Today in Crypto: Cantor Fitzgerald’s $3.5 Billion Bitcoin Deal, Congressional Setback for GOP Crypto Bills, and Darknet Marketplace Disappearance
The cryptocurrency landscape witnessed several notable developments today, including a major Bitcoin acquisition move by Cantor Fitzgerald, a legislative hiccup for Republicans in Congress, and the sudden disappearance of a Bitcoin-powered darknet market amid suspicions of an exit scam and law enforcement involvement.
Cantor Fitzgerald Nears $3.5 Billion Bitcoin Purchase from Blockstream
Financial services firm Cantor Fitzgerald is reportedly on the verge of acquiring $3.5 billion worth of Bitcoin from Blockstream, the blockchain technology company founded by cryptography pioneer Adam Back. According to reports from the Financial Times and Bloomberg released Tuesday, the transaction would involve Blockstream contributing up to 30,000 BTC to Cantor Equity Partners 1—a special purpose acquisition company (SPAC) managed by Cantor Fitzgerald— in exchange for shares.
The SPAC is set to be renamed BSTR Holdings as part of this deal, which also includes plans to raise an additional $800 million in outside capital to fund further Bitcoin acquisitions. This follows a prior $3.6 billion crypto partnership Cantor Fitzgerald entered into with SoftBank and Tether earlier this year to establish the Bitcoin acquisition company.
Cantor Fitzgerald is led by Brandon Lutnick, the 27-year-old son of US Commerce Secretary Howard Lutnick. Adam Back, Blockstream’s founder, is known for his 1997 cryptographic work on Hashcash, which was acknowledged by Bitcoin’s creator, Satoshi Nakamoto, as foundational to Bitcoin’s proof-of-work mechanism.
Republican Crypto Legislation Hits Roadblock in House Vote
In Washington, legislative efforts to regulate cryptocurrencies faced an unexpected setback when GOP-backed bills failed to clear a key procedural vote in the House of Representatives. The stalled vote involved the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, a bill aiming to regulate payment stablecoins in the United States as part of a larger crypto regulatory package.
Despite public pressure from former President Donald Trump—who used his social media platform Truth Social to urge all Republican lawmakers to vote affirmatively—the bill did not secure unanimous Republican support. Trump’s message called for immediate action, stating, “get the first vote done this afternoon” before the August congressional recess.
The GENIUS Act is among three crypto-related legislative proposals championed by Republican leaders to address market structure, stablecoin regulation, and central bank digital currencies during what they termed “crypto week” in Congress. The vote’s failure marks the first significant legislative stumble for the party on cryptocurrency policy.
Bitcoin-Backed Darknet Marketplace ‘Abacus Market’ Goes Dark
In the darker corners of the internet, the largest Bitcoin-powered Western darknet marketplace, Abacus Market, has abruptly gone offline. Security firm TRM Labs noted in a Monday report that the marketplace’s website and all related infrastructure—including its clearnet mirror—are now inaccessible.
The sudden disappearance has raised suspicions of an exit scam, wherein operators shut down the service and absconded with users’ funds. TRM Labs suggested that the shutdown might be linked to increased law enforcement scrutiny, especially following the mid-June closure of Archetyp Market, a longstanding darknet marketplace.
Prior to the shutdown, users reported difficulties with withdrawing funds, but the site administrator known as “Vito” attributed these issues to an influx of new users and a distributed denial-of-service (DDoS) attack aimed at disrupting operations. TRM Labs highlighted that such patterns are consistent with known exit scams seen across various darknet markets.
These events underscore the multifaceted nature of today’s crypto environment, spanning high-profile institutional transactions, evolving regulatory challenges, and ongoing concerns around darknet illicit markets. Stakeholders across industry and government continue to watch closely as the digital asset space develops.
Reported by TradingView News and sourced from Cointelegraph.