Crypto News Today: Consensys Splits MetaMask, LAPTOP Memecoin Crashes 95%

Consensys Software Inc., the Ethereum software company behind MetaMask, announced plans to split into two independent entities, separating its consumer wallet business from its institutional blockchain infrastructure operations. The separation is expected to close by the end of 2026. Joe Lubin will serve as chairman and CEO of the standalone MetaMask unit and as executive chairman of the new Consensys. Meanwhile, Mike Kriak will lead the new Consensys as CEO with David Cunningham as president, focusing on Ethereum infrastructure and helping financial institutions deploy blockchain technology for tokenization, stablecoins, and other onchain financial services. MetaMask will retain its consumer self-custody focus while expanding into payments, savings, investing, and traditional financial products.

Hunter Biden's LAPTOP memecoin crashed 95.7% within its first hour of trading on Wednesday, plunging from an opening price of $199.50 to $4.36 by 1:00 pm UTC, according to CoinGecko data. The token, issued on Ethereum layer-2 network Base, recorded more than $3 million in trading volume during its brief surge. Biden, the son of former US President Joe Biden, framed the launch as an attempt to reclaim the so-called laptop narrative, centered on a MacBook he reportedly left at a Delaware repair shop in 2019. In an X post on Wednesday, Biden called President Donald Trump's memecoin a grift and warned buyers not to expect him or anyone else to support LAPTOP's price. The episode marks one of the most volatile political memecoin debuts of the year.

In regulatory news, Singaporean national Malone Lam pleaded guilty to participating in a crypto theft and money laundering conspiracy involving more than $245 million. The case highlights ongoing law enforcement pressure on cross-border digital asset crime as prosecutors increasingly pursue charges against individuals linked to large-scale heists and laundering operations tied to stolen funds.