In today’s cryptocurrency news, Cantor Fitzgerald is reportedly close to a deal to purchase $3.5 billion in Bitcoin from Blockstream. In legislative news, Republicans experienced their first defeat in Congress concerning cryptocurrency regulation. Meanwhile, Abacus Market, a Bitcoin-fueled darknet marketplace, has abruptly gone offline, sparking law enforcement suspicions.
Cantor Fitzgerald Eyes $3.5B Bitcoin Investment from Blockstream:
Cantor Fitzgerald, a significant financial services firm, is planning to acquire $3.5 billion of Bitcoin (BTC) from Adam Back’s Blockstream Capital. This acquisition aims to establish a company dedicated to holding the digital currency, according to Financial Times and Bloomberg’s Tuesday reports.
As part of the transaction, Blockstream will contribute up to 30,000 Bitcoin, currently valued at $3.5 billion, for shares in Cantor Equity Partners 1. This SPAC (special purpose acquisition company) will then be rebranded as BSTR Holdings. The deal also involves raising an additional $800 million for more Bitcoin acquisitions. This follows Cantor Fitzgerald’s previous $3.6 billion crypto deal with SoftBank and Tether in April.
Republicans Fail to Secure Full Support for Crypto Legislation Despite Trump’s Push:
Despite President Donald Trump’s public advocacy, cryptocurrency-related bills failed to pass a crucial procedural step in the House of Representatives on Tuesday. Trump had encouraged Republican representatives to pass the first vote on regulating payment stablecoins as part of a broader cryptocurrency legislation initiative.
Trump’s call to action was published on his social media platform, Truth Social, urging Republicans to support the GENIUS Act. This legislation aims to regulate payment stablecoins in the U.S. It is one of three bills, along with those addressing market structure and central bank digital currencies, that Republican House leaders have been advocating as part of their “crypto week” plans.
Bitcoin-Powered Darknet Marketplace Disappears in Potential Exit Scam:
Abacus Market, the largest Western darknet marketplace powered by Bitcoin, has disappeared in what appears to be an exit scam. According to a Monday report by TRM Labs, the website and its infrastructure, including its clearnet mirror, are unreachable. The sudden closure has led TRM to suspect that “operators have likely conducted an exit scam, shutting down operations and disappearing with users’ funds.”
The report suggests that the closure could be due to law enforcement attention, especially given Abacus Market’s surge in activity after Archetyp Market’s shutdown. In late June, withdrawals issues were reported, prompting the Abacus administrator, known as “Vito,” to reassure users that the issues were due to an influx of new users and a DDoS attack. TRM Labs noted that “this behavior was consistent with known exit scam patterns seen across other darknet markets.”
