Tokenized SpaceX IPOs canceled; SBF appeal denied

Major crypto exchanges Bybit, Binance, Bitget Wallet and MEXC canceled tokenized SpaceX IPO offerings after SpaceX’s Nasdaq debut on Friday. The platforms said they could not obtain the underlying stock allocations needed to deliver tokens to customers and moved to process refunds. Several firms pointed to Kraken-owned xStocks as unable to provide the assets that would back the token products.

SpaceX’s IPO was reported as more than four times oversubscribed and raised about $75 billion. Shares opened at $150, above the $135 IPO price, and closed the day at $161.11, valuing the company at more than $2 trillion.

Tokenized IPO products sell digital tokens meant to represent exposure to shares held by a broker partner. Those tokens depend on broker partners to secure and retain the actual shares. Bitget Wallet chief operating officer Alvin Kan posted on X that the outcome was disappointing and that the company was in the process of issuing refunds.

In a separate development, a three-judge panel of the U.S. Court of Appeals for the Second Circuit unanimously rejected Sam Bankman‑Fried’s bid to overturn his fraud conviction and 25-year prison sentence. The panel described the government’s case as “conservatively stated, robust.” Circuit Judge Barrington Parker wrote that Bankman‑Fried reassured customers their funds were safe while using FTX for personal real estate purchases, political contributions and investments. Bankman‑Fried is pursuing other post-conviction options, including a clemency petition and a possible presidential pardon; the White House declined to comment.

Blockchain intelligence firm TRM Labs reported multiple World Cup–related crypto scams. The company identified two fake-ticketing sites and one fixed-match betting pitch tied to four crypto addresses. TRM Labs’ global head of policy, Ari Redbord, warned that criminals build and position scam infrastructure in advance and scale it when public attention peaks.

The 2026 World Cup opened Thursday. Organizers expect about 6.5 million attendees across the tournament and estimate roughly $40.9 billion in global GDP impact. Law enforcement agencies had previously warned in May that actors were spoofing event websites to harvest personal information and sell fake tickets and products.

Exchanges processing refunds announced plans to return customer funds. TRM Labs and law enforcement advised fans to verify ticket sellers, avoid unsolicited event-related crypto offers and exercise caution with online betting and ticketing platforms.