Here’s what happened in crypto today

Today in crypto, Hunter Biden said he has “not made a single dollar” from his memecoin, the Justice Department seized Xinbi’s Telegram channels and two wallets and Consensys announced plans to split its MetaMask consumer business from its institutional blockchain operations.

Hunter Biden denies profiting from memecoin after his LAPTOP crashes

Hunter Biden has denied profiting from his LAPTOP memecoin after its launch-day price crash, adding that neither he nor his team had sold tokens.

Several X users accused the LAPTOP project of a “rug pull” after the memecoin lost more than 95% of its value in the first hour of trading on Wednesday. At the time of writing, the new token traded at $0.8562, according to CoinGecko data.

“The team’s allocation is locked. Nobody on our side sold, and nobody could have,” Biden said in an X post Wednesday. “I, personally, have not made a single dollar.”

Biden blamed the price action on insufficient liquidity and “snipers,” which are trading bots that quickly swoop up tokens when trading opens.

The Base memecoin takes its name from a MacBook Hunter Biden reportedly left at a repair shop in 2019. Trump allies used the New York Post’s reporting on files purportedly from the device against him and his father, former US President Joe Biden, during the 2020 election.

US sanctions Xinbi scam marketplace, restrains $52M in crypto

United States authorities restrained more than $52 million in crypto linked to Xinbi Guarantee and its vendor network as part of a coordinated operation against the scam marketplace. 

On Wednesday, the US Justice Department said its Scam Center Strike Force seized two wallets used by Xinbi to collect vendor payments containing about $12 million. Law enforcement also sought restraints against 47 additional wallets believed to be connected to money laundering across Xinbi’s network. 

The DOJ said the US District Court for the District of Columbia authorized the seizure of Telegram channels hosting the marketplace on Sept. 7. According to the unsealed warrant, vendors used the channels to advertise money laundering, custom scam-investment websites and recruitment services for scam compounds in Southeast Asia. 

The operation targets the financial and communications infrastructure supporting industrial-scale scam centers, expanding enforcement beyond individual operators to the marketplaces and service providers that allow the networks to function. The DOJ credited stablecoin issuer Tether with assisting in the investigation.

Consensys to split into MetaMask and institutional blockchain company

Consensys Software Inc., the Ethereum software company behind MetaMask, plans to split into two independent companies, separating its consumer business from its institutional blockchain infrastructure operations.

According to Wednesday’s announcement, the separation is expected to be completed by the end of 2026, with Joe Lubin serving as chairman and CEO of MetaMask and executive chairman of the new Consensys.

The new Consensys will house the company’s protocols and institutional infrastructure businesses, including Linea, Besu and Teku, and will be led by CEO Mike Kriak and President David Cunningham. The company will focus on Ethereum infrastructure and helping financial institutions deploy blockchain technology for tokenization, stablecoins and other onchain financial services.

MetaMask will remain focused on consumer self-custody while expanding beyond crypto into payments, savings, investing and traditional financial products.