On July 2, Thesis, a venture studio specializing in Bitcoin, completed the acquisition of Lolli, a prominent Bitcoin rewards platform, though the financial terms remain confidential. Thesis has a track
More on Mogo Inc. Mogo Inc. (MOGO) Q1 2025 Earnings Call Transcript Mogo Inc. 2025 Q1 - Results - Earnings Call Presentation Historical earnings data for Mogo Inc. Financial information for Mogo Inc.
2025 has so far been a year marked by persistent geopolitical tensions, monetary challenges, and evolving investor behavior. Amid all this, the crypto markets continue navigating a complex macroeconomic landscape. Bitcoin’s performance, the increasing institutional adoption, the rise of certain fields in decentralized finals, as well as questions around traditional 4-year market cycles are all interesting and constantly discussed topics within the community. In the following conversation, David Prinçay, President of Binance France, offers his perspective on the current state of the market, the competition between centralized and decentralized exchanges, as well as the broader relevance of long-held theories such as the four-year crypto market cycle. What is your take on the current macroeconomic environment and the way Bitcoin is responding to global turmoils? Macroeconomic factors have increased market uncertainty, which has affected crypto in similar ways to traditional asset classes. Crypto increasingly behaves like risk assets, which means that prolonged trade wars or geo-political tensions could result in capital that might have entered crypto either staying on the sidelines or shifting into perceived safe havens like gold. Despite its reputation as ‘digital gold’ and a potential safe-haven, BTC has shown a stronger correlation with equities in the first half of the year than with traditional hedges like gold. However, a deeper look at the market also shows that BTC was less affected by ‘risk-off’ episodes than other crypto assets. According to Binance Research, in April, BTC had dropped 19.1%, while ETH dropped over 40%, and categories like Memecoins and AI plunged more than 50%, suggesting that it is much more resistant to shocks than it may have been in the past. While we have seen price recoveries since then, these types of movement show there can be a vulnerability to sudden policy shifts and macroeconomic drivers. However, analysts will be watching closely to see if BTC is able to retain its appeal as a non-sovereign, permissionless asset in an increasingly protectionist global economy. If inflation and rate cuts become a concern, we could expect to see BTC grow its appeal as an inflation resistant asset once again. This cycle is turning out to be one where Bitcoin is dominating heavily, as the majority of altcoins fail to keep up. Do you think we will see a reversal and the much-anticipated (by many) altcoin season? There are a number of reasons for Bitcoin’s current dominance. We continue to see strong interest in crypto from institutional investors and corporate treasuries (and even from sovereign wealth funds), and naturally their primary interest is in Bitcoin as the most established cryptoasset. There has also been a great deal of economic uncertainty in global markets, whether caused by national economic policies, conflicts or other factors. Both of these factors typically drive BTC dominance in different ways, one as an effect of sustained interest and investment in it as a novel asset class, and the other as a familiar impact of uncertainty and volatility in traditional markets. In the longer term, it’s not possible to say how this might impact the next altcoin season. We may see institutions and corporations seek further diversification in their crypto holdings if or when BTC prices plateau, and markets for traditional assets will eventually regain their confidence. How an altcoin season plays out in a more mature and regulated crypto market will be interesting to see. What is your take on the rising competition centralized exchanges are seeing from decentralized perp trading solutions like Hyperliquid? We are watching these developments with interest and it’s always good to see innovative projects challenging the status quo, it drives competition and inspires product innovation across the industry. We are constantly taking inspiration from across the industry and adding new products that our users love, such as Binance Wallet which recently hit an ATH of $12.5 billion in daily transaction volumes driven by TGEs and airdrops through Binance Alpha. Alpha allows our users to explore early-stage crypto projects with the potential to grow within the Web3 ecosystem as well as earning ‘Alpha Points’ which grant access to exclusive rewards for our most engaged community members. Our focus is to ensure that we continue to develop our business in compliance with our regulatory obligations around the world. We are the largest exchange in the world, and we have a responsibility to ensure that we grow sustainably and, as always, prioritise user protection. Do you think the “four year market cycle” theory is still in play? There’s not yet been any strong evidence to suggest that the four year cycle has been broken. Certainly, there have been corrections that correlate to macroeconomic events but we have also seen price recoveries and fresh all time highs. Over the longer term it will remain to be seen whether macroeconomic factors and maturation of the crypto market will affect the historical pattern of cycles, but it’s not likely that we have reached that point yet. The post Macroeconomic Impacts on Crypto, Hyperliquid, Altcoin Season, and 4-Year Cycles With Binance France President David Prinçay (Interview) appeared first on CryptoPotato .
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On July 2, Anchorage Digital, a federally chartered digital asset bank, was designated as the exclusive custodian and equity partner for the newly introduced REX-Osprey Solana + Staking ETF, as
JP Morgan Chase is working on a new approach for tokenized carbon credits. Kinexys, the bank’s blockchain unit, is partnering with S&P Global Commodity Insights and other carbon experts to offer tokenized carbon credits. JP Morgan Chase and its on-chain unit Kinexys will launch a pilot program for tokenized carbon credits. The bank’s move deepens the reach of RWA tokenization , linked to a growing global market. The US bank will partner with S&P Global Commodity Insights, EcoRegistry and the International Carbon Registry to tokenize carbon credits listed in registry systems. “ The voluntary carbon market is ripe for innovation,” said Alastair Northway, head of natural resource advisory at JPMorgan Payments. “ Tokenization could support development of a globally interoperable system that adds confidence into the integrity of the underlying infrastructure. This technology could support greater information and price transparency, which could ultimately lead to greater liquidity in the market.” The companies will oversee the movements of credits and explore whether blockchain technology can be applied to tracking ownership and transactions from the initial issuance of credits to their retirement. Tokenized carbon credits seek to improve efficiency in trading JP Morgan Chase has been one of the leading mainstream banks to offer various forms of tokenization, mostly targeted at its clients. The bank recently prepared to launch its patented JPMD deposit-based token on the Base chain. Tokenization remains a trend among mainstream financial companies as a more efficient tool for settlement and proof of ownership. A tokenized form of carbon credits can streamline inefficiencies and offer a standard way of tracking ownership. JP Morgan Chase hoped for a single tokenized carbon ecosystem where credits are seamlessly moving between sellers and buyers, with no need for central settlement. Carbon credits represent one metric ton of emissions, either removed or not added to the atmosphere. The tokens would represent the so-called carbon offsets that are required of some polluting businesses. As of 2025, the global carbon credit market is valued at $933.23B and is expected to reach trillions by 2030. The market still faces some skepticism due to allegations of greenwashing without actually supporting reduced pollution. On-chain projects offer informal tokenized carbon credits Tokenized carbon credits are one of the use cases for a whole class of blockchain projects. So far, tokenized carbon trading has happened informally, with no unified standard. The tokens offering exposure to the carbon offset market are also known as Regenerative Finance (ReFi). Currently, their value is low compared to other narrative tokens, though there is some demand for tokenized ecological projects. Since carbon credits are often the provenance of big business, there are few platforms to offer more reliable tokenization and settlement. The involvement of JP Morgan Chase may be the jolt the carbon credit on-chain market needs to start a new drive toward a common standard. The main driver of demand for carbon credits is the net-zero commitment, which some of the world’s largest companies have made. The cut-off date of 2030 is just five years away, sparking expectations of suddenly rising demand for carbon offsets. Carbon offsets can range between $1 to $100 per ton depending on the type of anti-pollution action and its efficiency. In the coming years, companies may have to expand their buying of offsets to meet the carbon emissions quota. Cryptopolitan Academy: Want to grow your money in 2025? Learn how to do it with DeFi in our upcoming webclass. Save Your Spot
Q1 2025 opened with an unmistakable paradox, as public appetite for crypto surged across Western Europe. A joint study by Adan, Deloitte, and Ipsos painted a bullish picture: digital assets were becoming a household topic, decentralized finance use cases were gaining traction, and platforms like Revolut were onboarding new users at pace. Italy led with 37% of its population expressing interest in crypto, and even traditionally skeptical France saw a 10-point rise in purchase intent. And yet, while the public leaned in, the media serving this growing audience was collapsing. According to new data from Outset PR, 82% of crypto-native publications across the region experienced a drop in visibility in Q1 2025. The report makes one thing clear: even as crypto draws more public attention, the media meant to cover that growth is slipping out of view — a pattern Outset PR first observed in its LATAM analysis . Visual breakdown of crypto outlet traffic in Western Europe (Q1 2025): data sourced from Outset PR Between Markets in Crypto-Assets’ (MiCA) compliance demands, Google’s March algorithm update, crypto market stagnation, and widespread reliance on thin, AI-generated content, crypto media across Western Europe found itself squeezed on all sides. The very platforms meant to inform and connect users were being penalized, restructured, or left behind. MiCA and Google: A One-Two Punch That Knocked Out an Industry At the center of the collapse sits the MiCA regulation, which began its soft rollout across the EU in January 2025. Though aimed at crypto service providers, MiCA’s reach extended deep into the media landscape. Outlets that featured sponsored content, token promotions, or loosely worded investment guidance — even if unintentionally — found themselves under regulatory scrutiny. In parallel, Google’s March 2025 algorithm update penalized content that lacked depth, transparency, or editorial differentiation. Sites running undifferentiated AI content, regurgitated press releases, or recycled newswire stories were downgraded. The result? A perfect storm that punished both the careless and the unlucky. Take the Netherlands and Belgium, where no major domestic regulatory crackdowns occurred in Q1, yet the crypto media ecosystems still suffered steep declines. Why? SEO dependence. Dutch-language outlets, such as Bitcoin Magazine NL and Newsbit NL, relied heavily on search traffic. When Google's update began penalizing thin or unclear content, these sites lost visibility. In Belgium, Dutch-speaking readers — mostly served by Netherlands-based platforms — were caught in the crossfire. Despite no MiCA clampdown from Belgian authorities, algorithmic ripple effects across language regions suppressed crypto coverage and discoverability. In short, even countries with lenient enforcement saw their ecosystems crumble under digital pressure. Editorial Fatigue and the Rise of AI Sameness But regulations and algorithms weren’t the only culprits. The crypto media sector entered 2025 already carrying significant baggage: editorial fatigue, oversaturation, and an identity crisis accelerated by the overuse of AI-generated content. As user expectations matured, audiences sought insight, not redundancy. Instead, many outlets flooded the market with near-identical stories. Newswire-fed updates, clickbait token analyses, and templated articles made discoverability harder and diluted trust. Google, armed with machine learning classifiers tuned to detect "thin" content, began actively demoting these formats. The editorial challenge became existential. What differentiated one outlet from another when they were all publishing the same headlines about Bitcoin ETF speculation or DeFi security breaches? Outset PR’s analysis goes further, identifying a qualitative erosion in crypto journalism. The report cites growing compliance stress among editorial teams, who were suddenly forced to add disclaimers, vet partners, and reorient language — often without legal resources or precedent. For smaller independent publications, these added burdens became existential. Outset PR Findings: Freefall and Measurable Collapse Outset PR’s Q1 2025 report offers a comprehensive explanation layer. Of the 133 Western European outlets tracked, only 18.39% saw any growth — and even that growth was mostly measured in percentages, not scale. In fact, just 16 crypto-dedicated publications posted quarterly gains, and only Newsbit.de consistently exceeded 1M monthly visits. The rest operated in the sub-100K monthly range. Traffic across the sector dropped from 26.57 million visits in January to 22.22 million by March — a 16.37% fall in just one quarter. Visualization of changes in crypto outlet traffic in Western Europe (Q1 2025): data sourced from Outset PR But it wasn’t just about numbers. The crisis had a qualitative dimension. Editors scrambled to understand shifting compliance standards. Previously viable traffic acquisition channels like Google Discover vanished for many. Only 22.99% of crypto-native outlets still had consistent Discover visibility. Brands built on visibility and reach now found themselves in the shadows. In Germany, BaFin took a hardline stance, aggressively penalizing investment-style promotion without proper licensing. The German-language segment, representing the largest bloc of crypto-native outlets, was battered — over 60% of these publications lost traffic. Even in markets with milder enforcement like France or the UK, the impact was visible. France saw a 72% drop among its crypto outlets, with many failing to adapt content to new transparency guidelines. The UK, outside MiCA’s direct jurisdiction, still felt the pressure through the FCA’s new promotion rules and Google’s AI-content purge. The Winners: Percentage Gains, Not Visibility Gains Among the few winners were sites like The Market Periodical, Blockchain Stories DE, and ActuCrypto.info. These outlets embraced multilingual content, clarified editorial scope, and adopted MiCA-aligned formatting quickly. The Market Periodical, in particular, saw a 261% surge in Q1 — by expanding into new language markets. The Dutch site Beste Bank posted 31% growth, and Spain’s Bit2Me News grew 149% — the latter due to a rare content pivot and deep local engagement strategy. Still, almost all of these outlets remained small, serving more as proof of concept for adaptive publishing than as a solution to the wider industry collapse. Generalist Media: The Outsiders Who Thrived Outset PR’s findings show that general finance and tech outlets with crypto sections fared significantly better. Of 46 such platforms, 54% posted traffic growth. Unlike crypto-native sites, these publications had stronger domain authority, more editorial flexibility, and diversified content portfolios. Finanzen.net, Investing.com (DE, FR, IT), and Boursier.com all maintained Discover visibility and robust growth, proving that when crypto media narrows its lens, broader players step in to fill the gap. In total, non-crypto-native sites generated over 106 million visits in Q1 2025 — more than four times the reach of their crypto-dedicated counterparts. Crypto Media Is Fragmented, While Generalist Portals See Consolidation The fragmentation of crypto-native outlets contrasts sharply with the growing consolidation among broader media. Just seven crypto-dedicated publications accounted for over 60% of the entire market’s visibility. The rest were scattered, with the majority operating under 100K visits per month. Fragmentation of Western Europe’s crypto media landscape in Q1 2025, per Outset PR In contrast, 19 finance-first platforms, each surpassing 1 million monthly visits, captured more than 95% of the total audience in this segment. The implication for crypto PR is clear: survival now depends on hybrid strategies that mix top-tier generalist partnerships with highly targeted, compliant crypto-native campaigns. A New Playbook for Crypto Media Strategy For crypto brands, protocols, and investors hoping to build traction in Western Europe, the lessons of Q1 2025 are sobering — but actionable. Editorial compliance is non-negotiable. Outlets must adapt to MiCA and national policy interpretations, even if they aren't directly regulated as CASPs. SEO and Google Discover are volatile. Without editorial depth, multilingual support, and proper content attribution, visibility will suffer. Multilingual expansion is a growth lever. Sites like The Market Periodical and CoinJournal DE prove that language agility can shield against geographic policy headwinds. Broader media is now central. With 4x the traffic, finance and tech newsrooms have become essential for reach, even if they lack deep crypto DNA. The contradiction of Q1 2025 was more than just ironic — it was symbolic. As Europe’s citizens leaned into crypto, the media meant to guide them fell into disrepair. The causes were complex: regulatory shockwaves, algorithmic overhauls, editorial burnout. But the outcome was simple and stark: a media landscape hollowed out just as the need for clarity grew most urgent. Whether crypto media in Western Europe can rebuild — and how — remains an open question. But one thing is clear: it won’t be business as usual. With Outset PR mapping these shifts in detail in accordance with their data-driven approach to crypto media campaigns, it’s clear that media strategy now demands more precision than ever. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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Layer-2 network BOB has launched its testnet ahead of the mainnet going live in Q4 of this year. Describing itself as a hybrid layer-2, BOB's aim is to combine Bitcoin's security and reserves with Ethereum's programmability using the BitVM computing paradigm to create a decentralized finance (DeFi) hub. BitVM was introduced in late 2023 by Robin Linus as a means of enabling rollups atop Bitcoin, thus allowing faster and cheaper transactions without compromising the network's security. BOB's bridge harnesses BitVM to allow BTC to be transferred to the rollup and later bring it back so that it can be withdrawn. Central to BOB's ethos is that it will use actual BTC rather than a wrapped version of the asset as the fuel for DeFi services. Some projects use a form of wrapped bitcoin to bring BTC's value to their ecosystem for use in DeFi applications, such as Stacks with its sBTC token . "Just as ETH remains 'ETH' on Ethereum rollups like Optimism and Arbitrum, BTC on BOB remains native and simply called 'BTC'," BOB said in an announcement shared with CoinDesk on Wednesday. Rollups such as Arbitrum bundles transactions which it then settles on Ethereum on the cheap, using fraud proofs to ensure their correctness. BOB says it is doing something akin to this on Bitcoin. Co-founder Alexei Zamyatin described this as a "clear distinction," between its offering and wrapped versions of BTC, in a Telegram message to CoinDesk. The testnet debuts with support from a host of major crypto firms who will be operating nodes on the BitVM bridge, such as staking developers P2P.org and Lombard, DeFi platform Solv Protocol, crypto venture capitalists RockawayX and digital asset manager Amber Group.
The lawsuit alleges that Tether improperly liquidated over 39,500 Bitcoin during Celsius’s 2022 collapse, which violated contractual terms and US bankruptcy law. Celsius claims the fire sale caused billions in losses and accuses Tether of bad faith and fraudulent transfers. Meanwhile, the DOJ charged four North Koreans with infiltrating US and Serbian crypto companies, and stealing nearly $1 million to support Pyongyang’s illicit programs. Separately, the US Treasury sanctioned Russia-based Aeza Group and its leadership for providing infrastructure to cybercriminals. Judge Clears Celsius Lawsuit Against Tether A US bankruptcy judge ruled that Celsius Network’s multibillion-dollar lawsuit against Tether can proceed, and rejected key parts of Tether’s motion to dismiss the case. The lawsuit was filed in New York, and it accuses Tether of improperly liquidating more than 39,500 Bitcoin belonging to Celsius in June of 2022, during the crypto lender’s collapse. Celsius alleges that Tether acted in bad faith by executing a “fire sale” of the collateral at an average price of $20,656—below market value—and applied the proceeds to an $812 million loan without observing a mandatory 10-hour waiting period. The funds were reportedly later moved to Tether’s affiliated Bitfinex accounts. Judge’s denial of motion to dismiss (Source: CourtListener ) Celsius claims that Tether’s actions breached their lending agreement, violated good faith obligations under British Virgin Islands law, and constituted fraudulent and preferential transfers under US bankruptcy regulations. These allegations are based on the premise that, despite Tether being incorporated in the British Virgin Islands and Hong Kong, the actions in question involved US-based elements, including personnel, communications, and financial accounts. The judge agreed that the case had enough domestic ties, countering Tether’s claim that the lawsuit represented an overreach of US jurisdiction. Although some claims were dismissed, the court allowed Celsius to move forward with its core allegations of breach of contract and improper transfer of assets. The company argues that the premature liquidation cost it over $4 billion at current Bitcoin prices. Celsius was once a major player in crypto lending, and exited bankruptcy in January of 2024 after 18 months of restructuring, It has since started repaying creditors. Separately, Tether CEO Paolo Ardoino recently dismissed speculation about the company launching an IPO, despite industry chatter valuing Tether at over $500 billion. Ardoino called such a valuation a “beautiful number” but hinted that it may still undervalue Tether, given its vast reserves in Bitcoin and gold. The company is also building its Bitcoin holdings, including a recent transfer of nearly 37,230 BTC—valued at approximately $3.9 billion—to addresses associated with its majority-owned Twenty One Capital, now the third-largest corporate Bitcoin holder globally. DOJ Charges 4 North Koreans In other crypto-related legal news, four North Korean nationals have been charged in Georgia with wire fraud and money laundering after allegedly infiltrating US and Serbian blockchain companies by posing as remote IT workers and stealing nearly $1 million in cryptocurrency. The US Department of Justice (DOJ) named the defendants as Kim Kwang Jin, Kang Tae Bok, Jong Pong Ju, and Chang Nam Il, who used stolen and fake identities to mask their North Korean origins. The group reportedly operated out of the United Arab Emirates in 2019 before securing employment at a blockchain startup in Atlanta and a Serbian virtual token company between late 2020 and mid-2021. Press release from the US Attorney's Office According to prosecutors, Kim and Jong submitted fraudulent documents, including counterfeit and stolen IDs, to secure their positions. Once embedded in the companies, they exploited their access to steal funds. In February of 2022, Jong allegedly diverted $175,000 in crypto assets, and in March of the same year, Kim reportedly manipulated smart contract code to steal an additional $740,000. The proceeds were laundered through crypto mixers and transferred to accounts controlled by Kang and Chang, who used fraudulent Malaysian identities to open the accounts. The DOJ explained that the scheme aimed to bypass international sanctions and funnel money into North Korea’s illicit programs, including its weapons development initiatives. Assistant Attorney General John A. Eisenberg described the operation as a calculated effort to target and exploit US businesses. This case is part of the DOJ’s DPRK RevGen: Domestic Enabler Initiative, which was launched in 2024 to disrupt North Korea’s global revenue-generating operations. As part of this crackdown , federal agents conducted raids across 16 states, seized nearly 30 financial accounts, over 20 fake websites, and around 200 computers from “laptop farms” that were designed to make North Korean operatives look like US-based workers. The DOJ stated that these elaborate schemes allowed IT workers to gain remote jobs at more than 100 American companies, diverting millions of dollars to Pyongyang and, in some instances, accessing sensitive military data. Aeza Group Hit with US Sanctions The US Treasury also recently imposed sanctions on the Russia-based Aeza Group, its leadership, and a connected cryptocurrency wallet for allegedly aiding cybercriminal operations through its bulletproof hosting (BPH) services. According to the Treasury’s Office of Foreign Assets Control ( OFAC ), Aeza Group provided specialized servers and infrastructure to ransomware groups and info-stealer operators, facilitating campaigns that targeted victims globally. Among the sanctioned entities are several Russia- and UK-based companies and four Russian nationals who either own or help run Aeza, including CEO Arsenii Aleksandrovich Penzev and general director Yurii Meruzhanovich Bozoyan. OFAC also sanctioned a Tron blockchain wallet tied to Aeza’s payment processor. Blockchain analytics firm Chainalysis said this wallet was used to receive payments for Aeza’s hosting services and to forward funds to cryptocurrency exchanges, which made it difficult to trace customer deposits. The address held around $350,000 in crypto and was also reportedly used for direct payments. TRM Labs added that this wallet is linked to other cybercrime infrastructure and sanctioned entities, including the Russian crypto exchange Garantex. Sanctioned Tron address (Source: Chainalysis ) Aeza’s services were allegedly used by various threat actors, including the Meduza and Lumma infostealer operations, BianLian ransomware, RedLine info-stealer panels, and the darknet marketplace BlackSprut. OFAC’s action also targeted Aeza’s board of directors, including Penzev, Bozoyan, technical director Vladimir Vyacheslavovich Gast, and part owner Igor Anatolyevich Knyazev, who is said to be managing operations after Penzev and Bozoyan were arrested in Russia over links to illicit online markets. With these sanctions, any assets in the US linked to Aeza and its executives are now frozen, and US persons are barred from engaging in financial or business dealings with the sanctioned people or entities. The move is part of a global effort to disrupt cybercrime infrastructure. Chainalysis described the sanctions as a key step in dismantling the supply chains that enable large-scale cyberattacks. TRM Labs believes that targeting service providers like Aeza helps reduce the “surface area of abuse” and creates leverage points for law enforcement to disrupt illicit online networks.