Drake goes Bitcoin, UAE says no to TON

Today’s headlines:

• UAE rejects Toncoin Golden Visa offer
• Bitcoin whale moves $8.6B without shaking price
• Jack Dorsey launches Bluetooth-based messaging app
• Elon Musk’s America Party embraces Bitcoin
• Secret Service seizes and holds $400M in crypto
• UK jails scammers and enforces stricter tax rules
• Russia launches registry to police crypto miners
• China splits stablecoin strategy across borders
• Crypto markets hold steady amid neutral sentiment
• Drake namechecks Bitcoin in new track

The Crypto Radio LIVE has just launched across platforms, bringing you the hottest topics of the day wherever you are. Tune in weekdays at 1pm GST – Dubai time – for daily news in a brand new format.

Below is a breakdown of everything we covered today – Monday July 7, 2025 – from UAE to China and rap to tax. Make sure you tune in again tomorrow on YouTube and X to catch the news as it happens.

UAE rejects Toncoin Golden Visa pitch

An eye-catching Toncoin offer promising a UAE Golden Visa in exchange for staking $100,000 worth of tokens was quickly shut down by authorities over the weekend. The viral claim, amplified by TON Foundation and Telegram co-founder Pavel Durov, proposed a 10-year visa for investors willing to stake for three years and pay a $35,000 fee.

But the UAE’s main regulators – including its immigration and crypto authorities – issued a joint denial, stating TON is not licensed in the country and that visa eligibility cannot be obtained via digital assets. Toncoin initially surged 10% but fell back nearly 6% after the official clarification.

The backlash didn't stop Binance founder CZ from chiming in. “If it is real, we will definitely try to get it on BNB too,” he said on X.

Is this 👇 real? It would be awesome IF it is true.

But I got conflicting info so far.

Some say: this is just so that they charge you $35k to pass your application to an agent, who usually only charge $1k fee.

The website seems to give the impression that "$35k + $100k… https://t.co/u3mySnObWu

– CZ 🔶 BNB (@cz_binance) July 6, 2025

Bitcoin whale resurfaces after 14 years

A long-dormant Bitcoin wallet from 2011 moved 80,000 BTC – worth over $8.6 billion – in eight transactions, sparking speculation across the crypto world. The wallet had remained untouched since Bitcoin’s early days, with the original purchase price ranging between $0.78 and $3.37 per coin.

Blockchain firm Arkham said the whale appears to have upgraded addresses from an outdated format to a modern SegWit-compatible one, a move focused on technical security rather than a sell-off. Despite the jaw-dropping amount moved, Bitcoin’s price barely reacted, suggesting confidence that the coins aren’t heading to market anytime soon. 

BILLIONAIRE BITCOIN WHALE UPDATE

Yesterday’s $8 billion transfers were possibly related to address upgrades, moving from 1- addresses to bc1q- addresses.

There are no indications that this whale is selling Bitcoin. pic.twitter.com/wdK4Ppkv0J

– Arkham (@arkham) July 5, 2025

Crypto market steadies as volume returns

The total crypto market cap is holding steady at $3.36 trillion, with a modest 1% gain over the past 24 hours. But what stands out most is the 40% surge in trading volume, now above $89 billion – a sign that traders are back in action following a weekend lull.

Bitcoin is hovering below $109,000, Ethereum remains strong above $2,560, and altcoins are flashing green: SOL is up 2%, DOGE is leading the pack with a 5% gain, and the Fear and Greed Index sits neutrally at 52. Analysts say this equilibrium offers a calm window for learning and strategy, rather than reacting to hype.

Jack Dorsey goes offline with Bitchat

Jack Dorsey has launched a decentralized messaging app that doesn’t need the internet. Bitchat, now in beta, uses Bluetooth mesh networks to send encrypted messages through nearby devices. Each phone acts as a relay, passing messages until they reach the recipient – making it usable even in places without WiFi or cellular service.

The app, described as having “IRC vibes,” stores messages only in memory and has no user accounts, servers, or contact details. With its promise of resilience against censorship and outages, Bitchat could appeal to users in crisis zones, protest movements, and privacy-first communities.

my weekend project to learn about bluetooth mesh networks, relays and store and forward models, message encryption models, and a few other things.

bitchat: bluetooth mesh chat...IRC vibes.

TestFlight: https://t.co/P5zRRX0TB3
GitHub: https://t.co/Yphb3Izm0P pic.twitter.com/yxZxiMfMH2

— jack (@jack) July 6, 2025

Musk’s America Party backs Bitcoin

Elon Musk has formally launched the America Party, a new political movement aimed at disrupting the two-party system in the United States. The Tesla CEO confirmed that the party will embrace Bitcoin, writing on X: “Fiat is hopeless, so yes.”

Musk’s announcement followed heated criticism of the recent $3.4 trillion “Big, Beautiful Bill,” signed by Donald Trump, which Musk described as wasteful. The America Party platform positions itself as a defender of freedom and financial sovereignty.

Fiat is hopeless, so yes

— Elon Musk (@elonmusk) July 7, 2025

Secret Service becomes major crypto holder

The U.S. Secret Service has quietly accumulated nearly $400 million in seized crypto assets, primarily from online scams and fraud investigations. According to Bloomberg, much of this stash is now secured in a single cold-storage wallet, making the agency one of the largest crypto custodians in the world.

Agents from the agency’s Global Investigative Operations Center used blockchain analysis to trace stolen funds and dismantle international scam networks. Training programs in places like Bermuda have expanded their reach, as enforcement ramps up globally.

UK cracks down on crypto tax evasion

The UK government is preparing to fine crypto users who fail to disclose personal details to exchanges, as part of new tax transparency rules set to begin in January 2026. Traders who don’t comply could face penalties of up to £300.

The rules fall under the new Cryptoasset Reporting Framework, aimed at helping HMRC track undeclared profits. Platforms will need to collect full names, addresses, birth dates, and tax IDs, with the Treasury expecting to reclaim around £315 million by 2030.

Russia launches crypto mining registry

Russia’s Ministry of Energy has introduced a national registry of crypto mining rigs, a move designed to tackle illegal setups and tax avoidance. The government says only 30% of miners have registered so far, despite new laws passed last year.

The registry is being distributed to regions with high mining activity and will be used to target electricity consumption patterns linked to unregistered operations. Fines and regional mining bans are already in play, part of a broader push to regulate the industry more tightly.

China splits on stablecoins

In Hong Kong, regulators confirmed a new stablecoin licensing regime will launch August 1, with strict rules on fiat reserves, audits, and anti-money laundering. Meanwhile, just across the border in Shenzhen, authorities are warning against rising scams involving fake “yuan-backed” stablecoins.

The divergence highlights China’s internal tension: while Hong Kong embraces web3 legitimacy, mainland cities are cracking down on unauthorized crypto fundraising. It’s a reminder that regulation can either protect or confuse, depending on clarity and enforcement.

Drake raps about Bitcoin in new track

Canadian rapper Drake surprised fans over the weekend with a new track, What Did I Miss?, which namechecks Bitcoin as a metaphor for trust and volatility. Dropped during a July 4 YouTube stream titled ICEMAN EPISODE ONE, the track includes the lyric: "I look at this **** like BTC, could be down this week, then I'm up next week."

The line marks one of the most high-profile uses of Bitcoin in mainstream music and reflects Drake’s ongoing involvement in the crypto space, including multimillion-dollar Bitcoin sports bets in recent years. The lyric drew instant reaction across X and Reddit, with crypto users celebrating the cultural nod.

Hip-hop has long been a barometer of emerging financial trends, and Drake’s BTC reference could signal a broader shift in how digital assets permeate mainstream pop culture.

Drake’s What Did I Miss? artwork dropped alongside a rare Bitcoin lyric in the track