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Core Scientific urges shareholders to approve $9 billion CoreWeave merger

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Core Scientific’s board has called on shareholders to vote in favor of its proposed $9 billion all-stock sale to CoreWeave, saying the merger would deliver long-term growth and risk reduction benefits for the crypto miner.

In an investor presentation released Wednesday, the board said it had “unanimously determined” that the deal represented the best outcome for all shareholders. The merger, announced in July, values Core Scientific at $20.40 per share and would combine its energy-intensive mining infrastructure with CoreWeave’s AI-focused data center network.

The deal promises significant cost savings, operational synergies, and improved access to capital, according to the company. CoreWeave, a fast-growing cloud provider powered by Nvidia AI chips, would integrate Core Scientific’s facilities to support large-scale AI model training — an increasingly valuable use case as demand for compute power surges.

However, the proposal faces pushback from Two Seas Capital, Core Scientific’s largest shareholder with a 6.3% stake, which said it plans to vote against the deal, arguing it “materially undervalues” the company and poses “substantial economic risk” to investors.

Core Scientific said the transaction would help it diversify beyond cryptocurrency mining and strengthen its position in the fast-growing AI infrastructure market.

US Senate Passes Stablecoin Bill in Milestone for Crypto Industry

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The U.S. Senate on Tuesday approved the GENIUS Act, a bipartisan bill establishing the first federal regulatory framework for stablecoins—cryptocurrency tokens pegged to the U.S. dollar. The bill passed with a vote of 68-30, marking a significant step toward formal oversight of a rapidly growing sector in digital finance.

Stablecoins, which maintain a steady value typically linked 1:1 to the dollar, are widely used by crypto traders for quick transfers between tokens and are increasingly considered for instant payments. If signed into law, the legislation would require stablecoin issuers to back tokens with liquid assets like cash or short-term Treasury bills and publicly disclose reserve compositions monthly.

The crypto industry has advocated for clear regulation, believing it could boost adoption and investor confidence. However, concerns remain among some Democrats and financial watchdogs that the bill could enable big tech firms to issue private stablecoins without sufficient anti-money laundering safeguards or protections against foreign issuers.

The bill now moves to the Republican-controlled House, which must pass its own version before it can be signed by President Donald Trump. Trump’s White House advisers have emphasized a desire to enact stablecoin rules by August.

Critics have also highlighted potential conflicts of interest related to Trump’s own crypto ventures, including a meme coin and a crypto company partly owned by him, though the White House maintains that his assets are held in a trust.

The Conference of State Bank Supervisors has called for amendments to prevent expanding the authority of uninsured banks without state oversight.

Despite these debates, legal experts hail the Senate’s approval as a landmark moment in regulating a fast-evolving financial technology.

Parisian Shopkeeper Hailed as Hero After Foiling Attempted Crypto Kidnapping

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A Paris bicycle shop-owner is being celebrated as a local hero after he intervened in a brazen attempted kidnapping on the streets of Paris, using a fire extinguisher to chase off a gang of masked attackers. The target of the kidnapping was reportedly the daughter of a French crypto businessman, according to local media.

The incident occurred on Tuesday in the 11th arrondissement and has sparked renewed concerns over the safety of individuals tied to the cryptocurrency industry, which has seen an uptick in threats, particularly in France.

Dramatic Rescue Caught on Camera

Widely circulated video footage shows:

  • Three masked men wrestling with the woman and her husband.

  • A van idling nearby, presumed to be the getaway vehicle.

  • The shopkeeper, identified only as Nabil, charging at the attackers with a fire extinguisher.

  • The attackers fleeing into the van, with Nabil throwing the extinguisher at the vehicle as it drives off.

Community Applause for Local Hero

On Wednesday, passersby and neighbors praised Nabil outside his shop:

“You’re a champion,” one woman said.
“Thank you very much. That’s kind,” Nabil replied.

Nabil said he knew the couple personally and commended the woman’s husband for his bravery:

“He took a lot of blows to the head and he didn’t let go of his wife. I think that’s what made them give up, more than the fire extinguisher.”

He described his decision to act as spontaneous:

“I rushed over with that object, not knowing exactly what I was going to do with it. But I feel like it ended the altercation. So I achieved my goal.”

Growing Risks for Crypto Figures

This attempted abduction marks at least the third such attack targeting individuals linked to France’s crypto sector in recent months. French prosecutors have launched an investigation, and authorities are examining potential organized crime links.

The incident underscores the increasing physical security threats faced by crypto entrepreneurs, whose digital wealth has made them prime targets for extortion and kidnapping in real life.