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Replace-by-fee (RBF), explained

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Replace-by-fee (RBF) is a feature in Bitcoin that allows users to replace an unconfirmed transaction with a higher fee to expedite confirmation.

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Blackstone buys $1M worth of Bitcoin ETF in first crypto bet

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Blackstone, which bills itself as the “the world’s largest alternative asset manager,” disclosed its first-ever crypto-related purchase, buying shares in BlackRock’s spot Bitcoin exchange-traded fund.

However, Blackstone’s investment, reported in a May 20 filing with the US Securities and Exchange Commission, only totaled around $1.08 million — a fraction of the asset manager’s $1.2 trillion portfolio.

Blackstone reported holding 23,094 shares of BlackRock’s iShares Bitcoin Trust ETF (IBIT) as of March 31.

The IBIT shares were added to Blackstone’s Alternative Multi-Strategy Fund (BTMIX), which holds $2.63 billion worth of assets, Google Finance data shows.

The filing shows Blackstone also bought 4,300 shares in crypto ATM operator Bitcoin Depot Inc. (BTM) for a total cost of $6,300 and spent $181,166 scooping up 9,889 shares of the ProShares Bitcoin ETF (BITO).

Despite its claim as an “alternative asset manager,” Blackstone has largely stayed away from crypto. In September 2019, Blackstone CEO Steve Schwarzman said he liked the concept of blockchain but thought its use for money was “pretty odd.”

“[I was] raised in a world where someone needs to control currencies,” he said at the time.

He admitted he didn’t have much interest in crypto, citing difficulties understanding the technology.

Related: Bitcoin is signaling a golden cross — What does it mean for BTC price?

Blackstone invests in everything from private equity, real estate and credit to infrastructure, hedge funds and insurance solutions.

According to Blackstone’s website, it had $37 billion worth of investable capital as of March 31.

Meanwhile, the state of Wisconsin Investment Board — one of the first state investment funds to provide Bitcoin exposure to US retirees — reported on May 15 that it liquidated all 6,060,351 of its IBIT shares worth $3.7 billion during the first quarter.

Flows keep coming in for BlackRock’s IBIT

BlackRock’s Bitcoin fund has not recorded an outflow in six weeks, since April 9, Farside Investors data shows.

It has seen a 20-trading-day streak of inflows during that time, bringing its total net inflows to over $46.1 billion since it launched in January 2024.

The Fidelity Wise Origin Bitcoin Fund (FBTC) and the ARK 21Shares Bitcoin ETF (ARK) trail IBIT in all-time net inflows at $11.8 billion and $2.8 billion, respectively.

Flow data of the 11 US-based spot Bitcoin ETFs since May 2. Source: Farside Investors

Magazine: NBA star Tristan Thompson misses $32B in Bitcoin by taking $82M contract in cash

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‘Hawk tuah girl’ Haliey Welch says FBI probed her ‘memecoin disaster’

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Haliey Welch, better known as the “Hawk tuah girl,” says the Federal Bureau of Investigation briefly probed her after her “memecoin disaster” — the failed launch of a token in her image that she promoted. 

Welch said in a May 21 episode of her “Talk Tuah” podcast that the FBI showed up at her grandmother’s house looking to speak to her over the Hawk Tuah (HAWK) crypto token, which many crypto commentators have called an exit scam.

“After the coin launch, the feds came to granny’s house and knocked on her door, and she called me, having a heart attack, saying: ‘The FBI is here after you, what have you done?’”

Welch said she handed over her phone to the FBI and met with agents who “interrogated me, asking me questions and everything else related to crypto.”

“They cleared me, I was good to go,” Welch said. 

Welch went viral for her response about an oral sex technique in a vox pop interview posted to YouTube in June. 

The HAWK memecoin, based on her viral catchphrase, launched in early December and almost immediately lost 90% of its value and blockchain analytics firm Bubblemaps’ alleged insider wallets and snipers bought up and dumped massive quantities of the token at launch.

Haliey Welch speaking on her Talk Tuah podcast about the HAWK memecoin. Source: YouTube

Welch said on her podcast that the Securities and Exchange Commission also asked for her phone, and she sent it off “for two or three days” before she was cleared.

Welch’s lawyer James Sallah told TMZ in March that the SEC “closed the investigation without making any findings against, or seeking any monetary sanctions from, Haliey.”

“I trusted the wrong people”

Welch admitted knowing very little about crypto before the HAWK memecoin and said she “trusted the wrong people” for the launch.

She claimed a company, which she said she couldn’t name for legal reasons, was in full control of her X account, which posted videos of her promoting the memecoin.

Welch said she was sent lines to record on video, which were then posted on her X account by someone she trusted but could also not legally name.

She added that on the day of HAWK’s launch, she “kind of knew something was up” and was pulled into a room where a team of people told her to talk on a livestream with YouTuber Stephen Findeisen, better known as Coffeezilla.

“Coffeezilla got on there and they’re like ‘Mute it, mute it,’” Welch said. “Nobody warned me about this guy at all, like nobody at all, they didn’t tell me he was like a crypto wizard, that’s exactly what he is — he ate me the fuck up.”

Related: Justin Sun to attend Trump’s dinner with memecoin backers

Welch said she was only paid a marketing fee and “did not make a dime from the coin itself,” which she said had been totally spent on legal and public relations fees.

A now-deleted post where Welch shared the HAWK token’s tokenomics before it launched. Source: X

Despite being cleared of any legal wrongdoing, Welch took some accountability, admitting that she let many of her fans down who invested in the coin:

“It makes me feel really bad that they trusted me, and I led them to something that I did not have enough knowledge about. I did not have enough knowledge about crypto to be getting involved with it. And I knew that, but I got talked into it, and I trusted the wrong people.”

A group of HAWK buyers sued the alleged creators of the token in December, claiming Alex Schultz, the token’s backing Tuah the Moon Foundation, the token launchpad overHere Limited, and its founder Clinton So promoted and sold HAWK as an unregistered security.

Welch wasn’t named as a defendant.

Magazine: ‘Normie degens’ go all in on sports fan crypto tokens for the rewards

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NYC Mayor Eric Adams launches crypto advisory council

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New York City Mayor Eric Adams says he will create a digital advisory council to attract jobs and investment to the Big Apple and position it as the “crypto capital of the globe.”

“This is not about chasing memes or trends,” Adams told the inaugural New York City Crypto Summit on May 20. “We want to use the technology of tomorrow to better serve New Yorkers today.”

“We have experts right here, and they are going to help us navigate solutions that serve our city,” he added. “The age of tokenization, which includes crypto and blockchain and other fintech innovations, that age is here, and we’re going to continue to move forward with it.”

Adams didn’t share further details on the advisory group, but said a council chair and key policy recommendations would follow in the next few weeks.

We’re taking the next step in becoming the Crypto Capitol of the WORLD, hosting our city’s first-ever Crypto and Digital Assets Summit! Join us LIVE as we get started: https://t.co/iwO6ThkaSB

— Mayor Eric Adams (@NYCMayor) May 20, 2025

On May 12, Adams announced financial services company Figure and private equity firms Traction and Scale would be assisting the city in its crypto efforts.

New York City will also be exploring whether certain services and taxes can be paid via crypto, according to Adams, along with using blockchain tech to manage sensitive information such as birth certificates and death records.

“Bringing blockchain security capabilities to the city means that birth certificates and death records can remain private but accessible to New Yorkers and their next of kin,” Adams said.

“We want to bring jobs of the future to our city today. That means supporting the development of a more diverse, equitable, inclusive tech ecosystem. We must embrace this emerging technology and build on the success of our economy,” he added.

Crypto legislation proposed in New York 

New York State lawmakers have already introduced several bills to regulate crypto. In April, Assemblyman Clyde Vanel introduced a bill to amend the state’s financial law to allow New York State agencies to accept crypto as payment. 

However, the legislation is yet to reach the state’s full House or Senate.

New York state Senator James Sanders Jr proposed the Blockchain Study Act in February, which would create a crypto task force to investigate the current state of crypto in the State. It has yet to advance past the House. 

Related: Wintermute opens New York office, citing improved US crypto rules

Adams made digital assets a large part of his policy platform after assuming office in January 2022 and announced a plan to accept his first three paychecks in Bitcoin (BTC).

He was indicted on corruption charges over alleged illegal donations from the Turkish government, but Justice Department officials stepped in and directed local authorities to intervene. The case was dismissed with prejudice on April 2, meaning it can’t be reopened.

An increasing number of US states are also working on crypto-related legislation, with at least 18 considering bills to establish a strategic Bitcoin Reserve. Two states, New Hampshire and Arizona, have successfully passed the legislation, according to Bitcoin Reserve Monitor.

Magazine: Crypto City: Guide to New York

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