Crypto whale sues Coinbase for allegedly refusing to return stolen DAI
A crypto whale is suing Coinbase after the exchange froze $55 million in stolen DAI tokens and refused to return them without court orders, despite receiving proof of ownership. The plaintiff fell victim to a phishing scam in August 2024 using Inferno Drainer malware. Coinbase's conservative liability stance highlights growing custody disputes as crypto theft losses hit record highs.
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Strategy could sell Bitcoin ‘just to inoculate the market’ — Michael Saylor
Michael Saylor's MicroStrategy signals potential Bitcoin sales to "inoculate" markets against panic, reversing its long-held never-sell stance. The firm posted $12.5 billion Q1 net losses amid Bitcoin's 23.8% quarterly decline but holds 818,334 BTC worth $66.7 billion. Saylor aims expanding Stretch perpetual preferred stock into a major credit instrument, with neobanks potentially offering 8% Bitcoin-backed yield accounts soon.
Forward Industries, RockawayX back OnRe to build onchain reinsurance on Solana
Forward Industries and RockawayX co-led a $5 million Series A funding round for OnRe, a Solana-based onchain reinsurance platform. Forward committed up to $25 million to OnRe's yield token, positioning itself as Solana's largest corporate holder with 7.01 million SOL. The initiative aims to tokenize the $600 billion+ global reinsurance market, streamlining traditionally manual underwriting and claims processes through blockchain infrastructure.
Prophet launches AI-powered prediction market with live $10,000 trading tranche
Prophet, an AI-native prediction market platform, launched its first live trading tranche with $10,000 in USDC capital. The AI acts as counterparty to user trades, generating probability-based pricing by aggregating outputs from multiple LLMs including OpenAI and Anthropic. Markets settle within 24 hours using AI interpretation, eliminating traditional dispute mechanisms—a novel approach attracting industry attention despite scaling uncertainties.