Cryptocurrencies

Crypto scam victims to receive $7M in recovered funds

US authorities will return $7 million to victims of a crypto investment scam. Fraudsters tricked investors into sending money to fake platforms before funnelling funds through 75 bank accounts. The US Secret Service seized assets from a foreign bank in 2023 and settled.

Victims were misled into believing their investments were growing, only to face demands for more money. When they attempted withdrawals, scammers claimed additional tax payments were required. The recovered funds will now be distributed to affected investors.

The 2025 Crypto Crime Report highlights the rise of sophisticated cyber scams. Australian police recently warned about fraudulent messages mimicking major exchanges. Other scams have involved malware disguised as legitimate trading software.

Microsoft’s security team has identified a new trojan targeting crypto wallets in Chrome extensions. As cybercriminals refine their tactics, authorities urge investors to stay vigilant and verify platforms before transferring funds.

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Bitcoin giant Strategy plans another BTC shopping spree

Bitcoin-focused firm Strategy has announced a new $711 million preferred stock offering as part of its ongoing efforts to grow its massive BTC holdings. The shares, priced at $85 with a 10% coupon, are part of the company’s strategy to raise both equity and debt to fuel its treasury accumulation of Bitcoin.

The latest move follows Strategy’s smallest-ever BTC acquisition on 17 March, when it purchased 130 Bitcoin worth around $10.7 million. This brought its total stash to 499,226 BTC, valued at over $41.8 billion. Despite the modest scale of the recent buy, co-founder Michael Saylor has reaffirmed the company’s intention to aggressively raise further capital to keep adding to its reserves.

Earlier in March, Strategy launched its 8% Series A preferred stock programme, with plans to raise up to $21 billion for future Bitcoin purchases. The firm appears to be attracting investors with returns that outpace traditional bond yields, enticing them away from conventional debt markets.

While the company remains up roughly 26% on its Bitcoin investments overall, its shares have experienced sharp fluctuations, dropping 44% since their peak in late 2024. Nonetheless, a recent rebound saw shares rise to around $299 after dipping to $231. As part of the Nasdaq 100, Strategy is seeing increased exposure to both market gains and tech sector volatility.

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Monero surges as privacy coins gain momentum

Monero’s price has been climbing for three consecutive days, reaching its highest point since April 2022. The privacy-focused cryptocurrency surged to $216.3, marking a 110% gain from its lowest level in 2024 and outperforming major assets like Bitcoin and Ethereum.

The rally followed a key US court decision concerning Tornado Cash, a privacy tool previously sanctioned by the Treasury Department.

A judge ruled that smart contracts operating autonomously cannot be classified as property, leading to the lifting of sanctions. This decision fuelled optimism for privacy coins, which have faced regulatory scrutiny over concerns of illicit use.

Due to this scrutiny, major exchanges such as Binance, Kraken, and Coinbase delisted Monero in recent years. However, the Tornado Cash ruling may prompt some platforms to reconsider their stance, potentially restoring Monero and similar tokens like Dash, Zcash, and Horizen to wider markets.

Technical indicators suggest continued bullish momentum, with Monero trading above the 50-week Exponential Moving Average. If the price breaks above its current ascending channel, further gains towards $290—a key resistance level from April 2022—could be expected.

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$TRUMP meme coin jumps after Trump calls it ‘the greatest’

US President Donald Trump’s recent endorsement of the $TRUMP meme coin on Truth Social has led to a temporary price surge. Trump called the coin ‘the greatest of all,’ sharing his excitement with his 9.3 million followers.

The post sent the token’s price to a high of $12.17, before settling around $11.85. Despite the boost, the coin remains down by 84% from its all-time high of $73.4, reached shortly after its launch in January.

The Solana-based $TRUMP token was launched in January 2025, reaching a peak market value of over $14.5 billion just before Trump’s inauguration.

However, the coin has raised concerns about unregulated financial influence and potential risks to investors, especially with its connection to the President’s brand.

While Trump had previously expressed limited knowledge about the coin, his latest post has reignited interest.

Lawmakers, including Rep. Sam Liccardo, have also raised alarms, with some pushing for regulations such as the MEME Act to prevent federal officials and their families from profiting off meme coins.

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Crypto crime surge triggers market instability

Crypto markets are facing heightened volatility as illicit activity surges, with hackers stealing over $2.2 billion in 2025 alone. Mintology CEO Zach Burks has described the current period as ‘crime season,’ warning that the increase in thefts is eroding investor confidence and posing a national security threat.

North Korea’s Lazarus Group is linked to a $1.5 billion heist, further shaking the market.

Burks highlighted the impact on meme coins, which have dropped by 56% since December, and Bitcoin, which has fallen from $106,000 to $83,000.

A further decline to $72,000 is possible in the coming weeks. Investors, particularly those holding meme coins, are advised to prepare for continued volatility over the next six weeks.

Regulatory bodies like the SEC and FCA are ineffective in tackling crypto crime, according to Burks. He argues that their bureaucratic approach does little to recover stolen funds or enhance security.

Instead, he advocates for a decentralised, community-led response, urging the industry to build networks of independent investigators who can track illicit transactions and restore trust.

Beyond financial losses, Burks warns that crypto crime is a national security issue. He stresses the need for pragmatic industry leaders to push for solutions that protect investors without excessive government interference.

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Russian Central Bank renews push for nationwide crypto ban

Russian Central Bank Governor Elvira Nabiullina has once again urged the government to enforce a nationwide cryptocurrency ban, preventing residents from trading digital assets within the country.

Speaking at a press conference, she proposed prohibiting crypto settlements outside the experimental legal regime (ELR), a Central Bank-controlled regulatory sandbox.

The ELR currently allows selected businesses to use cryptocurrencies for transactions and provides a controlled framework for miners to sell their holdings internationally.

While the bank has suggested that qualified investors could trade within the sandbox, Nabiullina remains strongly opposed to broader crypto use. She reiterated calls for strict regulations, including criminal penalties for violations, to ensure crypto remains excluded from the mainstream economy.

Despite her firm stance, other Russian financial authorities appear more open to digital assets. The Ministry of Finance recently proposed a category of ‘super-qualified’ investors who could legally trade crypto.

Industry leaders, including Alexander Shokhin of the Russian Union of Industrialists and Entrepreneurs, argue that Russia should reconsider its position, particularly in light of global developments such as the US accumulating Bitcoin and Ethereum reserves.

Nabiullina, however, remains steadfast, dismissing any possibility of integrating crypto into the Central Bank’s reserves. While the debate over digital assets continues in Moscow, the Central Bank remains committed to shielding retail investors from a highly risky market.

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Washington welcomes first bitcoin-themed bar

A well-known Washington, D.C. bar popular among Republican staffers is closing down, creating a new social space – a cryptocurrency bar. Hill Country, a Texas-style barbecue restaurant and nightlife spot near power lobbying firms is shutting its doors after 14 years.

It will reportedly be replaced by a D.C. outpost of Pubkey, a New York-based bitcoin-themed bar known for its casual vibe and crypto payments. Pubkey first opened in 2022 in Manhattan and quickly became a gathering spot for crypto enthusiasts.

The bar gained national attention when Donald Trump visited during his 2024 campaign and used nearly $1,000 worth of bitcoin to buy food for patrons, making him the first US president to complete a bitcoin transaction. Pubkey owner Thomas Pacchia confirmed that a Washington location is in the works and that it aims to welcome a bipartisan crowd.

The shift reflects a broader cultural and political trend as cryptocurrency gains more influence in American politics. Once viewed with scepticism, the crypto world now has strong ties to Trump’s circle, with figures like Elon Musk and David Sacks pushing the agenda. Trump has further embraced the space, launching a memecoin, appointing a ‘crypto czar,’ and proposing a national cryptocurrency reserve.

While PubKey proudly accepts Bitcoin as a form of payment, cash and credit payments options are also available.

Why does it matter?

The arrival of Pubkey in D.C. is symbolic of crypto’s growing presence in national discourse—both politically and socially. While Hill Country offered smoked brisket and karaoke nights for Capitol Hill insiders, its crypto-centric replacement signals a new kind of power player is stepping onto the scene.

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Solana futures ETFs launch in the US

Volatility Shares has launched the first Solana futures-based exchange-traded funds (ETFs) in the US, marking a significant milestone in the cryptocurrency sector.

The firm introduced two ETFs, the Volatility Shares Solana ETF (SOLZ) and the Volatility Shares 2X Solana ETF (SOLT), offering investors traditional exposure to Solana (SOL). While SOLZ tracks Solana futures, SOLT offers leveraged exposure at twice the rate of Solana’s price movement.

The expense ratios for the two products are set at 0.95% and 1.85%, respectively.

The launch comes after Volatility Shares’ swift approval from the US Securities and Exchange Commission (SEC) in a matter of months.

The firm’s CEO, Justin Young, sees the timing as favourable, with increasing optimism for cryptocurrency innovation in the US Despite the approval of futures-based Solana ETFs, the SEC has yet to approve a spot Solana ETF.

Analysts suggest futures ETFs often precede the launch of spot ETFs, a trend observed with Bitcoin and Ethereum ETFs.

Although the launch of Solana ETFs is significant, analysts remain cautious about the market’s response. Bloomberg’s ETF analyst Eric Balchunas noted that while Solana is the first altcoin after Ethereum to be approved for futures ETFs, demand might not reach the levels seen with spot Bitcoin ETFs.

On launch day, Solana futures trading volume reached $12.3 million, a smaller figure compared to Bitcoin’s and Ethereum’s futures debuts. Despite this, analysts have pointed out that Solana’s performance aligns well with Bitcoin and Ethereum when adjusted for market capitalisation.

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Coinbase presents proposal for digital asset regulation to US SEC

After a lengthy legal battle, Coinbase has submitted a proposal to the US Securities and Exchange Commission (SEC) for clearer digital asset regulations.

The blueprint, presented by Coinbase Chief Legal Officer Paul Grewal, aims to help the SEC navigate the complex issue of regulating digital securities. The exchange’s suggestions come ahead of the SEC’s Crypto Task Force roundtables, which will address regulatory issues surrounding cryptocurrencies.

Coinbase’s proposal includes four key points: first, the SEC should establish a clear distinction between cryptocurrency commodities and securities. Second, it urges the SEC to confirm that secondary market sales of commodities are not considered securities transactions.

Third, Coinbase recommends that the SEC consult with Congress on ambiguous regulatory areas instead of creating ad-hoc rules. Finally, the blueprint advocates for rules that recognise the potential of Web 3 and tokenized securities, hoping to solidify the US’s leadership in this space.

The SEC has begun to shift its approach toward the cryptocurrency industry following the exit of former Chairman Gary Gensler. The agency, under the guidance of Commissioner Hester Pierce and the new Crypto Task Force, is working towards greater clarity for the industry.

Coinbase has expressed a willingness to collaborate with the SEC but has also filed a FOIA request for more transparency regarding its enforcement actions.

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Australian police warn of Binance-themed crypto scam targeting users

Australian authorities have issued warnings about a sophisticated scam in which fraudsters impersonate Binance via SMS, tricking users into transferring their crypto assets.

The Australian Federal Police (AFP) revealed that scammers use sender ID spoofing to make fraudulent messages appear in the same thread as legitimate Binance communications.

Victims are falsely informed of a security breach and urged to move their funds to a ‘trust wallet,’ which is controlled by the scammers.

The AFP has identified at least 130 potential victims and launched a campaign to warn them. Cybercrime officials explained that once funds are transferred to the scammers’ wallets, they are swiftly moved across multiple accounts, making recovery difficult.

Similar scams have also targeted users of Coinbase and Gemini, exploiting pre-generated recovery phrases to seize control of wallets.

Binance Chief Security Officer Jimmy Su advised users to verify official communications through Binance’s security tools and website.

The Australian government is taking steps to combat these scams, planning to launch an SMS Sender ID Register in late 2025. The initiative will require telecom providers to verify brand-name messages, reducing the risk of spoofing.

Investment scams remain a significant issue in Australia, with AU$382 million ($269 million) lost in the past year, nearly half of which was crypto-related.

Authorities continue to urge caution, warning users to be sceptical of unsolicited messages and requests for seed phrases or urgent transfers.

For more information on these topics, visit diplomacy.edu.