Need to know what happened in crypto today? Here are the latest developments affecting Bitcoin, blockchain, stablecoins, DeFi, Web3, and the wider cryptocurrency market.
Today’s biggest crypto stories include a guilty plea in a $245 million cryptocurrency theft case, Visa expanding its stablecoin and blockchain lending infrastructure, and Strategy pausing its weekly Bitcoin purchases to repurchase $176 million worth of preferred shares.
Malone Lam Pleads Guilty in $245 Million Crypto Theft Case
Singaporean national Malone Lam has pleaded guilty to taking part in a racketeering conspiracy involving the theft and laundering of more than $245 million in cryptocurrency.
According to US prosecutors, the group used social engineering techniques and home break-ins to target cryptocurrency holders.
The US Department of Justice said Lam helped organize the international operation. He allegedly identified potential victims and coordinated other members of the group.
Court documents state that members of the operation connected through online gaming platforms. The criminal enterprise was active from at least October 2023 until May 2025.
Lam had previously been charged in connection with the theft of more than 4,100 Bitcoin from a resident of Washington, DC. At the time of the theft, the Bitcoin was valued at more than $230 million.
Lam pleaded guilty before US District Judge Colleen Kollar-Kotelly to one count of participating in a Racketeer Influenced and Corrupt Organizations, or RICO, conspiracy.
A status hearing has been scheduled for Dec. 8. However, authorities have not yet announced a sentencing date.
Visa Expands Stablecoin Settlement With Onchain Lending
Visa is expanding its involvement in blockchain finance by connecting settlement information with onchain lending infrastructure.
The move could give companies operating Visa-linked stablecoin card programs another way to access working capital.
Visa said lenders will be able to combine VisaNet settlement records with blockchain transaction data when evaluating borrowers. This could help card issuers and payment companies obtain blockchain-based credit rather than depending entirely on traditional financing.
Stablecoin Card Activity Continues to Grow
Visa highlighted blockchain credit protocol Credit Coop as an early example of the model.
Since 2023, Credit Coop has reportedly financed more than $2.5 billion in cumulative settlement volume. That activity included more than 3,000 borrowing events and approximately 9,000 repayments.
The expansion comes as stablecoins play an increasingly important role in Visa’s payments ecosystem.
Visa currently supports more than 160 stablecoin-linked card programs. Payment volume from these programs has increased by nearly 200% compared with a year earlier.
Meanwhile, stablecoin settlement volume has exceeded an annualized rate of $20 billion, more than 15 times its level one year ago.
Visa has continued expanding its stablecoin operations across payments, settlement, cards, and infrastructure as blockchain-based payment activity grows worldwide.
Strategy Pauses Bitcoin Buying to Repurchase STRC Shares
Strategy, the world’s largest corporate Bitcoin holder, skipped its latest weekly Bitcoin purchase and instead repurchased approximately $176 million worth of STRC preferred shares.
The company bought back about 1.8 million STRC shares for a total of $176.3 million between Aug. 31 and Sept. 7, according to a filing with the US Securities and Exchange Commission.
Strategy also doubled the size of its Digital Credit Securities Repurchase Program to $2 billion.
Strategy Still Holds More Than 845,000 Bitcoin
With no additional Bitcoin purchased during the period, Strategy’s holdings remain at 845,050 BTC.
The company acquired those Bitcoin for a combined cost of approximately $63.6 billion, resulting in an average purchase price of $75,412 per Bitcoin.
Strategy had returned to the Bitcoin market the previous week with a purchase worth roughly $370 million, its first BTC acquisition since mid-June.
STRC traded near $97.70 in Tuesday premarket activity, approximately 2.3% below its intended $100 par value. Strategy’s Nasdaq-listed MSTR shares were also down more than 3% at the latest reading.
Why STRC Matters for Strategy’s Bitcoin Plans
STRC is one of the financial instruments Strategy uses to raise capital for its Bitcoin accumulation strategy.
When STRC trades below its $100 par value, it becomes more difficult for Strategy to raise additional money through new share sales. That could require the company to offer higher dividend payments to attract investors.
Strategy introduced a new capital framework on June 29 that allows Bitcoin sales to help fund dividend obligations.
The company also increased the annual dividend rate on STRC preferred shares to 12%.
Crypto Today: Key Developments to Watch
Today’s crypto news highlights several major trends shaping the market.
Regulators and law enforcement agencies continue to increase their focus on large cryptocurrency-related crimes. At the same time, traditional financial companies such as Visa are expanding their use of stablecoins and blockchain infrastructure.
Meanwhile, Strategy’s latest capital decision shows how closely its Bitcoin accumulation strategy is linked to conditions in its preferred stock and financing programs.
Together, these developments underline how crypto is becoming increasingly connected with traditional finance, payments, regulation, and corporate capital markets.
