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.
Would you like to learn more about AI, tech and digital diplomacy? If so, ask our Diplo chatbot!
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.
Would you like to learn more about AI, tech and digital diplomacy? If so, ask our Diplo chatbot!
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.
Would you like to learn more aboutAI, tech and digital diplomacy? If so, ask our Diplo chatbot!
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.
Would you like to learn more about AI, tech and digital diplomacy? If so, ask our Diplo chatbot!
BlackRock’s iShares Bitcoin Trust (IBIT) has become the second-largest holder of Bitcoin, surpassing major industry players including Binance and Strategy. Only the wallet attributed to Bitcoin’s creator, Satoshi Nakamoto, holds more of the asset.
IBIT currently manages 636,108 BTC, which accounts for more than 3% of Bitcoin’s total supply and nearly 57% of Nakamoto’s estimated holdings.
The fund’s growth since its launch in January 2024 has been remarkable. With over $66.9 billion in net assets, IBIT now leads all Bitcoin ETFs by value.
Bloomberg analyst Eric Balchunas believes it could surpass Satoshi’s wallet by next summer—sooner if Bitcoin’s price reaches $150,000. Such a move would likely spark even stronger institutional interest.
Analysts say IBIT’s rise shows growing demand for regulated crypto access from advisers and retail investors. Bitcoin ETFs are outperforming gold funds, and BlackRock’s push highlights a major shift in global investment strategies.
Would you like to learn more about AI, tech and digital diplomacy? If so, ask our Diplo chatbot!
The White House is backing a plan to regulate stablecoins. Trump adviser David Sacks says it could bring trillions into US government bonds almost overnight.
He believes the GENIUS Act will give clear rules for stablecoins, which are currently unregulated. There’s already more than $200 billion in circulation, and legal clarity could unlock massive demand.
The bill passed a key Senate vote this week, with 66 senators in support, including 15 Democrats. Sacks says the administration expects it to pass fully and sees it as a way to modernise payments in the US.
He called stablecoins a faster, cheaper way to move money and said the bill would bring dollar-backed tokens under proper oversight.
But there are concerns over Trump’s links to the crypto world. His family supports World Liberty Financial, which recently launched a stablecoin called USD1. It is backed by US government bonds and dollar deposits.
The bill may still face delays. Senator Josh Hawley added a last-minute change to cap late payment charges on credit cards, which banking groups strongly oppose.
Would you like to learn more about AI, tech and digital diplomacy? If so, ask our Diplo chatbot!
Kazakhstan is moving to formally regulate cryptocurrency exchange services that convert digital assets into fiat. The National Bank will oversee licensing under new national rules.
Yerlan Ashykbekov, head of the bank’s payment systems department, confirmed that a new category of licensed crypto exchange providers is being introduced. These platforms will be authorised to carry out crypto-to-fiat operations.
The central bank will also define which cryptocurrencies can be bought or sold under the new framework. Licensed operators will fall under direct supervision by the National Bank, including those issuing and circulating stablecoins and other digital assets.
Exchanges based in the Astana International Financial Centre will remain under a separate regime, though the government aims to link both systems. The move aligns with President Kassym-Jomart Tokayev’s push to legalise crypto use and shift users out of the unregulated ‘grey zone.’
Would you like to learn more about AI, tech and digital diplomacy? If so, ask our Diplo chatbot!
Cybersecurity experts are warning of a rapid and highly advanced phishing campaign that targets Meta and PayPal users with instant account takeovers. The attack exploits Google’s AppSheet platform to send emails from a legitimate domain, bypassing standard security checks.
Victims are tricked into entering login details and two-factor authentication codes, which are then harvested in real time. Emails used in the campaign pose as urgent security alerts from Meta or PayPal, urging recipients to click a fake appeal link.
A double-prompt technique falsely claims an initial login attempt failed, increasing the likelihood of accurate information being submitted. KnowBe4 reports that 98% of detected threats impersonated Meta, with the remaining targeting PayPal.
Google confirmed it has taken steps to reduce the campaign’s impact by improving AppSheet security and deploying advanced Gmail protections. The company advised users to stay alert and consult their guide to spotting scams. Meta and PayPal have not yet commented on the situation.
Would you like to learn more about AI, tech and digital diplomacy? If so, ask our Diplo chatbot!
A major security incident has struck Cetus, a decentralised exchange (DEX) on the Sui blockchain, with suspected losses exceeding $200 million. Onchain data revealed rapid asset drainage, prompting experts to label the event as a possible hack rather than a mere bug, as claimed by the Cetus team.
Reports indicate that at least $63 million has already been transferred to Ethereum, including a large single transaction of 20,000 ETH moved to a new wallet.
Transaction volumes on Cetus surged to $2.9 billion on 22 May, compared to $320 million the previous day, suggesting funds were rapidly siphoned from the platform.
Several tokens lost over 75% of their value, causing wider disruption; for instance, the Sui-based money market Scallop halted all borrowing activities as a precaution.
Concerns over transparency have grown as $212 million in assets were reportedly bridged to Ethereum at a rate of $1 million per minute. Analysts argue the scale and speed of transfers hint at something more serious than a simple software glitch.
Cetus paused the affected smart contract and announced an ongoing investigation, but has yet to provide a detailed response.
Would you like to learn more about AI, tech and digital diplomacy? If so, ask our Diplo chatbot!
Bitcoin surged to a fresh all-time high of $111,544 during early Asian trading on Thursday, marking a 4% jump from Wednesday’s peak. The rally follows a dip to $106,000 earlier in the week and reflects rising interest in alternative assets amid global financial uncertainty.
The immediate driver appears to be weak demand for the US Treasury’s $16 billion 20-year bond auction, which pushed yields above 5.1%. Falling trust in long-term government debt has driven a shift in sentiment, with US and Japanese yields rising sharply.
Bitcoin’s rise has been supported by several macroeconomic factors, including softer US inflation, a cooling of US-China trade tensions, and Moody’s downgrade of US sovereign debt. Analysts suggest risk assets could benefit over the coming months if uncertainty continues to shake traditional markets.
On-chain data confirms increasing demand. Bitcoin’s realised market cap rose by $27 billion in May, while exchange inflows dropped 82% since November.
Institutional interest is also growing, with over $4.24 billion flowing into Bitcoin ETFs in the past month and major firms like Strategy boosting their holdings to $63 billion.
Would you like to learn more about AI, tech and digital diplomacy? If so, ask our Diplo chatbot!
