On-chain detective ZachXBT has released a major report alleging the theft of approximately $40 million in government-held cryptocurrency. The investigation points toward the son of a key custody contractor involved in managing the assets for an unnamed government entity. The report details how the funds were systematically diverted, exposing significant security and conflict-of-interest vulnerabilities in public sector crypto asset management protocols.
In major product news, global cryptocurrency exchange Kraken has officially unveiled its ‘DeFi Earn’ product. This new offering is designed to simplify access to on-chain yield generation, allowing users to stake or lend assets directly to trusted decentralized finance protocols through Kraken’s centralized interface. The move aims to bridge the gap between CeFi and DeFi, providing clients with robust opportunities for passive income.
Elsewhere in the market, Bitcoin continued its sideways consolidation near the $70,000 threshold, supported by steady capital inflows into spot BTC Exchange-Treded Funds (ETFs). Analysts attribute the stability to persistent institutional demand outweighing minor profit-taking. Additionally, regulatory attention remains focused on global stablecoin frameworks, with the U.S. House of Representatives considering new legislation while European authorities finalize critical elements of the MiCA regulation pertaining to payment tokens.
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