The United States is seizing 127,000 BTC from Prince Group. Bridge has applied for a trust license.

The US and UK jointly sanction Cambodia's Prince Group, with the US intending to recover over 127,000 Bitcoins. According to a joint announcement from the US Treasury Department's Office of Foreign Assets Control (OFAC) and the Financial Crimes Enforcement Network (FinCEN), in conjunction with the UK Foreign, Commonwealth & Development Office (FCDO), US and UK authorities have taken the largest-ever sanctions action against the Cambodia-based transnational fraud ring Prince Group (TCO). OFAC sanctioned the group and 146 targets (including affiliated companies and key executives), while FinCEN severed the Cambodian financial institution Huione Group's access to the US financial system. Prince Group, led by Chen Zhi, is involved in over $16 billion through online investment scams, including "pig-killing schemes," forced labor, and money laundering. The U.S. Eastern District Court has filed a lawsuit against Chen Zhi, seeking to recover approximately 127,271 bitcoins. An investigation revealed that Huione Group laundered at least $4 billion between 2021 and 2025. The sanctions also affect Prince Group's luxury resort project in Palau and its partners, aiming to combat fraud and money laundering activities by transnational criminal organizations in Southeast Asia and globally. Bridge, the stablecoin company under Stripe, is applying for a national bank trust charter from the Office of the Comptroller of the Currency (OCC). If approved, Bridge will provide regulated stablecoin issuance, management, and custody services under the GENIUS Act, signed this summer. Bridge co-founder Zach Abrams stated that this regulatory framework will enable the company to facilitate the "tokenization of trillions of dollars in assets" within a compliant system. Since Stripe acquired Bridge for $1.1 billion last year, it has quickly incorporated stablecoins into its core business, including partnering with Coinbase and Shopify to support USDC payments, and launching the Open Issuance platform for issuing customized stablecoins and the payment-optimized blockchain Tempo.

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Market

As of press time, according to CoinGecko data:

BTC price is $113,476, up or down -1.7% in the past 24 hours;

ETH price is $4,142.61, up or down -2.6% in the past 24 hours;

BNB price is $1,220.02, up or down -5.8% in the past 24 hours;

-2.5%;

DOGE price is $0.205, with a 24-hour increase or decrease of -4.5%;

XRP price is $2.51, with a 24-hour increase or decrease of -3.9%;

TRX price is $0.3172, with a 24-hour increase or decrease of -1.9%;

The price of WLFI is $0.1447, with a 24-hour increase or decrease of -5.1%; the price of HYPE is $39.68, with a 24-hour increase or decrease of -7.1%.

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Policy

▌US Republicans introduce bill to codify Trump's executive order allowing 401(k) plans to invest in cryptocurrencies and private equity

Golden Finance reports that US Republican Congressman Troy Downing will introduce a new bill on Tuesday, titled "The Retirement Investment Choice Act," aimed at legislating President Trump's executive order, making cryptocurrencies and private equity investments within the scope of 401(k) retirement plans. The bill has been co-sponsored by four Republican congressmen, including Byron Donalds, Buddy Carter, Warren Davidson, and Barry Moore. Downing stated that this move would allow more American savers to access high-potential alternative assets. Previously, the Biden administration had been cautious about including crypto assets in retirement plans.

▌US Congresswoman Lummis: The confiscation of 127,000 Bitcoins from the "Prince Group" highlights the need for legislation and strengthening strategic Bitcoin reserves

US Senator Cynthia Lummis stated that the United States' confiscation of approximately 127,000 Bitcoins from the "Prince Group" highlights two urgent tasks for Congress: first, to pass legislation on the structure of the digital asset market as soon as possible to enable law enforcement agencies to protect innovation while combating illegal activities; second, to clarify the storage, return, and intergenerational protection plan for confiscated Bitcoin, turning criminal proceeds into national assets that strengthen the United States' strategic Bitcoin reserves.
▌New York City Mayor Eric Adams Launches the First City-Level Office of Digital Assets and Blockchain in the United States

New York City Mayor Eric Adams signed an executive order establishing the nation's first "Office of Digital Assets and Blockchain," aimed at coordinating cooperation between the crypto industry and government and promoting the implementation of compliant blockchain and crypto projects in New York. Led by Moises Rendon, a longtime city official involved in digital asset affairs, the office's goals include promoting the responsible use of blockchain, attracting fintech talent, expanding financial inclusion, and establishing New York as a hub for crypto innovation. Adams stated, "The digital asset era has arrived, presenting us with opportunities for economic growth, talent attraction, and service innovation." Adams received his first three salaries in Bitcoin and spearheaded New York's inaugural Crypto Summit. His term as mayor ends at the end of the year, and he has withdrawn from re-election due to campaign finance issues. California Governor Signs Bill to Protect Unclaimed Crypto Assets The governor of California signed a new bill prohibiting the forced liquidation of unclaimed cryptocurrency assets. The bill aims to protect user rights and ensure that unclaimed assets are not disposed of due to regulatory loopholes. California has previously adopted several legislative measures in the digital asset sector to regulate the industry and safeguard consumer interests. Japan will introduce new regulations to ban insider trading in cryptocurrencies, according to Nikkei. Ethereum developers launched a second test of the Fusaka upgrade on the Sepolia testnet early Tuesday, following a successful trial on the Holesky testnet two weeks ago. A final rehearsal on the Hoodi testnet is scheduled for October 28th, marking the final step before developers set a date for mainnet activation. Fusaka introduces PeerDAS, a data verification method that allows validators to process only a portion of the data, reducing bandwidth requirements and lowering costs for institutional users and Layer 2 networks. Binance: No listing fees, user security deposits are guaranteed and refundable. Binance's official account, Binance Customer Support, posted on the X platform, "We have noticed a post by CJ on the X platform on October 14, 2025, which contains false and defamatory accusations against Binance. These accusations are clearly intended to mislead the community and undermine the integrity of Binance's listing process." 1. Binance does not profit from its listing process—token distribution is for Binance users. Binance does not charge listing fees, but requires a security deposit to protect user rights. This ensures that projects can continue to operate after listing. The security deposit is typically refundable within 1-2 years under certain conditions. CJ's accusations contradict the Binance proposed terms he himself published. 2. The accusation that Binance and its founder have been selling tokens is also completely untrue and without basis. 3. We are shocked by CJ's illegal and unauthorized disclosure of confidential communications with Binance. Such public disclosure violates the industry and community-accepted confidentiality of sensitive and confidential information. Given CJ's egregious and inexcusable behavior, Binance expressly reserves all rights, including legal action, to protect Binance's interests. Stripe now allows users to pay for subscriptions with stablecoins. Payments company Stripe announced that it now allows users to pay for subscriptions with stablecoins, further expanding the use of crypto payments in everyday consumer scenarios. Tether pays nearly $300 million to the Celsius bankruptcy estate. The Blockchain Asset Recovery Investment Coalition (BRIC) announced that Tether has paid $299.5 million to the Celsius Network bankruptcy estate to resolve related lawsuits filed in August 2024. BRIC, co-founded by GXD Labs and VanEck, is responsible for managing Celsius's asset recovery and litigation matters. S&P Global Brings Stablecoin Risk Ratings to Chainlink. S&P Global has partnered with the oracle network Chainlink to bring its stablecoin risk ratings to blockchain for use in decentralized finance. S&P Global's stablecoin stability assessment evaluates an asset's ability to maintain a stable value relative to fiat currency. Mastercard Applies for "Virtual Asset Payment Processing" Trademark. According to market news, Mastercard, a company with a market capitalization of $500 billion, has filed a trademark application for the term "Virtual Asset Payment Processing."

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Cryptocurrency

▌127,000 Bitcoins from "Prince Group" Now in U.S. Government Escrow

According to a press release from the U.S. Department of Justice, the department has filed its largest-ever forfeiture action against the Cambodia-based transnational fraud ring, "Prince Group." The U.S. Attorney's Office for the Eastern District of New York and the Department of Justice's National Security Division today filed a civil forfeiture lawsuit targeting approximately 127,271 Bitcoins (approximately $15 billion) held by the "Prince Group." These Bitcoins, representing proceeds of fraud and money laundering and tools of crime, were previously stored in non-custodial cryptocurrency wallets, the private keys of which were held by the defendants. These funds, representing 127,000 Bitcoins, are now in U.S. government custody. The U.S. Department of Justice also stated that Chen Zhi, chairman of Prince Group, is currently a fugitive.

▌The US government holds 325,000 BTC, worth over $37 billion

After the latest Bitcoin seizure, the US government holds a total of approximately 325,283 BTC, equivalent to approximately $37 billion based on market value.

▌US government-related addresses transferred 667.62 BTC, worth $74.79 million

According to Onchain Lens monitoring, the US government-related addresses seized $575 million from a cryptocurrency scam related to Estonian citizens Potapenko and Turogin three years ago, and have now transferred 667.62 BTC, worth $74.79 million. Federal Reserve Board Governor Bowman: The Fed is seeking comment on regulatory requirements for stablecoins. BlackRock Attracts $205 Billion in Third Quarter, Reaching Record AUM of $13.5 Trillion. BlackRock (BLK.N), the world's largest asset manager, attracted $205 billion in client inflows in the third quarter, driven by its continued expansion in private credit and alternative assets. According to a statement on Tuesday, investors poured a net $153 billion into stocks, bonds, and other ETFs during the quarter, pushing BlackRock's total ETF holdings above $5 trillion for the first time. Net inflows into long-term investment funds reached $171 billion, exceeding market expectations of $161.6 billion. As the market rebounded, the company's total assets under management (AUM) rose to a record $13.5 trillion. Adjusted EPS for the third quarter increased 1% year-over-year to $11.55, beating market expectations of $11.47. Revenue increased 25% year-over-year to $6.5 billion. This influx also included $34 billion in cash management and money market funds, bringing the business's assets to over $1 trillion for the first time. BlackRock: Global digital wallets hold over $4.5 trillion in crypto assets. BlackRock's CEO stated that BlackRock estimates that digital wallets globally hold over $4.5 trillion in cryptocurrencies, stablecoins, and tokenized assets, and expects the market to expand rapidly. BlackRock's CEO stated that BlackRock is exploring tokenized long-term investment products. BlackRock's CEO stated that they are exploring the tokenization of long-term investment products such as iShares.

▌Brera Holdings to Purchase $50 Million of SOL Directly from the Solana Foundation

Nasdaq-listed Brera Holdings announced that it will purchase $50 million worth of SOL directly from the Solana Foundation. Under a strategic agreement between the company and the Solana Foundation, the purchase will be used to support the company's Solana infrastructure and consolidate its position as a key component of the UAE's digital transformation agenda.

▌BlackRock Deposit 93,158 ETH and 703.74 BTC into Coinbase

According to Onchain Lens monitoring, BlackRock deposited 93,158 ETH (US$364.34 million) and 703.74 BTC (US$77.67 million) into Coinbase Prime. Metaplanet's Market Cap Has Fallen Below the Value of Its Bitcoin Reserves, with the MNAV Ratio Dropping to 0.99 According to Bloomberg, the market capitalization of Metaplanet Inc., a Japanese-listed company, has fallen below the value of its Bitcoin reserves. The company shifted to a Bitcoin accumulation strategy in April 2024, and at one point enjoyed a significant premium to its Bitcoin net asset value. Its stock price hit a record high in mid-June of this year, but has since plummeted approximately 70%, causing the company's net asset value per share (MNAV) to fall to 0.99 on Tuesday.

▌Giant whale Garrett Jin holds 45,757 BTC, worth over US$5.1 billion

Golden Finance reported that according to Cryptoquant analyst Maartunn, the current giant whale Garrett Jin still holds 45,757 BTC on the chain, worth US$51.5709928992 billion.

▌Cryptocurrency fund Maximum Frequency Ventures completes $50 million in fundraising

Shaikh, co-founder of blockchain development company Aptos Labs, announced that he and three former colleagues have raised $50 million in funds for the cryptocurrency fund Maximum Frequency Ventures. Although Shaikh was reluctant to disclose the source of the funds, he said that the fund's limited partners include family offices in the United States, East Asia and Southeast Asia. In addition, the four co-founders also invested their own funds in the fund, but he declined to disclose the specific amount.

▌USDC Treasury mints 500 million more USDC

According to Whale Alert monitoring, early this morning, USDC Treasury minted a total of 500 million USDC in two batches. Binance Wallet to Launch Astra Nova Project Pre-TGE Event on October 16th According to the official announcement, Binance Wallet will partner with Astra Nova to host an exclusive Pre-TGE event from 4:00 PM to 6:00 PM (UTC+8) on October 16, 2025. Users with sufficient Binance Alpha Points can participate via the event banner in Binance Wallet for 10 points. Please note that tokens obtained through the Pre-TGE will be subject to a lock-up period set by the project, and the unlocking time may not be announced in advance. Key Economic Developments ▌Powell Hints at Further Rate Cuts as US Job Market Cools Federal Reserve Chairman Jerome Powell warned on Tuesday that the U.S. labor market is showing further signs of distress, suggesting he may be ready to support another rate cut later this month. "Downside risks to employment have risen," Powell noted, the strongest indication yet that Fed officials believe they have sufficient evidence to support another 25 basis point cut in U.S. borrowing costs. Powell added that even without new Bureau of Labor Statistics data (delayed by the government shutdown), privately produced labor market indicators and internal Fed research provide ample evidence that the job market is cooling. "Available evidence" suggests that "layoffs and hiring remain low," while "households' perceptions of job opportunities and businesses' perceptions of hiring difficulties continue to trend downward." These comments suggest Powell has become more dovish on monetary policy. Powell: The situation will become more complicated if the government shutdown continues and October data is delayed. Federal Reserve Chairman Powell said everyone is watching the same unofficial employment data, and state-level unemployment claims are a good data point. If the government shutdown continues and October data is delayed, the Fed will start to miss data, and the situation will become more complicated. Fed Governor Bowman expects two more rate cuts this year. Federal Reserve Governor Bowman said on Tuesday that she still expects the Fed to continue cutting interest rates at its final two monetary policy meetings in 2025. "I still believe there will be two more rate cuts before the end of this year," Bowman said. "As long as the labor market and other economic data develop in the direction I expect, we will continue on the path of lowering the federal funds rate." After voting against keeping interest rates unchanged at the July meeting and favoring an early start to rate cuts, Bowman supported the rate cut in last month's decision. Joining her in dissenting at the July meeting was Waller, both of whom were nominated to the Federal Reserve Board by Trump during his first term. Both Bowman and Waller had previously stated that the Trump administration's renewed tariffs would not lead to persistent inflation, and that the current balance of risks favored the labor market. Fed's Collins: Another 25 basis point rate cut may be appropriate. Fed's Collins called for further rate cuts this year, citing growing concerns about a weakening labor market. "With inflation risks somewhat contained, but employment facing greater downside risks, further modest policy normalization this year appears prudent to support the labor market," Collins said. She added that even with further rate cuts, monetary policy would remain moderately tight, "appropriate to ensure that inflation resumes its downward trend as the tariff effects gradually feed through to the economy." Collins emphasized that both short-term and long-term inflation indicators are currently relatively stable. She said the bigger concern is the labor market: "The labor market has cooled to a peculiar equilibrium—both hiring and layoffs are low, and the unemployment rate remains low. But if it weakens further, it will produce unwelcome weakness, making the economy more vulnerable to adverse shocks and potentially triggering more adverse dynamics." She also said that another 25 basis point rate cut might be appropriate.

▌The probability of the Fed cutting interest rates by 25 basis points in October is 97.3%

According to CME's "Fed Watch": The probability of the Fed keeping interest rates unchanged in October is 2.7%, and the probability of a 25 basis point rate cut is 97.3%. The probability of the Fed keeping interest rates unchanged in December is 0.1%, the probability of a cumulative 25 basis point rate cut is 6.4%, and the probability of a cumulative 50 basis point rate cut is 93.5%. Is solo Bitcoin mining feasible? Solo mining involves a single miner independently verifying Bitcoin transactions and adding new blocks to the blockchain without collaborating with others in a mining pool. This process requires significant computing power and resources as miners compete with a global network of participants to find a hash that meets the Bitcoin network's current difficulty target. It involves repeatedly hashing the block header with different nonce values ​​until a valid hash is found. The first miner to find this hash earns the right to add the new block to the blockchain and receives a reward in the form of newly minted Bitcoin and transaction fees. Solo mining has the potential to yield lucrative rewards. However, compared to collective mining, the chances of success are relatively low, especially given the fierce competition and increasing difficulty of the mining process. Solo mining is like playing the lottery with a powerful computer, but instead of picking numbers, you rapidly try different combinations to find a winning ticket. The rewards can be enormous, but the odds of success are low, especially with the rise of industrial-scale mining farms dominating the network. Factors affecting the viability of solo Bitcoin mining in 2025 include increasing mining difficulty, the high cost and energy consumption of ASIC hardware, competition from industrial mining farms, and the unpredictable nature of independently finding blocks. Alternatives to solo Bitcoin mining include pooled mining (which offers more stable returns by sharing block rewards) and cloud mining (which eliminates hardware ownership but carries risks such as contract volatility and potential scams). Given the challenges of solo mining, individuals may want to consider alternatives that offer more stable returns and lower risks.