The US Department of Justice and the Federal Trade Commission have initiated legal proceedings against fintech company Dave and its CEO, Jason Wilk. Allegations include deceptive advertising practices linked to cash advances promoted on the platform, some of which users reportedly never received.
Authorities argue the company engaged in unfair practices, including hidden fees, misuse of customer tips, and inadequate cancellation processes for recurring charges. The complaint seeks monetary penalties, consumer redress, and measures to prevent future violations.
Dave denies the allegations, asserting many claims are inaccurate. The company has introduced a simplified fee structure, removing tips and express fees regulators criticised. However, the updated structure was implemented on 4 December for new users, with existing customers transitioning gradually.
The legal filing replaces an earlier complaint from November, initially targeting the company without seeking penalties. Regulators now aim for broader accountability by including the CEO in the amended complaint.
Hackers are using fake job offers from well-known crypto firms to trick victims into installing malware that grants them access to devices and wallets. According to blockchain expert Taylor Monahan, these scams begin with the hackers posing as recruiters offering high-paying roles, with salaries ranging from $200,000 to $350,000. Instead of sharing documents or software, victims are led through a series of steps to “fix” technical issues with their microphone and camera, which results in malware installation.
Monahan explained that the scam unfolds during lengthy interviews where the final step involves the victim being instructed to resolve an access issue. Following the given instructions prompts a fake browser update that compromises their system. The malware can provide attackers with backdoor access to steal crypto funds or cause other damage, and it works across Mac, Windows, and Linux platforms.
These fake recruiters approach victims on LinkedIn, freelancer platforms, and chat apps like Discord and Telegram, advertising roles at major crypto firms like Gemini and Kraken. Monahan advised those who suspect exposure to the malware to wipe their devices and urged everyone in the crypto space to remain vigilant against such tactics.
El Salvador’s Bitcoin holdings have surpassed 6,000 BTC, now valued at over $561 million, according to the National Bitcoin Office. The country achieved this milestone on 29 December with the latest addition to its portfolio. Over the past month, El Salvador has acquired 53 BTC, worth nearly $5 million, as part of its consistent accumulation strategy.
The government’s investments have proven highly profitable, with a 105% unrealised return based on an average purchase price of $45,465 per Bitcoin. El Salvador’s adoption of cryptocurrency began in September 2021 when it became the first nation to recognise Bitcoin as legal tender, despite initial pushback from institutions like the IMF.
President Nayib Bukele’s administration has continued to expand its Bitcoin portfolio through daily purchases. This approach has positioned El Salvador as the sixth-largest Bitcoin holder globally, joining the ranks of major powers like the US and China. With the cryptocurrency market showing signs of recovery, El Salvador’s Bitcoin investments are playing a significant role in boosting the nation’s financial profile.
CryptoQuant CEO Ki Young Ju has raised doubts about the US adopting a Bitcoin reserve under Donald Trump’s potential presidency. While Trump has promised to establish a national Bitcoin reserve to appeal to cryptocurrency supporters, Young Ju suggests the US would only consider such a move if its global economic dominance were seriously threatened. Currently, the US dollar maintains a stronghold in international trade and reserves, with 58% of global trade transactions conducted in dollars.
Bitcoin’s value recently soared to an all-time high of over $108,300, coinciding with post-election optimism. However, Trump’s newfound support for Bitcoin is seen by some as a strategic campaign move rather than a genuine commitment. During his previous term, Trump was sceptical of Bitcoin’s role in the financial system, and analysts suggest his stance could shift again depending on broader political and economic factors.
The US already leads global Bitcoin mining, producing nearly 38% of the world’s hash rate, and continues to be a stable safe haven for investors. Young Ju remains uncertain whether Trump’s advocacy for a Bitcoin reserve signals a move towards a ‘Bitcoin Standard’ or merely reflects calculated rhetoric to win votes. As geopolitical and economic shifts unfold, the future of US cryptocurrency policy under Trump remains unclear.
Japan’s top financial regulator, the Financial Services Agency (FSA), has announced plans to redefine cryptocurrency assets like Bitcoin as ‘financial assets‘ in its tax reform proposals for fiscal year 2025. It would shift crypto from its current classification as “payment instruments” to something more in line with traditional investments. The change aims to give cryptoassets more legitimacy and could encourage greater public investment.
While the FSA did not directly call for tax reform, it suggested the possibility of revising Japan’s controversial crypto tax rules. It follows similar calls from the ruling Liberal Democratic Party (LDP), which has advocated for regulations that offer investor protection comparable to those for stocks. The LDP also wants to move away from the current crypto tax system, which subjects traders to high income tax rates, in favour of a capital gains tax.
Despite some differences in approach, such as the FSA favouring a broader income tax integration, both the FSA and LDP agree on the need to update the legal classification of crypto. The shift comes at a time when companies in Japan are increasing their investments in Bitcoin, signalling growing interest in the evolving regulatory landscape.
A power provider in Siberia’s Irkutsk region has been caught illegally leasing land to crypto miners, with the plot originally designated for public utilities. The Irkutsk Region Prosecutor-General’s Office announced that the unnamed power company had facilitated the establishment of a crypto mining farm, leading to a fine of 330 thousand rubles (approximately $3,120) and an ongoing administrative case against the firm.
This case highlights the ongoing issue of illegal crypto mining in Russia, particularly in Siberia, where miners are drawn to cheap electricity and low temperatures that reduce cooling costs. However, the increased demand for power has led to grid instability and power outages in the region, prompting Moscow to implement temporary mining bans in some areas. Despite these measures, illegal mining continues to thrive, especially in Irkutsk.
Other parts of Russia, like Tyumen and the Komi Republic, are emerging as alternative hotspots for crypto mining, with new facilities being developed to attract miners. In addition to these developments, Russia’s largest industrial mining firm, BitRiver, is building a new 100MW data centre in Buryatia, set to become the largest in the Far Eastern Federal District. These moves reflect the growing demand for crypto mining infrastructure across the country, despite the regulatory challenges.
KULR Technology, a US-based firm specialising in thermal management solutions, has boldly invested $21 million in Bitcoin. The purchase marks the beginning of its strategy to allocate 90% of its surplus cash to the leading cryptocurrency. The company acquired 217.18 BTC at an average price of $96,556.53 per coin.
The decision aligns with KULR’s belief in Bitcoin’s growing adoption and potential to enhance its financial standing. CEO Michael Mo stated that the investment would support the company’s growth and strengthen its balance sheet. KULR utilised Coinbase’s Prime platform for custody and wallet services to ensure the secure handling of its digital assets.
KULR joins a wave of companies embracing Bitcoin as part of their financial strategies. Firms like Genius Group and MicroStrategy have also increased their holdings, viewing Bitcoin as a hedge against inflation and a tool for innovation. This trend highlights the cryptocurrency’s rising role in corporate treasury management.
Strive, the asset management firm founded by Vivek Ramaswamy has filed a request with US regulators to list an ETF focusing on Bitcoin bonds. The proposed fund, called the Strive Bitcoin Bond ETF, will invest in convertible bonds from companies like MicroStrategy and others that allocate significant resources to Bitcoin purchases.
MicroStrategy, a pioneer in corporate Bitcoin investment, has used convertible bonds to fund its $27 billion Bitcoin holdings since 2020. These bonds, paying little to no interest, can convert into company shares under specific conditions. Strive’s ETF aims to offer exposure to similar instruments and will actively manage investments, potentially using financial derivatives like swaps and options.
The filing comes amid a surge in interest in crypto-focused ETFs, with corporate treasuries holding over $56 billion worth of Bitcoin. Analysts predict that Trump’s recent presidential win and his pro-crypto regulatory plans could pave the way for wider adoption of crypto ETFs in the financial market.
Indian tax authorities have uncovered a complex money laundering scheme involving hawala networks and cryptocurrency transactions in Jaipur. The investigation, triggered by raids on local wedding planners, led to the seizure of $2 million (₹20 crores) in cash and jewellery. Officials also recovered three crypto wallets linked to the operation, including one tied to a major global exchange.
The scheme involved clients making unreported cash payments exchanged for cryptocurrencies like Bitcoin and Tether through hawala operators in Gujarat and Rajasthan. Hawala, an illegal payment system, allows funds to be transferred abroad without moving money physically. Authorities believe the perpetrators exploited crypto exchanges with weak KYC policies or intermediaries to launder funds.
Records of these activities, including WhatsApp messages, emails, and spreadsheets, reveal the network extends beyond Jaipur to cities like Mumbai, Hyderabad, and Delhi. The operation also implicated resorts, hotels, and event service providers who accepted cash or bank payments. The tax department plans further raids across India to tackle tax evasion in the wedding and events industry.
Ukraine is preparing to block Russia’s use of Bitcoin and other cryptocurrencies in international trade. The announcement follows comments from Russian Finance Minister Anton Siluanov, who confirmed that Russian companies use crypto to bypass Western sanctions.
Vladyslav Vlasiuk, an advisor to Ukraine’s president, stated that Ukraine had warned its international partners of Russia’s crypto strategy earlier this year. Measures, including sanctions and other solutions, are now in development to prevent unwanted crypto payments. Ukraine remains committed to limiting Russia’s ability to evade sanctions through digital currencies.
Russia has sought alternatives to traditional payment systems as sanctions disrupt its trade with countries like China. Some Russian companies have reportedly used stablecoins for transactions with Chinese partners. This follows the Kremlin’s recent legal framework allowing Bitcoin miners to use crypto for international trade, signalling an intensified reliance on digital assets to navigate economic restrictions.
