Cryptocurrencies

Over $4 billion in crypto options expire today

Over $4.1 billion in Bitcoin and Ethereum options are set to expire today, stirring expectations of price swings across the crypto market. The bulk comes from Bitcoin contracts valued at $3.5 billion, while Ethereum options account for around $565 million.

Data from Deribit shows 33,972 BTC and 224,509 ETH contracts reaching expiry. Traders are watching the market closely, as options expiration often triggers short-term volatility.

Bitcoin’s put-to-call ratio of 1.0 suggests a neutral stance among traders, while Ethereum’s lower 0.69 ratio indicates a tilt toward bullish expectations. Both assets currently trade below their respective ‘max pain’ points.

Analysts note that prices often move toward max pain levels, causing short-term shifts. Broader sentiment remains cautious amid geopolitical tensions and recent US Federal Reserve remarks.

Traders are increasingly hedging against downside risk, particularly concerning possible Middle East conflict and shifting interest rate expectations.

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North Korea’s BlueNoroff uses deepfakes in Zoom calls to hack crypto workers

The North Korea-linked threat group BlueNoroff has been caught deploying deepfake Zoom meetings to target an employee at a cryptocurrency foundation, aiming to install malware on macOS systems.

According to cybersecurity firm Huntress, the attack began through a Telegram message that redirected the victim to a fake Zoom site. Over several weeks, the employee was lured into a group video call featuring AI-generated replicas of company executives.

When the employee encountered microphone issues during the meeting, the fake participants instructed them to download a Zoom extension, which instead executed a malicious AppleScript.

The script covertly fetched multiple payloads, installed Rosetta 2, and prompted for the system password while wiping command histories to hide forensic traces. Eight malicious binaries were uncovered on the compromised machine, including keyloggers, information stealers, and remote access tools.

BlueNoroff, also known as APT38 and part of the Lazarus Group, has a track record of targeting financial and blockchain organisations for monetary gain. The group’s past operations include the Bybit and Axie Infinity breaches.

Their campaigns often combine deep social engineering with sophisticated multi-stage malware tailored for macOS, with new tactics now mimicking audio and camera malfunctions to trick remote workers.

Cybersecurity analysts have noted that BlueNoroff has fractured into subgroups like TraderTraitor and CryptoCore, specialising in cryptocurrency theft.

Recent offshoot campaigns involve fake job interview portals and dual-platform malware, such as the Python-based PylangGhost and GolangGhost trojans, which harvest sensitive data from victims across operating systems.

The attackers have impersonated firms like Coinbase and Uniswap, mainly targeting users in India.

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Washington city orders removal of crypto ATMs over rising scams 

The Spokane City Council in Washington State has unanimously voted to ban virtual currency kiosks across the city, including crypto ATMs. The ordinance targets approximately 50 machines found at convenience stores, gas stations, and major retailers such as Safeway and Walgreens.

Operators must remove their kiosks within 60 days or risk fines and potential loss of business licences.

Council members highlighted the growing threat these kiosks pose to vulnerable residents, particularly seniors, who have fallen victim to scams. Council Member Paul Dillon described the machines as ‘preferred tools’ for fraudsters exploiting the decentralised nature of cryptocurrency and limited tracking options for stolen funds.

The council initially sought state-level regulation, but after legislative delays, Spokane chose local action to address the issue.

The FBI estimates $5.6 billion of the $6.5 billion lost nationwide to fraud, scams, and extortion in 2023 involved crypto kiosks. Seniors accounted for nearly half of these losses despite being a smaller percentage of the population.

Spokane Police Detective Tim Schwering reported numerous cases where victims were deceived into buying crypto through kiosks after being contacted by scammers impersonating law enforcement or tax officials. Tragically, several local suicides have been linked to these scams.

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GENIUS Act clears path for bank-run blockchains

The Genius Act brings regulatory clarity, and Alchemy’s CTO Guillaume Poncin expects banks will soon issue stablecoins and operate their own blockchains as standard practice.

Poncin explains that banks stand to gain significant revenue by issuing stablecoins, retaining control over transactions and customer relationships. Clients will benefit from faster, 24/7 settlements with the security and protections associated with traditional banking.

Meanwhile, established stablecoin issuers such as Circle and Tether will continue to focus on crypto-native applications and international transfers, allowing banks to concentrate on institutional and corporate uses.

Banks are expected to utilise a combination of Layer 1 and Layer 2 blockchain networks. While Layer 1 offers maximum security for large transactions, Layer 2 provides scalable, cost-efficient solutions ideal for retail payments.

Ethereum’s Layer 2 ecosystems, secured by the mainnet, present flexible options for banks to meet compliance and performance needs. Interoperability between banks’ blockchains is a priority, with emerging protocols promising trustless and instant cross-chain settlements.

Following regulatory progress, many top banks are now actively pursuing stablecoin issuance, signalling rapid adoption in the near future.

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Ohio backs tax-free Bitcoin for everyday use

Ohio has passed a new bill that would make small Bitcoin transactions tax-free, positioning the state at the forefront of crypto adoption efforts in the US. The Ohio Blockchain Basics Act exempts Bitcoin payments under $200 from state capital gains tax, easing everyday crypto use.

The bill received overwhelming bipartisan support in the House, passing with a 68–26 vote. In addition to the tax exemption, it reinforces the right to self-custody and run Bitcoin nodes, which are vital to maintaining decentralised networks.

Advocates, including the Satoshi Action Fund, have called it one of the most robust Bitcoin rights bills to date.

HB 116 will now move to the Ohio Senate, and if approved, will require final confirmation from the Governor. The strong backing in the House has increased expectations for it to become law soon.

Ohio’s move follows similar efforts in states like Texas and Florida, which are exploring Strategic Bitcoin Reserves. Lawmakers across the country are ramping up pro-Bitcoin initiatives, reflecting broader national momentum in support of cryptocurrency-friendly regulation.

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China pushes global use of digital yuan

China has reaffirmed its ambition to expand the use of its central bank digital currency, the digital yuan, beyond domestic borders. People’s Bank of China chief Pan Gongsheng said the country is committed to advancing the e-CNY to challenge US dollar dominance.

Speaking at the Lujiazui Forum, Pan confirmed the launch of an international operations centre for the digital yuan in Shanghai. He said China seeks a ‘multipolar’ global financial system, reducing reliance on a few major currencies such as the US dollar and the euro.

Pan also warned that traditional cross-border payment systems are increasingly exposed to geopolitical risk and can be weaponised through unilateral sanctions. China believes that digital currencies like the e-CNY offer a more stable and neutral alternative in such a landscape.

Despite the growing popularity of stablecoins for cross-border transactions, China remains focused on building a state-controlled digital currency.

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Iran enforces crypto exchange curfew after Nobitex breach

Iran’s central bank has imposed strict operating hours on domestic crypto exchanges following a massive $100 million hack on Nobitex, the country’s largest digital asset platform. The move comes amid accusations that the incident was politically motivated.

According to blockchain analytics firm Chainalysis, exchanges in Iran are now required to operate between 10 am and 8 pm only. Analysts believe the curfew is aimed at improving monitoring capabilities and limiting capital flight during heightened Iran-Israel hostilities.

Andrew Fierman, head of national security intelligence at Chainalysis, suggested the decision was both a technical response to the hack and a strategic move to maintain tighter control over outflows.

The cyberattack, allegedly orchestrated by pro-Israel group Predatory Sparrow, targeted Nobitex’s internal systems, draining hot wallets of Bitcoin, Ether, Dogecoin, XRP, and Solana.

Cybersecurity experts say the stolen assets were transferred to burner wallets without access keys, effectively destroying them in a rare politically charged crypto burn. Nobitex stated it has isolated its systems and will compensate users using its reserve fund.

Nobitex plays a crucial role in Iran’s crypto economy, having processed over $11 billion in inflows, far outpacing all other domestic exchanges. Chainalysis notes the platform also has ties to sanctioned entities and terrorist-linked groups.

The incident is one in a series of recent cyberattacks on Iranian infrastructure, suggesting a growing digital front in the long-standing Iran-Israel conflict.

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Bitget Wallet enables crypto QR payments in Vietnam

Bitget Wallet has made a significant step by becoming the first self-custody wallet to integrate directly with Vietnam’s national QR payment system, VietQR. The move lets users in Vietnam pay with crypto at over two million merchants, from restaurants to supermarkets and street vendors.

The integration allows seamless crypto transactions via a single scan of the VietQR code. Payments can be made using stablecoins such as USDT and USDC, supported on multiple blockchain networks including Ethereum, Tron, Solana, Base, TON, and BNB Chain.

The wallet’s developers plan to expand support to additional chains in the near future.

The rollout is part of Bitget Wallet’s broader PayFi initiative, which aims to connect crypto payments with national QR systems across several global regions. Auto-swap features are also on the roadmap, enabling token payments without fiat conversion.

Bitget Wallet is promoting the launch with a 50% cashback for the first 50,000 new users, valid from 16 June to 30 July. The company’s CMO, Jamie Elkaleh, stated the goal is to shift crypto from an investment vehicle into an everyday currency, beginning in Southeast Asia.

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BBVA advises wealthy clients to invest in crypto

BBVA, Spain’s second-largest bank, advises affluent clients to allocate between 3% and 7% of their portfolios to cryptocurrencies, including Bitcoin. The guidance comes just months after Spanish regulators approved the bank’s crypto trading services.

According to Philippe Meyer, head of digital and blockchain solutions at BBVA Switzerland, the bank has been advising wealthy clients on Bitcoin since September 2024. He noted that a modest crypto allocation can improve portfolio performance without taking on excessive risk.

Client response, he added, has been largely positive.

BBVA has executed crypto trades since 2021 and began active advisory services in late 2024. In March, Spain’s securities regulator authorised BBVA to offer trading in Bitcoin and Ether, with full mobile integration expected in the coming months.

The move aligns with the broader rollout of the EU’s Markets in Crypto-Assets Regulation (MiCA), which occurred at the end of 2024. Meanwhile, Santander is reportedly exploring the launch of euro and dollar-pegged stablecoins to expand its retail crypto services.

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OKX launches regulated exchanges in Germany and Poland

OKX has expanded its European presence by launching fully compliant centralised exchanges in Germany and Poland. These new platforms offer access to over 270 cryptocurrencies, including more than 60 crypto-to-euro trading pairs.

Integrating the Single Euro Payments Area (SEPA) infrastructure allows seamless Euro deposits and withdrawals through bank transfers and local payment methods.

The expansion aligns with the European Union’s Markets in Crypto-Assets (MiCA) regulation, marking a significant step towards regulated crypto adoption in the region. OKX’s acquisition of the first full MiCA licence highlights its commitment to transparency and security, setting a standard for other crypto firms.

Germany is set to lead Europe in crypto growth by 2030, with Poland emerging as a key player thanks to pro-Bitcoin leader Karol Nawrocki. The compliant exchanges may attract increased institutional investment, challenging the view of crypto as an unregulated sector.

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