Trump Sells BTC and Russia Bans Crypto Mining as Bitcoin Stumbles to $62K 📈
You know what's funny about this industry? People forget that the blockchain remembers everything, from wallet moves to every transfer. It's all sitting there, permanently, for anyone with a block explorer and free time to find. And last week delivered a masterclass on that after an on-chain analytics account exposed that even the President of the United States is selling BTC at a loss. Yes, Trump Media’s been quietly offloading the very same Bitcoin treasury it assembled near all-time highs, and the math doesn’t look good.
Meanwhile, Russia just banned crypto mining across Moscow for the next six years, which is crazy considering the country was once mining so much Bitcoin it was almost a national hobby. And somewhere in Dubai, an Iranian exchange thought it could quietly shuttle $676 million to Binance on behalf of Iranian entities, and nobody would notice. But then again, the blockchain is an open book…. Vitalik once said Ethereum would be the world's unstoppable computer, but it turns out the whole chain is also an unstoppable paper trail, and this week, it had receipts on everyone.
Here are the highlights:
- Trump Media Sells More Bitcoin as Truth Social Plans Subscription Fees
- Russian decree bans crypto mining across Moscow region through 2032
- Bitcoin slips under $63,000 despite Iran deal hopes as Coldcard losses rattle market
- Iran-linked exchange sent $676 million to Binance in alleged sanctions-evasion operation
Trump Media Sells More Bitcoin as Truth Social Plans Subscription Fees
Trump Media has sold another 2,628 Bitcoin (BTC) worth roughly $165 million, deepening losses on a treasury it assembled near record prices. The disposal arrived as the company switched on Truth API, a paid feed selling institutions faster access to President Donald Trump’s Truth Social posts. Lookonchain, an on-chain analytics account that tracks large wallet flows, puts total sales at 7,281 BTC. Trump Media originally bought 11,542 BTC for about $1.37 billion, averaging $118,522 a coin. The company’s own quarterly filing supports that entry price. It listed 9,542.16 BTC against a $1.13 billion cost basis on March 31, plus 2,000 BTC pledged against options.
Russian Decree Bans Crypto Mining Across Moscow Region Through 2032
The Russian government has issued a decree banning crypto mining and participation in mining pools in Moscow, the surrounding Moscow region, and parts of the Kursk region from Aug. 15 until the end of 2032. The more than six-year ban will expand restrictions aimed at curbing the crypto mining industry’s pressure on local electricity networks. The decree, Government Decree No. 936, was dated July 25 and published on Russia’s official legal information portal on Friday. The decree covers the capital city of Moscow and the entirety of the surrounding Moscow Oblast. It also applies to eight municipal districts in Kursk Oblast and the city of Lgov.
Bitcoin Slips Under $63,000 Despite Iran Deal Hopes as Coldcard Losses Rattle Market
Bitcoin, ether and other majors slipped on Monday even as macro conditions improved on fresh talk of a US-Iran deal, with the market still jolted by a Coldcard wallet exploit that has shown no sign of containment. BTC dropped from a Sunday high of $63,600 to $62,800 on Monday, down 1% on the day and 4% over the past week. Ether fell over 1% to $1,858 and has not managed $1,900 since last week, down 5% on the seven-day view. XRP slipped almost 1% to $1.07, solana half a percent to nearly $73, and dogecoin the same to just under 7 cents. BNB was the only major in the green, flat on the day and up 1.6% on the week.
Iran-Linked Exchange Sent $676 Million to Binance in Alleged Sanctions-Evasion Operation
An unlicensed Dubai-based crypto exchange processed at least $4 billion while serving as a hub connecting an Iranian gambling network, the country's central bank and entities linked to the Islamic Revolutionary Guard Corps (IRGC), Reuters reported Friday. Shelbit, run by Iranian expatriate Siavash Kayvanpour, handled the funds after apparently beginning operations in May 2024, according to blockchain data analyzed by two unnamed investigative firms and researcher Rich Sanders and shared with Reuters. Its customers included a network of more than 2,000 Farsi-language gambling websites promoted by Iranian influencers Sasha Sobhani and Pooyan Mokhtari, Reuters reported.
Other Highlights Worth Mentioning
Robinhood secures UK crypto registration ahead of FCA regime launch – Traders Union
Bitcoin cold-wallet attack spreads to 4,500 addresses as losses near $89 million – Coindesk
Judge lets FTX recovery trust chase Binance for $1.76 billion over a 2021 share buyback – Cryptorank
Louisiana just armed crypto ATM users with a legal cheat code to demand full refunds from unlicensed operators – Cryptoslate
COINIGY FACT OF THE DAY
On this day in 2022, White Hat Hackers Return hacked $9 million to exploited crypto bridge platform, Nomad Bridge
Two days after Nomad, a cross-chain token bridge, suffered a chaotic "free-for-all" exploit that drained roughly $190 million in a matter of hours (Aug 1–2, 2022), ethical "white hat" hackers who had scooped up funds to protect them from malicious actors began returning them. Ethical hackers who had secured Nomad's funds during the hack began returning them on August 3, with Nomad working alongside law enforcement to trace the remaining funds. The white hats ultimately sent back tens of millions of dollars worth of tokens to a recovery wallet address Nomad published for that purpose.
COINIGY MEME OF THE WEEK
