The Daily: Binance sues WSJ over Iran-linked report as DOJ probes alleged sanctions evasion, Bitwise CIO explains how bitcoin could reach $1 million, and more

The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.

Happy Wednesday! Options traders are increasingly positioning for bitcoin (BTC) to reclaim $80,000, according to analysts, as markets stabilize after fresh inflation data, even as geopolitical tensions cloud the macro outlook.

In today’s newsletter, Binance sues the Wall Street Journal over an Iran-linked crypto flows article as the DOJ reportedly probes alleged sanctions evasion. Plus, Bitwise CIO Matt Hougan explains how bitcoin could reach $1 million, Ripple eyes acquiring an Australian firm to secure a financial services license, and more.

Meanwhile, Democrats push the “Death Bets Act” to ban prediction markets tied to war and fatalities.

P.S. Don’t forget to check out The Funding, a biweekly rundown of crypto VC trends. It’s a great read — and just like The Daily, it’s free to subscribe!

Binance sues WSJ over Iran-linked report as DOJ probes alleged sanctions evasion

The Department of Justice is reportedly investigating whether Iran used Binance to evade U.S. sanctions, focusing on more than $1 billion in alleged crypto flows, according to The Wall Street Journal.

• Investigators are examining transactions reportedly linked to networks supporting Iran-backed militant groups, including Yemen’s Houthis.
• “We are not aware of any investigations,” a Binance spokesperson told The Block in response to the report.
• Meanwhile, Binance filed a defamation lawsuit against The Wall Street Journal over an earlier February report alleging the exchange dismantled an internal probe into potential Iran-linked transactions.
• The exchange denied the claims and said its compliance investigation continued, resulting in suspicious accounts being offboarded and activity reported to law enforcement.
• The dispute escalates scrutiny of crypto infrastructure as U.S. policymakers and regulators examine how digital assets may help sanctioned actors move funds.
• Iran has increasingly turned to crypto during geopolitical crises, according to researchers, with blockchain data showing spikes in capital flows following the recent regional conflict.

Bitwise CIO reiterates bitcoin price could reach $1 million as he compares it to gold

Bitwise CIO Matt Hougan said bitcoin could reach $1 million per coin as it increasingly competes with gold as a global store of value.

• Hougan estimates the store-of-value market is currently about $38 trillion, with bitcoin accounting for roughly $1.4 trillion, or just under 4%.
• If the market expands to around $121 trillion over the next decade — similar to the growth seen since the first U.S. gold ETF launched in 2004 — bitcoin would need to capture only 17% to reach a $1 million price, he said.
• Hougan cited growing institutional adoption and the rapid rise of spot bitcoin ETFs as signs that bitcoin’s share of the store-of-value market can continue increasing toward that level.

Ripple to acquire BC Payments to secure Australian license

Ripple said it plans to acquire BC Payments to secure an Australian Financial Services License, though terms were not disclosed.

• The license would allow the firm to offer Ripple Payments, an end-to-end platform that integrates traditional banking infrastructure with crypto services, in the country.
• Ripple Managing Director of APAC Fiona Murray said Australia is a key market and that obtaining the AFSL will help scale its payments business across the region.
• The move adds to Ripple’s expanding regulatory footprint, which now includes more than 75 licenses globally as it targets institutional digital asset infrastructure.

Aave suffers oracle glitch, triggering $26 million in unfair wstETH liquidations

Aave suffered a temporary oracle malfunction that triggered roughly $26 million in unfair liquidations of wstETH positions across 34 accounts.

• The glitch stemmed from a misconfiguration in the Correlated Asset Price Oracle that caused the protocol to report a capped exchange rate below the actual market rate, according to a post-mortem from Chaos Labs, Aave’s primary risk management provider.
• The discrepancy led to the liquidation of about 10,938 wstETH, with third-party liquidators earning roughly 499 ETH from the event.
• Chaos Labs said affected users will be compensated using recovered funds and up to 345 ETH from the Aave DAO treasury.

Wells Fargo files for ‘WFUSD’ trademark

Wells Fargo filed a U.S. trademark application for “WFUSD” covering digital asset software, crypto exchange services, and tokenization platforms.

• The WFUSD name resembles ticker formats commonly used for dollar-pegged stablecoins, and the filing also references software used to process stablecoin transactions.
• The move follows Wells Fargo’s prior investments in crypto infrastructure and commentary from its investment institute classifying digital assets as having “evolved into a viable investment asset.”

In the next 24 hours

• U.S. jobless claims data is due at 8:30 a.m ET on Thursday.
• Bank of England Governor Andrew Bailey will speak at 5:30 a.m. U.S. FOMC member Michelle Bowman follows at 11 a.m.
• Aerodrome Finance and Aptos are among the crypto projects set for token unlocks.
• Ethereum San Francisco Week continues. ETHMumbai gets underway.

Never miss a beat with The Block’s daily digest of the most influential events happening across the digital asset ecosystem.

© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.