Incrypted editorial staff prepared a digest of the main events in the cryptocurrency industry for this week. In it we told about the situation between the National Bank and Trustee Plus, correction in the crypto market, regulation, fraud, the state of the crypto market in Ukraine and much more.
Top news
Bitcoin news
On the morning of September 22, 2025, the price of bitcoin fell sharply to $111,800. This caused a wave of liquidations on the futures market: in just one hour, their volume exceeded $1 billion, with almost all losses coming from long positions. In general, during the whole week the rate of the asset went down, and in the evening of September 25 collapsed below $109,000. At the time of writing, the price of the first cryptocurrency is around $109,360, according to TradingView.
Against this backdrop, Incrypted’s editorial staff gathered experts’ opinions on the current state of the crypto market. Read about how likely the beginning of the bearish cycle is and whether there are still chances for the continuation of the bull market in the material:
- Metaplanet has made it into the top 5 corporate bitcoin holders
Japan-based Metaplanet announced a record transaction — buying 5,419 BTC worth $632.5 million at an average price of $116,724. The company’s total balance sheet grew to 25,555 BTC ($2.7 billion), putting it in fifth place among public bitcoin holders, ahead of Bullish.
Additionally, Strategy’s total assets reached 639,835 BTC after acquiring another 850 BTC between September 15 and September 21, 2025.
Ukraine and cryptocurrencies
- Cryptoassets have entered the top 5 investments of financially active Ukrainians
Cryptocurrencies have entered the top five most popular financial instruments in Ukraine along with bank accounts, deposits and real estate, according to a joint study by Ipsos and crypto exchange WhiteBIT. The survey of 650 financially active Ukrainians aged 18-65 showed: 25% have already invested in cryptocurrencies, another 23% plan to do so in the near future.
- EBRD: over the year Ukrainians spent $882 million to buy bitcoins
From July 2023 to July 2024 Ukraine received cryptocurrency revenues of $106 billion and spent $882 million in hryvnia equivalent to buy bitcoins, according to the report of the European Bank for Reconstruction and Development (EBRD).
- Ukraine prepares new rules for crypto market
In early September, the Verkhovna Rada passed in the first reading the bill No. 10225-d on taxation of virtual assets. The head of the Finance Committee, Danylo Getmantsev, called it “a big step towards legalization of cryptocurrencies,” but noted that by the second reading, the text requires 2-3 months of revisions due to numerous amendments from the NBU and the Tax Service.
The purpose of the bill is to legalize the market, protect asset owners and tax income. Getmantsev noted that there will be no preferential taxation: now they offer 5% personal income tax (5% military levy) for the transition period, while now crypto transactions are taxed at a rate of 23%.
- The Anticorruption Agency of Ukraine recognized the lack of data on inaccurate cryptodeclarations
The National Agency for the Prevention of Corruption said it does not keep a separate record of declarations specifying digital assets and has no statistics on cases of inaccurate data on them.
Frauds and hacks
- Streamer lost $32,000 in cryptocurrencies due to a virus in a game from Steam
The BlockBlasters verified Steam game turned out to be a tool for stealing cryptocurrencies. At the end of August 2025, malicious code was added in an update, causing users to lose more than $150,000. This was reported by crypto detective ZachXBT. Among those affected is Latvian streamer RastalandTV (Raivo Plavnieks), who had more than $32,000 withdrawn from his wallet during a charity stream.
- UXLINK platform has been hacked
Social Web3 platform UXLINK has been hacked — a hacker gained access to its multi-signature wallet and started issuing tokens. The losses may reach tens of millions of dollars. At the same time, it is possible that the attacker himself became a victim of phishing. Read more about the incident — in the material.
- Eurojust detained five suspects in crypto fraud for more than 100 million euros
Eurojust stopped a crypto-fraud scheme at the request of Spain and Portugal, detaining five suspects in the fraud for more than 100 million euros, including the likely organizer.
More than a hundred people in Germany, France, Italy and Spain were affected through the online platform. The joint operation searched Spain, Portugal, Italy, Romania and Bulgaria and froze bank accounts and other assets.
- Police in South Korea arrested a church accountant over his loss of cryptocurrency donations
Police in South Korea have detained a 60-year-old accountant at a Catholic church in Mokpo who embezzled parishioners’ funds through a cryptocurrency fraud scheme, local media reported. According to police, he embezzled 480 million won (about $350,000) raised by about 1,000 parishioners to buy land and build a temple from July 2024 to August 2025.
- The GAIN token collapsed by more than 95% as a result of the hack
An onchain researcher under the pseudonym Ai reported a malicious issuance of 5 billion Griffin AI tokens (GAIN), causing the asset’s price to plummet by more than 95%. According to him, the issue was made from an address created 11 hours before the incident. After 22 minutes, the tokens began to be sold en masse, and in less than an hour the attacker withdrew about $3 million in profits.
Regulation
- Congressmen urged the SEC to implement Trump’s executive order on pension plans and crypto assets
The US has backed expanding 401(k) retirement plans by allowing investments in alternative assets, including cryptocurrencies. A group of congressmen, including Financial Services Committee Chairman French Hill and Capital Markets Subcommittee head Ann Wagner, called on the SEC to implement President Donald Trump’s Executive Order 14330 on August 7, 2025. About 90 million Americans will be able to access new investments in their 401(k), they said.
- Reuters: Chinese regulator asked brokers to suspend RWA business in Hong Kong
The China Securities Regulatory Commission (CSRC) has called on several local brokers to suspend real-asset tokenization (RWA) activities in Hong Kong, Reuters reported, citing two sources.
The recommendations were informal and announced in recent weeks, they said. One of the interlocutors said this was to mitigate the risks of the new direction and to check the legitimacy of the companies’ claims before scaling up.
- FT: UK and US to launch joint working group to regulate digital assets
The UK and US have set up a “transatlantic working group for Future Markets” to collaborate on the regulation of digital assets and the development of capital markets. Finance ministers Rachel Reeves and Scott Bessent agreed to launch the group after talks in Downing Street ahead of US President Donald Trump’s visit to London. The working group will explore short to medium term opportunities for collaboration while legislation and regulatory frameworks are still being developed.
- CFTC announces initiative to integrate stablecoins into derivatives markets
The US Commodity Futures Trading Commission (CFTC) has announced a new initiative that will enable the use of tokenized collateral, particularly stablecoins, in derivatives markets, acting chair Caroline Pham said. She added that blockchain and tokenization could radically change collateral management and improve capital efficiency.
- Australian government unveils bill to regulate crypto industry
Australia has unveiled draft legislation that for the first time sets clear rules for the crypto industry and provides strict penalties for violators. Deputy Treasurer Daniel Mulina said at the Digital Asset Regulation Summit that platform operators who fail to comply with licensing requirements could be sanctioned up to 10% of annual turnover.
NBU and Trustee Plus
The National Bank completed a one-and-a-half-year inspection of Trustee Global and said that the company provided some payment services without a license — in particular, P2P transfers and euro transactions. The regulator ordered the service to partially suspend operations in Ukraine.
Trustee Plus noted that most of the claims have been removed, and the restrictions only concern certain functions. CEO Vadym Hrusha emphasized that the clients’ assets are safe and the service continues to operate in the EU within the framework of European legislation.
Later, Grusha reported a record growth of the European audience: more than 7,000 users from the EU installed the application within a day, which he called “the highest indicator of this year.”
In addition, the Incrypted editorial staff together with experts have analyzed what the regulator’s decision means for the P2P segment and how it will potentially affect the crypto market in Ukraine. Read more in the article:
Coinbase confirmed its intention to become a financial super app
Coinbase CEO Brian Armstrong said that the company aims to become a financial superapplication. According to him, cryptocurrencies are capable of providing fast and cheap payments, surpassing traditional infrastructure. Armstrong also criticized the 2-3% card transaction fees that end up increasing the price for consumers.
In addition, the Coinbase CEO named three arguments in favor of bitcoin’s growth to $1 million by 2030.
Kazakhstan launched a national stablecoin on Solana with the support of Mastercard
Kazakhstan has launched a pilot version of the national steiblcoin Evo (KZTE) pegged to the tenge. It is issued by Intebix crypto exchange and Eurasian Bank with the support of Mastercard and Solana blockchain.
Media: Tether plans to raise up to $20 billion and reach a valuation of $500 billion
The USDT steiblcoin issuer, Tether, is negotiating a $15-20 billion private placement, Bloomberg reports citing sources. According to insiders, the company is ready to give away about 3% of its shares.
Kraken closed a $500 million funding round at a $15 billion valuation
Cryptocurrency exchange Kraken has raised $500 million in a new funding round that valued the company at $15 billion, a move that was the final step in preparing for its long-awaited initial public offering (IPO), which has now been pushed back to 2026.
Bloomberg later reported that Kraken is in talks to raise another $300 million at a $20 billion valuation.
Other news:
- UAE has signed an agreement to automatically exchange tax information on cryptocurrencies;
- poll: half of US residents perceive AI as a threat to humans;
- PayPal announced an investment in Stable and the integration of PYUSD into its ecosystem;
- WLFI will soon introduce a debit card;
- Buterin supported the Base team and called L2 solutions infrastructural extensions of Ethereum;
- Circle is considering a reverse transaction mechanism to protect against fraud;
- the number of crypto millionaires rose 40% in a year to surpass the 241,000 mark;
- FTT price soared more than 55% on the back of Benkman-Fried’s appearance at X;
- BNB Chain validators proposed to halve fees and speed up blocks;
- a group of European banks will launch a MiCAR-regulated stablecoin;
- the first spot Ethereum-ETF with stacking has come to market in the US;
- WSJ: SEC and FINRA interested in trading shares of companies with crypto reserves.
What’s in store for Incrypted?
The editorial team learned of a proposal to change Hyperliquid’s tokenomics:
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In addition…
- Gathered the key blockchain and crypto asset investments for you in one piece.
- We regularly update Incrypted cryptocalendar, where you will find a lot of interesting events and announcements.