China’s top cybersecurity watchdog is accusing the United States of unlawfully seizing over 127,000 bitcoin, now worth around $13 billion, that were allegedly stolen in a 2020 hack targeting a Chinese crypto mining pool.

Coinbase has called off a $2 billion deal to acquire U.K.-based stablecoin startup BVNK, the crypto exchange confirmed. The companies had entered exclusive talks in October but mutually agreed not to proceed.

JPMorgan has launched JPM Coin, a blockchain-based deposit token for institutional clients, enabling near-instant payments via Coinbase’s Base network, Bloomberg reported.

Top stories in the Crypto Roundup today:

• China Accuses U.S. of Seizing $13B in Bitcoin Linked to 2020 Crypto Hack
• Coinbase Ends $2B Deal Talks With Stablecoin Startup BVNK
• JPMorgan Launches Blockchain-Based Deposit Token on Coinbase’s Base Network
• Binance Tops CoinDesk’s Exchange Rankings, but Market Share Shifts Toward Smaller Venues

China Accuses U.S. of Seizing $13B in Bitcoin Linked to 2020 Crypto Hack

China’s top cybersecurity watchdog is accusing the United States of unlawfully seizing over 127,000 bitcoin, now worth around $13 billion, that were allegedly stolen in a 2020 hack targeting a Chinese crypto mining pool.

The National Computer Virus Emergency Response Center (CVERC) published a report linking the U.S. Department of Justice to bitcoin seized from LuBian, a Chinese mining group that lost the funds in a sophisticated cyberattack nearly five years ago. 

CVERC claims the hack was executed by a “state-level hacking organization” and implies the same actors may have been involved in the U.S. seizure.

For years, the stolen bitcoin sat dormant, until mid-2024, when it was moved to new wallets. Not long after, blockchain analytics firm Arkham identified those wallets as belonging to the U.S. government.

At the time of the theft, the coins were allegedly linked to Chen Zhi, a Chinese-Cambodian businessman now facing U.S. charges for crypto fraud.

Coinbase Ends $2B Deal Talks With Stablecoin Startup BVNK

Coinbase has called off a $2 billion deal to acquire U.K.-based stablecoin startup BVNK, the crypto exchange confirmed. The companies had entered exclusive talks in October but mutually agreed not to proceed.

BVNK builds tools for businesses to use stablecoins in payments and cross-border transfers. The deal would have been one of the largest ever for a stablecoin company.

Coinbase has made several acquisitions this year, including its $2.9 billion purchase of crypto derivatives platform Deribit.

JPMorgan Launches Blockchain-Based Deposit Token on Coinbase’s Base Network

JPMorgan has launched JPM Coin, a blockchain-based deposit token for institutional clients, enabling near-instant payments via Coinbase’s Base network, Bloomberg reported.

Unlike stablecoins, JPM Coin is a digital claim on actual bank deposits and may offer interest, making it attractive to institutional investors. The token settles transactions 24/7, a shift from traditional bank transfers that often take days.

The rollout follows trials with Mastercard, Coinbase and B2C2. JPMorgan plans to expand JPM Coin to other blockchains and currencies, pending regulatory approval. Coinbase will also accept the token as collateral.

Binance Tops CoinDesk’s Exchange Rankings, but Market Share Shifts Toward Smaller Venues

Binance ranked first in CoinDesk’s November 2025 Exchange Benchmark with a score of 93.4, followed by Bitstamp and Coinbase. The report evaluated 81 centralized exchanges on risk, transparency, and regulatory strength.

Despite tougher scoring, 20 exchanges reached Top-Tier status, up from 19 in April. However, their share of global spot trading dropped to 42%, reflecting a shift toward mid-tier platforms.

The U.S. overtook Europe as the top regulatory base, registering 49 exchanges. EU registrations declined sharply, especially in the Netherlands.

Transparency also improved: 49% of exchanges published proof-of-reserves, and 34% released financial audits.

State of the Crypto by Top Tier Exchange Volume

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