Consensys to Split MetaMask From Institutional Arm as LAPTOP Memecoin Crashes 95%

Consensys Software Inc., the Ethereum infrastructure company behind the MetaMask wallet, announced plans Wednesday to separate its consumer business from its institutional blockchain operations, with the split expected to close by the end of 2026. Joe Lubin will serve as chairman and CEO of the standalone MetaMask entity and as executive chairman of a newly configured Consensys focused on Ethereum protocols and enterprise infrastructure, including the Linea, Besu, and Teku products. Mike Kriak has been tapped as CEO of the new Consensys, with David Cunningham as president. MetaMask will continue building self-custody tools while expanding into payments, savings, and investing, while the parent firm doubles down on tokenization, stablecoins, and onchain financial services for institutional clients.

In other crypto news, Hunter Biden's politically themed LAPTOP memecoin collapsed 95.7% within its first hour of trading on Wednesday, plummeting from an opening price of $199.50 to $4.36 by 1:00 pm UTC, according to CoinGecko data. The token, deployed on the Ethereum layer-2 network Base, still managed to generate more than $3 million in trading volume despite the steep decline. Biden framed the launch on X as an attempt to reclaim the "laptop narrative" surrounding a MacBook he reportedly left at a Delaware repair shop in 2019, writing that the asset had been repurposed as "a symbol of resilience, redemption and recovery." He also acknowledged public cynicism around memecoins, labeled President Donald Trump's token a "grift," and cautioned buyers against expecting price support.

Meanwhile, Singaporean national Malone Lam pleaded guilty to participating in a crypto theft and money laundering conspiracy that authorities say involved more than $245 million. The case marks one of the largest individual crypto-related criminal convictions on record and underscores the continued law enforcement focus on tracing and seizing illicit digital asset proceeds. Separately, broader crypto markets showed mixed movement, with BNB trading around $723, Solana near $102, and Stellar Lumens posting a 4.22% gain. Bitcoin remained near $115,000 as traders digested regulatory developments and shifting institutional flows.