GM. Monad’s long-awaited mainnet is live after raising $269M, though its MON token opened below sale price as investors weighed concentration risks and muted early demand.

Meanwhile, Cardano’s chain split led founder Charles Hoskinson to call in the FBI, JPMorgan cut ties with Strike’s CEO, and Grayscale debuted its new XRP ETF.

Here are the top crypto stories from the last 24 hours. 👇

Monad Mainnet Goes Live as MON Token Drops on Debut

Monad launched its long-awaited mainnet on Monday after closing a public MON token sale that raised $269 million. The debut followed weeks of distribution activity through Coinbase’s new token sale platform, drawing 85,820 participants across 80 countries, according to the Monad Foundation.

Roughly 50.6% of the 100 billion MON supply is initially locked under a vesting schedule running through 2029, with 38.5 billion reserved for ecosystem development. The Monad team and early investors together control 46% of the supply, fueling debate about token concentration and governance risk.

MON opened trading around $0.024 on Coinbase, slipping below its $0.025 sale price as early demand and volumes remained subdued. Market analysts said the slow start contrasts sharply with recent high-profile launches like Plasma, which sold out within a single block.

At launch, Monad’s EVM-compatible network integrated Curve, Uniswap, MetaMask, and stablecoins including USDC and USDT. Co-founder Keone Hon said the project balances scalability and decentralization using “optimistic parallel execution” and a custom validator protocol called RaptorCast.

Charles Hoskinson Calls FBI After Cardano Chain Split

Cardano’s first major blockchain split in eight years led founder Charles Hoskinson to contact the FBI after a malformed transaction exploited an outdated validation bug. The flaw created incompatible ledger states between newer and older nodes, briefly fragmenting the $14 billion network until IOG and Intersect deployed emergency patches about 14 hours later.

A self-identified developer later admitted to triggering the split while testing an old bug, prompting debate over intent after Hoskinson labeled the act a “premeditated attack.” The fallout escalated when an IOG engineer resigned, saying the incident showed how routine mistakes could now risk criminal repercussions.

JPMorgan Ends Banking Relationship With Strike CEO

JPMorgan Chase abruptly closed accounts belonging to Strike CEO Jack Mallers, citing “concerning activity” without providing additional explanation. Mallers said his family had banked with JPMorgan for 30+ years and received no justification for the closure. The decision reignited debate about alleged anti-crypto banking discrimination despite President Donald Trump’s August order banning such practices.

Industry leaders, including Fireblocks’ Jason Allegrante, said restricting access undermines rule-of-law principles and deters innovation within US financial infrastructure. The closure also revived accusations of “Operation Chokepoint 2.0,” referencing prior regulatory pressure campaigns targeting crypto firms. Mallers previously criticized JPMorgan’s leadership over Bitcoin skepticism.

Grayscale Debuts New XRP Exchange-Traded Fund

Grayscale launched the Grayscale XRP Trust ETF on NYSE Arca under the ticker GXRP, offering investors direct exposure to XRP. The product converted from a 2024 private trust and complements recent Grayscale launches tracking Dogecoin, Bitcoin, Ethereum, and Solana. Executives said the fund aims to broaden regulated access to the fourth-largest cryptocurrency by market capitalization.

The ETF arrives as regulatory attitudes shift following Ripple’s partial courtroom victory and the SEC’s updated crypto guidance. Grayscale said its expanded product suite supports investor demand for diversified digital asset exposure through compliant public markets. The firm estimates a $365 billion total addressable market for crypto ETFs spanning 45 supported blockchain assets.

Data of the day

Global crypto exchange-traded products recorded $1.9 billion in net outflows last week amid sustained market weakness, according to CoinShares. The data showed cumulative redemptions over four weeks reached $4.9 billion, marking the third-largest streak since 2018. Analysts said declining sentiment stems from ETF withdrawals, macro uncertainty, and accelerating liquidations across major digital assets.

Bitcoin ETFs led the exits with $1.27 billion, while Ethereum products saw $589 million withdrawn during the same period. Solana ETPs dropped $156 million, though XRP funds gained $89 million following Bitwise’s new ETF debut. CoinShares’ James Butterfill noted tentative signs of recovery Friday as $258 million in fresh inflows emerged.

More breaking news

• Grayscale launched the Grayscale Dogecoin Trust ETF under ticker GDOG on NYSE Arca, further cementing Dogecoin’s rise from meme coin to mainstream investment product.

• Satoshi Nakamoto’s Bitcoin wealth fell by $41 billion to $95.8 billion, according to Arkham as Bitcoin’s price dropped over 30% from its October all-time high.

• BitMine invested another $200 million into Ethereum, lifting its holdings to 3% of supply while reaffirming its $2,500 downside forecast for ETH prices.

• Revolut reached a $75 billion valuation following a share sale led by Coatue and Fidelity, buoyed by strong profits and global crypto expansion initiatives.

• South Korean exchange Upbit is preparing a Nasdaq IPO after merging with Naver Financial, positioning the combined firm to bridge crypto and traditional finance.

• Offchain Labs challenged Vitalik Buterin’s RISC-V proposal, arguing that WebAssembly offers superior performance, flexibility, and long-term safety for Ethereum’s Layer 1 architecture.

• Hyperliquid’s $314 million HYPE token unlock sparked debate over transparency and potential sell pressure, with Arthur Hayes warning traders to expect volatility ahead.

• Wormhole Labs launched Sunrise, a liquidity gateway bringing Monad’s MON and other external assets seamlessly onto Solana with full DeFi integration at launch.

• Bloomberg analyst Eric Balchunas warned that Zcash’s rising momentum could split political and market support from Bitcoin, even as the Winklevoss twins doubled down on privacy assets.

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