
The mining hardware maker said it’s refocusing on its core business of ASIC chip design and high-performance computing equipment as it scales production in the United States.
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The mining hardware maker said it’s refocusing on its core business of ASIC chip design and high-performance computing equipment as it scales production in the United States.

Ripple’s massive valuation backed by Citadel and Fortress highlights rising Wall Street confidence in blockchain and stablecoin innovation.

After dropping under its 365-day moving average price, Bitcoin faces uncertainty as analysts weigh whether it signals a looming bear market or a brief pullback.
North Korea’s IT operatives are shifting strategies and recruiting freelancers to provide proxy identities for remote jobs.
Operatives are contacting job seekers on Upwork, Freelancer and GitHub before moving conversations to Telegram or Discord, where they coach them through setting up remote access software and passing identity verifications.
In earlier cases, North Korean workers scored remote gigs using fabricated IDs. According to Heiner García, a cyber threat intelligence expert at Telefónica and a blockchain security researcher, operatives are now avoiding those barriers by working through verified users who hand over remote access to their computers.
The real owners of the identities receive only a fifth of the pay, while the rest of the funds are redirected to the operatives through cryptocurrencies or even traditional bank accounts. By relying on real identities and local internet connections, the operatives can bypass systems designed to flag high-risk geographies and VPNs.
Earlier this year, García set up a dummy crypto company and, together with Cointelegraph, interviewed a suspected North Korean operative seeking a remote tech role. The candidate claimed to be Japanese, then abruptly ended the call when asked to introduce himself in Japanese.
García continued the conversation in private messages. The suspected operative asked him to buy a computer and provide remote access.
The request aligned with patterns García would later encounter. Evidence linked to suspicious profiles included onboarding presentations, recruitment scripts and identity documents “reused again and again.”
Related: North Korean spy slips up, reveals ties in fake job interview
García told Cointelegraph:
They install AnyDesk or Chrome Remote Desktop and work from the victim’s machine so the platform sees a domestic IP.”
The people handing over their computers “are victims,” he added. “They are not aware. They think they are joining a normal subcontracting arrangement.”
According to chat logs he reviewed, recruits ask basic questions such as “How will we make money?” and perform no technical work themselves. They verify accounts, install remote-access software and keep the device online while operatives apply for jobs, speak to clients and deliver work under their identities.
Though most appear to be “victims” unaware of who they’re interacting with, some appear to know exactly what they are doing.
In August 2024, the US Department of Justice arrested Matthew Isaac Knoot of Nashville for running a “laptop farm” that allowed North Korean IT workers to appear as US-based employees using stolen identities.
More recently in Arizona, Christina Marie Chapman was sentenced to more than eight years in prison for hosting a similar operation that funneled more than $17 million to North Korea.
The most prized recruits are in the US, Europe and some parts of Asia, where verified accounts provide access to high-value corporate jobs and fewer geographic restrictions. But García also observed documents belonging to individuals from regions with economic instability, such as Ukraine and Southeast Asia.
“They target low-income people. They target vulnerable people,” García said. “I even saw them trying to reach people with disabilities.”
North Korea has spent years infiltrating the tech and crypto industries to generate revenue and gain corporate footholds abroad. The United Nations said DPRK IT work and crypto theft are allegedly funding the country’s missile and weapons programs.
Related: From Sony to Bybit: How Lazarus Group became crypto’s supervillain
García said the tactic goes beyond crypto. In one case he reviewed, a DPRK worker used a stolen US identity to present themselves as an architect from Illinois, bidding on construction-related projects on Upwork. Their client received completed drafting work.
Despite the focus on crypto-related laundering, García’s research found that traditional financial channels are also being abused. The same identity-proxy model allows illicit actors to receive bank payments under legitimate names.
“It’s not only crypto,” García said. “They do everything — architecture, design, customer support, whatever they can access.”
Even as hiring teams grow more alert to the risk of North Korean operatives securing remote roles, detection typically arrives only after unusual behavior triggers red flags. When an account is compromised, the actors pivot to a new identity and keep working.
In one case, after an Upwork profile was suspended for excessive activity, the operative instructed the recruit to ask a family member to open the next account, according to chat logs reviewed.
This churn of identities makes both accountability and attribution difficult. The person whose name and paperwork are on the account is often deceived, while the individual actually doing the work is operating from another country and is never directly visible to freelancing platforms or clients.
The strength of this model is that everything a compliance system can see looks legitimate. The identity is real, and the internet connection is local. On paper, the worker meets every requirement, but the person behind the keyboard is someone entirely different.
García said the clearest red flag is any request to install remote-access tools or let someone “work” from your verified account. A legitimate hiring process doesn’t need control of your device or identity.
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Michael Saylor’s Strategy (MSTR) won’t have to sell off part of its Bitcoin stash to cover its debt in the next significant crypto market downturn, according to Bitcoin analyst Willy Woo.
“MSTR liquidation in the next bear market? I doubt it,” Willy Woo said in an X post on Wednesday.
Strategy’s debt consists mainly of convertible senior notes. Strategy is set to settle its conversions as they fall due by paying either cash, common stock, or a combination of both, at its election.
Strategy has around $1.01 billion in debt due on Sept. 15, 2027. To avoid needing to sell Bitcoin (BTC) to repay it, Strategy’s stock must be trading above $183.19, Woo said.
That price roughly corresponds to a Bitcoin price of around $91,502, and assuming a multiple net-asset-value (mNAV) of 1, he added.
Bitcoin analyst The Bitcoin Therapist said that “Bitcoin would have to perform horribly” in the next market downturn for Strategy to have to start selling off Bitcoin.
“Would be one hell of a sustained bear market to see any liquidation for Strategy,” they added. Strategy holds around 641,205 Bitcoin, which is worth around $64 billion at the time of publication, according to Saylor Tracker.
Strategy’s stock closed trading on Tuesday at a seven-month low, down nearly 6.7% to $246.99. Meanwhile, Bitcoin is trading at $101,377, down 9.92% over the past seven days, according to CoinMarketCap.
While Woo does not expect a liquidation in the next bear market, he warned that it is possible if Bitcoin fails to rally strongly during the anticipated 2028 bull market.
Related: Bitcoin shows exhaustion as analysts say $125K target unlikely in 2025
“Ironically, there’s a chance of a partial liquidation if BTC doesn’t climb in value fast enough in an assumed 2028 bull market,” Willy Woo said.
Some executives, such as ARK Invest CEO Cathie Wood and Coinbase CEO Brian Armstrong, have forecast that Bitcoin will reach $1 million by 2030.
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The White House carefully considered Binance founder Changpeng Zhao’s pardon and went through the standard processes before sending it to President Donald Trump for his approval, says White House press secretary Karoline Leavitt.
Trump defended the pardon in an interview with CBS News’ 60 Minutes on Sunday, saying he had “no idea” who Zhao is and dismissing criticism of his pardon as politically motivated.
Leavitt said in a briefing on Tuesday that Trump’s comments on Zhao in the interview were meant to convey that “he does not know him personally” and that the president “does not have a personal relationship with this individual.”
She added that the pardon was considered with “utmost seriousness” and went through a “thorough review process” by the Department of Justice and the White House Counsel’s office.
“There’s a whole team of qualified lawyers who look at every single pardon request that ultimately make their way up to the president of the United States,” she added. “He’s the ultimate final decision maker.”
It follows multiple news reports suggesting Binance and Zhao helped the Trump family’s crypto venture, World Liberty Financial, with building its stablecoin and using it in a $2 billion investment deal, which Binance CEO Richard Teng has denied.
Leavitt claimed that Zhao was “over-prosecuted by a weaponized DOJ,” and the Biden administration sought an excessive penalty as a result.
Zhao pleaded guilty in November 2023 to failing to maintain an effective Anti–Money Laundering program at Binance in violation of the US Bank Secrecy Act
US prosecutors initially requested a three-year prison term, but the sentencing judge rejected that as “too harsh” and instead opted for a four-month jail sentence, which Zhao began serving in April 2024.
“The president is correcting that wrong, and he has officially ended the Biden administration’s war on the cryptocurrency industry, and I think that’s the message he sent with this pardon,” Leavitt said.
Zhao’s lawyer, Teresa Goody Guillén, and other supporters have argued it was a harsh sentence given that it was a single charge of failure to have an effective compliance program, and Zhao was a non-violent first-time offender.
In a section of Trump’s 60 Minutes interview that was cut from broadcast, CBS’s Norah O’Donnell asked the president whether he was concerned “about the appearance of corruption,” regarding Zhao’s pardon.
Related: Trump on CZ pardon: I’m told ‘what he did is not even a crime’
“I can’t say, because — I can’t say — I’m not concerned. I don’t — I’d rather not have you ask the question,” Trump replied, according to a transcript of the interview.
He then added that the US was “number one in crypto in the whole world” because he is the president, and that he didn’t want “China or anybody else to take it away. It’s a massive industry.”
CBS’s YouTube video of its interview with Trump notes that it was “condensed for clarity.”
Before the cut question, Trump said his sons are more involved in crypto than he is, and he knows very “little about it, other than one thing. It’s a huge industry.”
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Bitcoin’s price appears to be losing steam, which may mean that the more optimistic forecasts for the end of 2025 may not materialize this year.
However, analysts are divided on whether Bitcoin (BTC) will see renewed momentum in 2026.
“We don’t expect crypto to go any higher than $125K USD in 2025,” ShapeShift analyst Houston Morgan said in comments viewed by Cointelegraph. That target is just below Bitcoin’s Oct. 4 all-time high of just over $126,000.
Morgan said that Bitcoin would need to untether itself from its current correlation with announcements made by US President Donald Trump before another bull run could occur.
It comes as Bitcoin selling intensified on Tuesday as BTC abruptly fell to 4-month lows of $100,800. Bitfinex analysts said on Tuesday that “persistent distribution from Bitcoin long-term holders continues to exert structural pressure on the market.”
Bitfinex analysts said that “this sustained outflow aligns with the broader signs of exhaustion visible across the market, as long-term holders continue to offload into declining demand.”
They warned that if Bitcoin doesn’t quickly rebound to recent levels above $116,000, it could face further downside as the year comes to a close.
“Unless the price recovers decisively above this range, time becomes a growing headwind for bulls, as prolonged stagnation historically erodes sentiment and increases the risk of forced distribution.”
The Crypto Fear & Greed Index, which measures overall crypto market sentiment, dropped by half to a score of 21 out of 100 on Tuesday, showing the market was in “Extreme Fear.”
Bitcoin’s current price weakness contrasts significantly with recent calls for explosive upside. Just weeks ago, prominent Bitcoin advocates suggested the asset could still reach $250,000 before year-end.
Speaking on the Bankless podcast in early October, BitMine chair Tom Lee and BitMEX co-founder Arthur Hayes said they remain confident Bitcoin can hit between $200,000 and $250,000 by year-end, a prediction they’ve stuck with for most of this year.
Related: Bitcoin falls under $101K: Analysts say BTC is ‘underpriced’ based on fundamentals
However, Galaxy Digital CEO Mike Novogratz said planets would almost need to align for Bitcoin to reach that price by the end of the year.
Analysts are divided on how Bitcoin will play out in 2026. Bitwise chief investment officer Matt Hougan tipped in July that 2026 would be an “up year” for Bitcoin.
However, financial analyst Andrew Lokenauth said in an X post on Tuesday that “2026 will likely be a bear market, similar to prior midterm years.”
It was only recently that veteran trader Peter Brandt tipped that Bitcoin could head to bear levels as low as $60,000.
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The Independent Community Bankers of America (ICBA) is coming out against cryptocurrency exchange Coinbase’s application for a National Trust Company Charter in the US — a move that could threaten banks’ interests as the company moves closer to traditional finance.
In a Monday letter to the US Office of the Comptroller of the Currency (OCC) — the office responsible for approving banking applications — the ICBA said it “strongly opposes” Coinbase’s subsidiary applying for a trust charter. The letter cited “untested” elements related to crypto custody, as well as claims that Coinbase’s arm would “struggle to achieve and maintain profitability during crypto bear markets.”
“Imagine opposing a regulated trust charter because you prefer crypto to stay… unregulated,” said Coinbase chief legal officer Paul Grewal in a Tuesday X post. “That’s ICBA’s position. It’s another case of bank lobbyists trying to dig regulatory moats to protect their own.”
Coinbase applied for a national trust charter in October as part of its plans to “bridge the gap between the crypto economy and traditional financial system.” Reports suggested that the OCC could take between 12 and 18 months to review the crypto exchange’s application.
Related: Nordic bank that once shunned crypto to soon offer a Bitcoin ETP
The ICBA letter urged the OCC to deny Coinbase’s application, or, alternatively, allow for more time for public review of the company’s business plan and the “legal, prudential, and public interest implications.”
Cointelegraph reached out to the OCC for comment, but had not received a response at the time of publication.
Although Coinbase said it had “no intention of becoming a bank” through its application with the OCC, other crypto companies, such as Ripple Labs and Circle, have applied for national bank charters. The moves followed the US government passing legislation to establish a framework for payment stablecoins — both Ripple and Circle have issued their own stablecoins, Ripple USD (RLUSD) and USDC (USDC).
The OCC was scheduled to end its review of Ripple’s application last week, but as of Tuesday, the government department had not publicly announced any decision. Cointelegraph reached out to Ripple for comment, but had not received a response at the time of publication.
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Bitcoin miner CleanSpark expanded its power capacity by 28% in October as part of a broader push beyond crypto mining into artificial intelligence and high-performance computing (HPC).
The US-based company said it had acquired 271 acres near Houston, Texas, securing 285 megawatts of long-term power for a dedicated AI data center. The move marks one of CleanSpark’s largest steps yet to diversify its operations as demand for energy-intensive computing continues to surge.
CleanSpark’s AI move also led to a new partnership with Submer, a company that offers cooling solutions for data centers.
“While Bitcoin remains an integral part of our business, we’re equally focused on developing large-scale data centers that will power the next generation of innovation across the digital world,” said Matt Schultz, CleanSpark’s CEO and chairman.
CleanSpark mined 612 Bitcoin (BTC) in October and sold 589.9 BTC for about $64.9 million, averaging $110,057 per coin. The company ended the month holding 13,033 BTC, underscoring its steady accumulation despite regular sales to fund operations.
Related: Crypto czar David Sacks argues AI threat is Orwellian, not Terminator
CleanSpark is part of a growing wave of Bitcoin miners pivoting toward AI and data infrastructure, using their access to low-cost power and existing facilities to host GPU workloads and capture more stable, diversified revenue beyond Bitcoin.
HIVE Digital was among the early miners to diversify, starting its move into AI and high-performance computing in mid-2023 and now earning a growing share of revenue from those operations.
In August, Bitcoin miner MARA Holdings agreed to acquire a 64% stake in Exaion, a subsidiary of French energy giant Électricité de France (EDF), in a $168 million deal aimed at expanding into low-carbon AI infrastructure.
The same month, TeraWulf signed a 10-year, $3.7 billion hosting deal with Fluidstack, backed by Google. The partnership will add over 200 megawatts of new IT capacity to TeraWulf’s New York data centers.
On Monday, IREN signed a GPU cloud services contract with Microsoft valued at $9.7 billion. Under the five-year deal, Microsoft will gain access to Nvidia GB300 GPUs housed in IREN’s data centers.
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As Bitcoin continues to attract institutional treasury capital, Ethereum-focused companies are beginning to run out of dry powder, making the asset a potential shorting opportunity for investors looking to hedge their exposure to the digital asset sector.
That was one of the key takeaways from a recent 10x Research report, which argued that shorting Ether (ETH) could be a smart hedge against Bitcoin (BTC).
According to the report, Bitcoin remains the primary focus for institutional investment, while Ether exhibits structural weaknesses. The analysts said that “digital asset treasury” narratives around Ethereum have led institutions to accumulate ETH and later distribute it to retail investors — a pattern now breaking down amid a lack of transparency in private investment in public equity (PIPE) disclosures and uncertain capital flows.
10x Research cited treasury company BitMine as a case study, noting that its strategy “enabled institutional investors to accumulate ETH at par and later distribute it to retail buyers at a premium — a feedback loop that continued to drive prices higher.”
The researchers also pointed to several technical indicators suggesting Ether’s price could decline sharply if support near $3,000 fails, potentially falling to around $2,700.
“As we also noted, the weekly stochastics are flashing a clear topping pattern, while the multi-year wedge formation has revealed a false breakout, mirroring the false breakdown seen back in March 2025,” the researchers said.
Related: Ethereum’s price chart targets sub-$3K as spot ETF demand cools
There are currently 15 Ether-focused digital asset treasury companies holding a combined 4.7 million ETH, according to industry data.
BitMine is by far the largest, with about 3.3 million ETH on its balance sheet. It’s followed by SharpLink, which holds about 859,853 ETH, and Bit Digital with 150,244 ETH.
Despite recent volatility in the Ether market, including waning demand from US spot exchange-traded funds (ETFs), BitMine chair Tom Lee has maintained a bullish outlook. In remarks last month, Lee reiterated his view that Ether’s price could reach $10,000 this year, arguing that the asset has been establishing a solid base since 2021.
Despite Lee’s optimism, a broader sense of caution has taken hold in the market following the Oct. 10 crash, which wiped out about $19 billion in crypto positions — the largest liquidation event on record. Since then, Ether and the wider digital asset sector have struggled to regain momentum.
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