The crypto industry saw major legal updates, new investment products, and continued accumulation of digital assets this week. From prison media strategies to large Bitcoin and Ethereum buys, the sector remains active despite market volatility.
Sam Bankman-Fried resurfaces with prison media push
Convicted Sam Bankman-Fried appears to be following a carefully planned media strategy from behind bars. According to court filings and recent communications, the former FTX CEO is using tactics outlined in a Google document dated January 15, 2023—shortly after his arrest.
The document listed 12 different approaches designed to shape public perception following his indictment and extradition. Recent prison communications suggest Bankman-Fried has shifted politically toward the right and expressed support for crypto-related policies associated with Donald Trump. The move signals a deliberate attempt to influence public and political opinion even while serving his sentence.
SafeMoon CEO receives prison sentence
In another high-profile legal development, former SafeMoon CEO Braden Karony was sentenced to 100 months in prison by a federal court in Brooklyn.
Karony was found guilty of stealing millions of dollars from customers and using the funds for personal expenses. A jury convicted him in May last year on multiple charges, including conspiracy to commit securities fraud, wire fraud, and money laundering. The sentencing marks a significant chapter in one of crypto’s most closely watched fraud cases.
Strategy rolls out new stock to buy more Bitcoin
Bitcoin treasury firm Strategy is introducing a new way to raise funds for its crypto purchases. CEO Phong Le told Bloomberg that the company has launched perpetual preferred shares called “Stretch.”
These shares offer investors variable monthly dividends, allowing them to gain exposure to crypto while reducing direct exposure to Bitcoin’s price swings. The new product supports Strategy’s long-term plan to continue accumulating Bitcoin.
Despite recent market downturns, the firm purchased another 1,142 Bitcoin for roughly $90 million, bringing its total holdings to nearly $50 billion—though currently at a paper loss due to falling prices.
Grayscale moves forward with AAVE ETF filing
Asset manager Grayscale Investments has submitted paperwork to the U.S. Securities and Exchange Commission for a spot ETF tied to AAVE, a decentralized finance platform.
The filing comes after increased community engagement and governance changes aimed at decentralizing AAVE’s operations. If approved, the ETF could expand institutional access to DeFi-related assets.
Crypto companies expand into new markets
Prediction platform Kalshi announced a partnership with sports insurance broker Game Point Capital. The collaboration targets the sports insurance sector, currently valued at around $9 billion annually and expected to grow significantly in the coming years.
Meanwhile, crypto exchange Binance launched a prepaid crypto card in countries across the Commonwealth of Independent States. Powered by Mastercard, the card allows users to make instant crypto-to-fiat payments and earn cashback rewards.
Lost Bitcoin raises concerns in South Korea
Authorities at Gangnam Police Station confirmed the loss of 22 Bitcoin—worth about $1.6 million—from police custody. The funds had been voluntarily handed over during a 2021 investigation and were held as evidence. The incident has raised questions about digital asset security within law enforcement systems in South Korea.
Robinhood and Cardano push blockchain innovation
Trading platform Robinhood launched a public testnet of its new layer-2 blockchain built using technology from Arbitrum. The network is currently open to selected developers and partners testing integrations.
At the same time, Cardano founder Charles Hoskinson shared new details about the company’s privacy-focused project, Midnight, during an event in Hong Kong. Hoskinson said Midnight aims to bring privacy features to everyday users rather than targeting existing privacy-focused communities like Monero or ZCash.
BitMine doubles down on Ethereum
Crypto investment firm BitMine added 40,613 Ethereum worth $83.2 million, increasing its total holdings to more than 4.3 million ETH—valued at over $8.8 billion.
Despite unrealized losses nearing $7.5 billion, chairman Tom Lee said the company sees the current dip as a buying opportunity, pointing to Ethereum’s strong long-term fundamentals.
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