Ethereum Developer Testifies in Tornado Cash Trial as Defense Begins Case

The high-profile trial of Roman Storm, a developer behind the privacy-focused protocol Tornado Cash, has entered a critical phase as the defense presents its case. Following eight days of prosecution witness testimonies, Ethereum Core developer Preston Van Loon took the stand as the first witness for the defense. The trial, which has drawn significant attention from the cryptocurrency community, is examining the protocol's operations and the responsibilities of its creators. Van Loon's testimony is expected to provide crucial insights into the technical aspects of Tornado Cash and its relationship with the Ethereum network. This case could set important precedents for developer liability in decentralized finance (DeFi) projects. The crypto industry watches closely as the defense builds its argument that Storm and other developers should not be held accountable for how others may have used the privacy tool.

Storm Defends Tornado Cash Role in High-Stakes Court Battle

The prosecution in the United States has wrapped up its investigation phase in the trial of Roman Storm, a developer behind the privacy-focused protocol Tornado Cash. Over eight days of witness testimonies, the court scrutinized the protocol's role and the accountability of its creators. The defense has now taken center stage, calling ethereum Core developer Preston Van Loon as its first witness. Van Loon testified that Tornado Cash serves as a vital privacy tool, allowing users to dissociate their identities from financial transactions—a feature he personally utilized for security reasons.

Storm's legal team argues that while Tornado Cash has been misused by malicious actors, its primary function addresses legitimate privacy demands. Drawing parallels to messaging apps and VPNs, defense attorney Keri Axel emphasized the protocol's dual-use nature. The defense plans to spend three days presenting witnesses to counter the allegations against Storm. The trial highlights the ongoing tension between privacy innovation and regulatory oversight in the cryptocurrency space.

ARK Invest Rebalances Portfolio, Shifts Focus from Exchanges to Blockchain Infrastructure

ARK Invest, under CEO Cathie Wood's leadership, has sold approximately $13 million in Coinbase (COIN) and Robinhood (HOOD) shares. The sales included 30,501 Coinbase shares ($12 million) and 11,262 Robinhood shares ($1.1 million), executed across multiple ARK funds. This move follows a recent $116 million investment in BitMine Immersion Technologies, an Ethereum treasury solutions provider backed by Peter Thiel.

The sales signal a strategic pivot away from crypto exchange exposure toward blockchain infrastructure plays. Despite June's $12.5 million Coinbase share reduction, COIN remains ARKK's top holding at nearly 10% of the fund. ARK's earlier purchases—4,198 Coinbase shares ($1.3 million) and 319,000 Robinhood shares ($24.4 million)—appear part of a broader realignment responding to evolving crypto market dynamics and stablecoin trends.

Crypto Whale Spends $4.3M on CryptoPunks Amid NFT Market Resurgence

A single buyer dropped $2.9 million on six rare CryptoPunks featuring the coveted hoodie trait, signaling renewed vigor in the NFT market. The purchases, executed swiftly on OpenSea, followed a broad-based surge in floor prices for top collections.

CryptoPunks climbed 29% to nearly 51 ETH ($190,000) over 30 days, while Pudgy Penguins and Bored Ape Yacht Club saw gains of 66.7% and 9.8%, respectively. The hoodie acquisition stands out—the buyer now holds 12 of these digital assets.

The NFT market cap jumped 66% to $6 billion during the period, with CryptoPunks claiming over 30% dominance. Yet the sector remains a shadow of its 2021-2022 peak when valuations hit $16.6 billion—before major marketplaces shuttered or pivoted to token trading.

BlackRock Digital Assets Pioneer Joseph Chalom Joins SharpLink Gaming

SharpLink Gaming, Inc., a major corporate holder of Ether (ETH) and advocate for Ethereum adoption, has appointed Joseph Chalom as Co-CEO effective July 24, 2025. Chalom, a former BlackRock senior executive, brings two decades of institutional digital finance expertise, including the launch of the $10 billion iShares Ethereum Trust (ETHA).

Current CEO Rob Phythian will transition to President while remaining on the Board of Directors. Ethereum co-founder Joseph Lubin hailed Chalom's MOVE as validation of SharpLink's ETH treasury strategy and vision for Ethereum's transformative role in the global digital economy.

"SharpLink represents a unique opportunity to shape the future of decentralized finance," Chalom stated, underscoring the company's alignment with institutional-grade crypto adoption.

Ark Invest Rebalances Portfolio with $22M Sale of Coinbase, Block Shares

Ark Invest has executed a strategic rebalance of its crypto-focused ETFs, divesting over $22 million in shares across Coinbase Global, Block Inc., and Robinhood Markets. The firm's ARK Innovation ETF (ARKK) and ARK Next Generation Internet ETF (ARKW) collectively sold $12.1 million worth of Coinbase stock at $396.70 per share, while trimming positions in Block ($9.8M) and Robinhood ($1.1M).

The moves coincide with a 0.28% dip in Coinbase shares and marginal declines for Block and Robinhood. This follows Ark's recent $182 million investment in Bitmine—a digital asset newcomer reporting over $1 billion in Ethereum holdings—signaling a broader institutional pivot toward emerging crypto opportunities.

SharpLink Appoints Ex-BlackRock Exec Joseph Chalom as Co-CEO to Lead Ethereum Strategy

SharpLink Gaming has named Joseph Chalom, a former BlackRock executive with over two decades of experience in digital assets, as its Co-CEO effective July 24. Chalom's appointment signals SharpLink's aggressive push into institutional crypto adoption, particularly through its Ethereum treasury strategy. His BlackRock tenure included pivotal roles in launching the iShares Ethereum Trust (ETHA), now managing $10 billion in assets, and the first tokenized Treasury fund on Ethereum.

Current CEO Rob Phythian will transition to President while remaining on the Board, establishing a dual leadership structure as the company expands beyond gaming into crypto operations. Chalom's expertise spans strategic partnerships with Coinbase, Nasdaq, and Circle, positioning SharpLink to capitalize on growing institutional demand for Ethereum-based solutions.