Cryptocurrencies Archives | Page 87 of 174

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.

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Trump’s crypto adviser meets UAE’s national security chief for tech talks

A top UAE official, Sheikh Tahnoon Bin Zayed Al Nahyan, met with White House crypto and AI czar David Sacks to discuss digital currencies, artificial intelligence, and potential investments.

Tahnoon, the UAE’s national security adviser, revealed on social media that their discussions focused on AI’s impact and the growing role of digital currencies in the global economy.

The meeting was part of a broader engagement between UAE and US officials. Tahnoon attended a dinner with former President Donald Trump and senior advisers, where they explored ways to deepen economic and technological cooperation.

Additional talks included meetings with Commerce Secretary Howard Lutnick and Treasury Secretary Scott Bessent to discuss trade and investment, as well as a video call with White House cost-cutting czar Elon Musk.

Reports suggest that Tahnoon met leading tech executives, including Microsoft CEO Satya Nadella and Nvidia CEO Jensen Huang, to discuss AI and semiconductor access.

The UAE reportedly seeks to expand its technology infrastructure in the US, particularly following US export restrictions on advanced computer chips.

Through his investment firm MGX, Tahnoon is backing a $7 billion investment in a private-led project called “Stargate,” aiming to develop AI data centres across the US.

His financial empire, valued at $1.5 trillion, includes significant stakes in sovereign wealth funds, banking, and AI development, reflecting the UAE’s growing influence in global tech and finance.

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Australia unveils crypto regulation plan

Australia’s government has announced plans to introduce a new regulatory framework for cryptocurrency exchanges, custody services, and brokerage firms.

The proposed rules will bring these platforms under existing financial services laws, requiring them to obtain licences and meet capital requirements. However, smaller firms and software developers will be exempt from these obligations.

The reforms, outlined by the Treasury, come as Prime Minister Anthony Albanese’s centre-left Labour government prepares for a closely contested federal election.

The government has also pledged to collaborate with the country’s four largest banks to address the ongoing issue of debanking, a problem that has impacted many crypto-related businesses.

In addition to regulatory changes, the government will review the potential for a central bank digital currency and introduce an Enhanced Regulatory Sandbox in 2025, allowing financial firms to test new products without a licence.

However, with elections looming, the opposition Coalition, led by Peter Dutton, has also promised to prioritise crypto regulation if it wins power.

Industry leaders, including BTC Markets CEO Caroline Bowler and Kraken Australia’s managing director Jonathon Miller, have welcomed the government’s efforts but stress the need for clarity on capital and custody requirements.

They argue that clear regulations will help Australia remain competitive while preventing unnecessary business burdens.

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Garantex reportedly resurfaces as Grinex after sanctions

Garantex, a Russian cryptocurrency exchange previously sanctioned by the US, is reportedly back in operation under the name Grinex.

According to Global Ledger, a Swiss blockchain analytics firm, Garantex shifted liquidity and customer balances to the new platform after its official shutdown. On-chain and off-chain evidence points to the two exchanges being closely linked despite Garantex’s closure.

Global Ledger’s report revealed that Garantex laundered over $60 million worth of ruble-backed stablecoins, using a process of burning and reminting to erase transaction histories.

The funds were then channelled to Grinex, which began processing large transaction volumes soon after Garantex went offline. Blockchain data showed systematic fund transfers through temporary wallets before reaching Grinex’s deposit addresses.

Further evidence linking the two platforms includes user reports of previously blocked funds from Garantex appearing in Grinex accounts.

A Grinex staff member also confirmed that users were visiting Garantex’s office to move funds between the two platforms. Additionally, Grinex’s website and promotional materials strongly resemble those of Garantex, and it is listed as being founded by the same team.

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Czech central bank weighs Bitcoin despite concerns

The Czech National Bank (CNB) remains cautious about adding Bitcoin to its reserves, with board member Jan Kubicek citing legal complexities and extreme price volatility as key concerns.

While the bank is evaluating various asset classes, Kubicek expressed scepticism about Bitcoin’s suitability as a central bank reserve asset.

Kubicek noted that Bitcoin’s unpredictable price swings undermine its stability, making it less attractive for reserve holdings.

He also highlighted the need for new accounting and auditing processes if Bitcoin were to be included. The CNB’s assessment of alternative assets, including corporate bonds and technology stocks, is expected to conclude by October.

The idea of holding Bitcoin in reserves was initially proposed by CNB Governor Ales Michl in January 2025, sparking interest in the crypto community but drawing scepticism from policymakers.

European Central Bank President Christine Lagarde opposed the move, emphasising that central bank reserves must prioritise liquidity and security.

Despite concerns, several countries have already integrated Bitcoin into their strategic reserves. The US, under the Trump administration, has taken a more proactive stance on cryptocurrency, influencing global discussions on digital asset adoption.

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