Today in crypto: Ex-UK crime officer stole Bitcoin stash

Trump-backed crypto project raises $590 million

World Liberty Financial (WLFI), a cryptocurrency project linked to President Donald Trump, has successfully closed its token sale after raising approximately $590 million. The fundraising places WLFI among the top ten largest token sales in crypto history, rivaling projects like EOS, which raised $4.21 billion.

The token sale occurred in two rounds, with details about the breakdown not disclosed. Despite an initially slow start, the project gained momentum after Tron founder Justin Sun made an initial $30 million investment in November 2024, later increasing his position. WLFI co-founder Zak Folkman credited Sun with helping turn the project around at a critical moment.

"When we were launching this project, it was a very heated time," Folkman said at Consensus 2025 in Hong Kong. "There was a lot of scrutiny due to who was involved." He suggested that mainstream crypto venture capital firms were hesitant to participate due to Trump's political associations.

The WLFI token sale was limited to accredited investors with a net worth of over $1 million or annual income above $200,000. Tokens cannot yet be traded on exchanges, and no listing date has been announced. The success of WLFI highlights the increasing intersection of cryptocurrency and U.S. politics, particularly as the Trump administration pushes for a more crypto-friendly regulatory framework.

21Shares shuts down two crypto ETFs

Crypto asset manager 21Shares has announced it will liquidate two actively managed exchange-traded funds (ETFs) linked to Bitcoin and Ethereum futures. The affected funds, ARK 21Shares Active On-Chain Bitcoin Strategy ETF (ARKC) and ARK 21Shares Active Bitcoin Ethereum Strategy ETF (ARKY), will cease trading on March 27, with final liquidations expected on March 28.

The shutdown follows significant outflows from U.S.-listed Bitcoin ETFs, which have lost over $1.66 billion this month. Bitcoin is down 12.8% year-to-date, trading around $82,445, while Ethereum has fallen 3.19% to $1,886.91. Solana and Cardano have also seen sharp declines.

Investors holding shares in these ETFs will receive cash payouts equivalent to their proportional holdings. The move underscores the ongoing volatility in the crypto market and the challenges faced by institutional investment products as digital assets correct from their early-year highs.

House Republicans push for Bitcoin reserve law

A new bill introduced by Representative Byron Donalds seeks to formalize President Trump’s Strategic Bitcoin Reserve while avoiding the spending commitments of the Senate’s Bitcoin Act.

The Bitcoin Act, introduced by Senator Cynthia Lummis, would require the U.S. government to purchase up to $80 billion worth of Bitcoin. In contrast, Donalds’ Reserve and Stockpile Act would simply enshrine Trump’s executive order into law without mandating additional Bitcoin acquisitions.

“For years, the Democrats waged war on crypto,” Donalds said. “Now is the time for Congressional Republicans to decisively end this war.”

A White House official recently confirmed that the administration intends to acquire “as much Bitcoin as possible,” though details on funding remain unclear. The U.S. government currently holds an estimated 200,000 BTC from criminal and civil forfeitures.

The Trump administration has framed Bitcoin reserves as a strategic financial move, while critics argue that large-scale purchases could introduce new risks to federal financial policy. The debate over Bitcoin’s role in national reserves continues to unfold in Congress.

UK man loses final appeal to recover $676M in Bitcoin

A UK software engineer has lost his final appeal to excavate a landfill where he believes a hard drive containing 8,000 Bitcoin – worth $676 million – was accidentally discarded in 2013.

James Howells, who mined Bitcoin in its early days, had been fighting for permission to search the landfill in Wales. His last legal option, an appeal to the UK Court of Appeals, was rejected this week.

“The Great British Injustice System strikes again… Next stop: ECHR,” Howells wrote on LinkedIn, referring to his plan to take the case to the European Court of Human Rights.

Howells has made multiple failed attempts to retrieve the lost Bitcoin over the years, even considering purchasing the entire landfill. The case highlights both the astronomical rise in Bitcoin’s value and the risks of self-custody, where losing access to private keys means losing the assets forever.

Ex-UK crime officer charged with stealing Bitcoin

A former officer of the UK’s National Crime Agency (NCA) has been charged with stealing 50 Bitcoin during a 2017 investigation – a sum now worth around $4 million.

Paul Chowles, 42, from Bristol, faces 15 charges related to the alleged theft, including money laundering and theft of criminal property. He is accused of stealing the Bitcoin while working on a cybercrime case.

At the time, the stolen Bitcoin was worth around $77,000, but its value has soared over the years. Chowles is set to appear in court next month.

The case underscores the challenges law enforcement agencies face in securing digital assets. The NCA, which has been given expanded powers to seize crypto in recent years, has pledged to crack down on internal misconduct as well as external criminal activity.

Final thoughts

From the Trump-backed WLFI token sale to the shutdown of crypto ETFs and legal battles over lost Bitcoin, today’s news highlights the ongoing evolution of the crypto market. While some projects raise millions, others struggle with market downturns. Meanwhile, the legal system continues to grapple with the challenges of regulating and securing digital assets.

These are the top news stories for the crypto radio today. Please note that none of the content constitutes financial advice, and we explicitly advise all listeners to do their own research if they’re looking to invest in cryptocurrency tokens.