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US to get its first XRP-based ETF, launching on NYSE Arca

Asset manager Teucrium Investment Advisors is set to launch the first XRP-based exchange-traded fund in the US markets, a leveraged XRP (ETF) on the NYSE Arca.

The Teucrium 2x Long Daily XRP ETF will seek to offer investors two times the daily return of the XRP (XRP) token with a 1.85% management fee and annual expense ratio, according to the company’s website. The XRP-based ETF will trade under the XXRP ticker beginning April 8.

“If you have a short-term high-conviction view on XRP prices, you may consider exploring the Teucrium 2x Long Daily XRP ETF,” the alternative asset manager said.

XXRP currently has $2 million worth of net assets.

US to get its first XRP-based ETF, launching on NYSE Arca

Details of Teucrium’s soon-to-be-launched XXRP ETF. Source: Teucrium

Teucrium founder and CEO Sal Gilbertie told Bloomberg on April 7 that investors had shown strong interest in an XRP ETF and hinted that it may file to list more crypto ETFs in the future.

Gilbertie was also pleased that XXRP would launch during a market downturn driven largely by US President Donald Trump’s tariffs.

“What better time to launch a product than when prices are low?” Gilbertie told Bloomberg.

Likelihood of an approved spot XRP ETF still high: Analyst

Bloomberg ETF analyst Eric Balchunas said it was “very odd” to see a new asset’s first ETF come in leveraged form — however, he added that the odds of a spot XRP ETF being approved remain “pretty high.”

US to get its first XRP-based ETF, launching on NYSE Arca

Source: Eric Balchunas

Several spot XRP ETF applications from the likes of Grayscale, Bitwise, Franklin Templeton, Canary Capital and 21Shares are being reviewed by the Securities and Exchange Commission.

In February, Balchunas and fellow Bloomberg ETF analyst James Seyffart attributed 65% approval odds to a spot XRP ETF in 2025.

Predictions market Polymarket states there is currently a 75% chance that the SEC will approve a spot XRP ETF in 2025.

Related: XRP price sell-off set to accelerate in April as inverse cup and handle hints at 25% decline

Up until recently, ETF issuers would have seen a different environment for filing for XRP ETFs as Ripple Labs — the creators of the XRP token — and the SEC battled out a four-year court battle over XRP’s security status.

That case came to a close last month.

Teucrium has amassed over $310 million worth of assets under management since it was founded in 2010.

It offers mostly agricultural commodities, such as ETFs tracking the likes of corn, soybeans, sugar and wheat.

Magazine: XRP win leaves Ripple and industry with no crypto legal precedent set

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Prison release mistakes ‘symptom of system close to breaking point’, says prisons inspector

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Prison release mistakes 'symptom of system close to breaking point', says prisons inspector

The chief inspector of prisons has said the recent spate of prisoners being released too early is “a symptom of a system that is close to breaking point”. 

Charlie Taylor’s assessment comes as it is revealed that two prisoners wrongly released last year are still at large, as are two others believed to have been freed in error in June this year.

Writing in The Daily Telegraph, Mr Taylor said the growing number of mistaken early releases was “embarrassing and potentially dangerous”.

He also put it down to “an overcomplicated sentencing framework” and described it as “a symptom of a system that is close to breaking point”.

Sky's Tom Parmenter confronts Brahim Kaddour-Cherifm, who was arrested on Friday after a police search following his release from HMP Wandsworth in south London last week
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Sky’s Tom Parmenter confronts Brahim Kaddour-Cherifm, who was arrested on Friday after a police search following his release from HMP Wandsworth in south London last week

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In full: Moment sex offender arrested

He said prison inspections “repeatedly highlight the failure to keep prisons secure, safe and decent, and to provide the sort of activity that will help inmates get work on release”.

In his opinion piece, the chief inspector pointed to successive governments’ responses to the overcrowding crisis in the system, which put pressure on “junior prison staff who repeatedly had to recalculate every prisoner’s release date”.

These calculations, he wrote, had been made harder by a series of early-release schemes brought in by successive governments.

The changes, he said, “increase the likelihood of mistakes and in three years the number of releases in error has gone up from around 50 a year to 262”.

It comes as ministers face mounting pressure over a series of high-profile manhunts, with Justice Secretary David Lammy admitting on Friday there is a “mountain to climb” to tackle the crisis in the prison system.

Algerian sex offender Brahim Kaddour-Cherif, 24, was arrested on Friday after a police search following his release from HMP Wandsworth in south London last week, which Scotland Yard said officers only found out about on Tuesday.

His recapture was partly down to investigative work by Sky’s national correspondent, Tom Parmenter, who tracked Kaddour-Cherif down to Finsbury Park in north London before he handed himself in to police.

Convicted fraudster Billy Smith, 35, handed himself back in on Thursday after being accidentally freed from the same jail on Monday.

Read more on early release crisis:
Wrongly-released prisoner’s angry reaction
I’m glad sex offender arrested
Convicted fraudster recaptured

It follows the mistaken release of Hadush Kebatu, who was convicted of sexually assaulting a 14-year-old girl and a woman while living in an asylum hotel. The incidents sparked protests in Epping, Essex.

Prison security checks have been toughened and an independent investigation into mistaken releases launched after the now-deported Ethiopian national was accidentally freed from HMP Chelmsford on 24 October.

Hadush Kebatu was convicted of sexually assaulting a 14-year-old girl and another woman. Pic: Crown Prosecution Service/PA
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Hadush Kebatu was convicted of sexually assaulting a 14-year-old girl and another woman. Pic: Crown Prosecution Service/PA

A total of 262 inmates were mistakenly let out in the year to March 2025 – a 128% increase on the 115 in the previous 12 months, according to the latest official figures.

Of the total, 90 releases in error were of violent or sex offenders.

Kaddour-Cherif was serving a sentence for trespass with intent to steal, but had previously been convicted for indecent exposure.

He is understood to have overstayed his visitor’s visa to the UK after arriving in 2019, and was in the process of being deported.

Asked about the four missing prisoners on Friday, shadow justice secretary Robert Jenrick said: “The chaos continues. The government keeps putting the British people at risk and is relentlessly failing victims. Does anyone have confidence in David Lammy?”

Mr Lammy said on Friday: “We inherited a prison system in crisis, and I’m appalled at the rate of releases in error this is causing.

“I’m determined to grip this problem, but there is a mountain to climb which cannot be done overnight.

A Ministry of Justice spokesperson said releases in error “have been increasing for several years and are another symptom of a justice system crisis inherited by this government”.

In a statement on Saturday, the ministry said it has introduced “mandatory, stronger prisoner release checks to keep our streets safe and protect the public as well as investing record amounts into our courts – including to improve operational assurance.

“We’re also investing billions, reforming sentencing and building the prison places needed to keep the public safe.”

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Thodex CEO found dead: How this $2B crypto scam changed Turkish law

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Thodex CEO found dead: How this B crypto scam changed Turkish law

Faruk Fatih Özer was found dead in his prison cell on Nov. 1. The former CEO of now-defunct crypto exchange Thodex was serving an 11,000-year sentence for running one of the largest crypto scams in history.

His death marks the latest turn in the Thodex saga, with ripple effects so significant they altered Turkish cryptocurrency laws.

The initial details of Özer’s death point to suicide, but the investigation is still ongoing. It has once more brought Thodex back into the spotlight.

Here’s a look back at Özer’s story, how the crypto exchange impacted Turkish law and how it may have contributed to the country’s increased crypto adoption.

$2-billion Thodex scam sees raids, arrest and CEO out on the lam

On April 21, 2021, Thodex cryptocurrency exchange suddenly shut down trading and withdrawals. The initial announcement read that this could continue for four to five days. As Cointelegraph Turkey reported at the time, the exchange claimed that this was to improve its operations with the help of “world-renowned banks and funding companies.”

But local media reported that Özer had fled to Thailand with over $2 billion in funds as part of an exit scam. There were also reports that police had raided the exchange’s offices in Istanbul.

Istanbul’s chief prosecutor’s office corroborated the reports the following day. It announced a probe into Thodex and said police had arrested 62 people allegedly involved in the scam. Özer denied the accusations, claiming his trip abroad was to meet foreign investors.

As of April 30, 2021, a Turkish court decided to jail six suspects, including family members of the missing CEO and senior company employees, pending trial. Interpol also issued a red notice for Özer.

“When he is caught with the red notice, we have extradition agreements with a large part of these countries. God willing he will be caught and he will be returned,” said Interior Minister Süleyman Soylu.

Özer managed to evade capture for over a year. Albanian authorities eventually detained him on Aug. 30, 2022. He attempted to appeal extradition in court, but the decision was upheld, and Özer was in Turkish custody by April 30, 2023, two years after the scandal began.

Özer was detained by Turkish authorities after being extradited from Albania. Source: AA

The case against Özer was swift. In July 2023, just three months after arriving in Turkey, he was sentenced to seven months and 15 days in prison for failing to submit certain documents requested by the Tax Inspection Board during the trial.

On Sept. 8, 2023, the Anatolian 9th High Criminal Court sentenced Özer, along with two of his siblings, to 11,196 years, 10 months and 15 days in prison, along with a $5-million fine.

In court, Özer claimed that he and his family were facing false accusations. He said, “I am smart enough to manage all institutions in the world. This is evident from the company I founded at the age of 22. If I were to establish a criminal organization, I would not act so amateurishly. … It is clear that the suspects in the file have been victims for more than 2 years.”

Related: Turkey to empower watchdog to freeze crypto accounts in AML crackdown: Report

Özer was serving his sentence at the Tekirdağ No. 1 F-Type High Security Closed Penal Institution when he died. F-Type prisons are high-security institutions reserved for political prisoners, members of organized crime syndicates and other armed groups serving an aggravated life sentence.

Human rights advocates have repeatedly raised concerns about the conditions at F-Type prisons. In 2007, Amnesty International noted “harsh and arbitrary” disciplinary treatments, as well as isolation.

Turkey changes its laws to protect investors

The Thomex scandal and its ensuing fallout were so significant that they drove the Turkish government to change its policies toward cryptocurrencies.

Immediately following news of Özer fleeing the country, the Central Bank of the Republic of Turkey banned crypto payments and prohibited payment providers from offering fiat on-ramps for crypto exchanges. The official notice outlawed “any direct or indirect usage of crypto assets in payment services and electronic money issuance.” Notably, the ban excluded banks, meaning that users can still deposit lira onto crypto exchange accounts using bank transfers.

The ban aimed to ensure financial stability, while other agencies like the Capital Markets Board (CMB) and the Financial Crimes Investigation Board (MASAK) moved to legitimize trading activities. In May 2021, MASAK amended money laundering and terrorism financing laws to include provisions for cryptocurrency.

By 2024, the “Law on Amendments to the Capital Markets Law” came into effect. This built on the initial changes in 2021, which included extensive consumer protection measures in addition to provisions on licensing and reporting.

These new measures, which also aimed to move Turkey off the Financial Action Task Force’s “gray list” of countries with inadequate Anti-Money Laundering measures, have in turn helped spur the local crypto industry.

Chainalysis’ “2025 Geography of Crypto Report” found that Turkey led the Middle East and North Africa in value received in crypto. Trading activity also spiked last year.

In the long term, the Thodex scandal may have led to increased crypto adoption in the country, but only after it rocked the Turkish crypto industry and left many investors out to dry. It also resulted in the imprisonment and death of its orchestrator and CEO.

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