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Chinese courts sentenced five Sifang operators to between three and six years.The network processed about $428 million through USDT, bank cards and payment accounts.Investigators used Tether wallet data and OKX records to trace crypto transactions.

Poolin Technology filed for Chapter 11 bankruptcy and is seeking court approval to sell Texas mining assets through a $52 million stalking-horse bid.The debtors reported approximately $173.1 million in prepetition obligations, including about $163.7 million in unsecured IOUs issued after Poolin Wallet suspended customer withdrawals in 2022.

Thailand’s SEC has filed a criminal complaint against Bitkub and two former directors over alleged false reporting linked to its 2021 cyberattack.Bitkub said it delayed disclosing the hack to prevent a bank run and later replaced all stolen digital assets without customer losses.The case comes as Thailand continues expanding crypto regulations while increasing enforcement across the digital asset sector.

Poolin has filed for Chapter 11 bankruptcy while seeking to sell its Texas bitcoin mining assets through a court supervised auction.About $163.7 million of Poolin’s $173.1 million in prepetition obligations relates to IOUs issued after wallet withdrawals were suspended in 2022.Interest from AI infrastructure operators has helped drive bidding for the company’s power assets as miners increasingly repurpose data centers beyond bitcoin mining.

In an interview on The Starting Block, Swan Bitcoin CEO Cory Klippsten was critical of Tether-backed Twenty One Capital and of Jack Maller’s role as chief executive of the BTC treasury company.Twenty One Capital is used to “line pockets where needed for political reasons in the U.S.,” and Maller’s position at the company was “only ceremonial,” according to Klippsten.

Proof of reserves has gone from a rarely used practice to an industry-wide expectation, as crypto exchanges compete to show users that customer assets are fully backed.Leading exchanges now run proof of reserves cryptographically, using Merkle trees, and in some cases zero-knowledge proofs, which let users confirm their own balance is included in the reported total liabilities without revealing anyone else’s.Verifiable reserves are necessary but not sufficient for institutional trust, which also demands asset segregation, regulatory oversight, and insolvency protections, the fuller trust stack that PoR anchors but does not complete.This research primer is commissioned by BinanceVerifiable Trust: PoR replaces blind trust with verifiable proof that customer assets are backed at least one-to-one.A Liquidity Signal: Because stablecoins are the settlement rails of crypto markets, verifiable backing of stablecoin balances also signals that it commands the dollar liquidity to honor redemptions and withdrawals under stress.Proof of Assets establishes that the exchange controls the onchain wallets it claims, usually through cryptographic signatures to prove ownership.Proof of Liabilities aggregates what the exchange owes its users.Technical Leadership: Binance open-sourced its zk-SNARK-based PoR verification system, letting other exchanges adopt the same method and setting a public benchmark for verifiable reserves.Reserve Backstop: The Secure Asset Fund for Users (SAFU) is an emergency insurance reserve Binance created in 2018. Bootstrapped from a portion of trading fees collected and held in publicly known onchain wallets, it holds around $1 billion, a buffer ready to cover any shortfall in customer balances.Deep Stablecoin Liquidity: Binance's PoR covers major stablecoins, including USDT and USDC, and its disclosures have shown both with reserve ratios well above 100%. It also holds the largest stablecoin reserves of any exchange by a wide margin. These are the assets users most often withdraw and settle in, so their coverage is the clearest indicator of whether the exchange can meet large-scale redemptions without disruption.Asset Segregation: Institutions expect customer assets to be kept distinct from the exchange's own funds, so client holdings can't be commingled with corporate assets. This segregation is the specific safeguard whose absence turned FTX's losses into customer losses.Regulatory Oversight: Institutions want exchanges operating under a recognized regulatory framework. Operating under that kind of oversight eases the compliance and counterparty risk that keeps regulated allocators on the sidelines.Insolvency Protections: Institutions want to know what protects their claims if the exchange becomes insolvent tomorrow. That means clear mechanisms such as insurance or emergency reserves, defined creditor treatment, and statutory protections that ring-fence customer assets in bankruptcy.