Crypto had one of those days. The market was hit by a big sell-off that saw Bitcoin [BTC] lose key levels, alongside many other unsettling headlines piling up.
Here’s a quick rundown.
BTC falls, history repeats
Bitcoin slid to around $76K at press time, with a market sell-off dragging major tokens lower in a matter of hours. While this seems like a reason to panic, zooming out will give you the real picture.
Source: X
The Kobeissi Letter’s recent X post puts this drop in familiar company.
Bitcoin has lived through far deeper falls: the Mt. Gox collapse in 2014, the ICO bubble burst in 2018, the Covid-era crash in 2020, and the 2022 bear market caused by FTX.
Each time, losses ranged from 40% to as much as 80%. Each time, Bitcoin eventually recovered. Every major crypto crash feels terminal in the moment but becomes a rounding error over time.
49% of Trump-linked WLFI bought out
The Wall Street Journal has reported that World Liberty Financial sold a 49% stake to UAE-based Aryam Investment. The deal is said to be worth $500 million.
The agreement was allegedly signed just days before President Trump’s second inauguration, despite the company having no live products at the time. Notably, Aryam does not receive any rights tied to the WLFI token.
Source: X
Aryam is backed by Sheikh Tahnoon bin Zayed Al Nahyan, the UAE’s national security advisor and brother of the country’s president. Sheikh Tahnoon also chairs AI-focused firms MGX and G42.
Earlier this year, MGX invested $2 billion into Binance, settling the transaction using WLF’s newly launched stablecoin, USD1.
This was without disclosing its indirect ownership in WLF.
Russian Bitcoin mining firm CEO detained
Igor Runets, founder and CEO of Russian Bitcoin mining firm BitRiver, has reportedly been detained by authorities in Moscow on allegations of tax evasion.
Local media reports say Runets was taken into custody on Friday and formally charged the following day with three counts related to hiding assets to avoid paying taxes.
A Moscow court has ordered him to remain under house arrest, a decision his legal team can still appeal before it takes full effect later this week.
Runets built BitRiver into one of Russia’s largest Bitcoin mining operators after founding the company in 2017. At its peak, his crypto mining business was reported to be worth hundreds of millions of dollars.
Since being sanctioned by the U.S. in 2022, the firm has lost key clients, faced lawsuits, and struggled with delayed employee payments.
Cross-chain bridge breach causes emergency stop
Crypto protocol CrossCurve has asked users to stop interacting with its platform after confirming that its cross-chain bridge was compromised in a smart contract attack.
An estimated $3 million was reportedly drained across multiple blockchain networks.
The team said the issue stemmed from a flaw in one of the contracts used by the bridge. This allowed unauthorized transactions to slip through normal checks.
Blockchain security trackers flagged the exploit shortly after it happened. They warned that the vulnerability could be used to unlock tokens without proper validation.
Source: X
The incident prompted partner protocol Curve Finance to caution users who had exposure to CrossCurve-related pools. They’ve asked users to reassess their positions and consider withdrawing support.
In response, CrossCurve CEO Boris Povar publicly addressed the wallets believed to have received the stolen funds. If the assets are returned in 72 hours, he’s offered a reward of up to 10%.
Source: X
The team has stated that it is prepared to involve law enforcement and pursue legal action if needed.
Final Thoughts
- Bitcoin slipped to $76K, but patterns say the worries won’t last long.
- In other news, WLFI has sold a major chunk of equity while the CEO of BitRiver got detained.
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