Cryptocurrencies Archives | Page 52 of 174

US Senator proposes crypto ban for top officials

Senator Adam Schiff has proposed a bill to ban top officials and their families from engaging in crypto ventures while in office. The COIN Act seeks to ban top officials from endorsing, creating, or promoting cryptocurrencies, NFTs, and stablecoins.

The proposal follows growing scrutiny of President Donald Trump’s involvement in digital assets. Schiff pointed directly to Trump’s financial gains, which included $58 million from token sales in 2024 and a projected $390 million in 2025.

He argued that such activities raise ‘ethical, legal and constitutional’ concerns, especially concerning public office.

Under the COIN Act, any sale of digital assets over $1,000 must be disclosed. Violators could face penalties equal to their profits and up to five years in prison.

Despite this push, Schiff previously voted for the GENIUS Act, which exempted the president and vice president from stablecoin restrictions—a move some critics see as contradictory.

The bill has gained support from nine Senate Democrats but is unlikely to pass under a Republican-controlled Congress. Democrat-led measures, such as the MEME Act and the Stop TRUMP in Crypto Act, have similarly struggled to gain traction.

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Traders bet on war with meme coins

Amid rising Middle East tensions, crypto traders rushed into World War-themed meme coins, seeking profits from panic. BunkerCoin, a token linked to a supposed German bunker project, surged nearly 2,000% before losing most of its gains.

Other tokens, like Werld Wur Thwee and Sticks and Stones, followed similar boom-and-bust cycles.

Most of these speculative tokens launched via Pump.fun, a Solana-based platform that has created over 11 million meme coins. According to on-chain analysts, these coins are rarely linked to genuine interests.

Instead, traders follow trending topics, from war to celebrity illnesses, to profit quickly—regardless of ethical implications.

Industry observers argue that the meme coin craze reflects deeper issues. Educational and financial nihilism, particularly among younger generations, pushes many away from traditional finance.

Disillusioned by stagnant wages and high living costs, they turn to meme coins not just for money but for identity and cultural belonging.

Some projects have crossed moral boundaries, mocking cancer diagnoses or promoting hate speech. Yet despite the risks, the appeal of instant gains continues to drive participation.

One expert noted, ‘Meme coins thrive on dopamine, not fundamentals.’

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Solana teams up with Kazakhstan to grow crypto startups

Solana has signed a Memorandum of Understanding with Kazakhstan’s Ministry to support the country’s growing crypto sector. The partnership aims to advance startups and improve developer education using the Solana blockchain.

The collaboration aims to promote the tokenisation of capital markets, enhancing the appeal of Kazakhstan’s Astana International Exchange (AIX) to global investors.

Solana Foundation leaders highlighted how blockchain technology could help AIX compete with major exchanges such as the NYSE and Nasdaq by storing most trading volume on-chain.

The announcement comes shortly after Kazakhstan launched the Solana Economic Zone, the first in Central Asia. Digital minister Zhaslan Madiyev called the initiative a step towards fostering web3 talent and advancing Kazakhstan’s digital economy.

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Tether CEO unveils offline password manager

Paolo Ardoino, CEO of Tether, has introduced PearPass, an open-source, offline password manager. The launch comes in response to the most significant credential breach on record, which exposed 16 billion passwords.

Ardoino criticised cloud storage, stating the time has come to abandon reliance on it for security.

The leaked data reportedly covers login details from major platforms like Apple, Meta, and Google, leaving billions vulnerable to identity theft and fraud. Experts have not yet identified the perpetrators but point to systemic flaws in cloud-based data protection.

PearPass is designed to operate entirely offline, storing credentials only on users’ devices without syncing to the internet or central servers. It aims to reduce the risks of mass hacking attempts targeting large cloud vaults.

The tool’s open-source nature allows transparency and encourages the adoption of safer, decentralised security methods.

Cybersecurity authorities urge users to change passwords immediately, enable multi-factor authentication, and monitor accounts closely.

As investigations proceed, PearPass’s launch renews the debate on personal data ownership and may set a new standard for password security.

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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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