Jury Seated for Tornado Cash Dev Roman Storm's Trial

NEW YORK — A 12-person jury has been seated for Tornado Cash developer Roman Storm's criminal trial, and opening arguments are set to begin later this afternoon in the Thurgood Marshall courthouse in lower Manhattan.

Seven women and five men with a diverse range of backgrounds and ages will decide whether the U.S. Department of Justice can prove beyond a reasonable doubt that Storm engaged in conspiracy to commit money laundering, conspiracy to violate U.S. sanctions and conspiracy to operate an unlicensed money transmitting business. Jury selection began on Monday.

Of the jurors, just one works as an IT manager, while another works at surveillance and data firm Palantir. The rest have different educational backgrounds ranging from high school diplomas to a master's degree, and their ages range from individuals in their 20s to their 60s.

The court went on break after the jury was seated, but opening arguments will begin shortly and are expected to end before the close of business on Tuesday. The trial itself is expected to last about four weeks.

Read more: Right to Code? Tornado Cash Dev Roman Storm's Money Laundering Trial Kicks Off Monday

Opening arguments come as Storm's defense team tries to dismiss some of the evidence prosecutors intend to introduce during the trial, including communications between Storm and his fellow Tornado Cash developer, Alexey Pertsev.

The defense has argued that a portion of the messages obtained from Pertsev "fails to identify and mischaracterizes who actually wrote the messages," including an inquiry from a now-former CoinDesk reporter to Tornado Cash developers after the hack of Axie Infinity's Ronin Bridge.

In their indictment of Storm, prosecutors characterized that inquiry as coming from Pertsev:

"[Pertsev] sent a message to Storm and [Tornado Cash developer Roman Semenov] through the Encrypted App, saying 'Heya, anyone around to chat about axie? Would like to ask a few general questions about how one goes about cashing out 600 mil,'" the indictment said in paragraph 57.

The message was actually from a former CoinDesk reporter, sent to a group chat that included other (now-former) CoinDesk reporters and editors, as well as Storm and Pertsev.

"That chat is just one example of many," the defense argued in a filing on Friday.

CORRECTION (July 15, 2025, 18:15 UTC): Corrects a truncated sentence about the jurors' educational backgrounds.

source https://www.coindesk.com/policy/2025/07/15/jury-seated-for-tornado-cash-dev-roman-storms-trial

Asia Morning Briefing: How Will Coinbase Rebrand Its Wallet?

Good Morning, Asia. Here's what's making news in the markets:

Welcome to Asia Morning Briefing, a daily summary of top stories during U.S. hours and an overview of market moves and analysis. For a detailed overview of U.S. markets, see CoinDesk's Crypto Daybook Americas.

Rest in Peace, Coinbase Wallet.

No, the app itself isn't going away, but it is getting a new name.

On its X profile, its name is crossed out and replaced with a 'TBA' and a few question marks.

"There’s plenty of speculation about what it means, but I’m leaning toward 'The Base App.' That would fit the idea of Base unveiling a range of in-app experiences directly inside its wallet," Bradley Park, a Seoul-based analyst with DNTV Research, told CoinDesk in an interview.

Base Creator Jesse Pollak was tapped to lead Coinbase's Wallet team last October, which lends credence to Park's theory.

In an interview on the sidelines of Devcon in Bangkok last year, Pollak played up the decentralization of Base. It could be that the wallet is due for a rebrand to highlight its decentralized nature and distance from Coinbase itself.

It's not the first time Coinbase has re-branded its wallet. Originally it was launched as 'Toshi', and in 2018 that name was dropped in favor of Coinbase Wallet.

Ethereum’s ZK Upgrade Earns Institutional Praise from Cathie Wood

ARK Invest CEO Cathie Wood says Ethereum is “proposing the right moves for scalability and privacy to maintain its lead in the institutional world,” as the Ethereum Foundation unveils a roadmap to bring zero-knowledge proofs (ZKPs) directly to its base layer.

While Wood acknowledged she does not grasp all the technical details, her endorsement highlights growing institutional confidence in Ethereum’s long-term vision.

The proposed upgrade would let validators verify cryptographic proofs of block validity rather than re-executing each transaction, dramatically reducing computational overhead. These proofs would be generated by block builders or third-party zk-prover networks and verified in under 10 seconds, using hardware that costs less than $100,000 and consumes no more than 10 kilowatts of power.

The plan would boost network throughput and decentralization, but comes with tradeoffs. Shifting the burden of computation from validators to provers could introduce liveness risks if those provers go offline or collude. The Ethereum Foundation aims to mitigate these risks through prover diversity, protocol hardening, and eventually enabling at-home participants to contribute to proving.

If successful, this would make Ethereum the first major blockchain to integrate ZKPs at the protocol layer, reinforcing its position as the dominant infrastructure for both decentralized applications and institutional adoption. Combined with cheaper data availability via blobs and advances in zk-rollups, Ethereum is positioning itself as the chain most ready for scale.

Market Movements:

BTC: Bitcoin rallied 1% to nearly $119K over the weekend amid triple-normal trading volumes, while BlackRock’s IBIT crossed $80 billion in crypto assets under management, signaling strong institutional demand despite a late-session profit-taking reversal.

ETH: Ethereum surged past $3,000 for the first time since February, rising 3% amid record institutional inflows and heightened trading volumes that signaled strong bullish momentum.

Gold: Gold climbed to $3,371 as central banks continue their historic accumulation spree, over 1,000 tonnes annually since 2022, fueling a bullish breakout above key technical levels and setting sights on $3,578 and beyond.

Nikkei 225: Asia-Pacific markets opened lower Monday as investors reacted to President Trump’s surprise weekend announcement of 30% tariffs on the EU and Mexico starting August 1, with Japan’s Nikkei 225 falling 0.33%.

Elsewhere in Crypto:

• Chart of the Week: 'Hyperbitcoinization' May Not Be Just Maximalist Fantasy Anymore (CoinDesk)
• State of Crypto: Previewing Congress' 'Crypto Week' (CoinDesk)
• Coinbase hires pseudonymous poster AlexOnchain as first ‘Crypto Twitter lead’ in bid to expand social media presence (The Block)
  

source https://www.coindesk.com/markets/2025/07/14/asia-morning-briefing-how-will-coinbase-rebrand-its-wallet

ICP Jumps 4% as Launch of AI-Powered Self-Writing Web3 Apps Platform ‘Caffeine’ Nears

Caffeine is an innovative platform built on the Internet Computer (ICP) blockchain that enables users to create decentralized Web3 applications using natural language commands — no coding skills needed. By simply describing what they want, users interact with an AI-powered system that instantly generates fully functional, secure, and scalable apps running entirely on-chain. These apps are deployed as smart contracts (called canisters) on the Internet Computer, ensuring they are tamper-proof and decentralized.

The platform’s interface resembles a chat experience, where users communicate with an AI “builder agent” to specify app features and functionality. This conversational approach allows continuous refinement and customization of apps through simple text prompts, making app development accessible to everyone, regardless of technical background.

Caffeine supports a wide range of applications, including e-commerce websites, social media platforms, blogs, and business tools like customer relationship management (CRM) and enterprise resource planning (ERP) systems. It also caters to personal projects and institutional use cases, offering flexibility across sectors.

One of Caffeine’s unique strengths is its fully on-chain deployment on the Internet Computer Protocol (ICP) blockchain. This ensures high security, resilience, and seamless integration with Web3 features such as decentralized identity and token payments. The platform also includes an app store where users can publish, discover, clone, and subscribe to apps, fostering a dynamic ecosystem of self-writing applications.

Caffeine was first publicly demonstrated last month by Dominic Williams, the Founder and Chief Scientist of the DFINITY Foundation, at the World Computer Summit 2025 in Zürich, where he showcased rapid app creation from natural language inputs.

Its official public launch is scheduled for July 15, 2025, at the “Hello, Self-Writing Internet” event in San Francisco. By combining AI-driven code generation with ICP’s blockchain technology, Caffeine aims to revolutionize how decentralized apps are built, making Web3 development intuitive and widely accessible.

At the time of writing, ICP is trading at around $5.48, up 4% in the past 24-hour period, according to CoinDesk Research's technical analysis model.

Technical Analysis

• Support anchored at $5.14 during opening session.
• High-volume breakout hit at 21:00 UTC on July 12 with 504,468 units.
• Fresh resistance carved at $5.37, subsequently breached.
• Higher lows sequence validated bullish structure.
• Session peaks touched $5.49 on steady buying flow.
• Volume crushed 24-hour average during breakout windows.
• Final hour showed consolidation with volume fade in closing.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.

source https://www.coindesk.com/markets/2025/07/13/icp-jumps-4-as-launch-of-ai-powered-self-writing-web3-apps-platform-caffeine-nears

Bitcoin Breaks $119K, but XLM and HBAR Aren’t Impressed by Its Meager Percentage Gain

According to CoinDesk Data price information, at 2:20 p.m. UTC on Sunday, the bitcoin (BTC) price set a new all-time high of $119, 308, up 1.4% in the past 24-hour period.

Bitcoin's achievement was a little bit surprising because the crypto market was waiting for the U.S. stock market to open on Monday to discover the reaction to the 30% tariffs against imports from the EU and Mexico that Trump announced late Friday on Truth Social.

Analysts expect the bitcoin price to reach as high as $250,000 by year-end. For example, in a recent interview on CNBC, Fundstrat Capital CIO Thomas Lee said that the demand versus supply imbalance for BTC meant that its price could easily reach anywhere from $150,000 to $250,000 by the end of this year.

As of 4:11 p.m. UTC, bitcoin is trading at around $118,882, which is a gain of 1.38% in the past 24-hour period.

Meanwhile, on the same day, XLM got as high $0.4815 (at 3:20 p.m. UTC), but currently it is trading at $0.4578, up 22% in the past 24 hours. XLM's performance, although highly impressive, was not a huge shock since on Saturday, it surged 6% to $0.3880, making it the top performer by percent change among the top 20 cryptocurrencies by market cap.

As for HBAR, its intraday high of $0.2516 was reached at 3:10 p.m. UTC, but it is currently trading at around $0.2439, up 27% in the past 24 hours, which makes it right now today's top percentage gainer among the top 20 cryptocurrencies.

Crypto analyst Rekt Capital noted on X that HBAR’s recent 62% surge aligns closely with its 2021 price cycle, suggesting the token could be setting up for a similar breakout pattern. According to the analyst, HBAR has been tracking the 2021 structure "almost perfectly," and any near-term pullback should be viewed as a potential retest with the goal of breaking above the current lower high resistance level.

The pseudonymous analyst also pointed out that a modest 2.5% dip in bitcoin’s market dominance has already fueled strong rallies across many altcoins. He noted that if such a small decline can trigger outsized altcoin moves, a more substantial drop in dominance — into double-digit territory —could significantly accelerate capital rotation into the altcoin market.

source https://www.coindesk.com/markets/2025/07/13/bitcoin-breaks-usd119k-but-xlm-and-hbar-aren-t-impressed-by-its-meager-percentage-gain

Indian Crypto Exchange CoinDCX Denies Moving User Funds After WazirX Allegations

"Please don't fall for misinformation," Indian crypto exchange CoinDCX's Co-founder and CEO, Sumit Gupta, said Saturday amid allegations that the exchange moved user funds to non-compliant entities in Lithuania.

The allegation was reportedly made by another Indian exchange, WazirX, which has been under scrutiny since last year's $230 million hack.

In an affidavit filed as part of the Singapore High Court proceedings (scheduled for a hearing on July 15, 2025), WazirX reportedly claimed that CoinDCX held user funds in a Lithuania-based entity that was not registered with India’s Financial Intelligence Unit (FIU) until February 2025.

Gupta denied these allegations in a message to CoinDesk, stressing that his India-based users' INR and crypto funds have always been held by Neblio Technologies, our FIU-IND registered entity, which is fully compliant with all Indian laws.

"For the record: CoinDCX did not have any entity in Lithuania until Feb 2025. We only engaged with third-party entities to explore potential global expansion. No business was ever conducted by CoinDCX (Neblio Technologies) in Lithuania, and no user funds were ever moved to or held by any Lithuania-based entity," Gupta said.

He added that the exchange updated its Terms of Use to make Neblio Technologies the formal contracting party on Feb. 7 this year, and the change was made to strengthen transparency and user trust.

"We did this proactively so that CoinDCX users never face challenges like those seen during the WazirX episode. This approach safeguards users’ interests, and we hope other Indian exchanges adopt the same standard," Gupta said, adding that the exchange "remains committed, as always, to user safety, transparency, and regulatory compliance.

source https://www.coindesk.com/policy/2025/07/12/indian-crypto-exchange-coindcx-denies-moving-user-funds-after-wazirx-allegations

Why is XRP Up Today? Whale-Driven Rally Sends Ripple to Nearly $3

What to know:

• XRP rallied 8% from $2.58 to $2.78 between July 11 06:00 and July 12 05:00, with an intraday high of $2.96 at 15:00 before retracing.
• Afternoon price action saw exceptional volume — over 375M between 13:00–15:00 — with buyers repeatedly defending the $2.70–$2.75 zone.
• A $14.03M leveraged long was opened on Hyperliquid at $2.30, signaling aggressive whale positioning.
• Analysts now target $2.90–$3.40 as the next resistance band, citing bullish structure and capital inflows.
• News Background
  Whale wallets have ramped up exposure in recent sessions, most notably with a $14M long established on derivatives venue Hyperliquid.
• The trade coincides with a breakout from an ascending triangle structure and a growing belief among technical analysts that the $2.90 region, once cleared, could spark a fast leg toward $3.40 and beyond.
• This comes as Ripple's broader ecosystem — including RLUSD stablecoin momentum and cross-border settlement integrations — continues to attract institutional interest.

Price Action Summary

• Range: $0.35 | Low: $2.58 → High: $2.96
• Peak Time: 15:00 | Sharp retracement followed, but price held above $2.70
• Support Zone: $2.70–$2.75, where demand remained intact through multiple tests
• Final Hour (04:55–05:54): XRP rose from $2.76 → $2.79 (+1%)
• Volume Spike: 2.6M between 05:30–05:35 validated breakout toward session close

Technical Analysis

• Price formed an ascending triangle with higher lows and horizontal resistance tests
• Total trading range of $0.35 = 14% volatility on session
• Afternoon resistance at $2.96; consolidation at $2.78
• Key breakout zone remains $2.90–$3.40; breach would likely trigger accelerated upside
• Late-session breakout confirmed by real volume, not thin order books — a key bullish sign

What Traders Are Watching

• Can XRP flip $2.80–$2.85 into a new base?
• Watch for reaction near $2.90; a clean move through that zone with >200M volume may open path to $3.40
• Failure to hold above $2.70 could invite pullback toward $2.58–$2.60
• Whale long at $2.30 continues to act as downside anchor for bullish bias

Takeaway
Real flows, strong technical structure, and aggressive leveraged positioning underpin XRP’s 8% daily move. The $2.96 rejection showed local resistance, but recovery into the close points to renewed strength.

A confirmed breakout above $2.90 could mark the start of a new bullish leg — with traders already eyeing $3.40 and, in ultra-bullish cases, $5+ as long-term targets.


Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.

source https://www.coindesk.com/markets/2025/07/12/why-is-xrp-up-today-whale-driven-rally-sends-ripple-to-nearly-3

Ethereum ETFs See Inflow Surge as BlackRock’s ETHA Draws in Record $300M in a Day

Ethereum's ether (ETH), the second largest crypto asset, is seeing renewed investor interest, with spot exchange-traded funds (ETFs) in the U.S. recording one of their strongest streak of momentum of their one-year history.

On Thursday, BlackRock’s iShares Ethereum Trust (ETHA) booked its largest daily inflow to date, with over $300 million, pushing its total assets under management to $5.6 billion, data compiled by Farside Investors show.

That’s part of a broader resurgence in ether-backed investment products.

The nine U.S.-listed ETH ETFs attracted a combined $703 million in net inflows this week, according to crypto data provider SoSoValue. Although Friday’s data is still pending, it has already marked the third-strongest weekly haul since the products launched last July.

Investor demand has picked up lately even as ether’s price has lagged behind bitcoin this year, a new report from asset manager Fineqia noted.

The AUM of ETH-backed exchange-traded products (ETPs) grew 61% faster in the first half of 2025 than the market capitalization of the underlying asset, a sign of steady inflows into the products, the report said.

The report notes that ETP demand began to rebound by late April and continued into June, outpacing ETH's price gain.

The capital flood helped fuel ETH's rebound to $3,000, its highest price in more than four months.

Read more: Ethereum Foundation Sells 10,000 ETH to SharpLink in First-Such OTC Deal

source https://www.coindesk.com/markets/2025/07/11/ethereum-etfs-see-inflow-surge-as-blackrocks-etha-draws-in-record-300m-in-a-day