Featured News Headlines
Crypto News Today: Ethereum Dev Detention Ends, Do Kwon Plea Change, Bitcoin Corporate Surge
Crypto News Today – The cryptocurrency world witnessed significant developments this week as an Ethereum core developer was released from Turkish custody, Do Kwon prepares for a potential plea change, and analysts warn about Bitcoin’s growing corporate concentration.
Ethereum Core Developer Freed After 24-Hour Detention
Federico Carrone, widely known as “Fede’s Intern” in the crypto community, confirmed his release after being detained in Turkey for 24 hours. The Ethereum core developer faced allegations related to his connection with privacy protocols on the blockchain.
“I’m finally out, safe and free. There was a small moment where things looked very bad but thanks to help from many I got released,” Carrone shared on social media Monday.
Turkish authorities, led by the Minister of Internal Affairs, accused Carrone of “helping others misuse Ethereum” in connection with a privacy protocol. The charges appear linked to a January 2022 research paper examining user privacy on Ethereum and Tornado Cash.
“We never helped anyone engage in illegal activity, it was purely research on mixers and their properties,” Carrone emphasized, noting that his legal team continues working on his defense.
Do Kwon’s Potential Plea Change Scheduled
Meanwhile, Terraform Labs co-founder Do Kwon may alter his plea during a Tuesday court conference. Judge Paul Engelmayer scheduled the hearing in the US District Court for the Southern District of New York, suggesting Kwon might change his stance on some charges.
Kwon initially pleaded not guilty to nine felony counts in January, following his extradition from Montenegro. The charges include securities fraud, market manipulation, and money laundering related to the Terra ecosystem collapse that eliminated $40 billion in investor assets.
Bitcoin Corporate Holdings Raise Nationalization Fears
Corporate Bitcoin treasuries have exceeded $100 billion, with companies holding 791,662 BTC worth approximately $95 billion by July’s end. This represents nearly 4% of Bitcoin’s circulating supply.
Analyst Willy Woo warned during Baltic Honeybadger 2025 that this concentration could lead to government intervention similar to the 1971 gold standard abandonment. He compared the situation to when President Nixon ended the Bretton Woods system, suggesting history might repeat with Bitcoin’s corporate centralization.
