp marks a significant advancement in their crypto business expansion efforts. He praised Bitstamp for its enduring global exchange, which has proven resilient through various market cycles.

“By seamlessly coupling customer experience with safety across geographies, the Bitstamp team has established one of the strongest reputations across retail and institutional crypto investors,” Kerbrat said.

From Bitstamp’s perspective, CEO JB Graftieaux discussed the benefits of integrating with Robinhood’s ecosystem. He noted that this integration will improve users’ trading experience.

“As the world’s longest-running cryptocurrency exchange, Bitstamp is known as one of the most trusted and transparent crypto platforms worldwide. Bringing Bitstamp’s platform and expertise into Robinhood’s ecosystem will give users an enhanced trading experience with a continuing commitment to compliance, security, and customer-centricity,” Graftieaux stated.

Robinhood expects the final deal consideration to be approximately $200 million in cash, subject to customary purchase price adjustments. The acquisition is subject to customary closing conditions, including regulatory approvals, and is expected to close in the first half of 2025. Barclays Capital Inc. served as the exclusive financial advisor to Robinhood, while Galaxy Digital Partners LLC served as the exclusive financial advisor to Bitstamp.