Cointime

Cointime

Download App
iOS & Android

MegaETH developer raises $10 million in minutes, US crypto tax evader sentenced to two years and more

Cointime Official

From theblock by James Hunt

Quick Take

  • MegaLabs, the developer of MegaETH, raised $10 million in under three minutes on Echo, marking the platform’s largest sale to date with 3,200 investors from 94 countries.
  • Frank Richard Ahlgren III from Austin, Texas, was sentenced to two years in prison on Thursday for falsely underreporting capital gains made from selling $3.7 million worth of bitcoin.
  • Crypto exchange Gate.io dismissed rumors of a security breach on Friday morning, confirming no abnormalities or issues were detected.
  • The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.

MegaETH developer raises $10 million in 3 minutes on Cobie's Echo

MegaLabs, the developer of MegaETH, raised $10 million in under three minutes on Echo, marking the platform's largest sale to date with 3,200 investors from 94 countries.

  • Echo is an angel investor platform founded by popular crypto trader Jordan Fish, better known as Cobie.
  • The funding round was structured as equity plus token warrants at a "9-figure" valuation, consistent with MegaLabs' $20 million seed round in June, co-founder Shuyao Kong told The Block.
  • MegaLabs hit its initial $4.2 million target in just 56 seconds, with the project deciding to raise an additional $5.8 million due to high investor demand, which it did in just 70 seconds, Kong said.
  • "Crypto has long been plagued by high insider supply and limited community involvement," Kong added. "We are essentially following Ethereum's footsteps by prioritizing community ownership."
  • The funds will be used to support community growth and ecosystem projects as MegaLabs prepares to launch MegaETH's public testnet and mainnet, a "real-time" blockchain with full Ethereum compatibility.

US crypto tax evader sentenced to two years

Frank Richard Ahlgren III from Austin, Texas, was sentenced to two years in prison on Thursday for falsely underreporting capital gains made from selling $3.7 million worth of bitcoin.

  • The U.S. Department of Justice noted that Ahlgren was an early investor in bitcoin, purchasing it as far back as 2011.
  • He used the crypto exchange Coinbase to purchase 1,366  BTC +0.96% in 2015. He sold 640 BTC in October 2017 and used the proceeds to buy a house in Park City, Utah, according to court documents.
  • Ahlgren concealed bitcoin sales made between 2017 and 2019, not reported on his tax returns, using multiple wallets, blockchain mixers and in-person cash exchanges, the DOJ said.
  • He also misled his accountant by inflating the purchase price of his bitcoin to reduce the tax liability on his 2017 federal return.
  • The case marks the first-ever criminal tax evasion prosecution focused solely on cryptocurrency in the U.S., the IRS noted.

Crypto exchange Gate.io dismissed rumors of a security breach on Friday morning, confirming no abnormalities or issues were detected.

  • Social media posts on X and messages in Telegram group chats spread the rumors, urging users to withdraw funds "if you still can."
  • However, the exchange quickly moved to reassure users that deposits, withdrawals and trading operations were still functioning normally.
  • Despite the rumors, the total amount of assets on the platform remained mostly unchanged during the drama, according to data from DefiLlama.
  • In a follow-up statement, Gate.io strongly condemned the spread of false information and creating panic, warning it reserved the right to pursue legal action against those responsible.

Polygon weighs up a $1 billion stablecoin yield proposal

The Polygon community is considering a proposal to deploy over $1 billion in stablecoin reserves on its PoS Chain bridge with Ethereum for yield generation.

  • The proposal, created by Allez Labs in collaboration with Morpho and Yearn, seeks community input on using the idle reserves, which currently represent an opportunity cost of around $70 million annually, they claimed.
  • If implemented, stablecoins like DAI, USDC and USDT would be deployed in appropriate ERC-4626 vaults, with risk management overseen by Allez Labs.
  • The proposal will now be discussed via community forums and reviewed by Polygon's Protocol Governance Council.

Riot Platforms increases its bitcoin holdings by over 5,000 BTC

Bitcoin miner Riot Platforms acquired another 5,117 BTC for over $510 million between Dec. 10 and Dec. 12, raising its total holdings to 16,728 BTC, worth around $1.7 billion.

  • The purchases, made at an average price of approximately $99,669 per bitcoin, were funded using its recent convertible senior note offering and existing cash reserves, the firm said.
  • Despite a $154.4 million net loss in Q3, Riot continues to invest heavily in bitcoin while lowering its 2025 hash rate target to 46.7 EH/s.

Looking ahead to next week

  • UK and Eurozone CPI inflation data are released on Wednesday. The U.S. Federal Reserve's latest interest rate decision is due the same day. The UK's interest rate decision, U.S. jobless claims and U.S. GDP figures follow on Thursday. U.S. PCE numbers are out on Friday.
  • ECB President Christine Lagarde speaks on Monday. The FOMC press conference is set for Wednesday.
  • Taipei Blockchain Week concludes in Taiwan.
Comments

All Comments

Recommended for you

  • Amazon Shares Surge 15.2%, Biggest Gain Since 2012

    On July 31, Amazon shares surged 15.2% to $271.255 per share, marking their biggest gain since 2012, with a total market value of $2.92 trillion.

  • US Treasury Secretary Bessent Vows to Track Down Iranian Assets Globally for Terror Victims

    US Treasury Secretary Bessent said the US will actively track down Iranian assets worldwide to ensure compensation funds for victims of Iran-backed terrorist activities. Bessent stated that the US government's military and economic blockade measures against the Iranian regime will continue and will not be relaxed. (Jinshi)

  • Apple Plunges Nearly 10%, Q4 Revenue Guidance Misses Expectations

    On July 31, Apple (AAPL.US) plunged nearly 10% to $300.33, marking its biggest drop since April 2025. In terms of fundamentals, Apple's third-fiscal-quarter revenue rose approximately 16% year-over-year to $109.42 billion, slightly above analyst expectations. Among the details, product revenue came in at $78.68 billion, beating the expected $77.25 billion. However, services revenue—a key driver of its valuation re-rating in recent years—totaled $30.74 billion, missing the consensus estimate of $31.36 billion. Additionally, Greater China revenue reached $18.82 billion, with year-over-year growth slowing to 22%, also below analysts' forecast of $19.58 billion. During the earnings call, Apple guided fourth-fiscal-quarter revenue growth in the range of 9% to 11%, overall below the 12.1% analysts had expected. CFO Parekh noted that component supply constraints would impact iPhone, Mac, and iPad businesses in the fourth fiscal quarter, with currency fluctuations also constraining growth.

  • Three Fed Officials Back Rate Hike, Hawkish Pressure Builds

    On July 31, three Federal Reserve policymakers said that dissenting votes in favor of a rate hike this week stemmed from stubborn inflationary pressures, highlighting rising internal pressure on Fed Chair Warsh to act. In statements released Friday morning, Hammack and Kashkari said they worry that although the current round of price increases may stem from short-term factors such as President Trump's tariff policies and the Iran war, the inflation situation already warrants Fed action. Logan also joined in, saying that even if inflation cools, if the Fed does not raise rates, inflation is unlikely to fully fall back to the Fed's 2% target; without any policy constraints, inflation could continue to run above target until an unexpected shock occurs. Kashkari said that if inflation remains persistently stubborn, he might support a series of rate hikes, not just a single increase, to prevent inflation from becoming further entrenched. He said: "A series of small policy adjustments may be preferable to waiting for developments to unfold and ultimately having to take more forceful action." Hammack said that if the Fed does not tighten policy, price increases could continue to accelerate. She said: "Inflation has been stubbornly above 2% for more than five years, and I have no confidence that it will return to our target on its own." (Jin Shi)

  • US 10-Year Treasury Yield Rises to 4.7388%, Highest Since January 2025

    On July 31, the US 10-year Treasury yield rose to 4.7388%, the highest level since January 2025.

  • Spot Gold Intraday Decline Widens to 2%, at $4,021.08 per Ounce

    On July 31, spot gold's intraday decline widened to 2%, reported at $4,021.08 per ounce.

  • BTC Falls Below $63,000

    Market数据显示，BTC has fallen below $63,000, currently reported at $62,985.99, with a 24-hour decline of 2.99%. Market volatility is significant, please exercise risk control.

  • Fed's Logan: Leaning Toward 25 Basis Point Rate Hike

    On July 31, Federal Reserve Governor Logan said she leans toward a 25 basis point rate hike, believing inflation has not yet entered a sustainable path back to the Fed's 2% target. Logan stated that taking moderate action now would reduce the risk of needing more aggressive tightening in the future, while emphasizing that the Fed cannot rely on unexpected shocks to achieve its inflation target.

  • Fed's Logan: Taking Modest Actions Now Reduces Likelihood of Needing Stronger Action Later

    On July 31, Dallas Fed President Lorie Logan said that taking modest actions in the near term would reduce the likelihood of needing to take stronger action in the future.

  • Philadelphia Semiconductor Index Erases 5% Gain, Turns Lower

    On July 31, U.S. chip and semiconductor stocks rapidly weakened, with the Philadelphia Semiconductor Index wiping out a 5% gain and turning lower. Micron Technology, which had risen 6%, is now down 4.2%. SanDisk, which had gained nearly 10%, is now down over 6%. SK Hynix and Seagate Technology, which had risen over 8%, are now down 2%. TSMC, which had gained 4%, is now down nearly 1%.

Daily Must-Read

Popular Activities

RaveDAO at Terra Solis by Tomorrowland: A Female-Led Techno Night Where Web3 Culture Converges

RaveDAO at Terra Solis by Tomorrowland: A Female-Led Techno Night Where Web3 Culture Converges

April 30 - April 30
Dubai

Popular Tags

Cointime
News
Contents
RSS
Company