Category: Business

  • Tether Hit With Lawsuit Over $2.76 Million Stablecoin Freeze

    Tether Hit With Lawsuit Over $2.76 Million Stablecoin Freeze

    In brief

    • Conduit sued Tether in New York federal court, alleging the stablecoin issuer froze $2.76 million in its treasury wallet on Sept. 24, 2025, without justification and has refused to release it.
    • The firm says a Brazilian police probe into a third party, Onix, was the backdrop, but its wallet was created after – Onix’s last transaction, never held Onix funds, and was flagged by Tether’s own unit—not police.
      Conduit says the freeze forced layoffs and office closures while Tether earned interest on the backing reserves.

    Cross-border payments company Conduit is taking Tether to court, alleging the stablecoin giant froze $2.76 million of its money without justification and has refused for more than a year to release it.

    In a complaint filed Monday in the U.S. District Court for the Southern District of New York, Conduit says Tether froze its treasury wallet, essentially the digital equivalent of its operating bank account, on Sept. 24, 2025, and has since kept the funds locked while profiting from the reserves backing them.

    Myriad: Where does Ethereum go next? Click to make your prediction.
    Myriad: Where does Ethereum go next? Click to make your prediction.

    The suit brings claims including conversion, unjust enrichment, breach of fiduciary duty and computer fraud, and demands the funds be returned.

    At the heart of the dispute is a Brazilian investigation that Conduit says has nothing to do with it. According to the filing, Brazil’s Federal Police were probing entities tied to a firm called Onix, which had once used Conduit’s platform.

    But Conduit says its frozen treasury wallet was created in May 2025, nearly a month after Onix’s last transaction on its platform, and never held any Onix funds. The company says the Federal Police confirmed they never flagged the wallet and don’t know what criteria Tether used to freeze it, pointing to Tether’s own T3 Financial Crime Unit as having made the call independently.

    BitcoinBTC · USD

    $83,714−1.83%

    Sep 30Oct 2Oct 4Oct 5Oct 7

    $86.8k$85.7k$84.6k$83.4k

    24h HighHigh$86,648

    24h LowLow$83,610

    VolVol$1.6B

    Market projectionsOdds by Myriad

    →

    Conduit argues the freeze has gutted its business. The wallet processed more than $1.1 billion in volume across roughly four months before being locked, and the company says the liquidity hit has forced it to lay off employees and close offices.

    Meanwhile, the company contends, Tether continues to earn interest on the U.S. Treasury securities backing the frozen tokens, “reaping the financial rewards” of the freeze at no cost to itself.

    The case adds to mounting scrutiny of Tether’s power to freeze USDT at will.

    Tether was separately sued this year over a $42.4 million freeze, and the company has frozen hundreds of millions in tokens flagged for illicit activity. Tether also recently joined Circle in freezing funds tied to the Bitget hack.

    Meanwhile, and somewhat ironically, the company has faced political heat for apparently not freezing enough. Sen. Richard Blumenthal recently called USDT a “superhighway” for sanctions evasion, pointing to Iran’s use of the stablecoin. Damned if you do, damned if you don’t.

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  • Bitcoin’s recovery stalls just short of rescuing its last underwater cohort

    Bitcoin’s recovery stalls just short of rescuing its last underwater cohort

    Only one yearly bitcoin BTC$83,725.97 buyer cohort remains underwater, according to checkonchain data: investors who bought in 2025, with an average cost basis of approximately $88,000, which may now be forming a key resistance level due to sell pressure from relatively recent buyers.

    Bitcoin reached a monthly high of $87,500 in September before trading sideways and subsequently retreating below $84,000 as of Wednesday.

    These yearly volume-weighted cost bases have acted as support and resistance throughout the cycle. As bitcoin approaches a cohort’s average purchase price, some investors may look to exit at breakeven, while others may add to their positions.

    Bitcoin climbed to approximately $82,100 in May, matching the 2024 cohort’s average cost basis, before encountering resistance and falling back to $60,000. It eventually broke above that level in August.

    The 2023 cohort’s cost basis, currently around $65,000, has provided a recurring support level. When bitcoin fell towards $60,000 in February, that cohort’s cost basis was also near that level. It broadly held as support throughout the 2026 bear market, although bitcoin briefly traded below it.

  • US Government Wallets Activity Increases, Bitcoin Falls! Which Level Should Be Defined for the Uptrend to Continue? Analysts Explain

    US Government Wallets Activity Increases, Bitcoin Falls! Which Level Should Be Defined for the Uptrend to Continue? Analysts Explain

    $101 Million Worth of Crypto Transferred from US Government-Linked Wallets!

    A noticeable surge in cryptocurrency wallets linked to the US government has been observed. According to the on-chain tracking platform Lookonchain, Bitcoin and $BNB totaling approximately $103 million were transferred from government-linked addresses.

    At this point, the US government completed Bitcoin transfers exceeding $70 million last night and $BNB transfers this morning.

    Bitcoin accounted for the largest portion of the transfers. A US-linked address sent 833.6 $BTC, worth approximately $71 million, to Coinbase Prime.

    During the same process, approximately 40,285 $BNB, worth about $31.63 million, were also transferred. Unlike Bitcoin, $BNB was sent to an unknown address after multiple transfers.

    The wallets still contain approximately $27.5 billion worth of cryptocurrencies.

    Is a Bitcoin Sell Coming?

    While the transfer to Coinbase Prime has raised questions about a possible sale in the market, current data does not indicate that such a sale occurred. Furthermore, the transfer alone does not mean the Bitcoins were sold. The platform offers asset management services to institutional investors, in addition to custody and transaction services. Therefore, to determine whether a sale took place, the subsequent movements of the $BTC in question need to be monitored.

    What’s the Latest Situation with Bitcoin?

    With these developments increasing selling pressure on Bitcoin, analysts are pointing to the $83,000 level.

    Speaking to CoinDesk, Vikram Subburaj, CEO of the cryptocurrency exchange Giottus, stated that it is important for Bitcoin to remain above the $83,000 level. According to Subburaj, maintaining this level means that selling pressure is not yet strong enough to pull Bitcoin back down to the $76,000-$81,500 range. However, if Bitcoin remains permanently below the $82,000-$83,000 levels, it could increase downside risks. In such a scenario, Subburaj indicated that the price could fall to the $80,000-$81,500 range.

    Alex Kuptsikevich, chief market analyst at FxPro, considers $84,000 a significant support level for Bitcoin. According to the analyst, a drop below this level could lead to increased selling pressure and pull the price down towards $80,000.

    *This is not investment advice.

  • Here’s what bitcoin needs to break above $87,000

    “I read the current move as evidence that the ETF bid that carried September has not yet returned strongly enough to offset renewed macro pressure. ETF inflows above roughly $300 million a session for several sessions (my threshold rather than a market one) would be an important signal that institutional demand is returning,” Oliver Carding, head of marketing at Tesseract Group, said in an email.

    Martin Lee, head of content and data insights at DWF Labs, said large daily inflows matter more than extended inflow streaks that cumulatively bring in only a few hundred million dollars.

    “Looking across the year, we’ve had 93 out of 190 (48%) trading days be negative while still seeing net $1.2B of inflows. Longer-term (week/month) size of flows is more important compared to daily, which is almost a coin flip this year, but definitely something worth monitoring to see how the situation progresses,” he said.

    Meanwhile, other types of buyers are accumulating.

    “Investors appear to be using periods of weakness to accumulate and dollar-cost average alongside institutional buyers,” Paul Howard, senior director at Wincent, said. “Many market participants are continuing to target Bitcoin at $100k+.” Stay alert!

    Read more: For analysis of today’s activity in altcoins and derivatives, see Crypto Markets Today. For a comprehensive list of events this week, see CoinDesk’s Crypto Week Ahead.

  • Bitcoin Sinks Below $84,000 in Sudden Sell-Off

    Bitcoin Sinks Below $84,000 in Sudden Sell-Off

    Bitcoin’s Break Below $84,000

    Coinbase’s 24-hour range was $83,551 to $86,698. Kraken’s spot feed also showed a 24-hour low of $83,555, confirming the break below $84,000 on a second venue.

    The plunge put bitcoin near the bottom of its recent range. Coinbase’s seven completed UTC daily sessions, from Sept. 30 through Oct. 6, spanned $82,912 to $87,249.

    Long Positions Bear the Brunt

    Coinalyze’s bitcoin liquidation dashboard showed $83 million in long liquidations over 24 hours, compared with $8.4 million in shorts. Those figures cover bitcoin contracts tracked by the service, rather than the entire crypto market. Coinalyze also cautions that its Binance liquidation feed is incomplete.

    An all-crypto long-liquidation total for the short burst of selling could not be independently confirmed.

    Liquidations can amplify a decline by forcing bullish positions to close when their collateral falls below maintenance requirements. Hyperliquid’s rules, for example, call for market orders to close positions when that threshold is breached, adding sell orders when longs are liquidated. That mechanism does not identify the trigger for this sell-off.

    Despite the liquidations, Coinalyze’s open-interest dashboard showed $27.9 billion in outstanding bitcoin derivatives, up about 1% over 24 hours.

  • Muneeb Ali Pledges IP Transfer to Stacks Endowment in CEO Plan

    Muneeb Ali Pledges IP Transfer to Stacks Endowment in CEO Plan

    Stacks Labs announced his appointment on Sept. 30, with interim CEO Alex Miller moving to an advisory role. The organization handles core protocol engineering, developer relations and ecosystem growth for the Bitcoin Layer 2.

    The planned IP transfer builds on an existing funding relationship: Stacks Labs launched in October 2025 with support from the endowment.

    Ali’s other priorities include a two-year roadmap spanning institutional-grade Bitcoin privacy and post-quantum technology, a simpler leadership structure, and a public holder update call within 30 days. He said he is meeting large holders one-on-one.

    Bitcoin Bonds Already Require $STX

    The staking system, whose upgrade vote The Defiant covered in July, already links Bitcoin participation to demand for $STX. Bonding requires an $STX position worth roughly 5% of the $BTC being bonded, according to Stacks Labs’ September recap.

    In the Genesis Bond’s first 14 days following its Sept. 10 launch, participants bonded 230 $BTC alongside 3.57 million $STX and received 0.28 $BTC in rewards, Stacks Labs reported. Those rewards came from $BTC committed by Stacks miners through Proof of Transfer, the network’s consensus mechanism.

    Self-custodial participants timelock $BTC on Bitcoin while retaining custody. The open pooled route instead uses sBTC on Stacks and relies on a decentralized signer set. The roughly 3% annual yield is a target, not a guarantee, according to the recap.

    Stacks Labs says the next bonding period is expected to start around Oct. 10.

  • U.S. government moves over $100 million in BTC and BNB. A sale hasn’t been confirmed

    U.S. government moves over $100 million in BTC and BNB. A sale hasn’t been confirmed

    Wallets supposedly linked to the U.S. government moved more than $100 million in crypto on Tuesday, according to data from blockchain intelligence firm Arkham.

    The government sent 833.599 $BTC, worth about $71.6 million at the time, to two addresses Arkham doesn’t label. Within hours, both addresses passed the coins on to addresses Arkham labels as Coinbase Prime deposit addresses.

    A separate government-labeled wallet sent about 40,285 $BNB, worth $31.63 million, to another unlabeled address, 0x7F68F63fB3A9CCCf352409603421E0A574FbAD90. That address then sent all of it on to a second unlabeled address, 0x6fB3Fe7b7E78AbB84CE007cBC7412C850B15A579.

    The $BTC came from a wallet Arkham labels as Potapenko/Turogin forfeited funds (568.7 $BTC) and from coins seized in the Bitfinex hack case (264.9 $BTC). The $BNB came from assets seized from Alameda Research.

    The government still holds about $27.5 billion in crypto, all of it seized in enforcement actions. To date, it has not used taxpayer money to make new purchases.

    Such transfers often spark fears of an impending sale, but that doesn’t appear to be the case here.

    “A transfer is not the same as a sale. Under a March 2025 executive order, bitcoin forfeited to the government is meant to be held in a Strategic Bitcoin Reserve,” Jose Rosell, market commentator, said on X.

  • Estimated multimillion-dollar cost of Christa Pike’s case a ‘colossal waste’, says campaigner

    Estimated multimillion-dollar cost of Christa Pike’s case a ‘colossal waste’, says campaigner

    The surprising multi-million-dollar cost of executing killers is under the spotlight since the failed lethal injection of death row inmate Christa Pike drew global attention.

    Murderer Pike survived two doses of the poisonous drug pentobarbital by the Tennessee Department of Correction on September 30 after languishing behind bars for over three decades.

    Her case is estimated by an anti-death penalty group to have cost taxpayers over $3 million so far, with medical bills, legal challenges, her continued incarceration and investigation costs set to push that figure higher, reports The US Sun.

    She was due to be executed for the 1995 murder of classmate Colleen Slemmer, but instead she is ‘conscious, speaking’ according to her legal team.

    This facility in Texas shows the layout of an execution chamber (Getty)

    This facility in Texas shows the layout of an execution chamber (Getty)

    They say faulty IV lines allowed the drug to leak into her tissue, causing both arms to become ‘swollen, burned and blistered’.

    According to published Nashville hospital rates, the six days of intensive care Pike has received could already have produced a $26K bill, not including the costs of round-the-clock security and continuing legal fees.

    Tennesseans for Alternatives to the Death Penalty executive director Stacy Rector told The US Sun, “I would guess her case has exceeded $3 million, before this botched execution attempt.

    “I can’t even begin to guess what her hospital bill will be once this is all over – a hundred thousand plus?

    “All is being paid by TN taxpayers.”

    Pike was being held at the Nashville Debra K. Johnson Rehabilitation Center before she was moved to the Riverbend Maximum Security Institution for her failed execution.

    The estimated bill for Pike’s execution was based on data collected by a Maryland study from 1978 to 1999 of 1,136 murder cases where the death penalty could have been imposed.

     Tony Carruthers was given a temporary reprieve after Pike's failed execution (Tennessee Department of Corrections)

    Tony Carruthers was given a temporary reprieve after Pike’s failed execution (Tennessee Department of Corrections)

    Where prosecutors did not seek the death penalty the average bill was about $1.1 million.

    In cases where the death penalty was sought but not imposed the bill rose to $1.8 million.

    However, in cases where the death penalty was imposed costs were around $3 million, including the trial, the appeals process and incarceration.

    An Ohio Legislative Service Commission study concluded in 2021 that death penalty cases cost up to five times more than non-capital cases – which could work out to between $1 million and $3 million per case.

    In Indiana, costs were up to eight times higher for death row cases.

    Christa Pike, pictured in 1995, could be heard snoring after the curtain to the execution chamber was drawn (WBIR10)

    Christa Pike, pictured in 1995, could be heard snoring after the curtain to the execution chamber was drawn (WBIR10)

    In Tennessee research by the state found taxpayers paid around 48% more where the death penalty is imposed when compared to life imprisonment.

    Rector said, “I think the cost is a colossal waste of tax dollars spent pursuing death for a handful of people who are already incarcerated.”

    She added, “Too many Tennesseans lack access to mental health care, and our Department of Children’s Services continues to struggle to serve children like Christa Pike, who have experienced terrible trauma and violence.”

    Rector explained how taxpayers largely remain ignorant of how much money is being spent on death row and execution in their home states.

    She said, “Our organization, TADP, continues to educate people about these costs, but too many Tennesseans don’t know how expensive it is.

    “Our state has no centralized mechanism to track these costs so taxpayers are in the dark.”

  • Will Christa Pike face a second execution after she wakes up following botched attempt

    Will Christa Pike face a second execution after she wakes up following botched attempt

    After three decades on death row and a failed execution attempt via the lethal injection, Christa Pike has now woken up.

    The killer, now aged 50, is ‘conscious and speaking’ her lawyers have confirmed. However she remains in hospital receiving critical care by specialists.

    Pike was sentenced to death after murdering Colleen Slemmer in 1995, survived the two failed lethal injections last Wednesday (30 September) in Tennessee.

    After being rushed to hospital, she remained unconscious for days as medical staff cleared her body of the injected chemical which was supposed to claim her life.

    She has become the first person ever to get full doses of the drugs intended to kill her and survive. She was supposed to become the first woman put to death in Tennessee in two centuries.

    Christa Pike is now awake (Tennessee Department of Corrections)

    Christa Pike is now awake (Tennessee Department of Corrections)

    Her legal team said faulty IV lines allowed the drug to leak into her tissue, causing both arms to become ‘swollen, burned and blistered’.

    She has been locked up since 1996 after killing her classmate, Colleen Slemmer, when she was 18 at the time.

    Gov. Bill Lee later halted the one remaining execution for the rest of the year in Tennessee pending an investigation.

    Pike’s case is estimated by an anti-death penalty group to have cost taxpayers over $3 million so far, with medical bills, legal challenges, her continued incarceration and investigation costs set to push that figure higher, reports The US Sun.

    According to published Nashville hospital rates, the six days of intensive care Pike has received could already have produced a $26K bill, not including the costs of round-the-clock security and continuing legal fees.

    Pike, 50, was on death row for three decades (Tennessee Department of Corrections)

    Pike, 50, was on death row for three decades (Tennessee Department of Corrections)

    Will she face a second execution?

    Whether or not Pike will face a second execution has not yet been determined.

    Her former attorney previously told LADbible that if she had been severely brain damaged and left incapacitated by the first botched attempt, that it would not be attempted again.

    However Tennessee Gov. Bill Lee has not yet responded to repeated calls from her attorney’s to commute her sentence from the death penalty to spending the rest of her life in prison.

    “Against all odds, Christa Pike is conscious, speaking, and continues to receive critical medical care,” her attorneys said in a statement.

    “Her prognosis remains unclear but, at a minimum, we expect a long recovery.”

    There is the possibility that Pike could face a second execution, especially due to her regaining consciousness.

    Christa Pike, pictured in 1995 (WBIR10)

    Christa Pike, pictured in 1995 (WBIR10)

    However the last time the Supreme Court had to address whether an inmate who survived an execution would face another one was back in 1947.

    “We’re in uncharted territory,” Robin Maher, executive director of the nonprofit Death Penalty Information Center, told USA today.

    “The U.S. Supreme Court has not decided whether a second execution attempt would violate the constitution since 1947.

    “These are questions that have never needed to be asked before and no one knows the answers.”

    Earlier this year, in May, Tennessee had botched another execution as inmate Tony Carruthers also survived.

    Executioners failed to establish a second IV line required under the state’s execution protocol. And, after spending more than an hour strapped down, the state abandoned the execution.

    He was granted a rare one-year reprieve leaving open the option to try to execute him again.

  • British man who has been walking around the world for 28 years finally arrives back in UK

    British man who has been walking around the world for 28 years finally arrives back in UK

    A British man who set off on his journey home from Chile in 1998 finally set foot back in the UK this week after swimming the English Channel.

    Karl Bushby lived out the dream of many Gen Z’ers who want to quit their job and travel, by setting himself the mission of returning to his home in Hull on foot, using no methods of mechanical transport in the process.

    We’ve seen some pretty crazy challenges online in recent years, whether it’s the Hardest Geezer running the length of Africa, or an Aussie woman tackling the length of her home nation on foot, but none can compare with the 28-year journey that Bushby has set himself.

    But despite challenges over that 29 years which have included the Coronavirus pandemic and a near-death experience following a polar bear attack, it largely seems to be a challenge that Bushby has enjoyed rather than endured.

    Speaking to CBS News last year, the 56-year-old Brit said: “I’ve found nothing but the best in those 27 years, which has just been remarkable.

    “Don’t be afraid, get off the couch, get out of bed, make it happen. That first step will open up a world of possibilities and opportunities, so don’t be afraid.”

    Bushby has dealt with severe weather conditions throughout his journey home (Instagram)

    Bushby has dealt with severe weather conditions throughout his journey home (Instagram)

    And although he hoped to complete the last leg of his journey home through the English Channel on foot, an agreement couldn’t be agreed, so he ended up swimming for over 20 hours across three days in order to land back on the British beaches.

    Bushby said: “[It] feels good to have UK soil under my feet after all these years. It hasn’t been easy, and that’s part of the point; proving I’m more capable than I give myself credit for.”

    He added: “All of us can accomplish more than we will ever imagine.”

    HM Coastguard said it ‘liaised with French authorities and maritime sector partners to ensure safety protocols were met’, after Bushby’s initial request to walk down the Channel Tunnel was vetoed.

    Bushby previously swam across the Caspian Sea (Resul Rehimov/Anadolu via Getty Images)

    Bushby previously swam across the Caspian Sea (Resul Rehimov/Anadolu via Getty Images)

    It is now expected that Bushby will return to his home in Hull in early November as he completes the final leg of his journey after landing on the beaches in Dover, which will almost make it 28 years to the day since he left South America on 1 November 1998.

    His journey has taken him across 28 different countries and seen him travel over 30,000 miles but when he spoke from Belgium earlier this year, it seems as if his legs and his body had finally had enough, as he’s no doubt desperate to get home and put his feet up with a cup of tea and a biscuit.

    He’s certainly timed his return home well, as he will get to watch Premier League teams get mauled by the tigers in his home town of Hull.