News
12 Aug 2025, 13:52
‘The Fight for Ethereum’s Soul,’ a Cointelegraph documentary
Cointelegraph presents “The Fight for Ethereum’s Soul,” a documentary on the future of the smart contract blockchain protocol.
12 Aug 2025, 13:51
Binance Goes Zero Fee on XRP, ADA, BNB Pairs: Details
XRP, ADA, BNB, TRX pairs to enjoy zero fees on Binance
12 Aug 2025, 13:49
Ethereum’s Recent Whale Activity Suggests Potential Market Shifts Amid Bullish Breakout
Ethereum’s recent whale activity, involving the unstaking of 14,942 ETH worth approximately $64.38 million, has raised concerns about market volatility and potential sell-offs. Whale deposits can lead to short-term market
12 Aug 2025, 13:49
Whale Accumulation of $1.34 Billion in Ether Sparks Speculation on Price Recovery Amid Record ETF Inflows
A new cryptocurrency whale has purchased $1.34 billion worth of Ether in just eight days, surpassing record ETF inflows and potentially influencing Ether’s price trajectory. The whale acquired 312,052 Ether
12 Aug 2025, 13:49
Kazakhstan Authorities Bust $16.5M Illegal Power Scheme for Crypto Miners
Kazakhstan authorities have dismantled an illicit electricity supply scheme worth an estimated $16.5 million that powered cryptocurrency miners in violation of national regulations. Key Takeaways: Kazakh authorities shut down a $16.5M illegal power scheme. Mining firms received over 50 megawatt-hours of electricity in violation of rules. Kazakhstan is tightening mining regulations while advancing plans for a state crypto reserve. The Department of Financial Monitoring (DFM) for the East Kazakhstan region, working with the National Security Committee (NSC), found that several electricity companies had illegally diverted power over the past two years. The diverted electricity was meant for the public and strategically important enterprises but was supplied to mining firms instead. Kazakhstan Law Limits Crypto Miners to State-Run Power Platform Under Kazakhstan’s Digital Assets Law (No. 194-VII), miners are required to source electricity exclusively through the Ministry of Energy’s state-run platform and may only tap into the national grid during documented surpluses. Officials say the companies bypassed these rules, supplying miners with over 50 megawatt-hours of electricity, enough to power a city of up to 70,000 residents. “With the criminal proceeds, the organizer purchased two apartments and four cars in the capital. These assets have been frozen by court order for potential confiscation,” authorities stated. Once a global hotspot for crypto mining following China’s 2021 crackdown, Kazakhstan has tightened its energy and licensing rules, citing concerns over power shortages and strain on infrastructure. The regulatory shift has triggered a wave of miner departures, with Bitcoin mining rig maker Canaan among the latest to exit the country. This is Kazakhstan: – 10% flat tax & 0% wealth tax – Former #2 Bitcoin mining nation globally – World's first Solana Economic Zone launched 2025 The 9th largest country is now a hidden crypto laboratory. Here are 8 reasons why Kazakhstan should be on your radar: pic.twitter.com/4gzutNIO0n — Alessandro Palombo (@thealepalombo) July 11, 2025 In June, Kazakhstan officially announced plans to establish a state crypto reserve , with National Bank Chairman Timur Suleimenov revealing that confiscated criminal assets and state-backed mining operations will serve as primary funding sources. Suleimenov outlined that the reserve will follow international best practices for sovereign fund management. President Kassym-Jomart Tokayev has also unveiled plans for “CryptoCity” , a pilot zone where cryptocurrencies can be used for everyday payments, signaling the government’s commitment to real-world crypto adoption. The proposed crypto banking system will provide integrated services including digital asset exchange, storage, and transaction processing within regulated parameters. Russia Uses Kyrgyz Crypto Hub to Evade Sanctions As reported, Russian entities are exploiting Kyrgyzstan’s crypto infrastructure to bypass international sanctions and procure dual-use goods for use in Ukraine. Following the passage of Kyrgyzstan’s “On Virtual Assets” law in January 2022, just weeks before Russia’s full-scale invasion of Ukraine, the country has transformed into a burgeoning crypto hub. The law introduced formal licensing and oversight for virtual asset service providers (VASPs), paving the way for a rapid influx of new firms and exchanges. By October 2024, 126 VASP licenses had been issued, and transaction volumes had surged from $59 million in 2022 to $4.2 billion in the first seven months of 2024 alone. However, that boom has opened the door to abuse. According to TRM Labs, numerous Kyrgyz-registered exchanges appear to serve as shell entities, with multiple firms reusing the same addresses, contact information, and founders. The post Kazakhstan Authorities Bust $16.5M Illegal Power Scheme for Crypto Miners appeared first on Cryptonews .
12 Aug 2025, 13:49
Who is Patrick Witt, President Trump's Next Senior Adviser on Crypto?
President Donald Trump's crypto adviser, Bo Hines, exited after only months on the job, and the next in line — his deputy, Patrick Witt — will apparently be shepherding the industry's political priorities in Washington as it still seeks industry-wide regulations and the institution of a federal crypto stockpile. Witt shares a remarkably similar history with Hines – both ex-football stars who played at Yale before seeking law degrees and falling short in bids for Congress. Witt had a brief stint as a free-agent quarterback for the New Orleans Saints after leading the Yale Bulldogs team that Hines later played on as wide receiver. Both ex-athletes tied their political careers closely to Trump in recent years, and Witt will now be the chief industry liaison for Trump's White House, according to his social-media profile on X that references the title Hines left behind. As executive director of the President's Council of Advisers on Digital Assets, Witt ascends to the role without a significant crypto background, though Hines also occupied the role without a deep digital assets past. "We've had the pleasure of working with Patrick throughout the year and look forward to him continuing to implement policies that will make the United States this global hub of crypto innovation and development," said Miller Whitehouse-Levine, CEO of the Solana Policy Institute, in a statement. When Witt helped introduce Trump at a rally in 2022, he told the crowd that "government, too often, is the problem." But the graduate of Harvard Law School spent some time serving at the federal level and describes himself as a "public servant" on his LinkedIn account. Witt has a few of the common resume staples of D.C. careers: Three years at McKinsey & Co., and past stints at the Office of Personnel Management in the first Trump presidency and some time at the Department of Defense. But in his home state of Georgia, his political career hadn't yet found momentum, with a failed bid to be the state's insurance commissioner (under a promise to " keep your insurance from going woke ") and a brief effort to run for Congress. Though his predecessor at the White House recently celebrated the significant win of the first U.S. crypto legislation to establish a law governing stablecoins, Hines left a major to-do list. When Congress returns from its summer break, Witt will have to get a handle on progress toward a Senate version of the House-passed Digital Asset Market Clarity Act. Hines had also been closely monitoring developments in the formation of what the administration calls its Bitcoin Strategic Reserve — a project the industry has been eager to see progress on since an order from Trump earlier this year started work on it "I love this community and all we’ve built together," Hines said in a farewell posting on X , surprising the industry by leaving after less than a year on the job. "As I return to the private sector, I look forward to continuing my support for the crypto ecosystem as it thrives here in the United States." Witt re-posted that sentiment but hasn't yet made his own agenda clear. The White House didn't immediately respond to a request for comment on his promotion. Trump's most senior crypto policy chief, David Sacks, remains in his position. Read More: Why Doesn't the U.S. Have a Bitcoin Reserve, Yet?
