Economic

Bitcoin becomes cornerstone of Musk’s America Party

Elon Musk has announced that Bitcoin will serve as the primary financial asset of his new America Party, marking a move away from traditional currencies. His statement reflects rising distrust in fiat money, which he called ‘hopeless’ due to inflation and debt concerns.

The formation of the America Party follows a political rift between Musk and Donald Trump, triggered by disagreements over economic legislation. The break from the president has given rise to a new political force that sees decentralised finance as a pathway to reform.

Bitcoin’s adoption signals a broader push for transparency and innovation in governance. Musk has long supported digital assets and aims to build a platform encouraging financial sovereignty.

His stance may influence political agendas and regulatory discussions in the months ahead. In addition to Bitcoin, Musk remains a vocal supporter of Dogecoin, pointing to a vision of a multi-asset digital economy.

The America Party’s crypto-centric approach could accelerate mainstream adoption while placing pressure on policymakers to provide more explicit rules for digital finance.

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Secret Service step up crypto enforcement with major recoveries

Authorities in the United States have confiscated close to $400 million in digital currencies tied to criminal investigations over the last ten years. The bulk of these assets is secured in a government-controlled cold wallet.

A significant portion, worth $225 million, was recovered in June through a joint operation involving the FBI and legal offices. The effort reflects growing proficiency in tracking crypto-linked criminal activity across blockchain networks.

Secret Service has delivered cryptocurrency crime training in more than 60 countries to support global cooperation. These educational efforts are part of a broader strategy to strengthen international capabilities against financial fraud and cybercrime.

The agency also collaborates with private companies to improve its crypto crime efforts. Coinbase has assisted in tracing transactions, while Tether recently granted freezing access to the Secret Service and FBI.

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FBI issues warning as airline cyberattacks rise, posing national security threat

Less than a year after the cyberattack that shut down Sea-Tac Airport, the FBI has issued a stark new warning: America’s airlines are now targets. The agency confirmed that the cybercrime gang Scattered Spider is actively attacking aviation systems.

This group, known for crippling MGM Resorts, uses social engineering to bypass security. By posing as airline staff, they access systems, steal data and deploy ransomware within hours of a breach.

WestJet, Hawaiian Airlines and Qantas have all been hit in the last two months alone. Qantas reported a data breach affecting more than six million passengers.

Today’s airlines depend on interconnected digital infrastructure. Disruption to crew scheduling, flight planning or maintenance can trigger chaos across entire networks.

The FBI says these attacks are shifting from isolated incidents to coordinated campaigns. Experts fear that state and non-state actors are watching closely, ready to exploit aviation vulnerabilities.

Aircraft are now flying data centres. Their connectivity brings both efficiency and risk. Flight safety could be at stake if attackers compromise weather feeds or ground systems.

Sea-Tac was a warning. What happens when multiple airports are targeted at once? Fictional scenarios are edging closer to reality.

Previous attacks — from Warsaw to London — exposed system weaknesses. The threat has only grown. It is no longer a question of if, but when.

The industry must act decisively. Stronger identity checks, hardened systems, and real-time intelligence sharing are no longer optional. Cybersecurity must become as essential as flight safety.

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Trump’s Big Beautiful Bill could spark a blockchain reset

A new analysis by crypto commentator Stellar Rippler suggests that Donald Trump’s latest economic legislation may be part of a calculated effort to dismantle the current financial order.

Far from merely restoring the economy, the bill is viewed as a trigger for a major reset, where blockchain technology plays a leading role.

The bill introduces sweeping permanent tax cuts and significant Medicaid and food stamp program reductions. It also increases border spending and lifts the debt ceiling significantly.

Critics, including Elon Musk and Senator Rand Paul, warn that the legislation benefits the wealthiest and adds trillions in debt. Stellar Rippler, however, believes the move is deliberate, designed to weaken the central banking model and make way for digital alternatives.

XRP, RLUSD, and Stellar’s XLM are seen as the tools to facilitate this transition. With Ripple’s dual-ledger model and Stellar’s established international network, these assets are positioned to provide faster, cheaper, and decentralised alternatives to existing systems.

The analyst argues that blockchain projects already integrated into key markets can stabilise cross-border payments and reduce reliance on failing banks.

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SK Telecom unveils $700B cybersecurity upgrade

SK Telecom has announced a major cybersecurity initiative worth KRW 700 billion, designed to restore trust and enhance information security after a recent incident.

The company’s new programme, called the Accountability and Commitment Program, includes four elements to protect customers and reinforce transparency.

A central part of the initiative is the Information Protection Innovation Plan, which involves a five-year investment to build a world-class cybersecurity system.

The project will follow the US National Institute of Standards and Technology’s Cybersecurity Framework and aims to position SK Telecom as Korea’s leader in information security by 2028.

To further support affected customers, the company is upgrading its Customer Assurance Package and introducing a Customer Appreciation Package to thank users for their patience and loyalty.

A subscription cancellation fee waiver has also been included to reduce friction for those reconsidering their service.

SK Telecom says it will maintain its commitment to customer safety and service reliability, pledging to fully address all concerns and enhance security and service quality across the board.

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Ooredoo launches local AI cloud service in Qatar

Ooredoo has unveiled a new sovereign AI cloud service powered by NVIDIA Hopper GPUs, hosted locally in Qatar’s data centres. The move supports the country’s broader aim to advance digital transformation and position itself as a regional leader in AI innovation.

The service accelerates AI adoption across key sectors such as energy, finance, logistics, healthcare and smart cities. As an NVIDIA Cloud Partner, Ooredoo now provides customers access to cutting-edge GPU technology and the NVIDIA AI Enterprise platform for developing and scaling AI solutions.

Use cases include real-time financial analysis, supply chain optimisation and chatbot development, all supported by high-performance cloud computing infrastructure operated by Syntys. These capabilities aim to deliver robust local AI services that meet national security and sovereignty requirements.

The initiative aligns with the Qatar Digital Agenda 2030 and the National AI Strategy, which advocate for local hosting, advanced digital infrastructure and responsible AI development. Ooredoo’s CEO, Sheikh Ali Bin Jabor Al-Thani, said the project will drive economic growth and innovation across all levels of society.

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Lummis unveils crypto tax reform bill

US Senator Cynthia Lummis has proposed a new crypto tax bill to modernise how digital assets are treated under US tax law. The legislation follows her earlier attempt to include it in the recently passed One Big Beautiful Bill Act, which did not succeed.

Now a standalone bill proposes a $300 crypto transaction exemption, ends double taxation for miners and stakers, and ensures crypto is treated like other financial assets. It also aims to expand securities lending rules to include digital assets, ensuring lending does not trigger tax liability.

Lummis, who chairs the Senate digital assets subcommittee, said the bill is designed to align US tax law with real-world digital use. She emphasised the need to remove outdated policies that hinder innovation and invited public feedback on the proposal.

The initiative joins a series of pending digital asset bills in the US Congress, including the CLARITY and GENIUS Acts. Lummis has also backed the Bitcoin Act, which would establish a national BTC reserve following Donald Trump’s return to office.

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India needs a quantum leap in defence AI, says LatentAI founder

Jags Kandasamy, founder of US-based defence tech company LatentAI, is working with Indian firms to pursue defence contracts, but says India must leapfrog forward in AI-enabled warfare. In an interview with HT, he outlined the challenges and opportunities in the India-US defence tech partnership.

At Aero India, Kandasamy saw an Indian Army prototype using computer vision on automated border weapons. While promising, the system’s heavy computing requirements limit scalability.

LatentAI, which helped the US Navy optimise AI models for underwater vehicles, offers solutions by compressing models to fit limited hardware. ‘Autonomous warfare is the future,’ he said, noting the impact of drones and AI on intelligence, targeting and surveillance.

Kandasamy’s India partner, InferQ, came through introductions by Forge Ventures, which works closely with Indian and United States defence departments. He said that government initiatives like INDUSX and IDEX are helping firms connect across borders, but procedural bottlenecks persist.

‘There’s no mechanism for non-Indian passport holders to get clearance,’ Kandasamy noted. ‘In the US, the process is transparent. Even Indian firms can’t see who makes the decisions.’

He recalled advising a founder who waited two years to get a prototype certified. ‘India can be a great proving ground, but the bureaucracy needs streamlining.’

On China, Kandasamy didn’t mince words: ‘China is a third-year PhD student in defence AI. India is in elementary school.’ He cited examples of China’s proactive investment in emerging tech from 2010, including personal offers to relocate his startups. ‘India needs to leapfrog like it did with telecom.’

Still, Kandasamy praised India’s IDEX programme for uncovering strong homegrown tech talent. ‘There are smart people and ideas, but they need support and scale.’

To improve bilateral cooperation, he suggested reciprocal security clearances and defining interoperability frameworks between US and Russian-origin systems in India. ‘India won’t abandon its Russian hardware. But if we can protect both sides’ secrets while working together, that would be real progress.’

‘India and the US are linchpins of a democratic society,’ he concluded. ‘We have to make this partnership work.’

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OpenAI rejects Robinhood’s token offering

OpenAI has publicly disavowed Robinhood’s decision to sell so-called ‘OpenAI tokens’, warning that these blockchain-based contracts do not offer real equity in the company.

In a statement posted on X, OpenAI made clear that it had not approved, endorsed, or participated in the initiative and emphasised that any equity transfer requires its direct consent.

Robinhood recently announced plans to offer tokenised access to private firms like OpenAI and SpaceX for investors in the EU. The tokens do not represent actual shares but mimic price movements using blockchain contracts.

Despite OpenAI’s sharp rejection, Robinhood’s stock surged to record highs following the announcement.

A Robinhood spokesperson later claimed the tokens were linked to a special purpose vehicle (SPV) that owns OpenAI shares, though SPVs do not equate to direct ownership either.

The company said the move aims to give everyday investors indirect exposure to high-profile startups through digital contracts.

Robinhood CEO Vlad Tenev defended the strategy on X, saying the token sale was just the beginning of a broader effort to democratise access to private markets.

OpenAI, meanwhile, declined to comment further.

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Xbox projects cancelled amid Microsoft layoffs

Microsoft has confirmed plans to cut up to 9,000 jobs—roughly 4% of its global workforce—in its latest round of redundancies this year. The company cited the need to adapt to a rapidly evolving market, while pressing ahead with major investments in artificial intelligence.

Although Microsoft did not specify which divisions will be affected, reports suggest its Xbox gaming unit will face significant cuts. According to internal emails, the reboot of Perfect Dark and the game Everwild have been cancelled, and The Initiative, the studio behind Perfect Dark, will shut down.

Additional layoffs are impacting other gaming studios, including Turn 10 and ZeniMax Online Studios. ZeniMax’s long-time director Matt Firor has announced his departure. Meanwhile, Ireland’s Romero Games has also been affected after funding for its project was pulled by a publisher.

The upcoming job cuts will mark Microsoft’s fourth round of layoffs in 2025. Over 800 affected roles are based in Washington state, including in Redmond and Bellevue, key Microsoft hubs. The company is currently investing $80bn in AI infrastructure, including data centres and chips.

Microsoft’s AI push has seen it hire AI pioneer Mustafa Suleyman to lead its Microsoft AI division and deepen ties with OpenAI. However, tensions have reportedly grown in that relationship. Bloomberg noted difficulty in selling Microsoft’s Copilot tool, as many users prefer ChatGPT.

At the same time, AI talent wars are heating up. Meta has reportedly offered huge bonuses to poach researchers, while Amazon’s Andy Jassy said last month that AI would eventually replace certain roles at his company.

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