A federal grand jury has indicted three Tennessee men over an alleged crypto robbery spree, including one incident where a victim was forced at gunpoint to surrender $6.5 million in digital assets. Elijah Armstrong, Nino Chindavanh, and Jayden Rucker face conspiracy and kidnapping charges. The Tennessee trio allegedly hunted crypto holders, according to the press release detailing the incident.

Separately, Ethereum (ETH) price has lost 3.6% since May 10, dipping significantly inside a falling channel that has held since April 17. Despite this downturn, whales used the dip to load up on $832 million in ETH. Derivatives positioning shows the rally that preceded the breakdown was short-covering, not new longs piling in, which provided whales with a low-leverage entry point.