According to RootData, the crypto primary market recorded 42 financing and M&A events in June 2026, totaling approximately $898 million, a 60.5% decline month-over-month and 67.3% year-over-year. 15 M&A deals accounted for $305 million. Capital concentrated in DeFi (18 deals, $330M), infrastructure (13 deals, $453M), and CeFi (12 deals, including SBI Holdings' $289M acquisition of Bitbank). The top five projects alone accounted for 76% of total disclosed volume. Active investors include Coinbase Ventures, a16z, Pantera Capital, and others, favoring projects with clear institutional clients, compliance pathways, and real use cases.

The Shanghai Jing'an District People's Procuratorate recently indicted a cross-border illegal foreign exchange case involving over 200 million yuan (approx. $28 million) in virtual currency. The main defendant Li and four others were sentenced to prison terms from 2.5 to 6 years and fined. The case revealed that Company Z used a virtual currency 'knock-on' model, registering overseas and setting up offices in China, packaging itself as a 'private bank' to offer illegal forex services. No actual cross-border fund flows occurred; only offshore and onshore fund pools settled. The State Administration of Foreign Exchange discovered abnormal clues in July 2024, triggering a criminal investigation. Nine suspects have been arrested, two surrendered.

The Shanghai Jing'an District People's Procuratorate recently indicted a cross-border virtual currency illegal exchange case involving over 200 million yuan. Five defendants, including the main culprit Li, were sentenced to prison terms ranging from six to two and a half years, along with fines. The case utilized a 'correspondent' model where virtual coins were bought domestically and swapped for foreign currency abroad without actual cross-border fund flows. The State Administration of Foreign Exchange (SAFE) detected anomalies during routine monitoring and transferred the case to police via an administrative-criminal coordination mechanism. Nine suspects have been arrested, with one still under investigation. The case highlights the use of virtual currencies as a tool for illegal foreign exchange and the strengthened regulatory crackdown.

Shanghai Jing'an District Procuratorate has indicted a cross-border virtual currency illegal exchange case involving over 200 million yuan (approximately $28 million). Five main defendants, including Li, received prison sentences ranging from 2.5 to 6 years and fines between 300,000 and 1.5 million yuan. The scheme was orchestrated by Company Z, registered offshore in 2019, which used a 'private banking' facade and a fake crypto app to attract clients. Using a 'book-transfer' (duikang) method, the firm collected domestic clients' crypto into overseas wallets and settled fiat currency overseas without any actual cross-border fund flows. The State Administration of Foreign Exchange (SAFE) detected the anomaly in July 2024 and referred the case to police via the 'administrative-criminal linkage' mechanism. A total of nine suspects have been arrested; one mastermind remains under investigation. The case highlights the growing use of crypto assets in underground banking and underscores the need for stricter regulatory oversight.

The People's Procuratorate of Shanghai Jing'an District has indicted a cross-border virtual currency swap case involving over 200 million yuan (approximately $28 million). Five defendants, including the main culprit Li, were sentenced to prison terms ranging from six years to two years and six months, along with fines. The case was discovered by the State Administration of Foreign Exchange in July 2024 during routine monitoring, and was transferred to criminal authorities through the administrative-criminal coordination mechanism. Company Z, registered overseas in 2019, operated under the guise of a 'private bank' and used study-abroad and immigration intermediaries to funnel clients. The scheme involved clients purchasing virtual coins from OTC dealers, depositing them into Company Z's overseas wallets, and then converting them to foreign currency abroad. Company Z charged a 3% service fee and paid 0.5% commission to intermediaries. A total of nine individuals have been implicated, with one main suspect still under investigation.

The Shanghai Jing'an District People's Procuratorate has recently filed a public prosecution in a cross-border virtual currency illegal currency exchange case involving over 200 million yuan. The main culprit Li and four others were sentenced to fixed-term imprisonment ranging from six years to two years and six months, with fines from 1.5 million to 300,000 yuan. Four others were given relative non-prosecution. The case originated from Z Company, registered overseas in 2019, which disguised itself as a 'private bank' and used study abroad/immigration agents to solicit clients. It exploited virtual currency 'peer-to-peer' transfers between domestic and offshore pools, charging a 3% service fee and giving agents 0.5% kickback. In July 2024, the State Administration of Foreign Exchange (SAFE) detected anomalies during routine monitoring and transferred the case to police via the administrative-criminal linkage mechanism. Nine individuals have been arrested, with one mastermind still under investigation. This case reveals the core modus operandi of virtual currency 'leveraging' to evade traditional cross-border oversight and serves as a critical warning for crypto compliance and anti-money laundering efforts.

The Shanghai Jing'an District People's Procuratorate has indicted a criminal ring that used cryptocurrencies to conduct illegal cross-border foreign exchange transactions worth over 200 million yuan (approximately $28 million). Five main defendants, including ringleader Li, were sentenced to prison terms ranging from 2.5 to 6 years and fined between 300,000 and 1.5 million yuan. The ring operated through an offshore company 'Z' registered in 2019, which marketed itself as a 'private bank' with a dedicated virtual banking app but held no forex license in China. By using a 'counterparty settlement' model—buying crypto domestically, depositing into overseas wallets, and then converting to fiat abroad—the scheme bypassed actual cross-border fund flows. A total of nine individuals were apprehended, with one key suspect still under investigation. The case highlights the use of crypto 'crypto-for-fiat' arbitrage to evade China's capital controls and underscores the need for enhanced surveillance of crypto-enabled financial crimes.

Blockchain security firm TenArmor reports an on-chain attack on the Ethereum protocol BackedFi, resulting in approximately $204,200 in asset losses.