TronWeekly

Crypto World News

You are here: Home / Archives for Onyi

Onyi

Michael Saylor Backs Jetking’s Transition to the Bitcoin Standard

by

  • Jetking has become the first publicly listed Indian company to adopt Bitcoin as its standard.
  • Micheal Saylor advocates for jetkings as it plays similar roles as Micro strategy.

Micheal Saylor, executive chairman and co-founder of MicroStrategy, shared a post on x saying jetking is the first publicly traded company to adopt the Bitcoin standard.

Dec 9th, Jetking Infotrain announced a new beginning and marked a milestone as India’s first publicly listed firm to integrate Bitcoin (BTC) into its treasury, acquiring 12 BTC, and designated Bitcoin as its primary treasury reserve asset. Max Keiser at the Bitcoin Conference MENA in Abu Dhabi, asked  Bharwani about this and he stated that Jetking Infotrain’s treasury would mix equities and BTC to boost the company’s price in the long term. 

How Jetking’s Adoption Boosts Market Activity and Institutional Trust

Jetking’s CFO Siddarth Bharwani, In an interview shared on Michael Saylor’s x account, he emphasized on the company’s reasons to integrate BTC into its strategy. Highlighting points like Why Jetking’s balance sheet is adopting BTC?

What plans do they have if BTC crashes? and how Jetking wants to educate Indians through Bitcoin & AI. Due to this news, there was a surge in Bitcoin prices and popular trading platforms like Binance and Coinbase, trading volume increased by 20%, with 35,000 BTC changing hands in just two hours. This move shows how the market thrives on institutional adoption, especially publicly traded companies. 

Utilizing Bitcoin as a strategic asset for corporate reserves 

It could be said that the support Micheal Saylor is showing to Jetkings can be due to the similarity between Jetkings and Microstrategy as they are both using BTC to enhance their treasury diversification to help change economic conditions. In the announcement late December, Jetking laid emphasizes on its intention for BTC to serve as the company’s primary reserve asset. This decision would help pave the way for other companies in India. 

Related |  Cardano (ADA) Set for Massive Surge? Analyst Sees XRP-Like Breakout Ahead

Pump.fun Denies Token Launch Rumours Amid Legal Crisis 

by

  • Pump.fun co-founder Alon has denied rumors of an upcoming token launch and IPO
  • The Lawsuit Served to Pump.fun over the launch of DOGSHIT2 Token 

Alon, Co-founder of Pump.fun came out to clarify circulating rumors about a token launch and initial public offering (IPO), calling the reports inaccurate. 

Feb 9th a certain crypto news platform shared a post on x that Pump.fun has launched its own memecoin token $PUMP.  The post claimed that the token was launched to give “hodlers”  exclusive access to platforms. “PumpFun is distributing a substantial airdrop to attract users and boost engagement”. 

The social media post further claimed that this tokenization would help the platform position itself at the forefront in the Defi space and also give substantial value to token holders.

The Co-founder Denies Rumours of Token Launch 

Co-founder Alon Cohen, also shared a post on x to debunk the token launch rumour. He said that his team is focused on improving the products on pump.fun, and are also committed to rewarding users properly. “while the pump.fun team has mainly been focused on improving the product in its 1-year history, the team has always been committed to rewarding its users properly”. 

He further emphasized on the need to be patient saying “good things take time!” 

Despite Alon’s denial of a token launch, WuBlockchain shared a post on x accusing Pump.fun of misleading the public as it releases reports that revealed a token distribution strategy to benefit insiders.

According to the documents, early investors were set to receive 22.05% of token supply, while the team would control 25%, with a one-year lockup and a gradual monthly release over the next three years. It further claims that Pump.fun has generated over $572 million in transaction fees, with $386.8 million transferred to Kraken. However, there has been no official confirmation to back up the claims.  

Lawsuit suit over DOGSHIT2 Token 

Earlier in January, Burwick Law and Wolf Popper LLP served Pump.fun a lawsuit due to impersonation of their firm and mislead of investors. Burwick Law condemned these actions, and determined to work with authorities to pursue legal action. Burwick Law announced this in a post on x that both firms have filed a class-action lawsuit against Pump.fun and they demand the immediate removal of the tokens because it was posted using their names and logos without authorization.

Related |  DOGE Exposes $100B Loophole: Coinbase CEO Demands Blockchain Overhaul for U.S Treasury 

Nigeria Exposes International Crypto Scam, 53 Suspects Face Charges

by

  • EFCC charged 53 individuals, including 29 Chinese nationals, for involvement in a global crypto fraud network.
  • Authorities seized $200,000, alleging the syndicate processed over $3 million from illegal activities.
  • The raid, known as “Eagle Flush Mission,” led to the confiscation of 500 SIM cards, laptops, phones, and vehicles.

Recently, Nigerian authorities charged about 53 individuals, including 29 Chinese, 10 Filipinos, 1 Malaysian, 1 Indonesian and 1 Pakistani nationals, connected to a global cryptocurrency network that scammed victims worldwide.

They are faced with multiple charges related to “suspected cyber offenses, cyber terrorism, impersonation, possession of documents containing false pretence and identity theft, among others”- The EFCC writes. The arrest took place on December 19, 2024, in Lagos during an unexpected search of the EFCC named “Eagle Flush Mission”.

$200,000 Seized Over Alleged Crypto Scam Operations

The Economic and Financial Crime Commision seized over $200,000 in assets suggesting that “the scheme” has processed over $3m which they claim are proceeds from unlawful activities. The Federal High Court in Lagos is handling this case, and it’s alleged that they targeted victims across multiple countries.

During the operation, the EFCC confiscated about 500 Nigerian SIM cards, computers, mobile phones, laptops, and multiple vehicles from the group’s headquarters in Lagos. The EFCC claims the group made their money through Genting International Co. Limited, a company which is registered in Nigeria, and supposedly formed by foreign nationals.

 Liu Ke Fan, A Chinese defendant had an outstanding case and was charged with impersonation of a 28-year-old American woman named “Lina,” to defraud unsuspecting victims. 

Other Charges pressed stated that the group is connected to at least 792 individuals, with illicit funds through p2p exchanges and large sum bank transfers. Their operations were seen as a significant risk to Nigeria’s financial security. This case suggests the increasing success of international law enforcement in helping to reduce crypto related offenses. 

Some other defendants are: Zhang Hua Zhai; Chen Xin; Li Zhen  Peng; Guo Long Long ; Ren Jia Wen; Zhang Jian; Zhao Ying Bin; Yu Zi, Zhang Yang; Wang Zhi Chenge; Cherry De Leon; Khurram Shanzad; Fernand Fu  Fang; Tan Soon Kar; Rex Jose Dilag; Jamal Polea.

A local newspaper shared that over N2.26 billion has passed through a union bank account linked to Genting International Co.Ltd from April to December 2024. 

“Bank statements showed that the primary inflows into the account came from cryptocurrency vendors Chukwuemeka Okeke (CO) and Alhassan Aminu Garba (AA), who provided statements under caution. They reported receiving a total of $2.39 million in USDT from the syndicate through peer-to-peer trading”.

Related | Poland’s Central Bank Rejects Bitcoin for Reserves Amid Rising Crypto Debate

Kanye West Declines $2million Crypto Scam Endorsement

by

  • Kanye West rejects a $2million offer to promote a cryptocurrency scam project 
  • Kanye West tweets raise speculations as to whether he’d launch his own meme coins soon 

Popular US rapper Kanye West, now known as Ye shared a post on x that claims he refused a $2 million offer to participate in a crypto scam. 

Previously, Kanye West has been open about his views on crypto currency, and he once shared a post on x that said “When People Make All That Money With A Coin Is That Cash Or Concept”. Although there is no clarity in this post that says he’d launch a ‘ye coin’ or not, fans are really excited at the possibility. It is also important to take note that in 2014, the rapper took legal actions against a memecoin called “coinye” that was launched by seven anonymous coders.

Feb 7th, he shared that he was proposed a deal of $2million to share a crypto scam project to his followers. The deal involved him promoting a fake ye currency and after a few hours, he’d come out to say that his account was hacked. 

Kanye West was Proposed a $750,000 Upfront Payment 

According to the post he shared, the offer detailed that he’d be given $750,000 upfront payment and later on a completion of $1.25M 16 hours after the post on x. 

“The company asking you to do this will be scamming the public out of tens of millions of dollars,” the message reads. 

Hours after exposing the scam, ye shared another personalized post that showed a conversation he had where he asked for a trusted crypto connect and the unnamed user replied mentioning Brian Armstrong, Coinbase Chief Executive and offered to get his phone number. 

Several Thought Leaders have expressed their different opinions about this conversation.  Armenio shared in a post on x that “Maybe it would just be better just to have Kanye / ye sell his merchandise for cryptocurrencies or something like that. Embrace P2P money”. Crypto Vic also said he’s using this opportunity only create hype about his upcoming album.

Related Reading |  Toncoin Whales Move 1.43 Million Tokens Amid Bearish Trend – Key Levels to Watch 

CBOE Exchange Files for Spot XRP ETFs Amid Growing Crypto ETF Momentum

by

  • To address regulatory concerns, asset managers propose to  source XRP from secondary markets.
  • Ripple’s partial victory over SEC fuels optimism for an XRP ETF.

On Thursday, 6th of February CBOE Exchange sent an application to the SEC to trade spot XRP ETFs, marking significant progress in the crypto ETF landscape. This filing was submitted under the 19B-4 rule, on behalf of four firms WisdomTree, Bitwise, 21Shares, and Canary Capital who  seek approval to launch exchange-traded products tracking XRP, the fourth-largest cryptocurrency by market capitalization. 

XRP Spot ETF Awaits SEC Review

This submission is a part of the final phase in the two-step procedure to introduce a crypto ETF. Once the SEC acknowledges it, the proposal will appear in the Federal Register, and then the process of initiating the agency’s review begins. Most analysts anticipates that, as long as a pro-crypto government and an incoming SEC chair, the green light for XRP spot ETFs would earlier in this year.

“The Exchange contends that granting approval for this proposal (and similar ones) offers the Commission a chance to provide U.S. investors access to XRP through a regulated, transparent exchange-traded instrument designed to mitigate risk for domestic investors,” the filing stated.

Companies Hopes on Ripple’s Legal Win Over SEC

The for XRP exchange-traded funds (ETFs) has significantly risen following Ripple Labs’ partial courtroom success in mid-2023, as it secured a positive outcome in its battle against the U.S. Securities and Exchange Commission (SEC). This judicial decision has been referred to in multiple ETF submissions.

As regulatory review progresses, there are expectations that significant institutional capital could pour into cryptocurrencies. The introduction of XRP-focused ETFs, alongside comparable investment  centered on leading digital assets such as Solana, would provide market participants expanded access to blockchain-based financial instruments.

The SEC Mark Uyeda, backed by Commissioner Hester Peirce, backs up a digital asset task force dedicated to defining the legal classification of cryptocurrencies. Peirce also emphasized the importance of differentiating which tokens qualify as securities also simplifying the compliance procedures for businesses

Unlike earlier cryptocurrency ETFs, Ripple does not have a futures market on the Chicago Mercantile Exchange (CME), a crucial factor the SEC considered when approving Bitcoin and Ethereum funds. To enhance the chances of regulatory acceptance, WisdomTree one of the applicants is adopting protective measures, including acquiring XRP exclusively from secondary markets. This strategy ensures no direct association with Ripple Labs, the firm at the heart of the ongoing legal dispute with the SEC.

Related Reading | SEC Shifts Stance on Solana ETF—Approval Finally in Sight?

Algorand Foundation Proposes it’s Blockchain To Musk’s Government

by

  • Algorand Promotes it’s technology to D.O.G.E as a solution for fiscal transparency 
  • Regulatory challenges faced by DOGE operations today

The Algorand Foundation is advocating that its Blockchain network is ideal for administrative functions. It encourages Elon Musk’s Division of Government Optimization (D.O.G.E.) to incorporate its system for enhanced fiscal transparency.

Algorand Joins DOGE’s Governance Talks

The foundation made a post on x, explaining the importance of its technology and how it would give more clarity to all matters of Federal expenses and expenditure. It asserts that the network’s full record is protected against quantum threats, making it a secure option for on-chain data storage, even in an era dominated by quantum computing.

It said “Algorand’s entire chain history is quantum-resistant. In a post-quantum world, this provides an ideal level of security for many use cases, ensuring data remains tamper-proof.”

Algorand, is a permissionless proof-of-stake network introduced in 2019, it offers a technological advanced infrastructure designed to support efficient transactions and decentralized applications. The Algorand token still  remains within the top 50 cryptocurrencies by market value, even though it has experienced a 23% decline in value this year alone.

DOGE’s operations have faced increasing legal scrutiny. On February 3, the American Federation of Labor and Congress of Industrial Organizations filed a lawsuit against the U.S. Treasury, accusing the agency of unlawfully granting DOGE access to personal and financial records, which they argue violates federal protections.

Meanwhile, three federal employee unions have taken further legal action, suing the Treasury Department for allowing DOGE full access to confidential Bureau of Fiscal Service systems, raising concerns about data privacy and security.

Democratic members of Congress have also voiced their oppositionary view to D.O.G.E. and intentions to propose legislation aimed at halting the agency’s access to payment networks. In response, acting U.S. Attorney General Ed Martin cautioned against any attempts to interfere with or intimidate D.O.G.E. employees.

As DOGE continues to search for the most suitable blockchain platform for its governance overhaul, recent reports suggest that blockchain could streamline operations, reduce bureaucracy, and enhance resource allocation. The potential applications extend beyond financial oversight, offering opportunities for secure data management and monitoring of public infrastructure.

Elon Musk Stance on The Future of DOGE

Despite the controversy, Musk remains dedicated to his goal of decentralizing authority and he plans on doing that through D.O.G.E. He shared a post on x that says “DOGE is our ONE CHANCE to return POWER to the PEOPLE from an unelected BUREAUcracy back to DEMOcracy!!” 

Related Reading | Ripple (XRP) Set for Potential 1500% Surge as Historical Patterns Resurface

TIDC Appoints Leaders to Drive Thailand’s Digital and Blockchain Revolution

by

  • Thailand International Digital Business & Finance Center has appointed Rushi Manche and Tekin Salimi as advisors to advance its blockchain technology.
  • Global Leaders assigned to Shape Thailand’s Blockchain Vision

Thailand has set out to position itself in the global digital economy, Thailand International Digital Business and Financial Center (TIDC) appointed two leading figures in the blockchain space: Tekin Salimi and Rushi Manche to help promote blockchain further. 

On February 5th, a report was released that Wai Man Raymond Chu, the Director of Thailand International Digital Business & Finance Centre (TIDC), confirmed the appointment of Tekin Salimi and Rushi Manche as blockchain advisors. They are internationally known for their expertise in the  blockchain technology.

Chu expressed his hope that the through the inclusion of these prominent figures, there would be will growth and development in Thailand’s blockchain and cryptocurrency sectors. Their involvement is strategically planned as it is expected to help provide guidance and strengthen the country ongoing initiatives.

Raymond Chu further stated that “TIDC is pleased to announce that esteemed global experts have embraced our invitation to participate in the advancement of the country’s blockchain technology. This collaboration occurs at a pivotal moment as the nation embarks on the era of digital finance, which serves as a cornerstone for economic transformation” 

Global Leaders to Shape Thailand’s Blockchain Vision

AD 4nXe13XjjSaiNuxR4V A 7bwR8zPI3H0wnOGeJ2QId1T9zdNXWcYWMZZE8RqbWT3fqUJfjXYKqe9 NdfGD2TRqoxQC01XAW2IEv7 L03YMJ06IA5LhxYJDDRpf 42LI0kKemwftZg?key=RFgl 2LFFXjCCMXFrNtV9v1p

Tekin Salimi, an entrepreneur, venture capitalist, and former lawyer. The current  founder of dao5, a pioneering cryptocurrency asset management fund with assets over $500 million. The fund is designed to transition into a Decentralized Autonomous Organization (DAO), where blockchain-based governance drives decision-making instead of centralized control.

Prior to ‘founding’ dao5, Salimi was a Partner at Polychain Capital, a top crypto investment firm, where he played a vital role in identifying and supporting high-potential blockchain projects that have significantly impacted the global cryptocurrency ecosystem. 

As an advisor to the Thailand International Digital Business & Finance Centre (TIDC), Salimi is expected to offer guidance on positioning Thailand as a regional blockchain investment hub, while helping craft secure and sustainable policies that integrate blockchain technology with the country’s financial sector.

AD 4nXe3uhBX1Fo86m LEM4rp9gsMWtB 4Y1FKYEWx20CDQX2deeGfmESM RcPGrUP14ud2Z8kU6X1iCVAF6WccYDfguwjZUCqXYoZgxb69Wyulqdg5BgGdlucdOITIW pL26mS6XWa ?key=RFgl 2LFFXjCCMXFrNtV9v1p

Rushi Manche on the other hand, is the co-founder of Movement Labs, a firm that specializes in blockchain development, and enhancing security and efficiency within decentralized networks. Movement Labs plays a significant role in the advancement of the Move programming language, which was initially created for Facebook’s blockchain initiative, and now gaining widespread adoption in the blockchain community.

In January 2025, the company was in the process of raising a $100 million Series B round, targeting a valuation of about $3 billion, reflecting its prominence in the industry.

Manche will be significantly instrumental in developing Thailand’s blockchain infrastructure, and making sure it is secure and also scalable. His prior knowledge of blockchain security and smart contract programming will play a part in safeguarding Thailand’s digital finance landscape from cyber threats.

Related Reading | Ripple (XRP) Set for Potential 1500% Surge as Historical Patterns Resurface

Bitdeer Dominates Bitcoin Mining with $21M Power Plant Expansion in Alberta, Canada

by

  • $21.7M acquisition of 101 MW gas-fired power facility
  • The company said that the  project has the potential to scale to 1 GW of power
  • How The Bitdeer Technology would make impact 

Bitcoin mining company Bitdeer has secured a $21.7 million acquisition of a 101-megawatt gas-fired power facility near Fox Creek, Alberta.This move aligns with its broader vision of establishing a fully integrated mining infrastructure, which allows greater operational control and efficiency of mining bitcoin. 

On Tuesday, Bitdeer announced that it has fully licensed a 19-acre power project near Fox Creek, Alberta, from Kiwetinohk Energy. The site acquisition covers all necessary permits and approvals, allowing the company to develop a natural gas power plant with a 99 MW grid interconnection authorized by the Alberta Electric System Operator (AESO). 

In a press release, Haris Basit, Chief strategy officer of Bitdeer, said “We are really excited about planting roots in Alberta, our first site in Canada. This acquisition is the culmination of extensive collaboration with multiple government agencies and the Canadian Blockchain Consortium, It marks a significant step in our strategy to become the first fully-vertically integrated Bitcoin miner, giving us unmatched control over costs, energy efficiency, and scalability.”

 Danielle Smith, Premier of Alberta also had something to say regarding the project “We are so pleased to welcome the world’s first net-zero, fully integrated off-grid Bitcoin mining facility — right here in Alberta. Today’s investment is another sign that Alberta continues to be a leader in technology and innovation not only across the country, but across the world. If you want to do business and have a plan to bring your own power, then Alberta is the place for you.”

Bitdeer aims to activate the power facility by Q4 of 2026 through collaboration with an engineering and construction firm.  The company also intends to establish a 99 MW data center dedicated to Bitcoin mining on-site.

With a potential of 1 GW, the location is designed for scalability. Expenses for electricity generation range from $20 to $25 per megawatt-hour. Bitdeer also plans to supply surplus electricity to the Alberta grid, helping to regulate pricing during peak consumption periods.

Advantages of The Bitdeer Technology 

  1. Minimized Energy Expenses: Power generation costs are estimated to fall between $20 and $25 per megawatt-hour.
  2. Environmental Sustainability & Carbon Credit Potential: The initiative includes a carbon capture system designed to eliminate CO2 emissions, ensuring the project remains a net-zero carbon operation.

Related Reading | Ethereum Supply Surges to Pre-Merge Levels, Raising Inflation Concerns

THORChain Strategically Aims to Fix $200M Debt with Tokens After BTC, ETH Lending Halt

by

  • THORChain launches TCY token to convert $200M debt into equity with perpetual dividends.
  • RUNE drops 35%, falling from $2 to $1.3 after restructuring announcement.
  • $5M treasury grant funds TCY/RUNE liquidity pool to support token stability.

THORChain is currently undergoing a restructuring after facing a $200 million debt crisis due to ongoing financial challenges. In an effort to resolve the financial challenge, the decentralized liquidity protocol has introduced a new token—TCY (Thorchain Yield)—through a 90-day restructuring plan.

The token aims to convert nearly $200 million in unserviceable debt into equity and will pay dividends “in perpetuity” to its holders. The proposal was presented to the THORChain community with the goal of converting the debt into tokens.

THORchain Project and Debt Revamp Model

TCY tokens will be allocated at a rate of 1 TCY per dollar of previous outstanding debt, transforming lenders and savers into stakeholders. It is said to create an RUNE/TCY liquidity pool with an initial funding of $500,000, setting the starting price at $0.1 per TCY. This would be backed by a $5 million grant from the treasury, ensuring liquidity and stability for the newly issued tokens. A 10% earning power would be given indefinitely to token holders to provide them with long-term incentives for those affected by the debt.

RUNE Sinks 35% After Debt Restructuring Reveal

Although the government approved of the new financial strategy, RUNE’s value tumbled 35% within seven days, sliding from $2 to $1.3. The asset has depreciated over 70% in the previous month, which could be as a result of the widespread losses across altcoins.

Credit: Trading View
THORChain Strategically Aims to Fix $200M Debt with Tokens After BTC, ETH Lending Halt 4

THORChain’s system, however, still remains operational, facilitating over $270 million in swaps over the past day. The restructuring initiative aims to address economic hurdles while ensuring seamless functionality. RUNE experienced a nearly 50% drop in the last month, briefly slipping under $2 before recovering above 10%. Other key points about the project to take into cognisance are:

  1. To ensure Liquidity, $5million from the treasury has been allocated
  2. The creation of TCY/RUNE liquidity pool is essential for TCY market sustainability
  3. Effective revenue sharing models are key to maintaining stakeholder confidence.

Related Reading | MANTRA Explodes 23% Amidst Market Crash

India Strategically Reconsiders Crypto Policy Amid U.S. Pro-Crypto Influence

by

  • India’s Reassessment of Crypto Regulations in Response to Global Trends
  • Economic Secretary Ajay Seth on India’s Changing Crypto Stance

India reconsiders its approach to cryptocurrency regulations as global perspectives shift, particularly influenced by the United States’ growing support for digital assets under Donald Trump’s administration. 

The increasing global acceptance of digital assets, along with the U.S.’s efforts to integrate digital currencies into its financial system, is pushing India to reconsider its rigid approach. With multiple countries easing restrictions and recognizing the economic potential of digital asset, India is beginning to acknowledge that an isolated stance may not be sustainable in the long run.

India Revisits Crypto Regulations

India’s Economic Secretary Ajay said in an interview with Reuters “more than one or two jurisdictions have changed their stance towards cryptocurrency in terms of the usage, their acceptance, where they see the importance of crypto assets. In that stride, we are having a look at the discussion paper once again,”. 

In December 2023, India’s Financial Intelligence Unit (FIU) took action against international cryptocurrency exchanges, and all digital assets related companies including Binance and Kucoin, issuing show-cause notices due to their failure to adhere to local digital assets regulations. 

Even if this is just a reassessment, it’s also important to take note of the recently passed law, as India’s 2025 Budget  introduces stricter tax measures on digital assets. The India Finance Minister, Nirmala Sitharaman, introduced the tax policy during the Union Budget 2025, placing digital asset earnings under undisclosed revenue per Section 158B of the Income Tax Act. Effective from February 1, 2025, the revision may impose penalties reaching 70% on unreported crypto-related profits from previous fiscal periods.

According to the details of the budget, every related digital assets activity are now recorded as virtual assets and would face increased taxation if it’s not properly recorded as income. Hence, exchanges, intermediaries, and other designated entities must submit transaction details to the income-tax authorities. 

There are many uncertainties that lies within India’s approach to digital assets. While authorities acknowledge the rising significance of virtual currencies and aim to stay competitive as nations adopt blockchain, they also enforce strict levies and favor central bank digital currencies over decentralized finance.

The main hurdle lies in balancing oversight with progress. Excessive taxation and rigid controls might drive crypto enterprises away, yet completely prohibiting the digital assets ecosystem seems less feasible in an interconnected global market.

Related Reading |  Coinbase Obtains FCA Approval to Revolutionize UK Crypto Market