Intro:
Today in crypto, Metaplanet unveiled plans to extend its Bitcoin treasury strategy into the US through a deal involving 2,100 BTC, South Korea moved to block Polymarket over gambling concerns and an alleged $165 million crypto Ponzi scheme operator was deported from Fiji to face US charges.
Metaplanet takes Bitcoin treasury strategy to US with 2,100 BTC deal
Metaplanet plans to contribute 2,100 Bitcoin to Nasdaq-listed Super League Enterprise as part of a deal that would establish a US arm for its Bitcoin treasury strategy.
The Tokyo-listed company would take a controlling stake in Super League, which is set to be renamed Superplanet and serve as Metaplanet’s US Bitcoin treasury platform. The 2,100 BTC, worth roughly $135 million at current prices, will come from Metaplanet’s existing 43,000 BTC holdings, meaning the transaction does not involve a new Bitcoin purchase.
CEO Simon Gerovich said the structure could give the group access to capital markets in both the US and Japan, while allowing Superplanet to pursue US acquisitions.
The transaction is expected to close in the fourth quarter of 2026, subject to shareholder approval and other conditions. Super League shares jumped more than 50% following the announcement, while trading volume surged.
South Korea moves to block Polymarket over gambling concerns
South Korean authorities have ordered access to Polymarket to be blocked after determining that the crypto prediction market provides an illegal gambling environment to users in the country.
The country’s media and communications review commission said Tuesday that Polymarket falls under information that facilitates gambling or the opening of a gambling venue under the Criminal Act, as well as prohibited analogous betting activity under the National Sports Promotion Act.
The regulator said Polymarket’s winner-takes-all structure, where users can gain or lose money based on outcomes including politics, sports and weather, encourages speculative gambling behavior. It also cited Polymarket’s role in operating markets, setting trading rules, providing crypto deposit, withdrawal and settlement systems and collecting transaction fees.
In its statement to the commission, Polymarket argued that it had removed Korean-language services, does not support payments in Korean won and operates through noncustodial transactions and smart contracts rather than directly managing user funds.
The commission rejected those arguments, saying technical characteristics such as decentralization, trading interfaces and order books do not exempt a service from South Korean law.
Alleged $165M crypto Ponzi mastermind faces US charges after Fiji deportation
Edward Zimbardi, the alleged mastermind of a $165 million crypto Ponzi scheme, was returned to the United States after being deported from Fiji to face federal fraud and money laundering charges.
On Monday, the US Attorney’s Office for the Northern District of Georgia said that Fijian authorities deported Zimbardi on Friday in coordination with the FBI and State Department. He was scheduled to appear before a federal magistrate judge in Los Angeles, with prosecutors seeking his detention pending proceedings in Georgia.
Prosecutors allege Zimbardi promoted a scheme called “The Crypto Program” from June 2022 to August 2023 as an advertising-package investment promising guaranteed returns of 25% monthly. Thousands of investors allegedly sent over $165 million in crypto to wallets he secretly controlled.
Instead of purchasing advertising packages, Zimbardi allegedly placed more than $34 million in risky foreign currency trades, used later investments to pay off earlier investors and spent at least $10 million on personal expenses, including a house, luxury vehicles and alimony.
Zimbardi was indicted July 8 on 12 counts of wire fraud, 12 counts of money laundering and one money laundering conspiracy count. Prosecutors allege he fled to Fiji after learning of the FBI investigation and remained there for more than a year.
Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.