Bitcoin Price Pauses, CZ Fights Allegations, and AI Enters Your Pocket: This Week in Crypto
Bitcoin wavers after new highs, CZ calls WSJ piece a “hit job”, and OpenAI aims to ship 100M AI devices.
Changpeng Zhao Rejects WSJ Allegations of Role in Trump-Linked Crypto Venture
Changpeng “CZ” Zhao, former CEO of Binance, is refuting claims by The Wall Street Journal that suggest he played a behind-the-scenes role for World Liberty Financial (WLF), a decentralized finance platform linked to the Trump family.
In a strongly worded post on X, Zhao accused the report of being a “hit piece” full of errors and bad-faith assumptions. The article portrayed him as a “fixer” for WLF co-founder Zach Witkoff during international dealings—a role Zhao flatly denies. WLF is backed by Trump-affiliated entities, with Eric and Donald Trump Jr. allegedly helping manage the platform.
Image Caption: Changpeng “CZ” Zhao addresses WSJ allegations in a detailed X thread.
Hong Kong Passes Stablecoin Law, Sets Stage for Global Digital Asset Hub
Hong Kong’s Legislative Council has passed its Stablecoins Bill, clearing the way for a regulated digital finance framework. Licensing for stablecoin issuers is expected to begin by year-end, according to lawmaker Johnny Ng Kit-Chong.
“This will allow major financial institutions to become licensed stablecoin issuers,” Ng posted on X. The move positions Hong Kong as a rising leader in the global Web3 and digital asset economy.
OpenAI Plans to Launch 100 Million Pocket AI Devices
OpenAI, led by CEO Sam Altman, is working with former Apple design chief Jony Ive to build a new class of AI-powered companion devices. The company plans to ship 100 million units upon launch, signaling an ambitious push into hardware.
The devices are still under wraps, but Ive described them as a “new design movement”, drawing comparisons to Apple’s tight hardware-software integration. The development follows OpenAI’s acquisition of Ive’s startup, io, in a $6.5 billion deal.
Maxine Waters Introduces Bill Targeting “Crypto Corruption” by Political Elites
California Rep. Maxine Waters has unveiled new legislation titled the “Stop Trading, Retention, and Unfair Market Payoffs in Crypto Act of 2025”, aiming to prevent high-ranking US officials from engaging in personal crypto dealings.
The bill takes direct aim at President Donald Trump’s memecoin, Melania Trump’s token launch, and World Liberty Financial’s stablecoin USD1, which is allegedly backed by Trump’s family. Waters cited these developments as evidence of what she called “crypto corruption” among public officials.
JPMorgan to Let Clients Buy Bitcoin — But Won’t Custody It
JPMorgan CEO Jamie Dimon announced that the bank will allow clients to buy Bitcoin, although it will not custody the asset itself.
“We are going to allow you to buy it,” said Dimon at the bank’s annual investor day. “We’re not going to custody it.” Dimon, known for his skepticism toward crypto, compared Bitcoin to smoking: “I don’t think you should smoke, but I defend your right to smoke.”
Markets at a Glance: Bitcoin Cools After Rally
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Bitcoin (BTC) ends the week at $108,299
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Ethereum (ETH) at $2,543
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XRP stands at $2.32
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Total crypto market cap: $3.41 trillion
Top Altcoin Gainers
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SPX6900 (SPX): +25.81%
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Hyperliquid (HYPE): +25.14%
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Worldcoin (WLD): +24.79%
Top Altcoin Losers
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Walrus (WAL): -16.00%
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Pyth Network (PYTH): -14.22%
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EOS (EOS): -11.99%
Bitcoin Pullback on the Horizon? Traders Eye $69K Bear Market Target
Bitcoin has hit all-time highs, but analysts believe the momentum is losing steam. With seven consecutive green weekly candles behind it, BTC’s next major move may be downward.
Some long-term market watchers suggest that the current bull run could be nearing its end, with price action potentially falling back to the 2021 peak of $69,000 during the next bear market phase, expected in Q4 2025.
Security Threats in Crypto: A Week of Scandals and Hacks
$123,000 in BTC Stolen from Drugged Tourist in London
An American tourist, Jacob Irwin-Cline, lost $123,000 in Bitcoin after being drugged by a fake Uber driver in London. Cline mistakenly entered a lookalike private car, later waking up to find his crypto wallet emptied.
Sui DEX Cetus Faces Exploit With Up to $200 Million in Damages
Cetus, a decentralized exchange built on the Sui blockchain, was reportedly exploited, with possible losses exceeding $200 million. Web3 security firm Hacken confirmed at least $63 million was bridged to Ethereum, and 20,000 ETH was moved in a single transaction to a new wallet.
Amalgam Capital Founder Indicted in $1M “Sham Blockchain” Fraud
Jeremy Jordan-Jones, founder of Amalgam Capital Ventures, has been charged with multiple counts of fraud. Prosecutors allege he misled investors and used over $1 million in funds to support a personal lavish lifestyle.
Manhattan U.S. Attorney Jay Clayton stated that the supposed blockchain firm was nothing more than a facade built on false promises.
Quotes That Stood Out This Week
“The crypto markets have been languishing in SEC limbo for years.”
— Paul Atkins, Former SEC Chair
“After the coin launch, the feds came to granny’s house and knocked on her door…”
— Haliey Welch, “Hawk Tuah Girl”
“We have every expectation now that it’s going to pass.”
— David Sacks, White House Crypto and AI Czar
Share This“Prior to Bitcoin, my most successful investment was shorting the Bolivar.”
— Mauricio di Bartolomeo, Ledn Co-founder
