Ostium Labs argues that Bitcoin’s uptrend remains intact after August’s reversal, but it draws a bright red line at $98,000. In its September 1 Market Outlook, the firm writes: “Closing below $98k on this timeframe would turn weekly structure bearish,” adding that “above $98k weekly structure is still bullish and therefore we should anticipate the formation of a higher-low.”

At publication time, Ostium referenced BTC around $108,017, with the August monthly candle settling “firmly red” after wicking through the record to roughly $124.5k and closing near prior resistance-turned-support around $108.2k.

Key Bitcoin Price Levels To Watch Now

On the monthly chart, Ostium sees no evidence of a 2021-style cyclical top. The note acknowledges some momentum divergence on RSI but stresses the absence of confirmation from the Awesome Oscillator: “AO has continued to point towards building momentum throughout the uptrend… I do not think this is even remotely similar to the 2021 top formation.”

Related Reading

The bear case strengthens only if September “closes below the 2025 open at $93.3k and therefore below local trendline support.” For the bullish path, the team wants September to find support “above the yearly open, but likely much higher around the July lows at $105k,” and “ideally” finish the month green “above the August open at $115k,” a configuration they say would “set us up for expansion beyond the highs in October.”

Weekly structure, by Ostium’s read, “showed no exhaustion on the move higher” and has now reset toward 50 on RSI, a profile the firm says supports trend continuation. Should the market carve a higher low early in September and reclaim momentum, a weekly close “back above $112k leads to a retest of the August open and potentially $117.5k into FOMC with a retest of the highs before month-end.”

The daily timeframe remains the near-term hurdle. Ostium characterizes the pullback as “orderly,” with supports flipped to resistance on the way down and “the key level… obviously the $112k prior all-time high,” which served as support in early August and then “reclaimed resistance” on last week’s leg lower.

“A breakout and close above the trendline and back above $112k would look like the bottom is in,” they write. A failed probe—“wick above the trendline into $112k and reject”—would bias price toward “the June open at $104.5k, with the 200dMA below that at $101.3k being key demand.” In derivatives, CoinGlass liquidation heatmaps for Binance’s BTC/USDT pair over one week and one month show dense liquidation bands layered above the $114k cap and clustered below around the $120k region, while no significant levels are visible to the downside.

With a macro-heavy week ahead— ISM prints, JOLTS, the Fed’s Beige Book, jobless claims, ADP, ISM Services, and Friday’s Nonfarm Payrolls—Ostium lays out conditional tactical setups. For longs, they prefer evidence of exhaustion into support: trendline resistance respected, “today’s low” taken out via a liquidation wick into the June-open/200-day cluster, and bullish divergence forming there before bidding for a move back to the weekly open and the $112k retest. For shorts, they prefer a sharp early-week squeeze into $112k “with trend exhaustion… having not taken out today’s low around $107k,” fading the pop back into weekly lows with risk reduced if it unfolds ahead of NFP.

Related Reading

Ostium also surveys positioning, pointing to snapshots across Velo and CoinGlass, three-month annualized basis, and the mix between Bitcoin and altcoin open interest, as well as one-week and one-month liquidation maps. While it refrains from headline claims on those dashboards, the note’s technical levels line up with the most concentrated liquidation density visible in the attached heatmaps, where stacked interest remains perched near the $112k pivot overhead and layered through the $105k–$101k demand shelf.

DXY As Tailwind For The BTC Price

The report extends beyond Bitcoin. The dollar backdrop, in Ostium’s framework, remains a tailwind for BTC into year-end. With DXY around 97.2, the firm says the current sequence rhymes with past cyclical drawdowns and expects “DXY to break below 96 and push towards at least 94.6, but more likely 93,” where a bottoming formation could emerge above the 200-month moving average. The secular DXY bull case is not dismissed; rather, Ostium situates the present leg as the final cyclical downswing before a higher-low and multi-year recovery, contingent on policy outcomes. A decisive monthly reclaim of 100 would invalidate the near-term bearish DXY view.

Across assets, the through-line of Ostium’s September map is clarity on thresholds. For Bitcoin, a weekly loss of $98,000 would be the first structural break of the cycle; a daily reclaim of $112,000 would strongly argue the local low is in; and a monthly hold above $105,000 with a close back over $115,000 would tee up fresh highs into October.

At press time, BTC traded at $110,610.

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After navigating significant challenges in the United States regarding money laundering allegations that led to the resignation of its former CEO, Changpeng Zhao (CZ), cryptocurrency exchange Binance finds itself under scrutiny once again, this time in Australia. 

Binance’s AML And CTF Controls Under Fire

The Australian Transaction Reports and Analysis Centre (AUSTRAC), the nation’s financial intelligence agency, has mandated that Binance’s local arm appoint an external auditor due to “serious concerns” about its anti-money laundering (AML) and counter-terrorism financing (CTF) controls.

AUSTRAC’s concerns emerged following a recent independent review of Binance Australia’s operations, which the agency described as “limited in scope relative to its size, business offerings, and risks.”

The agency highlighted alleged issues from the exchange such as high staff turnover, inadequate local resources, and insufficient oversight from senior management. 

In a statement, AUSTRAC emphasized the need for robust systems that align with local regulatory requirements, particularly given the global nature of the exchange’s operations. 

Brendan Thomas, AUSTRAC’s chief executive, stressed the importance of effective customer identification, due diligence, and transaction monitoring in a high-risk environment. Thomas stated:

This is a global company operating across borders in a high-risk environment. We expect robust customer identification, due diligence and effective transaction monitoring.

Global Regulatory Challenges

Binance has been given a 28-day window to nominate external auditors to address these concerns. In response to the situation, Matt Poblocki, the general manager of Binance Australia and New Zealand, stated that the exchange has been engaging openly and transparently with AUSTRAC throughout recent months. 

The exchange’s executives reassured stakeholders and users in the country about the company’s commitment to maintaining high compliance standards and improving its capabilities.

Founded in 2017, Binance has rapidly ascended to become the world’s largest cryptocurrency exchange by trading volume. However, its journey has not been without difficulties. 

After initially operating in China, Zhao moved the company’s operations internationally due to a crackdown on the crypto sector by Chinese authorities. Despite its growth, Binance has faced accusations in multiple countries of facilitating the laundering of funds for criminal organizations.

Zhao pleaded guilty to violating US anti-money laundering laws in late 2023, resulting in a four-month prison sentence in 2024. However, Bitcoinist has reported that despite being banned from taking charge of the exchange, Zhao might be seeking a pardon from pro-crypto President Donald Trump.

These legal challenges have compounded the scrutiny on Binance with the exchange taking a new direction with its new CEO Richard Teng as regulators worldwide increasingly focus on ensuring compliance.

Despite recent scrutiny from Australia’s Transaction Reports and Analysis Centre, Binance’s native token, BNB, reached an all-time high of $882 on Friday. The cryptocurrency has consistently surged over the past month, even as the broader market struggled.

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The United Kingdom has introduced new sanctions targeting Kyrgyzstan’s financial sector and cryptocurrency operations allegedly tied to Russia’s efforts to bypass Western restrictions.

The measures include actions against banks, exchanges, and individuals accused of facilitating a ruble-backed stablecoin network that processed billions of dollars in transactions.

According to a statement from the UK government, the blacklisted entities are linked to a $9.3 billion stablecoin known as A7A5, which was designed to replicate the ruble on blockchain platforms.

Officials claim the network was a direct attempt to mitigate the impact of sanctions imposed on Moscow following its invasion of Ukraine. The new measures build upon more than 2,700 existing UK sanctions on Russia and mirror steps taken by the United States earlier this month.

Crypto Exchanges and Stablecoin Network Under Scrutiny

Among those sanctioned was the Capital Bank of Central Asia and its director, Kantemir Chalbayev, who the UK says played a role in financing goods for Russia’s military.

Two Kyrgyz-based crypto exchanges, Grinex and Meer, were also placed on the sanctions list. Authorities allege these platforms were central to transactions involving the A7A5 stablecoin, which moved $9.3 billion worth of value within four months.

In addition, several entities and individuals tied to the network’s infrastructure were named, including Luxembourg-based Altair Holding, CJSC Tengricoin, Old Vector, and A7A5 director Leonid Shumakov.

UK Sanctions Minister Stephen Doughty emphasized that the measures were aimed at stopping Moscow from turning to alternative financial systems: “If the Kremlin thinks they can hide their attempts to soften the blow of our sanctions by laundering transactions through crypto networks, they are mistaken.”

Grinex, one of the sanctioned exchanges, has been widely described as a successor to Garantex, a Russian-linked exchange previously targeted by regulators. Earlier this year, Tether froze $27 million in USDT linked to Garantex after US authorities accused the platform of facilitating illicit transactions.

Kyrgyzstan’s Response and Broader Implications

The announcement drew an immediate response from Kyrgyz President Sadyr Japarov, who criticized the UK’s decision and warned against politicizing the country’s banking sector. Japarov stated that none of Kyrgyzstan’s 21 banks were engaged in helping Russia evade sanctions.

To limit exposure, he explained that only the state-owned Keremet Bank is authorized to process transactions involving the Russian ruble. Keremet, however, was sanctioned by the US earlier this year for its role in handling Russian trade payments.

Japarov also stressed Kyrgyzstan’s commitment to honoring international agreements, stating: “I will not allow the interests of our citizens and the trade and economic development of the country to be reduced to nothing.”

The latest sanctions highlight the growing focus on crypto-financial networks as tools used to bypass restrictions. Western governments have increasingly scrutinized stablecoins and exchanges operating outside traditional banking channels, with both the US and UK arguing that such platforms could weaken the effectiveness of global sanctions regimes.

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A federal prosecutor in California has charged two Los Angeles County Sheriff’s Department deputies with conspiring to violate people’s civil rights. One of the deputies has already pleaded guilty. Their actions are tied to a crypto entrepreneur known as “The Godfather,” who ran a trading platform called Zort.

Rodriguez Ran A Warrant Scheme: Court Documents

Rodriguez, 43, admitted that he teamed up with 24‑year‑old Adam Iza to push illegal business. He used his badge to secure a court‑authorized search warrant in July 2022 by telling a judge it was needed for a robbery probe.

That turn of events let him act outside the law. Based on reports, Rodriguez also helped another private security client—unrelated to Iza—with shady favors.

Deputy Rodriguez faces up to 10 years behind bars. He said he took cash and crypto payments. The US Attorney’s Office noted he used his office to carry out work that had no place in law enforcement.

One Los Angeles County sheriff’s deputy charged, another deputy pleads guilty to conspiring to violate civil rights while providing off-duty security for clients https://t.co/qIK0bzZOm6

— US Attorney L.A. (@USAO_LosAngeles) July 14, 2025

Saavedra’s Tracking And Harassment

The same filings show Rodriguez worked alongside Deputy Eric Chase Saavedra. Saavedra used GPS data obtained by Rodriguez to follow a victim. He then threatened and intimidated that person.

Saavedra is free on a $50,000 bond and is set to face a hearing on November 10. He remains under active investigation by the DOJ.

BTCUSD trading at $116,134 on the 24-hour chart: TradingView

Armed Intimidation At Bel Air Mansion

A second deputy, Christopher Michael Cadman, 33, also pleaded guilty. He pulled over a car in Paramount, staged a fake traffic stop, and held a victim at gunpoint outside Iza’s Bel Air home.

The pair forced him to send $25,000 to Iza. Cadman then filed false tax returns in 2022 claiming only $40,500 in income. In fact, he owed $11,000 for the 2021 tax year.

Image: Digital Watch Observatory

Those moves carried large risks. Cadman faces years in prison for armed robbery and tax fraud. His plea deal requires him to cooperate with prosecutors on related cases.

Crypto Payments And Tax Evasion

Prosecutors say Iza’s firm sent roughly $154,900 in payments to at least one officer. Court filings accuse Iza of posing as an FBI agent to seize digital assets by force. Victims include an unnamed man and his girlfriend.

Investigators also allege Iza used shell companies to hide about $1.7 million from the IRS between 2020 and 2022. Iza agreed to a deal with the DOJ in January. He faces charges for tax evasion, conspiracy against rights, and wire fraud.

A hearing is set for December 15. His ex‑girlfriend, Iris Ramaya Au, was charged in March with hiding his income. She could go to prison for three years over her part in what prosecutors call a $2.6 million criminal operation that funded more than $10 million in luxury trips.

Featured image from Getty Images, chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.

Welcome to Slate Sundays, CryptoSlate’s new weekly feature showcasing in-depth interviews, expert analysis, and thought-provoking op-eds that go beyond the headlines to explore the ideas and voices shaping the future of crypto.

I recently interviewed Gracy Chen, the first female CEO of Bitget and the only female CEO out of the top 10 centralized exchanges. I wanted to ask about her vision, skills, background, and achievements (and I did), but, inevitably, given her minority position and the fact that we were at a press conference announcing an initiative to educate females in blockchain, the conversation turned to her sex.

Whether we like it or not, females are underrepresented in tech—and web3 especially— and it got me thinking about an article I wrote in 2018 titled We Need More Women in Tech – But Not to Serve the Drinks, and a subsequent, slightly more cynical take a year or so later, Why the Women in Blockchain Movement Makes Me Nauseous.

At the time, as you might imagine from the titles, I got a lot of grief. Not quite enough to get me canceled, but sufficient to spur my hibernation from Twitter for a while. My “controversial” views fell on the woke sector of the audience like rain at a picnic and offended those championing DEI in the industry (admittedly, not hard to do).

Except, I wasn’t suggesting we shouldn’t support women in crypto, and I certainly wasn’t saying they shouldn’t be here (after all, I am one). What I was calling for (like most women, I believe) was to be recognized for my skills and ability, not my genitalia. And I’m not so sure that happens when DEI is an optics metric.

Fast-forward to the post-woke era of 2025, my article has aged somewhat better, and my point hasn’t really changed. We need more women in tech, yes—but not to serve the drinks. Not to sex up the conference booths and after-parties, and not to fill a quota.

As Shalini Wood, former CMO at Bitcoin staking platform Babylon Labs, told me:

“I’d like people to stop obsessing over ‘diversity optics’ and start obsessing over outcome-driven inclusivity. Hire women in leadership roles because they’re qualified, and then back them up with the same resources and trust you’d give anyone else.”

Clap. Clap. Clap…

Women in leadership roles impact the bottom line

We need more women in web3 because women have earned their stripes in top positions. Organizations with at least 30% women in leadership roles are 12x more likely to be in the top 20% for financial performance.

We need more women in web3 because they positively impact the bottom line. Companies in the top 10% for financial performance have more women leaders.

Most of all, we need more women in web3 because the new financial system isn’t reserved for just half the population. As my friend and former colleague Shazia Hasan, Head of Marketing at Story, so eloquently puts it:

“You can’t be what you can’t see.” We need more stories, visibility, and seats at the table.”

Mind the gender gap

I expected the women I contacted for this article to confirm my bias that, six years on, nothing has really changed beyond the nomenclature from blockchain to web3.

After all, women have been fighting the good fight for centuries to little avail. All we’ve achieved is the pleasure of doing it all, rather than having it all: Being the caregiver, breadwinner, and general chief of vibes at work and at home, babysitting grown men as well as teething toddlers.

But they didn’t. I’m pleased to report that the outlook for women in this industry has improved, in terms of expectations and from a numbers perspective as well. As one inspiring First Lady, Eleanor Roosevelt, famously said:

“No one can make you feel inferior without your consent.”

I found the women of this cohort to be ballsier, thicker-skinned, more demanding (rightly so), and with a lower tolerance for BS. Perhaps the men of their generation have also been trained not to look lustfully at their legs, ask them to make their coffee, or salivate over the size of their… brains.

Women in web3 still feel like they’re in the minority, and that doesn’t always work to their advantage, but progress has been made.

As an ageing millennial myself and solo parent since my youngest was still crawling, my experience wasn’t the same. It’s like the stage is set up to fail when both your jobs demand attention 24/7, and something always slides on both sides, whether it’s the astronaut costume you forgot to make or the missed deadline on your OKRs.

Despite the odds being stacked against me in my career and the (many) meetings taken from a ball pit, playground, or bedroom cupboard, I excelled at my job, became a high earner, and named my price. Only to have to apologize for the salary I commissioned, and be made to feel greedy and unrealistic at several interviews when they asked about my desired remuneration. I can’t imagine a man having to shrink in such a way.

The pay gap may be narrowing, but women still make 83 cents on the dollar compared to their male counterparts today, workplace-wide, and as Melizza Anievas, cofounder and executive director of Women in Web3 Hong Kong, and senior VP of China Information Technology Development Limited, says, women in web3 fare far worse.

“Women in web3 still face a steep uphill climb. The gender pay gap persists—web3 finance data shows women earning 46% less than men on average.”

The uphill grind

Unlike being mistaken for a waitress or personal assistant, the power-women I spoke to had resoundingly better experiences, although they all agreed on one thing: being underestimated goes with the territory. And it usually plays out in their favor. Shalini shares:

“Being underestimated gives you freedom to move quietly and strike powerfully. I don’t waste energy trying to be “taken seriously.” I just execute. And ironically, that’s where the advantage comes in—the underestimation. If someone’s busy sizing me up, I’m already five steps ahead.”

Melizza agrees, saying:

“Easily one of my barriers is the way that I’m perceived… I do preemptively expect to be seen as less “educated” about the industry, as well as less experienced when it comes to the work I’d need to do.”

This is why women work harder, learn faster, or feel the need to develop a little je ne sais quoi in order to excel, such as being harsher, bitchier, or funnier.

Gracy frequently uses humor to work a crowd, and we’ve all encountered a female boss or colleague who elevated perma-PMS to a whole new level.

But the expectations on female leaders are higher. They must be exceptional. Good enough doesn’t count, and it’s not the same for a man. Studies back this up: Female CEOs are frequently more qualified than their male counterparts. Women are 32% more likely to have served as company president prior to becoming CEO.

Lucie Acquaviva is a cofounder of Women in Web3 Hong Kong and spent five years in marketing at Animoca Brands. She’s had to mold herself to fit industry templates on more than one occasion. She shares:

“The traditional view of leadership is still filtered through a gendered, often patriarchal lens, which can make it challenging for women, especially those of us who are naturally introverted or who lean into soft skills rather than bravado.

The script sometimes feels written for a different character, which means we often have to work harder not just to prove ourselves, but to genuinely be seen and heard.”

Teigi Lee is a former colleague of mine at OKX and the Head of Marketing at global crypto exchange Flipster. She reflects:

“To be honest, in crypto, projecting confidence often feels like a prerequisite, especially for women. It’s a space that’s still very male-dominated, often loud, fast-paced, and competitive. If you’re not immediately assertive, your ideas can get overlooked, no matter how solid they are.”

Bros before… their highly accomplished, talented female counterparts

When it comes to web3 culture, in the workplace anyway, there’s been markedly less headway. Almost all the women cited the pervasive frat house culture. It’s an area I feel somewhat conflicted about. I confess to enjoying chiming in on virtual poker nights and inciting betting sh*tcoins on football games, but I understand it not being many women’s cup of tea. Lucie says:

“Web3 can feel like a bit of a boys’ club, and I’ve often found myself to be one of the few women at industry events. There’s also a particular culture around networking (late-night parties, drinks) that simply doesn’t suit everyone, myself included. It can be lonely not having many female peers to relate to.”

Melizza concurs:

“Gender bias, stereotypes, and lack of female mentors continue to be major obstacles. The technical nature of web3, combined with societal expectations and “bro culture,” can make it intimidating for women to join, persist, and advance. Many women still report being the only female in the room, facing skepticism about their expertise, or dealing with online harassment.”

Oh yeah, online harassment can be brutal, but Crypto Twitter is a hostile place for everyone at times. What annoys me the most are the self-congratulatory memes that circulate about guys picking up girlfriends for stacking sats or Dad being the Bitcoin legend of the family, like this one posted by @CarlBMenger:

Teigi says:

“Crypto is still very male-dominated.”

But there’s an upside:

“Compared to web2, I’ve found the culture in web3 a bit more fluid and open to change… In web3, while bias still exists, the speed, global nature, and experimental mindset create more chances to be heard, especially when you bring results.”

Brand consultant, former colleague, and friend Vivien Choi also holds a more optimistic view. She explains:

“Unlike older, more rigid sectors, web3 rewards agility and open-mindedness, inviting diverse perspectives to co-create the future. The beauty of this industry is that it’s still in its infancy—no fixed set of rules, no boundaries yet defined. It’s like drawing on a blank sheet of paper.”

Women in web3: the situation in numbers

Beyond the qualitative data, the numbers are modestly encouraging, at least compared to 2018. Women in web3 are still demonstrably behind, but the panorama is slowly shifting, and the dial is being nudged in the right direction.

• Crypto ownership by gender: In 2024, it’s estimated that 6.8% of the global population owned crypto, but ownership is uneven by gender (61% male and 39% female, despite increased awareness)
• Female founders in crypto startups: Only 8.6% of startups in the crypto space are led by women, according to research by Bitget
• VC funding for female-founded crypto startups: While growing, funding for female-led projects still represents only 7% of all deals
• Women in fintech leadership roles: In the UK, women make up just 28% of the fintech workforce and only about 10% of board seats, with less than 20% of company executives being women
• Gender pay gap: Women earn an average of 46% less than men in web3
• Education: Just 18% of computer science degrees in the U.S. go to women

Spinning it our way

Like most things in life, being underrepresented in crypto can have its advantages. Remember that song? What was it called? Thank You for Hating Me? It went:

“Thank you for beating me down, for messing me up, for making me feel I’m not enough… Thank you for making me stronger than I thought I could ever be.”

While none of the women (thankfully!) speak of abject misogyny, these lyrics serve to illustrate a point: when someone labels you, belittles you, or makes you feel less than you are, oftentimes, you can harness that energy for your gain. As Lucie says:

“You grow thicker skin and learn the importance of projecting confidence (even when you’re still building it).”

Shazia agrees, having had her self-esteem take a battering over the years as well:

“Projecting confidence when you’ve had it stripped from you over time (whether by systems, bias, or underrepresentation) is a significant mindset shift and a muscle that takes time to build.”

On the flipside, Lucie shares:

“Being a woman can help you stand out, especially in business development roles where most of the audience is male, and a new perspective can be both refreshing and valuable. Sometimes, being different is an asset: your voice becomes more memorable in a sea of sameness.”

While Viven acknowledges the issues, she’s determined not to let being a woman in web3 stand in her way. She says:

“It’s important not to let societal norms or stereotypes define us. We should not shy away from pursuing what genuinely interests us or what we believe we can contribute to the industry.”

Melizza agrees:

“An advantage of being a woman in web3 is that in a room full of men, who are often very competent problem solvers and are seen as more aggressive and they ‘get things done’, we often fill in the gaps to add a human element to teams. Being a woman is not all bad, and I’ve definitely had doors open to me because of it.”

Teigi adds:

“There is an upside. Being one of the few women in the room makes you memorable. It encourages a different style of leadership, one rooted in clarity, empathy, and adaptability, and those qualities tend to earn trust over time. I’d love to see more balance in the space, but for now, women are writing their own playbooks and showing there’s more than one way to lead.”

Another advantage, according to Shazia, is that women in web3 help other females succeed. They provide mentorships, resources, camaraderie, and advice. She says:

“Here’s the advantage of being a female in this industry: the women in crypto are some of the most inspiring, generous, and brilliant people I’ve ever met. Every female I’ve been connected to has been incredibly gracious with their time, connections, and guidance, and I always aim to pay that forward.”

Melizza also speaks about the “inspiring and helpful people” she’s encountered in the space, from founders to contract workers:

“I value their perspectives and appreciate their support in my growth.”

And the most important perk of wearing a skirt? Skipping past the long line of men waiting for the little boy’s room. Lucie jokes:

“After years in this industry, I’ve found one consistent upside: there is never a queue at the women’s restroom at web3 conferences.”

Room for improvement

Like the proverbial report card, there’s always room for improvement, whether in the shape of education initiatives like Gracy’s Blockchain4Her or associations like Lucie and Melizza’s Women in Web3 Hong Kong. The general consensus is for more initiatives that empower and support women, rather than quotas that balance a firm on paper or look good on a press release.

Melizza believes a more inclusive industry starts with awareness and substance over numbers. She says:

“Building a more inclusive culture in web3 requires intentional effort. It’s not just about hiring more women and giving them airtime. We need to create safe spaces where diverse voices, especially women and underrepresented groups, feel heard and valued. Mentorship programs and allyship are key to supporting newcomers and helping them navigate the industry.”

Teigi affirms:

“Inclusivity begins with clear structures, not just good intentions. It’s about how decisions are made, how feedback is shared, and how ideas are truly heard and acted on. Culture is reflected in the everyday ways a team works, not just in written values.”

I recall a little anecdote Gracy shared with me about speaking on a panel at conferences. As the only female among several males, the questions directed at her are almost always laden with bias. She recalled:

“When I’m in a panel with five different gentlemen talking about stablecoins, regulation, exchanges, business, et cetera, people ask me a lot: ‘You’re a female CEO. How do you balance work and life?’

I’m like, ‘Why don’t you ask them? They also have a family. Why don’t you ask the men how to balance work and life?’ I’ll know we’ve succeeded when, in five years down the line, I and any other female leaders won’t be asked that question, and I’m not the only top 10 exchanges female CEO.”

Mentioned in this article

A Pennsylvania NFT trader faces up to six years in prison after pleading guilty to federal tax fraud charges for failing to report $13 million in profits from CryptoPunk NFT sales. Waylon Wilcox, 45, deliberately concealed 97 high-value NFT transactions over two years, evading approximately $3.3 million in taxes in what prosecutors describe as one of the first major U.S. cases involving NFT-related tax evasion.

• Wilcox underreported income by $8.5 million in 2021 and $4.6 million in 2022 from CryptoPunk sales, selecting “no” when asked about cryptocurrency transactions on tax forms.

• The IRS uncovered the fraud by tracing blockchain records and exchange data, demonstrating their improving ability to link crypto transactions to individuals.

• The case coincides with intensified IRS focus on cryptocurrency tax compliance ahead of the April 15 deadline.

• This prosecution could establish a precedent for how NFT profits are treated under tax law and the serious consequences of evasion.

The Fraud Scheme Details

Court documents reveal that Wilcox conducted 62 CryptoPunk sales in 2021, generating $7.4 million, and another 35 sales in 2022, generating $4.9 million. Despite these substantial profits, he falsely claimed on his tax forms to have no involvement with digital asset transactions.

This deliberate misrepresentation allowed Wilcox to underpay $2.1 million in taxes for 2021 and $1.1 million for 2022. The guilty plea was entered on April 9, 2025, with sentencing expected to include imprisonment, supervised release, and additional fines.

IRS Cryptocurrency Compliance Efforts

This case highlights the IRS’s increasingly sophisticated approach to tracking cryptocurrency transactions. The agency used blockchain analytics tools to trace Wilcox’s sales and match them to his identity, breaking through the perceived anonymity of crypto wallets.

Philadelphia Field Office Special Agent Yury Kruty stated, “IRS Criminal Investigation is committed to unravelling complex financial schemes involving virtual currencies and non-fungible token (NFT) transactions designed to conceal taxable income. He continued, “In today’s economic environment, it’s more important than ever that the American people feel confident that everyone is playing by the rules and paying the taxes they owe.”

The IRS issued guidance in 2023, specifically requiring NFT gain and loss reporting. Using a “look-through analysis,” the IRS will determine if an NFT is a collectible based on its associated asset. For example, NFTs tied to gems or art would be considered collectibles, subject to a higher tax rate of up to 28%. Public comments were solicited to refine this approach.

Impact on the NFT Market

Despite regulatory scrutiny and legal cases like Wilcox’s, the CryptoPunk collection continues to maintain significant market value. While trading volume has dropped approximately 70% from its 2021 peak, CryptoPunks remains the largest NFT collection with a floor price that has stabilized at around $68,000.

Yuga Labs, which acquired CryptoPunks in 2022, has preserved the collection’s legacy despite initial concerns about commercialization. The ongoing value of these digital assets makes clear why tax authorities are paying increased attention to the sector.

Tax Implications and Blockchain’s Transparency Paradox

The Wilcox case establishes an important precedent for how NFT profits are treated under tax law and the serious consequences of evasion. NFT sales are typically taxed as capital gains or ordinary income depending on holding periods, with the same reporting requirements as traditional assets.

The Wilcox case also exposes an interesting paradox in blockchain technology. While all transactions are recorded on a public ledger, the pseudonymous nature of wallets creates an illusion of privacy that some traders mistakenly believe shields them from tax obligations.

In reality, as this case demonstrates, the IRS has become adept at connecting wallet addresses to real identities through exchange records, withdrawal patterns, and other investigative techniques. The permanent nature of blockchain records means evidence of transactions remains available indefinitely for future investigation.

Security researcher Yohanes Nugroho has released a decryptor for the Linux variant of Akira ransomware, which utilizes GPU power to retrieve the decryption key and unlock files for free.

Nugroho developed the decryptor after being asked for help from a friend, deeming the encrypted system solvable within a week, based on how Akira generates encryption keys using timestamps.

The project ended up taking three weeks due to unforeseen complexities, and the researcher spent $1,200 on GPU resources to crack the encryption key, but eventually, he succeeded.

Using GPUs to brute force keys

Nugroho’s decryptor does not work like a traditional decryption tool where users supply a key to unlock their files.

Instead, it brute-forces encryption keys (unique for each file) by exploiting the fact that the Akira encryptor generates its encryption keys based on the current time (in nanoseconds) as a seed.

An encryption seed is data used with cryptographic functions to generate strong, unpredictable encryption keys. Since the seed influences the key generation, keeping it secret is critical to prevent attackers from recreating encryption or decryption keys through brute force or other cryptographic attacks.

Akira ransomware dynamically generates unique encryption keys for each file using four different timestamp seeds with nanosecond precision and hashes through 1,500 rounds of SHA-256.

These keys are encrypted with RSA-4096 and appended at the end of each encrypted file, so decrypting them without the private key is hard.

The level of timing precision in the timestamps creates over a billion possible values per second, making it difficult to brute force the keys.

Also, Nugroho says that Akira ransomware on Linux encrypts multiple files simultaneously using multi-threading, making it hard to determine the timestamp used and adding further complexity.

The researcher narrowed down the possible timestamps to brute-force by looking at log files shared by his friend. This allowed him to see when the ransomware was executed, the file metadata to estimate the encryption completion times, and produce encryption benchmarks on different hardware to create predictable profiles.

Initial attempts using an RTX 3060 were far too slow, with a ceiling of only 60 million encryption tests per second. Upgrading to an RTC 3090 didn’t help much either.

Eventually, the researcher turned to using RunPod & Vast.ai cloud GPU services that offered enough power at the right price to confirm the effectiveness of his tool.

Specifically, he used sixteen RTX 4090 GPUs to brute-force the decryption key in roughly 10 hours. However, depending on the amount of encrypted files that need recovery, the process may take a couple of days.

The researcher noted in his write-up that GPU experts could still optimize his code, so performance can likely be improved.

Nugroho has made the decryptor available on GitHub, with instructions on how to recover Akira-encrypted files.

As always, when attempting to decrypt files, make a backup of the original encrypted files, as there’s a possibility that files can be corrupted if the wrong decryption key is used.

BleepingComputer has not tested the tool and cannot guarantee its safety or effectiveness, so use it at your own risk.

According to a March 4 statement from the Office of Foreign Assets Control (OFAC), Parsarad created the Nemesis marketplace in 2021, allowing illegal trade in drugs, fake documents, hacking tools, and other criminal services.

Alongside Parsarad himself, the sanctions extend to multiple cryptocurrency accounts connected to him, specifically 44 Bitcoin
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Chainalysis, a blockchain intelligence agency, reported these wallets collectively received over $850,000 between July 2022 and March 2024. Due to the increase in cryptocurrency values during this period, Parsarad’s total transfers exceeded $1.6 million.

Most of Parsarad’s cryptocurrency transactions involved Nemesis directly, although Chainalysis revealed that he also sent about $12,000 to other darknet sites, including ASAP Market, Next Generation, and Incognito Market.

Before authorities from the US, Germany, and Lithuania seized Nemesis’s servers in March 2024, the platform hosted roughly 30,000 users and around 1,000 active sellers. OFAC described the site as having built-in features designed to facilitate money laundering.

Bradley T. Smith, Acting Under Secretary for Terrorism and Financial Intelligence, stated that Parsarad is actively attempting to relaunch the Nemesis marketplace.

Parsarad is accused not only of operating the marketplace but also of laundering digital currency transactions for criminals who used Nemesis. With the sanctions now in place, US individuals and businesses are prohibited from engaging in any transactions with Parsarad or companies majority-owned by him.

Recently, US authorities detained Aleksei Andriunin, the founder of Gotbit. What happened? Read the full story.