The SEC has charged PGI Global’s Ramil Palafox with fraud involving $198 million, including $57 million for luxury items like Lamborghinis. Simultaneously, US spot Bitcoin ETFs experienced unprecedented inflows amidst insecurity, while various crypto firms seek to adapt to regulatory changes. In other developments, Malaysia is fostering blockchain discussions, and several entities are expanding their crypto portfolios and futures trading offerings, amid evolving legislation regarding digital assets.
The US Securities and Exchange Commission (SEC) has charged Ramil Palafox, founder of PGI Global, for orchestrating a fraudulent scheme that nets approximately $198 million from global investors. Over $57 million was allegedly misappropriated for the purchase of luxury items, such as Lamborghinis, alongside operating Ponzi-like payouts. The SEC accuses Palafox of breaching anti-fraud and securities registration laws, and is pursuing permanent injunctions, disgorgement, and penalties.
US spot Bitcoin exchange-traded funds (ETFs) saw a remarkable $936 million in single-day inflows, highlighting confidence in Bitcoin as a defensive asset amidst economic and geopolitical instability. The primary contributors to this surge were Ark & 21Shares, Fidelity, and BlackRock. A total of over $1.4 billion in cumulative inflows over three days underscores Bitcoin’s strategic role in investment portfolios, driven by inflation concerns, a declining dollar, and anticipated Federal Reserve actions.
In a meeting between Malaysia’s Prime Minister Anwar Ibrahim and Binance founder CZ, the potential for Malaysia to emerge as a significant player in the blockchain and digital assets industry was discussed. Collaborations are being sought with various government agencies to promote prudent innovations in tokenization and other blockchain applications. Anwar stressed the necessity for government leadership in championing blockchain adoption for Malaysia’s digital transformation.
Monad, a layer 1 blockchain optimised for Ethereum Virtual Machine (EVM), announced its incorporation into the Chainlink Scale programme, aiming to enhance its ecosystem through Chainlink’s oracle services. This strategic partnership is set to provide Monad with decentralised and secure data feeds—critical for fostering ecosystem growth and adoption. Additionally, Monad will implement Chainlink’s Cross-Chain Interoperability Protocol (CCIP) and Data Streams on its Testnet, highlighting a deepening collaboration for decentralised finance (DeFi) applications.
The DeFi Development Corporation, previously known as Janover and recently acquired by former Kraken executives, has amplified its Solana holdings, investing an additional $11.5 million to acquire 88,164 tokens. This brings their total Solana investment to approximately $34.4 million, forming part of a strategy focused on leveraging the Solana blockchain, including staking and diverse crypto asset accumulation within the commercial real estate financial sector.
Galaxy Digital has conducted a significant exchange of approximately $106 million worth of Ethereum (ETH) for Solana (SOL), indicating declining confidence in Ethereum amidst market struggles, including reduced market dominance and scalability issues. This transaction, which unfolded over two weeks via Binance, reflects a broader institutional trend of divesting from Ethereum as its market share dips below 7%.
Federal Election Commission filings indicate substantial contributions from crypto firms and executives to former President Donald Trump’s 2024 inauguration fund, with Uniswap CEO donating over $245,000, Solana Labs contributing $1 million, and Consensys giving $100,000. The SEC has since halted several enforcement actions against crypto entities that supported Trump’s campaign, following the appointment of Mark Uyeda as acting SEC chair.
GSR has led a $100 million investment into Upexi to create a Solana treasury, enhancing the company’s crypto portfolio and reflecting the rising demand for efficient access to prominent crypto assets like Solana. Upexi joins a growing number of firms, including Janover, in accumulating Solana assets to support long-term growth through strategic investment in the crypto space.
Singapore Exchange (SGX) is set to launch Bitcoin perpetual futures in late 2025 as part of its initiative to attract professional and institutional investors. This move aligns with the trend of traditional exchanges venturing into crypto derivatives. Perpetual futures, which do not have an expiration date, will help SGX maintain competitiveness in the evolving financial landscape, bolstered by positive reactions from traditional and decentralized finance sectors.
Following moves toward a growing crypto-friendly regulatory environment, firms like Coinbase, Circle, and BitGo are exploring opportunities to obtain bank charters or licenses. This shift arises as legislation for stablecoin regulation advances, reflecting a desire to integrate crypto into mainstream finance, while major banks reconsider prior positions distancing themselves from cryptocurrencies due to changing regulations.
Japanese investment firm Metaplanet has made headlines by acquiring an extra 330 Bitcoin, equating to $28.2 million, amid broad market uncertainties and rising Bitcoin prices. Holding 4,855 BTC, Metaplanet maintains its status as Asia’s largest corporate Bitcoin holder, with aspirations to reach a 10,000 BTC portfolio by year-end, mirroring the investment philosophy of Michael Saylor.
Kraken Derivatives has rolled out FX perpetual futures for key currency pairs, including EUR/USD and GBP/USD, offering 20x leverage. These new contracts, available on the Kraken Pro platform, do not expire, allowing traders to capitulate on real-time market conditions effectively. This expansion capitalises on Kraken’s entrenched position in the forex market, enhancing trading prospects for clients.
Oregon Attorney General Dan Rayfield aims to file a securities enforcement lawsuit against Coinbase, triggered by previous federal charges dismissed earlier in the year by the SEC. This move underscores the ongoing regulatory hurdles faced by crypto exchanges in the US as the regulatory environment continues to evolve.
The Arizona Strategic Digital Assets Reserve Bill (SB 1373) has made progress through a House committee, proposing the establishment of a state-managed reserve fund for digital assets. The bill intends to include cryptocurrencies seized by law enforcement, with management by the state treasurer. Investment is limited to 10% annually and covers various digital assets, awaiting final reading and approval from Governor Katie Hobbs in light of increasing legislative focus on crypto integration with public finance.
Amid external pressures, eXch has decided to shut down operations following a Bybit hack, pledging 50 BTC towards the development of privacy solutions in the crypto space. Despite attempts to clarify its privacy-focused goals, the platform has faced significant misunderstandings regarding its operations. The allocation of resources to support open-source privacy projects reflects a commitment to advancing secure crypto solutions.
