Best Crypto Presale Debate Shifts as Remittix Readies 22% APY Earn

Best Crypto Presale Debate Shifts as Remittix Readies 22% APY Earn

by | Oct 23, 2026 | Funding

The best crypto presale debate is being reshaped by conditions in the Bitcoin market, where the largest cryptocurrency is trading in the low-$82,000 area while bulls assess borrowing conditions, Treasury yields and the expense of holding leveraged positions, according to TechBullion.

That calculus matters because Bitcoin must appreciate enough to cover funding and opportunity costs before leveraged bets pay off, TechBullion reported. With capital expensive, the search for the best crypto presale is shifting toward assets that carry their own yield catalyst rather than relying entirely on a Bitcoin breakout.

Remittix Earn Advertises Up to 22% APY

Remittix is preparing a product called Earn that would pay up to 22% APY on ETH, USDT and USDC deposits, a structure intended to attract productive capital independently of Bitcoin's next move. The yield offering gives the ecosystem a way to compete for investor funds while Bitcoin traders wait for clearer macro conditions.

Advertised yields reaching up to 22% APY on ETH, USDT and USDC give customers a reason to keep holdings within the ecosystem between transfers instead of shifting money back to outside platforms, according to TechBullion. BTCPressWire News reported that the Earn product is being readied with returns of up to 22% APY across selected ETH, USDT and USDC options.

The Remittix Earn roadmap includes pools from Aave, Morpho, Fluid and Maple Finance, according to TechBullion. The planned product would surface pools provided by those DeFi names, BTCPressWire News reported.

Earn is also designed to connect the project's other products by retaining capital between payments and trades, according to BTCPressWire News. Remittix is readying Earn so that ETH, USDT and USDC yield opportunities sit alongside its payments and trading businesses, with advertised rates reaching up to 22% APY.

Extra APY for RTX holders could convert deposit growth into token demand, according to TechBullion. Depositors seeking to maximize returns may buy and retain the token, tightening available supply while assets under management grow.

The presale case rests on timing. Remittix is scheduled to debut on November 24, and that listing may arrive before Earn builds substantial assets under management, meaning proof of demand could emerge only after the cheapest scheduled entry has closed, according to TechBullion.

BTCPressWire News reported that the best crypto presale case for Remittix rests on roughly $33 million raised against a $36 million hard cap, participation from more than 40,000 buyers and the November 24 launch. The planned 64.3% price step to the final presale stage may arrive before Earn begins attracting its largest balances.

TechBullion framed the contrast directly: Bitcoin bulls must wait for price to outrun funding costs, while a smaller token entering price discovery can offer a different equation if an associated product begins attracting revenue and assets. Should Earn start closing in on the scale of established platforms, TechBullion said a speculative $2 to $5 range could emerge as the market's next serious PayFi target.

Best Crypto Presale Rivals Lean on Meme Demand

The best crypto presale comparison turns on what happens after the token sale, according to BTCPressWire News. Earn gives Remittix a way to draw in assets that crypto investors already hold, keep those funds within a single ecosystem and provide RTX holders a financial motive to add exposure rather than sit idle waiting for meme demand.

Among rival offerings, Pepeto combines meme coin virality with cross-chain bridge infrastructure at a presale price of $0.000000179, while Remittix emphasizes cross-border remittance solutions aimed at traditional money transfer services, BTCPressWire News reported. Remittix is one of 2025's loudest presale stories, a PayFi play that has appeared across sponsored presale roundups and mainstream crypto press.

The best crypto presale debate is also being framed around access before public listings. Pump.fun has rolled out eight PreStocks tokens tied to private firms such as OpenAI, Anthropic, Polymarket and Neuralink, a lineup that sets Dogecoin's liquid meme appeal and Avalanche's application network against a payments presale nearing its first exchange cycle, BTCPressWire News reported.

Ethereum and Bitcoin Set the Macro Backdrop

Ethereum is changing hands near $2,403 after failing to hold the $2,450 recovery area, which leaves $2,500 as the first level bulls need to reclaim, BTCPressWire News reported. The price context matters for Remittix because Earn's advertised returns are denominated in ETH alongside USDT and USDC.

For Bitcoin, the constraint is mechanical rather than directional. With the largest cryptocurrency range-bound near $82,000, the cost of funding leveraged longs erodes returns unless appreciation outpaces those carrying costs, according to TechBullion, a dynamic that is pushing some investors to compare yield-bearing presale tokens against simply holding spot exposure.

Conclusion

Bitcoin remains pinned near the low-$82,000 region while bulls weigh funding and opportunity costs, and that standoff has redirected attention toward presale tokens with built-in yield. Remittix is preparing its Earn product with advertised rates of up to 22% APY on ETH, USDT and USDC, with pools from Aave, Morpho, Fluid and Maple Finance on the roadmap. The next concrete milestone is the November 24 debut, which may arrive before Earn accumulates meaningful assets under management, leaving open whether deposit demand materializes after the presale's lowest entry prices have closed.

Frequently Asked Questions

What APY is Remittix Earn advertising on ETH, USDT and USDC?

Remittix is preparing its Earn product to pay up to 22% APY on ETH, USDT and USDC deposits. The offering is designed to attract productive capital independently of Bitcoin's next breakout and to give customers a reason to keep assets inside the ecosystem between transfers.

When is the Remittix RTX token launch date?

Remittix is scheduled to debut on November 24. The listing may arrive before the Earn product builds substantial assets under management, so evidence of demand might only appear once the lowest-priced entry window has shut, according to TechBullion.

How much has the Remittix presale raised toward its hard cap?

The Remittix presale has raised approximately $33 million from more than 40,000 participants toward a $36 million hard cap, according to BTCPressWire News. The RTX token is set to launch on November 24.

Why are Bitcoin funding costs affecting the crypto presale market?

Bitcoin is holding around the low-$82,000 region while bulls weigh borrowing conditions, Treasury yields and leveraged-position costs. Because Bitcoin must appreciate enough to cover funding and opportunity costs, some investors are shifting attention toward presale assets that carry their own yield catalyst.

Which DeFi protocols are included in the Remittix Earn roadmap?

Aave, Morpho, Fluid and Maple Finance are the four protocols named in the Remittix Earn roadmap, according to TechBullion. BTCPressWire News reported the planned product will surface pools from those DeFi providers.

Sources

Monero Breaks Out While Bitcoin, Stellar and Hyperliquid Slide in Friday Price Analysis

Monero Breaks Out While Bitcoin, Stellar and Hyperliquid Slide in Friday Price Analysis

by | Oct 23, 2026 | Price Indexes

Monero (XMR) broke above its September peak near $635 on Friday, trading near $629 with a relative strength index close to 70, even as the wider crypto market stayed under pressure. Bitcoin (BTC) changed hands near $81,500 after being rejected at $84,000, while Stellar (XLM) sat near $0.1777 below all of its major moving averages and Hyperliquid (HYPE) tested key support near $77.60 after a 20% drop.

The split leaves Monero as one of the strongest charts in the market right now, while the other three assets covered in Friday's analysis all show sellers in control of the short-term trend. For traders, the session is a test of whether key support levels at $80,000 for Bitcoin, $0.172 for Stellar and $77.60 for HYPE can hold into the weekend.

Monero Clears Its September Peak

The main development for Monero is the push through the September peak, which sat near $635. That level had capped the price in mid-September, and XMR now trades above it. Confirmation of the breakout would come from a daily close over this zone.

The coin traded in a daily range between $604 and $656, and the push to $656 met some selling, leaving an upper wick on the day's candle. That wick suggests sellers are active near this level, a small warning sign but not enough to call the trend broken. Trading volume has picked up over the past few days, lending support to the breakout.

Monero has more than doubled from its July low near $300, and the upward trend remains intact. Every major moving average slopes higher and sits below the current price, with the short-term averages near $565 and $548, the medium one near $538 and the longer ones near $492 and $443. How far the price has stretched above those long averages underlines the speed of the rally.

The RSI near 70 puts Monero at the edge of overbought territory, meaning the move is strong but may pause or cool down. Trends of this strength typically revisit the faster averages before resuming higher, and the $565 to $540 area is the first place where buyers may step in.

On the upside, $656 is the first target, followed by $700, with the January high near $800 standing as the next major barrier. Should the price retreat, initial support lies at $565, followed by $540 and then $490. As long as XMR holds above $635, buyers stay in control, while a fall back below it could turn the breakout into a failed move.

Bitcoin Rejected at $84,000

Bitcoin began the session around $84,000, reached an intraday high of $84,294 and subsequently fell as low as $81,483, leaving it trading near $81,500. The red candle erases the previous day's gains and suggests sellers are still active above $84,000.

Since mid-September, Bitcoin has moved in a wide range, with the top near $87,000, where the price failed twice, once in September and again in early October. Buyers defended the area around $80,000 when the month began, and the price has now drifted back toward that lower boundary. Each bounce has been weaker than the last and the highs are getting lower, a small sign of fading strength.

The shorter averages are bunched between $80,800 and $82,500, and Bitcoin is sitting right on top of them, making this region the market's first cushion against further losses. Further down, the longer averages near $77,400 and $76,100 continue to climb. All of the averages point up, which keeps the larger trend positive since the August rally, though the large gap above the long averages means a deeper pullback is possible without breaking the trend.

Momentum has slowed from the strong readings seen in late August and September, and volume is average, with no sign of panic selling. Support begins at $80,800, then $80,000 and then $77,400. A daily close below $80,000 could push the price toward the $77,000 to $76,000 zone, while on the upside Bitcoin needs to climb back above $84,300 to challenge $87,000. For now, $80,000 is the most important level, and as long as it holds, the range remains intact.

Stellar Slides Toward Range Lows

Stellar is moving in the wrong direction for now. XLM trades near $0.1777 on Binance, down from an open of $0.1838, with a tight daily range between $0.1768 and $0.1845. Buyers have not been able to sustain any bounce.

The price has fallen from approximately $0.237 in late September to the current level, a drop of approximately 25%. XLM now sits below all of its major moving averages, which are clustered between $0.19 and $0.196, and every attempt to move up will first need to clear this area. Until that happens, rallies are more likely to fade than to turn into a trend.

The nearest support is $0.172, where the price bounced earlier this week. That low has held so far, but the price is sitting only approximately 3% above it. A clean break below it might open the way to $0.17 and then to the August low near $0.1525.

The RSI is near 38, below the midpoint of 50, which suggests sellers have the upper hand, although it is not yet oversold, so there is room to fall further. Volume has also stayed low in recent weeks, meaning few traders are showing strong interest, which keeps the price stuck in a slow drift.

If XLM bounces, the first target is $0.19, followed by $0.20 and then $0.22, and a move back above $0.19 would be the first sign that the downtrend is ending. If it fails to hold $0.172, the price could slide toward the lower end of its summer range. For now, the safer view is that XLM needs a strong volume spike before the trend changes.

Hyperliquid Tests Key Support

HYPE trades near $78.17 on Coinbase, after opening at $80.64 and falling to a low of $77.69. The price is now approximately 20% below the late September top near $98.

After reaching nearly $98, HYPE has made a series of lower highs. A bounce to $95 in early October failed, and the price has fallen nearly every week since, with sellers controlling the trend for approximately a month. The price is also below the short and medium moving averages, which sit between $82.5 and $85.8, an area that is now resistance that any bounce will first need to clear.

The moving average near $77.60 is now the key level, and HYPE is sitting almost on top of it. The price touched this area a few days ago and bounced, but the bounce was small and faded quickly. This is the third test in a short time, and each test of a support level makes it a bit weaker. A clean break below it would be a negative signal.

The RSI is near 40, which indicates weak momentum but not oversold conditions, so there is still room to fall before buyers might be expected to react. Volume has dropped to low levels, so neither side is showing strong conviction.

If $77.60 fails, the next support is near $75, the low from earlier this month, and below that the long average near $65.50 is the next major area, which would mean another 15% drop. On the upside, HYPE needs to reclaim $82.50 to turn the short-term picture around, with $85.80 and $90 the next targets after that. The long-term trend is still up, since the price remains well above the long average, but in the short term buyers must defend $77.60 to avoid a deeper pullback.

Key Levels to Watch

Friday's analysis leaves four clear lines on the chart. For Monero, the breakout holds as long as the price stays above the old September peak near $635, with $656 and then $700 as the next upside targets. For Bitcoin, the $80,000 level is the floor of a range that has contained the price since mid-September.

For Stellar, the $0.172 support is the level that separates a slow drift from a slide toward the August low near $0.1525. For Hyperliquid, the $77.60 moving average is being tested for the third time, and a clean break below it would expose $75 and potentially the long average near $65.50.

Conclusion

Friday's session split the four assets into one breakout and three assets under pressure. Monero moved above its September peak near $635 and now needs a daily close above that area to confirm the move, with buyers in control while the price holds above it. Bitcoin, Stellar and Hyperliquid all sit at or near important support, with $80,000, $0.172 and $77.60 the levels that decide whether the current pullbacks deepen. The next concrete test for each chart is whether those supports hold through the coming sessions.

Frequently Asked Questions

What price did Monero (XMR) break above on Friday?

Monero broke above its September peak near $635 on Friday and traded near $629 with an RSI close to 70. That level had stopped the price in mid-September. A daily close above this area would confirm the breakout, and as long as XMR holds above $635, buyers stay in control.

What is the key Bitcoin support level after the $84,000 rejection?

Bitcoin traded near $81,500 after being rejected at $84,000, and the key support is $80,000, the bottom of a range that has held since mid-September. A daily close below $80,000 could push the price toward the $77,000 to $76,000 zone, while a move back above $84,300 is needed to challenge $87,000.

Why is Hyperliquid (HYPE) testing the $77.60 level?

HYPE traded near $78.17 on Friday, approximately 20% below its late September top near $98, and is sitting almost on top of the moving average near $77.60. This is the third test of that support in a short time, and each test weakens it. A clean break below would be a negative signal, exposing $75 next.

How far has Stellar (XLM) fallen since late September?

Stellar has fallen from approximately $0.237 in late September to near $0.1777, a drop of approximately 25%. XLM sits below all of its major moving averages, clustered between $0.19 and $0.196, with the nearest support at $0.172. A break below that level could open the way to $0.17 and the August low near $0.1525.

What are Monero's next price targets if the breakout holds?

If Monero holds above $635, the first upside target is $656, the level it tested and pulled back from during the day, followed by $700. The January high near $800 is the major resistance above. On the downside, the first support is $565, then $540 and $490.

Sources

Bitcoin ETF Outflows Hit $635.49 Million Before Price Reaches Usual Breaking Point

Bitcoin ETF Outflows Hit $635.49 Million Before Price Reaches Usual Breaking Point

by | Oct 23, 2026 | Price Indexes

Investors pulled $635.49 million from US spot Bitcoin exchange-traded funds on October 22, ending a three-day run of inflows, according to Yahoo Finance. The Bitcoin ETF outflows came before BTC fell far enough to reach the level where fund holders have historically sold hardest, Yahoo Finance reported.

The withdrawal was the largest single-day exit since June 25, according to SoSoValue data cited by Yahoo Finance. It arrived just one day after the same funds took in $528.40 million, underscoring how quickly positioning reversed as the BTC price turned lower.

The speed of the shift stands out because holders did not wait for the kind of decline that has previously triggered their heaviest redemptions. Instead, the selling began while the price remained above that zone, according to Yahoo Finance.

A three-day inflow streak unwinds

The October 22 exit snapped an inflow streak worth about $1.08 billion over three days, Yahoo Finance reported. The streak opened on October 19 with $526.6 million, which marked the strongest single session for the funds since September 22.

The reversal leaves October's net flows at roughly $174.5 million in withdrawals for the month, according to Yahoo Finance. The shift matters because it shows investors reducing exposure while BTC still traded above the level that new research links to heavier ETF selling, rather than waiting for a deeper drop.

The pattern over the week was one of money chasing strength and exiting on weakness. Inflows built as BTC pushed higher into October 21, and the redemptions followed once the price turned down, according to Yahoo Finance.

That sequence mirrors how the funds have behaved across the past several sessions, with subscriptions and redemptions tracking the daily swings in the BTC price, Yahoo Finance reported.

DWF Labs pinpoints a 7% trigger

DWF Labs, a crypto market maker, examined spot Bitcoin ETF flows going back to January 2024. Its research identified a clear line: redemptions accelerate after BTC finishes a session 7% under its 20-day high, according to Yahoo Finance. The research lands as BTC now trades close to that line.

"ETF investors aren't shaken by small dips, but once a fall reaches about 7%, they start selling," the report read, according to Yahoo Finance. Past that threshold, the daily flow picture flips, moving from an average of roughly $74 million entering the funds to about $72 million leaving them.

Flows worsened in 19 of the 24 cases DWF examined, Yahoo Finance reported. Based on Binance daily closes, BTC ended October 22 about 5.9% below its October 4 high of $86,530, leaving it short of the 7% mark but within range of it.

That gap between 5.9% and 7% helps explain why the latest redemptions stand out. Holders have historically tolerated shallow pullbacks, yet the October 22 exit came before the decline reached the zone the research associates with sustained selling, according to Yahoo Finance.

Bitcoin ETF outflows trail the price

DWF also found that ETF flows tend to follow price moves rather than lead them, according to Yahoo Finance. Flows were still positive on the peak day at seven of eight market tops the firm studied, suggesting holders sell into weakness after it begins.

The past week fits that pattern. Based on Binance daily closes, BTC climbed from $82,245.93 on October 15 to $84,093.42 on October 21. It then gave back ground, finishing October 22 at $81,416.09, a decline of 3.18% from the previous session's close, Yahoo Finance reported.

Intraday figures showed an even sharper move, with BTC dropping 3.41% over 24 hours to $81,297, according to BeInCrypto Markets data cited by Yahoo Finance.

The flow data tracked each leg of that move. Subscriptions accompanied the climb from October 15 through October 21, and the $635.49 million redemption landed on the day the price gave back its gains, according to Yahoo Finance.

The trigger level is about to move

The 7% threshold is not fixed. When the October 4 high ages out of the rolling 20-day window, the reference point shifts to the October 5 close of $85,766.87, according to Yahoo Finance.

That shift would bring the trigger down to about $79,760, provided BTC does not first finish a session above $85,766.87, Yahoo Finance reported. The next few daily closes will show whether Bitcoin ETF outflows deepen should BTC finish below that line.

DWF's data suggests such selling tends to fade, however. After past 7% breaks, flows hovered near zero the following week and turned positive the week after, according to Yahoo Finance.

The firm cautioned that its sample shows a clear pattern but does not amount to statistical proof, Yahoo Finance reported.

Conclusion

US spot Bitcoin ETFs recorded $635.49 million in outflows on October 22, the largest single-day withdrawal since June 25, even though BTC closed about 5.9% below its October 4 high and short of the 7% level DWF Labs ties to heavier selling. The exit ended a three-day inflow streak and pushed October's net flows to roughly $174.5 million in withdrawals.

The next concrete step is the coming daily closes. If the October 4 high rolls out of the 20-day window, the trigger falls to roughly $79,760 unless BTC first closes above $85,766.87, and those closes will show whether outflows deepen below the line or fade as they have after past breaks.

Frequently Asked Questions

How much left US spot Bitcoin ETFs on October 22?

Investors withdrew $635.49 million from US spot Bitcoin ETFs on October 22, according to Yahoo Finance. SoSoValue data cited by Yahoo Finance shows it was the largest single-day outflow since June 25, and it ended a three-day inflow streak worth about $1.08 billion.

What is the 7% threshold DWF Labs identified for Bitcoin ETF selling?

DWF Labs found that spot Bitcoin ETF selling picks up once BTC closes 7% below its 20-day high, according to Yahoo Finance. After that point, average daily flows swing from about $74 million in inflows to $72 million in outflows, and flows worsened in 19 of the 24 cases studied.

How close is BTC to the 7% trigger level?

Based on Binance daily closes, BTC ended October 22 about 5.9% below its October 4 high of $86,530, according to Yahoo Finance. That leaves the price short of the 7% mark but near it, with BTC closing the day at $81,416.09.

What happens to the trigger price after the October 4 high rolls off?

Once the October 4 high leaves the 20-day window, the reference point becomes the October 5 close of $85,766.87, according to Yahoo Finance. The 7% line then drops to about $79,760, provided BTC does not first close above $85,766.87.

Do Bitcoin ETF outflows usually continue after a 7% break?

DWF's data suggests the selling tends to fade, according to Yahoo Finance. In prior episodes, flows flattened to roughly zero in the week that followed a 7% break and moved back into positive territory the week after that, though the firm noted its sample shows a clear pattern rather than statistical proof.

Sources

Zuckerberg Controls 61% of Meta Votes With 13% Stake as California Wealth Tax Looms

Zuckerberg Controls 61% of Meta Votes With 13% Stake as California Wealth Tax Looms

by | Oct 23, 2026 | News

Mark Zuckerberg owns about 13% of Meta Platforms but controls roughly 61% of its voting power, a gap detailed in a regulatory filing the company released on Wednesday. The disclosure, which coincided with Meta's third-quarter earnings report, shows the board approved a new class of non-voting stock designed in part to let Zuckerberg pay a potential California wealth tax without diluting his grip on the company he founded.

The arrangement matters because California voters will decide on November 3, 2026 whether to approve Proposition 40, a one-time 5% tax on the net worth of billionaires. For Zuckerberg, whose fortune is tied almost entirely to Meta stock, the measure created a problem: paying the bill by selling shares would have eroded the voting majority that gives him power to choose the full board and determine the outcome of almost any shareholder ballot.

How 13% ownership became 61% control

Meta runs a dual-class share structure. Class A shares carry one vote each, while Class B shares carry 10 votes each, and Zuckerberg holds mostly Class B stock. The result, according to the filing Meta released Wednesday, is that of every $100 of the company's value about $13 belongs to him, while of every 100 votes about 61 are his.

That structure is also why a wealth tax posed a control risk. The tax bills the economic stake, not the votes, and because Class B shares convert into one-vote Class A shares when sold, every sale to raise cash for the tax would have cut into his majority. The filing says Meta's board feared that loss of control, and Zuckerberg argued that ownership and control do not need to line up, citing other companies where small economic stakes still conveyed founder voting control.

Zuckerberg takes a salary of $1 a year, so nearly all of his wealth sits in his Meta stake. His net worth is currently about $225 billion, according to CNBC, making him the sixth-richest person in the world.

The Class C stock plan and the California wealth tax

Meta's answer is a new class of non-voting shares called Class C common stock, announced during the company's earnings call on Wednesday and set to take effect in January. The company will issue one Class C share for every Class A and Class B share outstanding, a one-time stock dividend it says works out to a two-for-one stock split. Meta says the dividend "will not change the voting power of any shareholder."

Because the new shares carry no votes, Zuckerberg could sell some of them to cover the California wealth tax without giving up any voting control. Under the agreement, he may immediately offload or transfer as much as 20% of the shares granted to him for any reason, including paying a potential liability under Proposition 40, without affecting his majority voting control.

The special committee first proposed in August a dividend of non-voting stock payable only if Proposition 40 became law and a tax payment by Zuckerberg came due, sized to cover his bill. Zuckerberg pushed for more, saying he did not want to repeat protracted negotiations if similar taxes were proposed in other jurisdictions. The final deal appears to stand even if the tax fails, and runs for eight years as long as he remains a California resident.

Relocation threats and the eight-year commitment

The filing describes months of negotiation. Zuckerberg was discussing the billionaire tax with board members as far back as July, and the topic returned in meetings and communications through August. In September he told the board he planned to list his Palo Alto home for sale, a step that pressured directors to find a solution, and he warned that preparations to establish residency outside California by mid-October would have to start by mid-September.

Zuckerberg told the company he was "evaluating relocating his primary residence outside California and that steps toward any such relocation, including any listing of his residential real estate in California on the market, would be public and inevitably noted and commented upon by company employees and, accordingly, raise questions for management of the company going forward," according to the filing.

In exchange for the stock plan, Zuckerberg committed to remaining a California resident for eight years, absent material unforeseen circumstances, and to move wherever Meta is headquartered if the company relocates. The negotiations with the special committee were described in the disclosure as robust and at several points contentious.

Why Meta's board wanted him to stay

Unlike billionaires who have already left California, Zuckerberg runs a company whose board wanted him in the building. The committee said in July it was crucial that he remain in close coordination with management and in close proximity to Meta Superintelligence Labs, the AI unit led by Alexandr Wang, and said it was mindful of difficulties the company faced during the COVID-19 pandemic when Zuckerberg could not be physically present.

"The Special Committee believes that Mr. Zuckerberg's talent and leadership have been crucial to our growth, strategy, and stability since our inception, and the Special Committee wants that to continue," the filing said. Meta also wrote that "it is critically important to keep Mr. Zuckerberg in a leadership position with our company and that he continue to reside in and manage the company from our headquarters in California to ensure his continued ability to effectively drive our performance during this era of unprecedented challenge and competition in our industry."

The filing also framed the tax in personal terms: "If the California wealth tax is enacted and Mr. Zuckerberg becomes liable for a tax payment, Mr. Zuckerberg would effectively be paying to serve as the Company's chief executive officer while residing in California," it said, noting his salary of only $1 each year.

AI spending, market reaction and the November vote

Meta has stressed that the new stock is not only about the tax. The company told Fortune the shares are mainly about financing its AI spending, and the filing says management forecasts pointed to a requirement to raise hundreds of billions of dollars across several years, starting as early as fall 2026. Chief Financial Officer Susan Li said on Wednesday's earnings call that the new class would help with capital raising, employee compensation, acquisitions and other corporate purposes, and Meta said Wednesday it plans to spend as much as $145 billion this year on AI projects.

"There were many driving factors that led the board and special committee to approve the Class C shares, and it would be misleading to attribute it to any single reason," Meta told CNBC in a statement. The filing acknowledges the new stock could substantially prolong the duration of Zuckerberg's voting control, and Class A shareholders did not vote on the change because Zuckerberg has the ability to unilaterally approve it. Andrew Rocco, a stock strategist at Zacks Investment Research, said, "Meta plans to issue nonvoting shares to fund AI investments without diluting CEO Mark Zuckerberg's control."

Meta's shares fell more than 7% after the announcements, wiping more than $100 billion off the company's market capitalisation. The disclosure landed as the fight over Proposition 40 intensifies: the measure, drafted by Berkeley tax law professors and sponsored by SEIU United Healthcare Workers West, would apply to several hundred California billionaires, and backers say it could generate as much as $100 billion over five years, mostly for healthcare. Estimates of Zuckerberg's potential bill range from roughly $10 billion to $12 billion.

The plan drew a quick political response. "Looks like billionaires will stay and figure out a way to pay the tax," Democratic U.S. Representative Ro Khanna, a vocal proponent of the measure, wrote on X after the news spread. More than $300 million has been contributed to fight the tax, and several tech billionaires, including Google co-founders Larry Page and Sergey Brin, have moved out of California ahead of the vote.

Conclusion

Meta's filing establishes that Zuckerberg holds about 13% of the company's shares but roughly 61% of its votes, and that the board created non-voting Class C stock partly so he can pay a potential California wealth tax without surrendering that control. In return, he committed to remain a California resident for eight years, barring material unforeseen circumstances. The next concrete step is the November 3, 2026 vote on Proposition 40, which will determine whether the one-time 5% tax on billionaire net worth becomes law and whether Zuckerberg's estimated $10 billion to $12 billion liability comes due.

Frequently Asked Questions

How does Mark Zuckerberg control 61% of Meta votes with only 13% of shares?

Meta has a dual-class share structure: Class A shares carry one vote each and Class B shares carry 10 votes each. Zuckerberg holds mostly Class B stock, so for each $100 of Meta's value roughly $13 is his, while about 61 of every 100 votes are his, the filing released Wednesday shows.

What is California Proposition 40 and when is the vote?

Proposition 40 is a ballot measure that would impose a one-time 5% tax on the net worth of California billionaires, drafted by Berkeley tax law professors and sponsored by SEIU United Healthcare Workers West. Backers say it could raise as much as $100 billion over five years, mostly for healthcare. California voters will decide its fate on November 3, 2026.

How much could Zuckerberg owe under the California billionaire tax?

Estimates vary by outlet and by Zuckerberg's fluctuating net worth. TechCrunch cited an estimate of as much as $11 billion, the Los Angeles Times put the figure at roughly $12 billion, and the BBC reported around $10 billion. His net worth is currently about $225 billion, according to CNBC.

What is Meta's new Class C stock and how does it protect Zuckerberg's control?

Class C is a new class of non-voting common stock Meta announced on Wednesday, taking effect in January. Shareholders receive one Class C share for each Class A or Class B share they own. Because the shares carry no votes, Zuckerberg can sell or transfer up to 20% of his grant to pay a potential tax bill without reducing his majority voting control.

Did Zuckerberg agree to stay in California, and for how long?

Yes. As part of the agreement, Zuckerberg committed to remain a California resident for eight years, absent material unforeseen circumstances, and to relocate wherever Meta is headquartered if the company moves. In September he had told the board he planned to list his Palo Alto home for sale and was evaluating moving his primary residence out of the state.

Sources

Crypto Broker Sentenced to 160 Months in US Drug-Money Laundering Case

Crypto Broker Sentenced to 160 Months in US Drug-Money Laundering Case

by | Oct 23, 2026 | News

A crypto broker sentenced to 160 months in federal prison on October 21, 2026, was tied by prosecutors to the laundering of roughly $14.5 million in narcotics proceeds via Tether's USDT and a plot to import cocaine. Leonardo de Jesus Zuluaga Duque, 63, a Colombian known as "Rey," received the sentence in the Southern District of New York, where prosecutors said he held a supervisory role in a cross-border laundering network.

The case shows how stablecoin transfers can serve as one link in a laundering chain that still depends on shell companies, dollar conversions and conventional bank accounts. Prosecutors said the network moved value from Colombia into the US financial system and back, ending with pesos distributed to the original participants.

Sentence and forfeiture terms

US District Judge Mary Kay Vyskocil imposed the 160-month term on October 21, 2026, according to Crowdfund Insider and TOKENPOST. The sentence works out to 13 years and four months in prison.

Beyond prison time, the court ordered five years of supervised release for Zuluaga Duque and a forfeiture of $14,751,846, along with cryptocurrency previously held in four addresses under his control. The forfeiture order is separate from the roughly $14.5 million in Tether transactions attributed to the group, and combining the two figures would overstate the proceeds described in the case.

How the laundering network moved funds

Between May and November 2023, Zuluaga Duque worked with several associates to move about $14.5 million in drug proceeds through the network. Drug money was converted into USDT in Colombia, transferred to an American intermediary and exchanged for US dollars, according to prosecutors.

Those dollars then moved through US-based shell companies before returning to Colombian businesses, where the funds were converted into pesos and distributed. The token transfer was only one part of the route, which also relied on companies, currency conversion and banking access.

The structure made any single record incomplete on its own. Monitoring a blockchain address would not necessarily explain the commercial purpose of a related bank transfer, while a bank record might identify the receiving company without revealing the earlier token movement, so reconstructing the full route required connecting both sides.

The US intermediary and co-defendants

At the heart of the US side of the scheme stood Maximilien de Hoop Cartier, an Argentine national who claimed ties to the Cartier jewelry dynasty. Prosecutors said Cartier ran a money-transmitting operation in cryptocurrency without a license, using firms he portrayed to banks as genuine technology businesses.

Cartier's operation transmitted more than $470 million in illicit proceeds, a sum far larger than the roughly $14.5 million tied directly to Zuluaga Duque. Cartier previously pleaded guilty in a related matter and received an eight-year sentence.

Crowdfund Insider reported that Erica Milena Lopez Ortiz assisted with moving the USDT, while the returning dollar payments went to Colombian firms belonging to Felipe Estrada Echeverry. Sentences have now been handed down for each of the five co-defendants, with prison terms spanning three to eight years.

Cocaine conspiracy and arrest

Investigators also connected Zuluaga Duque to a plan to import cocaine into the US. Confidential sources directed by law enforcement set up a deal in November 2023 for approximately nine kilograms of cocaine paste, which prosecutors said was intended to be processed into cocaine before delivery to New York state.

According to the case account, the narcotics were handed to an undercover officer by Adrian Fernando Areiza Ceballos, and Zuluaga Duque took a commission for his part in arranging the transaction. The operation continued into February 2024, when investigators arranged a prospective purchase of roughly 100 kilograms of cocaine paste, and Colombian police later executed search warrants that recovered about 111 kilograms.

On April 30, 2024, police in Colombia took Zuluaga Duque and fellow defendants into custody in Medellín, with Interpol assisting. Colombia's Supreme Court backed sending him to the US to face charges, and Colombian authorities approved his extradition in early 2025 following a US request, according to earlier reports.

Investigation and what the crypto broker sentenced signals

According to US Attorney Jamie McDonald, the defendants combined cryptocurrency with shell companies and ordinary banking services to shift criminal proceeds across international borders. The case was investigated by IRS-Criminal Investigation, the FBI's New York Field Office and Homeland Security Investigations' New York El Dorado Task Force, with assistance from Colombian National Police and other international partners, according to Crowdfund Insider.

In the government's telling, the wider enterprise ran hundreds of millions of dollars in drug proceeds and other criminal funds through the US financial system by exploiting cryptocurrency, shell companies on both sides of the border and multiple crypto accounts. The Department of Justice singled out USDT by name as the main mechanism for moving the illicit funds, rather than describing crypto in general terms, Crypto Briefing reported.

The case illustrates how cryptocurrency transfers can form one part of a broader laundering process: USDT moved value across borders, but dollar conversions, shell companies and conventional bank accounts were indispensable to turning that value back into spendable Colombian pesos. Whether any exchange or wallet provider could face enforcement over the network remains an open question, because the reported announcement does not address it.

Conclusion

Zuluaga Duque's 160-month sentence closes the case against all six defendants, with the five co-defendants receiving terms of three to eight years. He must also serve five years of supervised release and surrender $14,751,846 plus cryptocurrency held in four addresses he controlled. The next concrete step is his transfer into federal custody to begin serving the term, followed by the supervised release period that begins after his release from prison.

Frequently Asked Questions

Who is Leonardo de Jesus Zuluaga Duque, the broker known as 'Rey'?

Zuluaga Duque is a 63-year-old Colombian cryptocurrency broker who used the alias "Rey." Prosecutors said he held a supervisory role in an international network that laundered drug proceeds through Tether's USDT, shell companies and US banking channels between Colombia and the United States.

How long is Zuluaga Duque's 160-month prison sentence?

The 160-month term equals 13 years and four months in federal prison. US District Judge Mary Kay Vyskocil imposed the sentence on October 21, 2026, in the Southern District of New York, and Zuluaga Duque must also serve five years of supervised release after his prison term.

How much money did the network launder through Tether's USDT?

Prosecutors attributed approximately $14.5 million in Tether transactions to Zuluaga Duque and his associates between May and November 2023. The broader unlicensed money-transmitting business run by intermediary Maximilien de Hoop Cartier transmitted more than $470 million in illicit proceeds.

What was Maximilien de Hoop Cartier's role in the laundering scheme?

Cartier, an Argentine citizen who claimed ties to the Cartier jewelry dynasty, operated an unlicensed cryptocurrency money-transmitting business that converted USDT into US dollars and routed them through US entities he controlled. He previously pleaded guilty in a related matter covering more than $470 million and received an eight-year sentence.

What cocaine charges were tied to Zuluaga Duque's case?

According to prosecutors, Zuluaga Duque took a commission for his role in setting up a November 2023 deal for roughly nine kilograms of cocaine paste intended for processing and delivery to New York. A later negotiation for roughly 100 kilograms led Colombian police to execute search warrants that recovered about 111 kilograms.

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