Backpack said its wallet now supports Robinhood Chain, giving users access to several functions directly inside the app. According to the company’s post on X, users can now discover tokens on Robinhood Chain, swap them within Backpack, and use cross-chain features without leaving the wallet interface. The update expands Backpack’s supported network list and brings Robinhood Chain into the wallet’s built-in token discovery and trading flow. The announcement did not include additional technical details or a rollout timeline beyond saying the support is now live. The information was disclosed by Backpack in its own social media post.

Turkish prosecutors have filed charges against a large money laundering network linked to the Grand Bazaar, with the case involving nearly 40 billion Turkish lira, or about $850 million. The indictment names 504 suspects and accuses them of concealing illicit proceeds through shell companies, bank accounts, foreign exchange offices, POS terminals, and cryptocurrency transactions. Prosecutors also allege that the group converted criminal proceeds into crypto and moved the funds abroad. In addition, suspects are accused of luring victims into fraudulent investment schemes by promising high returns. Prosecutors are seeking prison terms of up to 34.5 years for alleged ringleader Türker Ak and up to 31 years for alleged network manager Murat Dönmezoğlu, according to Odaily.

The Kobeissi Letter said on July 12 that the U.S. economy is becoming increasingly dependent on AI investment, with AI-related spending now making up more than 25% of U.S. GDP growth, a record high. The figures cited cover software, IT equipment, research and development, and data center construction. In practical terms, the note said that for every $4 of economic growth in the United States, more than $1 is now being driven by AI investment. It also said AI-related spending has risen to about 8% of U.S. GDP, also a historic high. For comparison, during the 2000 dot-com bubble, spending on IT equipment, software, and research and development peaked at roughly 6.5% of GDP. The Kobeissi Letter said current U.S. economic growth is increasingly centered on AI.

QIZ Security has raised a $17 million seed round led jointly by Bessemer Venture Partners and Merlin Ventures, with participation from Evolution Equity Partners, Qbeat Ventures, Singtel Innov8, and Qino Cyber Capital. The company said the funding will go toward product development and market expansion as it builds a platform focused on cryptographic posture management and post-quantum cryptography, or PQC, readiness for enterprises. The company is targeting a problem many large organizations face across cloud environments, on-premise systems, application code, and network traffic: they often lack a unified view of the cryptographic assets used to protect data. QIZ Security positions its product as an operational system for cryptographic governance rather than a passive inventory tool. Its platform is designed to discover cryptographic assets across the full stack, assess quantum-related exposure, apply policy frameworks such as NIST and CNSA 2.0, and trigger remediation workflows. According to the article, QIZ Security has already been deployed in sectors including finance, telecom, healthcare, and critical infrastructure. It also lists partnerships with Cisco, AWS, Google, CrowdStrike, Deloitte, EY, and IBM. The company currently has no token, no public tokenomics, and no disclosed staking or governance token structure. Its three co-founders are Ben Volkow, Itan Barmes, and Lenny Ridel, bringing experience from entrepreneurship, enterprise technology, and quantum cybersecurity.

Ripple CEO Brad Garlinghouse said the company seriously considered shutting down after the U.S. Securities and Exchange Commission sued it in 2020. According to Garlinghouse, he and Ripple co-founder Chris Larsen discussed closing the company and distributing their XRP holdings to shareholders rather than continuing the fight. They ultimately chose to challenge the SEC instead. Garlinghouse said that decision preserved hundreds of jobs, though it came at a steep cost: Ripple spent about $150 million on legal fees over four years. Ripple later secured a key court win when a federal judge ruled that XRP itself is not a security. The case was settled last year after changes in SEC leadership, with the agency's new leadership taking a looser stance toward cryptocurrencies. The remarks offer a look at how close Ripple came to ending operations during one of the industry's highest-profile legal battles.

A three-day hearing in the case over 60,000 BTC tied to Qian Zhimin was held from July 7 to 9, 2026, with the dispute expanding from a two-sided contest into a three-way fight after the litigation receiver for Lantiange Rui formally entered the case. The claims now come from three directions: UK prosecutors argue the assets should be confiscated by the state, Chinese victims say they hold proprietary interests in traceable bitcoin that has risen sharply in value, and the receiver for Lantiange Rui contends the bitcoin represents substitute property formed after company funds were misappropriated. The report said the bitcoin was valued at about RMB 427,000 per coin in July this year, up 152 times from Qian’s 2014 purchase cost of RMB 2,815. That valuation has raised the stakes for claimants, because a successful proprietary claim could extend recovery beyond original investment losses to include gains from bitcoin’s appreciation. At the hearing, the Director of the Crown Prosecution Service maintained that Chinese law should apply, while the lead law firm representing individual victims presented four legal arguments covering applicable law in the UK, rescission of fraudulent investment contracts, tracing under POCA sections 305 and 306, and a “hybrid structure” that would avoid a strict choice between Chinese and English law.

Iran said future transit management arrangements for the Strait of Hormuz should be worked out jointly by Iran and Oman, following talks between the two countries’ foreign ministers in Muscat on July 11. Iranian Foreign Ministry spokesperson Baghaei said on July 12 that the meeting focused on navigation in the strait and a coordination mechanism for passage management, with legal and technical delegations from both sides taking part. According to Baghaei, the discussions covered maritime safety in the Strait of Hormuz, respect for the sovereign rights of both countries, and the application of international law. The two sides also reviewed matters related to Article 5 of the Islamabad Memorandum of Understanding. Iran said any future arrangement should take into account developments over recent months, especially U.S. and Israeli military actions against Iran and their impact on shipping security in the waterway. Baghaei added that Iran and Oman agreed to continue consultations at the political, legal, and technical levels in an effort to reach a common understanding on shipping security in the Strait of Hormuz. A Qatari government delegation joined part of the discussions.

Bitget Greater China head Xie Jiayin said in a post on X that rToken has reached $115 million in assets under management five weeks after launch. He argued that many teams working on real-world asset, or RWA, products have overlooked what he described as Wall Street institutions’ core demands: convenient risk controls and better capital efficiency. Xie said the main force behind rToken is its unified account structure, which he said allows crypto assets and U.S. equities to be traded under the same framework with unified risk management. In his description, that setup lets users use unrealized gains from U.S. stocks to add margin to crypto positions during extreme market conditions, while also allowing long-term crypto holdings to be used as leverage for more trading opportunities. He said this breaks the asset separation that has traditionally existed between crypto exchanges and U.S. stock brokerages.