rug

According to CoinDesk, the tokenized asset company Ondo Finance is embroiled in a corporate control dispute following the death of founder Nathan Allman this year. The estate has filed a lawsuit in the Delaware Chancery Court, accusing former president and current CEO Ian De Bode of improperly attempting to seize control of the company while the estate certification process is not yet complete and the company's voting rights are temporarily suspended. The three legal documents request the judge to determine who legally controls Ondo Finance and to prohibit the company from taking significant actions until the governance dispute is resolved.According to the complaint, Nathan Allman was the CEO, sole director, and controlling shareholder of Ondo at the time of his death, and his voting rights could not be exercised until his mother, Kathleen Allman, was formally appointed as the estate representative through the Hawaiian probate process on June 26. The estate alleges that De Bode claimed to automatically become CEO and appointed himself as the sole director before this, taking actions such as hiring consultants and approving performance grants.After obtaining the voting rights, Kathleen Allman voted to remove De Bode from all positions and appointed herself as chairwoman and interim CEO during the board meeting on July 24. De Bode responded that he regretted the lawsuit filed by Allman, stating that her claims lack basis, and that the company still has the support of major investors and key stakeholders such as the Ondo Foundation. The court has not yet ruled on the related allegations, and the aforementioned documents only reflect the statements of the estate.

According to CNN, U.S. Democratic Senators Elizabeth Warren and Richard Blumenthal have requested the U.S. Securities and Exchange Commission (SEC) to investigate the Meme coin TRUMP issued by Trump, to confirm whether the project involves fraud or improper profit-making. In a letter to SEC Chairman Paul Atkins, the two stated that the Trump Meme coin project "may constitute an illegal scam" and urged the regulatory agency to investigate whether the token involves "illegal fraudulent activities or facilitates improper profit acquisition."Reports indicate that Trump launched his personal Meme coin TRUMP just days before his inauguration in 2025. After the token went live, its price surged, reaching a market value peak of approximately $9 billion on January 19, 2025, but then plummeted significantly. Currently, the market value of the token has fallen to less than $400 million, a decline of over 95% from its peak. According to data from the cryptocurrency data platform CoinMarketCap, investors who bought at the high are currently facing about a 97% loss. Blockchain analytics firm Nansen previously cited data showing that by the end of June, nearly 1 million investors had incurred losses due to this Meme coin, with total losses amounting to approximately $3.8 billion. About 80% of the supply of the Trump Meme coin is held by entities related to the Trump Organization. Trump has previously stated that he complies with the law and allows his family to manage personal financial matters.Elizabeth Warren and Richard Blumenthal emphasized in their letter whether the project is similar to a Rug Pull in the cryptocurrency industry. They believe that even if it is not a traditional sudden withdrawal scam, it may still fall under a "soft pull" that leads to investor losses through a gradual withdrawal of market support. The SEC has not yet commented on this matter.

According to the Korea Herald, in order to combat drug trafficking using virtual assets, the South Korean police have established a specialized virtual asset tracking and investigation team consisting of 41 members, and have intensified investigations into drug sales networks on platforms such as Telegram since August 3.In the first half of this year, South Korea conducted large-scale crackdowns from March to June, arresting a total of 5,203 drug offenders and detaining 1,039 individuals; compared to the same period last year, the number of arrests increased by 94 (an increase of 1.8%), and the number of detentions increased by 75 (an increase of 7.8%).

The Narcotics Control Bureau (NCB) of India dismantled the dark web drug network Team Kalki. Binance and the Data Security Council of India (DSCI) provided blockchain analysis and wallet tracking to assist investigators in tracing cryptocurrency flows, identifying associated wallets, and freezing relevant crypto assets.Investigators stated that Team Kalki used the encrypted communication platform Session, the dark web forum Dread, and "dead drop" delivery methods to distribute drugs from international suppliers. Law enforcement seized thousands of drugs from domestic and international packages associated with the network. S.B. Seker, head of Binance Asia Pacific, stated that the transparent infrastructure of blockchain enables law enforcement to more effectively track and investigate illegal transactions. Binance CEO Richard Teng posted on X that Binance and DSCI are assisting the NCB in combating this dark web drug network by tracking on-chain fund flows.

The Brazilian Federal Police are cracking down on a drug trafficking gang that has been laundering money through cryptocurrency in Operation Commodity. Since 2021, the gang has smuggled over 6.5 tons of cocaine to Europe via the Port of Rio de Janeiro, with the drugs hidden in shipments of coffee, cement, and mortar.The operation covered São Paulo, Minas Gerais, Santa Catarina, and Espírito Santo, with police executing 13 preventive arrests and 44 search and seizure warrants. The court ordered the seizure of assets and the freezing of up to 1 billion reais, approximately 196 million dollars. Police stated that the gang is linked to Primeiro Comando da Capital (PCC) and Comando Vermelho (CV), and laundered money through a luxury car dealership and shell companies in the Greater São Paulo area, with the dealership selling vehicles such as Ferrari, Porsche, Corvette, and Land Rover.The individuals involved used shell companies to issue invoices lacking supporting documents, bringing drug trafficking proceeds into the Brazilian financial system and using cryptocurrency to conceal transactions. The suspects will be held accountable for charges including transnational organized crime, international drug trafficking, and money laundering.

On-chain analyst Specter issued a community alert on the X platform, indicating that the BNB Chain ecosystem project CodexField may have fraud and Rug Pull risks. The project has raised over $85 million with official support from BNB Chain.Specter tracked and found that the project wallet began transferring 17.3 million USDT from Tron to Ethereum, then exchanged it for DAI through Bitget Swap and transferred it to Polygon. Currently, $6.5 million has been transferred, while $10.8 million is still pending. The project operates two domain names and four subdomains for user deposits, and Blocksec MetaSuites has labeled the deposit contract as "Fake CodexField," but on-chain evidence shows that the contract is controlled by the project team. The flow of project funds is abnormal, as they are deposited into centralized exchanges through multiple chains and intermediary wallets, with just two Tron wallets having deposited over $3.4 million into exchanges. Specter calls on Binance founder Zhao Changpeng and BNB Chain to pay attention to this matter and possibly initiate an investigation.

According to Arkham monitoring, 500 BTC (approximately 30.85 million USD) was transferred about half an hour ago, and the funds are related to the address of Irish drug dealer Clifton Collins, who accumulated over 400 million USD in assets through Bitcoin, part of which was later seized by the police.Monitoring data shows that there have been multiple large movements of the related BTC funds recently:March 24: Approximately 35.44 million USD in BTC was seized by the Irish police and transferred to Coinbase Custody;May 19: Approximately 38.19 million USD in BTC was transferred to Wintermute / Binance related addresses; approximately 30.85 million USD in BTC was transferred to Coinbase Prime Custody.

According to on-chain data monitored by Catcher Predict, significant capital movements are predicted in the market Polymarket. A large whale invested $71,059.75 in the event "Uruguay vs. Spain," specifically targeting "Spain." Based on the current transaction price, the latest corresponding winning probability for this subject is 59%.

According to Xinhua News Agency, the Supreme People's Procuratorate held a press conference today. Deputy Chief Procurator Miao Shengming introduced that the procuratorial organs are deeply investigating and thoroughly examining "self-money laundering" and "third-party money laundering" crimes, vigorously promoting the recovery of drug-related assets, and ensuring comprehensive coverage in the investigation and prosecution of drug-related money laundering crimes. From January last year to May this year, more than 1,200 people have been prosecuted for drug-related money laundering crimes. The Supreme People's Procuratorate has taken over the supervision of a major cross-border smuggling, trafficking, transporting drugs, and money laundering case involving Li Moubo and others, handled by the Chongqing procuratorial organs. Li Moubo laundered more than 48 million yuan through virtual currency and was sentenced to death after being punished for multiple crimes according to the law.

According to monitoring by Catcher Predict, the probability of the "Yes" option in the sub-market "Uruguay" for the event "World Cup Knockout Stage" on the prediction market Polymarket has experienced severe fluctuations, dropping from 63% an hour ago to the current 33% (a fluctuation of 30%). Please note the impact of relevant breaking news.

According to on-chain data monitored by Catcher Predict, significant capital movements are predicted in the Polymarket market. A large whale invested $57,342.08 in the "Uruguay vs. Cape Verde - More Markets" event, specifically on "O/U 2.5". Based on the current transaction price, the latest corresponding win rate for this bet is 44%.

Strive CEO posted on the X platform that Bitcoin is its minimum return rate standard. The viewpoint is that, measured by simple total return metrics, investing in Bitcoin operating companies is likely to struggle to outperform Bitcoin itself over the next 10 to 15 years. However, supporting the Bitcoin network is important, as Bitcoin is its foundational treasury asset. Part of this is to help Bitcoin operating companies grow and succeed. As the balance sheet continues to expand, it may be considered to invest in Bitcoin companies on a smaller scale relative to the balance sheet to help drive the success of native Bitcoin.

According to CoinDesk, Elena Carletti, an executive at UniCredit Bank in Italy, warned that Europe may struggle to cope with the financial shocks related to crypto companies and banks. Carletti pointed out that when Silicon Valley Bank and Signature Bank collapsed in 2023, the United States decided to protect all deposits, including funds held by stablecoin issuers, a measure that helped stabilize the crypto market.Carletti stated that Europe cannot easily take the same measures. The EU's MiCA regulations require stablecoin issuers to hold reserve assets in liquid assets such as bank deposits and government securities, which ties them more closely to traditional banks. However, the European deposit guarantee system typically only protects up to €100,000 per bank per depositor. If large stablecoin reserve accounts come under pressure, this limit may not be sufficient to absorb the shock. Carletti described this as a "double weakness."

According to the on-chain analysis platform Bubblemaps, the same address cluster it marked has sold approximately $600,000 worth of CWU tokens, but the related addresses still hold about 85% of the CWU supply. The token previously attracted attention due to support from the former president of Ghana.

According to The Block, Bitcoin fell below $78,000 on Thursday, with growing concerns in the market about the momentum for a subsequent rebound. Data shows that Bitcoin spot ETFs have seen a net outflow of funds for four consecutive trading days, while the liquidation of approximately $584 million in long positions earlier this week continues to suppress market risk appetite. Analysts believe that before on-chain spot demand recovers, BTC will still struggle to effectively hold above $80,000 in the short term.Glassnode analysis points out that Bitcoin's spot CVD (Cumulative Volume Delta) has been negative for nine consecutive trading days, marking the longest net selling period since 2026. When Bitcoin previously rebounded to $82,000, it briefly reclaimed the key level of $78,300, the "real market average," but has now fallen below it again. Historical cycles show that BTC typically needs to consolidate in this area for several weeks to months to confirm a switch in the bull-bear structure.

The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) announced sanctions against two money laundering networks associated with the Sinaloa drug cartel, involving more than a dozen individuals and entities. One of the networks is accused of converting cash from the sale of fentanyl and other drugs into cryptocurrency and transferring it to high-ranking members of the Sinaloa cartel in Mexico.OFAC stated that the network laundered money through cash collection within the United States, cryptocurrency transfers, and Mexican brokers associated with the "Los Chapitos" faction. "Los Chapitos" is controlled by Ivan and Alfredo Guzman Salazar, the sons of "Shorty" Guzman. Sanctioned individuals include Armando de Jesus Ojeda Aviles, who is suspected of being responsible for the money laundering network, and Jesus Gonzalez Penuelas, another leader of a drug trafficking and money laundering organization.OFAC noted that the organization collects large amounts of cash in the United States, exchanges it for cryptocurrency, and sends it back to Mexico. Under the sanctions, the assets of the relevant individuals and entities within the United States will be frozen, and U.S. citizens

According to Bloomberg, the U.S. Treasury Department announced sanctions against an operator of the Sinaloa drug cartel, accusing him of using cryptocurrency to transfer drug trafficking proceeds back to Mexico. The Treasury's Office of Foreign Assets Control stated that those sanctioned include Armando de Jesus Ojeda Aviles and several of his associates, who laundered sales revenue from fentanyl, cocaine, and methamphetamine for the Sinaloa cartel.The network relies on couriers within the United States to collect cash and transfers funds through digital currency addresses. In April 2024, a federal grand jury in Colorado indicted another associate of Ojeda, Rodrigo Alarcon Palomares, accusing him of laundering drug proceeds through cryptocurrency.

According to Arkham monitoring, Irish drug dealer Clifton Collins purchased $30,000 worth of BTC between 2011 and 2012, which is now worth $400 million, but he lost the private key and is in prison. These BTC were once thought to be lost until a month ago when 500 BTC were transferred for the first time after being dormant for 10 years. Just recently, another 500 bitcoins (worth $38 million) were transferred.

Galaxy Research Director Alex Thorn posted on the X platform that the CLARITY Act currently has a higher urgency, one reason being the intense competition for control of the U.S. Senate. If the Democrats regain control of the Senate, former Senator Sherrod Brown may reclaim the chairmanship of the Senate Banking Committee; however, if he fails to win the Ohio Senate election but the Democrats still secure control of the Senate, the committee may be led by Elizabeth Warren.The potential personnel changes mentioned above could significantly impact the regulatory direction of the cryptocurrency industry, thereby increasing the real urgency for advancing the CLARITY Act. Note: Elizabeth Warren is not friendly towards the cryptocurrency industry; she has urged the U.S. Treasury to implement strict accompanying rules for the GENIUS Act and has explicitly issued guidance prohibiting the use of federal resources such as the foreign exchange stabilization fund or the Federal Reserve's emergency lending tools to backstop stablecoins and the cryptocurrency industry.