• CoinDCX has offered an $11 million bounty to help recover stolen funds
• The bounty will go to people who’ll provide “actionable first intelligence”
• CoinDCX lost $44 million to hackers on July 18

Indian crypto exchange CoinDCX has announced an $11 million bounty, not to the hacker, but to anyone who’ll provide “actionable first-intellegence” to help recover stolen funds. CoinDCX said that it’ll offer “up to 25% of any recovered funds” to individuals who’ll trace, retrieve, and, “more importantly, assist in the identification and conviction” of those involved in the hack. The exchange disclosed that it has redesigned part of its infrastructure and tightened its security to prevent future exploits.

Protecting “Our Collective Trust”

According to CoinDCX, the bounty program isn’t meant “to chase what was lost” but is intended to protect “our collective trust.” It added that the bounty isn’t a cry for help but a “stand for the future.”

Announcing the @CoinDCX Recovery Bounty Program: Up to 25% of any recovered funds will be awarded to individuals or teams who can help trace and retrieve the stolen crypto.

Just to give more context:
-> We want to be upfront. The exposure was from our own reserves, and we have… https://t.co/GHHlxf3PxB

— Sumit Gupta (CoinDCX) (@smtgpt) July 21, 2025

The exchange said that the bounty program is meant to bring the crypto community together to set a new standard for “response and recovery.” It noted that it’ll transparently review all credible leads, adding that it’ll publish updates as new traces and patterns emerge.

In a previous post, CoinDCX CEO Sumit Gupta revealed that the hack didn’t impact customer funds because they were drained from an internal wallet used for “liquidity provisioning” with a partner exchange. Gupta also disclosed that the loss would be covered by the exchange’s corporate treasury.

A Bounty With a Twist

CoinDCX’s bounty program isn’t the first in the market but has an unpopular twist. Instead of reaching out to the hacker and pleading with them to return the funds for a bounty, the exchange wants the hacker’s identity revealed.

In the recent past, hacked crypto platforms like GMX have been using bounties to entice threat actors to return funds. Although this approach has been successful, it’s not a guarantee that hackers  would return funds even when their identities are revealed.

With CoinDCX baying for the hackers identity, it’s to be seen whether the attacker will voluntarily return the loot.

The post CoinDCX Offers $11M Bounty for “Actionable First-Intelligence” appeared first on FullyCrypto.

• The judge overseeing Binance’s tax case could not attend court this week, delaying the trial
• The trial has been pushed to October, causing further consternation to the exchange
• Binance faces $79 billion in tax claims and a $35 million fraud suit

A Nigerian court has delayed Binance’s tax evasion trial once again, this time because the presiding judge failed to appear due to other commitments. The case, already mired in delays, has now been adjourned until October 14 following the non-appearance of Justice Emeka Nwite. Binance continues to face mounting legal pressure in the country, including a multi-billion-dollar tax claim and a separate money laundering case, with the trial now extended by three months.

Judge’s Absence Halts Proceedings

Binance is battling two major cases in Nigeria; the Federal Inland Revenue Service (FIRS) is seeking over $79 billion in damages and unpaid taxes, while the Economic and Financial Crimes Commission is prosecuting the company for alleged money laundering totaling $35 million. The dual cases have raised questions about the exchange’s liability as an offshore entity operating in a jurisdiction where regulators are pushing for stricter crypto controls.

Aside from these large numbers, the most notable aspect of the case so far has been the detention of Tigran Gambaryan, Binance’s former compliance chief, who was detained in Nigeria for months for his alleged role in the company’s actions.

Justice Emeka Nwite did not attend the scheduled July 9 hearing due to other official obligations, leaving both prosecution and defense teams in limbo. This latest delay adds to a growing list of procedural setbacks, including previous issues with overlapping charges and disputes over document service.

Binance Challenges Legal Service

A key issue in the tax case is how Binance was served, with the FIRS claiming it legally notified the exchange via email but Binance arguing that, as a foreign company with no physical office in Nigeria, such service is invalid. A court had previously annulled the email-based notice, leading to more delays as the sides argue over proper procedure.

Nigeria has been cracking down on crypto platforms since early 2024, banning naira-based trading on Binance and accusing the exchange of contributing to currency instability. The government has since accused Binance of causing “economic distortion” and hinted at possible penalties exceeding $80 billion.

The post Missing Judge Delays Binance’s Nigerian Case appeared first on FullyCrypto.

• Telegram has rolled out its self‑custodial TON Wallet to 87 million U.S. users
• The in‑app wallet supports Toncoin, USDT, Bitcoin, swaps, staking and fee‑free on‑ramps
• Toncoin’s price has jumped 3% after the launch amid U.S. regulatory progress

Telegram has launched its built-in TON Wallet for its 87 million American users, seamlessly integrating crypto features like Toncoin and USDT into chat conversations. The wallet functions in-app with a split-key recovery system and enables users to send assets, swap tokens, stake, and even purchase crypto with zero on-ramp fees, all without needing external apps. Following the announcement, Toncoin jumped approximately 3% as market sentiment reacted positively.

Seamless On-Ramp into Crypto

Telegram’s TON Wallet marks the first time a major U.S. messaging app has embedded a self‑custodial crypto wallet natively. It allows users to manage digital assets entirely within the messaging interface using a split-key system that ties recovery to both Telegram and email, eliminating the need for traditional seed phrases. Such a system has been trialled with other services such as WhatsApp, but integration has never moved past this stage.

Telegram’s crypto wallet supports Toncoin, USDT, NFTs, token swaps, and staking, all without leaving the chat environment, bringing a level of seamlessness that is sorely missing in the crypto space. Max Crown, CEO of the TON Foundation, stated that it was Telegram’s ambition to make decentralized finance “part of everyday life.”

Not only does the wallet simplify onboarding for mainstream users, but it also retains full non-custodial control, aligning with decentralized finance principles. With a built-in on‑ramp and off‑ramp via MoonPay, users can buy crypto using Apple/Google Pay or bank cards and withdraw funds to bank cards, all fee‑free for USDT.

Telegram’s Regulatory Turn

Telegram originally shelved its in-app crypto plans in 2020 after challenges from the Securities and Exchange Commission and legal issues surrounding its founder, Pavel Durov. However, the Trump administration’s pro-crypto stance has allowed the company to continue its work. The company pulled its crypto wallet from the UK market last September after deciding not to pursue a license.

By embedding TON Wallet directly into its platform, Telegram is positioning itself as a facilitator of mainstream Web3 access. The app already hosts games, mini‑apps, DeFi tools and now cryptographic finance, complete with robust security features like transaction previews, whitelists, and blacklists to guard against fraud. With over 100 million wallets already activated globally, the U.S. rollout opens doors for mass adoption.

The post U.S. Telegram Users Can Now Use In-App Crypto Wallet appeared first on FullyCrypto.

• A Belgian celebrity barber has been kidnapped in London after being mistaken for a crypto billionaire
• The gang, including the woman who lured him over social media, demanded £500,000
• After discovering he only had £6.71 in crypto, they released him at St Pancras station

A Belgian celebrity barber was lured to London by a woman he met on social media, only to be kidnapped and held hostage by a gang who wrongly believed he was a cryptocurrency billionaire. The gang demanded hundreds of thousands of pounds from 21-year-old Quentin Cepeljac before settling for a small bank transfer and eventually dumping him at a railway station. Several suspects have appeared in court in London, where they admitted blackmail and are awaiting sentencing.

Lured Through Social Media

Quentin Cepeljac, 21, who cuts the hair of several Belgian footballers, began chatting with 20-year-old Davina Raaymakers on TikTok and Instagram. Posing as someone from a wealthy family, Raaymakers invited Cepeljac to London for a weekend stay in a luxury apartment, but when he arrived on May 5 last year, the promised flat was suddenly “unavailable.” Instead, he was taken to a bedsit in Shepherd’s Bush.

Once inside, Cepeljac was attacked by Raaymakers’ accomplices, including her boyfriend Adlan Haji, who held a machete to his neck, stabbed a knife into his leg, and beat him while demanding he transfer $675,000 from his crypto holdings. They even showed him a video of an apparent stabbing to intimidate him. But when Cepeljac revealed he had just £6.71 in crypto, the gang realized they had made a terrible error; still, they demanded $2,700 from his bank account and made him call a friend in Belgium to arrange the transfer. Instead, the friend alerted authorities.

Kidnappers Traced Through Phone Usage

Eventually, the kidnappers realised that Cepeljac wasn’t worth ransoming and returned his passport and phone before putting him in a taxi to St Pancras station. There, Cepeljac was met by officers from the Metropolitan Police’s Flying Squad, who followed him back to the flat, which had since been scrubbed with bleach. However, phone data helped police trace the gang, and all four suspects were arrested.

The gang appeared in Isleworth Crown Court this week, where Raaymakers, Haji, Alexander Khalil, and Omar Sharif all admitted blackmail. Sharif, who wore an electronic monitoring tag following a previous conviction, even had to leave during the kidnapping to comply with his curfew.

The incident is reminiscent of other incidents that have taken place recently, particularly in France, where wealthy crypto holders and their families have been the targets of kidnapping attempts.

The post Gang Kidnapped Barber After Mistaking Him for Crypto Billionaire appeared first on FullyCrypto.

• The Securities and Exchange Commission has approved, then promptly halted, Bitwise’s bid to convert its 10‑Crypto Index Fund into a spot ETF
• The agency has paused the decision under Rule 431, requiring a full Commission review
• The move mirrors a similar action against Grayscale and has raised concerns over regulatory consistency

The Securities and Exchange Commission (SEC) has abruptly reversed course after approving a plan by Bitwise to convert its 10‑Crypto Index Fund into a spot ETF, invoking Rule 431 to place the approval on hold. The decision, which comes just a day after the fund received the green light from SEC staff, now awaits a full review by the Commission. This development, echoing a similar halt issued against Grayscale’s fund earlier this month, has triggered confusion and frustration among market participants, especially given the agency’s supposed crypto-forward posture.

Sudden Reversal Draws Scrutiny

On July 22, Bitwise received SEC approval to convert its 10‑Crypto Index Fund, traded under the ticker BITW, into a spot ETF, a move that would have expanded investor access to a diversified basket of cryptocurrencies. However, the approval was almost immediately suspended when the SEC invoked Rule 431, which allows the Commission to stay staff decisions pending further review. The fund, which holds roughly 90% Bitcoin and Ethereum along with smaller allocations to XRP, Solana, and other top altcoins, will now remain in limbo while the Commission deliberates.

The SEC’s action closely follows a similar reversal involving Grayscale’s Digital Large Cap Fund, suggesting a broader unease within the agency regarding multi-asset crypto ETFs. Both halted funds contain assets like XRP, Cardano, and Solana, tokens that have yet to gain standalone ETF approval, raising speculation that the Commission may be reluctant to permit ETFs holding such assets before issuing further guidance.

The repeated use of Rule 431 points to internal divisions within the SEC, as well as a heightened sensitivity to perceived regulatory gaps in the crypto market.

Observers Criticize “Bizarre” Decision

The crypto investment community has not held back. Nate Geraci, co-founder of The ETF Institute, called the situation “bizarre” in a post on X, stating, “Both of these should be allowed to convert/uplist ASAP.” Observers have noted that the SEC’s mixed signals risk undermining investor confidence and stalling momentum for broader crypto ETF adoption. The lack of transparency has prompted criticism that the regulator is prioritizing caution over clarity.

This latest setback suggests that the SEC remains deeply cautious about opening the door too widely to crypto exposure, particularly when it involves tokens not yet afforded individual ETF status. For Bitwise, Grayscale, and other asset managers, the path to approval now appears more complex and politicised than ever, and until the Commission sets a clear policy on multi-asset products, issuers and investors alike will be left navigating uncertainty in a regulatory landscape still struggling to define its approach to crypto.

The post SEC Halts Bitwise Crypto ETF a Day After Approval appeared first on FullyCrypto.

• Ethereum NFTs are leading the 7-day total sales volume across all chains
• CryptoPunks, Moonbirds, and Pudgy Penguins are among the Ethereum NFTs with the highest volume
• The increase in volume is influenced by the rise in ETH price

Ethereum NFTs have the highest 7-day NFT sales volume across all chains in the last week, with CryptoPunks, Moonbirds, and Pudgy Penguins taking the lead. Out of the top 10 NFTs by sales volume, six are powered by Ethereum and two live on Ethereum scaling layers. The rise in volume is attributed to an increase in the price of ETH, which has been on an upward trajectory, reaching a weekly high of over $3,800 from a low of roughly $2,900. 

CryptoPunks Take the Lead

According to NFT data tracking platform CryptoSlam, CryptoPunks lead with the highest 7-day sale volume of nearly $20 million, with its volume and the number of transactions increasing by 500% and 329%, respectively.

f(x)wstETH position collection ranks second with a volume of $12 million. Pudgy Penguins, BAYC, and Moonbirds occupy positions four, five, and eight, respectively, with a 7-day sales volume ranging from $3 to $10 million. 

The Courtyard NFT collection, which lives on the Ethereum scaling layer Polygon, is at number three with a volume of $10.4 million. Guild of Guardians, an NFT collection powered by Ethereum layer 2 Immutable, is another Ethereum-affiliated NFT collection on the list with a sales volume of slightly above $4 million.

Non-Ethereum NFTs on the top ten list include DMarket, which lives on Mythos and Bitcoin’s BRC-20 NFTs. When the list is expanded to the top 20 collectibles by sales volume, It includes NFTs from Solana and BNB.

Ethereum Beats Bitcoin, Polygon, and BNB Chain

The spike in Ethereum-based NFTs’ sales volume gives Ethereum a lead, putting its total 7-day NFT sales volume at $107 million. Bitcoin comes second with $15.7 million, followed by Polygon at $12.8 million. BNB Chain and Solana close the list of the top five blockchains by NFT sales volume with $9 and $8.9 million, respectively.

The NFT sales volume spike comes three months after CryptoSlam disclosed that the number of weekly NFT buyers was on the rise, while the volume was declining, suggesting that collectors were going for low-priced collectibles.

With the ETH price contributing to the rise, the volume may drop or skyrocket depending on whether ETH’s price will drop or increase.

The post Ethereum NFTs Top 7-Day Total NFT Sales Volume appeared first on FullyCrypto.

• A blockchain analyst has revealed that over 913,000 ETH has been permanently lost due to user mistakes
• The figure represents more than 0.76% of Ethereum’s total supply, highlighting critical flaws in wallet usability and recovery
• The findings have reignited calls for better tools and safeguards in crypto infrastructure to protect users from irreversible errors

Nearly a million Ethereum tokens have been identified as lost forever, according to new research by on-chain analyst Conor Grogan. In a widely shared tweet thread, Grogan revealed that at least 913,111 ETH is “lost forever due to user error,” representing a striking 0.76% of the current ETH supply, with the lost funds today valued at more than $3.4 billion. The scale of the loss has drawn attention to persistent problems around crypto wallet design and the high stakes of managing digital assets without recovery mechanisms.

Human Error Remains Biggest Risk

Grogan’s breakdown includes ETH stuck in dead smart contracts, wallets with no known keyholders, and funds accidentally sent to burn addresses or incorrect destinations. Among the examples he cited was the QuadrigaCX scandal, where approximately 60,000 ETH became inaccessible after the founder died without sharing wallet credentials:

Based on my research, a minimum of 913,111 Ethereum is lost forever due to user error. This is 0.76%+ of ETH supply, or $3.43 billion in lost funds

If we include EIP‑1559 burned ETH (5.3M), then >5% of all ETH ever made ($23.42B) have been permanently destroyed pic.twitter.com/IlTduN7Kzx

— Conor (@jconorgrogan) July 20, 2025

Grogan noted that there are “hundreds of examples of people sending ETH to contracts with no withdraw function,” highlighting that the problem is systemic, rather than isolated. As Ethereum continues to gain adoption, these incidents serve as stark reminders that human error remains one of the biggest risks in the ecosystem.

Developers Hoping to Bridge the Gap

The discussion has sparked renewed interest in improving wallet usability and developing better safety nets, with developers exploring features such as social recovery, clearer backup instructions, and account abstraction to make crypto more user-friendly. While some advocate for blockchain-level changes to address inaccessible funds, others argue that any such intervention would undermine Ethereum’s core principles of immutability and decentralization. 

Either way, Grogan’s research has brought fresh urgency to a longstanding issue: when users lose access to their wallets, the consequences are often final, and incredibly costly.

The post Over 913,000 ETH Lost to User Error, Says Analyst appeared first on FullyCrypto.

• Crypto fund managers have recorded a new all-time high of $4.39 billion in weekly inflows into investment products
• Ethereum products have outpaced all 2024 inflows in a single week, bringing in $2.12 billion
• U.S. investors have contributed the vast majority of inflows, pushing total assets under management to $220 billion

Digital asset funds have seen their strongest week on record, with $4.39 billion pouring in from institutional and retail investors. The rally has pushed assets under management to an all-time high of $220 billion, with Ethereum stealing the spotlight by drawing $2.12 billion in just seven days. The inflows were overwhelmingly led by U.S. investors, who accounted for nearly the entire amount, with the record surpassing that set in the week after the U.S. election last year.

Record-Breaking Inflows and Surging Interest

According to CoinShares, last week’s inflows surpassed the previous record of $4.27 billion set in November, capping off a 14-week streak of net positives for crypto funds:

The total for 2025 has now reached $27 billion, while trading turnover in crypto exchange-traded products jumped to $39.2 billion, an increase of 80% compared to the prior week. The activity has been especially intense around Bitcoin and Ethereum, which continue to dominate institutional interest.

Ethereum Takes Center Stage

Ethereum-focused funds saw inflows of $2.12 billion, nearly doubling their previous weekly high and marking the largest single-week gain ever for the asset. CoinShares highlighted that 23% of Ethereum’s total assets under management have flowed in over the past 13 weeks, and with cumulative inflows for 2025 now exceeding all of 2024’s $2.6 billion total, it seems that the second-biggest cryptocurrency is gaining serious traction among institutional players, possibly driven by growing excitement around tokenization and ETF approvals.

Bitcoin products also held strong, bringing in $2.2 billion despite a slight dip from the previous week’s $2.7 billion, while alternative assets like Solana, XRP, and Sui saw more modest, but still notable, inflows of $39 million, $36 million, and $9.3 million, respectively, indicating that interest in altcoins remains healthy.

Unsurprisingly, U.S.-based investors accounted for nearly the entire $4.36 billion inflow, underscoring the country’s growing appetite for regulated digital asset exposure. Other regions contributed smaller sums, with Switzerland adding $47.3 million, Hong Kong $14.1 million, and Australia $17.3 million.

The massive surge in inflows appears to be fueled by easing macroeconomic conditions, rising regulatory clarity, and renewed institutional confidence in crypto markets. While Ethereum has clearly become the focal point, the broader increase in trading volumes and diversification into altcoins hints at a maturing market. Still, with valuations climbing fast, some analysts caution that a pullback could be just as sharp if sentiment shifts.

The post Crypto Fund Weekly Inflows Hit Record $4.39 Billion appeared first on FullyCrypto.

• Roman Storm’s legal team has said they are considering filing for a mistrial
• A government witness claimed scam proceeds were laundered through Tornado Cash
• Independent researchers have disputed that claim, citing a lack of on-chain evidence

Roman Storm’s defense attorneys have raised the possibility of a mistrial after discovering that funds said to have been laundered through Tornado Cash probably weren’t. A witness in the trial, Hanfeng Lin, testified that the blockchain recovery firm Payback had traced her stolen assets to the mixer, but Storm’s team challenged the validity of that claim, citing their own investigation and the work of well-known blockchain analysts who found no such connection on-chain. As a result, they are considering pushing for a mistrial, although no decision has been taken yet.

Blockchain Analysts Followed “Wrong Path”

Hanfeng Lin testified on Tuesday, during the second week of the Tornado Cash trial in federal court in Manhattan. Her testimony marked the prosecution’s first presentation of a victim of a pig-butchering crypto scam, detailing how she lost approximately $190,000–$250,000 and believed a portion of those funds passed through Tornado Cash. However, crypto researchers ZachXBT and Taylor Monahan publicly reviewed the transactions linked to Lin’s case and concluded there was no evidence the funds ever passed through Tornado Cash:

Finally got time to review the txns you shared and I agree.

Idk how you mess up the tracing that bad as a firm to where you couldn’t properly follow instant exchange deposits 1 hop from a theft address and then follow subsequent txns down the wrong path to Tornado…

It’s…

— ZachXBT (@zachxbt) July 21, 2025

Defense lawyers presented these findings in court and argued that allowing such unsupported testimony could mislead the jury and undermine the fairness of the trial. They have not yet submitted a formal mistrial motion but told the judge they are actively considering it.

Prosecution Promises New Evidence

The prosecution, led by Assistant U.S. Attorney Thane Rehn, has pushed back, promising to bring forward new evidence and witnesses to support their version of events, with Rehn adding that the government will introduce additional on-chain data showing the scam funds were indeed mixed using Tornado Cash. Monahan added that “the state will absolutely need to show that their investigators did not wholly rely on a single bad-faith letter from an identified scam crypto recovery service,” although he doubted whether any federal agent is “willing to go on the stand and testify they verified the trace.”

The outcome of this evidentiary dispute could be pivotal in a case that has wide implications for open-source developers and crypto privacy tools; Roman Storm is charged with conspiracy to violate sanctions and operating an unlicensed money transmitter, and the trial is being closely watched by both the crypto community and digital rights advocates.

The post Roman Storm Lawyers Considering Mistrial Application appeared first on FullyCrypto.

• Crypto exchange CoinDCX has confirmed losing over $44 million in a hack
• Hackers compromised the exchange’s internal account shared with a partner exchange
• CoinDCX said that no user funds were lost

Crypto exchange CoinDCX has lost $44 million to threat actors who compromised one of its internal accounts used for “liquidity provisioning on a partner exchange.” The exchange noted that no user funds were lost because it stores user and exchange funds in different wallets, adding that customer assets are “completely safe.” CoinDCX CEO Sumit Gupta added that the exploit was “quickly contained,” revealing that the loss will be “fully absorbed by [the exchange]” from its treasury reserves.

Tracking Stolen Funds, Thinking of a Bounty

Gupta disclosed that the exchange has been collaborating with cybersecurity experts to track the movement of funds and address any vulnerabilities. Part of these efforts include offering a bounty. The CEO noted that “every security incident is a learning opportunity, adding that the exploit will help strengthen the exchange’s security.

Hi everyone,

At @CoinDCX, we have always believed in being transparent with our community, hence I am sharing this with you directly.

Today, one of our internal operational accounts – used only for liquidity provisioning on a partner exchange – was compromised due to a… pic.twitter.com/L1kZhjKAxQ

— Sumit Gupta (CoinDCX) (@smtgpt) July 19, 2025

In an incident report published on July 20, CoinDCX said the internal operational account was compromised due to a “sophisticated server breach” that allowed unauthorized access to the affected account.

The report added that the breach enabled the attacker to penetrate its liquidity infrastructure. CoinDCX, however, noted that the compromised infrastructure was quickly isolated and the exchange is operating normally.

The report disclosed that the stolen funds went through multiple accounts before being concentrated in two accounts

Working With “Globally Reputed” Agencies

The hacked crypto exchange noted that it’s still working with “two globally reputed security agencies” to provide a detailed forensic report. It also disclosed that it has reported the incident to the Indian Computer Emergency Response Team (CERT-In), the country’s national agency tasked with responding to computer-related security incidents.

The CoinDCX hack comes roughly a year after the exchange unveiled a customer protection fund to compensate hack victims. It also comes a year after WazirX, another Indian exchange, lost $230 million in a hack.

With CoinDCX not explicitly offering the hacker a bounty, it remains to be seen whether it’ll manage to recover the funds.

The post CoinDCX Exchange Hacked for $44 Million appeared first on FullyCrypto.

• The UK government is reportedly considering selling around $7 billion in seized bitcoin to help plug a budget shortfall
• Reports have suggested Chancellor Rachel Reeves is preparing to liquidate crypto assets imminently
• Critics have rebutted the claims, pointing out that the bitcoin remains under legal dispute and calling it “clickbait”

A recent story in the British newspaper The Telegraph claimed that the UK is “sitting on a £5 billion bitcoin stash” that Chancellor Rachel Reeves could liquidate to support public finances. The piece implied that the government is gearing up to sell the assets, seized from a 2018 Chinese investment scam, in order to shore up finances damaged by the COVID-19 pandemic. However, such claims have been doused with cold water by those in the know, who have criticized the article as being “clickbait.”

No Windfall for Reeves

According to The Telegraph, Britain’s Labour government could be sitting on a crypto treasure chest of over 61,000 BTC, potentially worth £5 billion ($7 billion). It suggested Reeves has “the chance” to offload these funds to fill a £20 billion budget hole ahead of her first major financial statement in the autumn. The piece framed the situation as both a political opportunity and a risk, warning that failure to sell at the right time could cost the country dearly if bitcoin prices fall.

However, crypto policy advocates and legal analysts were quick to dismiss the article as overhyped:

No new info, no depth, just sensationalism over substance.

The Telegraph just dropped another lazy, clickbait Bitcoin article.

It tries to link the UK’s budget deficit to government crypto procurement and floats the idea of selling 61,250 bitcoin right in the middle of a bull… pic.twitter.com/lQ8NIHGbbw

— Decentra Suze (@DecentraSuze) July 20, 2025

As Decentra Suze pointed out, the bitcoins referenced were seized from Jian Wen and associates in a 2018 Chinese fraud case and are still entangled in ongoing restitution claims. Under UK law, the government cannot profit from confiscated assets until all victims have been compensated, a process that could take years. In addition, operational challenges remain: the Home Office has yet to implement a reliable custodial and liquidation framework after cancelling a key £40 million tender earlier this year.

While it is true that the UK government holds a large amount of seized bitcoins, the suggestion that Reeves can simply sell it to balance the books is misleading, with legal, logistical, and moral hurdles all standing in the way. The real story is not of a ready-to-deploy crypto windfall, but of a complex and delayed asset recovery process with no guaranteed outcome, and certainly no immediate fiscal fix.

The post No, the UK Government Isn’t Selling $7 Billion in BTC appeared first on FullyCrypto.

• A new cloud mining scam has been pushing its wares on an unsuspecting public
• BlockchainCloudMining.com claims to offer mining of XRP, SOL, ETH, USDT, and USDC
• None of these coins are mineable, while the advertised returns of “up to $9,777 per day” are clearly fatuous

A newly advertised cloud mining platform, BlockchainCloudMining.com, has proven that crypto mining scams are far from over, advertising returns of almost $10,000 per day through the mining of XRP, among other cryptocurrencies. Of course, those with knowledge of the blockchain space will recognize two rather large red flags regarding such claims, but this scam is obviously aimed at those fresh to the space. The company put out a press release yesterday advertising their ‘services,’ promising that “Passive income is no longer a dream for XRP holders” as well as advertising the mining of several other coins that cannot be mined.

Attention-Grabbing Claims

In its press release, published on Sunday, BlockchainCloudMining.com advertised between 100% and 800% annual returns, supposedly generated through “automated, smart mining contracts.” This, of course, throws up the first red flag: XRP isn’t a mineable cryptocurrency. Unlike Bitcoin or Ethereum, all XRP tokens were pre-mined at launch, meaning there’s no way to generate new XRP through mining, although newcomers to the space may, of course, be unaware of that fact.

Then there’s the fantastic earning potential (and the grandiose language):

In a groundbreaking update that is shaking up the digital asset space, XRP holders now have the opportunity to earn as much as $9,777 per day.

Such sky-high fees are obviously nonsense, but the inclusion of “as much as” seemingly allows the company to get away with paying out a pittance, if anything gets paid out at all. The company promises “High profit level and daily dividends” as well as “McAfee security” and “Cloudflare security,” which is about as vague as you can get, given that these two companies will have nothing to do with protecting the mining process.

Speaking of the mining process, aside from XRP, the company says it mines eight cryptocurrencies, including ETH, SOL, USDC, and USDT; ETH and SOL are proof-of-stake and not proof-of-work, while USDT and USDC are issued by Tether and Circle, respectively, giving a grand total of five coins the mining outfit offers that can’t be mined.

Trustpilot Abuse Adds to Legitimate Air

BlockchainCloudMining.com has issued multiple press releases advertising its business on a regular basis in the past two weeks, with one carrying the headline “Veteran Trader Earns $9,777 a Day with Blockchain Cloud Mining,” without once referencing such a trader in the article.

Digging into the company, we find more issues. In April 2024, the company filed ‘accounts for a dormant company’, suggesting that it is no longer in business. The entire operation is run by one person, Sharon Henley, with no other employees registered, while the company address listed on its website is that of a company formation agent.

BlockchainCloudMining.com also seems to have gone on a PR binge, with Trustpilot showing a score of 4.8/5 from 77 reviews. This seems good on the surface, but they have all come between April and the past few days, despite the company having supposedly been in business since 2018. What has it been doing for the past seven years? Barely a day has gone by since the first review in April without someone leaving a 5-star review of the company, typically with two or three such reviews left per day. Four were left on July 11 alone.

Anyone with any knowledge of the crypto space can see that BlockchainCloudMining.com is a scam, and we offer the same advice to anyone considering investing in any cloud mining platform: don’t.

The post Warning Over New Cloud Mining Scam appeared first on FullyCrypto.