Bitget is facing renewed scrutiny after Lookonchain reported that ten fresh wallets withdrew 100 million LAB tokens, worth about $480.33 million, from the exchange over a 12-hour window. The transfers represented 32.26% of LAB’s circulating supply, according to the on-chain tracker, adding fresh fuel to allegations from ZachXBT and other analysts that LAB trading activity has shown signs of coordinated market manipulation. The wallet activity comes as ZachXBT has escalated his criticism of Bitget, moving beyond the LAB token itself to question the exchange’s role in allowing suspicious trading patterns to continue. In a post on X, the on-chain investigator wrote : “Shawn Liu is the Bitget big boss who allows these scams to operate behind the scenes while Gracy Chen is only the face of it. The Chinese CEX cartel has gone unchallenged for years and doesn’t care as long as they benefit from the activity. I think it is almost time to increase public attacks against Bitget.” Why Bitget Is Under Pressure By ZachXBT The dispute has been building for several days. ZachXBT previously addressed Chen directly over what he described as a lack of public updates on Bitget’s investigation into RAVE , another token that had drawn manipulation allegations. In April, Chen had responded to ZachXBT’s earlier RAVE claims by saying: “Thank you for pointing this out, we have already started investigating the RAVE incident.” ZachXBT’s latest criticism links the unresolved RAVE matter with LAB’s trading activity. “The community has not received any update about the investigation of RAVE,” he wrote. “While now LAB is running yet another market manipulation scheme via Bitget spot. Every new token running similar scams only hurts the credibility of the industry further.” He also questioned the incentives of centralized exchanges that list or facilitate markets around such tokens. “Yes CEXs want fees generated by volume however is destroying retail traders the best way to drive it?” ZachXBT wrote, adding that Binance, OKX and Bybit perpetual markets appeared to be “a potential source” of related activity. The LAB claims center on alleged concentration of supply and exchange flows before the token’s move. SpecterAnalyst, whose thread was cited by ZachXBT, alleged that wallets linked to the LAB team still held large allocations and that one wallet linked to the team deposited 40 million LAB, then worth about $13.6 million, to Bitget on April 8. The same analysis claimed that, about a week before LAB began pumping on May 1, wallets linked to the team deposited another 96 million LAB, worth roughly $63 million, to Bitget. SpecterAnalyst characterized the activity as coordinated, citing gas-fee distribution and additional wallet behavior, including aggressive LAB buying on-chain and deposits to Gate and Bitget. Those claims remain allegations based on wallet clustering and transaction interpretation, not a formal finding by an exchange or regulator. ZachXBT has also put money behind the inquiry. The investigator announced a $10,000 reward for evidence related to LAB market manipulation, including insider information on market makers, contracts, chat logs, and identity details tied to the LAB founder known as Vova Sadkov. At press time, the Bitget token traded at $2.11.

2026-05-12 15:30

A Bloomberg investigation published May 12 has revealed that members of the Trump family made approximately $1.55 billion from sales of the crypto World Liberty Financial (WLFI), lifting their total fortune by roughly $660 million after accounting for previously undisclosed transactions — while early retail investors remain locked out of 80% of their holdings as the token trades near all-time lows. The investigation, based on analysis conducted by intelligence platform Tokenomist.ai at Bloomberg’s request, found that World Liberty Financial sold an additional 5.9 billion tokens to accredited private investors after its two public fundraising rounds closed — transactions worth hundreds of millions of dollars that had not been publicly disclosed or explained to the project’s broader investor base. The sales came on top of the more than $550 million already raised through public rounds, according to Bloomberg’s reporting. Who Received The Crypto Proceeds Under World Liberty Financial’s own governance disclosures, DT Marks DEFI LLC — a Trump-affiliated entity — is entitled to receive 75% of all WLFI token sale proceeds after agreed reserves and expenses, per the Bloomberg report. Trump-affiliated parties also hold 22.5 billion WLFI tokens directly. World Liberty confirmed the private sales to Bloomberg, describing them as “white glove” transactions with private purchasers, but declined to identify the buyers or disclose where the proceeds were directed. The project was co-founded by members of the Trump and Witkoff families, with Zach Witkoff serving as chief executive. Both Donald Trump and Steve Witkoff — who serves as the president’s special envoy to the Middle East — were listed as co-founder emeritus on the project’s website, though the page listing co-founders was subsequently removed. A spokesperson said the company regularly updates its site, per Bloomberg’s account. Investors Left Holding The Loss The contrast between insider outcomes and retail investor experience is stark. Early buyers who participated in the public fundraising rounds remain locked out of 80% of their token holdings, with no mechanism to exit into a market that has moved sharply against them. WLFI traded below six cents this week, representing an approximately 85% decline from its all-time high of $0.46, according to BanklessTimes. Eswar Prasad, a professor at Cornell University, told Bloomberg directly: the Trump family is profiting from a financial venture with glaring conflicts of interest in a way that blocks other investors from sharing in the gains. The project’s highest-profile external backer has also turned adversarial. Justin Sun, founder of the Tron blockchain and a major WLFI investor, filed suit against the venture in April in San Francisco federal court alleging extortion and an illegal scheme to seize his tokens — claims the project’s co-founders deny, per Bloomberg’s reporting. World Liberty has also deposited 5 billion of its own WLFI tokens into Dolomite, a decentralized lending protocol whose co-founder holds a role at World Liberty, and borrowed roughly $75 million in stablecoins against them. Critics cited by Bloomberg have argued the structure may allow insiders to convert holdings to cash without waiting for unlock periods that could extend years into the future. The investigation marks a critical and uncomfortable moment for the nascent sector’s relationship with political legitimacy. A crypto project backed by a sitting president, generating billions for founder-affiliated entities while retail investors absorb near-total losses, is precisely the kind of outcome that regulatory critics have long warned the industry invites without meaningful disclosure standards and investor protections. Cover image from Grok, BTCUSD chart from Tradingview

2026-05-12 14:27

A one-year grace period will soften the blow for some investors, but the clock is already ticking. Assets acquired after May 10 will fall under the transition window, while those bought before that date will see their final tax bill calculated proportionally, based on how long they were held under each tax system. What Is Actually Changing Australia currently gives investors a 50% capital gains tax discount on assets held for more than 12 months — including crypto . The Albanese government’s fiscal year 2027 budget, due Tuesday, is expected to scrap that discount entirely. In its place, a new model would tax the full real gain on an asset, adjusted for inflation over the period it was held. The changes would take effect in July 2027. The Australian Financial Review first reported the plans, citing people with knowledge of the budget. Crypto holders, sharemarket investors, landlords, and business owners would all be affected. AUSTRALIA COULD SCRAP 50% CRYPTO TAX DISCOUNT IN BIGGEST CAPITAL GAINS OVERHAUL IN YEARS The Australian government is set to release its 2027 budget on Tuesday. It will reportedly scrap the 50% capital gains tax discount for Australian crypto investors who hold assets longer… pic.twitter.com/p53PrPwJgt — BSCN (@BSCNews) May 11, 2026 Winners And Losers Not everyone is alarmed. Scott Phillips, chief investment officer at The Motley Fool, said investors will likely pay more tax under the new setup — but will still walk away with strong returns. “Not for nothing, but when people say a CGT change would hit founders and growth investors, they’re not wrong. But implicit in that argument is that those groups will be making a motza in the first place. That’s all the incentive they will need,” he said. Others are less calm. Chris Joye, a portfolio manager at Coolabah Capital Investments, warned that the proposed changes would effectively double the tax rate on assets like shares, commercial property, and rental housing. The single biggest winner from the budget: the tax-free owner-occupied home, which is where people will put their money. After the budget doubles the capital gains tax on productive businesses/assets from circa 23.5% to 46-47%, investors will understandably pull money from… pic.twitter.com/w7LsiWAOOz — christopher joye (@cjoye) May 11, 2026 He put the new effective rate at around 46% to 47%, up from roughly 23.5% today. His concern is that investors will respond by pulling money out of productive assets and funneling it into owner-occupied homes, which carry no capital gains tax. “The single biggest winner from the budget: the tax-free owner-occupied home, which is where people will put their money,” Joye said. What It Means For Crypto Holders Long-term crypto investors are squarely in the crosshairs. Under the current system, holding Bitcoin or any other digital asset beyond 12 months cuts the taxable gain in half. Under the proposed model, the full gain — minus an inflation adjustment — gets taxed. For high-income earners sitting on assets that have not grown far beyond inflation, the tax hit could be considerably larger than what they face today. Featured image from andy/stock.adobe.com, chart from TradingView

2026-05-12 14:00

Bitcoin is pushing toward $82,000 as the market builds momentum and buyers test resistance that has held through multiple previous attempts. The price action is constructive — but analyst Axel Adler has published a study of the realized profit and loss data that provides the most precise available picture of where Bitcoin actually stands in its recovery cycle, and the finding is both encouraging and honest about what remains unresolved. The metric Adler examines tracks the 30-day ratio of realized profits to realized losses — a measure of whether the market is dominated by participants selling at a gain or at a loss. When that ratio falls below 0.5, realized losses are outpacing profits by at least two to one. That is the panic selling zone — the regime in which fear drives holders to exit at any price, regardless of their cost basis. Bitcoin entered that zone on February 5, 2026. It reached its most extreme point on February 21, when the ratio fell to 0.26 — meaning losses were outpacing profits by nearly four to one at the depth of the capitulation. The panic selling zone persisted until March 21. By May 10, the ratio had recovered to 1.13 with Bitcoin holding around $80,000. The market is no longer in forced loss-taking mode . The capitulation phase that defined the February and March period is over. What that exit means — and what it does not yet mean — is the analytical question Adler’s study addresses directly. The Panic Is Over. The Capital Has Barely Started Coming Back Adler’s second metric is where the honest calibration of the current recovery becomes most precise. The Realized Cap Net Position Change tracks the 30-day average of daily changes in Bitcoin’s realized capitalization — a measure of whether new capital is entering the network in aggregate or whether the capital base is contracting. A positive reading means expansion. A negative reading means the network’s realized value is still declining. In February 2026, the metric reached a low of -0.087% on February 20 — capital was leaving the network at a meaningful and sustained pace. It crossed back above zero on May 2, formally ending the contraction phase. By May 10, the reading stood at +0.008%. Adler places that figure in the historical context that gives it its full meaning. The March 2024 expansion peak reached +0.534%. The December 2024 peak reached +0.472%. The current +0.008% reading represents a recovery that is roughly 98% weaker than either of those strong phases — a return to positive territory that is technically correct but structurally minimal. The two charts together form the complete picture of where Bitcoin stands. The first confirms that panic selling is finished — the capitulation regime that lasted from February 5 to March 21 has ended. The second confirms that the capital inflows required to drive a genuine expansion phase have not yet arrived at a meaningful scale. The current regime is in recovery after capitulation. It is not yet a broad capital expansion. Those are meaningfully different conditions — and the distance between them is what the next phase of Bitcoin’s market structure must close before the recovery becomes something more than a technical exit from the worst. Bitcoin Tests Resistance As Recovery Momentum Slows Bitcoin continues consolidating just above the $80,000 level after a strong recovery from the February capitulation lows near $60,000. The broader structure remains constructive, with BTC maintaining higher lows throughout the recovery phase and holding comfortably above the rising 50-day moving average near the $73,000 region. However, the chart also shows momentum beginning to slow as price approaches a major resistance cluster between $81,000 and $83,000. This zone aligns closely with the declining 100-day moving average, which has rejected multiple breakout attempts during the past several weeks. The inability to reclaim that level decisively suggests that sellers remain active into strength despite the broader recovery. Volume trends reinforce the consolidation narrative. Participation has declined compared to the aggressive rebound phase seen in March and April, indicating that the market is entering a temporary equilibrium after weeks of directional upside. This moderation in activity reduces immediate volatility but also means stronger spot demand may be required to sustain another leg higher. Importantly, Bitcoin has not shown signs of structural weakness despite repeated rejections near resistance. Buyers continue defending pullbacks above the 50-day moving average, preserving the sequence of higher lows that defines the current uptrend. A confirmed breakout above the $82,000 resistance zone could expose the $86,000–$90,000 range. Failure to maintain support above $78,000 would likely shift momentum back toward consolidation or a deeper retracement. Featured image from ChatGPT, chart from TradingView.com

2026-05-12 13:00

Google’s Threat Intelligence Group (GTIG) has published a major security report warning that artificial intelligence is now being weaponized by state-linked hackers and criminal threat actors at industrial scale — with autonomous malware, AI-generated zero-day exploits, and credential-targeting operations posing a direct and escalating threat to crypto users relying on standard security measures. The May 11 report, published on the Google Cloud blog by GTIG and drawing on Mandiant incident response engagements, marks a significant escalation from the group’s February 2026 findings. Where that earlier report identified AI-assisted adversarial activity as nascent and experimental, the latest assessment describes a mature transition — one where generative models are now embedded in offensive workflows at scale, not as a curiosity but as operational infrastructure. AI Writes Its First Zero-Day Exploit The most significant disclosure in the report is unprecedented. For the first time, GTIG has identified a threat actor using a zero-day exploit believed to have been developed with AI assistance. According to the report, a criminal threat actor had planned to deploy the exploit in a mass exploitation event — a scenario that GTIG’s proactive counter-discovery may have prevented. The report notes that state-linked actors associated with China and North Korea have separately demonstrated significant interest in using AI for vulnerability discovery. The implications for crypto users are direct: wallet interfaces, exchange login portals, and browser extension-based authentication tools all depend on the same underlying software layers that zero-day exploits target. Polymorphic Malware And The Limits Of 2FA For Crypto Users Beyond zero-day development, the report documents AI-accelerated development of polymorphic malware — code that rewrites its own structure to evade detection — linked to suspected Russia-nexus threat actors, per GTIG’s analysis. AI-generated decoy logic is being embedded in malware payloads to defeat signature-based security systems. The most direct threat to crypto users, however, comes through a capability GTIG calls PROMPTSPY — an AI-enabled malware that signals a shift toward autonomous attack orchestration. According to the report, PROMPTSPY interprets system states dynamically and generates commands in real time to manipulate victim environments. Applied to credential theft, this class of malware can observe and respond to authentication flows in ways that static attack tools cannot — including timing attacks against SMS-based and app-based two-factor authentication systems during live sessions. Standard 2FA, long considered a reliable security baseline for exchange and wallet access, operates on the assumption that an attacker cannot observe and respond to the authentication window in real time. Autonomous, AI-driven malware capable of interpreting system states changes that assumption materially. A Threat Environment That Has Shifted GTIG’s report frames the current moment as a dual-use inflection point — AI is simultaneously becoming a high-value target for attacks and a sophisticated engine driving them. For participants in the nascent digital asset sector, where a single compromised seed phrase or session token represents an irreversible loss, the implications are substantial. The security practices that adequately protected crypto users two years ago are increasingly insufficient against an adversarial toolkit that now includes AI-generated exploits, self-modifying malware, and autonomous credential-harvesting operations operating faster than human defenders can respond. Hardware security keys, air-gapped signing devices, and multi-signature wallet architectures represent the current frontier of meaningful protection — and the distance between those measures and standard 2FA has never been wider. Cover image from Grok, ETHUSD chart from Tradingview

2026-05-12 12:03

The XRP Ledger Foundation has added David “JoelKatz” Schwartz as an honorary board member, bringing one of the XRP Ledger’s original architects into a formal advisory role as the organization reshapes its leadership team. The appointment comes days after the Foundation introduced a new operating team led by Executive Director Brett Mollin, with Denis Angell named chief technology officer, Rene Huijsen taking over operations, and Hussein “Vet” Zangana leading community efforts. Together, the moves point to a broader effort by the XRPLF to tighten technical stewardship, community engagement and institutional coordination around the ledger. David Schwartz Joins New XRP Ledger Foundation “We’re honored to welcome David Schwartz as an Honorary Board Member of the XRP Ledger Foundation,” the Foundation wrote on X. “As one of the original architects of the XRP Ledger, David brings deep technical insight and a long-term perspective that will help strengthen the Foundation’s technical stewardship of the ecosystem. Welcome, David!” Schwartz’s appointment drew immediate attention across the XRP community, not only because of his long association with the ledger’s design, but also because it follows his departure from full-time work at Ripple . Responding to a user who asked why he had left Ripple and whether he had sold his XRP, Schwartz said the decision was personal rather than strategic. “I left Ripple because I had been working non-stop since the end of 2011 and felt it was time to stop doing this full time,” Schwartz wrote. “I still have some XRP, but I’ve been drastically reducing my cryptocurrency holdings since 2013 because I have a psychological aversion to risk.” While he is no longer in a full-time executive role at the company, he emphasized that his work across the XRP ecosystem has not slowed down. In a separate reply, Schwartz said his current commitments now span multiple organizations and community-facing roles. “I made a list of all the things I’m doing now, and it’s long,” he wrote. “Board member at Ripple, advising Evernorth, running a large hub, honorary board member at XRPLF, going to XRPL events, and regular meetings with devs.” That workload underscores the unusual nature of Schwartz’s transition. Rather than stepping away from the ecosystem, he appears to be shifting from a single-company executive role into a broader advisory and infrastructure-facing position across XRP Ledger stakeholders. The Foundation’s new day-to-day team is also notable. Brett Mollin will lead strategy and coordination across engineering, community, operations and partnerships. Denis Angell, described by the Foundation as one of the most prolific contributors to the XRPL codebase, is moving from XRPL Labs to the XRPLF and will oversee engineering, amendment work and technical standards. Huijsen brings operational and payments experience from Ripple, as well as work related to the Bank for International Settlements’ cross-border payments interoperability efforts. Zangana will manage community, communications, validator and developer engagement, events and ecosystem storytelling. The Foundation said it is “starting to collaborate with XRP ecosystem stakeholders to advance every area of community and technology — openly, transparently and with the public.” At press time, XRP traded at $1.46.

2026-05-12 11:30

Strategy has resumed its Bitcoin accumulation with a new $43 million acquisition, which has taken its holdings close to the 820,000 BTC milestone. Strategy Has Expanded Its Holdings By Another 535 Bitcoin As revealed by Strategy co-founder and chairman Michael Saylor in an X post , the company has made a fresh Bitcoin acquisition involving 535 tokens. The firm spent $80,340 per coin or a total of $43 million on the purchase. In terms of the size, the buy was relatively modest, but it represents the return to accumulation for Strategy after it chose to skip last Monday’s regular buy. Saylor foreshadowed this resumption in his usual Sunday X post with the company’s BTC portfolio tracker, this time using the caption, “Back to work.” Not just that, the purchase has also arrived after Saylor hinted that the company could participate in some Bitcoin selling. As reported by Bitcoinist, the chairman said during the firm’s first-quarter earnings that they will probably sell some of their BTC to fund a dividend just to prove that they could do it. So far since the statement, the company hasn’t made any such sale. While Strategy making a sale would be quite the rare event, it’s not like it hasn’t done it before. Back during December 2022, the firm offloaded 704 tokens as the cryptocurrency traded at lows of that year’s bear market. According to the filing with the US Securities and Exchange Commission (SEC), the latest acquisition by Strategy was funded mostly using sales of its MSTR at-the-market (ATM) stock offering. Though, a small number of STRC shares were also involved. Following the purchase, the company’s holdings have grown to 818,869 BTC, approaching the 820,000 BTC milestone. Strategy spent a total of $61.86 billion on this stack, which gives it an average cost basis of $75,540. Earlier, Bitcoin had slipped under this mark, but the recent recovery rally has meant that the treasury firm is back in the green. Strategy has continued to be the most dominant corporate holder of BTC in the world, as data from BitcoinTreasuries.net shows. Strategy isn’t the only digital asset treasury company that has aggressively been accumulating. Another name that has established itself in the space is Bitmine , a BTC mining company that pivoted to an Ethereum treasury strategy last year. Like Strategy, the firm also announces regular Monday buys, but it appears to have skipped out on this week as its new press release hasn’t revealed any acquisitions. Bitmine chairman Tom Lee noted that the company has decided to slow down its purchases as it has been moving too fast for its original target; the company set a goal to reach 5% of the Ethereum supply by late 2026, but at its pace so far, it would have reached it by just mid-July. ETH Price At the time of writing, Ethereum is floating around $2,300, down 0.5% over the last seven days.

2026-05-12 10:00

Europe’s second-largest Bitcoin treasury company just got a significant cash injection. Capital B , listed on the French stock exchange, has raised 15.2 million euros — roughly $17.8 million — through a private share placement, with notable backing from Blockstream CEO Adam Back and Paris-based asset manager TOBAM. A Bigger Prize On The Horizon The real number to watch, though, may be much larger. Each share in the deal came attached with four subscription warrants at a fixed price of $0.78. If all of those warrants are exercised, Capital B could pull in an additional $116.5 million through the issuance of about 92 million new shares, according to board director of Bitcoin strategy Alexandre Laizet. The company said the fresh capital, combined with revenue from its ongoing operations, could allow it to purchase around 182 more Bitcoin. That would push its total holdings to roughly 3,125 BTC. Back In The Picture — Again Adam Back’s involvement raised eyebrows. This is the second time in a week the cryptographer and Blockstream chief has backed Capital B. Just seven days earlier, Back participated in a separate $1.3 million raise from the same company. Capital B currently holds 2,943 BTC, valued at approximately $237 million. That makes it the 25th-largest corporate Bitcoin holder in the world and the second-largest in Europe, trailing only Germany’s Bitcoin Group SE, according to data from Bitcointreasuries. The timing of the raise sets Capital B apart from much of the rest of the corporate Bitcoin sector. While other firms have been pulling back — selling holdings, cutting debt, or setting up hedging programs after months of soft market conditions — Capital B is still buying. Nakamoto , a Nasdaq-listed Bitcoin treasury firm, announced a derivatives program in late April to guard against downside risk. Earlier, Genius Group sold its entire 84 BTC treasury to pay off an $8.5 million debt. Shares Climb After Announcement Capital B shares climbed about 4.25% on Monday following the news, trading near 0.67 euros. The stock is still down around 10% for the year. Strategy , the company led by Michael Saylor, raised $2.5 billion in late April through stock and preferred share sales. A smaller raise by XCE — $794,000, also backed by Adam Back — was announced around the same time. Capital B’s latest move signals that at least some European companies are still pressing forward with Bitcoin accumulation, even as conditions remain uncertain. Featured image from FinanceFeeds, chart from TradingView

2026-05-12 08:30

On Monday, Ripple announced that it had secured a $200 million debt facility from Neuberger Specialty Finance, an asset-based investment company dedicated to providing high-yield credit. The company said the financing is intended to support continued expansion of its multi-asset prime brokerage platform, Ripple Prime, as it sees “rising client demand for institutional-grade prime services and margin financing solutions.” How Will Ripple Prime Use Its $200M Debt Ripple Prime was created after Ripple acquired Hidden Road for around $1.2 billion late last year. It functions as the clearing and intermediation arm for exchange-traded derivatives (ETD) and related financing activities. The firm stated that its platform has been performing strongly, saying Ripple Prime’s revenue has tripled year-over-year. According to the official release , the new facility allows Ripple Prime to draw down up to $200 million, giving it additional flexibility as client requirements change. The company said the proceeds will be used to extend financing to customers participating across both traditional and digital markets. By doing so, the brokerage platform said it expects to increase its lending capacity and strengthen its ability to support both existing institutional clients and new relationships. Noel Kimmel, President of Ripple Prime, said that access to financing and balance-sheet strength matters for institutional participants in volatile and fast-moving markets. He added that the facility is designed to help the company grow “alongside” its clients by expanding margin capacity , improving responsiveness, and supporting better capital efficiency. Kimmel also highlighted Neuberger Specialty Finance’s experience in asset-based finance and said the lender’s support reflects the prime services platform Ripple Prime has built, along with the company’s “many growth opportunities.” Neuberger And Kroll Both Weigh In Neuberger Specialty Finance’s Peter Sterling, the firm’s Head, said the facility reflects Neuberger’s focus on working with market-leading platforms. He described brokerage platform as a business at the intersection of traditional markets and expanding markets, combining what he called fintech-grade technology and agility with bank-level compliance and operational rigor. The announcement arrives after credit rating activity earlier this year. In April, Kroll assigned Ripple Prime an inaugural investment-grade issuer rating of “BBB.” Kroll’s analysis, as previously reported by Bitcoinist, described the company as being in a scaling phase, pointing to the ETD platform launched in 2024 and Ripple Prime’s fixed-income repo activities. Those repo activities reportedly reached meaningful scale in 2025, with concentration in short-duration US Treasuries (T-Bills) and agency securities. At the time of writing, the price of Ripple’s associated cryptocurrency, XRP , was $1.47, marking an 8% increase over the past thirty days amid a wider crypto surge driven by Bitcoin’s (BTC) rise above $82,000. Featured image created with OpenArt, chart from TradingView.com

2026-05-12 07:00