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US federal agents have seized more than 61 million dollars in Tether after tracing the funds to wallets allegedly connected to large scale pig butchering crypto scams.

According to an official statement, investigators linked the assets to schemes in which victims were manipulated into transferring money under false investment promises. The case began after a complaint was submitted to Homeland Security Investigations, whose agents in Raleigh tracked the movement of funds across multiple cryptocurrency wallets used to obscure their origin.

Romance Tactics and Fake Trading Platforms

Court documents describe how scammers built trust with victims, often posing as romantic partners. After establishing a relationship, they claimed to possess insider trading knowledge capable of generating high returns in cryptocurrency markets.

Victims were then directed to fraudulent trading platforms designed to mimic legitimate exchanges. These sites displayed fabricated portfolios and inflated profits to encourage larger deposits. When victims attempted to withdraw their funds, they were told to pay additional taxes or fees, which allowed scammers to extract even more money.

Authorities say the stolen funds were quickly moved through a network of wallets to conceal ownership and control. Some of those wallets still contained significant sums, enabling law enforcement to seize and initiate forfeiture proceedings.

Broader Enforcement Efforts

Tether has collaborated with international authorities in multiple financial crime investigations, helping to freeze and recover illicit assets.

In July 2025, the United States Department of Justice announced a civil forfeiture action involving 1.6 million dollars in USDT allegedly linked to terror financing through Buy Cash Money and Money Transfer Company.

Earlier in June 2025, Brazilian officials credited Tether with assisting in blocking approximately 6.2 million dollars tied to a cross border laundering scheme involving Klever Wallet. That same month, the Justice Department and OKX supported a forfeiture complaint targeting roughly 225 million dollars in USDT connected to similar pig butchering operations. In March 2025, the United States Secret Service froze 23 million dollars linked to transactions on the sanctioned Russian exchange Garantex.

The latest seizure underscores the growing coordination between stablecoin issuers and global law enforcement as authorities intensify efforts to combat crypto enabled financial crime.

Bitcoin staged a sharp rebound on Saturday, climbing to 67,000 dollars after earlier tumbling to 63,000 amid escalating tensions in the Middle East.

The dramatic swings appear tied to fast moving developments in Iran. Earlier in the day, Israel and the United States launched strikes against Iranian targets. Iran responded with actions affecting several countries in the region, including the UAE, Bahrain, Qatar, and Saudi Arabia.

Volatility intensified after unconfirmed reports from Israeli sources claimed that Iran’s supreme leader, Ali Khamenei, had been killed. There has been no official confirmation of the claim.

US President Donald Trump also commented on the situation, warning of further military measures if Iran does not curb its nuclear ambitions.

With traditional markets closed over the weekend, crypto became the primary venue reacting in real time. Bitcoin initially fell from 66,000 to 63,000 within minutes of the first strike reports, dragging altcoins lower. As new headlines emerged, the asset reversed course and rallied strongly, briefly touching 67,000 as traders responded to the latest developments.

Vitalik Buterin has introduced a detailed roadmap aimed at preparing Ethereum for the potential risks posed by quantum computing, identifying post quantum security as a key priority for the network’s long term resilience.

Addressing Core Vulnerabilities

In a recent social media post, Buterin highlighted several components of Ethereum that could become vulnerable as quantum computing advances. These include consensus layer BLS signatures, data availability systems that rely on KZG commitments and proofs, externally owned accounts that use ECDSA signatures, and application layer zero knowledge proofs such as KZG and Groth16.

To mitigate these risks, he proposed replacing consensus layer BLS signatures with hash based alternatives such as Winternitz variants. He also suggested using STARK based aggregation methods to maintain efficient verification while improving security.

Buterin noted that Ethereum’s shift toward leaner consensus and faster finality may reduce the number of signatures required per slot, which could simplify the transition and potentially remove the need for aggregation in early stages.

He further emphasized the importance of selecting a durable long term hashing standard from existing options to ensure robust protection against future quantum threats.

Data Availability and Protocol Changes

Another area under review is Ethereum’s data storage and distribution model. Buterin proposed adopting a more secure method for handling data availability, though he acknowledged this would require additional technical work to manage more complex verification processes.

For externally owned accounts, he recommended implementing native account abstraction through EIP 8141. This would enable accounts to support multiple signature schemes, including quantum resistant alternatives.

At present, verifying an ECDSA signature costs roughly 3000 gas. Quantum resistant signature schemes could require close to 200000 gas, making them significantly more resource intensive. However, Buterin expressed confidence that optimization efforts will gradually reduce these costs.

He also proposed long term aggregation techniques that combine numerous signatures into a single verification step, easing the computational burden on the network.

Upgrading Proof Systems

Ethereum’s roadmap extends to its proof infrastructure. While current ZK SNARK verification remains relatively efficient, quantum resistant STARK proofs are considerably more expensive.

To address this, the proposal under EIP 8141 would allow multiple transactions to be bundled and validated through a single proof before being finalized on chain. This approach aims to lower on chain computation while preserving scalability and enhancing security.

The roadmap aligns with the broader direction recently outlined by the Ethereum Foundation, which stated that the ecosystem’s next development phase will focus on increasing network capacity while safeguarding long term security and resilience against emerging technological threats.

Fresh US strikes on Iran have reignited discussion about the country’s role in Bitcoin mining and whether potential infrastructure damage could disrupt the network.

The debate gained traction after a viral post on X claimed Iran operates a one billion dollar mining sector that could be severely impacted if military action intensifies. The claim quickly divided crypto commentators between those warning of a temporary hashrate shock and others dismissing the concerns as overstated.

Iran’s Mining Presence Under Scrutiny

Independent analyst Shanaka Anslem Perera argued that Iran mines Bitcoin at an estimated cost of 1,320 dollars per coin due to heavily subsidized electricity, then sells near market prices around 68,000 dollars. He alleged that roughly 700,000 mining machines consume about 2,000 megawatts daily and suggested that some operations are linked to the Islamic Revolutionary Guard Corps.

Perera also claimed that Bitcoin enables Iran to convert sanctioned energy resources into liquid capital beyond the reach of traditional systems such as SWIFT.

Data from Chainalysis showed that Iran’s total crypto activity surpassed 7.78 billion dollars in 2025. Addresses tied to networks facilitating IRGC related transactions reportedly received more than 3 billion dollars last year, with activity often rising during periods of political or military tension.

However, critics challenged the mining cost estimates. Analyst Dasha called the 1,320 dollar production figure inaccurate, arguing that it relies on unrealistic household electricity rates that are not sustainable due to power shortages and rolling blackouts.

Network Resilience in Focus

Others downplayed the broader risk to the Bitcoin network. Some observers noted that even if Iran controlled 5 percent of global hashrate and it went offline, the network would continue operating without major disruption.

Supporters of that view pointed to earlier incidents in the United States, where severe winter storms temporarily forced major Texas mining operations offline. Despite a sharp drop in hashrate over a short period, the network continued to function as designed.

Perera countered that a targeted air campaign damaging power infrastructure could have a more lasting effect than temporary grid strain. He argued that if electricity generation were reduced by 30 to 50 percent, Iran’s estimated 2 to 5 percent share of global hashrate could disappear within days. Such a drop could slow block production until the next difficulty adjustment and potentially push transaction fees higher.

Still, others emphasized that Bitcoin has endured far larger disruptions. In 2021, China removed more than half of global hashrate after banning mining, yet the network quickly stabilized as miners relocated.

For now, the discussion highlights Bitcoin’s adaptive design. While localized disruptions may create short term volatility, historical precedent suggests the network can absorb significant shocks without long term structural damage.

Fresh analysis from CryptoQuant suggests that Bitcoin is undergoing a significant deleveraging process, yet the market may not have reached the ultimate low of the current bear cycle.

Although conditions have cooled and speculative excess is being flushed out, key derivatives metrics imply that a full capitulation event has not yet taken place.

CME Basis Signals Cooling but Not Capitulation

One of the primary indicators cited in the report is compression in the Bitcoin basis on the Chicago Mercantile Exchange. The CME basis represents the premium investors are willing to pay for leveraged long exposure through futures contracts.

Since 2025, the yield curve has been trending downward in a pattern similar to those seen ahead of the 2019 and 2022 bear markets. This compression reflects declining demand for leveraged long positions, as traders grow more cautious and less willing to pay elevated premiums for future exposure.

However, the curve remains positively sloped. Longer dated futures contracts continue to trade above spot prices and short dated contracts. Historically, major cycle bottoms have formed only after the yield curve flipped negative into backwardation, signaling intense stress and aggressive deleveraging. That shift has not yet occurred.

The current structure indicates fading bullish conviction and a more neutral to bearish backdrop. It also suggests that price rallies could face continued resistance until a clearer cyclical low is established.

Open Interest Collapse Mirrors Prior Bear Market

Additional evidence of a reset in positioning can be seen in the sharp decline in futures open interest. CME Bitcoin futures open interest has fallen approximately 47 percent from its 2025 peak, closely matching the 45 percent drop recorded during the 2022 bear market.

Such a steep reduction points to a widespread unwind of leveraged positions following a period of heightened speculation. The drawdown reflects extended liquidations, reduced speculative appetite, and lower hedging activity. This is consistent with a prolonged deleveraging cycle rather than a sudden panic driven capitulation.

A Mid Cycle Bearish Regime

When viewed together, declining open interest and a still positive yield curve suggest the market is in a consolidative or mid cycle bearish phase. Leverage is being reset gradually, but the acute stress conditions that typically mark definitive bottoms have yet to materialize.

In previous cycles, durable lows emerged only after deeper structural shifts in derivatives positioning. Until those signals appear, the data implies that further downside or extended consolidation remains possible before Bitcoin establishes a lasting bottom.

Crypto markets turned sharply lower over the weekend after Israel carried out strikes on Iran and US President Donald Trump confirmed American involvement.

Bitcoin Under Pressure

Bitcoin had already experienced a turbulent week. After falling to 62,500 earlier in the week, it rebounded to 70,000 on Wednesday, only to lose momentum again. Following the latest geopolitical escalation, BTC fell below 62,800 before stabilizing near 63,400.

Bitcoin’s market capitalization has slipped to roughly 1.275 trillion dollars, while its dominance has dipped below 56 percent.

Altcoins Hit Hard

Losses across altcoins have been widespread. Ethereum has dropped to around 1,850, shedding about 200 dollars in recent days. BNB moved ahead of XRP in market capitalization after XRP declined around 9 percent. Solana has fallen below 80 following double digit losses.

Additional steep declines have been recorded in ADA, HYPE, BCH, DOGE, LINK, and XLM. KCS, PIPPIN, and STABLE are among the worst performers, posting losses of up to 20 percent. Gold backed stablecoins have been one of the few segments showing gains.

More than 100 billion dollars has been wiped from the total crypto market capitalization over the past 24 hours, pushing it well below 2.3 trillion dollars.

Bitcoin dropped sharply below 64,000 dollars on Saturday after reports emerged that Israel carried out what officials described as a preemptive strike against Iran.

Israeli Defense Minister Israel Katz declared a state of emergency, warning that retaliation from Iran could follow, potentially involving drones and other forms of attack. The rapid escalation in geopolitical tensions triggered immediate volatility in crypto markets, which remain open over the weekend while traditional financial markets are closed.

Within minutes of the news, Bitcoin fell from around 66,000 dollars to approximately 63,600 before stabilizing near 64,000. The asset has now declined by more than 4,000 dollars since being rejected at 68,000 the previous day. Earlier in the week, Bitcoin briefly touched 70,000 after rebounding from a recent low near 62,500.

Altcoins mirrored the turbulence, with many posting losses of 2 percent or more in a short span. Liquidations surged as a result, reaching about 450 million dollars over the past 24 hours, including roughly 185 million dollars wiped out within a single hour.

The sharp reaction underscores how sensitive crypto markets remain to sudden geopolitical developments.

Jack Dorsey revealed that Block, Inc. will reduce its workforce by more than 4,000 employees, lowering total staff from over 10,000 to under 6,000. The decision marks one of the most significant restructurings in the company’s history.

In a public message shared on X, Dorsey described the move as one of the toughest choices the firm has faced. Employees were informed the same day whether they would be departing, entering consultation, or remaining with the company.

Restructuring Tied to AI Strategy

Dorsey explained that the cuts are not the result of financial trouble, emphasizing that the business remains solid. Instead, he pointed to rapid changes driven by artificial intelligence tools and a shift toward smaller, flatter teams. According to him, these developments are reshaping how companies are built and operated.

Affected staff will receive 20 weeks of pay plus an additional week for each year of service, equity vesting through the end of May, six months of healthcare coverage, their company devices, and 5,000 dollars to assist with their transition. International employees will receive comparable packages adjusted for local regulations.

Dorsey said he considered implementing gradual reductions but opted for a single large round of cuts to avoid prolonged uncertainty and repeated disruption. He acknowledged that some decisions may later prove imperfect but stressed the need to adapt quickly.

Debate Over Over Hiring and AI Impact

The announcement sparked mixed reactions online. Some observers viewed the severance terms as generous, while others questioned whether the layoffs were truly driven by AI or by earlier hiring decisions. Critics noted that Block expanded rapidly during the pandemic, growing from about 3,900 employees in late 2019 to more than 12,500 by the end of 2022.

Responding to these comments, Dorsey admitted that the company had over hired during that period. Additional criticism focused on the optics of linking job cuts to artificial intelligence, especially as Block’s shares rose sharply in post market trading following the news.

The restructuring reflects a broader shift within the tech sector, where companies are reassessing staffing levels as AI tools become more integrated into daily operations.

Perpetual funding rates for Bitcoin have turned negative across major exchanges, indicating that short sellers are paying to maintain bearish positions and that downside sentiment currently dominates derivatives markets.

In a February 27 update, analyst Amr Taha highlighted that funding rates moved below zero on Binance, OKX, and Bybit. Negative funding means shorts are compensating longs, typically reflecting crowded bearish positioning.

While this setup often aligns with pessimism, Taha argues that extreme short exposure can create conditions for a short squeeze. Liquidation heat map data shows significant leveraged positions sitting above the current price, including clusters originating near 92,000 dollars. If Bitcoin moves higher, forced closures of these shorts could intensify upward momentum.

Taha noted that improving macro conditions would increase the likelihood of a near term recovery, adding that heavy short positioning combined with negative funding has historically preceded sharp reversals, though it does not guarantee direction on its own.

Retail participation also appears to be rising. A contributor from CryptoQuant observed that trading activity among smaller investors has climbed above its one year average, suggesting renewed engagement after a cautious period.

On the flow side, Taha reported roughly 1,700 BTC in net inflows from medium term holders known as Octopus wallets into Binance. A larger 5,000 BTC inflow earlier in February preceded a sharp decline, but the current movement is more moderate and may carry less bearish weight.

Bitcoin briefly tested 70,000 dollars on February 26 before slipping back into a range between 66,600 and 68,600 dollars, according to CoinGecko. Analysts at Glassnode say that although price action has stabilized, the broader market has yet to show clear signs of recovery.

At the time of writing, Bitcoin is trading just under 68,000 dollars. It is slightly lower over the past 24 hours, flat on the week, down nearly 24 percent over the past month, and remains about 46 percent below its October 2025 all time high.

This week delivered sharp swings across the crypto market, even though total capitalization remains near 2.36 trillion dollars, roughly unchanged from last Friday.

Bitcoin began the week under pressure, sliding from above 67,000 dollars to near 64,000 before briefly dipping below 63,000. Sentiment weakened significantly, reflecting broad pessimism across the market.

Then came a sudden reversal. Bitcoin surged from 63,000 to 70,000 dollars in less than two days, sparking hopes of a sustained rebound. However, the move quickly lost momentum. Sellers stepped back in, pushing BTC down to just above 66,000 dollars. The Crypto Fear and Greed Index still signals extreme fear, indicating that traders remain unconvinced about a lasting recovery.

On the Ethereum side, co founder Vitalik Buterin continued reducing his holdings. His total sales have reached about 18,700 Ethereum, exceeding his previously stated plan to sell 16,384 ETH to support open source development, privacy initiatives, and critical infrastructure projects.

Meanwhile, XRP showed signs of improving spot demand. Bitrue reported a 212 percent rise in XRP spot buying on February 26, largely tied to ETF related inflows. Although price action has not yet reflected this increase, the shift could point to changing market structure.

Overall, the week began with heavy losses, shifted briefly into optimism, and ultimately returned to where it started. Weak sentiment continues to dominate, a pattern often seen in bear markets. The coming week will determine whether buyers can regain control or if pressure persists.