Crypto Market Buzz: Gate.io's Pump.fun Presale Pulled, Tornado Cash Lawsuit Ends, TON Visa Clarified, and ETH Wallets Stir

Recent developments in the cryptocurrency space highlight a mix of market uncertainties, regulatory shifts, and renewed activity from long-dormant assets. Key events include the abrupt removal of a highly anticipated token presale, the formal conclusion of a significant legal battle, clarification on a controversial visa program, and the unexpected movement of substantial Ethereum holdings.

Gate.io has quietly removed a page detailing a public token sale for Solana-based memecoin platform Pump.fun, which aimed to raise $600 million at a $4 billion valuation. The proposed sale, set for July 12, was described as Pump.fun's "first official public token sale." Crypto exchange Gate.io's support cited "negotiations between Gate and the project" for the removal, adding to speculation as neither party has offered a clear explanation. This comes as Pump.fun has seen its trading volumes decline significantly, with some reports indicating an 80% slump since January.

In a significant legal victory for crypto privacy advocates, the US Court of Appeals for the Eleventh Circuit has dismissed Coin Center’s appeal against the US Treasury Department regarding the 2022 sanctions on crypto mixer Tornado Cash. The dismissal follows the Treasury's Office of Foreign Assets Control (OFAC) removing Tornado Cash from its Specially Designated Nationals list in March 2025, rendering the legal challenge "moot." Peter Van Valkenburgh, Executive Director of Coin Center, stated, "The government was not interested in moving forward and defending their dangerously overbroad interpretation of sanctions laws." Despite this, Tornado Cash co-founder Roman Storm still faces a criminal trial in New York on charges including money laundering.

The Open Network (TON) Foundation has clarified that its widely publicized UAE Golden Visa program, which suggested residency for staking Toncoin, lacks official government endorsement. Initial reports indicated that staking $100,000 in Toncoin for three years, plus a $35,000 fee, could secure a 10-year visa. However, UAE authorities, including the Federal Authority for Identity, Citizenship, Customs and Port Security (ICP) and the Virtual Assets Regulatory Authority (VARA), issued a joint statement denying that digital currency investments grant Golden Visas. The TON Foundation has since stated the initiative is an "independent collaboration" in early development, not formally approved by the UAE government.

Meanwhile, several long-dormant Ethereum (ETH) wallets, including those from the network's genesis period, have recently become active, moving millions of dollars worth of ETH. One such wallet, inactive for nearly a decade, moved 2,000 ETH currently valued at over $5 million. While some movements were to new, inactive addresses, others involved transfers to exchanges like Binance, sparking discussions about potential selling pressure. These reactivations come amidst Ethereum's recent price stability and ongoing network upgrades like Pectra, which aim to enhance scalability and user experience.