A multisignature wallet tied to the controversial LIBRA meme coin has moved $9 million after nine months of complete inactivity. 

The sudden activity occurred just as the US justice system was considering freezing related funds to protect the ongoing investigation, which is being overseen in the US Southern District Court.

Inactive LIBRA Wallet Awakens

The wallet, labeled “Milei” on several blockchain monitoring platforms, sent 69,000 SOL—worth roughly $9 million—through a series of opaque addresses. 

Blockchain analyst Fernando Molina, who detected the activity, said the path suggests an attempt to obscure the destination of the funds. The wallet had remained untouched since February 15, one day after LIBRA collapsed following its chaotic launch.

Caso $LIBRA :

Cuando faltaban enviar a penas 800 mil dólares de los 9 M, la jueza Rochon cita a Hayden Davis y los damnificados en USA a una audiencia para hoy a las 6pm. Los movimientos continuan mientras tanto

Pude encontrar a donde están enviando el dinero. Es una wallet de… https://t.co/1OtnznC9mX pic.twitter.com/Lr1RnH3zC2

— Fernando Molina (@fergmolina) November 24, 2025

The move represents the first known outflow from any multisig wallet linked to the project. Such wallets require at least two signatures, indicating coordinated action. 

The timing also coincides with an emergency request filed in Manhattan, where plaintiffs in a class-action lawsuit seek to halt further fund movements before more assets disappear. The request is now before Judge Jennifer Rochon, who is presiding over the case.

Threat of Lost Evidence

Legal counsel from the Burwick Law firm, representing plaintiffs, told the court that they believe the defendants may soon convert their remaining assets into privacy coins that can erase all transaction history. 

Court documents warn that critical funds linked to the LIBRA launch could be lost if the conversion occurs. The filing claims the defendants are only steps from destroying evidence.

The plaintiff’s lawyers argued that the concerns were not hypothetical, according to court documents accessed by BeInCrypto. 

They pointed to two specific incidents on November 16 and November 18. These events showed that the defendants had already begun using anonymization tools designed to erase the blockchain trail.

Plaintiffs Argue Funds at Risk

According to the legal filing, the first event, held on November 16, served as a clear test run. A wallet linked to the LIBRA team routed funds through the NEAR Intents protocol and then into a shielded Zcash address. 

Once inside Zcash’s privacy pool, the money became mathematically untraceable. Plaintiffs described this as a deliberate proof of concept showing that the defendants could make LIBRA proceeds disappear beyond recovery.

Two days later, the activity escalated significantly. On November 18, defendants began converting more than $60 million in USDC tied to LIBRA into roughly 456,000 SOL. 

The funds were then consolidated into two newly created “positioning” wallets—a common step used before assets are pushed through privacy systems or cross-chain anonymization routes. 

The movement, according to the filing, strongly suggested preparation for a full-scale laundering operation similar to the one conducted on November 16. 

The escalating activity has now prompted the court to act urgently. A hearing on the plaintiffs’ request for injunctive relief is scheduled for this Tuesday at 4 p.m. EST.

For investigators and plaintiffs, the coming hearing could determine whether the remaining LIBRA funds stay traceable or disappear for good.

The post Dormant LIBRA Wallet Moves $9 Million Amid US Pressure appeared first on BeInCrypto.

The new location-visibility feature on X has sparked an immediate wave of racism, harassment, and doxxing across Crypto Twitter. 

The update has also raised serious safety concerns, with experts warning it could make crypto-targeted crime and kidnappings easier.

Twitter’s New Location Tool

X now has a new “About This Account” feature that displays the country or region linked to every user profile, marking one of the platform’s most significant shifts toward identity transparency. 

The update appears automatically on profile pages and cannot be disabled, giving audiences a clearer sense of where accounts are based. According to the company, the feature helps combat misinformation, reduce bot activity, and provide more context around conversations.

“This is an important first step to securing the integrity of the global town square. We plan to provide many more ways for users to verify the authenticity of the content they see on X,” said Nikita Bier, Head of Product at X. 

The move follows months of internal discussion about how to make interactions on X more accountable and less anonymous.

However, it has also fueled a rise in racist behavior on the platform and intensified fears about security risks, particularly in crypto circles.

Racism Spikes Post-Update

Many users say the feature has already triggered a wave of hostility across the platform. 

Shortly after the rollout, Crypto Twitter timelines filled with screenshots of xenophobic comments, mocking posts, and targeted harassment aimed at users whose newly revealed locations made them easy targets. 

Bullying Indians, Pakistanis, Nigerians, or anyone else because of where they’re from doesn’t make you funny

It just shows what kind of scumbag you are

CT has always been about merit, not nationality or skin color

If you’re still making these type of jokes, you’re not funny.…

— 0xMarioNawfal (@RoundtableSpace) November 23, 2025

Different accounts have since reported being singled out for their nationality or region, turning routine discussions into flashpoints for racial slurs and regional prejudice. 

The shift has exposed long-standing cultural tensions within the crypto community, where anonymity has often protected users from personal attacks tied to identity.

Security concerns escalated just as quickly.

Kidnapping Fears Emerge

Prominent crypto figures have warned that disclosing even regional location data poses real-world risks for anyone discussing or holding crypto. 

🚨WARNING🚨

X is now doxxing everybody’s country by default. Best you can do is change to region.

Given the security risks in crypto, especially with all the recent kidnappings, I think this is a terrible move.

See the image below where you can change from country to region.👇 pic.twitter.com/itn5aLTfkW

— Beanie (@beaniemaxi) November 22, 2025

Several users raised concerns about kidnapping, extortion, and home-targeted crime. These threats are already prevalent in areas where crypto wealth makes individuals vulnerable. Many in the community see anonymity as a key layer of protection. 

Weakening that layer can open new paths for criminals. Users argue that the feature, despite its transparency goals, may expose high-value individuals to danger. They fear it could help bad actors track potential targets by region.

The post Elon Musk’s New X Feature Skyrockets Racism and Crypto Kidnapping Concerns appeared first on BeInCrypto.

Bitcoin has hit liquidation levels last seen during the FTX collapse, but this time the shock came from a market overloaded with unprecedented leverage rather than fraud or exchange failure.

According to some analysts, leverage flushes like this have historically created strong medium-term opportunities, even as broader risks and late-cycle uncertainties remain.

The Spark Behind the Liquidation Wave

Bitcoin has just equalled FTX-era liquidation levels, but this time the cause isn’t an exchange implosion or hidden fraud. Instead, the shock came from a market overloaded with leverage—a buildup that grew quietly for months before breaking open in a matter of hours.

“The market has never carried this much leverage. In 2021, open interest peaked at $16.5 billion. In this cycle, it reached $47.5 billion– three times more. This [illustrates] how aggressive investors have become during this cycle,” Darkfost told BeInCrypto.

Liquidations occur when traders who borrow heavily are unable to maintain their positions once prices move against them. When leverage is stretched across the entire market, even a modest drop can trigger a wave of automated selling.

🚨 BTC LONG LIQUIDATION HAVE REACHED LEVELS NOT SEEN SINCE THE FTX CRASH.

Despite Bitcoin’s correction, many investors tried to time the bottom and go long on BTC.⁰On top of that, a large number of positions had built up over time, contributing to a level of long liquidations… pic.twitter.com/Iy5NMo58sI

— Darkfost (@Darkfost_Coc) November 24, 2025

That is precisely what unfolded this week. The tens of billions of dollars in open interest had accumulated across exchanges, leaving the market vulnerable to any meaningful downturn.

Once Bitcoin slipped, the pressure broke. Forced liquidations cascaded through the system, each one accelerating the next.

“This all-time high in open interest occurred just before the events of October 10 and the series of major liquidations that followed, which increased the short-term volatility,” Darkfost added.

The scale and speed of the wipeout immediately drew comparisons to the FTX collapse.

Fresh Strength After the Shake-Out

Liquidation totals now resemble those seen in November 2022, with more than 9,000 to 10,000 BTC wiped out in a single day. But that’s where the similarity ends. 

In 2022, the market unraveled because of fraud and the failure of a major exchange. This time, the crash came from excessive leverage and normal market mechanics. That difference is crucial. 

The current shake-out does not signal structural failure. Instead, it reflects over-confident positioning and a crowded derivatives market. The unwinding was violent because the leverage was extreme. Yet once that excess leverage washed out, the picture begins to shift. 

“Historically, these deleveraging phases have often offered solid medium-term opportunities, just like after the FTX crash… which marked the end of the bear market,” Darkfost noted. 

Additionally, funding rates turned negative, a sign that traders backed away from overly bullish leveraged bets. Open interest also eased and didn’t rebound immediately, reducing the risk of another rapid wave of forced selling. 

At the same time, spot trading spiked—one of the strongest days of the year—indicating that real buyers, not borrowed money, were stepping in.

“A market rebuilding itself on spot after a leverage flush is a sign that a bottom may be forming. This is exactly the kind of signal you want to see after such a liquidation event,” Darkfost added.

This is where the window of opportunity opens.

Caution Amid a Cleaner Market

When large amounts of leverage are flushed out of the system, the market often becomes more stable. 

But Darkfost argued that before viewing this moment as an opportunity, it’s important to understand why these events happen so violently in the first place. Episodes like this highlight a persistent problem in the crypto industry: many traders still lack a basic understanding of risk.

“People need real education when it comes to risk management. Crypto remains lightly regulated and extremely accessible, and it is possible to use extreme leverage with huge amounts of capital,” he said, adding, “[If] an investor doesn’t perfectly know how to manage risk, their net worth can suffer heavy losses. The higher the leverage, the shorter the lifespan of the trade.”

With that warning in place, Darkfost also noted that the broader environment is not entirely straightforward.

“Given the current context, it is worth adding some nuance because we have reached the end of the cycle for those who still believe in that periodicity. The macro picture is not entirely clear yet and other concerns are emerging, including the possibility that MSCI could identify treasury heavy companies like MSTR.”

Only after acknowledging these risks does the larger historical pattern come into focus. Once excessive leverage is cleared, markets often return to a healthier footing. 

After the FTX collapse, a similar reset marked the end of the bear market and the start of a months-long recovery. A comparable dynamic may be taking shape again—although this time with more nuance and more variables at play.

The post Bitcoin Just Matched FTX-Era Liquidation Levels – But It Could Create an Opportunity appeared first on BeInCrypto.