The Unchained Web #199

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China Convicts BKEX Staff for Illegal Gambling via Crypto Contracts

A Chinese court sentenced multiple employees of cryptocurrency exchange BKEX for facilitating illegal gambling through leveraged trading contracts. The ruling found that BKEX’s futures trading platform functioned as a digital casino, allowing users to bet with high leverage on crypto price movements. The case is part of China’s ongoing crackdown on cryptocurrency-related activities. For more, click here.

Illinois Proposes Strategic Bitcoin Reserve with 5-Year Holding Strategy

Illinois has introduced a bill to establish a state-run Bitcoin reserve, requiring a minimum five-year holding period before any BTC sales or conversions. The legislation follows similar proposals in Arizona and Texas, positioning Bitcoin as a strategic financial asset. Supporters see this as a step toward integrating cryptocurrency into state-level treasury management. For more, click here.

El Salvador Amends Bitcoin Law to Align with IMF Agreement

El Salvador's Congress swiftly approved legislative reforms to its Bitcoin law to comply with its $1.4 billion loan agreement with the International Monetary Fund. The amendment makes Bitcoin optional rather than mandatory for businesses while maintaining its status as legal tender. El Salvador continues to accumulate BTC, holding over 6,000 BTC with significant portfolio gains. For more, click here.

Zuckerberg Calls 2025 a ‘Pivotal Year’ for the Metaverse Despite Reality Labs’ Losses

Meta’s Reality Labs division reported a $17.73 billion loss in 2024, yet CEO Mark Zuckerberg remains optimistic about the metaverse's future. He emphasized that upcoming technological advancements will make virtual experiences more immersive. Despite Reality Labs’ mounting losses, Meta's broader financial performance impressed investors, with stock prices rising following its earnings report. For more, click here.

Gemini Boycotts MIT Graduates Over Gary Gensler’s Faculty Role

Crypto exchange Gemini announced it will not hire MIT graduates unless the university severs ties with former SEC Chair Gary Gensler. Co-founder Tyler Winklevoss accused Gensler of damaging the crypto industry through excessive enforcement actions. While some in the industry support the move, others argue that penalizing students over institutional associations is unfair. For more, click here.

Activist Investors Push for Strategic Changes at Riot Platforms

Investment firm D.E. Shaw has acquired a stake in Bitcoin miner Riot Platforms, positioning itself as the latest activist investor targeting the company. Riot has been under pressure to diversify its operations, including repurposing mining infrastructure for AI data centers. This comes amid growing interest in AI-focused energy solutions from major crypto miners. For more, click here.

Solana Outpaces Ethereum in DEX Market Share, Fueled by Pump.fun

Solana has captured nearly 50% of the decentralized exchange (DEX) market, surpassing Ethereum in trading volume at times, according to OKX. The surge is driven by Pump.fun, a memecoin launchpad that has attracted significant activity. While Solana’s fast transactions and low fees appeal to retail traders, Ethereum still dominates in liquidity and institutional use cases. For more, click here.

Gary Gensler returns to MIT — Here’s what he taught last time

Former SEC Chair Gary Gensler has rejoined MIT as a professor, co-directing an AI-focused fintech research initiative. His past pro-crypto statements at MIT contrast sharply with his regulatory stance while leading the SEC, drawing criticism from the crypto community. His return to academia marks a shift from his high-profile enforcement actions in the crypto sector. For more, click here.

Trump’s Memecoin Gains Utility as Payment for Official Merchandise

President Donald Trump has integrated his TRUMP memecoin into his business ecosystem, allowing holders to purchase branded sneakers, watches, and fragrances. The move signals his increasing involvement in crypto despite past criticisms of digital assets. Critics argue this creates potential conflicts of interest given his presidential authority over crypto regulations. For more, click here.

Cardano’s Plomin Hard Fork Ushers in Full Decentralized Governance

The upcoming Plomin hard fork will transition Cardano into a fully decentralized governance system, granting ADA holders real voting power over protocol changes and treasury decisions. Despite the milestone, ADA’s price has struggled to gain momentum, though analysts predict a potential breakout to $1.90 post-upgrade. For more, click here.

Tangem wallet secures US patent for private key transfer tech

Self-custodial wallet provider Tangem received a US patent for its encrypted private key backup system, enabling secure transfers between devices without exposing sensitive data. The innovation aims to improve usability and security in self-custody solutions. However, the broader crypto community remains skeptical of key backup mechanisms, citing past security concerns. For more, click here.

Anthropic CEO Calls AI Chip Export Controls to China ‘Existentially Important’

Anthropic CEO Dario Amodei warned that restricting AI chip exports to China is crucial to maintaining US leadership in artificial intelligence. He argued that AI advancements could shift global power dynamics, making chip access a key determinant of geopolitical dominance. The comments come amid rising tensions over China’s rapid AI progress with models like DeepSeek. For more, click here.

LinkedIn Removes Accounts of AI 'Co-Workers' Looking for Jobs

LinkedIn has taken down profiles of AI-generated "co-workers" after they falsely claimed to be job seekers. The AI profiles, created by Israeli firm Marketeam, promoted their skills as automated marketing specialists. LinkedIn stated that fake accounts violate its policies, while Marketeam defended AI agents as legitimate digital workers in modern enterprises. For more, click here.

Trump Media Launches TruthFi Fintech Venture With Eye on Crypto

Trump Media & Technology Group (TMTG) has launched TruthFi, a fintech initiative that will invest up to $250 million in crypto and blockchain assets. The venture expands Trump’s crypto footprint, following the launch of his memecoins and decentralized finance platform. Analysts view this as a strategic move to mainstream crypto adoption among conservative investors. For more, click here.

SoftBank Plans $25 Billion Investment in OpenAI, Becoming Largest Backer

SoftBank is in talks to invest up to $25 billion in OpenAI, potentially surpassing Microsoft as its largest financial backer. The move aligns with SoftBank’s broader AI ambitions, including its leadership in the Stargate Project, a $500 billion data center initiative announced by President Trump. The deal could reshape OpenAI’s cloud partnerships and infrastructure strategy. For more, click here.

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