Gunnar Strömmer reportedly said that Swedish authorities had confiscated more than $8.3 million worth of criminal profits since a law related to seizures was passed in 2024. Sweden’s justice minister has called on local authorities to focus on crackdowns that could yield larger seizures of assets including cryptocurrency under a 2024 law that allows the confiscation of luxury items and cash from individuals even if they aren’t the target of an investigation. According to a Thursday report from financial news outlet Dagens industri, Minister of Justice Gunnar Strömmer said local police, tax authorities and the Swedish Enforcement Authority should put more effort into cases likely to yield crypto proceeds, real estate and other corporate assets. The justice minister reported that the government had seized more than $8.3 million in criminal profits since 2024. “Now it’s time to turn up the pressure even more,” said Strömmer. Read more
Peter Thiel and other billionaires are planning Erebor, a new bank to fill the void left by Silicon Valley Bank’s collapse — with crypto firms and startups in focus. Peter Thiel and other tech billionaires have reportedly spotted a major market opportunity in the void left by Silicon Valley Bank’s (SVB) 2023 collapse. They are now planning to launch a new financial institution — named after a Lord of the Rings reference — to serve crypto companies and startups that have struggled to secure financing since SVB’s downfall. SVB’s dramatic collapse in 2023 triggered contagion across the US banking sector and led to tighter lending standards. While its assets were later acquired by First Citizens Bank, no institution has stepped in to fill SVB’s unique role — until now. For context: Before its collapse, SVB banked nearly half of all venture-backed technology and life sciences companies in the United States. Read more
Bitcoin sold off near the $110,000 ceiling, but the price reset could give BNB, SOL, LINK and AAVE a chance to rally. Key point: Bitcoin’s bounce off the moving averages may improve sentiment, pushing BNB, SOL, LINK and AAVE above their overhead resistance levels. Bitcoin’s (BTC) failure to close above $110,000 may have attracted profit-booking by short-term traders. That has pulled the price near $108,000. Crypto analyst Daan Crypto Trades said in a post on X that a close above $110,000 would be good for Bitcoin, but a drop below $108,000 could deepen the correction. Read more
Onchain data shows that retail investors are not buying Bitcoin, but analysts say they’ve shifted into buying the spot ETFs. Key takeaways: Onchain metrics suggest retail investors are asleep, but the ETFs’ AUM is growing Retail investors hold the majority of spot Bitcoin ETF shares — either directly or indirectly through investment advisers and hedge funds acting on their behalf. Read more
The decentralized exchange was one of 46 websites Turkey's financial regulator said would be blocked for residents. Turkey’s Capital Markets Board, the country’s financial regulator, announced it had blocked access to websites “providing unauthorized crypto asset services.” In a Thursday notice, the Capital Markets Board said it had taken legal action against 46 websites, including decentralized exchange PancakeSwap and Cryptoradar, in a crackdown on crypto services offered to residents of Turkey. The regulator cited the country’s Capital Markets Law as its authority to block the websites. PancakeSwap reported more than $325 billion in trading volume for June, making it one of the most significant decentralized exchanges alongside Uniswap and Curve. It’s unclear how Turkish authorities determined the platform had been offering “unauthorized” services. Read more