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The U.S. government seeks to confiscate $1.07 million in assets before the sentencing of former Celsius executives

The U.S. Attorney's Office for the Southern District of New York stated in a court filing on Tuesday that Roni Cohen-Pavon, the former Chief Revenue Officer of the defunct crypto lending platform Celsius, has agreed to a forfeiture judgment of $1.07 million, representing the proceeds traceable to his criminal conduct. Cohen-Pavon pleaded guilty in September 2023 to charges of fraud and conspiracy to manipulate the price related to Celsius's CEL token, and is scheduled to be sentenced this Thursday. Cohen-Pavon's lawyer previously requested a sentence of time served, citing his cooperation agreement with the government and his potential role in the guilty plea of former Celsius CEO Alex Mashinsky.Mashinsky was sentenced to 12 years in prison in May 2025 for commodity and securities fraud and agreed to forfeit over $48 million. In a letter to the judge, Cohen-Pavon stated, "I plead guilty because I am guilty. I participated in the manipulation of the CEL token. I should have stopped it but did not, I could have left but did not. I take full responsibility for this."Additionally, on Thursday, Judge Lewis Kaplan of the same court ordered that $10 million in assets associated with former FTX CEO Sam Bankman-Fried be used to fulfill his forfeiture agreement. Bankman-Fried was sentenced to 25 years in prison for defrauding FTX users and investors and is subject to over $11 billion in forfeiture. His appeal to overturn the conviction and sentence is still pending.

Bitcoin spot ETFs have seen net positive inflows for seven consecutive weeks, with IBIT attracting $269.3 million in a single day yesterday. The House fundraising committee is holding a closed-door meeting on cryptocurrency tax reform today, in sync with the Senate markup

According to BBX data, institutional demand for Bitcoin ETFs maintained strong momentum yesterday. Today, both houses of Congress are advancing cryptocurrency legislation simultaneously for the first time, with the core dynamics as follows:The U.S. Bitcoin spot ETF recorded a total net inflow of approximately $358.1 million yesterday (May 13), with BlackRock, Inc. (NYSE: $BLK) subsidiary iShares Bitcoin Trust (NASDAQ: $IBIT) seeing a single-day net inflow of $269.3 million, the strongest single-day data in recent weeks; the overall U.S. Bitcoin spot ETF has recorded net positive inflows for seven consecutive weeks, further reinforcing the structural signal of institutional capital returning. Bitcoin closed above $80,000 yesterday, with a year-to-date increase of about 14%, and market sentiment remains relatively optimistic on the eve of the CLARITY Act markup.The House Ways & Means Committee held a closed-door meeting today (May 14) on cryptocurrency tax reform in sync with the Senate Banking Committee's CLARITY Act markup, covering topics such as the treatment of capital gains tax on crypto assets, tax reporting responsibilities for DeFi protocols, and the tax classification of Bitcoin mining and staking income; this marks the first time in 2026 that both houses of Congress are advancing cryptocurrency regulatory legislation on the same day, indicating that cryptocurrency regulatory legislation has expanded from a single market structure issue to a complete legislative ecosystem of "regulatory framework + tax system."

The auditing platform Code4rena has announced its shutdown, and Immunefi will absorb its bug bounty clients and researchers

According to official news, the smart contract auditing platform Code4rena has announced that it will gradually cease operations, and the Web3 security company Immunefi will take over its clients and security researchers. Code4rena posted on social media that it has made the decision to shut down and stated that all ongoing competitions and bounty activities will be completed as usual, and existing collaborations will be "properly concluded." Immunefi stated that it will assist in migrating Code4rena's bounty projects, reward structures, and researchers to its platform.Code4rena is known for its "competitive auditing" model, where independent researchers compete to find vulnerabilities in smart contracts for rewards. This shutdown comes less than two years after blockchain security company Zellic acquired Code4rena in 2024. Previously, Code4rena raised $6 million from Paradigm in 2023 for auditing incentives and platform expansion.This shutdown comes at a difficult time for DeFi protocols and the security sector. Data from DefiLlama shows that there were over 20 crypto vulnerability incidents in April alone, setting a monthly record. JPMorgan analysts believe that ongoing DeFi security incidents are limiting major institutional investors from entering the market. Meanwhile, the total value locked in DeFi has decreased from about $160 billion in October to approximately $83 billion currently.
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