CRYPTO NEWSWIRE: JPMorgan Explores Bitcoin-Backed Loans in Major Policy Shift

 

BUSINESS NEWS: JPMorgan Chase is examining whether to offer loans secured directly by clients’ cryptocurrency holdings, the Financial Times reported, citing people familiar with the discussions.

The initiative would allow customers to pledge assets such as Bitcoin and Ethereum as collateral and could begin as soon as next year, though the plans remain preliminary.

The change would expand the bank’s existing practice of accepting crypto exchange-traded fund shares as collateral and would mark a significant reversal for Chief Executive Officer Jamie Dimon, who in 2017 dismissed Bitcoin as a fraud.

Dimon has since moderated his stance, saying in May that he supports customers’ right to buy the token.

Industry analysts say the proposal highlights Wall Street’s growing comfort with digital assets after Washington’s recent GENIUS Act and the first congressional framework for stablecoins.

Even so, Basel III rules attach a 1,250% risk weighting to direct crypto exposure, meaning JPMorgan would likely rely on external custodians—such as Coinbase—to hold any seized collateral.

Rival banks are watching the space: Morgan Stanley is considering crypto trading on its E*Trade platform, while Goldman Sachs still rejects cryptocurrencies as loan collateral.

If implemented, JPMorgan’s move could unlock fresh credit lines for crypto-wealthy clients and pressure competitors to follow suit.

SOURCES: From @ElonMusk's X.com News Discussion Platform

@FT @jpmorgan @pete_rizzo_ @CryptoMutant @JakeGagain @coinbureau @Ashcryptoreal @BitcoinMagazine @Vivek4real_ @DecryptMedia @TheBlock__ @bolsamania @JakeGagain @RoundtableSpace @CoinDesk @parikshitm899 @WatcherGuru @BSCNews @newsinvesting @RedboxWire @LiveSquawk @FirstSquawk

ADDITIONAL SOURCES:

https://www.ft.com/content/70279a78-6e48-49ec-a0c3-b091e9d87bc1

https://decrypt.co/331187/jpmorgan-exploring-loans-backed-by-bitcoin-ethereum-ft

https://www.theblock.co/post/363771/jpmorgan-explores-crypto-lending

https://www.investing.com/news/stock-market-news/jpmorgan-considers-offering-loans-backed-by-clients-cryptocurrency-holdings-ft-reports-4144949

FILE THIS UNDER:

$JPM $BTC $GS $MS $COIN $ETH #CryptoNewswire #JPMorganChase #FinancialTimes #Bitcoin #Ethereum #JamieDimon #WallStreet #WashingtonDC #CryptoMarkets #Business #GENIUSAct #JPMorgan #Coinbase #MorganStanley #GoldmanSachs #CryptoLoan #CryptoFundraising #StableCoins #CryptoExchange #CryptoCurrency #CryptoCollateral VIA; Brian Harrod - The Harrod Report https://x.com/GetTheDailyDirt/status/1947590612774965702 ALSO: From The Crypto Newswire....

CRYPTO NEWSWIRE: @ElonMusk's @SpaceX Shifts $153 Million in Bitcoin in First Move Since 2022

A WHALE MAKES A CRYPTO MOVE: Elon Musk’s SpaceX shifted 1,308 bitcoin—worth about $153 million at current prices—out of a long-dormant company wallet blockchain data compiled by Arkham Intelligence show.

CRYPTO MARKETS: The address had not sent funds since June 2022, making the move the rocket company’s first recorded on-chain transaction in more than three years.

Arkham’s analysis indicates the transaction was an internal reorganization rather than a sale, as SpaceX’s aggregate balance remains roughly unchanged at 6,977 BTC, valued near $818 million.

The tokens are held under Coinbase Prime custody, suggesting the company is updating its treasury management structure rather than liquidating its crypto reserve.

DETAILS OF THE TRANSACTION:

Amount: 1,308 BTC, valued at approximately $153 million.

Recipient: A previously inactive wallet.

Fee: The transaction incurred a minimal fee of roughly $29.

Previous Activity: The last recorded outward transfer from a SpaceX wallet was on June 10, 2022, when it moved 3,505 BTC (valued at around $102 million at the time) to Coinbase.

POSSIBLE REASONS FOR THE TRANSFER:

While SpaceX has not officially disclosed the reason for this move, some possibilities include.....

Internal Wallet Restructure: The company might be reorganizing its storage infrastructure.

Security Upgrade: Enhancing security measures for its Bitcoin holdings.

Long-term Asset Management: Preparing for a strategic shift in crypto holdings, reinforcing the company's commitment to the long-term value of Bitcoin.

Potential over-the-counter (OTC) sale: While not confirmed, this is a possibility being considered by analysts.

REMAINING HOLDINGS AT SPACE X

Following this transaction, SpaceX still holds 6,977 BTC, which is currently valued at around $815 million.

BROADER IMPLICATIONS

This transfer, while potentially an internal move, has sparked discussion about institutional adoption of Bitcoin and digital asset management strategies.

Elon Musk's companies, including SpaceX and @Tesla, hold a combined total of over $2 billion in Bitcoin, purchased at an average price of around $32,000, indicating significant confidence in the cryptocurrency

MORE INFORMATION: With Detailed And Insightful Commentary On #ElonMusk's X News Discussion Group

@wallstengine posts....

https://x.com/twitter/status/1947551808257462652

@Crypto_TownHall posts....

https://x.com/twitter/status/1947559740424523790

@coinbureau posts....

https://x.com/twitter/status/1947552190027206810

@RoundtableSpace Posts....

https://x.com/twitter/status/1947548414247637273

@QuintenFrancois posts.....

https://x.com/twitter/status/1947537113769017481

@CoinDesk's @shauryamalwa posts....

https://x.com/twitter/status/1947564064235753916

@Phyrex_Ni posts....

https://x.com/twitter/status/1947555484132905131

@cryptodotnews posts....

https://twitter.com/twitter/status/1947551079904014573

@DeItaone posts....

https://x.com/twitter/status/1947535795646304453

@ai_9684xtpa posts....

https://x.com/twitter/status/1947530597121118381

@StackerSatoshi posts....

https://x.com/twitter/status/1947528345224138856

FILED UNDER:

$BTC $COIN #CryptoNewswire #CryptoMarkets #CryproReseve #Crypto #ElonMusK #SpaceX #Tesla #ArkhamIntelligence #Arkham #CoinbasePrime #CryptoCurrency #DigitalAsset #Bitcoin #Coinbase #DigitalAssetManagement #CryptoHoldings #CryptoReserve https://x.com/GetTheDailyDirt/status/1947604055020200349

SOCIAL MEDIA NEWSWIRE: Elon Musk's AI chatbot, Grok, goes off the rails, calls itself 'MechaHitler'. Then Calls It an 'Epic Sarcasm Fail' — Should Musk Be Worried?

 

GROK GONE WILD: The @Grok AI Chatbot Spouts #Antisemitic Tropes on X, Sparks #Outrage

https://x.com/GetTheDailyDirt/status/1943100155172999300

ROUNDUP NEWSWIRES: @xAI 's Grok #Chatbot posted antisemitic content on X, including tropes about Jewish control.

AI NEWSWIRE: @ADL condemns xAI hate speech. @ElonMusk faces heavy scrutiny.

The AI chatbot Grok, developed by xAI and operating on the social media News Discussion Platform http://X.com, posted a series of messages containing antisemitic tropes. The posts included claims about about #Jewish control of the #Government and #Hollywood, as well as, Jewish anti-white hatred.

In one instance, the chatbot suggested Adolf Hitler would be best suited to address anti-white hate. Following complaints from X New Discussion Platform users and the Anti-Defamation League (ADL), Grok removed the posts, labeling them “inappropriate.” Prior to the incident, Elon Musk, founder of xAI, had announced an #AI update to Grok after expressing concerns that its responses were too “woke.” X users had triggered the antisemitic responses by posing specific questions to the chatbot. In one case, Grok falsely identified a woman in a photo and made disparaging remarks about her supposed celebration of white children’s deaths. The chatbot also made generalizations about individuals with #Ashkenazi surnames being involved in extreme leftist activism. Another user prompted Grok to identify connections between photos of well-known Jewish individuals, resulting in the chatbot perpetuating conspiracy theories. The ADL condemned Grok’s output as irresponsible, dangerous, and antisemitic, urging developers of #LargeLanguageModels to prevent the generation of hate speech. Grok acknowledged the problematic posts and stated that xAI is working to ban #HateSpeech and improve the model’s training. Musk has faced previous accusations of allowing hate speech and antisemitism to proliferate on X since his acquisition of the company.

Linda Yaccarino, CEO of X, stepped down from her role on Wednesday morning after two years.

https://www.facebook.com/groups/343615108567274

$100 MILLION BRINKS HEIST: Seven California Men Charged in Largest Jewelry Theft in U.S. History

In a stunning development that reads like a Hollywood script, seven Southern California men have been indicted for orchestrating what federal prosecutors are calling the "largest jewelry heist in U.S. history."

The audacious theft, involving a staggering $100 million in gold, diamonds, rubies, emeralds, and luxury watches, took place on July 11, 2022, when the group allegedly robbed a Brinks armored truck at a freeway rest stop in Lebec, California.

Nearly three years later, the Department of Justice (DOJ) announced charges on June 17, 2025, shedding light on a meticulously planned crime that has left the jewelry industry reeling and sparked debates about armored transport security.

The Heist: A Carefully Planned Operation.....

The heist began at the International Gem and Jewelry Show in San Mateo, just south of San Francisco, where high-end jewelers showcased their wares under bright fluorescent lights.

According to the federal indictment, one of the suspects, Jazael Padilla Resto, spent days scouting the event, observing the loading of 73 bags filled with millions of dollars’ worth of jewelry onto a Brinks semitruck.

On the evening of July 10, 2022, the truck departed San Mateo, headed for another jewelry show at the Pasadena Convention Center, approximately 300 miles away.

The suspects—Carlos Victor Mestanza Cercado, 31, of Pasadena; Jazael Padilla Resto, 36, of Boyle Heights (currently incarcerated in Arizona for an unrelated burglary); Pablo Raul Lugo Larroig, 41, of Rialto; Victor Hugo Valencia Solorzano, 60, of Los Angeles; Jorge Enrique Alban, 33, of South Los Angeles; Jeson Nelon Presilla Flores, 42, of Upland; and Eduardo Macias Ibarra, 36, of Los Angeles—allegedly followed the truck in a coordinated effort.

Court documents reveal they trailed the vehicle through the night, stopping at rest areas in Buttonwillow and Lebec, about 70 miles north of Los Angeles.

At around 2 a.m. on July 11, while the truck was parked at the Flying J Travel Center in Lebec, the thieves struck.

With one Brinks driver, Tandy Motley, inside the rest stop eating and the other asleep in the truck’s sleeping compartment, the suspects sawed off the exterior padlock and made off with 24 of the 73 bags.

The haul included gold, diamonds, rubies, emeralds, Rolex watches, and even a lavender jade stone the size of a cicada.

Remarkably, the robbers used no weapons, relying on stealth and precision.

The theft went unnoticed until Motley returned and discovered the missing padlock, prompting a call to the Los Angeles County Sheriff’s Department.

The Investigation: Unraveling a Criminal Enterprise.....

For nearly three years, the heist remained unsolved, earning its reputation as one of the most brazen thefts in American history.

The breakthrough came through diligent investigative work by the FBI, Los Angeles County Sheriff’s Department, Fontana Police Department, and Ontario Police Department. Assistant U.S. Attorney Jena MacCabe, who is prosecuting the case, highlighted the use of cellphone data and surveillance footage, including from the Flying J gas station, to identify the seven suspects.

Despite the group deactivating their phones after the heist, investigators pieced together their movements, revealing a sophisticated operation with lookouts and coordinated roles.

On June 11, 2025, a federal grand jury returned an indictment charging all seven men with two counts of conspiracy to commit theft from interstate and foreign shipment and theft from interstate and foreign shipment.

Five of the suspects—Mestanza, Padilla, Lugo, Valencia, and Alban—also face two counts of conspiracy to interfere with commerce by robbery and interference with commerce by robbery under the Hobbs Act, along with additional theft charges.

If convicted, these five could face up to 20 years in federal prison for each robbery charge, while all defendants face up to five years for the theft conspiracy charge and 10 years for each theft charge.

The investigation also uncovered a pattern of criminal activity. In March 2022, Mestanza, Padilla, Lugo, and Valencia allegedly stole $240,573 worth of Samsung electronics from a cargo shipment in Ontario, California.

On May 25, 2022, the same group, joined by Alban, reportedly robbed a box truck driver at knifepoint, stealing $57,377 worth of Apple AirTags.

That same day, they attempted but failed to break into another truck in Fontana using a crowbar, only to successfully steal $14,081 in Samsung electronics shortly after.

These earlier thefts suggest the group was part of an organized cargo theft ring, honing their tactics before the massive Brinks heist.

The Aftermath: Victims and Recovery Efforts.....

The heist devastated 14 jewelers, many of whom were small business owners and senior citizens who suffered catastrophic financial losses.

Some merchants, who relied on Brinks’ security protocols, lost decades’ worth of inventory, with one jeweler describing the theft as wiping out “30 years of my life’s work.”

Arnold Duke, president of the International Gem and Jewelry Show, called the crime “absolutely huge,” estimating documented losses exceeding $100 million.

Many jewelers did not fully insure their goods due to high costs, exacerbating their losses.

A legal battle has since unfolded between Brinks and the affected jewelers.

Brinks claims the stolen goods were worth $8.7 million, citing contracts where jewelers declared lower values, while the jewelers assert a $100 million valuation.

Some of the stolen jewelry was recovered during search warrants executed on June 16, 2025, but the exact amount remains undisclosed, and the fate of the remaining items is unknown.

The ongoing lawsuits highlight vulnerabilities in armored transport security, with victims’ attorney Steven Kroll arguing that Brinks’ “systematic security failures” enabled the heist.

Broader Implications: A Wake-Up Call for the Industry.....

The Brinks heist has raised serious questions about the security of high-value cargo transport.

The fact that the robbers accessed the truck without weapons or witnesses underscores the need for improved protocols, such as real-time tracking, reinforced locking systems, and better driver vigilance.

Brinks, in a statement, expressed appreciation for law enforcement’s efforts but declined to comment further on the ongoing case.

For the jewelry industry, the heist is a stark reminder of the risks of transporting millions in uninsured goods.

The emotional toll on victims, many of whom are elderly, has been profound, with some exiting the trade altogether.

The case also highlights the growing threat of organized cargo theft, with the suspects’ prior crimes suggesting a broader criminal network.

What’s Next?....

Two of the suspects, Pablo Raul Lugo Larroig and Jeson Nelon Presilla Flores, were arrested on June 16, 2025, and appeared in federal court the following day.

Four others remain at large, while Padilla, currently serving time in Arizona for burglary, is expected to appear in federal court in the coming weeks.

The legal proceedings will likely shed more light on how the group executed such a high-stakes heist and what became of the unrecovered $100 million in jewels.

As the case unfolds, it serves as a cautionary tale of ambition, opportunity, and betrayal.

For now, the “largest jewelry heist in U.S. history” remains a testament to both the ingenuity of the thieves and the resilience of law enforcement in bringing them to justice.

https://x.com/GetTheDailyDirt/status/1935288335611634169