Cryptocurrencies

Investors sue Nike for alleged NFT ‘soft rug pull’

Nike faces a proposed $5 million class action lawsuit accusing the sportswear giant of abandoning investors in its sneaker-themed NFTs. Filed on Friday, the complaint alleges that Nike promoted its digital assets through RTFKT. It then pulled back support, causing the NFTs to lose value.

The plaintiffs claim that Nike engaged in a ‘soft rug pull‘ by hyping the NFTs and later winding down RTFKT’s operations. They argue that the NFTs were unregistered securities and that Nike failed to provide key disclosures that registration would have required.

Investors allege they would not have purchased the NFTs if they had known about the risks or Nike’s plans to exit the project.

Even if the NFTs are not classified as securities, the lawsuit contends that Nike’s actions violated consumer protection laws across several US states. Plaintiffs further accuse Nike of unjust enrichment, profiting from NFT sales while leaving buyers with losses.

Nike has not yet responded publicly. Meanwhile, RTFKT’s NFTs briefly disappeared last week due to a hosting issue, compounding concerns among collectors.

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Coinbase urges the SEC to allow staff to use cryptocurrencies

Coinbase has formally asked US regulators to lift the ban preventing Securities and Exchange Commission (SEC) staff from buying, selling, or using cryptocurrencies that are not considered securities.

Chief Legal Officer Paul Grewal sent letters to SEC Chair Paul Atkins and the US Office of Government Ethics on 22 April.

He argued that the restriction limits the regulators’ ability to oversee the crypto sector properly. Grewal emphasised that the ban is particularly damaging. The SEC is working under a presidential order to propose regulatory reforms supporting America’s leadership in digital finance.

Nearly half the given timeframe has already passed, yet SEC staff remain unable to engage with the technology they are meant to regulate. Coinbase warned that effective oversight requires hands-on experience with crypto assets.

The company also suggested allowing ownership of certain cryptocurrencies under conditions that would prevent conflicts of interest. According to Coinbase, the changes would align with the Office of the Inspector General’s call for regulators to adapt in a rapidly evolving market.

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El Salvador proposes a tokenised real estate sandbox to the US SEC

El Salvador has proposed a regulatory sandbox to the US Securities and Exchange Commission (SEC). The sandbox could allow US firms to test tokenised real estate projects within the country.

The idea was discussed during a meeting between El Salvador’s National Commission on Digital Assets (CNAD) and the SEC’s Crypto Task Force. The initiative aims to enable projects like tokenised land shares or SEC-approved crowdfunding for small companies. It could potentially unlock a trillion-dollar asset class.

The proposal builds on El Salvador’s history of embracing cryptocurrency. With Bitcoin as legal tender and innovative approaches like using volcanic energy for mining, the nation has become a hub for Bitcoin enthusiasts.

El Salvador has also accumulated a significant Bitcoin reserve, mirroring US President Donald Trump’s Strategic Bitcoin Reserve.

Collaboration with the SEC may solidify El Salvador’s role in the global crypto space. Meanwhile, Sandbox marks key step toward regulation.

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Bitcoin whale moves 50 BTC after 15 years, making $4.67 million

A Bitcoin whale recently moved 50 BTC, worth approximately $4.67 million, after sitting dormant for 15 years. The transaction saw coins originally mined in July 2010, when Bitcoin was worth less than $0.10 per coin. At the time of the transfer, Bitcoin’s price stood at $93,455.

Address identified by code ’04ba30′ stayed inactive for more than 15 years after receiving coins in 2010. However, the transaction was first flagged on X by Bitcoin journalist and historian, Pete Rizzo.

The holder, whether an early miner or a long-term investor, achieved an unimaginable 93,460,500% return on their investment.

It is not the first time Bitcoin whales have resurfaced with remarkable returns. In November, another investor moved 2,000 BTC, initially purchased for a mere $120, now valued at a staggering $179 million.

Despite these extraordinary gains, the most prominent Bitcoin whale remains the pseudonymous creator, Satoshi Nakamoto, believed to hold 1.1 million BTC.

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$Trump cryptocurrency soars following exclusive event promise

The price of Donald Trump’s $Trump cryptocurrency surged by over 70% following the announcement of exclusive events for its top investors. The 220 largest holders of the meme coin will be invited to a private gala dinner with the president on 22 May.

The event is described as ‘the most EXCLUSIVE INVITATION in the world’ on the coin’s official website.

Despite the surge, the $Trump token remains far below its peak of over $74 (£42.40) from January, shortly after its launch. Trump, who has dubbed himself the ‘crypto president’, has launched several crypto-related ventures.

Alongside the gala dinner at the Trump National Golf Club in Washington, DC, the top 25 coin holders will also receive invitations to a private VIP reception with the president.

The $Trump tokens in circulation are valued at around $2.5bn, with the cryptocurrency debuting just before Trump’s inauguration on 20 January. The announcement has drawn criticism from some within the crypto community, who labelled it ‘a stunt’.

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Italian town celebrates Bitcoin creator with monument

Fornelli, a town in Molise, will unveil a monument to Satoshi Nakamoto, the pseudonymous creator of Bitcoin.

The artwork, designed by local artist Mattia Pannoni, will be revealed on 1 May 2025, following a Facebook announcement from the municipality.

Known for its high Bitcoin adoption rate among its 1,800 residents, Fornelli is financing the project through local government funds.

Mayor Giovanni Tedeschi emphasised the importance of embracing new ideas. He particularly highlighted those from the younger generation in shaping the town’s future.

The identity of Satoshi Nakamoto, the mysterious figure behind Bitcoin’s creation, remains unsolved. Many artists have attempted to capture Satoshi’s image, often portraying a faceless figure working on a computer or wearing a hoodie.

Fornelli’s monument is expected to follow this tradition, reflecting the enigma surrounding Nakamoto’s identity. The artwork will be displayed in the Piazza Umberto I.

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North Korean hackers create fake US firms to target crypto developers

North Korea’s Lazarus Group has launched a sophisticated campaign to infiltrate the cryptocurrency industry by registering fake companies in the US and using them to lure developers into downloading malware.

According to a Reuters investigation, these US-registered shell companies, including Blocknovas LLC and Softglide LLC, were set up using false identities and addresses, giving the operation a veneer of legitimacy instead of drawing suspicion.

Once established, the fake firms posted job listings through legitimate platforms like LinkedIn and Upwork to attract developers. Applicants were guided through fake interview processes and instructed to download so-called test assignments.

Instead of harmless software, the files installed malware that enabled the hackers to steal passwords, crypto wallet keys, and other sensitive information.

The FBI has since seized Blocknovas’ domain and confirmed its connection to Lazarus, labelling the campaign a significant evolution in North Korea’s cyber operations.

These attacks were supported by Russian infrastructure, allowing Lazarus operatives to bypass North Korea’s limited internet access.

Tools such as VPNs and remote desktop software enabled them to manage operations, communicate over platforms like GitHub and Telegram, and even record training videos on how to exfiltrate data.

Silent Push researchers confirmed that the campaign has impacted hundreds of developers and likely fed some stolen access to state-aligned espionage units instead of limiting the effort to theft.

Officials from the US, South Korea, and the UN say the revenue from such cyberattacks is funneled into North Korea’s nuclear missile programme. The FBI continues to investigate and has warned that not only the hackers but also those assisting their operations could face serious consequences.

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SEC hears proposal on tokenised securities from Ondo Finance

Ondo Finance has presented a regulatory framework to the US Securities and Exchange Commission (SEC) for tokenising publicly traded securities. The proposal was discussed during a meeting with the SEC’s Crypto Asset Working Group.

The conversation centred on how current financial rules could be applied to tokenised versions of traditional securities on blockchain networks. Ondo addressed issues surrounding registration, broker-dealer obligations, market oversight, and state corporate law.

The company also suggested sandbox arrangements or temporary relief mechanisms that could foster innovation while maintaining investor protections.

CEO Nathan Allman and CSO Ian De Bode presented structural models to address regulatory uncertainties. Their goal is to create a legally sound method for issuing digital representations of traditional financial instruments.

Separately, the SEC is set to hold a Crypto Task Force Roundtable on 25 April in Washington, D.C. The event will cover digital asset custody, with panels featuring experts from Kraken, Anchorage, Fireblocks, and top universities like Georgetown and UPenn.

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Ljubljana is named the world’s most crypto-friendly city

Ljubljana has been named the world’s most crypto-friendly city in the 2025 Crypto Cities Index by Multipolitan. It surpassed major financial hubs like Hong Kong, Zurich, and Singapore.

The Slovenian capital’s success lies in its strong infrastructure, forward-thinking regulations, and real-world crypto adoption. With over 150 crypto ATMs and widespread retail acceptance, the city has built a thriving environment for everyday digital asset use.

Beyond retail usage, Ljubljana benefits from a unified crypto ecosystem supported by local organisations such as the Blockchain Alliance Europe.

Homegrown platforms like Blocksquare are making global strides, including a $1 billion tokenisation partnership with Vera Capital.

These developments highlight how a smaller city can outperform global contenders with cohesive, innovative strategies.

Hong Kong and Zurich tied for second place, respectively, and were praised for their regulatory clarity and financial stability. Meanwhile, Singapore and Abu Dhabi completed the top five, driven by favourable tax policies and efforts to attract blockchain firms.

In addition, Slovenia topped the Crypto Wealth Concentration Index, with the average crypto holder owning around $240,500 in digital assets, far ahead of the UK and US.

However, Slovenia’s proposed 25% tax on personal crypto profits, set to take effect in 2026, has sparked debate. While the government projects up to €25 million in annual revenue, critics warn that the tax could deter innovation and drive talent abroad.

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Kuwait cracks down on illegal crypto mining operations

The Kuwait Ministry of Interior has issued a stern warning against cryptocurrency mining. It follows a rise in electricity usage linked to over 1,000 suspected mining locations across the country.

The Ministry has reiterated that crypto mining remains illegal. Its position has been enforced since July 2023, when the Capital and Markets Authority banned all cryptocurrency activities.

Authorities raised alarms after detecting unusual electricity consumption patterns, which have led to power outages in residential and commercial areas. The Ministry expressed concerns over public safety, highlighting the disruptions to essential services caused by the mining activities.

Kuwait’s low electricity prices have made the country an attractive location for mining operations, despite the legal ban. In collaboration with the Ministry of Electricity, the Interior identified over 100 homes in Al-Wafra with power consumption up to 20 times higher than normal.

Despite the mining ban, Kuwaitis continue engaging in crypto activities, as shown by a $40 million loss in January 2025 from the fraudulent Bitcoin Kuwait token. Public figures have called for stricter enforcement and further legislative action to prevent crypto-related fraud in the region.

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