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Fomo’s $75M Raise Shows Big VCs Are Still Betting on Consumer Crypto
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Today’s top news:
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Crypto majors fall 3-7% as stocks sell off; BTC at $62.3k
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Saylor raises $300M in cash; MSTR falls 5%
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Fomo app raises $75M at $550M valuation as they expand into everything app
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Bitmine, Sharplink and others team up for new R&D project ETHLabs
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Trump signs executive orders accelerating U.S. quantum development
📈 Fomo Raises $75M at a $550M Valuation as Big VCs Bet on Consumer Crypto
A consumer crypto trading app just pulled in $75 million from investors who normally steer clear of crypto entirely.
Fomo, a social-first crypto trading app, raised a $75 million Series B led by Index Ventures at a $550 million valuation. Union Square Ventures joined, along with existing backer Benchmark and angels including Zynga’s Mark Pincus, Discord CEO Humam Sakhnini, and Eventbrite’s Kevin Hartz. Founded in 2025 by three former dYdX employees, Paul Erlanger, Se Yong Park, and Prashan Dharmasena, Fomo is built to make onchain trading feel like a normal consumer app: non-custodial, roughly 30-second onboarding, social features like leaderboards and copy trading, and access to more assets than Coinbase across multiple chains without managing wallets, bridges, or gas. Since launching in May 2025 it has crossed 625,000 users and $4 billion in trading volume, is adding around 3,500 users a day, and runs all of it on a team of 17. The round brings total funding to about $94 million.
Index partner Julia Andre said the firm sees a real market shift in consumer blockchain trading and a team that can capture it, putting it plainly that “we’re not doing Fomo because it’s a crypto business.” Co-founder Paul Erlanger was blunt about the problem they’re attacking: “Onchain trading is just impossible.” His goal is for Fomo to not read as a crypto app at all, the same path Coinbase and Robinhood are walking.
There is signal here in who’s writing the check. Index made its name on Figma and Scale AI, and Union Square Ventures rarely touches crypto. Established, non-crypto VCs leading a nine-figure raise for a crypto startup in the middle of a brutal down market is a high-conviction bet that the next wave of users arrives through a clean consumer app, not a clunky exchange. The timing fits too, with retail search and trading volume ticking back up as Bitcoin steadies near $64,000.
Trending
What’s next for the former Alexander High School teacher facing 27 counts
DOUGLAS COUNTY, Ga. – Former Alexander High School biology teacher and football administrator Maris Nichols faced a judge Thursday morning as she deals with 27 criminal counts.
Maris Nichols indicted
What we know:
Former Alexander High School teacher Maris Nichols faces 27 counts including child molestation, grooming of a minor, electronic distribution of obscene materials and sexual exploitation of children.
Alexander High School in Douglas County
The court documents detail explicit encounters with at least seven students between January and May. Prosecutors allege Nichols engaged in sexual intercourse, filmed explicit videos with a minor and sent nude photographs to teenagers. She is accused having sex with a student in a school closet and on a truck at a golf course community.
It remains unclear how many total students may have been impacted beyond the students identified in the indictment.
What they’re saying:
Family psychiatrist Dr. Savat Bargabay noted that these cases often stem from a desire for power and control rather than sexual driving forces.
“In fact, most cases of where people are victimized through sexual assault is not about the sex,” Bargabay said. “It has to do with other things that drive that person to want to have power, control.”
Teacher Maris Nichols makes court appearance
The Douglas County teacher accused of repeated sexual misconduct with multiple high school students is back in custody after being indicted by a grand jury. She appeared in court on Thursday morning and will be back in court on Monday. Kevyn Stewart reporting.
Alexander High School accusations
The backstory:
The 25-year-old Nichols was initially arrested on May 8 and released on a $40,000 bond after being charged with two counts of sexual contact. Investigators later uncovered additional victims, leading to a second arrest on May 20 and a total bond increase to $74,000.
As part of that bond, the former biology teacher was required to stay away from the alleged victim, avoid Alexander High School, have no contact with unrelated minors, undergo a mental health evaluation and remain on house arrest except for approved activities.
Maris Nichols (Douglas County Schools)
During a 27-day period, authorities say Nichols committed 38 home curfew violations and 47 inclusion zone violations. In addition, investigators uncovered additional allegations of criminal conduct.
Nichols was arrested again on May 20 on a wave of new charges. Despite prosecutors arguing she should remain behind bars, she was granted an increased bond. Tightened bond restrictions were put into place, including an absolute ban on internet access, social media and any contact with minors except her own 6-year-old daughter.
According to the warrants, detectives repeatedly referenced claims that students threatened to expose an alleged OnlyFans account in exchange for favorable grades. Investigators sought extensive records from the platform, including account information, communications, uploaded content, payment records, IP addresses and earnings data.
Maris Nichols (Douglas County Schools)
New arrest warrant issued
What’s next:
On Wednesday, authorities issued a new arrest warrant ordering law enforcement to return the former educator to jail without bond.
As of early Thursday morning, jail records indicated Nichols was back in custody with an arrest date of June 25 and no bond.
Nichols also made her first court appearance Thursday morning on the new indictment. During the brief hearing, her attorney waived a formal reading of the arrest warrant and acknowledged that the case is now under the jurisdiction of Douglas County Superior Court because of the grand jury indictment.
The judge advised Nichols of her constitutional rights before ordering the case transferred to Superior Court, where previously scheduled motion hearings remain set for Monday before Judge Cynthia Adams Wallace. No bond was considered during Thursday’s hearing because the case has already been bound over to Superior Court.
The hearing on June 29 is scheduled for 9:30 a.m. Her arraignment is scheduled for 9 a.m. on Aug. 4.
The Source: The information in this story was gathered from court documents and authorities, who detailed the grand jury indictment, listed the specific criminal charges and detailed the subsequent bond violations committed by the accused. The original story was updated Thursday morning with the information that she is back in custody. This story also included statements from the presiding judge and insights from family psychiatrist Dr. Savat Bargabay.
Trending
Brooklyn Beckham twins with father-in-law in birthday celebrations amid family rift
Brooklyn Beckham, 27, was all smiles as he joined wife, Nicola Peltz, 31, and her loved ones for a special family celebration this week – marking a milestone birthday as his relationship to his own parents only worsens.
The close-knit family gathered at their Florida home to celebrate Nelson’s 83rd birthday, with Nicola sharing a series of touching photographs from the occasion on social media with fans.
One snap was a portrait featuring Nelson surrounded by his children including sons Zach, Diesel, Will, Bradley and Greg, as well as Nicola and Brooklyn. The family all wore matching cowboy hats, as they looked close and relaxed, with Brooklyn seemingly a solid member of the Peltz clan.
Brooklyn, Nicola, Nelson and Peltz family (Instagram)
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The post was coupled with a heartfelt tribute to her father in an emotional birthday message, which read: “Happy birthday dad! i love celebrating you! i feel truly blessed to have grown up watching you be such an incredible role model in every way possible. you’re the best father i could ever dream of. you love us all unconditionally, encourage us that our dreams are never too big to chase and to always always be a good human before all else. i love you more than you could ever know! i hope all your wishes come true and this is your best year yet, you deserve everything perfect! i love you sooooooo much!!”
Nicola and her father Nelson posing sweetly (Instagram)
But while fans are delighted to see the couple united and enjoying the company of their loved ones, the post comes during a period of continued tension surrounding Brookyln’s strained relationship with his own parents.
Despite both David and Victoria both sharing an outpour of love in posts including Brooklyn and his famous siblings with their father on Father’s Day, the eldest son is yet to publicly comment on any of the olive branches his parents have extended.
Fans however did notice a sweet detail from Brooklyn toward his family, in what some believe to be a ‘hidden sign of respect’ from the son to his famous parents. In a recent post by Nicola to her instagram on Father’s Day, the actress posted a sweet snap of her and dad Nelson, followed by a caption which read: “Happy father’s day dad! i’m so lucky i get to be your daughter, you’re the best dad in the entire world. thank you for being the most loving and supportive father i could ever dream of. i love you to the moon and back a trillion times over…”
Nicola’s Father’s Day post (Instagram)
Despite always being one of the first people to respond to his wife’s posts, the same cannot be said for her public tribute to her father, when in an unprecedented move, the Cloud23 founder, did not like the Bates Motel actress’ gushing tribute. Brooklyn instead remained silent on the annual celebration.
Beckham Family in 2023 at Netflix premiere (Getty Images)
Perhaps a sign that mutual respect has not entirely disappeared, or rather a lack of desire to participate in Father’s Day altogether – it seems Brooklyn’s younger siblings were more vocal online in respect of their father.
Romeo gushed that his dad was “the best there is”, meanwhile Cruz shared a throwback photo of him and his dad each holding a big fish in their hands. “Happy Father’s Day dad x I love you,” he captioned the picture on his Instagram Stories. While Harper has an Instagram account, her profile is set to private.
Trending
New book reveals George Michael donated millions while keeping it secret
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George Michael secretly gave away millions — and didn’t want anyone to know.
The British singer-songwriter who first captured hearts with Wham! and later achieved worldwide success as a solo artist died on Christmas Day 2016. Known for his enduring hits and unmistakable voice, Michael also remained a fixture in the headlines for his often-public personal life.
While his public life was endlessly scrutinized, some of Michael’s most extraordinary deeds remained largely unknown. The late star, who would have turned 63 on June 25, is the subject of a new book, “Tonight the Music Seems So Loud.”
OZZY OSBOURNE’S LEGENDARY FINAL PERFORMANCE RAISED A STAGGERING $190M FOR WORTHY CAUSES

Following George Michael’s death in 2016, the public learned the true extent of his quiet generosity. For years, he donated millions — often anonymously — to causes including children’s welfare, HIV/AIDS charities, homeless shelters and disadvantaged youth programs. He also funded IVF treatments, helped people in debt and supported countless individuals in need without seeking recognition. (Michael Putland/Getty Images)
“We will never know how much George Michael gave away because it was secret,” author Sathnam Sanghera told Fox News Digital.
“He died with a net worth of around 97 million pounds (more than $128 million), but I suspect a lot of that money is still being given away by his estate. The estate releases annual statements about the donations it has made. So his good work continues.”

George Michael, left, and Paul McCartney, right, perform during the Live 8 concert in Hyde Park, London, on July 2, 2005. (AP Photo/Lefteris Pitarakis)
For Sanghera, Michael’s greatest achievement was compassion. Throughout his life, Michael frequently donated to charities supporting disabled children, cancer research, refugees and AIDS-related causes, just to name a few.
He began supporting charities as early as the 1980s while he was in Wham!, and his dedication continued for the rest of his life. As he quietly made large donations, Michael ensured they remained out of the public eye.

“Tonight the Music Seems So Loud: The Meaning of George Michael” by Sathnam Sanghera is available now. (Pegasus Books)
“George Michael was an incredible secret philanthropist, and the secrecy is what made it great,” Sanghera explained. “We’re only just finding out some of his charitable acts. For example, he gave away the first few years of royalties from ‘Last Christmas,’ one of the most successful pop songs of all time, to Band Aid, a U.K. charity aimed at combating hunger and poverty.”
WATCH: GEORGE MICHAEL DONATED MILLIONS WITHOUT SEEKING CREDIT: AUTHOR
“He gave away the U.K. royalties from his ‘Best Of’ album in the 1990s,” Sanghera shared. “There are so many charities and individuals who have come forward to say, ‘He secretly paid for my IVF when he heard about my story on TV,’ for example.”

George Michael presents during the BRIT Awards held at the O2 Arena in London on Feb. 21, 2012. (Dave M. Benett/Getty Images)
Michael didn’t just give money — he gave his time. At a homeless shelter in London, he served food, sat with guests and listened to their stories. The book recounts how he would show up in jeans and a baseball cap, preferring anonymity to recognition. If someone commented that he resembled George Michael, he would chuckle and insist he got that comparison all the time.

George Michael and Andrew Ridgeley of Wham! perform in Japan in January 1985. (Michael Putland/Getty Images)
“His ex-boyfriend, Kenny Goss, has spoken about how he was given a job at every venue where George Michael played to identify a local charity and donate £20,000 to £30,000 to it,” Sanghera said.
“Often, it had to do with children or nurses. And he would also invite the staff and beneficiaries of that charity to attend the concert. This is the way in which his philanthropy was routine as part of what he did day-to-day.”

George Michael and his partner Kenny Goss are seen here in Tokyo. (Nathan Shanahan/WireImage)
In 1990, Michael established the Platinum Trust, where, with the help of his sister Yioda, he supported disabled people. Michael donated royalties from his 1991 duet with Elton John, “Don’t Let the Sun Go Down on Me,” to the Terrence Higgins Trust, a London-based HIV awareness organization, The Associated Press reported, as cited by NPR.

Fans lay tributes of flowers, photographs and candles outside the home of pop music icon George Michael in The Grove, Highgate, on Dec. 28, 2016, in London. (Jack Taylor/Getty Images)
According to the outlet, proceeds from 1996’s “Jesus to a Child” went to Childline. The founder of the organization went on to tell the outlet that Michael donated millions of dollars over the years and urged everyone in the charity to keep his acts private.
In 1999, when Michael performed at Net Aid to help refugees from Kosovo, he donated half a million pounds. Sanghera wrote that Michael was “annoyed” when the news leaked.

British singer-songwriter George Michael of Wham! sits in a Sydney hotel room during the pop duo’s 1985 world tour. (Michael Putland/Getty Images)
“There are so many stories about his generosity,” Sanghera told Fox News Digital. “There’s one story where his mother was sick with cancer at a local London hospital. After she passed, he put on a concert for all those nurses in the local community.”
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Princess Diana meets George Michael at the World AIDS Day annual “Concert of Hope” at Wembley Arena in London on Dec. 1, 1993. (Tim Graham Photo Library/Getty Images)
While his career soared and his personal life often played out in public, Michael continued supporting those in need.
“Along with Eric Clapton, he helped the family of Nigel Browne, a former bodyguard, win compensation after he was killed in a helicopter crash,” Sanghera wrote.

Linda Evangelista and George Michael pose during the “Too Funky” video shoot in Paris, circa 1992. (Kevin Mazur/Getty Images)
“He helped Martin Kemp, whom he set up with Shirlie Holliman, get life-saving treatment for a brain tumor. He played benefit gigs, raising money and awareness for famine relief, World AIDS Day, refugees, debt relief and Project Angel Food, which provides food to vulnerable Los Angeles residents suffering from critical and life-threatening illnesses.

George Michael and Elton John attend a gala dinner on behalf of AIDS victims at the Moulin Rouge in Paris on Oct. 11, 1994. (Stephane Cardinale/Sygma)
“… One time, studio colleague Johnny Douglas talked about how Michael not only allowed him to take a terminally ill child to his home in the south of France, but also provided a helicopter to pick them up and drop them off in the garden.
“He bought friends and relatives houses and cars in striking quantities, provided some with employment, and I lose count of the number of people I meet who tell me he paid for medical bills, funerals and housing in times of crisis,” Sanghera wrote. “On his death, his significant art collection was sold, raising more than £11 million for charity.”

George Michael performs on stage during his “Faith” tour at Earls Court Arena in London on June 15, 1988. (Pete Still/Redferns)
Sanghera told Fox News Digital he was stunned by the sheer amount of money Michael donated over the years. As he researched, he also lost count of the people who came forward with stories of how the singer had helped them behind the scenes, far from the public eye. Many of those stories poured in after Michael’s death.
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George Michael died of natural causes as the result of heart disease and a fatty liver, a British coroner announced in 2017. (Dave J Hogan/Getty Images)
“George Michael supported charities that weren’t necessarily glamorous for a pop star,” Sanghera said. “[Still], he gave away millions of pounds. His estate continues to support those charities in significant ways.”
In 1993, The Independent reported that Michael didn’t like to discuss his charity work. But that year, he was ready to talk, specifically about the charity album that he recorded for the Mercury Phoenix Trust, an AIDS-fighting organization founded in honor of Queen frontman Freddie Mercury.

George Michael died on Dec. 25, 2016, at the age of 53. (Sean Gallup/Getty Images)
“Everyone’s got really p—– off listening to celebrities patting each other on the back saying how generous they are being,” he told the outlet at the time. “And they are right to. The reason I am doing this interview is to support the Phoenix Trust. It’s very important these tracks get heard.”

George Michael walks over the red carpet before the screening of “George Michael – A Different Story” at the Berlin Film Festival on Feb. 16, 2005. (Michael Kappeler/DDP/AFP)
Sanghera stressed that Michael was no saint. But the evidence of his generosity is undeniable. And when it comes to the lives he touched, it’s easy to have faith.
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Singer George Michael leaves The Ivy restaurant in Hollywood on Dec. 7, 2001. (Scott Alfieri/Getty Images)
“He wrote a song called ‘Praying for Time,’ and there’s a lyric in that song where he complains about charity being ‘a coat you wear twice a year,'” Sanghera said. “… Charity means more when it is sincerely meant, when you do it without hoping to get anything out of it. And that’s what George Michael did.”
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