Cryptocurrencies

Bitcoin holds firm as tensions rise in the Gulf

Oil markets are on edge after US airstrikes hit three of Iran’s nuclear sites, raising fears of disruption to the Strait of Hormuz. The narrow passage is vital for about 20% of the world’s oil supply.

Any obstruction could drive crude prices up to $130 per barrel and intensify global inflation pressures.

Despite the joint strikes by the US and Israel, Brent crude remains stable for now, hovering near $72 per barrel. Traders are closely watching Iran’s next move and whether shipping through the Strait will be affected.

Bitcoin, in contrast, has shown remarkable resilience. Trading above $102,600, the leading cryptocurrency has not reacted to the military escalation, reinforcing its role as a safe-haven asset during geopolitical uncertainty.

With its fixed supply and decentralised structure, Bitcoin is increasingly being seen as a hedge against inflation and instability. Its steady price amid market anxiety highlights the growing confidence in crypto during global crises.

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Lawsuits pressure Strategy over Bitcoin losses

Michael Saylor’s Strategy, the largest corporate Bitcoin holder, is under pressure after reporting a $5.9 billion unrealised Q1 loss. The loss came after a new FASB rule requiring crypto assets to be valued at market price.

Investors allege the company failed to disclose the impact of the change, resulting in a sharp drop in share price.

The lawsuit, led by investor Abhey Parmar, claims executives breached fiduciary duties by downplaying Bitcoin volatility and misrepresenting the effects of the accounting shift.

CEO Phong Le and CFO Andrew Kang are accused of selling nearly $31.5 million in shares before the changes were made public. The move has raised concerns about insider trading and corporate governance.

A second class-action lawsuit has been filed, intensifying scrutiny of Strategy’s reporting practices. Despite the legal challenges, the company’s stock has gained around 28% year-to-date, reflecting persistent investor interest in its Bitcoin strategy.

Saylor’s cryptic social media activity has sparked speculation about more Bitcoin purchases. With over 592,000 BTC held—worth nearly $60 billion—Strategy’s continued accumulation signals a strong commitment to its crypto-first approach, even as legal risks grow.

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Coinbase gains MiCA approval in EU

Coinbase has secured regulatory approval under the EU’s MiCA framework, allowing it to operate across all 27 member states. Luxembourg’s financial regulator, CSSF, licensed the exchange, making it the first US crypto firm fully recognised under MiCA.

After approval, Coinbase announced it would move its European headquarters from Ireland to Luxembourg. The country’s progressive stance on digital finance, including four blockchain laws in recent years, made it a strategic choice for the exchange.

MiCA aims to unify crypto regulations across the EU, offering clear rules and consumer protections while reducing regulatory fragmentation. Coinbase’s endorsement of the CSSF highlights the role Luxembourg is playing in shaping digital policy in Europe.

With this move, Coinbase joins a growing list of global exchanges — including Bybit, Crypto.com, and OKX — positioning themselves for broader European expansion under MiCA’s regulatory framework.

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Lazarus Group linked to Taiwan exchange hack

Taiwanese cryptocurrency exchange BitoPro has confirmed that North Korea’s state-sponsored Lazarus Group carried out a cyberattack on 9 May, resulting in the theft of approximately $11.5 million.

The company announced an internal investigation supported by an external cybersecurity firm. BitoPro detected suspicious outflows from its platform in early May, prompting immediate security measures and a comprehensive forensic review.

According to the exchange, the attackers employed tactics, techniques, and procedures (TTPs) consistent with previous operations attributed to Lazarus—an elite cybercrime unit from North Korea linked to numerous high-profile financial and cryptocurrency heists worldwide.

‘The methodology observed during the breach strongly resembles known Lazarus Group activity,’ BitoPro stated. ‘We are working closely with law enforcement and blockchain security experts to recover stolen assets and prevent further incidents.’

The breach adds to a growing list of Lazarus-linked attacks targeting decentralised finance (DeFi) platforms, exchanges, and cross-chain bridges—sectors often lacking the robust security infrastructure of traditional banking systems.

BitoPro’s disclosure highlights the escalating threat that state-affiliated hacking groups pose to the digital asset industry. Experts warn that these attacks are becoming more frequent and sophisticated as bad actors continue to exploit vulnerabilities in emerging financial technologies.

Currently, BitoPro has not confirmed whether any of the stolen funds have been recovered. The company has assured users that affected systems have been secured and that additional security measures are being implemented to protect its infrastructure.

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TikTok denies buying Trump memecoins after bribe claims

TikTok has strongly denied accusations by US congressman Brad Sherman that its owners purchased $300 million worth of Trump meme coins. Responding via its official policy account on X, the company labelled the claims false and misleading.

Sherman alleged that the memecoin purchase was effectively a bribe to influence Donald Trump’s stance on banning TikTok in the US.

However, the accusations appear based on a report involving GD Culture Group, a Nasdaq-listed company with no direct connection to TikTok or its parent ByteDance.

GD Culture reportedly announced plans to buy Trump coins and Bitcoin while using TikTok to distribute AI-enhanced content. Despite this, no financial link between the firm and Trump or TikTok has been confirmed.

The timing of the claim coincides with Trump’s third delay in enforcing the TikTok ban, raising further political speculation. Sherman, a long-time crypto critic, also said that Trump’s crypto ventures threaten the US dollar’s dominance.

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Visa and Yellow Card launch new digital dollar system

Visa is stepping up efforts to improve cross-border payments in Africa by partnering with Yellow Card Financial to roll out stablecoin settlements across 20 markets. The pilot will start later this year in an undisclosed country, offering faster and cheaper transactions.

The collaboration promises near-instant, low-cost stablecoin transfers by combining Visa Direct’s payment network with Yellow Card’s licences in Africa and the broader CEMEA region.

These services come at a critical time, as local currency volatility and shortages of US dollars have hampered trade and remittances across the continent.

Visa’s stablecoin infrastructure has already processed over $225 million in USDC settlements since 2023. Yellow Card, which has handled over $6 billion in crypto transactions, offers Visa immediate access to a mature crypto corridor.

The partnership seeks to modernise traditional payment rails by reducing fees, improving liquidity management, and boosting resilience.

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South Korea to investigate crypto exchange fees

South Korea’s Financial Services Commission (FSC) has announced an investigation into the transaction fees charged by domestic cryptocurrency exchanges. The regulator will assess if fees are too high and consider ways to reduce trading costs.

The inquiry aligns with President Lee Jae-myung’s pro-crypto agenda. Lee promised during his campaign to reduce trading fees, notably to support younger investors.

The FSC intends to survey local exchanges about their current fee systems and compare them with overseas platforms to set future policy standards.

Earlier this year, South Korea’s regulator introduced a 0.6% supervision fee on exchanges’ operating revenues.

The fees collected from major exchanges like Upbit and smaller players such as Bithumb and Coinone contribute significantly to the overall industry revenue. The FSC has yet to comment on the investigation’s next steps.

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In-app investing coming soon to X

Elon Musk’s plan to turn X into a social and financial hub is moving forward, with in-app investing and payments on the way. X CEO Linda Yaccarino said the new financial features, including a possible X debit card, will launch soon.

According to the Financial Times, users can carry out transactions ranging from splitting bills to making investments—all within the app. Yaccarino described it as a future where users manage their financial lives directly through X.

A limited beta version of ‘X Money’ was quietly launched in May.

Despite Musk’s well-known enthusiasm for Dogecoin, memecoin and other cryptocurrencies were not mentioned. Musk has frequently promoted Dogecoin, but X’s financial plans currently leave out crypto integration.

The move reflects Musk’s long-term vision of building an ‘everything app.’ Originally co-founding X.com in 1999, which became PayPal, Musk later revived the X brand when acquiring Twitter in 2022.

The platform is now inching closer to merging social media with finance—without, for the moment, embracing crypto.

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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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