Cryptoccino — Thursday 10 September 2026

Bitcoin miners are sitting out the rally. Across tracked public mining companies, only Canaan has outperformed BTC price year-to-date, while exchanges and stablecoin issuers have captured the bulk of sector gains. AI competition for power capacity and a prolonged squeeze on margins are the structural drag. The Bloomberg-reported breakdown of Trump’s made-in-America mining ambitions under AI buildout pressure adds a political dimension to the underperformance. theblock bloomberg_crypto

XRP funds the lone bright spot in ETF flows. Bitcoin, Ether, and Solana spot ETFs all registered net outflows during Wednesday’s session, while XRP products stood out with positive inflows against the trend. Treasury buyback news pushed yields higher mid-session and accelerated the Bitcoin slip before the Iran headlines reversed the move. coindesk

Hunter Biden’s LAPTOP memecoin crashed 99% within an hour of launch. LAPTOP debuted on Base at a $1.6 billion implied market cap, briefly making Substack airdrop recipients millionaires on paper before thin liquidity and immediate sell pressure erased virtually all of that. Hunter Biden had pre-empted critics by calling TRUMP a ‘grift’, a comparison that aged poorly within the hour. The lifecycle — hype, airdrop, dump — is now a reliable pattern, not an anomaly. coindesk bloomberg_crypto decrypt theblock

Zcash pulls $500 million in ETF inflows. The figure is notable given ZEC’s relatively niche positioning and ongoing privacy-coin regulatory scrutiny globally. No single product or issuer was named as the primary driver, but the haul suggests institutional appetite for privacy-layer exposure is larger than the secondary market price action has reflected. coindesk

Consensys is splitting MetaMask into a standalone company. The existing Consensys entity will rebrand as MetaMask under Joe Lubin’s continued leadership, while a new Consensys entity absorbs the Ethereum protocol work and institutional blockchain infrastructure. The separation is targeted for completion by end-2026. The firm stayed quiet on IPO plans despite the restructuring being the kind of move that typically precedes one. coindesk theblock decrypt

Tether launches a $400 million private credit fund with Fasanara. The fund targets up to $3 billion from institutional investors, deploying capital through Fasanara’s global fintech lending network with stablecoin-enabled settlement rails. It is Tether’s most direct push into traditional credit markets and signals the company is building yield infrastructure around USDT rather than just holding reserves. coindesk theblock

PayPal opens a custom stablecoin issuance platform. The product lets businesses issue their own branded tokens on PayPal’s rails, extending beyond PYUSD into a broader stablecoin-as-a-service model. U.S. Bank is also moving, running a cross-border payment test as a stepping stone to its own stablecoin launch. Two traditional financial institutions deepening stablecoin infrastructure in the same news cycle is a structural shift, not a coincidence. coindesk coindesk

Block applies for a federal trust bank charter to consolidate Bitcoin custody. The proposed Builders Bank would replace the patchwork of more than 50 state money transmitter licences Block currently operates under, offering federally supervised digital asset custody without taking deposits or making loans. A federal charter would give Block a cleaner regulatory baseline for institutional custody and remove the state-by-state compliance overhead. cointelegraph_regulation decrypt

Liquid Network exploited for $320 million in BTC. Chainalysis has detailed how purported white-hat hackers exploited a vulnerability in Liquid’s reserve infrastructure to withdraw $320 million in Bitcoin. Whether the funds are recoverable and who ultimately authorised the withdrawal remain open questions. chainalysis

Trezor customers targeted by phishing emails from a legitimate domain after third-party breach. A breach at a Trezor email provider allowed attackers to send fake security alerts warning users their recovery phrases were at risk, arriving from a domain users would trust. This follows last month’s ShipMonk breach that exposed Trezor customer personal data. Hardware wallet users should treat any inbound security alert as suspect until confirmed through official channels. theblock decrypt

Treasury sanctions Xinbi Guarantee, a $24 billion Telegram scam bazaar, and Secret Service freezes $52.8 million. OFAC designated Xinbi alongside a DOJ action targeting the Chinese-language marketplace, which Chainalysis says processed $24 billion in transaction volume for money laundering, scam infrastructure, and credential sales. The Secret Service, working with Elliptic, separately froze $52.8 million tied to the network. coindesk decrypt chainalysis cryptobriefing

Malone Lam pleads guilty to the $245 million Genesis creditor theft. The 22-year-old Singaporean national admitted to leading the social-engineering operation that drained a single creditor’s Genesis account before the funds moved through mixers and luxury spending. RICO charges were applied, signalling prosecutors are treating large-scale crypto theft as organised crime rather than a one-off fraud. coindesk cryptobriefing

CLARITY Act heads toward a September 15 Senate procedural vote as lobbying intensifies. Crypto advocates and community bankers are both running home-state campaigns targeting undecided senators ahead of the vote, which will test whether the market structure bill has enough bipartisan traction to advance. If it stalls or fails, analysts warn the legislation could be substantially rewritten or dropped entirely under a different Congress in 2027. decrypt cointelegraph_regulation

Germany drafts a 25% capital gains tax on crypto, ending the one-year exemption for future buyers. The Finance Ministry proposal would apply from 2027 or 2028 depending on the source, with assets purchased before that date retaining the existing tax-free treatment after twelve months of holding. For German retail holders currently sitting on gains, the clock to sell under current rules has just become more visible. coindesk cointelegraph_regulation decrypt

Crypto lobby groups ask an Illinois court to block the state’s crypto tax while the legal case runs. Industry groups representing a broad range of digital asset firms escalated their challenge by seeking an emergency injunction to suspend the tax pending the outcome of the underlying litigation. Illinois remains the most aggressive state-level tax experiment in the US market and a loss here would embolden other states. coindesk theblock

India’s FIU issues non-compliance notices to 15 crypto platforms and requests app and URL takedowns. The Financial Intelligence Unit flagged the platforms for anti-money-laundering deficiencies and has asked Apple, Google, and relevant registrars to delist or block access. This follows a pattern of India using administrative takedown orders as a first-strike enforcement tool before formal proceedings. coindesk theblock

What else is grinding?

• Gemini received a Singapore Major Payment Institution licence covering digital payment tokens and cross-border transfers, with no standard volume caps applied. cointelegraph_regulation
• Algorand named William Herkelrath, a former Chainlink executive, as its new CEO as the network continues its search for a credible growth narrative. coindesk
• Venice’s VVV token surged after an OpenAI data-ownership dispute drove fresh interest in private inference platforms. decrypt
• Hyperliquid’s policy arm asked a court to dismiss CME Group’s lawsuit against the CFTC over perpetual futures oversight, framing CME as a legacy incumbent blocking competition. theblock
• Mexico seized 300 crypto mining rigs illegally tapped into a hydroelectric dam, with money laundering not ruled out. decrypt
• Italy’s central bank ordered crypto service providers to implement internal sanctions-screening controls for all transfers, aligning with broader EU compliance expectations. cointelegraph_regulation

Last sip. The Liquid Network’s $320 million is somewhere — whether it comes back, and who had the authority to move it, is still unanswered.