The Federal Bureau of Investigation (FBI) has revealed that Americans lost approximately $9.3 billion to cryptocurrency fraud in 2024. The figure marks a 66% increase compared to the previous year.
The data was published in the FBI’s annual Internet Crime Complaint Center (IC3) report.
Individuals aged 60 and older were the most heavily impacted, accounting for $2.8 billion in losses across 33,000 complaints. Investment scams made up the largest share of monetary losses. ‘Sextortion’ scams, where fraudsters used manipulated explicit media, were the most frequently reported.
Despite efforts like the FBI’s ‘Operation Level Up’, which helped prevent $285 million in potential fraud, experts warn that scams may continue to rise in 2025.
Chainalysis pointed to generative AI as a major enabler for cybercriminals, estimating $41 billion in global illicit crypto volume in 2024 alone.
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Michael Saylor believes newly appointed SEC Chair Paul Atkins will benefit the crypto sector. Atkins, sworn in on 22 April, pledged to establish a clear and principled regulatory framework for digital assets, aiming to make the US a leading business hub.
Saylor’s firm, Strategy, recently purchased 6,556 BTC valued at over $555 million. The acquisition marked a return to its Bitcoin-buying strategy after a brief pause triggered by economic uncertainty following Trump’s ‘Liberation Day’ tariffs.
Bitcoin rose to around $93,000 as Atkins took office. The SEC has also softened its stance, dropping lawsuits against firms like Kraken and Coinbase, signalling a broader regulatory shift.
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The Russian Energy Ministry is contemplating crypto mining bans in three more regions as local electricity grids face mounting pressure.
Regions under consideration for the ban include Karelia, Penza Oblast, and part of Khakassia. A decision on potential restrictions is expected by May 2025.
The Russian government has already imposed mining restrictions in several areas. On 1 January 2025, mining was banned during the winter months in 10 regions, including parts of Southern Siberia and the North Caucasus.
Additionally, in April, Moscow introduced its first year-round ban on crypto mining in the southern part of the Irkutsk Oblast, the country’s leading Bitcoin mining hub.
As the debate continues, some industrial miners in Karelia argue that taxes and differentiated tariffs would be more effective than outright bans. They suggest that Moscow should engage with miners to find a more balanced solution, rather than imposing harsh restrictions.
The Karelia Chamber of Commerce has urged a broader discussion with businesses before any decisions are made.
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Bitcoin has reached a new milestone, becoming the fifth-largest asset by market capitalisation, now valued at $1.86 trillion. Bitcoin has surpassed Google in market cap, breaking through $94,000 to reach its highest ranking ever.
The performance follows a previous peak when Bitcoin’s market cap exceeded $2 trillion, driven by a price of over $109,000. However, at that time, tech stocks were significantly higher than they are now.
Despite this, Bitcoin’s recent rise indicates a shift in market sentiment, with growing optimism fuelled by easing trade tensions between the US and China.
Bitcoin has also surpassed key resistance levels noted earlier in the week. Its breakout has not only outpaced major tech indices but has also set a new record across various asset classes. It suggests strong momentum for the digital currency.
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The University of the Hespérides in Spain is launching its first Master’s in Bitcoin programme on 28 April 2025.
Designed for professionals such as entrepreneurs, engineers, lawyers, and investors, the 10-month course will be delivered online and in Spanish. It will offer 60 ECTS credits.
Students will explore Bitcoin from multiple angles, including its philosophy, technology, monetary theory, legal status, and investment strategies. The curriculum includes practical workshops on self-custody, proof-of-work mining, and tax compliance.
Participants will also receive a Blockstream Jade hardware wallet and a book written by programme director Álvaro D. María.
Optional in-person seminars will be held in Santa Cruz de Tenerife and Las Palmas de Gran Canaria. The faculty includes economist Juan Ramón Rallo and experts from companies like BTC Inc. and Jan3.
The initiative aligns the university with global institutions such as MIT, NYU, and Berkeley, which are expanding cryptocurrency education to meet growing industry demand.
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Cryptocurrency firms are increasingly merging with traditional finance (TradFi), reflecting a growing synergy between the two sectors. Gracy Chen, CEO of Bitget, noted that both crypto exchanges and TradFi players are seeking to bridge the gap between the two sectors.
As more investors desire flexibility in their financial products, the lines between crypto and traditional finance are blurring.
In line with this trend, platforms like Kraken are expanding into TradFi offerings, launching access to stocks and ETFs. The move follows similar efforts from other companies, including Coinbase. The exchange aims to modernise the global financial system and increase crypto adoption across the world.
Both sectors recognise the potential of combining blockchain’s speed and transparency with TradFi’s trust, scale, and compliance. The convergence promises to unlock new opportunities for investors and accelerate institutional adoption of cryptocurrency.
Traditional investment platforms like eToro and Robinhood are also entering the crypto space, further cementing the connection between the two industries.
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New York MP Nydia Velázquez introduced the Fair Taxation of Digital Assets in Puerto Rico Act. The bill aims to require crypto investors in Puerto Rico to pay both local and federal taxes on capital gains.
Bill seeks to amend Puerto Rico’s tax laws, making income from digital assets subject to federal taxation.
Velázquez criticised the tax incentives for crypto investors. She claimed they have driven up housing costs, displaced residents, and strained the island’s economy, which has a poverty rate of nearly 40%.
Puerto Rico has been a tax haven since 2012, attracting investors, but this has cost the US government billions in lost tax revenue.
Puerto Rico’s Governor Jenniffer González-Colón proposed extending Act 60 until 2055, but with a 4% capital gains tax, far lower than the typical US rate.
It’s unclear if Velázquez’s bill will gain enough support, as both the House and Senate are expected to review crypto-related proposals soon.
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The European Data Protection Board (EDPB) has introduced draft guidelines aimed at regulating the storage and sharing of personal data on blockchains. These proposals aim to align blockchain with existing privacy standards, especially the GDPR.
The guidelines, ratified by the EDPB this month, are open for public comment until 9 June.
Under the new rules, access to personal blockchain data would be strictly limited to comply with GDPR protections. The EDPB highlighted the need for ‘Data Protection by Design and by Default.’
It advised organisations to implement early technical and structural measures to ensure transparency and data erasure.
The guidelines also emphasise that personal data should not be stored on a blockchain if it conflicts with privacy principles.
Data privacy experts have diverse opinions on the role of blockchain in privacy. Some see decentralisation as incompatible with regulation. Others argue that blockchain should prioritise privacy as a core component, not an afterthought.
One expert warned against putting personal data on blockchains, calling it a potential violation of privacy and a move towards authoritarianism.
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Ramil Palafox, CEO of PGI Global, has been charged by the US Securities and Exchange Commission. He is accused of orchestrating a $198 million crypto-based Ponzi scheme.
According to the SEC, Palafox marketed unregistered ‘membership packages’ between 2020 and 2021. He promised returns of up to 200% through a fake AI-driven trading platform.
Investor funds were reportedly diverted to finance an extravagant lifestyle, including a $1.7 million Las Vegas home, luxury cars, and high-end jewellery.
SEC alleges PGI Global manipulated user dashboards and faked trading activity to deceive investors. The company, also known as PGI Global UK Ltd, was shut down by the UK High Court in 2022.
The case marks the first crypto enforcement action under new SEC Chair Paul Atkins. Prosecutors filed a related criminal case and seek a permanent ban on Palafox’s crypto involvement. Several family members are named to receive assets linked to the scheme.
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The group is reportedly awaiting regulatory approval to set up a joint entity, slowing down immediate progress. The move aligns with the European Union’s Markets in Crypto Assets (MiCA) regulation, which has introduced strict rules for stablecoin issuance.
These standards have led to the retreat of some dominant players such as Tether, creating room for banks to develop regulated alternatives. Société Générale’s digital arm, SG FORGE, has already released its own Euro stablecoin on the Stellar blockchain.
The European Central Bank continues to face hurdles in advancing its Digital Euro project. In the meantime, traditional banks are offering private solutions for cross-border payments.
In the United States, similar efforts are underway with the proposed STABLE Act. The bill is already drawing attention from firms like Visa and World Liberty Financial, though the latter has come under scrutiny due to its political ties.
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