Cryptocurrencies Archives | Page 74 of 176

How digital twins are being weaponised in crypto scams

Digital twins are virtual models of real-world objects, systems, or processes. They enable real-time simulations, monitoring, and predictions, helping industries like healthcare and manufacturing optimise resources. In the crypto world, cybercriminals have found a way to exploit this technology for fraudulent activities.

Scammers create synthetic identities by gathering personal data from various sources. These digital twins are used to impersonate influencers or executives, promoting fake investment schemes or stealing funds. The unregulated nature of crypto platforms makes it easier for criminals to exploit users.

Real-world scams are already happening. Deepfake CEO videos have tricked executives into transferring funds under false pretences. Counterfeit crypto platforms have also stolen sensitive information from users. These scams highlight the risks of AI-powered digital twins in the crypto space.

Blockchain offers solutions to combat these frauds. Decentralised identities (DID) and NFT identity markers can verify interactions. Blockchain’s immutable audit trails and smart contracts can help secure transactions and protect users from digital twin scams.

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Apple forced to ease rules on crypto apps

Crypto developers scored a major win after a US judge ruled that Apple violated a court injunction by continuing to restrict off-app purchases. The ruling stops Apple from blocking external payment links and removes fees on out-of-app purchases.

Effective immediately, developers can direct users to outside payment systems without facing Apple’s usual 30% charge. Judge Yvonne Gonzalez Rogers emphasised that the court’s 2021 injunction was not open to negotiation. She warned Apple that further attempts to control competition would not be tolerated.

The crypto community sees the decision as a breakthrough. Developers can now link to NFT collections and external platforms without additional permissions.

Industry voices like Alex Masmej and crypto analyst Xero called the ruling ‘hugely bullish,’ suggesting a major shift for mobile-based crypto projects.

Epic Games has also announced plans to relaunch Fortnite on the US App Store following the ruling.

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Buterin proposes RISC-V to improve Ethereum’s speed

Vitalik Buterin has suggested replacing Ethereum’s Virtual Machine (EVM) with RISC-V to simplify the network and improve its performance. In a 3 May blog post, he stated that Ethereum could become as simple as Bitcoin within five years.

RISC-V is an open-source instruction set that would allow Ethereum to run faster. By cutting out extra translation steps, it could make operations up to 100 times quicker. Unlike the EVM, RISC-V would allow applications to work directly on the execution layer.

Buterin also believes the switch to RISC-V would reduce infrastructure costs and minimise risks, like bugs and security breaches. However, the change could break backwards compatibility and require retraining developers.

Despite these challenges, some experts are optimistic. Thad Pinakiewicz from Galaxy Research says Ethereum’s success lies in its foundational technology, not just its price.

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DOGE sees a 41% increase in whale transactions

Dogecoin (DOGE) has seen a 41% increase in whale transactions over the past 24 hours. Large holders have moved over 60.9 billion DOGE, according to IntoTheBlock data. It marks a seven-day high, indicating heightened activity among major investors.

Despite the surge in transactions, DOGE’s price remains under pressure, trading at approximately $0.174, reflecting a 1.24% decline. The increase in whale activity suggests strategic positioning by large holders, possibly in anticipation of future market movements.

Analysts are monitoring the situation closely. They note that while whale accumulation often precedes price rallies, the current market outlook remains cautious. The decline in trading volume by over 24% to $826.67 million further suggests a wait-and-see approach among investors.

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Trump says America needs crypto to stay ahead

Donald Trump has renewed his support for the cryptocurrency industry, calling it vital for America’s innovation and future. In an interview with NBC News, the president stressed that the US should embrace crypto. He warned that the country could fall behind global competitors like China without action.

He described the sector as young but increasingly significant.

Trump pointed to Bitcoin’s resilience during recent market volatility, claiming it has outpaced traditional sectors such as US stocks. He argued that the growing interest in crypto reflects its potential as a long-term hedge. Millions of people around the world are now engaging with the industry.

Addressing speculation about his gains, Trump denied profiting from his pro-crypto stance. He stated that he hasn’t even reviewed his crypto portfolio and dismissed accusations related to his TRUMP token and other family ventures.

Despite backlash and ethical concerns, Trump remains committed to making the US a global leader in digital assets.

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Trump Media may launch a crypto wallet and token

Trump Media & Technology Group is considering launching a crypto token and digital wallet to complement its Truth+ streaming service.

The new asset would be introduced as part of a broader rewards programme. It could be used to pay for subscriptions before expanding to other offerings within the company’s ecosystem.

Other components of the ‘Truth ecosphere’ include Truth Social, a social network favoured by Donald Trump, and Truth.Fi, a recently launched fintech platform. Truth.Fi is developing investment products with an ‘America-First’ theme.

It aims to combine cryptocurrencies and traditional assets in customised ETFs by the end of the year.

Despite declining prices of Trump-affiliated me me coins, including those linked to Donald and Melania Trump, Trump Media remains committed to crypto.

The firm has already pledged up to $250 million of its cash reserves to Bitcoin and similar assets. Its annual meeting is scheduled for Wednesday.

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Beijing launches blockchain plan to boost industry integration

Beijing has unveiled a two-year plan aimed at promoting blockchain development and adoption across various sectors. The initiative, announced on 29 April, is supported by local bodies like the Beijing Municipal Science and Technology Commission and the Cyberspace Administration Office.

The project will span from 2023 to 2027, with a focus on integrating blockchain into infrastructure and industries.

The plan recognises blockchain as essential for industrial digitalisation and digital infrastructure. Among its objectives is enhancing the value extraction from digital assets, potentially hinting at crypto mining opportunities.

The initiative also focuses on advancements in cryptography, confidential computing, and distributed systems. It includes developing blockchain infrastructure, such as national hubs and digital identity platforms.

Key industries identified for blockchain application include healthcare, education, AI models, financial services, and transportation.

By 2027, the project is set to introduce blockchain chips and a trusted identity system with a user base of over 100 million.

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Bunq bank adds crypto investing to its app

Dutch digital bank Bunq has launched a cryptocurrency trading feature, allowing users to invest in over 300 digital assets, including Bitcoin, Ethereum and Solana.

The service, called Bunq Crypto, is now live in six European countries, with further expansion planned.

CEO Ali Niknam said the decision was driven by customer demand and a more supportive regulatory environment. The feature is powered by Kraken, one of the largest crypto exchanges globally.

Bunq plans to expand the crypto service across the European Economic Area, as well as to the UK and the US. The move reflects a wider trend among financial firms to offer all-in-one platforms that integrate banking, saving and investing.

According to Bunq’s research, 65% of Europeans want a single app to manage traditional and digital finance.

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Bitcoin gains slightly as markets await Trump’s next move

Bitcoin ticked up slightly on Tuesday as markets reacted to hints of trade progress from President Trump’s cabinet ahead of his rally in Michigan. Bitcoin climbed 0.5% to around $95,400, while Ethereum and Solana posted stronger gains of 3% and 2%, respectively.

The president is set to speak in Macomb County, Michigan, celebrating his administration’s first 100 days. Analysts say the event could impact crypto markets if Trump reinforces a pro-Bitcoin stance or hints at institutional integration of digital assets.

Trade optimism also played a role. US Commerce Secretary Howard Lutnick said a new deal had been reached with one country impacted by Trump’s tariffs, although full details remain under wraps. Trump echoed this optimism, noting progress in talks with India.

Markets are also watching for inflation updates, with the Federal Reserve’s preferred measure due Wednesday. Economists warn that Trump’s tariffs could fuel inflation and dampen growth, factors likely to influence crypto alongside broader risk assets.

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Bank of Italy warns about crypto risks and US policy influence

The Bank of Italy has once again expressed concerns over the growing influence of crypto in traditional finance. In its latest Financial Stability Report, the central bank warned that the global integration of digital assets poses a significant risk to financial stability.

For years, central banks have raised alarms about the systemic threats crypto presents. These include volatility, regulatory gaps, and the potential for contagion across markets. However, recent political changes have intensified these worries.

The bank noted that the election of Donald Trump and his administration’s pro-crypto policies have led to significant price increases in digital assets. The bank cautioned that closer integration of crypto with traditional finance could create vulnerabilities in global markets.

As of March, the global crypto market was valued at $2.75 trillion. Bitcoin accounted for over 60% of this, with 30% coming from other unbacked crypto assets. Stablecoins, linked to traditional currencies, made up only 9%.

The Bank of Italy has also raised concerns about the growing ties between government, finance, and crypto. It specifically highlighted the use of Bitcoin in corporate treasuries and ETFs, warning of potential conflicts of interest and governance gaps.

The Bank warned about the influence of dollar-backed stablecoins like Tether’s USDT and Circle’s USDC. A widespread run on these could destabilise global markets by triggering a fire sale of US government bonds.

Despite the Bank of Italy’s cautious stance, some Italian banks are embracing crypto. Intesa Sanpaol o, Italy’s largest bank, purchased bitcoins and underwrote the country’s first blockchain bond.

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