[News Brief] Jul 21, morning | Movement Labs Files for Chapter 11 Bankruptcy Protection

Movement Labs Files for Chapter 11 Bankruptcy Protection

According to Odaily, Movement Labs, the developer behind the Movement blockchain, has filed for Chapter 11 bankruptcy protection in the United States.

Movement Labs had previously come under investigation over a market-making agreement. The deal reportedly allowed the rapid sale of 66 million MOVE tokens, after which the price of MOVE plunged, triggering an investigation and token buyback efforts.

Movement Labs recently shifted its business direction toward cross-border payments and stablecoin payment services. Although operations may continue during the bankruptcy protection process, the next steps for its blockchain network, partnerships, and payment expansion plans remain unclear.

Trump: “The Issue With Iran Is Not Over Yet”

According to Odaily, U.S. President Donald Trump said, “The issue with Iran is not over yet,” adding that “we will strike every location that could be used for Iran’s nuclear weapons development.”

Trump said any agreement between the United States and Iran would not allow Iran to possess nuclear weapons, adding, “We have exercised great restraint so far, and we will strike very hard very soon.”

Indian Refiners Suspend Iraqi Crude Shipments

Indian refiners have suspended shipments of Iraqi crude following attacks on oil tankers.

According to Julianne Geiger, Indian Oil and Mangalore Refinery and Petrochemicals have put Iraqi crude shipments on hold after a series of attacks on commercial tankers.

The move comes amid rising navigation risks around the Strait of Hormuz, raising concerns over disruptions to Middle Eastern oil transport and increased volatility in international oil prices.

White House Official: Senate Democrats Must Accept Conflict-of-Interest Deal for Clarity Act

According to Bitcoin Magazine, a White House official said Senate Democrats must accept an agreement related to President Trump’s conflict-of-interest issues in order to advance the Clarity Act.

The Clarity Act is a bill designed to clarify the structure of the U.S. digital asset market and regulatory authority, and the industry is watching closely to see whether it will reduce regulatory uncertainty.

U.S. Congress Holds Bipartisan Discussions on Crypto Ethics Issues

Odaily reported that the U.S. Congress is holding bipartisan discussions on ethics issues related to cryptocurrency.

A Fox Business crypto reporter said on X that negotiators are also discussing DeFi provisions, but ethics issues remain the primary obstacle.

A spokesperson for Senator Cynthia Lummis said recent talks with the White House on the ethics proposal had gone smoothly, and that the discussion would be reflected in ethics-related legislative text expected to be released in the coming days.

BlackRock Withdraws 1,789.65 BTC From Coinbase Prime to IBIT ETF Wallet

Odaily, citing Onchain Lens monitoring, reported that BlackRock withdrew 1,789.65 BTC from Coinbase Prime and transferred it to an IBIT ETF wallet.

The transferred amount is worth approximately $119 million. The movement is understood to be tied to the wallet of BlackRock’s spot Bitcoin ETF, IBIT.

Multicoin Capital Unstakes 1.96 Million HYPE Worth About $120 Million

Multicoin Capital has unstaked 1.96 million HYPE tokens worth approximately $120 million.

Odaily, citing Onchain Lens monitoring, reported that the funds are distributed across three wallets.

Unstaking converts staked assets into a movable state, and the market is closely watching the related wallets because of the potential for large-scale transfers.

Trump Fully Waives $100 Million Fine Against BitMEX Parent Company

According to Bloomberg, President Trump has fully waived a $100 million fine against HDR Global Trading, the parent company of BitMEX.

HDR Global Trading had been set to pay the fine for violating anti-money laundering regulations, and on March 27, 2025, Trump signed pardons for the company and four former executives, including co-founder Arthur Hayes.

According to the report, discussions on the corporate pardon began in early 2025, with the White House internally referencing historical examples of corporate pardons by the British monarchy.

BitMEX had previously listed a trading product linked to the Trump memecoin in January 2025. Bloomberg said that during Trump’s second term, the total amount of fines waived through corporate pardons has reached about $200 million.

U.S. Prosecutors and Secret Service Freeze More Than $25 Million in Crypto Linked to International Fraud Ring

The U.S. Attorney’s Office for the District of Columbia announced that, together with the U.S. Secret Service, it has frozen more than $25 million in cryptocurrency linked to an international fraud organization.

According to the source, prosecutors filed five civil forfeiture complaints in the U.S. District Court for the District of Columbia on July 21, 2026. The funds are suspected proceeds from criminal schemes including fake cryptocurrency investment platforms and online romance scams targeting residents of the United States and Canada.

Investigators believe the criminal organization concealed the source of funds through multiple wallet addresses and mixing processes. The action is part of the work of the U.S. Fraud Center Strike Force launched in 2025, whose total recovered assets have exceeded $800 million.

The U.S. Secret Service said the investigation is ongoing and that it will continue working with international law enforcement agencies to track down those behind the fraud network.

Coinbase Releases Postmortem on July 14 Service Outage

Coinbase has released a postmortem report on the service outage that occurred on July 14, stating that a Kubernetes resource naming conflict was the cause.

According to Coinbase, during a routine configuration update, the incident affected the Istio ingress gateway, a core network component, disrupting the handling of some traffic. As a result, some services including asset transfers, trade settlement, and card transaction approvals were temporarily interrupted or delayed.

The outage affected retail user deposits and withdrawals, off-chain trading, some Coinbase Card transactions, on-chain swaps on Coinbase DEX based on Base and Solana, as well as transfer and settlement services on Coinbase Exchange and Prime.

Coinbase said it restored the ingress gateway at 1:20 p.m. ET and that most issues were mitigated by around 1:23 p.m. ET. Some interrupted tasks were automatically processed after service recovery.

Coinbase emphasized that customer funds were not put at risk during the incident. It added that to prevent similar outages, it will implement automatic detection and blocking of Kubernetes resource naming conflicts and strengthen redundancy in its deployment tools and infrastructure.

Morgan Stanley Bought Approximately 115 More BTC Through Spot Bitcoin ETFs Last Week

According to Odaily, Arkham data shows that Morgan Stanley purchased approximately 115 additional BTC through its spot Bitcoin ETFs last week.

As a result, Morgan Stanley’s total Bitcoin holdings increased to 5,876 BTC, valued at more than $389 million.

Growing institutional holdings in spot Bitcoin ETFs are interpreted as a sign of long-term market demand.