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CoinFerenceX and The Best Event Join Forces to Launch “CoinFerenceX The Best Event Singapore,” the Decentralised Summit
Two leading Web3 event powerhouses combine curation and execution firepower to build the industry’s most builder-first gathering during Asia Crypto Week, 5-6 October 2026, Gardens by the Bay, Singapore
SINGAPORE, CoinFerenceX, the Web3 conference series known for curating high-signal gatherings of founders, investors, and builders, today announced it has combined forces with The Best Event, the events production group behind 80+ live experiences across 10+ global cities, to launch CoinFerenceX The Best Event Singapore, the next tier of the world’s first Decentralised Summit. The event will take place 5-6 October 2026 at Gardens by the Bay, positioning it as a leading alternative during Singapore’s Token2049 and Asia Crypto Week.
The partnership pairs CoinFerenceX’s content curation and community depth with The Best Event’s large-scale production and sponsor-activation track record, creating what the two companies describe as “the event nobody else can build.”
What sets the conference apart is its decentralized summit model: a 2 day event shaped by the industry rather than dictated by an organizer. Where traditional conferences sell booths and speaking slots, CoinFerenceX and The Best Event will invite the founders, funds and ecosystem leaders who show up to help shape the agenda itself, deciding which conversations matter and which builders take the stage. While the organizers handle the production and logistics, the direction of the summit is set by the Web3 players with real skin in the game. It’s a gathering built by the people driving the ecosystem forward, for the people driving it forward.
The Best Event brings a track record of 80+ delivered events, a presence in more than 10 global cities, over 50 million annual organic impressions, and north of 1 billion in social reach. The group’s attendance has grown from 35,000 in 2025 to a projected 70,000 in 2026. Its sponsor case studies point to concrete ROI, including one partner that turned a $50,000 investment into $1 million raised, another that saw a $50,000 spend convert into $1 million in ROI, and a third that converted two leads into a $400,000 deal.
At CoinFerenceX, partners help shape the agenda itself rather than simply buying booth space and a speaking slot. CoinFerenceX’s community includes 7,500+ curated attendees from more than 70 countries, over 500 ecosystem and media partners, and more than 300 VCs and investment funds. Roughly 60% of its attendees are C-level executives or founders, and independent feedback shows 94% of past partners say they would return, with 89% rating CoinFerenceX among the top 25% of Web3 events globally.
The combined summit is designed around four experience tracks:
The Leaders Summit: an invite-only, C-level gathering where governance decisions and strategic partnerships take shape.
Protocol Deep Dives: technical workshops where protocols demonstrate what they are actually shipping.
The Founders’ Den: a venue for early-stage builders to pitch directly to 200+ VCs and investors.
The Innovation Showcase: live product demos from established players and emerging protocols alike.
Early figures for the Singapore edition point to more than 4,000 curated attendees, 500+ VCs and investors, 400+ ecosystem and media partners, 85+ C-level speakers, and more than 8,000 total event registrations. As with prior CoinFerenceX editions, roughly 60% of attendees are expected to be C-level executives or founders.
Organizers say the agenda will be co-created by founders and ecosystem leaders with skin in the game, focused on sessions that deliver actionable insight or substantive content over celebrity keynotes.
“We’re incredibly excited for this edition, it’s bigger, sharper and more ambitious than anything we’ve done before. With the whole industry in Singapore that week, we’ve curated a stage and an audience that turns that energy into real conversations and real deals. This is CoinFerenceX The Best Event at its strongest,” shared Prince Gupta, Co-Founder of CoinFerenceX
Tobias Bauer, Co-Founder of The Best Event, added, “This partnership is the best of both worlds: CoinFerenceX’s curated speaker line-ups meet The Best Event’s scale of 50,000 attendees a year, the largest Web3 event series globally. Together we’re bringing one of the biggest two-day conferences to Singapore, our home market, with frontier thought leadership and production quality unlike anything else in the space.”
Event Details
Event: CoinFerenceX The Best Event Singapore
Dates: 5-6 October 2026
Venue: Gardens by the Bay, Singapore
Tickets & partner applications: coinferencex.com/singapore
About CoinFerenceX
CoinFerenceX is a global decentralized Web3 summit connecting founders, investors, blockchain companies, developers, and industry leaders to accelerate innovation and collaboration in the digital economy. Through its ecosystem-driven approach, CoinFerenceX creates a platform for meaningful networking, knowledge exchange, startup opportunities, and strategic partnerships shaping the future of Web3. The summit brings together the brightest minds across blockchain, AI, DeFi, gaming, and emerging technologies to explore industry trends, showcase groundbreaking solutions, and build the next generation of decentralized ecosystems.
About The Best Event
TBE is the events arm of TBV, an early-stage venture capital fund backing web2.5 and web3 startups across Southeast Asia and North America. TBE curates high-caliber gatherings that anchor the biggest weeks in web3, with a track record of 80+ delivered events across 10+ global cities. Every event is built around one goal: putting the right founders, funds, and operators in the same room so real deals and partnerships can happen. That network runs deep, backed by a 10,000+ strong Telegram community and a social following north of 100,000.
Media Contact
Anmol Malviya
Head of PR
CoinFerenceX
media@coinferencex.com

Ethiopia Takes Centre Stage as the 29th Connected Banking Summit & Innovation & Excellence Awards 2026 Opens in Addis Ababa
Banking Leaders, Regulators and Global Technology Innovators Unite to Accelerate Ethiopia’s Digital Financial Transformation
12 August 2026 | Ethiopian Skylight Hotel, Addis Ababa, Ethiopia
ADDIS ABABA, ETHIOPIA – 12 August 2026 – Ethiopia today welcomed one of Africa’s premier banking and financial technology gatherings as the 29th Connected Banking Summit & Innovation & Excellence Awards 2026 officially opened at the prestigious Ethiopian Skylight Hotel.
Organised by the International Center for Strategic Alliances (ICSA), the summit has brought together an influential gathering of banking leaders, central bank representatives, regulators, policymakers, fintech innovators, technology providers, cybersecurity experts, and digital transformation pioneers from across Ethiopia, East Africa, and the wider region.
Held under the theme “Building Digital Financial Systems and Accelerating Banking Modernization in Emerging Markets,” the summit serves as a strategic platform for industry collaboration, knowledge exchange, and innovation as Ethiopia continues to modernise its financial sector and expand access to secure, inclusive, and technology-driven banking services.
As part of the Silver Jubilee celebrations of the globally recognised Connected Banking Summit series, this landmark edition continues ICSA’s legacy of delivering executive platforms that foster meaningful dialogue, strategic partnerships, and innovation across the global banking and financial services ecosystem.
Ethiopia’s Banking Sector at a Defining Moment
Ethiopia’s financial services industry is entering one of the most transformative periods in its history. Regulatory reforms, rapid digital adoption, expanding fintech innovation, and increasing demand for secure, customer-centric banking solutions are reshaping the country’s financial landscape.
Against this backdrop, the 29th Connected Banking Summit provides a timely forum for decision-makers to discuss the technologies, strategies, and partnerships that will define the future of banking.
Throughout the summit, delegates are exploring key topics including:
Digital Banking Transformation
Core Banking Modernisation
Real-Time Payments and Payment Interoperability
Artificial Intelligence and Intelligent Automation
Cybersecurity and Digital Trust
Open Banking and Open Finance
Digital Identity and e-KYC
Cloud Transformation
Financial Inclusion
Regulatory Innovation and Compliance
Customer Experience and Digital Engagement
Data, Analytics and Emerging Technologies
These discussions align closely with Ethiopia’s National Digital Payments Strategy and the country’s long-term vision of building a resilient, inclusive, and digitally empowered financial ecosystem.
The programme features keynote presentations, executive panel discussions, fireside conversations, case studies, technology showcases, and high-level networking sessions designed to encourage collaboration between banks, regulators, fintech companies, and technology providers.
Distinguished Industry Leaders Driving the Conversation
The summit welcomes an exceptional lineup of speakers representing Ethiopia’s leading financial institutions, regulatory authorities, and technology organisations, including:
Temesgen Busha – Chief Transformation Officer, Awash Bank
Dr. Andualem Hailu – Deputy CEO, Strategy & Technology, Hibret Bank
Muluken Demessie – Chief Retail & SME Banking Officer, Nib International Bank
Tadesse Hatiya – President, Sidama Bank
Assefa Amere – Chief Officer, Information Technology Office, Addis Bank S.C.
Saminas S. – Chief Marketing & Communications Officer and Director of Stakeholder Engagement, National ID Ethiopia
Seyoum Damtew Metaferia – Vice President, Information System Security, Commercial Bank of Ethiopia
Mengistu Endalamaw – Director, Digital Banking, Commercial Bank of Ethiopia
Gutama Ashana – Director, Information Security Management, Awash Bank
Tewodros Abay – Director, Acceptance Network, Bank of Abyssinia
Yonas L. – Director, IT Risk & Cyber Security, Hibret Bank
Mengistu Gemechu – Director of Strategy, Cooperative Bank of Oromia
Temesgen Taye – Director of Cyber Security, Cooperative Bank of Oromia
Mekdes Bekele – Director, Digital Banking Department, Global Bank Ethiopia
Biruk W. – Director, Information Technology Security, Abay Bank S.C.
Nejib (Ahmed) Aliyi – Director, Innovation and Strategy, Rammis Bank.
Khalid Ahmed – Director, Application & Database Administration, Rammis Bank
Ermoniem Brhanu Balcha – Digital Innovation & Partnership Division Head, Berhan Bank
Solomon Damtew – Director, Banking, Payments & Settlements, National Bank of Ethiopia
Fikru Tsegaye Wordofa – Member of the Board of Directors, Ethiopian Securities Exchange (ESX)
These distinguished leaders are joined by senior executives, policymakers, regulators, and technology experts who are collectively shaping the future of Ethiopia’s financial services industry.
Global Technology Partners Supporting Banking Innovation
The 29th Edition of the Connected Banking Summit is proudly supported by leading global technology organisations committed to accelerating financial innovation.
Thunes
As the summit’s Gold Sponsor, Thunes is a global cross-border payments infrastructure company connecting banks, mobile wallets, payment providers, and financial institutions across emerging and developed markets. Through its extensive global network, Thunes enables secure, real-time payments to billions of bank accounts and mobile wallets worldwide, helping financial institutions simplify international payments and expand financial access.
ManageEngine
Supporting the summit as the Associate Sponsor, ManageEngine, the enterprise IT management division of Zoho Corporation, delivers a comprehensive portfolio of IT management, identity and access management, cybersecurity, endpoint management, and network operations solutions trusted by enterprises and financial institutions around the world.
Their participation reflects the growing confidence of global technology providers in Ethiopia’s rapidly evolving banking ecosystem and highlights the importance of strategic collaboration in driving digital transformation.
Celebrating Excellence Through the Innovation & Excellence Awards 2026
One of the most anticipated highlights of the summit is the Connected Banking Innovation & Excellence Awards 2026, recognising organisations and visionary leaders that have demonstrated exceptional achievement in transforming the banking and financial services industry.
The awards celebrate excellence across multiple categories, recognising institutions that have successfully leveraged technology, innovation, and customer-centric strategies to redefine banking.
The awards honour excellence in areas including:
Digital Banking Innovation
Banking Leadership
Digital Transformation
Customer Experience Excellence
Payments Innovation
Financial Inclusion
Artificial Intelligence in Banking
Cybersecurity Excellence
Fintech Collaboration
Open Banking Innovation
Risk Management
Sustainable Banking Initiatives
The Innovation & Excellence Awards have become one of the most respected recognitions within the Connected Banking Summit series, celebrating institutions and leaders whose vision and commitment continue to set new benchmarks for banking excellence across Africa.
A Catalyst for Africa’s Banking Transformation
Over the years, the Connected Banking Summit has established itself as one of the banking industry’s most respected executive leadership platforms.
The series has successfully connected thousands of banking leaders, regulators, policymakers, fintech innovators, and technology providers across Africa, the Middle East, Europe, and Asia, creating opportunities for collaboration that have accelerated digital transformation throughout the financial services sector.
By facilitating strategic dialogue between public and private sector stakeholders, the summit continues to contribute meaningfully to the development of resilient, secure, inclusive, and future-ready financial ecosystems.
As discussions continue throughout the day, delegates will exchange strategic insights, explore emerging technologies, and forge partnerships that will help shape the future of banking in Ethiopia and across the African continent.
The summit will conclude with the prestigious Innovation & Excellence Awards 2026, celebrating the organisations and leaders whose vision, innovation, and commitment are transforming financial services across Africa.
About the International Center for Strategic Alliances (ICSA)
The International Center for Strategic Alliances (ICSA) is a globally recognised organisation specialising in executive leadership conferences, strategic business summits, and industry forums that connect decision-makers across banking, financial services, telecommunications, healthcare, energy, public sector, cybersecurity, and emerging technologies.
Through its flagship Connected Banking Summit series and other internationally recognised events, ICSA provides high-level platforms where policymakers, regulators, business leaders, innovators, and technology providers collaborate to exchange knowledge, build strategic partnerships, and accelerate digital transformation across industries.
Driven by its vision to Connect, Integrate and Transform, ICSA continues to create meaningful business ecosystems that inspire innovation and deliver measurable impact worldwide.
Media Contact
International Center for Strategic Alliances (ICSA)
info@connected-banking.com
+44 20 3808 8625
www.connected-banking.com
Ethiopian Skylight Hotel, Addis Ababa, Ethiopia

Ethiopia Takes Centre Stage as the 29th Connected Banking Summit & Innovation & Excellence Awards 2026 Opens in Addis Ababa
Banking Leaders, Regulators and Global Technology Innovators Unite to Accelerate Ethiopia’s Digital Financial Transformation
12 August 2026 | Ethiopian Skylight Hotel, Addis Ababa, Ethiopia
ADDIS ABABA, ETHIOPIA – 12 August 2026 – Ethiopia today welcomed one of Africa’s premier banking and financial technology gatherings as the 29th Connected Banking Summit & Innovation & Excellence Awards 2026 officially opened at the prestigious Ethiopian Skylight Hotel.
Organised by the International Center for Strategic Alliances (ICSA), the summit has brought together an influential gathering of banking leaders, central bank representatives, regulators, policymakers, fintech innovators, technology providers, cybersecurity experts, and digital transformation pioneers from across Ethiopia, East Africa, and the wider region.
Held under the theme “Building Digital Financial Systems and Accelerating Banking Modernization in Emerging Markets,” the summit serves as a strategic platform for industry collaboration, knowledge exchange, and innovation as Ethiopia continues to modernise its financial sector and expand access to secure, inclusive, and technology-driven banking services.
As part of the Silver Jubilee celebrations of the globally recognised Connected Banking Summit series, this landmark edition continues ICSA’s legacy of delivering executive platforms that foster meaningful dialogue, strategic partnerships, and innovation across the global banking and financial services ecosystem.
Ethiopia’s Banking Sector at a Defining Moment
Ethiopia’s financial services industry is entering one of the most transformative periods in its history. Regulatory reforms, rapid digital adoption, expanding fintech innovation, and increasing demand for secure, customer-centric banking solutions are reshaping the country’s financial landscape.
Against this backdrop, the 29th Connected Banking Summit provides a timely forum for decision-makers to discuss the technologies, strategies, and partnerships that will define the future of banking.
Throughout the summit, delegates are exploring key topics including:
Digital Banking Transformation
Core Banking Modernisation
Real-Time Payments and Payment Interoperability
Artificial Intelligence and Intelligent Automation
Cybersecurity and Digital Trust
Open Banking and Open Finance
Digital Identity and e-KYC
Cloud Transformation
Financial Inclusion
Regulatory Innovation and Compliance
Customer Experience and Digital Engagement
Data, Analytics and Emerging Technologies
These discussions align closely with Ethiopia’s National Digital Payments Strategy and the country’s long-term vision of building a resilient, inclusive, and digitally empowered financial ecosystem.
The programme features keynote presentations, executive panel discussions, fireside conversations, case studies, technology showcases, and high-level networking sessions designed to encourage collaboration between banks, regulators, fintech companies, and technology providers.
Distinguished Industry Leaders Driving the Conversation
The summit welcomes an exceptional lineup of speakers representing Ethiopia’s leading financial institutions, regulatory authorities, and technology organisations, including:
Temesgen Busha – Chief Transformation Officer, Awash Bank
Dr. Andualem Hailu – Deputy CEO, Strategy & Technology, Hibret Bank
Muluken Demessie – Chief Retail & SME Banking Officer, Nib International Bank
Tadesse Hatiya – President, Sidama Bank
Assefa Amere – Chief Officer, Information Technology Office, Addis Bank S.C.
Saminas S. – Chief Marketing & Communications Officer and Director of Stakeholder Engagement, National ID Ethiopia
Seyoum Damtew Metaferia – Vice President, Information System Security, Commercial Bank of Ethiopia
Mengistu Endalamaw – Director, Digital Banking, Commercial Bank of Ethiopia
Gutama Ashana – Director, Information Security Management, Awash Bank
Tewodros Abay – Director, Acceptance Network, Bank of Abyssinia
Yonas L. – Director, IT Risk & Cyber Security, Hibret Bank
Mengistu Gemechu – Director of Strategy, Cooperative Bank of Oromia
Temesgen Taye – Director of Cyber Security, Cooperative Bank of Oromia
Mekdes Bekele – Director, Digital Banking Department, Global Bank Ethiopia
Biruk W. – Director, Information Technology Security, Abay Bank S.C.
Nejib (Ahmed) Aliyi – Director, Innovation and Strategy, Rammis Bank.
Khalid Ahmed – Director, Application & Database Administration, Rammis Bank
Ermoniem Brhanu Balcha – Digital Innovation & Partnership Division Head, Berhan Bank
Solomon Damtew – Director, Banking, Payments & Settlements, National Bank of Ethiopia
Fikru Tsegaye Wordofa – Member of the Board of Directors, Ethiopian Securities Exchange (ESX)
These distinguished leaders are joined by senior executives, policymakers, regulators, and technology experts who are collectively shaping the future of Ethiopia’s financial services industry.
Global Technology Partners Supporting Banking Innovation
The 29th Edition of the Connected Banking Summit is proudly supported by leading global technology organisations committed to accelerating financial innovation.
Thunes
As the summit’s Gold Sponsor, Thunes is a global cross-border payments infrastructure company connecting banks, mobile wallets, payment providers, and financial institutions across emerging and developed markets. Through its extensive global network, Thunes enables secure, real-time payments to billions of bank accounts and mobile wallets worldwide, helping financial institutions simplify international payments and expand financial access.
ManageEngine
Supporting the summit as the Associate Sponsor, ManageEngine, the enterprise IT management division of Zoho Corporation, delivers a comprehensive portfolio of IT management, identity and access management, cybersecurity, endpoint management, and network operations solutions trusted by enterprises and financial institutions around the world.
Their participation reflects the growing confidence of global technology providers in Ethiopia’s rapidly evolving banking ecosystem and highlights the importance of strategic collaboration in driving digital transformation.
Celebrating Excellence Through the Innovation & Excellence Awards 2026
One of the most anticipated highlights of the summit is the Connected Banking Innovation & Excellence Awards 2026, recognising organisations and visionary leaders that have demonstrated exceptional achievement in transforming the banking and financial services industry.
The awards celebrate excellence across multiple categories, recognising institutions that have successfully leveraged technology, innovation, and customer-centric strategies to redefine banking.
The awards honour excellence in areas including:
Digital Banking Innovation
Banking Leadership
Digital Transformation
Customer Experience Excellence
Payments Innovation
Financial Inclusion
Artificial Intelligence in Banking
Cybersecurity Excellence
Fintech Collaboration
Open Banking Innovation
Risk Management
Sustainable Banking Initiatives
The Innovation & Excellence Awards have become one of the most respected recognitions within the Connected Banking Summit series, celebrating institutions and leaders whose vision and commitment continue to set new benchmarks for banking excellence across Africa.
A Catalyst for Africa’s Banking Transformation
Over the years, the Connected Banking Summit has established itself as one of the banking industry’s most respected executive leadership platforms.
The series has successfully connected thousands of banking leaders, regulators, policymakers, fintech innovators, and technology providers across Africa, the Middle East, Europe, and Asia, creating opportunities for collaboration that have accelerated digital transformation throughout the financial services sector.
By facilitating strategic dialogue between public and private sector stakeholders, the summit continues to contribute meaningfully to the development of resilient, secure, inclusive, and future-ready financial ecosystems.
As discussions continue throughout the day, delegates will exchange strategic insights, explore emerging technologies, and forge partnerships that will help shape the future of banking in Ethiopia and across the African continent.
The summit will conclude with the prestigious Innovation & Excellence Awards 2026, celebrating the organisations and leaders whose vision, innovation, and commitment are transforming financial services across Africa.
About the International Center for Strategic Alliances (ICSA)
The International Center for Strategic Alliances (ICSA) is a globally recognised organisation specialising in executive leadership conferences, strategic business summits, and industry forums that connect decision-makers across banking, financial services, telecommunications, healthcare, energy, public sector, cybersecurity, and emerging technologies.
Through its flagship Connected Banking Summit series and other internationally recognised events, ICSA provides high-level platforms where policymakers, regulators, business leaders, innovators, and technology providers collaborate to exchange knowledge, build strategic partnerships, and accelerate digital transformation across industries.
Driven by its vision to Connect, Integrate and Transform, ICSA continues to create meaningful business ecosystems that inspire innovation and deliver measurable impact worldwide.
Media Contact
International Center for Strategic Alliances (ICSA)
info@connected-banking.com
+44 20 3808 8625
www.connected-banking.com
Ethiopian Skylight Hotel, Addis Ababa, Ethiopia

Harry Chun Tak Yeh, a prominent cryptocurrency investor and founder of Quantum Fintech Group, was found dead outside a luxury residential tower in Asunción, Paraguay, on August 7, 2026, after what police believe was a fall from the building’s 30th floor.
Paraguayan authorities have opened an investigation and say they have not ruled out any explanation — including accident, suicide, or third-party involvement.
What Happened
Police responding to a call at approximately 4:30 a.m. found a body outside the Jade Park residential complex in the Trinidad district of Asunción. According to local outlet La Tribuna, the man was preliminarily identified as Harry Chun Tak Yeh, founder and managing partner of Quantum Fintech Group. His body was reportedly found fully nude and covered with a black plastic bag.
Investigators subsequently entered an apartment on the building’s 30th floor associated with Yeh and found the door open and the interior extensively disturbed. Authorities also identified and searched a second apartment linked to Yeh on the 27th floor of the same building. Forensic technicians collected evidence from both units as well as the area outside the building, and physical evidence has been turned over to prosecutors.
Asunción police director Francisco Ávalos said the investigation remains at an early stage and that authorities have not yet determined how the fall occurred. Prosecutors are examining the case from multiple angles simultaneously — accident, suicide, and homicide — rather than treating any single explanation as established. Yeh’s body was transferred to Paraguay’s Judicial Morgue, where an autopsy and review of building surveillance footage are expected to help clarify the circumstances.
According to a separate report, a 29-year-old Brazilian woman identified as Yeh’s girlfriend, connected to the 27th-floor apartment, told investigators she was unaware of the situation.
It is important to note that no official finding from Paraguayan authorities has, as of this writing, attributed the death to another person, nor has any report established that the disturbed state of the apartment was connected to a robbery or any specific criminal act — those determinations remain part of the ongoing investigation.
Who Was Harry Yeh
Yeh, who had more than 25 years of experience in technology and business, entered the cryptocurrency market in 2013, when Bitcoin traded at roughly $60, launching his first fund with approximately $250,000. He later founded Quantum Fintech Group, an investment firm focused on cryptocurrency, blockchain, and digital-asset trading.
Yeh became closely associated with the Fantom blockchain ecosystem, taking over the team behind Tomb Finance — an algorithmic stablecoin project — as a Fantom Foundation member in 2021. Through aggressive promotion and leverage, he helped push the project’s total value locked to an all-time high of roughly $1.6 billion in January 2022; the associated token has since fallen close to zero, and Tomb Finance’s official social media account has been inactive since February 2025. Yeh’s public biography also credits him as a founder and seed investor in LIF3 and L3 Reserve, alongside earlier involvement in projects including ZooCoin.
Yeh’s own website and Quantum Fintech Group publicly claimed he managed more than $2 billion in digital-asset investments — with some sources citing a figure above $2.4 billion. These figures were self-reported by Yeh and his firm and have not been independently verified by outside auditors or regulators.
Community Reaction
News of Yeh’s death spread quickly across crypto social media, where he was a known figure within Fantom-adjacent DeFi circles. Given the unresolved circumstances — the ransacked apartment, the state in which the body was found, and the fact that Paraguayan police have explicitly said they have not excluded any cause — the case has generated significant speculation online. As of publication, however, that speculation remains unconfirmed, and Paraguayan authorities have made clear the investigation is ongoing, with an autopsy and forensic review still pending before any official conclusion is reached.
What Comes Next
The case now rests with Paraguayan prosecutors, who are pursuing physical evidence collection, an autopsy, and a review of security footage from the building in an effort to reconstruct Yeh’s movements before his death. No timeline has been given for when investigators expect to reach a conclusion. For the crypto industry, the case has drawn renewed attention to the personal security risks faced by high-net-worth individuals in the space — a reminder that substantial on-chain or reported wealth does not necessarily translate into physical safety, particularly for figures who may be publicly identifiable as holding significant digital assets.

Harry Chun Tak Yeh, a prominent cryptocurrency investor and founder of Quantum Fintech Group, was found dead outside a luxury residential tower in Asunción, Paraguay, on August 7, 2026, after what police believe was a fall from the building’s 30th floor.
Paraguayan authorities have opened an investigation and say they have not ruled out any explanation — including accident, suicide, or third-party involvement.
What Happened
Police responding to a call at approximately 4:30 a.m. found a body outside the Jade Park residential complex in the Trinidad district of Asunción. According to local outlet La Tribuna, the man was preliminarily identified as Harry Chun Tak Yeh, founder and managing partner of Quantum Fintech Group. His body was reportedly found fully nude and covered with a black plastic bag.
Investigators subsequently entered an apartment on the building’s 30th floor associated with Yeh and found the door open and the interior extensively disturbed. Authorities also identified and searched a second apartment linked to Yeh on the 27th floor of the same building. Forensic technicians collected evidence from both units as well as the area outside the building, and physical evidence has been turned over to prosecutors.
Asunción police director Francisco Ávalos said the investigation remains at an early stage and that authorities have not yet determined how the fall occurred. Prosecutors are examining the case from multiple angles simultaneously — accident, suicide, and homicide — rather than treating any single explanation as established. Yeh’s body was transferred to Paraguay’s Judicial Morgue, where an autopsy and review of building surveillance footage are expected to help clarify the circumstances.
According to a separate report, a 29-year-old Brazilian woman identified as Yeh’s girlfriend, connected to the 27th-floor apartment, told investigators she was unaware of the situation.
It is important to note that no official finding from Paraguayan authorities has, as of this writing, attributed the death to another person, nor has any report established that the disturbed state of the apartment was connected to a robbery or any specific criminal act — those determinations remain part of the ongoing investigation.
Who Was Harry Yeh
Yeh, who had more than 25 years of experience in technology and business, entered the cryptocurrency market in 2013, when Bitcoin traded at roughly $60, launching his first fund with approximately $250,000. He later founded Quantum Fintech Group, an investment firm focused on cryptocurrency, blockchain, and digital-asset trading.
Yeh became closely associated with the Fantom blockchain ecosystem, taking over the team behind Tomb Finance — an algorithmic stablecoin project — as a Fantom Foundation member in 2021. Through aggressive promotion and leverage, he helped push the project’s total value locked to an all-time high of roughly $1.6 billion in January 2022; the associated token has since fallen close to zero, and Tomb Finance’s official social media account has been inactive since February 2025. Yeh’s public biography also credits him as a founder and seed investor in LIF3 and L3 Reserve, alongside earlier involvement in projects including ZooCoin.
Yeh’s own website and Quantum Fintech Group publicly claimed he managed more than $2 billion in digital-asset investments — with some sources citing a figure above $2.4 billion. These figures were self-reported by Yeh and his firm and have not been independently verified by outside auditors or regulators.
Community Reaction
News of Yeh’s death spread quickly across crypto social media, where he was a known figure within Fantom-adjacent DeFi circles. Given the unresolved circumstances — the ransacked apartment, the state in which the body was found, and the fact that Paraguayan police have explicitly said they have not excluded any cause — the case has generated significant speculation online. As of publication, however, that speculation remains unconfirmed, and Paraguayan authorities have made clear the investigation is ongoing, with an autopsy and forensic review still pending before any official conclusion is reached.
What Comes Next
The case now rests with Paraguayan prosecutors, who are pursuing physical evidence collection, an autopsy, and a review of security footage from the building in an effort to reconstruct Yeh’s movements before his death. No timeline has been given for when investigators expect to reach a conclusion. For the crypto industry, the case has drawn renewed attention to the personal security risks faced by high-net-worth individuals in the space — a reminder that substantial on-chain or reported wealth does not necessarily translate into physical safety, particularly for figures who may be publicly identifiable as holding significant digital assets.

Stanford researchers have crossed a threshold that sounded like science fiction just a few years ago: an AI system has designed complete, functional viral genomes from scratch, and 16 of those AI-generated designs turned out to actually work in the lab, successfully infecting and killing bacteria.
Published this week in the journal Science, the breakthrough marks the first time generative AI has produced an entire working virus genome end-to-end — and it lands at a moment when the same class of technology reshaping chatbots and image generators is now reaching directly into the code of life itself.
How the AI Actually Did It
The research was led by Brian Hie, an assistant professor of chemical engineering at Stanford and an innovation investigator at the Arc Institute, working alongside PhD student Samuel King and collaborators from NVIDIA and UC Berkeley. The team used two genome language models called Evo 1 and Evo 2 — AI systems that function conceptually the same way as the large language models behind tools like ChatGPT, except instead of predicting the next word in a sentence, they predict the next base pair in a strand of DNA.
Evo 2, the more advanced of the two models, was trained on roughly 9.3 trillion DNA base pairs pulled from a curated genomic dataset spanning bacteria, plants, and other organisms. Critically, the researchers deliberately excluded genetic material from viruses capable of infecting humans, animals, or plants from the training data — a safeguard specifically designed to reduce the chance the model could be used to design something dangerous to people.
Starting from the genome of a naturally occurring bacteriophage called ΦX174 — a virus with fewer than 6,000 base pairs, tiny compared to the roughly 3 billion base pairs in a human genome — the AI generated thousands of new, never-before-seen genome sequences. Researchers narrowed that pool down to 302 of the most promising AI-designed candidates and physically synthesized them in the laboratory, inserting the AI-written genetic code into bacterial cells to see whether the cells would actually assemble the instructions into a living, functioning virus.
The Results: 16 Out of 302
The process wasn’t especially efficient — only 16 of the 302 lab-synthesized designs proved viable. But those 16 worked: they assembled into functioning bacteriophages capable of infecting and destroying E. coli bacteria. Samuel King, the PhD student who ran much of the lab work, reportedly realized the phages were successfully working during an early-morning check of petri dishes, watching for visible signs that the new AI-designed viruses were consuming the bacterial colonies growing on the plate.
Notably, when researchers combined several of the successful AI-designed phages into a cocktail, the mixture proved capable of swiftly overcoming bacterial resistance across two different E. coli strains — a critical finding given that antibiotic and phage resistance is one of the central challenges limiting how useful engineered viruses can be as medical treatments.
Why This Could Matter for Fighting Superbugs
Bacteriophages — viruses that specifically target and kill bacteria while leaving human cells untouched — have long been explored as a potential alternative or complement to antibiotics, particularly against drug-resistant “superbug” infections that no longer respond to conventional treatment. The core challenge has always been speed and precision: naturally occurring phages that target a specific resistant bacterial strain aren’t always available, and engineering new ones from scratch has historically been slow and difficult.
In their paper, the researchers wrote that the ability to “rapidly design” genomes and tune them against specific bacterial targets, while overcoming resistance, could “transform phage therapy” and meaningfully “expand biotechnological toolkits” available to medicine. If AI can reliably generate new phages on demand — tailored to whatever resistant infection a patient is facing — it could dramatically shorten the timeline for developing targeted treatments against bacteria that no longer respond to existing drugs.
The Biosecurity Warning Attached to the Breakthrough
Alongside the scientific achievement, the researchers themselves flagged serious concerns. In the Science paper, they explicitly stated the work raises “important biosafety, biocontainment and biosecurity considerations,” and urged any researchers pursuing similar whole-genome AI design work to “consult both safety and security professionals throughout the project.”
That warning was reinforced in an accompanying commentary published alongside the study by Professor Tom Inglesby and Dr. Moritz Hanke of the Center for Health Security at Johns Hopkins University. They wrote:
“Although this is promising for life sciences applications, it also raises urgent biosafety and biosecurity questions. The ability to compose viral genomes using generative AI now exists; the governance to safely steer it does not.”
That governance gap is arguably the most consequential part of this story. Evo 2, the model behind the breakthrough, has been released as an open-source tool — meaning the same underlying AI capability that designed 16 working bacteria-killing viruses is now publicly available for others to build on.
Hie has acknowledged that modified versions of tools like Evo 2 could potentially be misused, though he has argued the benefits of open access — including giving researchers new ways to study dangerous natural pathogens and build safety checks directly into the design process — outweigh the risks, particularly since the model’s current training data was deliberately restricted away from human-infecting viruses.
What Comes Next
Hie’s team says it is now working on generating longer and more complex DNA sequences, including small bacterial genomes — a significant jump in complexity from the roughly 6,000-base-pair phage genomes involved in this study. “The biggest open questions for me,” Hie said, “are how do we get greater genetic novelty and how do we get greater controllability of the outcomes?”
That question — how to make AI-designed biology both more capable and more predictable — is likely to define the next phase of this research. For an AI-and-crypto audience accustomed to watching machine learning systems compress years of work into days, the Stanford results are a reminder that the same acceleration curve reshaping code, images, and financial markets is now visibly underway inside the genetic code of living organisms, complete with all the promise and risk that implies.

Stanford researchers have crossed a threshold that sounded like science fiction just a few years ago: an AI system has designed complete, functional viral genomes from scratch, and 16 of those AI-generated designs turned out to actually work in the lab, successfully infecting and killing bacteria.
Published this week in the journal Science, the breakthrough marks the first time generative AI has produced an entire working virus genome end-to-end — and it lands at a moment when the same class of technology reshaping chatbots and image generators is now reaching directly into the code of life itself.
How the AI Actually Did It
The research was led by Brian Hie, an assistant professor of chemical engineering at Stanford and an innovation investigator at the Arc Institute, working alongside PhD student Samuel King and collaborators from NVIDIA and UC Berkeley. The team used two genome language models called Evo 1 and Evo 2 — AI systems that function conceptually the same way as the large language models behind tools like ChatGPT, except instead of predicting the next word in a sentence, they predict the next base pair in a strand of DNA.
Evo 2, the more advanced of the two models, was trained on roughly 9.3 trillion DNA base pairs pulled from a curated genomic dataset spanning bacteria, plants, and other organisms. Critically, the researchers deliberately excluded genetic material from viruses capable of infecting humans, animals, or plants from the training data — a safeguard specifically designed to reduce the chance the model could be used to design something dangerous to people.
Starting from the genome of a naturally occurring bacteriophage called ΦX174 — a virus with fewer than 6,000 base pairs, tiny compared to the roughly 3 billion base pairs in a human genome — the AI generated thousands of new, never-before-seen genome sequences. Researchers narrowed that pool down to 302 of the most promising AI-designed candidates and physically synthesized them in the laboratory, inserting the AI-written genetic code into bacterial cells to see whether the cells would actually assemble the instructions into a living, functioning virus.
The Results: 16 Out of 302
The process wasn’t especially efficient — only 16 of the 302 lab-synthesized designs proved viable. But those 16 worked: they assembled into functioning bacteriophages capable of infecting and destroying E. coli bacteria. Samuel King, the PhD student who ran much of the lab work, reportedly realized the phages were successfully working during an early-morning check of petri dishes, watching for visible signs that the new AI-designed viruses were consuming the bacterial colonies growing on the plate.
Notably, when researchers combined several of the successful AI-designed phages into a cocktail, the mixture proved capable of swiftly overcoming bacterial resistance across two different E. coli strains — a critical finding given that antibiotic and phage resistance is one of the central challenges limiting how useful engineered viruses can be as medical treatments.
Why This Could Matter for Fighting Superbugs
Bacteriophages — viruses that specifically target and kill bacteria while leaving human cells untouched — have long been explored as a potential alternative or complement to antibiotics, particularly against drug-resistant “superbug” infections that no longer respond to conventional treatment. The core challenge has always been speed and precision: naturally occurring phages that target a specific resistant bacterial strain aren’t always available, and engineering new ones from scratch has historically been slow and difficult.
In their paper, the researchers wrote that the ability to “rapidly design” genomes and tune them against specific bacterial targets, while overcoming resistance, could “transform phage therapy” and meaningfully “expand biotechnological toolkits” available to medicine. If AI can reliably generate new phages on demand — tailored to whatever resistant infection a patient is facing — it could dramatically shorten the timeline for developing targeted treatments against bacteria that no longer respond to existing drugs.
The Biosecurity Warning Attached to the Breakthrough
Alongside the scientific achievement, the researchers themselves flagged serious concerns. In the Science paper, they explicitly stated the work raises “important biosafety, biocontainment and biosecurity considerations,” and urged any researchers pursuing similar whole-genome AI design work to “consult both safety and security professionals throughout the project.”
That warning was reinforced in an accompanying commentary published alongside the study by Professor Tom Inglesby and Dr. Moritz Hanke of the Center for Health Security at Johns Hopkins University. They wrote:
“Although this is promising for life sciences applications, it also raises urgent biosafety and biosecurity questions. The ability to compose viral genomes using generative AI now exists; the governance to safely steer it does not.”
That governance gap is arguably the most consequential part of this story. Evo 2, the model behind the breakthrough, has been released as an open-source tool — meaning the same underlying AI capability that designed 16 working bacteria-killing viruses is now publicly available for others to build on.
Hie has acknowledged that modified versions of tools like Evo 2 could potentially be misused, though he has argued the benefits of open access — including giving researchers new ways to study dangerous natural pathogens and build safety checks directly into the design process — outweigh the risks, particularly since the model’s current training data was deliberately restricted away from human-infecting viruses.
What Comes Next
Hie’s team says it is now working on generating longer and more complex DNA sequences, including small bacterial genomes — a significant jump in complexity from the roughly 6,000-base-pair phage genomes involved in this study. “The biggest open questions for me,” Hie said, “are how do we get greater genetic novelty and how do we get greater controllability of the outcomes?”
That question — how to make AI-designed biology both more capable and more predictable — is likely to define the next phase of this research. For an AI-and-crypto audience accustomed to watching machine learning systems compress years of work into days, the Stanford results are a reminder that the same acceleration curve reshaping code, images, and financial markets is now visibly underway inside the genetic code of living organisms, complete with all the promise and risk that implies.

Entities affiliated with Binance Holdings have filed a lawsuit in Hong Kong against the founders of RedotPay, a rapidly growing crypto payments company, accusing them of orchestrating what Binance describes as a “fraudulent scheme” that funneled hundreds of thousands of customers away from Binance’s own payment product and toward RedotPay’s competing service — allegedly boosting RedotPay’s valuation in the process at Binance’s direct financial expense.
The Core Allegations
Three Binance-affiliated entities — Nest Trading Ltd., Distributed Technologies Ltd., and Chaintecs Consulting Singapore Pte — filed the petition against RedotPay co-founders Gao Zhangpeng, Chan Wa Choi, and Yao Chao. According to court documents obtained by Bloomberg News, the filing alleges the three co-founders violated the terms of a partnership agreement the companies signed in 2025.
That original agreement was structured to benefit both sides: RedotPay would gain access to the customer base of the world’s largest cryptocurrency exchange, while Binance’s payment infrastructure would extend across a broader merchant and user network through RedotPay’s platform. Binance now alleges that RedotPay exceeded the scope of that arrangement by allowing Binance Pay users to top up RedotPay’s own stablecoin-linked payment cards — a use case Binance says was never authorized under the partnership terms.
How Binance Calculated the $472.8 Million Claim
According to the court filing, Binance alleges that more than 470,000 customers were redirected away from its own Binance Card product toward RedotPay’s competing card offering. Binance’s legal team calculated damages by estimating an average lifetime value of $925 per diverted customer, arriving at a total claimed loss of $472.8 million.
In the filing, Binance stated:
“Since March 2026, the Binance Group has discovered that RedotPay Group had been allowing and encouraging Binance Pay funds to be used, without segregation, for the prohibited use within RedotPay, including card top-ups for RedotPay Card.”
The allegation centers specifically on the claim that Binance-originated funds were commingled and redirected into RedotPay’s own card ecosystem rather than remaining within the boundaries the two companies had agreed upon.
RedotPay’s Response
RedotPay has firmly rejected the allegations. A company spokesperson told Bloomberg: “RedotPay is aware of legal proceedings initiated by Binance and will vigorously defend all claims. These proceedings have no impact on RedotPay’s day-to-day operations.”
Following publication of the initial report, RedotPay reinforced that message directly to its user base and business partners through a statement posted on its official website, emphasizing that the litigation would not disrupt ongoing operations. The company also noted it had recorded record levels of on-chain spending activity from users over the preceding month, seemingly aiming to reassure stakeholders that the legal dispute had not dented platform usage.
The Timing Couldn’t Be More Sensitive for RedotPay
The lawsuit lands at a particularly delicate moment in RedotPay’s corporate trajectory. Bloomberg had previously reported that the Hong Kong-based payments firm was exploring a potential initial public offering at a valuation as high as $4 billion. The company has simultaneously been working to raise fresh capital from investors, a process that has coincided with notable turnover among its senior executive ranks in recent months.
Binance’s lawsuit directly ties into that valuation narrative: the exchange is now alleging that the customer volume RedotPay allegedly redirected from Binance Card played a material role in inflating RedotPay’s business metrics and, by extension, its attractiveness to IPO investors and fundraising targets.
A Partnership That Turned Into a Legal Battle
Binance and RedotPay were previously linked through a formal strategic partnership that let Binance Pay users make direct, near-instant cryptocurrency deposits onto RedotPay’s crypto-linked Visa cards. That cooperative relationship ended abruptly when Binance officially terminated its partnership and payment support for RedotPay on April 3, 2026 — a move that, based on the timeline in Binance’s court filing, followed internal discovery of the alleged fund diversion beginning the prior month.
What RedotPay Actually Does
RedotPay operates as a global crypto payment platform and digital wallet provider, offering both virtual and physical cryptocurrency-linked payment cards. The platform allows users to spend digital assets — including Bitcoin, Ethereum, and stablecoins such as USDT and USDC — at more than 130 million merchants worldwide, functioning similarly to a traditional debit card but without requiring users to hold a conventional bank account. According to the company, RedotPay currently serves more than 8 million registered users across over 100 countries, positioning it as one of the more prominent players in the growing crypto-to-fiat payments sector.
What This Case Signals for the Broader Industry
Beyond the specific financial dispute, the lawsuit highlights growing tension within the crypto payments ecosystem as exchanges and card-issuing platforms increasingly compete directly for the same end users — even when those platforms are nominally partners rather than rivals. As stablecoin-linked payment cards become an increasingly important growth vector for both established exchanges like Binance and independent fintech challengers like RedotPay, disputes over customer ownership, data usage, and partnership boundaries are likely to become more common across the sector.
What Happens Next
The case will now proceed through Hong Kong’s court system, where RedotPay’s leadership has signaled its intent to contest the claims in full. Given RedotPay’s pending IPO ambitions and ongoing fundraising efforts, the outcome — and any reputational fallout from the litigation itself — could carry consequences well beyond the immediate $472.8 million figure at stake, potentially influencing how investors and prospective IPO backers assess the company’s governance and its historical relationship with one of crypto’s most influential platforms.

Entities affiliated with Binance Holdings have filed a lawsuit in Hong Kong against the founders of RedotPay, a rapidly growing crypto payments company, accusing them of orchestrating what Binance describes as a “fraudulent scheme” that funneled hundreds of thousands of customers away from Binance’s own payment product and toward RedotPay’s competing service — allegedly boosting RedotPay’s valuation in the process at Binance’s direct financial expense.
The Core Allegations
Three Binance-affiliated entities — Nest Trading Ltd., Distributed Technologies Ltd., and Chaintecs Consulting Singapore Pte — filed the petition against RedotPay co-founders Gao Zhangpeng, Chan Wa Choi, and Yao Chao. According to court documents obtained by Bloomberg News, the filing alleges the three co-founders violated the terms of a partnership agreement the companies signed in 2025.
That original agreement was structured to benefit both sides: RedotPay would gain access to the customer base of the world’s largest cryptocurrency exchange, while Binance’s payment infrastructure would extend across a broader merchant and user network through RedotPay’s platform. Binance now alleges that RedotPay exceeded the scope of that arrangement by allowing Binance Pay users to top up RedotPay’s own stablecoin-linked payment cards — a use case Binance says was never authorized under the partnership terms.
How Binance Calculated the $472.8 Million Claim
According to the court filing, Binance alleges that more than 470,000 customers were redirected away from its own Binance Card product toward RedotPay’s competing card offering. Binance’s legal team calculated damages by estimating an average lifetime value of $925 per diverted customer, arriving at a total claimed loss of $472.8 million.
In the filing, Binance stated:
“Since March 2026, the Binance Group has discovered that RedotPay Group had been allowing and encouraging Binance Pay funds to be used, without segregation, for the prohibited use within RedotPay, including card top-ups for RedotPay Card.”
The allegation centers specifically on the claim that Binance-originated funds were commingled and redirected into RedotPay’s own card ecosystem rather than remaining within the boundaries the two companies had agreed upon.
RedotPay’s Response
RedotPay has firmly rejected the allegations. A company spokesperson told Bloomberg: “RedotPay is aware of legal proceedings initiated by Binance and will vigorously defend all claims. These proceedings have no impact on RedotPay’s day-to-day operations.”
Following publication of the initial report, RedotPay reinforced that message directly to its user base and business partners through a statement posted on its official website, emphasizing that the litigation would not disrupt ongoing operations. The company also noted it had recorded record levels of on-chain spending activity from users over the preceding month, seemingly aiming to reassure stakeholders that the legal dispute had not dented platform usage.
The Timing Couldn’t Be More Sensitive for RedotPay
The lawsuit lands at a particularly delicate moment in RedotPay’s corporate trajectory. Bloomberg had previously reported that the Hong Kong-based payments firm was exploring a potential initial public offering at a valuation as high as $4 billion. The company has simultaneously been working to raise fresh capital from investors, a process that has coincided with notable turnover among its senior executive ranks in recent months.
Binance’s lawsuit directly ties into that valuation narrative: the exchange is now alleging that the customer volume RedotPay allegedly redirected from Binance Card played a material role in inflating RedotPay’s business metrics and, by extension, its attractiveness to IPO investors and fundraising targets.
A Partnership That Turned Into a Legal Battle
Binance and RedotPay were previously linked through a formal strategic partnership that let Binance Pay users make direct, near-instant cryptocurrency deposits onto RedotPay’s crypto-linked Visa cards. That cooperative relationship ended abruptly when Binance officially terminated its partnership and payment support for RedotPay on April 3, 2026 — a move that, based on the timeline in Binance’s court filing, followed internal discovery of the alleged fund diversion beginning the prior month.
What RedotPay Actually Does
RedotPay operates as a global crypto payment platform and digital wallet provider, offering both virtual and physical cryptocurrency-linked payment cards. The platform allows users to spend digital assets — including Bitcoin, Ethereum, and stablecoins such as USDT and USDC — at more than 130 million merchants worldwide, functioning similarly to a traditional debit card but without requiring users to hold a conventional bank account. According to the company, RedotPay currently serves more than 8 million registered users across over 100 countries, positioning it as one of the more prominent players in the growing crypto-to-fiat payments sector.
What This Case Signals for the Broader Industry
Beyond the specific financial dispute, the lawsuit highlights growing tension within the crypto payments ecosystem as exchanges and card-issuing platforms increasingly compete directly for the same end users — even when those platforms are nominally partners rather than rivals. As stablecoin-linked payment cards become an increasingly important growth vector for both established exchanges like Binance and independent fintech challengers like RedotPay, disputes over customer ownership, data usage, and partnership boundaries are likely to become more common across the sector.
What Happens Next
The case will now proceed through Hong Kong’s court system, where RedotPay’s leadership has signaled its intent to contest the claims in full. Given RedotPay’s pending IPO ambitions and ongoing fundraising efforts, the outcome — and any reputational fallout from the litigation itself — could carry consequences well beyond the immediate $472.8 million figure at stake, potentially influencing how investors and prospective IPO backers assess the company’s governance and its historical relationship with one of crypto’s most influential platforms.

Nik Storonsky, the billionaire chief executive of digital banking giant Revolut, is facing a London lawsuit accusing him of deliberately cutting out a luxury yacht brokerage to avoid paying roughly €17.5 million (about $20.1 million) in commission fees on a superyacht purchase — a deal that reportedly involved a mysterious Brazilian former owner who was arrested for fraud while negotiations were underway.
The Allegations
Yacht brokerage firm Cecil Wright & Partners Ltd. filed the claim at the UK’s High Court, alleging that Storonsky’s family office approached the firm seeking a luxury vessel to purchase while a separate yacht he had previously commissioned remained under construction.
According to court filings, Cecil Wright says it identified a suitable option — but was then deliberately sidelined once Storonsky moved to finalize the purchase directly, bypassing the broker entirely and avoiding the standard commission owed on a deal of that size.
Court documents cite written correspondence between the two parties dating back to July 2025. According to the filing, Storonsky’s family office wrote to Cecil Wright: “While we are moving full speed on the newbuild, we want to explore the opportunity to acquire a boat while we are waiting for construction to finalize.” Cecil Wright responded enthusiastically, telling the family office: “We would be absolutely delighted to assist with this.”
The Yacht’s Unusual Ownership History
The vessel at the center of the dispute has a convoluted ownership trail. According to the lawsuit, the yacht was originally commissioned by Patrick Dovigi, a Canadian businessman and former professional ice hockey player. During construction, ownership rights were sold to a Brazilian buyer, whose identity remains undisclosed in court filings.
Cecil Wright identified the yacht — then still under construction at a shipyard in Schacht-Audorf, Germany, with expected delivery in May 2026 — as a strong match for Storonsky’s requirements. After personally inspecting the vessel, Storonsky’s office reportedly offered approximately €300 million to acquire it. Just weeks later, however, the Brazilian owner was arrested on fraud-related allegations, throwing the sale into limbo. Prior to his arrest, the Brazilian owner had been seeking €350 million for the yacht.
Following the arrest, Dovigi reacquired rights to the vessel and, according to the lawsuit, negotiated its direct sale to Storonsky — this time without any broker involved in the transaction.
The Core Legal Claim
Cecil Wright’s lawyers allege that Storonsky and Dovigi structured the final transaction specifically to exclude any brokerage involvement, thereby avoiding the substantial commission fees typically attached to superyacht sales of this scale and simultaneously reducing the final purchase price. The legal filing frames this as a deliberate maneuver to sideline the firm that had originally identified and facilitated interest in the vessel.
Representatives for Storonsky’s family office have pushed back firmly on the allegations. A spokesperson stated that the claim is “without merit and will be defended,” though formal legal defense documents had not yet been submitted to the court as of publication. Storonsky himself has not issued any personal public comment on the lawsuit. Dovigi did not respond to requests for comment.
Who Is Nik Storonsky
Storonsky co-founded Revolut in 2015, building it into one of the world’s most valuable financial technology companies. The platform allows users to manage money, hold and exchange multiple currencies, send international transfers, and trade stocks, commodities, and cryptocurrency through a single mobile application. According to the Bloomberg Billionaires Index, Storonsky is currently the United Kingdom’s richest person, with an estimated net worth of approximately $20.4 billion.
A Rare Look Inside the Superyacht Industry
Beyond the specific financial dispute, the lawsuit offers an unusually detailed public glimpse into the notoriously opaque world of ultra-luxury yacht transactions. Deals of this magnitude — often worth hundreds of millions of dollars — are typically arranged privately through family offices, informal communications such as WhatsApp messages, and offshore corporate structures, with minimal public disclosure of pricing, ownership changes, or brokerage arrangements.
The case also highlights the risks inherent in that opacity: a yacht changing hands multiple times during construction, passing between a Canadian businessman, an undisclosed Brazilian buyer later arrested for fraud, and ultimately one of Europe’s most prominent fintech billionaires, all while the vessel’s true valuation shifted from €350 million to roughly €300 million amid the ownership turmoil.
What Happens Next
The case is now proceeding through the UK’s High Court, where Storonsky’s legal team is expected to file a formal defense contesting Cecil Wright’s claims. Given Storonsky’s public profile as both a fintech industry leader and Britain’s wealthiest individual, the dispute is likely to draw continued attention — both for what it reveals about high-end yacht brokerage practices and for how it may affect perceptions of Storonsky at a time when Revolut continues to expand its global banking and crypto trading operations.

Nik Storonsky, the billionaire chief executive of digital banking giant Revolut, is facing a London lawsuit accusing him of deliberately cutting out a luxury yacht brokerage to avoid paying roughly €17.5 million (about $20.1 million) in commission fees on a superyacht purchase — a deal that reportedly involved a mysterious Brazilian former owner who was arrested for fraud while negotiations were underway.
The Allegations
Yacht brokerage firm Cecil Wright & Partners Ltd. filed the claim at the UK’s High Court, alleging that Storonsky’s family office approached the firm seeking a luxury vessel to purchase while a separate yacht he had previously commissioned remained under construction.
According to court filings, Cecil Wright says it identified a suitable option — but was then deliberately sidelined once Storonsky moved to finalize the purchase directly, bypassing the broker entirely and avoiding the standard commission owed on a deal of that size.
Court documents cite written correspondence between the two parties dating back to July 2025. According to the filing, Storonsky’s family office wrote to Cecil Wright: “While we are moving full speed on the newbuild, we want to explore the opportunity to acquire a boat while we are waiting for construction to finalize.” Cecil Wright responded enthusiastically, telling the family office: “We would be absolutely delighted to assist with this.”
The Yacht’s Unusual Ownership History
The vessel at the center of the dispute has a convoluted ownership trail. According to the lawsuit, the yacht was originally commissioned by Patrick Dovigi, a Canadian businessman and former professional ice hockey player. During construction, ownership rights were sold to a Brazilian buyer, whose identity remains undisclosed in court filings.
Cecil Wright identified the yacht — then still under construction at a shipyard in Schacht-Audorf, Germany, with expected delivery in May 2026 — as a strong match for Storonsky’s requirements. After personally inspecting the vessel, Storonsky’s office reportedly offered approximately €300 million to acquire it. Just weeks later, however, the Brazilian owner was arrested on fraud-related allegations, throwing the sale into limbo. Prior to his arrest, the Brazilian owner had been seeking €350 million for the yacht.
Following the arrest, Dovigi reacquired rights to the vessel and, according to the lawsuit, negotiated its direct sale to Storonsky — this time without any broker involved in the transaction.
The Core Legal Claim
Cecil Wright’s lawyers allege that Storonsky and Dovigi structured the final transaction specifically to exclude any brokerage involvement, thereby avoiding the substantial commission fees typically attached to superyacht sales of this scale and simultaneously reducing the final purchase price. The legal filing frames this as a deliberate maneuver to sideline the firm that had originally identified and facilitated interest in the vessel.
Representatives for Storonsky’s family office have pushed back firmly on the allegations. A spokesperson stated that the claim is “without merit and will be defended,” though formal legal defense documents had not yet been submitted to the court as of publication. Storonsky himself has not issued any personal public comment on the lawsuit. Dovigi did not respond to requests for comment.
Who Is Nik Storonsky
Storonsky co-founded Revolut in 2015, building it into one of the world’s most valuable financial technology companies. The platform allows users to manage money, hold and exchange multiple currencies, send international transfers, and trade stocks, commodities, and cryptocurrency through a single mobile application. According to the Bloomberg Billionaires Index, Storonsky is currently the United Kingdom’s richest person, with an estimated net worth of approximately $20.4 billion.
A Rare Look Inside the Superyacht Industry
Beyond the specific financial dispute, the lawsuit offers an unusually detailed public glimpse into the notoriously opaque world of ultra-luxury yacht transactions. Deals of this magnitude — often worth hundreds of millions of dollars — are typically arranged privately through family offices, informal communications such as WhatsApp messages, and offshore corporate structures, with minimal public disclosure of pricing, ownership changes, or brokerage arrangements.
The case also highlights the risks inherent in that opacity: a yacht changing hands multiple times during construction, passing between a Canadian businessman, an undisclosed Brazilian buyer later arrested for fraud, and ultimately one of Europe’s most prominent fintech billionaires, all while the vessel’s true valuation shifted from €350 million to roughly €300 million amid the ownership turmoil.
What Happens Next
The case is now proceeding through the UK’s High Court, where Storonsky’s legal team is expected to file a formal defense contesting Cecil Wright’s claims. Given Storonsky’s public profile as both a fintech industry leader and Britain’s wealthiest individual, the dispute is likely to draw continued attention — both for what it reveals about high-end yacht brokerage practices and for how it may affect perceptions of Storonsky at a time when Revolut continues to expand its global banking and crypto trading operations.

AI Expo Europe 2026: Where the People Who Build AI Meet the Companies Ready to Adopt It
Through AI Expo Europe, the people who build AI meet the companies ready to adopt it, and the energy right now is extraordinary. The technology works. The talent is here. The appetite to innovate has never been higher.
The exciting part is what comes next: helping companies discover exactly where AI creates real value for them. The winners won’t be the ones who adopt the most tools, they’ll be the ones who know where AI actually pays off. This is exactly why conferences like AI Expo Europe matter: bringing creators and adopters to the same table, so companies can test, compare, and adopt with confidence instead of guessing alone.
This is a huge opportunity for Romania and for Europe. We have the talent, the entrepreneurs, and the platforms to connect them. If we invest in people and education alongside technology, there is every reason to be confident about what we can build here.
AI Expo Europe 2026 takes place November 1–2 at the Radisson Blu Hotel, Bucharest, two days built around that same idea: real conversations between the companies building AI and the organizations ready to put it to work.
What to expect:
Keynotes from AI leaders, tech experts, and business decision-makers
Panels on AI implementation, enterprise adoption, automation, generative AI, robotics, healthcare, regulation, and real business use cases
Live demos and presentations from companies building AI solutions
Dedicated B2B meeting areas for companies, providers, investors, and partners
Attendees expected from across Europe and beyond
Direct access to startups, enterprises, researchers, policymakers, and technology providers
Built for companies that want to move past experimentation and find out where AI creates measurable value, in automation, customer service, data analysis, operations, marketing, finance, HR, cybersecurity, and software development.
Event details: Venue: Radisson Blu Hotel, Bucharest Dates: November 1–2, 2026 Website: https://aiexpoeurope.com Email: office@aiexpoeurope.com LinkedIn: https://www.linkedin.com/company/ai-expo-europe/ Discount code: XXXX (30% off)
Join us in Bucharest on November 1–2 and be part of the conversation between the people building AI and the people ready to put it to work.

AI Expo Europe 2026: Where the People Who Build AI Meet the Companies Ready to Adopt It
Through AI Expo Europe, the people who build AI meet the companies ready to adopt it, and the energy right now is extraordinary. The technology works. The talent is here. The appetite to innovate has never been higher.
The exciting part is what comes next: helping companies discover exactly where AI creates real value for them. The winners won’t be the ones who adopt the most tools, they’ll be the ones who know where AI actually pays off. This is exactly why conferences like AI Expo Europe matter: bringing creators and adopters to the same table, so companies can test, compare, and adopt with confidence instead of guessing alone.
This is a huge opportunity for Romania and for Europe. We have the talent, the entrepreneurs, and the platforms to connect them. If we invest in people and education alongside technology, there is every reason to be confident about what we can build here.
AI Expo Europe 2026 takes place November 1–2 at the Radisson Blu Hotel, Bucharest, two days built around that same idea: real conversations between the companies building AI and the organizations ready to put it to work.
What to expect:
Keynotes from AI leaders, tech experts, and business decision-makers
Panels on AI implementation, enterprise adoption, automation, generative AI, robotics, healthcare, regulation, and real business use cases
Live demos and presentations from companies building AI solutions
Dedicated B2B meeting areas for companies, providers, investors, and partners
Attendees expected from across Europe and beyond
Direct access to startups, enterprises, researchers, policymakers, and technology providers
Built for companies that want to move past experimentation and find out where AI creates measurable value, in automation, customer service, data analysis, operations, marketing, finance, HR, cybersecurity, and software development.
Event details: Venue: Radisson Blu Hotel, Bucharest Dates: November 1–2, 2026 Website: https://aiexpoeurope.com Email: office@aiexpoeurope.com LinkedIn: https://www.linkedin.com/company/ai-expo-europe/ Discount code: XXXX (30% off)
Join us in Bucharest on November 1–2 and be part of the conversation between the people building AI and the people ready to put it to work.

A former FBI supervisory special agent has been arrested and charged with stealing approximately $1 million in cryptocurrency from wallets connected to a national security investigation — funds he allegedly siphoned using his own top-secret clearance, then researched how to invest and use to relocate to Europe with help from ChatGPT.
The case, unsealed in federal court this week, offers a rare window into how artificial intelligence tools are now surfacing as evidence in white-collar and national security prosecutions.
Who Was Charged and With What
Patrick Steven Yaroch, of Ashburn, Virginia, was arrested and fired from the FBI on Friday, August 1, 2026, following a raid on his home. Prosecutors filed charges against him in the U.S. District Court for the Eastern District of Virginia for interstate transportation of stolen goods, securities, and monies, and receipt of stolen goods, securities, and monies. Yaroch had served as a supervisory special agent within the FBI’s Counterintelligence and Espionage Division and, according to court documents, held a Top Secret security clearance throughout the period of the alleged theft.
How the Theft Allegedly Happened
According to the criminal affidavit, Yaroch was assigned to a national security investigative squad in the FBI’s Boston field office, working a case tied to an adversarial nation that two sources told NBC News was Russia. In the course of that investigation, Yaroch came across cryptocurrency wallets and holdings connected to the target of the probe.
Rather than seizing or freezing the funds through official channels, Yaroch allegedly grew increasingly frustrated that the FBI “could not or would not act” to disrupt the adversarial account’s use of cryptocurrency. Investigators say that starting in late 2024 or early 2025, Yaroch decided to “take matters into his own hands.” Using his government database access and top-secret clearance, he allegedly located and memorized passphrases tied to the adversarial cryptocurrency wallets, then created his own personal wallet and began transferring funds out — reportedly executing between 10 and 12 separate transactions that moved roughly $1 million into accounts he personally controlled.
The ChatGPT Trail
Perhaps the most striking element of the case is how much of the evidence against Yaroch reportedly came from his own conversations with OpenAI’s ChatGPT. According to the affidavit, Yaroch asked the AI chatbot in one exchange: “If I had a million dollars, how would you suggest investing it/spending it to maximize profit and return?” ChatGPT’s response was tailored to details Yaroch had apparently shared about his own life, reportedly replying with guidance referencing someone “at 37, with a young family, a goal of potentially retiring around 40, and a clear interest in eventually building a slower-living vineyard/agricultural lifestyle in places like Cilento or Portugal’s Dão region.”
In a separate exchange dated June 26, 2026, investigators say Yaroch used ChatGPT to help draft an email related to a job opportunity in Greece, further suggesting he was actively exploring relocation and employment options abroad in the weeks before his arrest.
Evidence of a Planned Departure
Beyond the AI chat logs, investigators uncovered a substantial paper trail suggesting Yaroch was preparing to leave the country. The FBI found round-trip flight bookings for Yaroch, his wife, and child to travel to Portugal in September 2026, along with a power-of-attorney document authorizing two Portuguese lawyers to represent him before that country’s tax and customs authority and assist him in obtaining a Portuguese tax identification number.
Investigators also identified previously undisclosed international travel by Yaroch to Germany, Portugal, and Grenada between May and July 2026 — trips federal employees holding his level of security clearance are typically required to report in advance, which Yaroch allegedly failed to do.
The Confession
The case against Yaroch reportedly began unraveling after he confided in a Department of Justice colleague. On the afternoon of July 28, 2026, Yaroch contacted the colleague via the encrypted messaging app Signal and asked to meet to discuss personal matters, according to the affidavit. During that conversation, and in a subsequent interview with FBI investigators at his home, Yaroch allegedly admitted to the thefts. According to court documents, when agents interviewed him, Yaroch told them plainly: “I f***ed up.”
What Was Seized
When agents executed the search warrant at Yaroch’s Ashburn home on August 1, they seized $925,426.07 in cryptocurrency from his personal wallets and accounts, along with a Trezor hardware wallet, handwritten seed phrases, the Portuguese power-of-attorney documents, his electronics, and both his personal and diplomatic passports.
The FBI’s Response
An FBI spokesperson issued a brief statement to CNN following the arrest: “As soon as the FBI became aware of these allegations, we immediately took action, began an investigation, and ultimately executed an arrest warrant for this individual last week. We hold our employees to the highest ethical standards, and this conduct is not tolerated at the FBI. We are conducting a thorough investigation in the aftermath, and as this is an ongoing matter, we will have no further comment.” No attorney for Yaroch was listed in initial court filings; a federal public defender representing him has declined to comment publicly on the case.
Part of a Broader Pattern in the Intelligence Community
Yaroch’s arrest is not an isolated incident. It follows closely on the heels of a separate case involving a CIA official, David Rush, who was arrested in June 2026 and accused of stealing more than $40 million, allegedly converting the proceeds into gold bars and luxury watches. Taken together, the two cases have intensified scrutiny of internal financial oversight within U.S. intelligence agencies, particularly regarding personnel with privileged access to sensitive financial intelligence involving cryptocurrency.
Why This Case Matters
Beyond the individual allegations, the case highlights a broader shift in how digital evidence — including AI chatbot conversation logs — is now being used to build criminal cases. The FBI’s ability to reconstruct Yaroch’s financial planning, relocation research, and state of mind through his ChatGPT queries illustrates how everyday AI tool usage is increasingly becoming discoverable evidence in federal investigations, a development likely to draw continued attention as AI assistants become further embedded in daily life, including among those with access to the country’s most sensitive financial and intelligence systems.

A former FBI supervisory special agent has been arrested and charged with stealing approximately $1 million in cryptocurrency from wallets connected to a national security investigation — funds he allegedly siphoned using his own top-secret clearance, then researched how to invest and use to relocate to Europe with help from ChatGPT.
The case, unsealed in federal court this week, offers a rare window into how artificial intelligence tools are now surfacing as evidence in white-collar and national security prosecutions.
Who Was Charged and With What
Patrick Steven Yaroch, of Ashburn, Virginia, was arrested and fired from the FBI on Friday, August 1, 2026, following a raid on his home. Prosecutors filed charges against him in the U.S. District Court for the Eastern District of Virginia for interstate transportation of stolen goods, securities, and monies, and receipt of stolen goods, securities, and monies. Yaroch had served as a supervisory special agent within the FBI’s Counterintelligence and Espionage Division and, according to court documents, held a Top Secret security clearance throughout the period of the alleged theft.
How the Theft Allegedly Happened
According to the criminal affidavit, Yaroch was assigned to a national security investigative squad in the FBI’s Boston field office, working a case tied to an adversarial nation that two sources told NBC News was Russia. In the course of that investigation, Yaroch came across cryptocurrency wallets and holdings connected to the target of the probe.
Rather than seizing or freezing the funds through official channels, Yaroch allegedly grew increasingly frustrated that the FBI “could not or would not act” to disrupt the adversarial account’s use of cryptocurrency. Investigators say that starting in late 2024 or early 2025, Yaroch decided to “take matters into his own hands.” Using his government database access and top-secret clearance, he allegedly located and memorized passphrases tied to the adversarial cryptocurrency wallets, then created his own personal wallet and began transferring funds out — reportedly executing between 10 and 12 separate transactions that moved roughly $1 million into accounts he personally controlled.
The ChatGPT Trail
Perhaps the most striking element of the case is how much of the evidence against Yaroch reportedly came from his own conversations with OpenAI’s ChatGPT. According to the affidavit, Yaroch asked the AI chatbot in one exchange: “If I had a million dollars, how would you suggest investing it/spending it to maximize profit and return?” ChatGPT’s response was tailored to details Yaroch had apparently shared about his own life, reportedly replying with guidance referencing someone “at 37, with a young family, a goal of potentially retiring around 40, and a clear interest in eventually building a slower-living vineyard/agricultural lifestyle in places like Cilento or Portugal’s Dão region.” In a separate exchange dated June 26, 2026, investigators say Yaroch used ChatGPT to help draft an email related to a job opportunity in Greece, further suggesting he was actively exploring relocation and employment options abroad in the weeks before his arrest.
Evidence of a Planned Departure
Beyond the AI chat logs, investigators uncovered a substantial paper trail suggesting Yaroch was preparing to leave the country. The FBI found round-trip flight bookings for Yaroch, his wife, and child to travel to Portugal in September 2026, along with a power-of-attorney document authorizing two Portuguese lawyers to represent him before that country’s tax and customs authority and assist him in obtaining a Portuguese tax identification number.
Investigators also identified previously undisclosed international travel by Yaroch to Germany, Portugal, and Grenada between May and July 2026 — trips federal employees holding his level of security clearance are typically required to report in advance, which Yaroch allegedly failed to do.
The Confession
The case against Yaroch reportedly began unraveling after he confided in a Department of Justice colleague. On the afternoon of July 28, 2026, Yaroch contacted the colleague via the encrypted messaging app Signal and asked to meet to discuss personal matters, according to the affidavit. During that conversation, and in a subsequent interview with FBI investigators at his home, Yaroch allegedly admitted to the thefts. According to court documents, when agents interviewed him, Yaroch told them plainly: “I f***ed up.”
What Was Seized
When agents executed the search warrant at Yaroch’s Ashburn home on August 1, they seized $925,426.07 in cryptocurrency from his personal wallets and accounts, along with a Trezor hardware wallet, handwritten seed phrases, the Portuguese power-of-attorney documents, his electronics, and both his personal and diplomatic passports.
The FBI’s Response
An FBI spokesperson issued a brief statement to CNN following the arrest: “As soon as the FBI became aware of these allegations, we immediately took action, began an investigation, and ultimately executed an arrest warrant for this individual last week. We hold our employees to the highest ethical standards, and this conduct is not tolerated at the FBI. We are conducting a thorough investigation in the aftermath, and as this is an ongoing matter, we will have no further comment.” No attorney for Yaroch was listed in initial court filings; a federal public defender representing him has declined to comment publicly on the case.
Part of a Broader Pattern in the Intelligence Community
Yaroch’s arrest is not an isolated incident. It follows closely on the heels of a separate case involving a CIA official, David Rush, who was arrested in June 2026 and accused of stealing more than $40 million, allegedly converting the proceeds into gold bars and luxury watches. Taken together, the two cases have intensified scrutiny of internal financial oversight within U.S. intelligence agencies, particularly regarding personnel with privileged access to sensitive financial intelligence involving cryptocurrency.
Why This Case Matters
Beyond the individual allegations, the case highlights a broader shift in how digital evidence — including AI chatbot conversation logs — is now being used to build criminal cases. The FBI’s ability to reconstruct Yaroch’s financial planning, relocation research, and state of mind through his ChatGPT queries illustrates how everyday AI tool usage is increasingly becoming discoverable evidence in federal investigations, a development likely to draw continued attention as AI assistants become further embedded in daily life, including among those with access to the country’s most sensitive financial and intelligence systems.

An ongoing exploit targeting Coldcard, one of Bitcoin’s most trusted hardware wallets, has drained nearly $89 million in Bitcoin from thousands of victims — and researchers warn the attack may still be active.
What makes the theft especially alarming is that it defeats the entire premise of cold storage: victims’ private keys were never connected to the internet, never touched by malware, and in some cases sat inside bank safety deposit boxes for years. The attacker never needed physical access to a single device.
How the Losses Escalated
The attack began Friday, July 30, 2026, when a first wave swept 594 BTC — roughly $38 million — from approximately 500 wallets in a single 25-minute window between 01:31 and 01:56 UTC.
Galaxy Research, the blockchain analytics firm tracking the incident, subsequently reported the total climbing rapidly: by July 31, the figure had roughly doubled to 1,082.65 BTC (about $70 million) stolen from 1,196 addresses within a 41-minute burst, traced to four attacker-controlled wallets.
A second wave identified August 1 pushed losses to 1,158.66 BTC (~$75.1 million) across 2,673 addresses. By August 2, a third wave brought the running total to 1,367 BTC — nearly $89 million — drained from 4,585 addresses. Alex Thorn of Galaxy Research has since flagged signs of what may be a fourth organized wave occurring in real time, suggesting the exploit remains unresolved.
Victims Speak Out
The human toll became visible quickly on social media. Fitness entrepreneur Jonathan Goodman wrote that his Bitcoin had been held in a Coldcard device inside a safety deposit box that had “never been connected to the internet.”
Between 9:36 PM and 9:43 PM on July 29, he said, every wallet he owned was emptied — 18.25 BTC, worth just over $1.6 million CAD, gone in seven minutes. Other users have reported losses exceeding $1 million each, with the attacker reportedly targeting the largest balances first before moving to smaller wallets in later waves.
The Technical Root Cause: A Five-Year-Old Randomness Bug
According to Coinkite, the Canadian manufacturer behind Coldcard, and independent security researchers at Block’s Bitcoin engineering team, the vulnerability traces back to a firmware build released in March 2021.
A configuration error caused certain Coldcard devices to bypass their dedicated hardware random number generator — the component responsible for producing truly unpredictable entropy — and instead fall back to a software-based pseudo-random number generator seeded using non-secret data, including the device’s internal clock and serial number.
A properly generated Bitcoin seed phrase should draw on 128 bits of entropy, a number so astronomically large that brute-forcing it is computationally impossible even with the world’s most powerful supercomputers. But because the flawed devices generated seeds using predictable, semi-public inputs rather than genuine randomness, attackers could mathematically reconstruct the likely universe of possible seed phrases entirely offline — without ever touching, hacking, or physically accessing the victim’s device. Once a matching seed was calculated, the attacker held the private keys and could drain the wallet within minutes.
Notably, a review by Block’s security team found the flaw extended beyond standard wallet seeds: the same faulty generator also produced Coldcard’s paper wallet private keys, seed-splitting backup masks, device-cloning keys, and Key Teleport transfer codes — meaning the exposure was broader than initially understood.
Which Devices Are Affected
Coinkite has identified Coldcard Mk3 devices running firmware versions 4.0.1 through 4.1.9 as carrying the highest confirmed risk, with the underlying flawed code introduced in firmware 4.0.0. The company and independent researchers say newer models — the Mk4, Mk5, and Coldcard Q — appear unaffected based on current investigation, though Coinkite has cautioned that its review is ongoing and has not ruled out broader exposure.
Critically, Coinkite has stressed that simply updating a device’s firmware does not fix an already-compromised seed. Because the weakness lives in the seed phrase itself — not in the physical hardware — any wallet whose seed was originally generated under vulnerable firmware remains at risk indefinitely unless the user generates a completely new seed and migrates all funds to a fresh wallet.
Why Analysts Say Cold Storage Isn’t the Problem — Implementation Is
Security analysts have been quick to draw a distinction between the concept of cold storage and this specific implementation failure. The core promise of hardware wallets like Coldcard is that private keys are generated and stored in an “air-gapped” environment, fully isolated from any internet-connected device, using QR codes or microSD cards to transfer signed transactions. That architecture remains sound in principle — the failure here was not that the wallet was connected to anything, but that the randomness underpinning the seed generation itself was compromised at the software level.
Analysts covering the incident have emphasized that self-custody security ultimately rests on trusting that a device’s internal code correctly implements true randomness — something ordinary users have no practical way to independently verify. Devices that incorporated additional entropy sources, such as manual dice-roll seeding or a BIP-39 passphrase layered on top of the standard seed, were reportedly not vulnerable, since those extra steps introduce randomness the flawed generator could not predict.
Market and On-Chain Ripple Effects
The incident has also distorted broader Bitcoin market signals. CryptoQuant analyst JA Maartunn noted that roughly 77,402 BTC from older, long-dormant wallets moved on-chain following public disclosure of the vulnerability, temporarily skewing metrics like Coin Days Destroyed and Long-Term Holder Supply Change that analysts typically use to gauge investor sentiment.
Maartunn cautioned against reading these movements as a sign of mass selling, attributing the activity primarily to concerned holders proactively securing funds rather than capitulating. Unlike prior crypto collapses such as FTX, the Coldcard incident has driven some investors to move Bitcoin toward exchanges as a temporary safety measure rather than triggering broad market panic — Bitcoin’s price has shown limited direct reaction to the theft.
What Coinkite Is Telling Users
Coinkite CEO Rodolfo Novak has urged all Coldcard owners to act immediately: “If you generated a seed using a Coldcard wallet, move your funds now, using our updated best practices, before reading further.” He also asked the broader community to help spread the warning to Coldcard owners who may not be actively following crypto news, noting that “every hour matters.”
At the same time, Coinkite has cautioned against panic-driven mistakes, stating that “rushing a wallet migration can create a more immediate risk than the issue you are trying to address” — an acknowledgment that hastily transferring funds without proper precautions could itself expose users to error or additional theft.
What Affected Users Should Do
Security researchers and Coinkite recommend that any Coldcard owner immediately determine which device model and firmware version generated their existing seed. Anyone who created a wallet on an Mk3 device without using dice-roll entropy or a passphrase should treat their funds as compromised, generate an entirely new seed on updated, patched firmware, and migrate all Bitcoin to the new wallet as quickly as safely possible — while avoiding rushed, error-prone transfers that could compound the damage.

An ongoing exploit targeting Coldcard, one of Bitcoin’s most trusted hardware wallets, has drained nearly $89 million in Bitcoin from thousands of victims — and researchers warn the attack may still be active.
What makes the theft especially alarming is that it defeats the entire premise of cold storage: victims’ private keys were never connected to the internet, never touched by malware, and in some cases sat inside bank safety deposit boxes for years. The attacker never needed physical access to a single device.
How the Losses Escalated
The attack began Friday, July 30, 2026, when a first wave swept 594 BTC — roughly $38 million — from approximately 500 wallets in a single 25-minute window between 01:31 and 01:56 UTC.
Galaxy Research, the blockchain analytics firm tracking the incident, subsequently reported the total climbing rapidly: by July 31, the figure had roughly doubled to 1,082.65 BTC (about $70 million) stolen from 1,196 addresses within a 41-minute burst, traced to four attacker-controlled wallets.
A second wave identified August 1 pushed losses to 1,158.66 BTC (~$75.1 million) across 2,673 addresses. By August 2, a third wave brought the running total to 1,367 BTC — nearly $89 million — drained from 4,585 addresses. Alex Thorn of Galaxy Research has since flagged signs of what may be a fourth organized wave occurring in real time, suggesting the exploit remains unresolved.
Victims Speak Out
The human toll became visible quickly on social media. Fitness entrepreneur Jonathan Goodman wrote that his Bitcoin had been held in a Coldcard device inside a safety deposit box that had “never been connected to the internet.”
Between 9:36 PM and 9:43 PM on July 29, he said, every wallet he owned was emptied — 18.25 BTC, worth just over $1.6 million CAD, gone in seven minutes. Other users have reported losses exceeding $1 million each, with the attacker reportedly targeting the largest balances first before moving to smaller wallets in later waves.
The Technical Root Cause: A Five-Year-Old Randomness Bug
According to Coinkite, the Canadian manufacturer behind Coldcard, and independent security researchers at Block’s Bitcoin engineering team, the vulnerability traces back to a firmware build released in March 2021.
A configuration error caused certain Coldcard devices to bypass their dedicated hardware random number generator — the component responsible for producing truly unpredictable entropy — and instead fall back to a software-based pseudo-random number generator seeded using non-secret data, including the device’s internal clock and serial number.
A properly generated Bitcoin seed phrase should draw on 128 bits of entropy, a number so astronomically large that brute-forcing it is computationally impossible even with the world’s most powerful supercomputers. But because the flawed devices generated seeds using predictable, semi-public inputs rather than genuine randomness, attackers could mathematically reconstruct the likely universe of possible seed phrases entirely offline — without ever touching, hacking, or physically accessing the victim’s device. Once a matching seed was calculated, the attacker held the private keys and could drain the wallet within minutes.
Notably, a review by Block’s security team found the flaw extended beyond standard wallet seeds: the same faulty generator also produced Coldcard’s paper wallet private keys, seed-splitting backup masks, device-cloning keys, and Key Teleport transfer codes — meaning the exposure was broader than initially understood.
Which Devices Are Affected
Coinkite has identified Coldcard Mk3 devices running firmware versions 4.0.1 through 4.1.9 as carrying the highest confirmed risk, with the underlying flawed code introduced in firmware 4.0.0. The company and independent researchers say newer models — the Mk4, Mk5, and Coldcard Q — appear unaffected based on current investigation, though Coinkite has cautioned that its review is ongoing and has not ruled out broader exposure.
Critically, Coinkite has stressed that simply updating a device’s firmware does not fix an already-compromised seed. Because the weakness lives in the seed phrase itself — not in the physical hardware — any wallet whose seed was originally generated under vulnerable firmware remains at risk indefinitely unless the user generates a completely new seed and migrates all funds to a fresh wallet.
Why Analysts Say Cold Storage Isn’t the Problem — Implementation Is
Security analysts have been quick to draw a distinction between the concept of cold storage and this specific implementation failure. The core promise of hardware wallets like Coldcard is that private keys are generated and stored in an “air-gapped” environment, fully isolated from any internet-connected device, using QR codes or microSD cards to transfer signed transactions. That architecture remains sound in principle — the failure here was not that the wallet was connected to anything, but that the randomness underpinning the seed generation itself was compromised at the software level.
Analysts covering the incident have emphasized that self-custody security ultimately rests on trusting that a device’s internal code correctly implements true randomness — something ordinary users have no practical way to independently verify. Devices that incorporated additional entropy sources, such as manual dice-roll seeding or a BIP-39 passphrase layered on top of the standard seed, were reportedly not vulnerable, since those extra steps introduce randomness the flawed generator could not predict.
Market and On-Chain Ripple Effects
The incident has also distorted broader Bitcoin market signals. CryptoQuant analyst JA Maartunn noted that roughly 77,402 BTC from older, long-dormant wallets moved on-chain following public disclosure of the vulnerability, temporarily skewing metrics like Coin Days Destroyed and Long-Term Holder Supply Change that analysts typically use to gauge investor sentiment.
Maartunn cautioned against reading these movements as a sign of mass selling, attributing the activity primarily to concerned holders proactively securing funds rather than capitulating. Unlike prior crypto collapses such as FTX, the Coldcard incident has driven some investors to move Bitcoin toward exchanges as a temporary safety measure rather than triggering broad market panic — Bitcoin’s price has shown limited direct reaction to the theft.
What Coinkite Is Telling Users
Coinkite CEO Rodolfo Novak has urged all Coldcard owners to act immediately: “If you generated a seed using a Coldcard wallet, move your funds now, using our updated best practices, before reading further.” He also asked the broader community to help spread the warning to Coldcard owners who may not be actively following crypto news, noting that “every hour matters.”
At the same time, Coinkite has cautioned against panic-driven mistakes, stating that “rushing a wallet migration can create a more immediate risk than the issue you are trying to address” — an acknowledgment that hastily transferring funds without proper precautions could itself expose users to error or additional theft.
What Affected Users Should Do
Security researchers and Coinkite recommend that any Coldcard owner immediately determine which device model and firmware version generated their existing seed. Anyone who created a wallet on an Mk3 device without using dice-roll entropy or a passphrase should treat their funds as compromised, generate an entirely new seed on updated, patched firmware, and migrate all Bitcoin to the new wallet as quickly as safely possible — while avoiding rushed, error-prone transfers that could compound the damage.

Philippine Blockchain Week 2026 Marks the Shift from Decoding to Deployment
MANILA, Philippines — More than 12,000 local and international delegates gathered at the SMX Convention Center Manila for Philippine Blockchain Week (PBW) 2026, transforming the venue into a hub for technology, innovation, entrepreneurship, gaming, entertainment, and public policy.
Held over three days under the theme Decoded: Deployed, the fourth edition marked a turning point in the country’s digital transformation. Rather than explaining what blockchain, artificial intelligence, and digital assets can do, PBW 2026 demonstrated how these technologies are already being deployed across government, finance, business, and everyday life.
The official opening and ribbon-cutting ceremony of Philippine Blockchain Week 2026, led by distinguished government officials, organizers, partners and industry leaders. From left to right: Raj Timothy Nandwani, Catz Jalandoni, Donald Lim, Chezka Gonzales, Dita-Angara Mathay, Abdul Malik Melvin Castelino, Janelle Barretto, Dr. Kamal Anand, Steve Ivsan, and Eliezer Rabadon.
The event featured over 150 speakers from around the world, with more than half representing international markets, sharing insights on blockchain, AI, cybersecurity, governance, and entrepreneurship.
PBW opened with Future of Trust: A Leaders Forum on Technology and Governance, bringing together senior government officials, regulators, business leaders, and technology pioneers to discuss how emerging technologies can strengthen transparency, governance, and public trust. The forum reinforced a central message: innovation succeeds not only through technology, but through the institutions and partnerships that enable its responsible deployment.
From Vision to Movement
For PBW Co-Founder Chezka Gonzales, the event reflected a vision that began five years ago.
“My personal goal has always been simple: to put Filipinos on the world stage and the Philippines on the global blockchain map—to showcase Filipino talent, innovation, and resilience to the world,” she said.
“Philippine Blockchain Week is more than a conference. It’s a platform where conversations become partnerships, partnerships become companies, and companies create opportunities for Filipinos,” she added.
That vision came alive as startups met investors, enterprises connected with innovators, regulators exchanged ideas with industry leaders, and communities explored new opportunities in the digital economy.
Upper Left: Chezka Gonzales, Co-Founder of Philippine Blockchain Week, inaugurates PBW 2026 with a welcome address.

Upper Right: Smash Pay Fight Night caps off Philippine Blockchain Week 2026 with an action-packed finale on June 20.

Lower Left: P-pop girl group KAIA takes the Viral Stage with a live performance at Philippine Blockchain Week 2026.

Lower Right: Rise In and Stellar Philippines host the “Build on Stellar” workshop, bringing together developers and Web3 builders at Philippine Blockchain Week 2026.
A Global Platform
The event welcomed speakers and delegates from across Asia, Europe, the Middle East, and North America to contribute insights on emerging technologies and digital transformation.
Among the most anticipated speakers was Michael Terpin, widely known as the “Godfather of Crypto.”
“The Philippines has been a leader in innovation for many years. Social media has played a major role in incubating new platforms here, and Axie Infinity became a global phenomenon because of the Philippines,” he said, further proving that the Philippines is no longer simply participating in the global technology conversation—it is increasingly helping shape it.
PBW 2026 also highlighted the convergence of technology, culture, and community. The launch of Viral PH spotlighted the creator economy, while the ALT+TAB Gaming and Music Festival brought together gaming, esports, music, creators, and live entertainment. Attendees also joined hackathons, startup showcases, esports tournaments, networking sessions, and the Founders Arena, where startups connected with investors and ecosystem partners.
From Conversation to Deployment
The conference theme came to life through discussions on tokenized real-world assets and practical blockchain applications. Varun Chugh, External Financial Advisor of BiGod Token, explained how tokenization is modernizing traditional assets.
“Gold has served as a store of value for centuries, yet it remains one of the most difficult assets to transact. At BiGod, we aim to make that asset simple, accessible, and cross-border. We have already demonstrated this by using our token to facilitate payments here at Philippine Blockchain Week,” he said.
His remarks captured the essence of Decoded: Deployed: emerging technologies are no longer future concepts but practical solutions addressing real-world challenges today.
Upper: Moderator Benjamin Fletcher leads a panel discussion with (from left) Raj Nandwani, Global Head of BD and IMA at Binance; Alice Truong, Vice President at Nuvei; and Chengyi Ong, Director of APAC Policy at Circle, on Scaling the Future of Finance: Payments, Stablecoins & Global Adoption at Philippine Blockchain Week 2026.

Lower: Moderator Vit Jedlička, President of Liberland, facilitates a candid exchange with (from left) Varun Chugh, External Financial Advisor at Bingold Inc.; Rebecah Dausen, PH Country Lead at XDC Network; Jessica Wu, Head of APAC at Bitpanda Enterprise; and Kritesh Tripathi, Co-Founder of XPHERE, during the From Physical to Digital: Bringing Real-World Assets On-Chain panel at PBW 2026.
Building the Future Together
Philippine Blockchain Week 2026 was made possible through the support of its sponsors, exhibitors and ecosystem partners, including BiGod Token, Binance by Blockshoals, Vaulnox International, Smashpay Inc., Predict Protocol, Creatachain, Coins.PH, KMC Solutions, MEXC Ventures, O2 Ramp, Orca, Universe Pro, Meteon Run, NSpire, The Executive Centre, Comm&Sense PR, DvCode Technologies, Inc., Naheal, Lumina Events, Wendy’s, McDonald’s, and San Miguel Beer.
With more than 12,000 attendees, over 150 speakers, and countless collaborations formed, PBW 2026 demonstrated that the Philippines has evolved from an emerging participant into a growing force in the global digital economy.
Decoded: Deployed was more than a theme. It reflected where the industry stands today.
The future is no longer being imagined. It is already being built.

Philippine Blockchain Week 2026 Marks the Shift from Decoding to Deployment
MANILA, Philippines — More than 12,000 local and international delegates gathered at the SMX Convention Center Manila for Philippine Blockchain Week (PBW) 2026, transforming the venue into a hub for technology, innovation, entrepreneurship, gaming, entertainment, and public policy.
Held over three days under the theme Decoded: Deployed, the fourth edition marked a turning point in the country’s digital transformation. Rather than explaining what blockchain, artificial intelligence, and digital assets can do, PBW 2026 demonstrated how these technologies are already being deployed across government, finance, business, and everyday life.
The official opening and ribbon-cutting ceremony of Philippine Blockchain Week 2026, led by distinguished government officials, organizers, partners and industry leaders. From left to right: Raj Timothy Nandwani, Catz Jalandoni, Donald Lim, Chezka Gonzales, Dita-Angara Mathay, Abdul Malik Melvin Castelino, Janelle Barretto, Dr. Kamal Anand, Steve Ivsan, and Eliezer Rabadon.
The event featured over 150 speakers from around the world, with more than half representing international markets, sharing insights on blockchain, AI, cybersecurity, governance, and entrepreneurship.
PBW opened with Future of Trust: A Leaders Forum on Technology and Governance, bringing together senior government officials, regulators, business leaders, and technology pioneers to discuss how emerging technologies can strengthen transparency, governance, and public trust. The forum reinforced a central message: innovation succeeds not only through technology, but through the institutions and partnerships that enable its responsible deployment.
From Vision to Movement
For PBW Co-Founder Chezka Gonzales, the event reflected a vision that began five years ago.
“My personal goal has always been simple: to put Filipinos on the world stage and the Philippines on the global blockchain map—to showcase Filipino talent, innovation, and resilience to the world,” she said.
“Philippine Blockchain Week is more than a conference. It’s a platform where conversations become partnerships, partnerships become companies, and companies create opportunities for Filipinos,” she added.
That vision came alive as startups met investors, enterprises connected with innovators, regulators exchanged ideas with industry leaders, and communities explored new opportunities in the digital economy.
Upper Left: Chezka Gonzales, Co-Founder of Philippine Blockchain Week, inaugurates PBW 2026 with a welcome address.

Upper Right: Smash Pay Fight Night caps off Philippine Blockchain Week 2026 with an action-packed finale on June 20.

Lower Left: P-pop girl group KAIA takes the Viral Stage with a live performance at Philippine Blockchain Week 2026.

Lower Right: Rise In and Stellar Philippines host the “Build on Stellar” workshop, bringing together developers and Web3 builders at Philippine Blockchain Week 2026.
A Global Platform
The event welcomed speakers and delegates from across Asia, Europe, the Middle East, and North America to contribute insights on emerging technologies and digital transformation.
Among the most anticipated speakers was Michael Terpin, widely known as the “Godfather of Crypto.”
“The Philippines has been a leader in innovation for many years. Social media has played a major role in incubating new platforms here, and Axie Infinity became a global phenomenon because of the Philippines,” he said, further proving that the Philippines is no longer simply participating in the global technology conversation—it is increasingly helping shape it.
PBW 2026 also highlighted the convergence of technology, culture, and community. The launch of Viral PH spotlighted the creator economy, while the ALT+TAB Gaming and Music Festival brought together gaming, esports, music, creators, and live entertainment. Attendees also joined hackathons, startup showcases, esports tournaments, networking sessions, and the Founders Arena, where startups connected with investors and ecosystem partners.
From Conversation to Deployment
The conference theme came to life through discussions on tokenized real-world assets and practical blockchain applications. Varun Chugh, External Financial Advisor of BiGod Token, explained how tokenization is modernizing traditional assets.
“Gold has served as a store of value for centuries, yet it remains one of the most difficult assets to transact. At BiGod, we aim to make that asset simple, accessible, and cross-border. We have already demonstrated this by using our token to facilitate payments here at Philippine Blockchain Week,” he said.
His remarks captured the essence of Decoded: Deployed: emerging technologies are no longer future concepts but practical solutions addressing real-world challenges today.
Upper: Moderator Benjamin Fletcher leads a panel discussion with (from left) Raj Nandwani, Global Head of BD and IMA at Binance; Alice Truong, Vice President at Nuvei; and Chengyi Ong, Director of APAC Policy at Circle, on Scaling the Future of Finance: Payments, Stablecoins & Global Adoption at Philippine Blockchain Week 2026.

Lower: Moderator Vit Jedlička, President of Liberland, facilitates a candid exchange with (from left) Varun Chugh, External Financial Advisor at Bingold Inc.; Rebecah Dausen, PH Country Lead at XDC Network; Jessica Wu, Head of APAC at Bitpanda Enterprise; and Kritesh Tripathi, Co-Founder of XPHERE, during the From Physical to Digital: Bringing Real-World Assets On-Chain panel at PBW 2026.
Building the Future Together
Philippine Blockchain Week 2026 was made possible through the support of its sponsors, exhibitors and ecosystem partners, including BiGod Token, Binance by Blockshoals, Vaulnox International, Smashpay Inc., Predict Protocol, Creatachain, Coins.PH, KMC Solutions, MEXC Ventures, O2 Ramp, Orca, Universe Pro, Meteon Run, NSpire, The Executive Centre, Comm&Sense PR, DvCode Technologies, Inc., Naheal, Lumina Events, Wendy’s, McDonald’s, and San Miguel Beer.
With more than 12,000 attendees, over 150 speakers, and countless collaborations formed, PBW 2026 demonstrated that the Philippines has evolved from an emerging participant into a growing force in the global digital economy.
Decoded: Deployed was more than a theme. It reflected where the industry stands today.
The future is no longer being imagined. It is already being built.

Coinbase reported a $359 million net loss for the second quarter of 2026, its third consecutive quarterly loss, sending shares down roughly 5% in after-hours trading as the crypto exchange missed Wall Street’s revenue expectations for the third straight period.
Yet buried inside a headline that looks grim on paper is a business transformation CEO Brian Armstrong argues has fundamentally changed what kind of company Coinbase actually is.
The Numbers That Missed
Coinbase posted total revenue of $1.22 billion for the quarter, down 14% from the prior quarter and well short of the $1.29 billion Wall Street analysts had projected. The net loss of $359 million translated to a $1.36 per-share loss — a steep swing from the $1.43 billion profit, or $5.14 per share, Coinbase reported in the same quarter a year earlier.
The loss wasn’t driven primarily by operational deterioration. The single largest contributor was a $209.5 million non-cash markdown on crypto assets Coinbase holds on its own balance sheet — an accounting requirement that forces the company to revalue its token holdings every quarter based on current prices, regardless of whether any assets were actually sold.
Layered on top were a $52.4 million one-time restructuring charge tied to recent layoffs and $238 million in stock-based compensation. Total crypto spot trading volume across the platform fell more than 20% quarter-over-quarter as prices declined and market volatility hit multi-year lows.
The Diversification Story
Despite the headline miss, Coinbase’s underlying business composition tells a markedly different story than a year ago. Bitcoin-related transactions — once responsible for more than half of the company’s total revenue — accounted for just 12% of revenue this quarter, a milestone Armstrong and his team have been building toward for years.
Subscription and services revenue, anchored by the Coinbase One membership program, reached $555 million, representing 48% of net revenue and hitting a new all-time high in paid subscriber count even as overall trading volumes declined.
Coinbase also touted its ninth consecutive quarter of positive adjusted EBITDA and a record 10.3% share of global crypto trading volume — its third straight quarter of market share gains despite broader industry softness.
Average USDC holdings within Coinbase products reached an all-time high of $20 billion, while prediction markets contracts generated revenue growth of 106% compared to the previous quarter. The company’s Base network, its Ethereum Layer 2 platform, processed $32 trillion in stablecoin transfer volume over the trailing twelve months, with management noting the network settles transactions in under a cent and under one second.
Armstrong Pushes Hard on the CLARITY Act
Beyond the earnings numbers, much of the call’s attention centered on regulatory politics — specifically the CLARITY Act, the comprehensive crypto market structure bill currently stalled in the Senate. Armstrong described the legislation as being at the “one-yard line,” urging Congress to pass it before the chamber’s August recess begins around August 7.
Prediction markets and Galaxy Research currently place the odds of passage at roughly 30%, reflecting the same uncertainty that has weighed on the broader crypto regulatory landscape throughout the summer. Armstrong struck an optimistic tone regardless, telling analyst:
“There’s a lot of last-minute negotiations happening, which to me is a sign that everyone is invested in getting something over the line,” and noting that recess deadlines historically “tend to get people to the table at the last minute.”
Notably, Armstrong also downplayed the consequences if the bill fails to pass. Asked directly about that scenario, he characterized it as “actually kind of just business as usual for Coinbase,” citing the company’s existing internal compliance infrastructure built well ahead of any legislative mandate. Still, he argued that consumers — rather than Coinbase itself — stand to lose the most if regulatory clarity continues to stall, given the continued legal ambiguity facing smaller platforms and everyday crypto users.
Wall Street’s Reaction
The market’s response reflected genuine ambivalence about the diversification narrative. JPMorgan cut its price target on Coinbase stock from $283 to $196 on July 17, citing both the CLARITY Act’s uncertain legislative trajectory and unresolved questions about the company’s USDC revenue-sharing arrangement.
Chief Policy Officer Faryar Shirzad has separately described the CLARITY Act as essential to Coinbase’s broader “everything exchange” ambition, arguing that full regulatory clarity is what would ultimately let the company expand its product suite without ongoing legal uncertainty.
A Business Increasingly Built on AI and Automation
Armstrong also used the earnings call to frame Coinbase’s next phase around artificial intelligence, noting that internal AI tooling has driven a 2.2x year-over-year increase in the company’s engineering pull-request throughput by the second quarter.
The company highlighted growing adoption of “agentic finance,” with management reporting that more than 90% of AI-agent-driven stablecoin transactions currently settle on the Base network — positioning Coinbase’s infrastructure at the center of an emerging category of automated, machine-initiated financial transactions.
What This Means Going Forward
Coinbase’s Q2 results capture a company in genuine transition: a headline net loss driven substantially by non-cash accounting adjustments, layered over real, measurable progress in reducing dependence on Bitcoin trading volume as its primary revenue engine.
Whether that diversification proves durable — and whether Congress delivers the regulatory clarity Armstrong is publicly betting on — will likely shape how investors interpret Coinbase’s next several quarters, regardless of where Bitcoin’s price itself happens to move.