Cryptocurrencies

Genius Group forced to sell Bitcoin after US court order

Genius Group, an AI-focused education firm based in Singapore, has been compelled to sell part of its Bitcoin holdings after a US court blocked it from raising funds or investing.

The Southern District of New York issued the injunction on 13 March. It halted the company’s $150 million at-the-market financing and disrupted its Bitcoin-first treasury strategy. As a result, Genius Group has trimmed its Bitcoin reserves from 440 to 430 to cover operational costs.

The dispute centres on Genius Group’s attempt to exit an Asset Purchase Agreement (APA) with Fatbrain AI. Fatbrain shareholders and the SEC accused the firm’s executives of fraud linked to the APA.

In response, Michael Moe and Peter Ritz, associated with Fatbrain AI, successfully sought a restraining order against Genius Group. The company claims the order is based on falsehoods.

A transcript allegedly detailing a plan to leverage the court system for financial gain was presented as evidence. Both parties have used it in different legal actions.

The injunction has had far-reaching effects, forcing Genius Group to shut down divisions and pause investments. It has also caused the company to violate Singaporean labour laws by being unable to issue share-based compensation.

CEO Roger James Hamilton voiced frustration, stating the situation undermines corporate autonomy. Despite setbacks, the company remains committed to Bitcoin and is appealing to overturn the court’s decision.

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

Law firm investigates potential fraud in Libra meme coin launch

The Treanor Law Firm is investigating potential fraud, market manipulation, and racketeering. These issues are related to the controversial launch of the Libra meme coin (LIBRA).

The token, which was heavily promoted by Argentine President Javier Milei, quickly soared to a market cap of $1.17 billion. It crashed 97% after Milei distanced himself from the project. The firm is seeking victims to support a potential lawsuit against those behind the token’s creation and promotion.

The Libra token was marketed as a project designed to boost the Argentine economy and fund small businesses. However, its rapid collapse has raised questions about the validity of the claims made to investors.

The Treanor Law Firm’s investigation is focused on whether investors were misled during the sale and whether market manipulation occurred. Over 75,000 wallets have reportedly lost money, with total losses exceeding $280 million.

In addition to investigating fraud and market manipulation, the firm is considering whether racketeering violations are involved. If racketeering is proven, victims could be entitled to triple damages.

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

Study finds 55 million US adults now use cryptocurrency

A new study by the National Cryptocurrency Association (NCA) has revealed that 55 million US adults, or 21% of the population, now use cryptocurrency. The survey highlights how digital assets are being adopted across different age groups, income levels, and industries.

Ownership remains highest among younger adults, with 67% of holders under 45. The study also found significant adoption among older Americans, with 15% of users over 55.

Women now represent 31% of all crypto holders. The adoption is notably strong in the construction sector (12%), surpassing financial services (7%).

Beyond investment, many users see cryptocurrency as a tool for learning, personal growth, and innovation. Forty-five percent value its role in education. The same percentage enjoys the excitement of being part of an emerging industry.

Nearly 40% use crypto for purchases, and 9% transact with it daily. Meanwhile, 81% want to expand their knowledge, particularly regarding security, regulation, and blockchain technology.

Regulation remains a key concern, with 64% supporting government oversight but 67% fearing it could hinder innovation.

Many users also see crypto’s broader societal benefits, with 45% citing its role in financial inclusion and digital transaction efficiency. Additionally, 33% recognise its potential to enhance global cooperation.

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

Lawmakers demand answers on Trump’s crypto connections

The US lawmakers are intensifying their scrutiny of President Donald Trump’s ties to the cryptocurrency industry. Concerns over conflicts of interest and regulatory transparency continue to grow.

Senator Elizabeth Warren (D-MA) and Representative Maxine Waters (D-CA) sent a letter to SEC Acting Chair Mark Uyeda on 2 April. They demanded records on World Liberty Financial, Inc. (WLFI), a crypto firm linked to the Trump family.

The firm has raised millions and sparked allegations of potential bias in the SEC’s handling of crypto enforcement.

The letter details the Trump family’s significant financial stake in WLFI. They hold a 75% claim to token revenue, which has already earned them an estimated $390 million.

Lawmakers expressed concern about the SEC’s lack of action on the firm. They worry that the broader crypto market could be influenced by the Trump family’s financial interests.

In particular, they questioned the SEC’s sudden decision to pause its enforcement case against Tron founder Justin Sun, who also invested heavily in WLFI.

The concerns are compounded by the launch of WLFI’s stablecoin, USD1. It occurred shortly before lawmakers voted on relevant legislation, which they argue could indicate undue political influence.

The SEC has until 14 April to respond. The debate over crypto regulation is likely to intensify as the investigation continues.

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

The US House Committee passes a bill to strengthen stablecoin oversight

The US House Financial Services Committee has passed a bill aimed at regulating stablecoins, moving it to a full House vote. On 2 April, the Committee approved the Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE) Act in a 32-17 vote.

The bill outlines a regulatory framework for payment stablecoins such as USDT and USDC. It mandates transparency in token reserves, ensuring issuers hold sufficient dollar-equivalent assets to back their circulating supply.

Key provisions focus on consumer protection and reducing risk for stablecoin users. The bill also aims to strengthen the role of the dollar in digital finance.

Supporters argue the bill will modernise the US payment infrastructure, making transactions faster and more cost-effective. They also emphasise the importance of maintaining space for innovation.

Congressman Dan Meuser highlighted that the legislation reinforces the dollar’s position as the world’s reserve currency. Meanwhile, Congressman Troy Downing emphasised his role in balancing innovation with strong consumer protections.

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

Swiss shift to digital payments opens door for stablecoins

Switzerland is witnessing a significant shift towards digitalisation. A new survey shows debit card payments have surpassed cash for the first time.

In 2024, 35% of in-store purchases were made with debit cards, compared to 30% using cash. It marks a major change from 2017 when cash accounted for 70% of payments.

While Switzerland has traditionally favoured cash, especially for privacy reasons, the trend towards digital payments is undeniable.

The shift is partly attributed to the pandemic, which accelerated the move away from cash. According to economist Alexander Koch, countries like Switzerland, traditionally attached to cash, are now following international trends.

The cultural change indicates a broader willingness to embrace digital forms of payment. In Switzerland, 18% of payments are made via mobile apps, while credit cards make up 14%.

With digital payments on the rise, experts are seeing increased potential for stablecoins and tokenised assets.

Dominic Weibel from Bitcoin Suisse AG believes that the growing use of mobile payment apps sets the stage for Swiss stablecoins to thrive. He suggests tokenised Swiss francs could soon be integrated into mobile apps.

Despite the growing digital shift, the Swiss National Bank (SNB) remains cautious about introducing a central bank digital currency (CBDC). However, institutional engagement with blockchain and digital bonds continues to grow. It suggests that Switzerland’s digital future is on track.

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

North Korean hacker group cashes in on crypto trade

A wallet linked to North Korea’s notorious Lazarus Group has reportedly sold 40.78 Wrapped Bitcoin (WBTC) for $3.51 million, exchanging it for 1,847 Ethereum (ETH), according to data from SpotOnChain.

Instead of holding onto the ETH, the wallet redistributed 2,507 ETH across three separate addresses, with the largest portion of 1,865 ETH sent to another wallet allegedly tied to the hacker group.

The wallet originally purchased the 40.78 WBTC in February 2023 for around $999,900, when the price of WBTC averaged $24,521. Instead of selling earlier, the group waited until WBTC surged to $83,459, securing a realised profit of $2.51 million, representing a 251% gain over two years.

Lazarus Group, instead of operating openly, has been using complex laundering techniques to move stolen funds, particularly after its attack on crypto exchange Bybit.

In March, the group allegedly laundered nearly 500,000 ETH—worth $1.39 billion—through various transactions in just ten days, instead of keeping the stolen assets in a single location. At least $605 million was processed via the THORChain platform in a single day.

According to Arkham Intelligence, a wallet linked to the group still holds approximately $1.1 billion in crypto, with substantial reserves in Bitcoin, Ethereum, and Tether.

Meanwhile, Google’s Threat Intelligence Group has reported increased efforts by North Korean IT workers to infiltrate European tech and crypto firms, acting as insider operatives for state-sponsored cybercrime networks like Lazarus Group instead of working as legitimate employees.

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

Bybit shuts down NFT and IDO platforms

Bybit, one of the largest cryptocurrency exchanges, has announced the discontinuation of its NFT marketplace. The platform will also shut down its Initial DEX Offering (IDO) product pages.

The decision comes shortly after the platform suffered a devastating security breach in February 2025. During the breach, it lost approximately $1.5 billion to North Korean hackers.

Although Bybit has cited ‘efforts to streamline our offerings’ as the reason for the shutdown, many believe it is a direct consequence of the hack and subsequent security concerns.

The discontinuation will take effect on 8 April 2025, at 16:00 UTC. Users have been urged to manage their assets before the deadline.

The exchange provided alternative NFT trading platforms, including OpenSea, Blur, and Magic Eden, for Ethereum-based assets. IDO participants have also been advised to transfer their airdropped tokens to private Web3 wallets.

The platform’s decision to shut down its NFT and IDO services is seen as a move to mitigate further risks and potential compliance issues. Bybit’s shutdown follows a broader trend in the NFT market, where many platforms have closed.

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

UK trade bodies urge government action on crypto and blockchain policies

A group of six UK trade bodies has called on Prime Minister Keir Starmer’s government to take action on blockchain and crypto policy.

In a letter to Varun Chandra, Starmer’s business and investment adviser, the group made a call for government action. They urged the appointment of a special envoy and the creation of a national strategy to boost digital asset innovation.

The coalition includes leading industry groups like the UK Cryptoasset Business Council and Global Digital Finance. They believe that such measures could unlock job growth and establish the UK as a global leader in the sector.

The letter also pointed to the recent momentum in the US, where President Donald Trump appointed a crypto czar to lead policy on blockchain. The coalition believes that Britain can mirror this success, especially with its growing tech partnership with the US.

The trade bodies estimate that blockchain and digital assets could contribute £57 billion to the UK economy over the next decade. Globally, the sector is expected to add £1.39 trillion to GDP by 2030.

With digital assets becoming central to global finance, the UK’s actions now may determine its future as a competitive crypto hub.

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

The Financial Freedom Act could allow Americans to invest retirement funds in crypto

US Senator Tommy Tuberville is set to reintroduce the Financial Freedom Act. The bill would enable Americans to invest their retirement funds in cryptocurrencies.

Tuberville emphasised that the US is a ‘country of freedom.’ He criticised the previous administration for imposing strict regulations on investments.

He also praised President Trump, calling him the ‘Crypto President.’ Tuberville noted that the Biden administration had been reluctant to support crypto.

The Financial Freedom Act, initially introduced in 2022, seeks to reverse Department of Labor (DOL) guidance. The guidance limits investment options for self-directed 401(k) account holders.

Tuberville has argued that excessive regulation hampers financial growth and restricts personal liberty. The bill would allow more freedom for individuals to select the types of investments they want in their retirement funds, including cryptocurrencies.

Senator Cynthia Lummis has championed the idea of adding cryptocurrencies to retirement portfolios. Ivory Johnson, a financial planner, supports this, recommending that crypto make up 2% to 8% of a portfolio.

However, financial experts like Amy Arnott warn that adding crypto could increase risks. It might show especially if the market suffers a downturn during retirement.

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