CoinEx denies Iran crypto gateway claims

June 25, 2026

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MemeCore’s M crash exposes the liquidity trap behind listed tokens

Key points:

  • MemeCore’s M token plunged roughly 74% to 76% in 24 hours, pushing its market cap below $1 billion.

  • No confirmed hack, exploit, or announcement explained the move, while earlier ZachXBT warnings on supply concentration resurfaced.

News - MemeCore’s M token delivered one of this week’s steepest crypto collapses, erasing close to $3 billion in value as its price fell from near $3 to the $0.50 to $0.74 range. Its market cap dropped below $1 billion, while its fully diluted valuation also fell sharply, with trackers placing it near $3.69 billion to $3.8 billion after the selloff.

A crash without a clear trigger - The move stood out because there was no confirmed exploit, hack, or project announcement tied to the slide. That shifted attention toward market structure. Reports cited thin trading conditions, limited on-chain liquidity, and a wide gap between circulating supply and total supply as factors that may have amplified the downturn once selling pressure hit.

The collapse also revived earlier warnings from on-chain investigator ZachXBT, who had questioned M’s exchange listings and alleged that insiders manipulated the token’s price. He also pointed to inorganic supply concentration, suspicious wallet activity, and limited liquidity, although those claims remain allegations based on the supplied reports.

Why the listing glow faded fast - M traded on venues including Kraken, Bitget, Binance Alpha, and other platforms, giving it visibility that may have looked reassuring to traders. But the crash showed that exchange access and actual liquidity depth are not the same thing, especially when supply is concentrated and markets are thin.

CoinEx pushes back after TRM flags $3.84B in Iran-linked flows

Key points:

  • TRM Labs said it traced more than $3.84 billion in flows between CoinEx and sanctioned Iranian crypto entities over seven years.

  • CoinEx denied having commercial ties with Iranian exchanges or government-linked entities, arguing that on-chain flows alone do not prove participation.

News - TRM Labs said CoinEx became a major route for Iran-linked crypto flows, tracing more than $3.84 billion between the exchange and sanctioned Iranian entities over seven years. The firm said about $2.7 billion of that moved between CoinEx and Nobitex, Iran’s largest domestic crypto exchange, while more than 60 Iranian platforms had direct transaction exposure to CoinEx.

The disputed evidence - TRM argued the pattern looked coordinated rather than organic, citing Nobitex’s large counterparty relationship, CoinEx’s reported share of illicit transaction volume, and exposure tied to sanctioned or terrorist-linked entities. It also said major Iranian exchanges routed about 5% to 10% of their volume through CoinEx, putting the exchange’s exposure above levels seen at compliant counterparts.

CoinEx rejected the findings, saying on-chain flows do not prove that a centralized exchange knew about, supported, or participated in related activity. It denied commercial ties with Iranian government entities, domestic exchanges, the IRGC, and other sanctioned parties. The exchange also said its official domain has been blocked inside Iran since 2021 and that it has no offices or operating entities there.

Compliance moves now matter - CoinEx said it began reviewing and exiting Iran-related exposure after U.S. sanctions on Iranian exchanges. It also pointed to tighter controls, including new registration restrictions from Iran, broader geo-fencing, stronger KYT monitoring, and enhanced reviews of higher-risk accounts.

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Crypto crime crackdown hits malware rails and SIM-swap gangs

Key points:

  • Operation Endgame froze more than $47 million in criminal crypto assets and recovered about 27 million stolen credentials.

  • Polish authorities arrested four suspects accused of using SIM-swap attacks to hijack crypto accounts and launder stolen funds.

News - Law enforcement pressure on crypto crime widened this week, with one operation targeting malware infrastructure and another going after a suspected SIM-swap network. In the latest phase of Operation Endgame, authorities from Europe and North America froze more than €41 million, or about $47 million, in crypto tied to cybercrime while disrupting 326 servers and 142 domains.

The malware supply chain - Europol said the operation targeted SocGholish, Amadey, and StealC, three malware families used in credential theft, ransomware support, financial fraud, and large-scale intrusions. Investigators also recovered about 27 million stolen login credentials, cleaned nearly 15,000 infected websites, and cited Microsoft data linking Amadey and StealC to more than 140,000 infected devices in early May 2026.

The second front came from Poland, where the Central Bureau for Combating Cybercrime (CBZC) arrested four members of an alleged organized group with support from the FBI and Homeland Security Investigations. Authorities said the suspects breached systems tied to telecom partners, used social engineering and specialized software to access employee emails, and hijacked victims’ phone numbers.

Why identity access mattered - Once the group controlled SMS and email channels, investigators said it could bypass security checks, seize crypto exchange accounts, and drain digital assets. The stolen funds were allegedly laundered through bank accounts, payment platforms, and multi-currency crypto wallets, with the total estimated above tens of millions of Polish zlotys.

Indonesia turns crypto influence into a compliance job

Key points:

  • Indonesia’s OJK will require influencers recommending crypto and other digital financial assets to hold competency certifications.

  • Promotions must be tied to authorized assets, licensed providers, regulated businesses, and official communication channels.

News - Indonesia is tightening crypto marketing rules by requiring certain influencers who recommend digital assets to obtain competency certifications. The requirement comes under Financial Services Authority Regulation No. 6 of 2026, announced Wednesday, and applies unless the person already falls under a separate licensing framework.

The recommendation gate narrows - OJK’s rule limits influencers to recommending only digital assets listed on authorized exchanges. Any service provider featured in promotional content must also be licensed, while campaigns must be conducted through regulated financial services businesses. Those businesses remain responsible for the material and must distribute it through official communication channels, reducing room for unmanaged influencer-led promotions.

The move also fits Indonesia’s broader crypto overhaul. Recent reforms have expanded OJK’s authority over digital financial assets, shifting crypto further into the supervised financial system rather than leaving it at the edges of commodity-style oversight. That matters because promotion rules now sit alongside a wider push for licensing, governance, and market conduct controls.

A global finfluencer reset - Indonesia is not moving alone. Australia has warned that influencers may need a financial services license when content amounts to advice or transaction arrangement. The U.K. has said unauthorized influencers may commit a criminal offense when promoting regulated products without approval, while the Philippines introduced crypto-specific marketing restrictions covering endorsements, social posts, podcasts, livestreams, and some paid educational content.

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Interesting facts

  • Crypto sleuthing is being pulled into wildlife crime: PayPal, TRM Labs, Chainalysis, and Luno have joined a United for Wildlife-backed push to disrupt financial flows linked to illegal wildlife trade. The effort shows how crypto compliance tools are moving beyond exchange hacks and sanctions into wider financial-crime investigations.

  • Banks are building an on-chain money bridge of their own: A group of major financial institutions is backing a Clearing House-operated initiative for on-chain clearing and settlement of tokenized commercial bank money. The system aims to connect blockchain activity with existing fiat rails like RTP and CHIPS, giving banks a regulated path into programmable payments.

  • U.S. crypto rules now have a five-bucket map: The SEC and CFTC issued joint guidance classifying crypto assets into digital commodities, digital collectibles, digital tools, stablecoins, and digital securities. The move matters because it gives builders and investors a clearer framework for how U.S. securities laws may apply to different token types.

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Top 3 coins of the day

MemeCore (M)

Key points:

  • M bounced from its flash-crash low near $0.30-$0.40, but the move still looked like a fragile relief rebound rather than a bullish reversal.

  • DMI showed extreme seller control, with -DI at 66.97 far above +DI at 7.13, while ADX at 37.03 confirmed strong trend pressure.

What you should know:

M’s green 4H candle looked like a relief bounce after a credibility shock, not a clean recovery. Price rebounded from the $0.30-$0.40 flash-crash zone and traded near $0.88, but it remains far below the broken $2.50-$3 range. The move followed a reported 71%-76% collapse, suspected insider-control concerns, under-$100K liquidity reports, and renewed ZachXBT criticism around MemeCore’s supply structure and exchange listings. Volume rose to 230.78K on the live candle, showing active trading after the crash. Still, DMI stayed heavily bearish, with -DI at 66.97 against +DI at 7.13. Holding $0.75-$0.80 matters, while $0.90-$0.92 and $1 are the first rebound tests.

Aave (AAVE)

Key points:

  • AAVE surged into $84-$85 before pulling back toward $80-$81, making the current move a breakout retention test rather than a failed rally.

  • Supertrend stayed bullish with support near $72.93, while EWO held positive at 7.62 and volume rose to 81.32K.

What you should know:

AAVE’s rally had stronger conviction than the latest red candle suggested. Standard Chartered’s $3,500 2030 target gave the token a major institutional validation angle, while USDT deposits nearing $3B on Ethereum V3 Core added a specific capital inflow driver. Price pushed to $84.74 before slipping near $80.59, so the immediate focus is whether buyers can defend $80-$81 after the breakout. Supertrend remained bullish, with trend support around $72.93, and EWO stayed positive at 7.62, confirming that upside momentum was still active. Volume rose to 81.32K during the move, but sellers appeared near $84-$85. Holding $80-$81 keeps $84-$86 in play, while $77.50-$78 is secondary support.

World Liberty Financial (WLFI)

Key points:

  • WLFI bounced from the $0.055-$0.057 area after the latest Supertrend Buy signal, but price rejected $0.061-$0.0615 and slipped back near $0.059.

  • DMI showed buyers still had a narrow edge, with +DI at 28.96 above -DI at 25.64, though ADX at 16.38 kept the trend weak.

What you should know:

WLFI’s latest 4H move looked like a shaky bounce inside a politically loaded range. Supertrend flashed a fresh Buy near $0.055-$0.057, helping price push to $0.0615 before sellers pulled it back near $0.059. The move came as Senate scrutiny over a $500M Abu Dhabi-linked investment, the 62B token unlock restructuring, and exchange or yield-driven bounces being capped by liquidity exits kept pressure on sentiment. Volume stood at 24.86M, showing active trading around the rejection. DMI stayed mixed: +DI at 28.96 led -DI at 25.64, but ADX at 16.38 showed weak trend strength. Holding $0.057-$0.058 matters, while $0.061-$0.0615 remains the first resistance.

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