Economic

Cyber scams use a three-letter trap

Staying safe from cybercriminals can be surprisingly simple. While AI-powered scams grow more realistic, some signs are still painfully obvious.

If you spot the letters ‘.TOP’ in any message link, it’s best to stop reading and hit delete. That single clue is often enough to expose a scam in progress.

Most malicious texts pose as alerts about road tolls, deliveries or account issues, using trusted brand names to lure victims into clicking fake links.

The worst of these is the ‘.TOP’ top-level domain (TLD), which has become infamous for its role in phishing and scam operations. Although launched in 2014 for premium business use, its low cost and lack of oversight quickly made it a favourite among cyber gangs, especially those based in China.

Today, nearly one-third of all .TOP domains are linked to cybercrime — far surpassing the criminal activity seen on mainstream domains like ‘.com’.

Despite repeated warnings and an unresolved compliance notice from internet regulator ICANN, abuse linked to .TOP has only worsened.

Experts warn that it is highly unlikely any legitimate Western organisation would ever use a .TOP domain. If one appears in your messages, the safest option is to delete it without clicking.

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Pakistan plans major electricity use for crypto and AI development

Islamabad plans to dedicate 2,000 megawatts of surplus electricity to support Bitcoin mining and AI data centres. The initiative aims to turn excess power into a driver for technology growth, as part of Pakistan’s wider digital infrastructure strategy.

Officials see the move as a way to boost tech industries and attract foreign investment.

The Pakistan Crypto Council, established earlier this year, leads the project. The country’s energy sector faces challenges from high tariffs and surplus generation, partly due to rapid solar power expansion.

Using excess electricity for crypto mining and AI data centres offers a productive solution to these issues.

Finance Minister Muhammad Aurangzeb recently approved the Pakistan Digital Assets Authority to regulate the growing crypto industry. He emphasised that regulation should help Pakistan not only catch up but take a leading role in the sector.

The PCC’s CEO Bilal Bin Saqib has engaged with the Power Minister to attract global crypto miners, describing Pakistan as a low-cost, high-growth market ready to compete.

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Secret passwords could fight deepfake scams

As AI-generated images grow increasingly lifelike, a cyber security expert has warned that families should create secret passwords to guard against deepfake scams.

Cody Barrow, chief executive of EclecticIQ and a former US government adviser, says AI is making it far easier for criminals to impersonate others using fabricated videos or images.

Mr Barrow and his wife now use a private code to confirm each other’s identity if either receives a suspicious message or video.

He believes this precaution, simple enough for anyone regardless of age or digital skills, could soon become essential. ‘It may sound dramatic here in May 2025,’ he said, ‘but I’m quite confident that in a few years, if not months, people will say: I should have done that.’

The warning comes the same week Google launched Veo 3, its AI video generator capable of producing hyper-realistic footage and lifelike dialogue. Its public release has raised concerns about how easily deepfakes could be misused for scams or manipulation.

Meanwhile, President Trump signed the ‘Take It Down Act’ into law, making the creation of deepfake pornography a criminal offence. The bipartisan measure will see prison terms for anyone producing or uploading such content, with First Lady Melania Trump stating it will ‘prioritise people over politics’

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FIFA chooses Avalanche for next-gen blockchain shift

FIFA has picked Avalanche to power its own blockchain network, ending its partnership with Algorand. The move signals a major step in expanding FIFA’s Web3 ambitions and digital asset strategy.

The new platform, a custom Avalanche Layer-1 blockchain, offers faster transaction speeds, lower fees, and simple wallet access. FIFA Collect will migrate to the new network, with support for EVM wallets like MetaMask, starting after 20 May.

Ava Labs, which developed Avalanche, said the deal was secured thanks to the network’s 6,500+ transactions per second and enterprise-grade reliability. Modex CEO Francesco Abbate confirmed that FIFA chose Avalanche after a full review of scalability, costs, and performance.

FIFA’s NFT marketplace is not the only project in the works. The football body is exploring other digital products, including immersive fan experiences. Meanwhile, AVAX, Avalanche’s native token, saw a surge in trading volume following the announcement.

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US delays 50% tariff on EU imports until July

US President Donald Trump has agreed to delay a planned 50% tariff on European Union imports. The new deadline is now set for 9 July 2025, following a request from European Commission President Ursula von der Leyen.

The extension allows more time for what both sides hope will be serious trade negotiations.

The announcement came after a phone call between Trump and von der Leyen. Trump said the EU leader asked for more time to work out a deal, and he was happy to agree. He expressed optimism that talks would begin quickly and hopes to reach an agreement soon.

Earlier this year, Trump introduced tariffs on EU goods, starting at 20% and later reducing to 10%. However, tensions rose when Trump announced the 50% tariff would take effect from 1 June, citing stalled negotiations.

Von der Leyen responded by emphasising the EU’s commitment to a strong transatlantic trade relationship. She also highlighted the need for the extension to finalise a good deal.

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Tether plans US stablecoin to comply with local rules

Tether plans to launch a separate stablecoin for the US market while keeping USDT focused on unbanked users in emerging economies. CEO Paolo Ardoino said the new coin would be tailored to meet domestic needs, with features different from USDT.

He noted the company is becoming more comfortable with the proposed GENIUS Act and aims to comply. Ardoino also said the act is more practical than Europe’s MiCA rules, which Tether believes place unnecessary pressure on dollar-based reserves.

Tether’s main mission remains supporting the 1.4 billion unbanked adults worldwide, especially in regions like Sub-Saharan Africa and Asia. Ardoino said USDT is often used for remittances and savings, with many relying on its stability during economic crises.

The GENIUS Act, now advancing through the US Senate, distinguishes between domestic and foreign stablecoin issuers. Tether supports the act and wants clarity before launching a stablecoin tied to the US market.

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Authorities strike down cybercriminal servers

Authorities across Europe, North America and the UK have dismantled a major global malware network by taking down over 300 servers and seizing millions in cryptocurrency. The operation, led by Eurojust, marks a significant phase of the ongoing Operation Endgame.

Law enforcement agencies from Germany, France, the Netherlands, Denmark, the UK, the US and Canada collaborated to target some of the world’s most dangerous malware variants and the cybercriminals responsible for them.

The takedown also resulted in international arrest warrants for 20 suspects and the identification of more than 36 individuals involved.

The latest move follows similar action in May 2024, which had been the largest coordinated effort against botnets. Since the start of the operation, over €21 million has been seized, including €3.5 million in cryptocurrency.

The malware disrupted in this crackdown, known as ‘initial access malware’, is used to gain a foothold in victims’ systems before further attacks like ransomware are launched.

Authorities have warned that Operation Endgame will continue, with further actions announced through the coalition’s website. Eighteen prime suspects will be added to the EU Most Wanted list.

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Banks push to scrap SEC cyber reporting rule

Five major US banking groups have asked the Securities and Exchange Commission (SEC) to drop its cyber security disclosure rule. The rule requires public companies to report incidents, such as data breaches, within four days.

The American Bankers Association and others said in a letter that the rule conflicts with systems built to protect critical infrastructure. They warned it may hurt law enforcement and cause market confusion.

The rule, introduced in July 2023, also affects crypto firms like Coinbase. However, the exchange recently reported a breach where hackers bribed staff for user data. Coinbase rejected a $20 million ransom but now faces at least seven lawsuits.

Banking groups want the SEC to remove Item 1.05 from Form 8-K rules. They argue investors would still be protected under existing rules for material information, without the risks of rushed public reporting.

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Oracle and OpenAI target AI leadership with massive chip project

Oracle has reportedly acquired around 400,000 Nvidia GB200 AI chips valued at approximately $40 billion for deployment at a data centre in Abilene, Texas.

The location will be the first site of the Stargate project—a $500 billion AI infrastructure initiative backed by OpenAI, Oracle, SoftBank, and Abu Dhabi’s MGX fund, which President Trump announced earlier this year.

Once completed, the Abilene facility is expected to provide up to 1.2 gigawatts of computing power, rivalling Elon Musk’s Colossus project in Memphis.

Although Oracle will operate from the site, the land is owned by AI infrastructure firm Cruso and US investment company Blue Owl Capital, which have collectively invested more than $15 billion through financing.

Oracle will lease the campus for 15 years, using the chips to offer computing power to OpenAI for training its next-generation AI models.

Previously dependent solely on Microsoft’s data centres, OpenAI faced bottlenecks due to limited capacity, prompting it to end the exclusivity agreement and look elsewhere.

While individual investors have committed funds, the Stargate project has not officially financed any facility yet. In parallel, OpenAI has announced Stargate UAE—a 5-gigawatt site in Abu Dhabi using over 2 million Nvidia chips, built in partnership with G42.

A surging demand for AI infrastructure has significantly boosted Nvidia’s market value, with the company reclaiming its top global ranking in late 2024.

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Quandela presents Belenos, a powerful 12-qubit quantum computer

French quantum computing startup Quandela has unveiled Belenos, a 12-qubit photonic quantum computer that it claims delivers 4,000 times more computing power than its predecessor.

The first integrated version is set to be delivered to EuroHPC/GENCI and operated at the CEA’s Très Grand Centre de Calcul (TGCC) before the end of 2025.

Currently, Belenos is accessible via the cloud to over 1,200 researchers across 30 countries in Europe, North America, and Asia.

Instead of relying solely on local deployments, this cloud availability enables researchers to explore hybrid HPC-quantum use cases in fields such as structural mechanics, meteorology, and materials science.

Quandela has ambitious plans to double the qubit count by 2026 with the launch of Canopus. Within three years, the company aims to develop a photonic quantum computer with more than 40 qubits, continuing its focus on systems that avoid cryogenic cooling by using photonics-based methods instead.

‘Our cloud-accessible Belenos system lets partners work on tasks where computing speed and operations per data point are crucial — areas where competitors fall short,’ said co-founder and CEO Niccolo Somaschi.

The platform is designed for practical applications in machine learning and at the AI-quantum interface, which Quandela views as strategically vital sectors for the future.

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