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The Future Cyberpunk Imagined Is Here: How Much Did It Get Right? – Decrypt

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The Future Cyberpunk Imagined Is Here: How Much Did It Get Right? – Decrypt



In brief

Brain implants, AI glasses, and advanced prosthetics are beginning to make cyberpunk’s technology a reality.
Mondo 2000 co-founder R.U. Sirius says the future turned out far more mundane than imagined.
Media scholar Shira Chess argues cyberpunk’s real warning was about corporate power, not chrome.

For decades, the sci-fi subgenre known as cyberpunk imagined a future of chrome-plated mercenaries, cyberspace cowboys, and hackers battling globe-spanning corporations. Four decades later, much of that future has arrived—just not in the way its creators expected.

Brain-computer interfaces like Neuralink, AI-powered smart glasses, and increasingly sophisticated robotic prosthetics have begun bringing science fiction’s chrome-plated future into the real world. At the same time, a handful of technology companies, including OpenAI, xAI, Anthropic, Meta, and Google, now shape how billions of people communicate, work, and increasingly interact with artificial intelligence.

As its name suggests, cyberpunk blends cutting-edge technology with the anti-establishment spirit of the punk movement. The result is a vision of “high tech, low life,” popularized by science fiction author Bruce Sterling, where astonishing innovation exists alongside rampant poverty, crime, corruption, and corporate power. From William Gibson’s Neuromancer to Neal Stephenson’s Snow Crash, Ready Player One, and Cyberpunk 2077, the genre envisioned a world of rogue artificial intelligence, immersive virtual realities, cybernetic enhancement, and corporations like the infamous Arasaka and Militech, powerful enough to rival governments.

To many of the people building internet culture in the late 1980s and 1990s, those stories didn’t feel like dystopian warnings as much as blueprints for what technology might become.

Ken Goffman—better known as R.U. Sirius, co-founder of Mondo 2000 and co-author of the Cyberpunk Handbook—remembers cyberpunk as an era defined by experimentation and optimism.

“All that dark stuff was very much in Mondo as well, but it all kind of felt like play,” Goffman told Decrypt. “If dystopia was going to come, it was something happening in our heads at that point that we could be with and laugh about.”

The future, he said, turned out to be much less cinematic.

“Even now some people think an apocalypse will be exciting like ‘Mad Max,’ but what it really is, is very boring and banal.”

Like many early internet pioneers, Goffman believed personal computers and networking technologies would shift power away from governments and corporations.



“We kind of felt like they were a little bit benign,” Goffman said. “They were handing us this power, and we were going to mess with it — maybe even overthrow them, overthrow the government, overthrow everything.”

Instead, many of the companies building those technologies became some of the world’s most powerful institutions.

“That was one of the errors, I think, maybe in our thinking—that it wasn’t just going to get nastier.”

Goffman also watched the internet lose one of its defining characteristics: anonymity.

“Facebook actually made me change my name from R.U. Sirius to Ken Goffman,” he said. “That seemed like the beginning of the end of something.”

Looking back, he wonders whether the cyberculture movement helped create an internet that few of its pioneers would recognize.

“Did we blow up consensus reality?” Goffman wondered. “Did we also blow up reality and truth?”

For Shira Chess, professor of entertainment and media studies at the University of Georgia and author of The Unseen Internet, cyberpunk’s lasting value lies less in its aesthetic than in what it understood about power.

“We were trying to look at the shiny parts without looking at what those shiny parts meant,” Chess told Decrypt. “Those surfaces that cyberpunk implies are always embedded within a dystopia.”

She argues that cyberpunk’s biggest prediction was never cybernetic limbs or mirror shades.

“The thing that nobody wanted to fully deal with was the moment that corporations took over digital spaces fully,” she said. “We were done—we were cooked.”

While the internet is, in most cases, freely available and accessible, an increasing amount of the internet now exists behind subscriptions, proprietary AI models, and closed ecosystems controlled by a handful of companies.

Chess sees the same pattern emerging around artificial intelligence. Rather than worrying about sentient machines, she is more concerned about how society talks about them. In November 2022, Elon Musk warned that humanity might be “summoning the demon.” Speaking at MIT in 2014, the Tesla and SpaceX chief compared AI researchers to a magician trying to summon a spirit.

“I don’t believe that there is a demon in the box with AI,” Chess said. “What I do believe is that the more we behave like there is, the harder it’s going to be to convince future generations that there is not.”

Yet she also sees signs of a new cyberpunk movement emerging, pointing to the growing popularity of cyberdecks—custom-built computers assembled from recycled hardware, open-source software, and off-the-shelf components—as an attempt to reclaim control over personal technology.

“I hope that cyberpunk kind of gets a new life in it, and that perhaps this move towards cyberdecks is the first phase of that,” she said, describing them as a way of “trying to fantasize about a tech that’s not controlled in the way that it has been.”

That philosophy extends to software as well. As AI coding assistants become commonplace, Chess worries that developers risk becoming further removed from the systems they rely on.

“The more you do that, the less likely you’re going to understand the systems,” she said. “In order for them to fight, they’re going to have to learn how to actually program and make things that are not beholden to the corporations.”

She also sees signs that the conflict at the heart of cyberpunk is re-emerging in the real world. Organizations like Stop the AI Race, Machine Intelligence Research Institute, and community groups have increasingly opposed new AI data centers over concerns about water use, electricity demand, and environmental impacts. At the same time, open-source developers and privacy advocates have challenged increasingly closed AI ecosystems. And more recently, AI agents like OpenClaw and Hermes Agent have given individuals their own persistent, self-improving AIs.

“The core tension with cyberpunk is that it needs a thing to resist against,” Chess said. “For all of those anti‑hero vigilantes, there needed to be something to resist, and it needed to be that sort of corporate baseline.”

The fight to use code against government and corporate oppression can also be felt in the cryptocurrency and blockchain space, with groups including Project Spartacus using the Bitcoin network to preserve the WikiLeaks Afghan War Logs. In 2023, it was discovered that a copy of the Bitcoin Whitepaper was hidden in Apple’s operating system, macOS.

Like cyberpunk, however, the anger toward AI companies can turn violent. In April, a suspect allegedly threw a Molotov cocktail at OpenAI CEO Sam Altman’s San Francisco home before threatening OpenAI’s headquarters.

Asked what comes next, Chess pointed to younger generations.

“I think there’s something coming,” she said. “Gen Z and Gen Alpha have some very nuanced feelings about the tech that they have been raised with.”

Forty years after Neuromancer, cyberpunk looks less like a failed prediction than a remarkably accurate one. The bigger surprise is that cyberpunk’s most enduring prediction wasn’t the chrome, but the struggle over who controls it.

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The Stablecoin Founder Map Doesn’t Match the Stablecoin Volume Map – Decrypt

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The Stablecoin Founder Map Doesn’t Match the Stablecoin Volume Map – Decrypt



In brief

Stablecoin volume topped $28 trillion in 2025, beating Visa and Mastercard combined, yet founders and venture capital stay concentrated in the U.S. and Europe.
The real demand is in emerging markets, where stablecoins are a financial lifeline: Nigeria has 26 million-plus crypto users, and Argentina’s stablecoin purchases top half of all exchange trades.
Alex Witt, General Partner at Verda Ventures, argues the funds backing founders in Lagos, São Paulo, and Manila now will reap the biggest stablecoin returns of the next decade.

Most assume the stablecoin opportunity is centered where the capital is, in New York, San Francisco, and London. The largest stablecoin markets on Earth are in countries where most VCs have never held a meeting.

In 2025, stablecoin transaction volume crossed $28 trillion globally, surpassing Visa and Mastercard combined. Most founders and capital remain concentrated in the U.S. and Europe, where stablecoins remain an institutional product. That layer is already contested: BlackRock, JPMorgan, and Fidelity are moving into tokenized money markets and enterprise settlement, leaving far less room for venture-backed startups than the narrative implies.

The real demand is happening somewhere else. Nigeria alone has over 26 million crypto users, more than one in eight adults, and 59% of them hold USDT. Across Latin America, stablecoin flows represent 7.7% of regional GDP according to IMF data. The question is no longer whether emerging markets matter. The question is why so many VC portfolios still behave like that data does not exist.

The stablecoin volume map does not match the founder map

Stablescape, which tracks over 3,000 stablecoin and crypto-fintech companies globally, finds that 1,300 are based in the United States. Emerging markets across Latin America, sub-Saharan Africa, Southeast Asia, and the Middle East represent just 32% of tracked companies, despite generating the majority of real-world stablecoin volume.

In Argentina, stablecoin purchases make up over half of all exchange transactions, driven by triple-digit inflation and currency controls that make dollar access a bureaucratic obstacle course. Brazil registered $318.8 billion in crypto inflows through mid-2025, with over 90% flowing through stablecoins. Sub-Saharan Africa grew 52% year-over-year, receiving over $205 billion in on-chain value. The founders building infrastructure for that demand remain concentrated in cities where the problem has never existed.

In emerging markets, stablecoins are the product

The Western crypto narrative frames stablecoins as infrastructure for more sophisticated use cases, programmable settlement rails, DeFi yield, enterprise treasury management. In those markets, stablecoins improve systems that already function. In Lagos, Buenos Aires, and Istanbul, the starting point is different. For millions of people, stablecoins are the first reliable way to hold dollar value outside banks that fail, currencies that collapse, or intermediaries that can cut access overnight.

B2B stablecoin payments across Latin America grew from under $100 million per month in early 2023 to over $6 billion per month by mid-2025, a 60x increase in 30 months driven by cross-border commerce rather than retail speculation. Consumer stablecoin products carry compounding overhead: compliance costs that scale with user count, fragile local banking relationships, and unit economics that rarely survive small retail transfers. Yellow Card, operating across 34 countries, exited its consumer business entirely to focus on B2B. Bitso built its durable position in the Mexico-U.S. corridor through business payment flows, not retail wallets. In each case, the advantage was proximity: founders who understood their corridors from the inside.

Why venture capital keeps missing stablecoin emerging markets

In 2024, 30 VC firms captured 75% of all capital raised by U.S. funds. Those funds have the stablecoin macro thesis right. They have the geography wrong.

A Sand Hill Road fund’s pattern recognition about San Francisco founders provides almost no signal about which Lagos or Buenos Aires or Manila founder can execute. The counterargument is that emerging market fintech lacks viable exits. The data disagrees. OPay is seeking a $4 billion valuation ahead of a potential IPO built on African payments infrastructure, and Modern Treasury acquired Beam, a stablecoin cross-border liquidity startup, for $40 million. The exit market is forming around the same corridors Western funds have been slow to back.

Regulatory gravity compounds the concentration. The GENIUS Act and MiCA are meaningful, and institutional capital follows clarity wherever it arrives. What that framing misses is that U.S. regulatory clarity is about making stablecoins safe for compliance departments. The volume in Nigeria and Argentina requires no additional regulatory clarity, outgrows the U.S. market on nearly every metric, and is served by companies funded by regional networks that Western funds have no relationship with.

The stablecoin corridors that will produce the next generation of winners

The Philippines received $39.6 billion in personal remittances in 2025, with transfer costs averaging 5 to 7% against a stablecoin transfer cost measured in fractions of a percent. Nigeria’s 2025 Investment and Securities Act brought virtual assets under formal oversight, with licensing regimes across South Africa, Botswana, Mauritius, and Namibia, and regulatory sandboxes now live across East and West Africa.

These corridors will produce the stablecoin companies of the next decade the same way Brazil produced Nubank: by building for a customer the incumbent system ignored, with local knowledge outside entrants spent years failing to replicate. El Dorado, a Latin American stablecoin super-app, crossed 600,000 users and 3 million transactions in 2025, reaching $2.7 million ARR through 12x annual growth, and became Venezuela’s most downloaded crypto app. Multicoin Capital and Coinbase Ventures backed it after the market had already validated the model. Volume first, local validation second, global capital third, that sequencing will repeat across every major emerging market corridor over the next five years.

The stablecoin investment thesis most funds are missing

The stablecoin market has already split in two. One side builds enterprise infrastructure for regulated Western institutions: treasury orchestration, compliance tooling, settlement rails. The other builds dollar access for billions of people inside unstable monetary systems, where stablecoins are not a crypto product but a financial lifeline. One side controls most of the venture capital. The other already has most of the demand.

The on/off-ramp layer, where 57% of companies are locally founded in emerging markets, along with regional remittance networks and local-currency issuers across MENA, Latin America, and Southeast Asia, remains underfunded relative to the demand beneath it. Companies like Kulipa, building stablecoin payment infrastructure for African markets, and Mural Pay, focused on cross-border B2B payments across Latin America, represent the category that appears small by Western VC standards until the corridor they serve becomes impossible to ignore.

The next generation of stablecoin companies will come from founders in Lagos, São Paulo, and Manila. The funds building those relationships today will generate the best returns in stablecoins over the next decade. Those that wait until the companies appear in Crunchbase will pay the same premium investors have paid in every emerging market cycle before this one.

The map is already drawn while the volume is already there. The only thing missing is where venture capital is looking.

Disclosure

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

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Billionaire Jeremy Grantham Dismisses Bitcoin, Says Crypto Will Fade ‘With a Whimper’ – Decrypt

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Billionaire Jeremy Grantham Dismisses Bitcoin, Says Crypto Will Fade ‘With a Whimper’ – Decrypt



In brief

Billionaire Jeremy Grantham is skeptical about crypto’s place in the financial world, calling it “useless” and a “speculative mechanism.”
Grantham noted Bitcoin’s recent fall despite strong economic conditions, highlighting its instability as a store of value.
Bitcoin was recently trading more than 50% off its all-time high of $126,080.

Billionaire investor Jeremy Grantham won’t be adding crypto to his portfolio any time soon.

Grantham, the co-founder of investment firm GMO, made his position on the asset class well known in an appearance on CNBC’s “Squawk Box” on Friday, where he called crypto a “useless, speculative mechanism.” 

“Years and years, decades and decades—it will dwindle away, I suspect,” Grantham said of its future. “Not with a bang, but with a whimper.” 

Grantham highlighted Bitcoin’s instability as a store of value, pointing to its recent drawdown—a 52% decline from its all-time high of $126,080 set last October, despite strong economic conditions and gold notching sizable gains during the same timeframe.



The commodity and leading store of value asset rose to a new all-time high above $5,500 per ounce earlier this year, but has since fallen more than 25% to trade at $4,096. 

“You can’t depend on it in that way,” he said of Bitcoin. “People don’t use it to make serious trades, they don’t use it to buy their dinner and pay at the supermarket.” 

Instead he said it “allows crooks to move money around without leaving a trace,” adding that it’s “brilliant at that.”

Grantham did concede that blockchain rails could play a transformative role in the future, but made clear his comments were about Bitcoin and other cryptocurrencies. 

Bitcoin has fallen 17% in the last month of trading, recently trading at $60,529.

Last month, billionaire investor Mark Cuban similarly criticized Bitcoin’s role as a store of value, pointing to its recent underperformance when compared to gold, saying “it is not the hedge I expected it to be.” Cuban added that he has sold most of his BTC as a result.

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Billionaire Jeremy Grantham Dismisses Bitcoin, Says Crypto Will Fade ‘With a Whimper’ – Decrypt

0
Billionaire Jeremy Grantham Dismisses Bitcoin, Says Crypto Will Fade ‘With a Whimper’ – Decrypt



In brief

Billionaire Jeremy Grantham is skeptical about crypto’s place in the financial world, calling it “useless” and a “speculative mechanism.”
Grantham noted Bitcoin’s recent fall despite strong economic conditions, highlighting its instability as a store of value.
Bitcoin was recently trading more than 50% off its all-time high of $126,080.

Billionaire investor Jeremy Grantham won’t be adding crypto to his portfolio any time soon.

Grantham, the co-founder of investment firm GMO, made his position on the asset class well known in an appearance on CNBC’s “Squawk Box” on Friday, where he called crypto a “useless, speculative mechanism.” 

“Years and years, decades and decades—it will dwindle away, I suspect,” Grantham said of its future. “Not with a bang, but with a whimper.” 

Grantham highlighted Bitcoin’s instability as a store of value, pointing to its recent drawdown—a 52% decline from its all-time high of $126,080 set last October, despite strong economic conditions and gold notching sizable gains during the same timeframe.



The commodity and leading store of value asset rose to a new all-time high above $5,500 per ounce earlier this year, but has since fallen more than 25% to trade at $4,096. 

“You can’t depend on it in that way,” he said of Bitcoin. “People don’t use it to make serious trades, they don’t use it to buy their dinner and pay at the supermarket.” 

Instead he said it “allows crooks to move money around without leaving a trace,” adding that it’s “brilliant at that.”

Grantham did concede that blockchain rails could play a transformative role in the future, but made clear his comments were about Bitcoin and other cryptocurrencies. 

Bitcoin has fallen 17% in the last month of trading, recently trading at $60,529.

Last month, billionaire investor Mark Cuban similarly criticized Bitcoin’s role as a store of value, pointing to its recent underperformance when compared to gold, saying “it is not the hedge I expected it to be.” Cuban added that he has sold most of his BTC as a result.

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Wall Street’s Next Tokenization Test: BlackRock-Backed Securitize’s Market Debut – Decrypt

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Wall Street’s Next Tokenization Test: BlackRock-Backed Securitize’s Market Debut – Decrypt



In brief

Securitize expects to begin trading next week under the ticker symbol “SECZ,” following the completion of a merger with a blank-check firm.
The debut of the BlackRock-backed tokenization specialist will test Wall Street’s appetite for companies tied to the emerging market.
The company’s debut on the NYSE comes as the SEC wrestles with an innovation exemption for tokenized stocks.

Whether Wall Street’s interest in tokenization translates into demand for companies closely tied to the technology is set to be tested next week alongside Securitize’s expected debut.

The BlackRock-backed firm, which specializes in digital representations of real-world assets, announced plans to trade on the New York Stock Exchange under the ticker symbol “SECZ,” following the completion of a merger with a Cantor Fitzgerald-backed blank-check firm.

The transaction’s realization inched closer this week when investors owning less than 30% of Cantor Equity Partners II’s common shares elected to redeem their holdings in the SPAC. As a result, Securitize expects to receive roughly $400 million in proceeds from the combination and related private financing ahead of the deal’s closing.

Securitize’s public debut, coming eight years after the firm was established, marks a pivotal milestone for tokenization, underscoring the technology’s shift from abstract market plumbing to an emerging bedrock for modern finance, according to CEO Carlos Domingo.



“The idea that major institutions would embrace tokenized securities was still largely theoretical,” he said. “Today, tokenization is moving into the mainstream, and we believe becoming a public company gives us the visibility, credibility, and capital to lead.”

In recent years, Securitize has become a familiar resource for institutions beyond the world’s largest asset manager—which tapped the firm for a tokenized money market fund in 2024—such as Apollo, BNY, Hamilton Lane, and KKR. In March, Securitize unveiled an agreement with the NYSE itself to develop systems for blockchain-native securities.

Securitize noted that, as of June, the company had more than $4 billion worth of assets under management. By far, the largest product that the firm services is BlackRock’s BUIDL, which was valued at $2.4 billion on Friday, according to RWA.xyz.

As infrastructure giants like DTCC wade deeper into the space, Domingo has advocated for “native” tokenization, arguing that securities must be issued directly on-chain rather than wrapped in digital shells in order to achieve their full potential at scale.

Last month, the SEC reportedly delayed an innovation exemption for tokenized stocks after concerns were raised about third-party issuers, which have the potential to complicate corporate actions and governance duties via tokens issued on-chain, per Bloomberg.

Since becoming SEC chair, Paul Atkins has described tokenization as technology that has the “potential to transform markets” through streamlined trading, echoing comments made by BlackRock CEO Larry Fink during the crypto market depths in 2022.

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Linux Foundation, Tech Giants Launch Akrites to Defend Open Source Against AI-Powered Attacks – Decrypt

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Linux Foundation, Tech Giants Launch Akrites to Defend Open Source Against AI-Powered Attacks – Decrypt



In brief

The Linux Foundation launched Akrites on Thursday with 19 founding members to coordinate the remediation of critical open source vulnerabilities before AI-enabled attackers can exploit them.
Fewer than 5% of the thousands of open-source vulnerabilities surfaced by AI in recent months have been patched, according to Endor Labs CEO Varun Badhwar.
Akrites is designed to close this coordination gap.

The Linux Foundation launched Akrites on Thursday alongside 19 founding organizations—Amazon, Anthropic, Citi, Google, JPMorganChase, Microsoft, NVIDIA, OpenAI, and others—to coordinate the patching of critical open-source software before AI-powered attackers can exploit it.

The initiative addresses a timeline problem that AI has made urgent. Frontier models can now scan a major open-source project and return multiple confirmed vulnerabilities in minutes—work that used to take a skilled security researcher weeks. As Decrypt has reported, Claude Opus 4.8 uncovered a critical flaw in Zcash’s Orchard privacy pool within a day, exposing a bug that had survived four years of cryptographer review.

If white hat hackers find those flaws, everything is ok. If malicious actors do, things can go really messy, really fast. Anthropic Deputy CISO Jason Clinton said in the letter that the existing model for coordinated disclosure “has been outpaced by how quickly AI can now find vulnerabilities”—and that reaching a fix upstream requires coordinating on findings “before they’re disclosed and exploited.”



The coordinated disclosure model that predated Akrites was not built for that speed. Multiple organizations would independently scan the same libraries and go through long bureaucratic processes before fixing bugs—a process that an open letter signed by all 19 founding organizations called burying “the maintainers under noise.”

Endor Labs CEO Varun Badhwar went further: Of the thousands of validated open-source vulnerabilities AI has surfaced in recent months, “fewer than 5% have been patched.”

Akrites replaces that process with a single, confidential Security Incident Response Team—one predictable partner for maintainers rather than a flood of uncoordinated reports. Fixes return to each project’s original repository on maintainers’ terms, using standards for vulnerability tracking. When a critical package has no active maintainer, Akrites commits to stepping in as maintainer of last resort.

The program was built first to prevent leaks—the open letter called an undisclosed flaw in a widely deployed package “a weapon.” Rust Foundation CEO Rebecca Rumbul said the goodwill of open-source maintainers has for too long been taken for granted and this initiative will help them work in coordination.

“Akrites promises meaningful coordination with upstream maintainers, financial, and full-time support to find, fix and disclose security vulnerabilities responsibly, and a genuine commitment from the most influential companies across tech and finance to solve this problem,” she said.

JPMorganChase CISO Pat Opet outlined what success actually requires for the effort. “AI has massively compressed the time between vulnerability discovery and exploitation to near real time,” Opet said—meaning adversaries can reverse-engineer a published patch and build a working exploit before many downstream systems have deployed the fix.

Success, per Opet, is “patch deployment, not patch publication.”

OpenAI had launched its own parallel effort, Patch the Planet, three days before Akrites—a first sprint using GPT-5.5-Cyber and Trail of Bits engineers across 19 open-source projects that merged dozens of patches. OpenAI Cyber Lead Clint Gibler called securing open source “a long-term commitment” for the company and said Akrites helps “strengthen coordination across the industry.”

Though similar, the two efforts differ in scope: Patch the Planet focuses on AI-assisted discovery and patch delivery with expert human review; Akrites builds the coordination layer that routes validated findings upstream across the industry.

Alpha-Omega, a Linux Foundation directed fund, will provide seed funding for Akrites. The fund has issued over 70 grants totaling more than $20 million to open-source security projects since 2022. Other organizations can join by contributing engineering resources or funding at akrites.org.

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BitGo Joins Crypto’s AI Layoff Wave, Slashing Staff by 15% – Decrypt

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BitGo Joins Crypto’s AI Layoff Wave, Slashing Staff by 15% – Decrypt



In brief

Crypto custody and infrastructure firm BitGo is cutting nearly 15% of its staff, CEO Mike Belshe said Thursday, calling it a “one-time” move.
Belshe framed the cuts as a refocusing on security, trading, stablecoins, settlement, and “AI-powered infrastructure.”
BitGo is the latest crypto company to trim its headcount in 2026, joining Coinbase, Block, and Robinhood in a wave of cuts tied to AI and a market downturn.

BitGo has joined the growing ranks of crypto firms slashing staff numbers as part of a pivot to AI.

The crypto custody and infrastructure company is cutting nearly 15% of its workforce, co-founder and CEO Mike Belshe said Thursday in a tweet that BitGo also filed with the U.S. Securities and Exchange Commission.

“The ecosystem has evolved, and the way we build financial services has changed dramatically.,” Belshe wrote, announcing that BitGo would focus its efforts on “security, trading, stablecoins, settlement, and AI-powered infrastructure.”

BitGo did not confirm how many jobs were affected. Its 2025 annual report listed 603 full-time employees, implying roughly 90 roles. Belshe called the layoffs “a one-time action” and said BitGo does not anticipate further cuts, noting that its job board still lists dozens of open positions.



The reductions come months after BitGo went public. It priced its IPO at $18 a share in January, raising about $213 million and valuing the firm above $2 billion. First-quarter revenue then surged 112.6% from a year earlier to $3.8 billion, though net losses widened.

Investors were unmoved. BitGo shares, which trade as BTGO, fell nearly 5% on Thursday to close at $4.80, some 73% below their IPO price, per Yahoo! Finance.

BitGo joins a lengthening line of crypto and tech firms shedding staff in 2026. Jack Dorsey’s Block slashed 4,000 jobs in February, around 40% of its workforce, citing an “increased reliance on automation, proactive intelligence capabilities and AI tools.” In May, Coinbase cut 14% of its workforce while crypto data firm Dune let go of a quarter of its staff. A month later, Robinhood trimmed 10% amid a crypto revenue crunch.

Across the wider tech sector, more than 120,000 jobs have been cut since the start of the year, with firms including Microsoft and PayPal citing AI as a core driver behind the downsizing. Whether AI is the dominant factor is the subject of an ongoing debate, with some arguing that it forms a convenient explanation for layoffs in the midst of a market downturn.

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Anthropic Urges Congress to Crack Down on AI Distillation By Chinese Rivals – Decrypt

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Anthropic Urges Congress to Crack Down on AI Distillation By Chinese Rivals – Decrypt



In brief

Anthropic alleged that Alibaba-affiliated operators carried out the largest known AI model distillation campaign against Claude.
The company is urging Congress to strengthen export controls, expand intelligence sharing, and penalize firms that engage in large-scale model extraction.
The letter comes as lawmakers consider legislation targeting unauthorized access to U.S. frontier AI models.

Anthropic is calling on Congress to strengthen protections against AI model distillation after claiming that Alibaba-affiliated operators carried out the largest known effort to extract capabilities from its Claude chatbot.

In a June 10 letter to Senate Banking, Housing, and Urban Affairs Committee Chairman Tim Scott and Ranking Member Elizabeth Warren, Anthropic alleged that operators affiliated with Alibaba and its Qwen AI lab generated more than 28.8 million exchanges with Claude between April 22 and June 5 using nearly 25,000 “fraudulent accounts,” or those not representing real, organic users.

Known as a distillation attack, Anthropic said the operations targeted Claude’s agentic reasoning, software engineering, and long-horizon planning capabilities, allowing competitors to reproduce advanced model behavior without the cost of training a frontier AI system.

“Beyond its scale, this campaign was striking for its brazen nature,” Anthropic wrote. “Alibaba is listed on the New York Stock Exchange, maintains business operations in the United States, and is accountable to U.S. investors and regulators.”



Anthropic said the campaign went beyond intellectual property concerns, framing large-scale model distillation as a national security issue that could accelerate China’s military and cyber AI capabilities while narrowing the United States’ technological lead.

The letter comes as Washington intensifies efforts to protect U.S. AI leadership. Earlier this month, President Donald Trump signed an executive order expanding AI-powered cybersecurity initiatives after delaying the measure over concerns it could weaken America’s competitive position against China.

“When PRC labs distill these capabilities from U.S. models, they capture the returns on American investments without bearing the costs or risks associated with training frontier AI models,” Anthropic wrote. “This inverts the economic logic that underwrites American AI leadership, turning billions of dollars’ worth of research and development, compute, and other U.S. investments into a subsidy for our competitors.”

Anthropic urged lawmakers to expand intelligence sharing between frontier AI developers and the U.S. government, clarify antitrust rules to allow AI companies to share information about distillation attacks, strengthen export controls on advanced AI chips and compute, close loopholes that allow Chinese firms to access overseas data centers, and impose penalties on companies responsible for large-scale model extraction.

A spokesperson for Anthropic declined to comment specifically on the letter, but told Decrypt, “We believe combating the threat of illicit distillation requires coordinated action between government and industry, and we will continue working with Congress and the administration to maintain American AI leadership.”

The letter also builds on Anthropic’s claims in February that Chinese AI developers DeepSeek, Moonshot AI, and MiniMax generated more than 16 million Claude exchanges using roughly 24,000 fraudulent accounts.

Those allegations drew criticism from observers who argued that AI companies rely on similar techniques when training their own systems. Anthropic has countered that conventional distillation is a legitimate method for producing smaller, cheaper models, while unauthorized extraction of frontier model capabilities through fraudulent access violates its terms of service.

The broader debate over distillation has become more complicated in recent months. In April, Elon Musk testified in federal court that xAI had “partly” used OpenAI models while training Grok, underscoring that distillation is an established industry practice—even as companies dispute where legitimate model training ends and unauthorized model extraction begins.

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Sterling Bank of Asia Selects Infosys Finacle Software-as-a-Service for it’s Next-Gen Transformation | Web3Wire

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Sterling Bank of Asia Selects Infosys Finacle Software-as-a-Service for it’s Next-Gen Transformation | Web3Wire


BENGALURU, India and MANILA, Philippines, June 25, 2026 /PRNewswire/ — Infosys Finacle, part of EdgeVerve Systems, a wholly-owned subsidiary of Infosys (NSE: INFY) (BSE: INFY) (NYSE: INFY), a global leader in AI-first business consulting and technology services, and Sterling Bank of Asia (Sterling Bank), one of the most progressive banks in the Philippines, today announced the bank’s decision to select Infosys Finacle Software-as-a-Service (SaaS) platform for its transformation program. Sterling Bank has opted to leverage the Finacle Core Banking, Finacle Customer Data Hub, Finacle Trade Finance, and Finacle Origination solutions for its requirements. Through this strategic collaboration with Infosys Finacle, Sterling Bank expects to enhance the experience of both employees and customers, maintain high standards of availability and reliability in its banking services, and reduce operational complexity through automation and digitization, thereby supporting its future growth.

With the new platform, Sterling Bank will be able to simplify management of technology operations by leveraging the SaaS-based deployment, allowing the bank to focus on strategic growth and innovation. Further, the bank will be able to drive faster innovation cycles while staying secure and compliant through access to periodic upgrades, security, and feature enhancements. In addition, the cloud-hosted model will help the bank scale seamlessly and on demand to support evolving business needs.

Cecilio Paul D. San Pedro, President and Chief Executive Officer, Sterling Bank of Asia, said, “At Sterling Bank of Asia, we aim to integrate forward–thinking solutions into our operations to better serve the Philippine market. Achieving this requires us to continuously respond to fast–evolving customer expectations, the accelerating pace of digital innovation, and an increasingly complex regulatory landscape. Modernizing our technology foundation for both core and digital banking is essential to realizing our goals. With Infosys Finacle, we have a trusted transformation partner and a next–generation banking platform that will equip us to meet the dynamic requirements of our business, our customers, and the wider regulatory environment.”

Sajit Vijayakumar, Chief Executive Officer, Infosys Finacle, said, “Our collaboration with Sterling Bank of Asia is yet another example of Finacle’s growing presence in the Philippines. This collaboration reflects our continued commitment to delivering next-generation solutions to thrift banking community without upfront infrastructure investments. With Finacle SaaS, tailored for the Philippine market, Sterling Bank of Asia will gain a modern, customer–first digital banking platform to help position the bank for long–term success.”

About Infosys Finacle

Finacle is an industry leader in digital banking solutions. We are a unit of EdgeVerve Systems, a wholly-owned product subsidiary of Infosys (NSE: INFY) (BSE: INFY) (NYSE: INFY). We partner with emerging and established financial institutions to help inspire better banking. Our cloud-native solution suite and SaaS services help banks engage, innovate, operate, and transform better to scale digital transformation with confidence. Finacle solutions address the core banking, lending, digital engagement, payments, cash management, wealth management, treasury, analytics, AI, and blockchain requirements of financial institutions. Today, banks in over 100 countries rely on Finacle to help more than a billion people and millions of businesses to save, pay, borrow, and invest better. For more information, visit www.finacle.com.

Safe Harbor

Certain statements in this release concerning our future growth prospects, or our future financial or operating performance, are forward-looking statements intended to qualify for the ‘safe harbor’ under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results or outcomes to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding the execution of our business strategy, increased competition for talent, our ability to attract and retain personnel, increase in wages, investments to reskill our employees, our ability to effectively implement a hybrid work model, economic uncertainties and geo-political situations, technological disruptions and innovations such as artificial intelligence (“AI”), generative AI, the complex and evolving regulatory landscape including immigration regulation changes, our ESG vision, our capital allocation policy and expectations concerning our market position, future operations, margins, profitability, liquidity, capital resources, our corporate actions including acquisitions, and cybersecurity matters. Important factors that may cause actual results or outcomes to differ from those implied by the forward-looking statements are discussed in more detail in our US Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2025. These filings are available at www.sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the Company’s filings with the Securities and Exchange Commission and our reports to shareholders. The Company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the Company unless it is required by law.

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Binance Withdraws MiCA License Application in Greece, Leaving EU Users in Limbo – Decrypt

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Binance Withdraws MiCA License Application in Greece, Leaving EU Users in Limbo – Decrypt



In brief

Binance said Wednesday that it formally withdrew its Markets in Crypto Assets (MiCA) license application in Greece.
Instead, the crypto exchange will seek license approval via a different, as yet unannounced EU member state.
Some users may be impacted by the withdrawal, but Binance said all funds are safe and secure.

Leading crypto exchange Binance has formally withdrawn its Markets in Crypto Assets (MiCA) license application in Greece as it seeks compliance with EU crypto regulations, the firm announced on Wednesday.

The firm’s announcement comes just one week after a Reuters report indicated its application was going to be rejected by the Greek finance regulator, HCMC. 

“Binance has decided to withdraw its MiCA licence application with the Hellenic Capital Market Commission (HCMC) in Greece and pursue authorization in another EU Member State,” the firm wrote on Wednesday. 

“Over many months, Binance worked constructively and in good faith with the HCMC,” it added, noting that because no response was given ahead of the July 1 deadline, it was “moving forward” in a way that benefitted its users. 

Firms hoping to compliantly provide crypto services in the European Union must have a MiCA license by the July 1 deadline, or may be forced to cease operations in the region. 

Binance’s near-term future in the region remains unknown, but it told users Wednesday that their funds are safe and secure—though some users may be impacted by the withdrawal. 

“We are in the process of contacting all of our EU users,” the firm said. “Those communications will explain whether any action is required, what options may be available, any relevant timelines, [and] where to go for support.” 



Binance submitted its application in Greece in January, opting for the nation partly on account of its recent economic growth, a spokesperson told Decrypt at the time.

Regardless, the firm maintains that it is committed to Europe long-term, despite the apparent setback it faces by withdrawing the application.

“While we withdrew our application in Greece, Binance remains committed to Europe,” the exchange said. “Europe is an important region for Binance, and our ambition to operate under a clear, fair, and harmonized MiCA framework remains unchanged.”

Once approved in an EU nation, the firm is able to “passport”—or transfer its compliance—to the other 27 member nations. Last year, though, French regulators spoke out about disallowing “passporting,” threatening to block some firms who received regulatory approval in more lax EU states. 

A representative for Binance did not immediately respond to Decrypt’s request for comment.

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