Hackers Execute Biggest Digital Heist in Brazilian History

Posted on July 5, 2025 by Olumide Adesina

Law enforcement officials are investigating what they are calling the biggest digital heist in Brazilian history, where hackers stole about $140 million from Brazilian banks after paying a technology company employee only R$15,000 ($2,760) for his corporate credentials.

A São Paulo-based company called C&M Software, which connects fintechs and smaller banks to the Pix instant payment system and other Central Bank infrastructure in Brazil, was targeted. Criminals gained unauthorized access to the reserve accounts of six financial institutions.

Paulo Barbosa, the São Paulo police detective leading the investigation, stated at a press conference Thursday that “this is the biggest fraud suffered by financial institutions through the internet.”

The plot began when thieves approached João Nazareno Roque, an IT operator at C&M, outside a bar near his home in March.

Roque admitted to initially selling his system credentials for R$5,000, then receiving an additional R$10,000 to help develop the software that enabled the breach.

Police arrested the 30-year-old at his home in City Jaraguá. The attackers pretended to be the impacted banks and issued fake Pix transfer orders on June 30, local time.

Banking-as-a-service provider BMP was among the most affected, confirming losses exceeding R$400 million ($73.8 million) from its central bank reserve account. The company filed the first police report revealing the extent of the wider attack.

Criminals quickly used Latin American over-the-counter desks and exchanges to convert the stolen reais into cryptocurrency. Blockchain analysis by crypto expert ZachXBT shows that before authorities could freeze accounts, at least $30–40 million had been transferred into Bitcoin, Ethereum, and Tether (USDT). The R$270 million ($49.8 million) held in one wallet has since been blocked.

Ripple: SEC’s Radio Silence Keeps XRP Face Down

Posted on July 5, 2025July 5, 2025 by Olumide Adesina

Ripple (XRP) faces increasing downside risks, reflecting a decline in market sentiment. As of now, XRP is down more than 1 percent at $2.22, despite steady interest in the token, especially in the derivatives market.

The Open Interest (OI) for XRP futures stands at $4.61 billion, up 23.2 percent from its June low of $3.54 billion. OI represents the total value of all futures and options contracts that have not yet been closed or settled. A sustained rise in open interest indicates a growing risk-on sentiment when traders bet on future price increases.
XRP remains in limbo after the SEC stayed silent for another week in the Ripple case. Investors await the SEC’s decision on whether it will appeal the Programmatic Sales of XRP ruling.

The SEC has yet to comment on Ripple’s appeal after the company announced it would withdraw its cross-appeal. Regarding Judge Analisa Torres’ repeated denials of joint motions for an indicative ruling on settlement terms, the SEC has also remained silent.

The SEC’s closed meeting provided SEC Chair Paul Atkins and the Commissioners their first opportunity to vote on whether to dismiss the appeal. A formal announcement may be awaited until the closed meeting on July 10.

Ripple CEO Brad Garlinghouse stated: “Ripple is dropping our cross-appeal, and the SEC is expected to drop their appeal, as they’re doing.”
Exchanges now hold 3.41 billion XRP tokens, up nearly 4.4 percent from the 3.23 billion recorded on June 25.

The rise in exchange balances increases the risk to XRP’s price because investors are more likely to sell when transferring assets between exchanges, according to Glassnode data. Any potential recovery could be hindered by overwhelming selling pressure, which could reduce upward price movements if the uptrend persists. Monitoring this in the coming days and weeks remains crucial

FTX Stops Repayments in China, Russia, Afghanistan

Posted on July 5, 2025 by Olumide Adesina

FTX is asking the court to approve a plan that might prevent users in 49 countries where cryptocurrency is illegal from receiving billions in creditor repayments.

Chinese users are reportedly responsible for 82% of the impacted claim value and may be disproportionately affected. In a court filing dated July 2, FTX proposed designating 49 nations as “Potentially Restricted Jurisdictions,” including China, Russia, Afghanistan, and Ukraine.

The FTX Trust will first seek legal opinions for each jurisdiction, and payouts will proceed if deemed legally permissible, even though claims from these regions will automatically be marked as “disputed.”

However, the Trust will formally notify affected creditors if legal advice indicates that disbursing funds would be in violation of local laws. Following this, impacted users will have forty-five days to submit a formal objection, which can include a challenge in a U.S. court.

Those affected by the proposal have reacted strongly. Some argue that it raises serious ethical concerns, despite the FTX Recovery Trust framing it as a legal compliance issue. One user on X commented, “FTX accepted users from China when things were fine.” Now, it seems unfair to completely dismiss their claims due to “restricted jurisdiction.”

He referred to creditors in the affected nations as “victims” who still need payment. “While mainland China does not support cryptocurrency trading, residents… are allowed to hold cryptocurrencies… The claims process uses USD for settlement… they are allowed to hold USD overseas,” stated another Chinese claimant who goes by the username “Will.”

Others felt despair; one user asked, “Is there anything that could be done? Or did they steal all of the money?” Sunil, an advocate for FTX creditors, questioned why wire transfer settlements are not supported.

Bitcoin ETF Inflows Post Monthly High

Posted on July 4, 2025 by Olumide Adesina

Bitcoin exchange-traded funds (ETFs) experienced inflows of $601 million on Thursday, marking the highest single-day performance in over a month. This surge in investment reflects a renewed optimism among investors for crypto products, particularly as risk-taking assets gain traction. The previous record for inflows was $588.6 million on June 24.

According to data from Farside Investors, the majority of Thursday’s inflows were fueled by Fidelity’s FBTC and BlackRock’s IBIT, which attracted $224.5 million and $237.1 million, respectively. Additionally, Ark Invest’s ARKB added $114.2 million, while Grayscale’s GBTC and Franklin Templeton’s EZBC reported no net flows.

As investors anticipate potentially more lenient financial conditions under expanded policies from the Trump administration, institutional money is increasingly flowing into the crypto market. Exchange-traded funds (ETFs) remain the primary way for gaining extensive exposure to Bitcoin, providing regulated access without the complexities of direct ownership.

Meanwhile, U.S. President Donald Trump is set to sign his “Big Beautiful Bill” into law following its approval by both chambers of Congress. However, crypto markets are experiencing tension regarding the tax-cutting, debt-ceiling bill, which could lead to a short-term liquidity drain as the Treasury replenishes its General Account, according to entrepreneur Arthur Hayes.

BoFA: Sell U.S Stock Market, Shows Bearish Signal

Posted on July 4, 2025 by Olumide Adesina

Bank of America warns that the S&P 500 is nearing a sell signal after recently reaching all-time highs, according to strategist Michael Hartnett. He noted that if the index crosses 6,300 points—just 0.3 percent above Thursday’s close investors should consider selling their shares.

Hartnett emphasized that the risks of a market bubble are increasing, particularly as the House of Representatives has passed a $3.04 trillion tax-cutting fiscal package. He stated in a note, “Growth is more difficult to overcome than fear, so overbought markets can remain overbought.”

The strong performance of the US economy has pushed US stocks to new highs, especially following President Donald Trump’s easing of tariff policies. This has led to a more speculative market environment, with artificial intelligence and other technology giants gaining renewed popularity.

However, Trump’s announcement that his administration will begin sending letters to trading partners keeps trade issues at the forefront of discussions.

In addition, the US dollar has experienced a historic decline in value, falling over 10% so far in 2025, coinciding with sporadic increases in long-term US Treasury yields. This unusual trend indicates that as investors reassess President Trump’s unpredictable policy changes, they are reevaluating US holdings, which were viewed as safe havens.

Many currency experts anticipate further weakening of the dollar in the coming years, despite its continued status as the world’s reserve currency. Erik Nelson, a macro strategist at Wells Fargo, commented, “It’s US exceptionalism falling by the wayside, and the rest of the world is playing catch-up.”

In April, the “Sell America” movements in the stock, foreign exchange, and US Treasury markets caused significant turbulence worldwide, and analysts expect similar trends to persist. Nelson noted, “I believe that political stability is waning around the world, which is generally problematic for volatility in financial and economic markets.”

Bitcoin Will Sink Back $90K Before Breaking All Time High

Posted on July 4, 2025 by Olumide Adesina

Arthur Hayes stated that although Bitcoin may be on the verge of hitting a new all-time high after breaking $110,000 earlier Thursday, BTC is still expected to test $90,000 this year once President Trump’s “Big Beautiful Bill” is signed into law.

The co-founder and former CEO of cryptocurrency exchange BitMEX said in a blog post titled “Quid Pro Stablecoin,” published on Wednesday, that the president’s bill, which aims to lower taxes and raise the debt ceiling, could lead the US Treasury to take out more loans. After passing the Senate, the bill has now cleared the House of Representatives. President Trump is expected to sign the legislation into law on U.S Independence Day.

According to Hayes, the Treasury would replenish its General Account, which could cause markets to lose liquidity and impact the value of assets like Bitcoin. But ultimately, he believes Bitcoin will continue to rise afterwards.

He wrote, “Be cautious.” CoinGecko reports that it has increased by more than 2 percent over the past seven days and remains 2 percent below its peak of $111,814 in May. Hayes previously stated that money printing, a monetary policy of the US central bank, would eventually help Bitcoin and other crypto assets

The Crypto expert predicted in May that Bitcoin might reach $1 million per coin by 2028 as investors shift funds from US Treasury bonds into other assets.

Hayes also mentioned that the US government is interested in stablecoins to reduce the deficit, rather than fix payment issues, in his blog post from Wednesday

The Senate passed the GENIUS Act, establishing a legal framework for Stablecoin issuance and trading in the world’s largest economy.

Ripple [XRP] Faces Fresh Legal Battle with SEC,DOJ

Posted on July 4, 2025 by Olumide Adesina

The Securities and Exchange Commission (SEC), the Department of Justice (DoJ), and Linqto tied up Ripple [XRP] into another legal fight. The Wall Street Journal (WSJ) reported that the Linqto platform was accused of breaking securities laws. The platform allows private investors to buy shares before large startups go public.

Linqto bought private Ripple shares from the secondary market and sold them to investors who weren’t accredited.

Reports say it even sold at higher prices to investors from sanctioned countries. The report also claimed that some investors didn’t realize they only owned “units,” or shares, of a Special Purpose Vehicle (SPV), which was directly responsible for those shares.

Former lawmaker John Deaton called this a “regulatory nightmare,”.About 5,000 SPV Ripple investors are reportedly not accredited.

To clarify Ripple’s stance, CEO Brad Garlinghouse said, “What we know from our records is Linqto owns 4.7 million shares of Ripple, solely purchased on the secondary market from other Ripple shareholders (never directly from Ripple).”

Garlinghouse added that Linqto’s 40.7 million Ripple shares, bought from early investors, had significantly increased in value. However, in 2024, the company was banned from secondary markets for Ripple shares due to “growing skepticism.”

The XRP token is not the same as Ripple’s shares. According to Hiive data, Ripple’s private shares have risen by 320 percent year over year and are now valued at $91 per share.

Barclays Bank Bullish on Crude Oil in 2025

Posted on July 4, 2025July 4, 2025 by Olumide Adesina

Barclays stated that it increased its forecast for the price of Brent oil by $6 to $72 per barrel for 2025 and by $10 to $70 per barrel for 2026 amid a strong demand outlook.

The British-based bank stated in a note that “price action has been reflecting better-than-expected fundamentals, Tense geopolitical conditions have subsided”.

Although the risk premium has vanished and the mediated ceasefire between Israel and Iran is in place, the Organization of the Petroleum Exporting Countries and its allies, including Russia, increased their output more quickly than previously.

“Still, global crude oil inventories fell in the second quarter,” according to Barclays. It stated that the International Energy Agency’s (IEA) upward revision of baseline demand estimates, coupled with stronger demand growth and weaker non-OPEC supply growth, are the main drivers of the tighter balance outlook.

Barclays said that “demand has been coming in stronger than expected” and increased its forecast for global demand growth by 260,000 barrels per day, with the majority of that growth coming from OECD nations.

Oil demand is expected to grow by 130,000 barrels per day this year, though it still anticipates a slowdown in activity, which is 100,000 barrels per day more than its previous estimate following a weather-related demand boost earlier in the year.

According to Barclays, pressure on some producers to reduce output to make up for earlier production above their quotas means that, on the supply side, the actual output increase will probably continue to lag even though OPEC+ will likely continue to phase out its voluntary production cuts at an accelerated pace.

Gold’s Appeal Weak amid Strong U.S. job Payroll data

Posted on July 4, 2025 by Olumide Adesina

The yellow metal’s appeal was weakened as XAU/USD fell 1% amid stronger-than-expected US payroll data, solidifying expectations that the Fed is unlikely to lower interest rates as soon as previously thought. Spot gold had dropped 1 percent to $3,325.48 an ounce late Thursday, while US gold futures dipped 0.7 percent to $3,335 per ounce.

The Labour Department reported that non-farm payrolls increased by 147,000 jobs last month, which caused the dollar and US stock index futures to rise.

Payrolls were predicted to increase by 110,000 by economists surveyed by Reuters. Bullion is more costly for foreign buyers when the dollar is stronger. There is less chance of a Fed rate cut earlier than currently predicted because of the better-than-expected U.S. economic data

Generally speaking, non-yielding gold does well when interest rates are low. U.S. tariffs are scheduled to go into effect on July 9, but on Wednesday, an agreement between the United States and Vietnam was announced. While this was going on, Republicans in the US House of Representatives moved Trump’s massive tax cut and spending bill closer to a final yes-or-no vote. The bill is estimated to increase the nation’s debt by $3.4 trillion, potentially. “In the long run, gold should benefit from investors’ increased concern over the US dollar as the US’s debt keeps growing,” stated Carsten Menke, an analyst at Julius Baer.

Grayscale Surprised on XRP, Solana ETF Delays

Posted on July 4, 2025 by Olumide Adesina

The US Securities and Exchange Commission’s decision to postpone the launch of its Digital Large Cap Fund was deemed “unexpected” by Grayscale.

The company claimed that the regulator’s unexpected decision on Wednesday demonstrated the evolving nature of the regulatory environment. Grayscale stated that although this development was surprising, it illustrates how the regulatory environment around a first-of-its-kind digital asset product, such as GDLC, is dynamic and ever-changing.

The conversion of Grayscale’s GDLC fund, which focuses on Bitcoin but exposes investors to Ethereum, Solana, XRP, and Cardano, into an exchange-traded fund was expedited by the SEC. However, a note from the regulator stating that it would not yet permit the product to begin trading was also attached. Grayscale went on to say:

“We are working closely with important stakeholders to meet all requirements, and Grayscale is still committed to pursuing the listing of GDLC as an exchange-traded product. We’ll supply.

The CoinDesk 5 Index, which gauges the performance of the top five most liquid and sizable digital assets, serves as the basis for Grayscale’s Large Cap fund. Over 80% of the fund’s assets are made up of bitcoin.

According to the SEC filing, Ethereum accounts for about 11% of the ETF’s assets, followed by Solana (2.8%), XRP (4.8%), and Cardano (0%). GDLC wants to be listed on the NYSE Arca as a full-fledged ETF. The asset manager has already converted its Ethereum and Bitcoin trusts into Grayscale’s funds. Because the funds were closed-end, supply and demand imbalances resulting from their structures caused the products to trade at a premium or discount to the value of their underlying holdings.