EDNY has formally indicted Chinese businessman Chen Zhi, accusing him of running a transnational criminal network through Cambodia’s Prince Group that carried out large-scale crypto investment scams across more than 30 countries. The indictment alleges that Chen’s organization operated at least 10 scam compounds in Cambodia, defrauding victims worldwide of billions of dollars through “pig-butchering” schemes. The DOJ is seeking the forfeiture of 127,271 BTC and luxury assets including yachts and private jets. — link


The U.S. Treasury Department has also sanctioned Chen’s Prince Group TCO and its network in Palau, freezing related assets and prohibiting U.S. persons from transacting with them. Meanwhile, FinCEN identified Cambodia-based Huione Group as a major money-laundering hub, finding it laundered about $4 billion between August 2021 and January 2025—including $37 million linked to DPRK cyber-heists. FinCEN has officially cut Huione Group off from the U.S. financial system. — link

ZachXBT tweeted that the Bitcoin wallet address corresponding to the approximately 127,000 BTC the U.S. government recently announced plans to seize had been flagged nearly two years ago in a Milky Sad report, which noted a private key vulnerability. The government now claims to have gained control over the wallet. — link

Binance has launched the “Together Initiative,” including a $300M user seed program and a $100M institutional support fund. Eligible users can receive token vouchers worth $4–6,000 from the $300M pool. Additionally, Binance will provide a $100M low-interest loan fund to help ecosystem and institutional users affected by recent market volatility resume trading. — link

According to WSJ, Federal Reserve Chair Jerome Powell stated that the Fed’s balance sheet reduction (QT) could end in the coming months, citing recent increases in various overnight funding rates that prompted a reassessment of QT’s trajectory. Powell also warned that if Congress eliminates the Interest on Reserves (IOR) mechanism, the Fed could lose effective control over short-term interest rates, posing a threat to market stability. — link

BRIC announced a $299.5 million settlement with Tether to pay the Celsius bankruptcy estate. The agreement stems from an adversary proceeding BRIC filed in August 2024 in the U.S. Bankruptcy Court for the Southern District of New York, alleging Tether violated bankruptcy law and related obligations by transferring and liquidating collateral prior to Celsius’s 2022 bankruptcy filing. — link

U.S. Representative Troy Downing will introduce the Retirement Investment Choice Act this Tuesday, aiming to codify former President Trump’s executive order that allows 401(k) retirement plans to invest in cryptocurrencies and private equity. The bill has reportedly received joint support from four Republican lawmakers. — link

New York City Mayor Eric Adams signed an executive order creating the nation’s first city-level Office of Digital Assets and Blockchain to promote crypto and blockchain development within a regulatory framework. Moises Rendon, with over a year of municipal digital asset experience, will lead the office, coordinating government–industry collaboration, attracting talent, improving public services, and advancing related policies with federal and state authorities. — link

On October 14, spot Bitcoin ETFs saw a total net inflow of $103 million, with Fidelity ETF FBTC receiving the largest single-day net inflow at $133 million. Spot Ethereum ETFs recorded a total net inflow of $236 million, while none of the nine ETFs saw a net outflow. — link

OKX CEO Star stated that the Huione Group has caused significant negative impact in the crypto asset sector. In light of its potential risks, OKX has implemented strict AML controls on transactions involving the group. All crypto asset deposits and withdrawals related to Huione will be subject to compliance review. Based on results, OKX may take measures such as freezing funds or terminating account services. — link

French banking giant ODDO BHF has announced the launch of its euro-backed stablecoin EUROD, marking its official entry into the cryptocurrency sector. The bank manages over €150 billion (approximately $173 billion) in assets. EUROD will debut on the Madrid-based crypto platform Bit2Me, which is backed by major institutions including telecom giant Telefonica and banking groups Unicaja and BBVA. — link

Binance founder CZ tweeted that strong projects don’t need to pay or ask for listings—exchanges will compete to list them. He noted that each exchange has its own listing and fee models, and companies should focus on their own development. CZ advised projects to focus on products, and suggested users give feedback to the project or use a DEX if dissatisfied. — link

Additionally, He Yi explained that all contract deposits for Binance listings are refundable. Marketing fees are used for Binance Square tasks, Academy content, and trading competitions, with Binance also providing airdrops. Full reports on all activities, as well as details on spot and Alpha airdrops, are shared with project teams. — link

U.S.-listed company Zeta Network Group (Nasdaq: ZNB) announced the completion of a $231 million private placement (PIPE), with all proceeds paid in BTC or SolvBTC, a 1:1 Bitcoin-backed token issued by Solv Protocol. The funds will be used to strengthen the company’s balance sheet and digital asset treasury. — link

Zero-knowledge infrastructure provider Brevis launched its multi-GPU zkVM Pico Prism, achieving real-time Ethereum proofs on consumer hardware. Tests show 99.6% completion within 12s and 96.8% within 10s for 45M gas blocks, averaging 6.9s. Compared to SP1 Hypercube, coverage rose from 40.9% to 98.9%, average time dropped from 10.3s to 6.04s, and GPU costs halved to $128K. Brevis plans to reduce GPU use to 16 RTX 5090s to reach 99% real-time proving. — link

Interview with Deribit CEO Luuk Strijers: Deribit CEO Luuk Strijers stated that Deribit leads the crypto options market by focusing on options, institutional trust, and strong infrastructure. He said the Coinbase acquisition will help expand globally, combining Deribit’s product focus with Coinbase’s scale and compliance. Strijers noted ongoing regulatory and KYC challenges, and while DeFi options are growing, institutions continue to choose Deribit for security and reliability. Read more — link

The Ethereum Foundation announced that it has deposited 2,400 ETH and approximately $6 million in stablecoins into Morpho’s yield-bearing vaults today. The Foundation also stated that Morpho is a pioneer in permissionless DeFi protocols and remains committed to the principles of freedom and Free/Libre Open Source Software (FLOSS). — link

Backpack exchange announced a partnership with fintech company Superstate to integrate its on-chain stock platform, Opening Bell. This will allow Backpack users to trade SEC-registered public company stocks on the platform. These stocks have the same CUSIP codes as those listed on Nasdaq or NYSE and are issued by Superstate as the transfer agent, giving investors direct ownership and related rights. The first supported tokenized stocks and launch date will be announced in the coming weeks. — link

Connectia Trust, a Sony Bank subsidiary, has applied to the U.S. OCC for a national crypto bank charter. The firm plans to issue a USD-backed stablecoin, hold corresponding reserves, and offer digital asset custody and management services. Sony joins firms like Stripe, Coinbase, Paxos, and Circle in seeking OCC approval for regulated crypto operations. — link

The Federal Reserve’s latest Beige Book indicates that overall U.S. economic activity was little changed. Consumer spending edged down, employment remained stable, but labor demand softened. Wages rose modestly across districts, while prices continued to climb due to higher import costs, increased service spending, and tariffs. — link

According to Bloomberg, Bank of England Deputy Governor Sarah Breeden said the central bank is considering temporary limits on holdings and transactions for systemic stablecoins to prevent potential disruptions to bank deposits and real-economy financing. The proposed caps—£20,000 for individuals and £10 million for businesses—may be adjusted and will be lifted once the risks subside. — link

Eric Trump told CoinDesk TV that he is collaborating with World Liberty Financial on a real estate tokenization project that may utilize the firm’s USD1 stablecoin. The initiative aims to allow public investors to participate with as little as $1,000, offering fractional ownership and perks such as hotel access. — link

Coinbase has added BNB to its roadmap for potential listing. The company stated that the asset’s launch for trading is subject to market support and technical infrastructure readiness. Once these conditions are met, a launch date will be announced separately. — link