Crypto

Shadowy crypto companies think they can buy Arizona votes. So far, it’s working

Published

2 years ago

September 6, 2024

Press Room

Shadowy crypto companies think they can buy Arizona votes. So far, it’s working

Voters, beware: Crypto companies are throwing big money into elections in Arizona and other states in hopes of quashing any opposition to their industry.

Cryptocurrency advocates threw around some serious cash in Arizona’s primary election.

While their success at influencing outcomes is debatable, their commitment to being political players is not.

Crypto corporations have pumped an estimated $120 million into federal election races this year, primarily through nonpartisan super political action committees (PACs) devoted to electing pro-crypto candidates and defeating crypto skeptics.

All indications point to more of the same in the general election, and beyond.

Crypto backers gave Shah an ‘F’ rating

In Arizona, that likely will start with the Congressional District 1 race. In the primary, Protect Progress, one of three super PACs funded by crypto interests, spent more than $400,000 to support former White House aide and one-time Democratic state chair Andrei Cherny.

Cherny lost.

But crypto supporters were as much backing Cherny as they were opposing Amish Shah, who emerged victorious.

The advocacy group Stand With Crypto gave Shah, an ER physician and former state lawmaker, an F rating as “strongly against cryto.”

Shah faces incumbent David Schweikert, a Republican, in one of the most competitive congressional races nationally. The Cook Political Report rates it a toss-up.

Shah’s grassroots campaign: Helped him win over big money

Crypto interests might have spent more in the CD 1 primary, but Cherny and Shah were locked in a six-person field.

They poured even more money into District 3

In Congressional District 3, Protect Progress directed nearly $1.4 million in outside spending to support Yassamin Ansari, who won a narrow race against Raquel Terán.

Ansari is the odds-on favorite to capture the seat vacated by Ruben Gallego in a district where Democrats enjoy a 30 percentage point lead over Republicans in registered voters.

It’s plausible that crypto super PACs will also be active in the Congressional District 6 race between first-term U.S. Rep. Juan Ciscomani, a Republican whom Stand With Crypto considers a strong supporter, and Democrat Kirsten Engel. The advocacy group has not given a rating on Engel.

Cook Political Report also has the CD 6 contest as a toss-up.

We won’t get the quarterly look at spending in the general election for a few weeks, but there’s no reason to believe crypto will turn off the spigot any time soon.

Crypto is using the cash to influence legislation

The crypto sector’s emergence as election influencers comes at a precarious time. Major crypto companies have been sued by federal regulators over trading practices and handling of customer assets, which have implications for the sector.

Flush with money from an upswing in crypto prices, advocates are seeking to install politicians who would help pass legislation that’ll settle the debate over how crypto should be classified and which regulatory rules should apply.

According to the consumer advocacy group Public Citizen, crypto spending accounts for nearly half of all corporate money contributed during this year’s election.

The crypto-backed super PAC Fairshake has spent $10 million on ads attacking progressive Katie Porter, who’s in a runoff with U.S. Rep. Adam Schiff for the U.S. Senate.

Porter has raised questions about the energy required to “mine,” or create, cryptocurrency and its relationship to climate change.

Arizona Legislature seems the next likely target

Crypto advocates point to the defeat of New York U.S. Rep. Jamaal Bowman in the Democratic primary — Fairshake spent $2 million to take down Bowman — as a force that politicians must reckon with.

A more open question is if and when crypto may look to wield similar influence in Arizona’s state legislative races.

There has been a host of bills intended to help expand or encourage adoption of cryptocurrency, including allowing Arizonans to pay state fines and taxes using the currency and directing the state retirement system to look into investing in digital assets.

Some have gotten floor votes, and a few have been enacted.

The negative ratings that triggered the heavy spending for the opponents of Shah and Terán were based, in fact, on their opposition to as few as a single crypto-related bill.

This political spending reflects the existential threat that crypto naysayers and skeptics represent for a digital currency sector that’s still trying to find its footing.

Which means voters have extra cause to be wary of attack ads leading up to Nov. 5.

Reach Abe Kwok at akwok@azcentral.com. On X, formerly Twitter: @abekwok.

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Crypto

Binance Research: April DeFi Exploits Triggered $13 Billion in Outflows

Published

3 hours ago

June 16, 2026

Press Room

Binance Research: April DeFi Exploits Triggered Billion in Outflows

Key Takeaways

A $13 Billion Wipeout in Days

Binance Research reported that April’s decentralized finance ( DeFi) exploits triggered around $13 billion in outflows, draining total value locked (TVL) across lending markets and decentralized exchanges. The flight pushed the onchain leverage ratio to about 38%, a reading the firm said marks a return to 2021 levels all while showcasing a massive decline in investor confidence.

Image source: X

The outflows can largely be traced back to a cluster of attacks, the largest of which struck liquid- staking protocol KelpDAO. Bitcoin.com News reported that KelpDAO had slammed Layerzero after a roughly $300 million exploit, later shifting its rsETH token to Chainlink’s cross-chain protocol, CCIP, in response.

The breach also rattled the wider ecosystem with lending protocol Aave battling a withdrawal crisis as depositors rushed for the exits. Confidence cracked further when Aave suffered a 44% monthly drop in value locked and outflows spread to neighboring protocols.

The attack’s mechanics unearthed a growing cross-chain threat with Layerzero, most recently, disclosing a remote procedure call (RPC) poisoning incident linked to the $292 million KelpDAO hack, in which attackers corrupted the data feeding the bridge’s verification network.

A Record Month for Hacks

April stood out even in a sector accustomed to breaches as industry trackers counted more than 20 separate exploits during the month, making it one of the most-hacked stretches on record. Aave alone saw billions in deposits exit within 48 hours, and several protocols paused certain operations as trust eroded.

Even then, the sector has shown resilience, with several protocols migrating cross-chain messaging to alternative providers and tightening verification. Binance Research and other analysts have argued that DeFi is evolving, citing the speed at which liquidity has historically returned as confidence has stabilized.

The 38% leverage reading is the figure to watch next, given that a return toward 2021 levels could mean the system has deleveraged sharply (potentially reducing the risk of forced liquidations and signaling diminished risk appetite). In any case, whether deposits rebuild from here will determine if April marked a temporary shock or a longer reset for onchain finance.

Crypto

New ‘Pig Butchering’ Scam Targets Bergen County Residents, Prosecutors Say

Published

13 hours ago

June 15, 2026

Press Room

New ‘Pig Butchering’ Scam Targets Bergen County Residents, Prosecutors Say

He said the Financial Crimes Unit is hard at work tracking the fraudsters, shutting down their websites, and hoping to bring them to justice.

There are various types of “pig butchering” scams, according to the federal government. They slowly play on the investor’s emotions and hopes.

“It is a type of confidence and investment fraud in which the victim is gradually lured into making increasing monetary contributions, generally in the form of cryptocurrency,” says the Office of Inspector General’s website, “to a seemingly sound investment before the scammer disappears with the contributed monies.”

If you are a victim of a scam, Becker said, contact your local police department. More information about that is here.

RELATED: Grandma Conned Into Mailing $10K Cash To Teaneck In ‘Grandparent Scam’

Crypto

Bitcoin Tops $66K as US-Iran Deal Triggers Risk-on Rally Across Markets

Published

23 hours ago

June 15, 2026

Press Room

Bitcoin Tops K as US-Iran Deal Triggers Risk-on Rally Across Markets

Key Takeaways

Bitcoin Spikes to $66,600

Bitcoin traded over $66,600 as of Monday morning at 9 a.m. Eastern time, up approximately 3.5% over recent sessions and more than 11% off early-June lows near $59,375. Ethereum climbed to $1,774, gaining roughly 6.5% in the same stretch. XRP added 8.7% and solana ( SOL) rose 7.4%, while the total crypto market capitalization held above $2.35 trillion.

The rally tracked closely with broad risk-on sentiment fueled by weekend geopolitical developments and the continued afterglow of SpaceX’s blockbuster Nasdaq debut.

U.S.-Iran Framework: What’s Known

President Donald Trump announced Sunday via Truth Social that “The Deal with the Islamic Republic of Iran is now complete,” citing an immediate, toll-free reopening of the Strait of Hormuz and the removal of the U.S. naval blockade on Iranian ports.

U.S. and Iranian officials, along with Pakistani mediators, confirmed they have reached an agreed text for a preliminary memorandum of understanding. The framework extends a ceasefire for 60 days, opens the Strait immediately, and defers nuclear program details to follow-on talks. A formal signing is targeted for Friday, June 19, in Switzerland.

The deal remains tentative. The full text has not been publicly released, Iranian hardliners have expressed opposition, and Israel has indicated it will not be bound by terms involving Lebanon. Former U.S. officials cautioned Monday that the agreement buys time for “long and tedious” nuclear negotiations rather than resolving core disputes.

Oil Drops, Equities Jump

WTI crude fell to the $81 to $85 per barrel range, down 3% to 5% on de-escalation expectations, as the Strait of Hormuz accounts for a significant share of global oil and gas trade. Brent held in the $84 to $87 range.

Nasdaq-100 futures pointed to a gain of more than 2% at the open, with S&P 500 futures up approximately 1.3% and Dow Jones futures adding roughly 1%. The S&P 500 hit an all-time high of 7,620.90 earlier in June 2026 and has shown consistent recovery since February, volatility tied to the initial Middle East conflict.

SpaceX shares gained approximately 6% in pre-market trading on Monday, extending a strong debut after pricing at $135 on June 11 and closing its first Nasdaq session at roughly $161, a 19% gain that pushed its market cap above $2.1 trillion.

Gold Holds Elevated Ground

Gold traded at $4,347 bid and $4,349 ask as of 9 a.m., up 3.05% on the session and touching a daily high of $4,350.40. Silver gained 4.62% to $71.04 bid, while platinum added 4.72% and palladium climbed 5.21%.

Precious metals held elevated levels despite the risk-on shift, supported by ongoing central bank buying and persistent monetary uncertainty even as oil prices retreated.

FOMC Looms Wednesday

The Federal Open Market Committee (FOMC) meets June 16 to 17, with a rate decision expected on Wednesday. Markets are pricing in a hold at the current target range. The meeting will include a Summary of Economic Projections, an updated dot plot, and a press conference with the new Chair, Kevin Warsh, that will set the tone for policy guidance through the summer.

Sticky inflation, with recent CPI readings around 4.2% year-over-year in some estimates, remains the primary constraint on any dovish shift. The tone from new Fed Chair Kevin Warsh will be closely watched.

What Traders Are Watching

The next 48 to 72 hours carry significant weight. Markets will monitor:

Official signing details from Switzerland on June 19
Iran Supreme Leader and hardliner responses to the MoU
Israel’s military and diplomatic posture regarding Lebanon
Early Hormuz implementation steps and oil price follow-through
Wednesday’s FOMC statement and dot plot

Crypto remains tied to macro risk appetite. A hawkish Fed surprise on Wednesday could pressure the current rally, while confirmation of the Iran deal’s initial implementation steps would likely extend it.