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  • Why Zcash’s Orchard flaw puts pre-disclosure trading under the spotlight

    Why Zcash’s Orchard flaw puts pre-disclosure trading under the spotlight

    Developers recently revealed that a four-year-long vulnerability in Orchard may have enabled unlimited counterfeit Zcash [$ZEC] until an emergency patch was issued. However, fresh market data has raised further questions regarding events before the discovery.

    Allium Labs, after reviewing trade history, identified unusual trading activity. On the 26th of May, $ZEC’s trading volume surged 12–13 times above its average. Researchers privately uncovered the defect three days later, on the 29th of May.

    Source: Allium Research

    While researchers were identifying the defect, $ZEC declined from approximately $660 down to $530, indicating increasing selling pressure. The developers disabled Orchard on the 2nd of June and issued a patch on the 3rd of June, yet confidence continued fading.

    By the 5th of June, $ZEC had fallen by 64 percent from $685 to $247 with hourly trading at $560 million.

    Early positioning fuels market suspicion

    The uncertainty in the aftermath of this issue also led to further review of which parties were actively trading in the market ahead of the issue becoming apparent. Allium found that traders opened the most profitable positions on the 25th and 26th of May.

    This occurred days before the private discovery of the Orchard flaw. More importantly, traders opened these large positions before researchers privately disclosed the flaw on the 29th of May. Notably, the largest wallet had a short position worth $34.5 million and, as a result, made approximately $998,000 in profits.

    Source: Allium Research

    A second short position worth $17.7 million accrued profits of approximately $724,000. These high profits raised questions about whether traders anticipated the sell‑off.

    However, the data does not provide sufficient evidence to prove such claims. In futures markets, all shorts are offset by an equal number of longs. Therefore, simply showing profitable positions is insufficient to establish that those positions existed due to prior knowledge.

    That balance became evident when the largest $91.5 million long position ultimately lost $6.97 million. Meanwhile, Zcash’s privacy model prevents anyone from verifying whether the flaw was ever exploited. This left markets to price on probabilities instead of certainty and kept confidence fragile despite the completed patch.


    Final Summary

    • Allium Labs flagged unusual $ZEC trading before the Orchard flaw discovery, fueling suspicion of informed positioning.
    • Profitable shorts raised questions, but lack of evidence and Zcash privacy kept confidence fragile.
  • Ripple Almost Shut Down and Distributed XRP After SEC Lawsuit, CEO Reveals

    Ripple Almost Shut Down and Distributed XRP After SEC Lawsuit, CEO Reveals

    Ripple Considered Closing After SEC Lawsuit Put Company at Risk

    Ripple CEO Brad Garlinghouse revealed that the company considered shutting down after the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Ripple and named him and co-founder Chris Larsen in 2020 over $XRP sales. The decision became one of the most difficult moments of his leadership, with the company weighing whether continuing the legal fight was worth the financial and operational risks.

    Garlinghouse said during a KU Hustle podcast interview at the University of Kansas School of Business, published on July 8:

    “We almost decided to shut down the company when the SEC sued us … The company owns a lot of $XRP … We could have shut it down and … just distribute the $XRP to shareholders on a pro rata basis.

    The SEC lawsuit centered on the regulator’s claim that $XRP sales involved unregistered securities. Garlinghouse disputed that position, comparing the crypto token more closely to bitcoin, which he described as a separate digital asset operating on an open network.

    Ripple’s Legal Fight Ended After SEC Appeal Withdrawal and Final Judgment

    Garlinghouse said Ripple spent $150 million on legal bills during the four-year dispute with the SEC, while its U.S. business remained largely stagnant for about five years after the lawsuit began. He said the case created prolonged uncertainty around Ripple’s ability to operate in the domestic market.

    The legal battle began in 2020 when the SEC alleged Ripple sold $1.3 billion of $XRP as an unregistered security. In 2023, U.S. District Judge Analisa Torres issued a mixed ruling, finding that $XRP sales on public exchanges were not securities transactions, while sales to institutional investors were treated differently under securities law.

    Ripple was later ordered to pay a $125 million civil penalty and accept an injunction related to securities law compliance. Both Ripple and the SEC filed appeals challenging different aspects of the ruling before agreeing to dismiss those filings. The case formally concluded in August 2025 after the appeals were withdrawn and the court process ended.

    The regulatory environment surrounding cryptocurrency also changed after SEC leadership shifted under Chairman Paul Atkins and the Trump administration. The agency moved away from a more aggressive regulation-by-enforcement approach toward deregulation, greater engagement with the crypto industry, and a focus on traditional fraud cases rather than broad corporate penalties.

    Garlinghouse said that before the SEC filed its lawsuit, he met with SEC officials four times between 2017 and 2019 to explain how Ripple used blockchain technology and $XRP in its payment system. He said regulators did not indicate during those meetings that $XRP could be considered a security.

    Ripple Continued Operations After Weighing Shutdown Option

    The Ripple chief executive described how the company could have responded to the SEC lawsuit, outlining a scenario in which Ripple might have exited the dispute by distributing its $XRP holdings and dissolving the company.

    “You guys think these are securities. Ripple doesn’t own it anymore. Ripple’s gone now,” he said, describing a hypothetical scenario rather than an action the company took, outlining how Ripple could have responded to the SEC.

    He added that such a move would have come at a high cost to employees and the company’s future, stating:

    “Hundreds of people would have lost their jobs. I think that was a bad outcome, but in some ways it was the easier outcome.”

    After deciding not to shut down, Garlinghouse said the choice to continue operating was not clear at the time. “That was a difficult decision, and obviously I’m glad in retrospect, but that was not obvious at the time,” he stated. Ripple chose to continue operating after weighing the impact on employees and the business.

  • Bitcoin ETFs draw $197M, snap 8-week outflow streak

    Bitcoin ETFs draw $197M, snap 8-week outflow streak

    US-listed spot Bitcoin exchange-traded funds recorded a net inflow of $197.4 million in the week ended Friday, snapping an eight-week streak of weekly outflows dating back to May.

    Data from Farside Investors shows that most of the week’s gains came from the BlackRock iShares Bitcoin Trust ETF, which recorded $291.9 million in inflows. This was offset by outflows from the Grayscale Bitcoin Trust ETF, the Fidelity Wise Origin Bitcoin Fund and the ARK 21 Shares Bitcoin ETF.

    The end of the outflow streak could suggest institutional demand for Bitcoin is recovering after two months of sustained selling pressure. However, one analyst said it’s too early to tell with ETF and stablecoin outflows and seasonality in August and September.

    “There’s also been a pattern over the past few months where Bitcoin performs better in the first half of the month, then consolidates in the latter half,” 10x Research founder and CEO Markus Thielen told Cointelegraph.

    “Without flows still pronounced and ETF flows yet to meaningfully pick up, even after Bitcoin’s 9%+ jump, the headwinds remain in our view.”

    The $197.4 million weekly inflow was modest compared with the $8.26 billion investors withdrew since May 11.

    Total spot Bitcoin ETF net inflow. Source: SoSoValue

    Last week, Real Vision chief crypto analyst Jamie Coutts told Cointelegraph that Bitcoin could be entering the latter stages of the bear market, based on early technical signs suggesting that selling pressure is easing.

    “I think we’re getting through most of the bear market action. It’s still not over, clearly. But you know, I think we’re approaching at least the second half,” Coutts said.

    Other analysts say there could be further downsides ahead.

    Russell Thompson, chief investment officer at asset manager Hilbert Capital told Cointelegraph last week that he believes Bitcoin remains in a downcycle and could hit a low around October this year.

    Ether ETFs also break outflow streak

    Meanwhile, US-listed spot Ether ETFs also broke their eight-week losing streak, with $84.42 million in net inflows for the week ended Friday, led by BlackRock and Fidelity’s Ether funds.

    The inflows paled in comparison with the $1.2 billion in net outflows since May 11.

  • US launches more strikes on Iran as Strait of Hormuz standoff deepens

    US launches more strikes on Iran as Strait of Hormuz standoff deepens

    NewsFeed

    The US has launched a new wave of strikes on Iran targeting what it says is Tehran’s ability to threaten shipping in the Strait of Hormuz. US President Donald Trump has declared the waterway open while Iran insists it is closed leading to a further escalation of attacks, as Heidi Zhou Castro reports from Washington DC.

  • New York Times Alleges Trump Administration’s  Reverse Discrimination Lawsuit Was Retaliation For Its Reporting On EEOC

    New York Times Alleges Trump Administration’s Reverse Discrimination Lawsuit Was Retaliation For Its Reporting On EEOC

    UPDATED: The New York Times filed a counterclaim to a lawsuit brought by the Equal Employment Opportunity Commission, alleging that the Commission’s litigation was a retaliatory effort because of the newspaper’s reporting on the Trump administration.

    In a filing in federal court in Manhattan, the Times’ legal team wrote, “The Commission filed this action only eight days after The Times published an article reporting that the EEOC is under pressure to use its scarce resources to pursue flimsy (at best) claims of alleged discrimination that ‘fit the Trump administration’s priorities,’ and a mere two days after The Times reported that it was being investigated by the EEOC.”

    Read The New York Times’ counterclaim to a Trump administration lawsuit.

    In May, the EEOC filed a reverse discrimination lawsuit against the Times, alleging that it violated federal law when it passed up a white male employee for a promotion because of his race or sex.

    But in its filing, the Times’ legal team wrote that the person chosen for the role as deputy real estate editor was more qualified than the person who was passed up for the job, Bryant Roussau. The Times’ team wrote that she had extensive experience with service journalism and “articulated a compelling vision for the future of The Times’s real estate coverage that aligned with the Real Estate desk’s goals to focus on service and visually-driven journalism.” The Times also noted that other candidates of color of both sexes had more real estate experience than Rousseau yet were not advanced in the hiring process.

    “Despite conducting an eight-month investigation, collecting more than a thousand pages of documents, and interviewing no fewer than nine witnesses, the Commission was unable to identify any evidence that The Times considered the selected candidate’s race or sex in filling the position,” the Times stated in its filing.

    The Trump administration has gone after private companies — including Disney — over its diversity, equity and inclusion policies, claiming that they are themselves discriminatory. But in its lawsuit, the Times not only defends its policies but notes that it was grounded in initiatives of the EEOC until Trump came back to office.

    The Times contended that the EEOC rested its claim “almost entirely” on a 2021 Call to Action report and subsequent diversity and inclusion reports. The leadership goals laid out in the report, the Times’ legal team stated, “were aspirational in nature and were not established targets or quotas; they were a projection of the expected impact of various legitimate, nondiscriminatory efforts to improve The Times’s culture and strengthen its people practices and were consistent with longstanding EEOC guidance in place at the time.” The real estate deputy editor position was not impacted as it was not a “leadership” position, the Times filing stated.

    The counterclaim also identifies numerous instances in which Trump has attacked the Times, noting that he has, among other things, called it “treasonous.”

    “The Commission’s retaliatory, bad faith use of its authority to target The Times violates the First and Fifth Amendments and the Administrative Procedure Act (‘APA’) and poses a uniquely insidious threat to a free and independent press, and to our democracy,” according to the filing.

    The counterclaim alleges violation of the First Amendment, due process and the Administrative Procedure Act. It seeks dismissal of the EEOC claim and a declaration that the lawsuit was a violation of the First and Fifth Amendment, as well as the APA. It also seeks costs and attorney’s fees.

    An EEOC spokesperson said, “The agency does not comment on ongoing litigation.”

  • Oregon AG Drops Demand For Records & Motion To Delay Paramount-Warner Bros. Discovery Merger

    Oregon AG Drops Demand For Records & Motion To Delay Paramount-Warner Bros. Discovery Merger

    UPDATED, with comment from AG: Oregon‘s attorney general has dropped a civil investigative demand for Paramount to turn over records related to its efforts to secure federal approval for its merger with Warner Bros. Discovery.

    Oregon Attorney General Dan Rayfield also had asked a state circuit court judge to order Paramount to turn over the materials and to delay Paramount’s closing of its proposed acquisition of Warner Bros. Discovery by 60 days so the documents could be reviewed. A hearing has been scheduled for Monday in Multnomah County Circuit Court.

    A Paramount spokesperson said, “We are pleased that the Oregon Attorney General has withdrawn its motion to delay this transaction. It was the right decision and avoids an unwarranted effort to delay a lawful, pro-competitive merger.

    “Antitrust authorities around the world have carefully reviewed this transaction, clearing it or concluding that it does not violate any competition laws. That regulatory record underscores what the facts, the law and the economics make clear: this transaction will create a stronger challenger to dominant global streaming and technology platforms, expand consumer choice, increase investment in premium content and theatrical distribution, and create more opportunities for creators and workers. We look forward to completing the transaction and delivering those benefits.”

    Jenny Hansson, communications director for Rayfield, said in a statement, “Paramount made it clear that they weren’t going to comply with the investigative demand, and that they think they’re above the law. We’re not going to let them waste Oregonians’ resources on these games. We’ve withdrawn the motion to consider our next steps.”

    California Attorney General Rob Bonta and other state attorneys general are said to be considering a legal challenge to the transaction.

    Rayfield sought Paramount records of lobbying of federal officials, as well as its role in a statement that the DOJ released in support of the transaction. The attorney general also sought documents “related to the formulation and execution of lobbying strategies aimed at obtaining regulatory approval of the proposed merger, which Respond as internally named ‘Project Warrior.’”

    In a court filing, Paramount has objected to the document requests, arguing, among other things, that they impose “burdens and demands which are disproportionate” to the Oregon investigation and are “of such marginal relevance that the value of any materials sought is outweighed by the burden imposed on Paramount in having to provide such information.”

    “Lobbying activities and related communications are wholly irrelevant to whether the proposed acquisition ‘violates Oregon’s antitrust laws,’” the company’s legal team wrote.

  • DOJ Subpoenas New York Times Journalists After Report On Trump’s New Air Force One

    DOJ Subpoenas New York Times Journalists After Report On Trump’s New Air Force One

    The New York Times said that a group of its journalists received subpoenas from the Justice Department after their report on the lack of certain security features on Donald Trump‘s new Air Force One.

    The Times said that those who received subpoenas included Julian E. Barnes, Eric Lipton, Tyler Pager and Eric Schmitt, who reported this week that there were security concerns about the new Air Force One, as Trump left the NATO summit in Turkey in the old aircraft. That included the lack of antimissile capabilities in the new aircraft, a Boeing 747-8 that was donated by the government of Qatar.

    The subpoenas, according to the Times, asked the reporters to testify before a grand jury on Wednesday but do not contain many details, other than that they were being sought “in regard to an alleged violation of federal criminal law.” The subpoenas were issued by Jay Clayton, who is the U.S. attorney in Manhattan, the Times reported.

    David McCraw, senior vice president and deputy general counsel at the Times, said in a statement that the “appearance of Federal law enforcement agents on the doorstep of reporters should shock the conscience of any American who believes in the Constitution and the press freedom it protects.”

    McCraw added, “Our journalists report the facts and advance the American public’s right to know how their government is operating and their taxpayer dollars are being used. This brazen act should be seen as nothing more than an attempt to prevent the public from knowing what is happening in their country by intimidating journalists from doing their jobs.”

    Per the Times, an FBI official asked that the story be held, characterizing it as an issue of national security.

    A Justice Department spokesperson did not immediate return a request for comment.

    Few days go by when Trump doesn’t lash out at the media, but in his second term, his administration has been more aggressive in using enforcement and regulatory powers against media outlets.

    In January, federal agents conducted a search of the home of Washington Post reporter Hannah Natanson, seizing such things as her phones and laptops. The search was part of an investigation of a government contractor, but Natanson had reported extensively on Trump’s war on the civil service and the impact on the federal workforce.

    The Times on Friday filed a countersuit against the Equal Employment Opportunity Commission, claiming that a reverse discrimination claim was in fact a retaliatory action because of its news reporting. The Times also has challenged new press restrictions at the Pentagon, and a federal judge has so far found that they violate the First Amendment.

  • Paramount Reportedly Considering Leaving California as State Readies Lawsuit Over Warner Bros. Discovery Merger

    Paramount Reportedly Considering Leaving California as State Readies Lawsuit Over Warner Bros. Discovery Merger


    Paramount is reportedly considering leaving California as the Golden State and others are said to be preparing a lawsuit over its planned $111 billion takeover of Warner Bros. Discovery.

    On Sunday, Semafor reported that “friends and advisers” to Paramount chief David Ellison have been urging him to consider relocating his corporate headquarters out of the state. The news comes as California and other states are “preparing to file” a lawsuit to block the merger, according to The New York Times.

    Citing “people familiar with the discussions,” Semafor reported that Ellison is being “pushed” to consider relocating out of state, which would also move $30 million in planned spending out of California, if Attorney General Rob Bonta sues to block the deal.

    However, the news outlet noted that no decision has been made regarding a move. It’s worth noting that Paramount did buy space in New Jersey last year. The studio signed a 10-year lease to occupy more than 285,000 square feet of 1888 Studios’ production campus in Bayonne, which potentially makes Paramount eligible to receive a tax credit of up to 40 percent for movies and TV shows filmed in the state.

    Meanwhile, California has reportedly “taken the lead” on a potential lawsuit to block the merger, with states including New York, Washington and Connecticut saying they will join in, according to NYT. According to a draft of the lawsuit, it reportedly claims that the merger would hamper competition for tentpole movies, among other concerns.

    For its part, Paramount has argued that the deal will boost competition in Hollywood, saying it’s necessary to compete against tech giants including Netflix, Amazon and Apple.

    Reuters reported July 8 that a lawsuit could be filed as early as this week. Paramount is aiming to close the deal in third-quarter 2026.

    “We are confident the facts and the law support this transaction, and we will continue to defend it vigorously,” Paramount told NYT.

    The studio echoed that sentiment to Semafor: “We continue to engage constructively with the remaining few regulators around the world still considering the merger, including State Attorneys General, and are prepared to address any legitimate antitrust issues. We are confident this transaction raises no such concerns, as demonstrated by the dozens of antitrust authorities around the world that have carefully reviewed the transaction.”

    Last month, news surfaced that the European Commission is expected to approve the merger ahead of an upcoming deadline to open an in-depth probe. In addition, competition cops in China and South Africa have cleared the merger, along with antitrust enforcers in Saudi Arabia, Ukraine, Serbia and North Macedonia. Regulators probing foreign investments from Gulf sovereign wealth funds in Germany, Italy, France, Romani, Slovenia, Belgium, Czechia, New Zealand and have also approved the merger.

    “We have been engaged with all regulatory and law enforcement bodies in a constructive and transparent manner and will continue to do so,” a Paramount spokesperson told THR last month.

  • Sacha Baron Cohen’s Ali G Makes Surprise Appearance at Wimbledon

    Sacha Baron Cohen’s Ali G Makes Surprise Appearance at Wimbledon

    Sacha Baron Cohen‘s alter ego Ali G is back, and this time he’s at the 2026 Wimbledon finals.

    On Sunday, Ali G posted a video on a newly created Instagram account. “Iz here at the men’s singles in Wimbledon, which actually, despite its name, ain’t a party for Gaylords. It’s like the World Cup of something called tennis, which is like a crap version of ping pong. Them say that tennis is better played on grass, which is why I intend to sell as much of it while iz here. So if you want some herbal remedies, me got anything you want,” Cohen’s satirical character says in the clip, trying to sell marijuana.

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    He added in the post’s caption, “I iz BACK! And if u iz at dis borin wimbledore final lookin 2 get grand slammed, I iz here wif de hookup.”

    Ali G’s return comes after it was recently announced that a new movie starring the iconic character reportedly secretly wrapped production. The surprise sequel, which doesn’t have a release date yet, comes more than two decades after Ali G was last seen on the big screen in 2002’s Ali G Indahouse.

    The three-time Oscar nominee’s alter ego first debuted in 1998 during a segment on the British TV program The 11 O’Clock Show. Known for his signature hip-hop slang and bright yellow tracksuits, Ali G became a cultural phenomenon with his absurd interviews with unsuspecting high-profile figures, from Donald Trump to David and Victoria Beckham, among others.

    The Borat star’s beloved character also has a TV series, Da Ali G Show, which ran for three seasons from 2000 to 2004.

  • Jackson Browne, Beck Honor Wes Anderson Needle Drops at Hollywood Bowl Concert

    Jackson Browne, Beck Honor Wes Anderson Needle Drops at Hollywood Bowl Concert

    The songs and scores behind 30 years of Wes Anderson films took the spotlight during the second of three scheduled shows at the Hollywood Bowl on Saturday night, where a wide mix of recording artists from Beck to Rufus Wainwright, Jenny Lewis to Jackson Browne and many more joined the L.A. Phil in performances of fan favorites from across Anderson’s beloved filmography.

    “We’re going to have music that makes you laugh, that makes you think, that makes you feel,” concert emcee Bill Murray, wearing a Steve Zissou-style red beanie, told the crowd at the beginning of the evening, before introducing longtime Anderson composer Mark Mothersbaugh and the rest of rock band Devo.

    Before Devo played “Gut Feeling” (A Life Aquatic With Steve Zissou needle drop), Mothersbaugh opened up with a few words about Anderson, telling the crowd that “working with Wes was kind of the closest thing to working with this band here, where it was about ideas and concepts and making them come to life.”

    The concert — music directed by Justin Meldal-Johnsen — was a healthy mix of needle drop covers along with orchestral numbers written by Mothersbaugh and fellow Anderson collaborator Alexandre Desplat, the whole night reflecting the vast draw of influences Anderson pulls from for his signature brand of quirky, whimsical films. On the instrumental side, Kaoru Wantanabe came out on taiko drums to play the percussive soundtrack of Isle of Dogs, while Ami Dang and Aakash Pujara played flute and sitar for the Darjeeling Limited tracks “Charu’s Theme” and “Arrival in Benares.”

    My Morning Jacket frontman Jim James played a faithful cover of the Kinks’ “Strangers,” which was featured in The Darjeeling Limited, as well as Cat Stevens’ “The Wind,” one of the most moving musical moments in Rushmore. Karen Elson sang Françoise Hardy’s “Les Temps De L’amour” from Moonrise Kingdom and Jeff Goldblum showed off his prowess behind the keys alongside his jazz band as they played “Blinuet,” a Rushmore feature. Spoon frontman Britt Daniel also dipped into the Rushmore soundtrack with a performance of the raucous “Making Time.”

    Lewis, Murray and Beck joined Roge for a high-energy performance of “Zorro Is Back” from the Bottle Rocket soundtrack.

    Beck took one of the most iconic musical moments from the Anderson canon, playing Elliot Smith’s “Needle in the Hay,” along with Love’s “Alone Again Or.”

    Jason Schwartzman, who took the stage several times throughout the night, recalled a story he’d similarly told The Hollywood Reporter earlier this week about going through the Rushmore soundtrack with Anderson after he was cast in the film, listening to the songs on a cassette as Anderson walked him through scenes. Schwartzman then pulled out what he claimed was that very same decades-old cassette and threw it into the crowd, though given that he pulled the same move during Friday’s show, it’s likely just a prop.

    The overwhelming highlight of the night, though, was from Jackson Browne, who performed “The Fairest of the Seasons” and “These Days.” Browne had written that latter song as a 16-year-old, and the version recorded by German singer Nico inspired Anderson to make The Royal Tenenbaums in the first place, getting a prominent feature in the film in what remains arguably Anderson’s most iconic musical moment. Earlier this week, Anderson told THR it was “overwhelming” for Jackson to perform at the concert.

    Anderson introduced Browne to the stage himself on Saturday, saying “These Days” “so directly reached out to me” as an artist, further noting that the track “was written impossibly by a 16-year-old boy.”

    “Maybe it was a moment when I particularly needed some special artist, some voice, to reassure me of at least the illusion of a benevolent order in the universe,” Anderson said, thanking Browne before he performed. “I felt compelled for whatever reason, to make up a story that tried to expand the words and spirit of this song I loved into a movie that was more or less about regret. We called it The Royal Tenenbaums.”

    Before he played, Browne told the crowd the story of how he’d forgotten he agreed for “These Days” to be in Royal Tenenbaums, discovering the song’s usage while he was in the theater watching for the first time.

    “I’m indebted to Wes for having discovered this song and giving it this life,” Browne said.

    The night finished with an ensemble performance of the Faces’ “Ooh La La,” the same track that concluded Rushmore.

    The series is set to conclude with one more show at the Bowl on Sunday evening.