Drake Hit With Class-Action Over Crypto Platform Stake Promotion as MegaETH Token Sale Raises $1.39 Billion
JPMorgan Tokenizes Private Funds, Western Union Expands Stablecoin Plans, Core Scientific Ends $9B Deal, MegaETH Raises $1.39B, Drake Sued Over Stake Promotion
Because Bitcoin
October 30, 2025
MegaETH Public Token Sale Raises $1.39 Billion, Oversubscribed 27.8x at $27.8 Billion Valuation
MegaETH’s public token sale officially closed Thursday, raising $1.39 billion despite a $50 million cap and generating a hypothetical fully-diluted valuation above $27.8 billion. The English auction allowed bids above the capped token price of $0.0999, with over 50,000 participants worldwide. The sale prioritized key ecosystem contributors through a bimodal allocation process, ensuring at least 5,000 participants received baseline allocations starting at $2,650. Refunds for unallocated bids and final allocations will be processed by Nov. 5.
JPMorgan Tokenizes Private-Equity Fund to Simplify Alternative Asset Investing
JPMorgan Chase has tokenized a private-equity fund on its blockchain platform, making ownership digitally accessible to wealthy clients through its private bank. The move precedes the broader launch of the bank’s Kinexys Fund Flow platform next year, which will tokenize alternative investments, streamline fund administration, and allow near-instant exchange of cash and assets on the blockchain. Tokenization provides a single, real-time view of ownership and capital contributions, reducing the surprises of traditional fund management and aiming to make alternative assets easier for investors to access.
Western Union Files Trademark for WUUSD Following USDPT Stablecoin Launch on Solana
Western Union has filed a U.S. trademark for “WUUSD,” just one day after revealing its plans to launch the USDPT stablecoin on the Solana blockchain. The Oct. 29 filing, listed under serial number 99468604, covers cryptocurrency wallet software, stablecoin payment processing, and trading services. Both WUUSD and USDPT appear to be U.S. dollar–based tokens, leaving questions about how the company intends to differentiate the two or whether both will coexist. WUUSD could serve as a consumer-facing brand or a placeholder for future digital-asset products within Western Union’s planned Digital Asset Network. The company has not commented on the filing.
Core Scientific Terminates $9 Billion All-Stock Merger With CoreWeave After Shareholder Pushback
U.S.-listed mining company Core Scientific has officially ended its planned merger with CoreWeave. The all-stock deal, initially announced in July, valued Core Scientific at roughly $9 billion with an exchange price of $20.40 per share. The move follows opposition from Core Scientific’s largest shareholder, Two Seas Capital, who signaled in August that they would vote against the merger due to concerns over the deal’s low valuation and structural flaws. The termination marks a significant setback for CoreWeave’s expansion plans in the digital infrastructure sector.
Drake Faces Class-Action Lawsuit Over Promotion of Crypto Casino Stake.us
Drake is facing a new class-action lawsuit in Missouri over his promotion of Stake.us, a crypto-powered online casino accused of operating as an unlicensed gambling platform. The suit, filed by user Justin Killham, alleges that Drake and influencer Adin Ross promoted Stake under “deeply fraudulent pretenses,” exposing young audiences to financial and psychological harm. It claims the site’s “Gold Coins” are a front for real-money gambling through its redeemable “Stake Cash” currency and that Drake’s livestream wagers—often funded by Stake itself—helped fuel what experts call the “Drake Effect,” drawing millions of fans to the platform. The case parallels past lawsuits against celebrity crypto promoters following FTX’s collapse but targets more direct involvement and promotion by Drake and Ross.
