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Harry Chun Ta
2026-08-10 09:26:09

Harry Chun Tak Yeh’s death casts a harsh light on collapsed crypto projects and an industry in retreat

Police in Asuncion, Paraguay are investigating the death of Harry Chun Tak Yeh, a crypto investor and project founder, after he was found at the base of the Jade Park residential tower in the early hours of Aug. 7. Officers said they later entered an apartment on the 30th floor, where they found an open door and a disordered interior, then collected evidence from apartments on the 27th and 30th floors. No conclusion has been announced. The case has drawn renewed attention to Yeh’s role in a set of crypto ventures including Tomb, LIF3, L3 Reserve and L3USD. According to the source material, Tomb once held more than $1.6 billion at its peak but had fallen to less than $30,000 by Aug. 10, 2026, two days after news of Yeh’s fall became public. LIF3 and L3USD were also described as effectively worthless. The report places the incident inside a broader 2026 crypto downturn marked by more than 100 project closures, bankruptcies or permanent shutdowns, rising hack and scam losses, and an exodus of builders into artificial intelligence. It cites PeckShield data showing about $4.04 billion lost to hacks and scams in 2025, and roughly $972 million stolen from DeFi in the first half of 2026 alone.

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Harry Chun Tak Yeh’s death casts a harsh light on collapsed crypto projects and an industry in retreat
American Bitc
2026-08-04 00:43:30

American Bitcoin posts third straight quarterly loss as shares remain about 95% below peak

American Bitcoin, the Miami-based Bitcoin miner co-founded by Eric Trump and Donald Trump Jr., reported a net loss of $57 million for the second quarter, or $0.80 per share, marking its third consecutive quarterly loss. While revenue improved to $67 million from $62 million in the prior quarter and the loss narrowed from $82 million, the company is still operating under heavy pressure from the crypto bear market. The company said Bitcoin’s 14% decline during the period weighed directly on the value of its holdings. As of June 30, American Bitcoin held about 8,000 BTC, up roughly 14% from the first quarter. On Monday, spot Bitcoin was quoted at about $63,150, down around 45% from a year earlier, continuing to pressure the valuation of the miner’s digital assets. American Bitcoin also carried out a 1-for-15 reverse stock split in July to maintain its Nasdaq listing. Shares opened down about 3.3% on Monday before rebounding with the broader market and rising nearly 8% at one point. During the earnings call, Chief Strategy Officer Eric Trump said the company remained committed to a pure-play Bitcoin mining model, distancing it from firms that identify as digital asset treasury companies.

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American Bitcoin posts third straight quarterly loss as shares remain about 95% below peak
Fidelity
2026-08-01 10:32:40

Fidelity Q3 report says BTC, ETH and SOL remain in a bottoming phase, with October 2026 flagged as a key window

Fidelity Digital Assets Research said in its latest Q3 Signals Report that Bitcoin, Ether and Solana are still working through a bottoming process rather than a confirmed market recovery. The report placed the market near break-even on a market-cap-weighted basis, with weighted NUPL at -0.01 and Bitcoin dominance rising to 68%, a sign that residual unrealized profit is still concentrated in BTC while ETH and SOL remain in loss territory. Drawing on prior bear-market base periods in 2018 and 2022, both of which lasted about 300 days, Fidelity said the current downturn has run for roughly 203 days and may be about two-thirds complete. It added that October 2026 is a time window worth watching, while stressing that this is not a call that the market will bottom then. The report also broke down asset-specific signals. For Bitcoin, Fidelity described NUPL as a positive signal at 0.09, while momentum, relative performance against gold and hash-rate trends remained weak. For Ether, NUPL and stablecoin transfers were viewed favorably, but momentum and network fees stayed under pressure. For Solana, Fidelity said deep unrealized losses, resilient on-chain activity and growing stablecoin flows may point to a developing base, even as momentum is still negative. Across the market, the firm pointed to persistent spot ETP outflows, a nearly $6 billion liquidation cascade from June 1 to June 4, and macro headwinds as factors keeping pressure on digital assets.

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Fidelity Q3 report says BTC, ETH and SOL remain in a bottoming phase, with October 2026 flagged as a key window
BitMEX
2026-07-26 08:06:00

BitMEX and BitMart shutdowns put exchange stress back in focus as crypto downturn deepens

Two crypto exchanges announced shutdown plans within days of each other, adding fresh pressure to a market already dealing with a wider wave of closures. BitMEX said on July 23 that it had stopped taking new user registrations and will shut down on Sept. 23, 2026. BitMart followed on July 26 with a staged wind-down that suspends new signups, deposits and new orders, ends all trading on Aug. 26, 2026, and terminates platform operations on Jan. 31, 2027, while saying withdrawals will remain available. The developments come after AscendEX, formerly BitMax, also said in early July that it would cease operations, citing MiCA regulation, market conditions and financial operating pressure. Reactions to BitMEX’s closure split into two main camps. Binance founder CZ pointed to the Biden-era “War on Crypto,” while Flashbots strategy lead Hasu argued BitMEX’s insurance fund design may have been a deeper structural problem. In BitMart’s case, community debate has centered on withdrawal handling, possible funding strain and allegations of poor internal management. The closures have also triggered a scramble by other platforms to attract displaced users. Huobi, Websea, MSX.COM and Blockfinex all moved to publicly court BitMart customers shortly after the announcement.

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BitMEX and BitMart shutdowns put exchange stress back in focus as crypto downturn deepens