Cryptocurrencies

$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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FBI reports $9.3 billion lost to cryptocurrency fraud in 2024

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 welcomes SEC shift under new chair

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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Russia plans further mining bans in three regions

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’s market cap hits $1.86 trillion, surpassing Google

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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