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Ether, Solana, and Other Majors Could Slide Further as Trump Threatens Iran Strikes

Crypto major coins faced a decline on Thursday as concerns over escalating tensions in the Middle East led to a rise in the dollar. XRP, Cardano's ADA, and Solana's SOL all experienced losses of over 1% in the last 24 hours, while dogecoin DOGE remained flat for the day but recorded a 10% decrease for the week, negating its gains from early June. Ether ETH also saw a 0.7% drop, erasing any previous gains made earlier in the week.

Bitcoin spot exchange-traded funds (ETFs) in the U.S. continued to see increased interest, with a total of $389 million in new investments on Wednesday, according to data. Spot ETH ETFs also saw positive flows amounting to $19 million.

Reports of possible direct action against Iran by U.S. officials and a warning from the Federal Reserve regarding the sustained inflation outlook contributed to a sense of unease among investors. This led to volatility in the equities market, as well as impacting cryptocurrencies and commodities.

Federal Reserve Chair Jerome Powell's comments on the potential effects of tariffs and global conflicts on inflation influenced market sentiments. Although the central bank decided to keep rates unchanged, Powell highlighted that the cost of tariffs would ultimately impact consumers, emphasizing the need for further monitoring before any rate adjustments.

Altcoins, known for their higher risk nature, are often the first to be affected during periods of broader economic stress.

Bitcoin's performance has remained stagnant, with the cryptocurrency seeing a 13% increase year-to-date. Despite receiving support from ETF investments and a weakening dollar, Bitcoin has not shown clear characteristics of either a safe-haven asset or a risk asset during the current week.

Analyst Alex Kuptsikevich from FxPro remarked, "Bitcoin appears to be caught in the middle, failing to respond to increased risk appetite or surge like gold in times of conflict."

Bitcoin Cash Jumps to $480 as 24-Hour Trading Volume Spikes 22% Above Average

Bitcoin Cash (BCH) Surges 3.15% to $480.10

The price of Bitcoin Cash (BCH) rose by 3.15% in the last 24 hours to reach $480.10. This increase was a significant climb from the session low of around $454. Buyers entered the market to reverse the early weakness, as per CoinDesk Research's technical analysis model.

Despite the global economic tensions and declining Bitcoin prices affecting the overall crypto market, BCH stood out by breaking out to the upside in the late session. This surge was supported by a surge in volume and the breaking of short-term resistance levels.

The trading volume in the past 24 hours saw a 21.98% increase compared to the 30-day average, indicating a shift in participation and suggesting that traders were positioning themselves into strength. Notable buying activity was observed during the U.S. morning hours, with multiple volume spikes between 08:00 and 12:20 UTC. The final push above $468 was fueled by aggressive buying in the last hour of the analysis window.

Despite facing broader challenges such as a 3.5% decline in total crypto market capitalization and escalating U.S.-China trade tensions, BCH showed relative resilience. The coin managed to reclaim levels lost earlier in the week and closed near the day's high, showcasing a pattern of higher lows and sustained accumulation with each breakout. While short-term volatility may persist, BCH is entering the next session with visible momentum and fresh support.

Technical Analysis Highlights

• BCH traded within a range of $454.16 to $469.06 in the past 24 hours, showing a 3.26% swing.
• The day started with a drop to $454 on above-average volume (41K), followed by a rebound that formed a base at $455–$458.
• Volume spikes during 08:00–10:00 indicated increasing buyer interest, helping push the price towards the $468 resistance level.
• The final hour witnessed a breakout from $462.75 to $468.77 (+1.3%), followed by a strong continuation to $480.10.
• Notable buy-side volume spikes were observed at 11:27 (1,314 units), 12:15 (718 units), and 12:20–12:21 (3,600+ units total), confirming demand.
• An uptrend formed with higher highs and higher lows, supported by sustained volume into the close.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.

DOJ Ties Kansas Bank Collapse to $225 Million 'Pig Butchering' Seizure

A Kansas banker who embezzled millions from his small-town bank in 2023, resulting in its collapse, lost a significant portion of the stolen money to overseas crypto scammers in a massive DOJ bust, as per a complaint filed recently.

Prosecutors have initiated a civil forfeiture action aiming at over $225 million in laundered USDT, which was part of a fraudulent scheme linked to a call center in the Philippines that also ensnared Shan Hanes, the former CEO who embezzled $47 million from Heartland Tri-State Bank, ultimately leading to the bank's downfall in 2023.

According to the Department of Justice complaint, crypto exchange OKX played a crucial role in identifying a complex network of accounts used to launder the crypto proceeds.

The scammers made victims send USDT to 93 scam-controlled deposit addresses, then directed the funds through around 100 intermediary wallets to obfuscate their origins and mix deposits from multiple victims, states the complaint.

These laundered funds were subsequently funneled into 22 primary accounts on OKX platform, and further spread across 122 additional accounts, all connected by shared IP addresses, repeated KYC documents, and coordinated activities traced back to a Manila-based scam compound, ITECHNO Specialist Inc., as detailed in the complaint.

The laundering network generated a transaction volume of approximately $3 billion, as per the DOJ.

Largest victims

The DOJ identified a total of 434 victims, with 60 of them losing a combined $19.4 million.

Hanes emerged as the biggest victim, with $3.3 million of the embezzled $47 million being recognized by the DOJ in this seizure.

Between May 30, 2023, and July 7, 2023, Hanes executed 10 wire transfers totaling around $47.1 million from Heartland Tri-State Bank to a crypto wallet under his control, a fact supported by both the DOJ complaint and the Federal Reserve's report into the bank's collapse post the 2023 U.S. banking crisis.

The actions of Hanes drained the bank's liquidity, resulting in $21 million in emergency borrowing, and leaving the bank with a $35 million capital shortfall, leading regulators to close it down in July 2023.

CNBC reported that Hanes also misappropriated funds from various entities and was subsequently sentenced to 24 years in prison in August 2024.

The DOJ complaint referred to him as both a perpetrator and a victim.

Seized crypto likely going to Fed stockpile

Crypto confiscated by the U.S. government in cases like this is expected to be allocated to a stockpile ordered by President Donald Trump, as per reports.

The establishment of the bitcoin BTC reserve and a stockpile for other cryptocurrencies is still pending, with the Treasury Department conducting an inventory of governmental digital asset holdings to ascertain the necessary collection.

Once set up, the long-term ownership of crypto will probably segregate seized bitcoin into one fund and different types of tokens into another.

The holdings in this case seem to primarily consist of USDT, according to the filing. The eventual return of funds to victims remains uncertain, as only a small portion of the affected individuals has been identified so far.

Iran's Nobitex Source Code Exposed Day After Hackers Steal Tokens Across Bitcoin, EVM, Ripple Networks

The pro-Israel hacker collective Gonjeshke Darande made headlines by releasing the complete source code of the Iranian crypto exchange Nobitex, just one day after carrying out a $100 million exploit that targeted multiple blockchains. This cyberattack comes amidst escalating tensions between Israel and Iran, with the conflict entering its first week.

This move has raised alarms among users who have not yet withdrawn their assets from the platform, as the leaked source code makes it easy for malicious actors to access and exploit the system.

Israel launched attacks on military and nuclear sites in Iran, citing the need to prevent Iran from acquiring nuclear weapons. In retaliation, Iran conducted ballistic missile launches targeting the entire country, forcing millions of people into shelters on short notice.

In a post on Thursday, the hacker group Gonjeshke Darande, which translates to Predatory Sparrow in Farsi, shared, “Time’s up – full source code linked below. ASSETS LEFT IN NOBITEX ARE NOW ENTIRELY OUT IN THE OPEN.” The leaked source code contained blockchain scripts, internal privacy settings, and server lists, essentially compromising the exchange’s backend security.

This source code dump followed through on threats made the previous day, when Gonjeshke Darande claimed responsibility for the hack and threatened to release internal data. The group accused Nobitex of assisting Iran in bypassing international sanctions, dubbing the platform as the “regime’s favorite sanctions violation tool.”

More than $90 million in tokens from Bitcoin, EVM, Ripple, Dogecoin, Solana, and other networks were deliberately sent to burner addresses, making recovery highly unlikely. The funds were transferred to wallets with provocative names like “1F**kiRGCTerroristsNoBiTEXXXaAovLX” and “DF**kiRGCTerroristsNoBiTEXXXWLW65t,” indicating the use of vanity addresses generated through brute force, which the attackers do not have private keys for. The IRCG (Islamic Revolutionary Guard Corps) is a powerful and influential branch of the Iranian military.

Nobitex responded by stating that no additional losses occurred post-leak and that they aim to restore services within five days. However, ongoing internet disruptions in Iran may impact the recovery process.

XRP Tests Key Support as Traders Watch for Breakout Signal

XRP is currently consolidating near $2.15, hinting at a possible breakout while other major cryptocurrencies are influenced by macroeconomic uncertainties.

The token's price action shows an extended period of accumulation, with decreasing volatility and solid support around the 38.2% Fibonacci retracement level.

News Background

• XRP has been stable amidst global economic tensions, including escalating trade disputes and differing central bank policies that have affected risk assets, putting pressure on crypto investors.
• Despite this, XRP has maintained a steady price base following its impressive surge to $3.39 in January.
• Ripple continues to negotiate with the U.S. SEC, with ongoing settlement talks and speculations regarding the potential launch of an XRP spot ETF, despite delays in Franklin Templeton's application.
• Ripple's leadership is optimistic about XRP capturing a significant portion of SWIFT's transaction volume, highlighting its institutional potential.
• The crypto market's cautious stance has not deterred interest in Ripple's cross-border payment infrastructure, and traders are closely monitoring possible breakout signals.

Price Action

XRP traded within a tight range of $2.135 to $2.186 within 24 hours, indicating a potential market movement. A surge in price from $2.151 to $2.158 during a specific time frame suggested increasing buyer interest.

There was a brief pullback to $2.150, aligning with the 38.2% Fibonacci retracement level from January's peak.

Technical Analysis Recap

• The trading range for XRP was 2.38% within 24 hours, with support at $2.133 and resistance near $2.186.
• The current trading band of $2.150–$2.165 indicates narrowing volatility, a common sign before a breakout.
• The 38.2% Fibonacci retracement support at $2.152 held firm, with a volume spike confirming a local high at $2.158.
• Indicators like RSI and MACD are flat, signaling a potential breakout setup once volume picks up.

Disclaimer: This article contains information generated with AI tools and reviewed by CoinDesk’s editorial team. For more details, refer to CoinDesk’s full AI Policy.