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Coinbase continues to face fallout from a recent security breach after the hacker behind the attack sent a public taunt to blockchain investigator ZachXBT. The message was posted Wednesday evening using Ethereum transaction data, as the attacker moved tens of millions of dollars in stolen assets across blockchain networks.

The incident occurred ten days after Coinbase disclosed that over 69,000 customer accounts had been compromised in a December 2024 cyberattack. The mocking message on the Ethereum blockchain adds a new twist to the high-profile case.

Ethereum message targets on-chain investigator

The hacker used a blockchain transaction to send a brief insult to ZachXBT, writing “L bozo” in the input data field. The message also included a link to a YouTube meme video featuring NBA Hall of Famer James Worthy smoking a cigar, apparently intended to mock the crypto investigator.

ZachXBT shared the interaction through his Telegram channel “Investigations” and linked the sender to the same actor responsible for the Coinbase hack. The attacker has reportedly used on-chain messages before to communicate or provoke those tracking them.

Coinbase hack and crypto laundering activity

Coinbase confirmed on May 21 that the data breach had impacted 69,461 users and stolen customer information. The company discovered the breach earlier, on May 11, and disclosed it in a filing with the Maine Attorney General’s office.

According to ZachXBT, the attacker behind the taunt also demanded a $20 million Bitcoin ransom shortly after the incident became public. Coinbase declined to pay and offered the same amount as a bounty for leads on the hacker’s identity.

On Tuesday, the hacker began liquidating some of the stolen funds. Blockchain records show that 17,800 ETH were converted into $44.94 million worth of DAI through THORChain. The swaps were made at an average rate of $2,528 per ETH, including a transaction converting 9,080 ETH into $22.82 million in DAI.

If you or someone you know were affected by this hack, please read my post to find a template you can use to start gathering information to build your case.Crypto gets a bad name from events like this, so we need to stand up for our friends and family and help make things… https://t.co/DIteoCHE1N

— Ibrahim Ahmed (@atbeme) May 17, 2025

Coinbase faces security and market pressure

The breach has damaged Coinbase’s reputation as it prepares for broader institutional exposure. Due to remediation and customer compensation, the company’s estimated financial impact ranges from $180 million to $400 million.

Coinbase (COIN) Shares closed at $258.97 on Wednesday, down 0.92 percent. The stock has declined over 36 percent in the past month.

Meanwhile, Binance and Kraken also faced social engineering threats, which were successfully blocked. Both exchanges confirmed that no customer data was exposed in those attempts.

The post Coinbase Hacker Taunts ZachXBT After Transferring $42 Million in Bitcoin first appeared on Coinfea.

Gold prices are rising for the fourth day as the unease over the United States President Donald Trump’s tax plan and growing fiscal deficit have pushed long-term yields towards the highs that were last seen in twenty years. At the same time, stocks across Asia and Wall Street have dropped significantly.

Spot bullion moved up to about $3,336 an ounce, extending a rally that has added nearly 4 percent since Monday. Demand for havens grew as shares weakened and the dollar slid, sending investors toward the metal that set a record last month and is already more than a quarter higher this year.

Last week, gold logged its steepest five-day drop since November, yet the swift rebound shows how attention has shifted from daily tariff headlines to structural fears about the US economy. Funds switched from stocks to gold, the Japanese yen, and the Swiss franc, while Tokyo and Seoul benchmarks slipped.

Golf on the rise as stocks decline

Longer-dated Treasury yields later touched an 18-month peak as signs of a worsening fiscal outlook gripped markets. Asian equity gauges and the greenback both traded lower, reflecting caution as Congress prepares to vote on the bill this week. “Uncertainty about growth and the government’s ability to borrow more weighs on sentiment,” said Vis Nayar, chief investment officer at Eastspring Investments in Singapore. He added that parts of recent data still look firm despite trade friction stoked by White House tariffs.

MSCI’s broadest index of Asia-Pacific shares outside Japan dipped by 0.5% while Japan’s Nikkei slipped by 0.96%. Hong Kong’s Hang Seng index stands 0.27% lower today. Earlier today, the Dow Jones Industrial Average fell by 816 points while the S&P 500 lost 1.61% (or 95.85 points). At the same time, the Nasdaq Composite lost 1,41%.

Away from bonds and bullion, bitcoin climbed for a fifth session, touching a record $111,691 before easing to stand 1.73 percent higher. The cryptocurrency has now erased losses from last month’s tariff-driven sell-off.

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Analysts at Bank of America have mentioned that stocks have dropped in the past few days amid worries about the US budget outlook. They mentioned that the S&P 500 are overbought and will likely pull back again soon, noting that a drop is an opportunity for investors to buy.

On May 16, the S&P 500 hit a TD Combo sell signal, a technical sign that a short-term fall may follow. The analysts wrote on Wednesday that its relative strength index, a tool that measures how fast prices are moving, also points to a pullback. “The S&P 500 isn’t moody, just a little overbought and wary of rates. Dip due, buy it,” they said.

According to a business insider report, Bank of America sees support for the S&P 500 at about 5,580, roughly 5% below its current level. If stocks slide to that point, buyers will get in at a lower price. On the upside, analysts expect the index to rise back toward 6,000 to test its record high and even reach 6,266 later this year.

Bank of America urges investors to buy stocks amid drop

According to the Bank of America, there are only two things that could push the price of stocks higher. First, the market’s path looks a lot like what happened from 2015 to 2018, closely after the presidential election. At that time, stocks gained about 7% before peaking.

Back then, the S&P 500 later fell around 10% in 2018 from its post-election peak. “If this plays out in 2025, the SPX could hit 6,266 this summer. As Newton’s third law says, for every action there is an equal and opposite reaction,” the analysts wrote.

Second, there is an increasing number of winning stocks as compared to losing stocks. Over 50% of S&P 500 stocks now trade above their 200-day simple moving average, a sign that gains are spreading across the market.

So far this month, the S&P 500 is up, wiping out its losses from the start of the year. However, it has slipped over 1.6% today and has been since last Friday, when Moody’s cut its U.S. debt rating and raised fresh worries about the growing budget gap.

The post Bank of America analysts warn of stock dip ahead first appeared on Coinfea.

Bitcoin legislation is moving forward in Michigan as lawmakers introduced four new bills on May 21, 2025. The bills are designed to support the use of digital assets across investment, mining, and taxation frameworks and reflect growing interest among U.S. states to define the role of cryptocurrencies in public policy.

Filed in the Michigan House late Wednesday, the proposals aim to strengthen the state’s stance on digital assets and bring clarity to how Bitcoin can be utilized in government and business operations.

Retirement Investment and regulatory guidelines

Representative Bill Schuette introduced House Bill 4510, which would allow Michigan’s state treasurer to invest retirement funds in cryptocurrencies. The bill sets a market capitalization requirement of at least $250 billion over the previous year, effectively limiting eligibility to Bitcoin. Investments must be made through exchange-traded products issued by regulated firms to ensure compliance and oversight.

House Bill 4511, introduced by Representative Bryan Posthumus, addresses concerns about federal efforts to create a central bank digital currency. It proposes a ban on any form of state-level licensing, taxation, or restriction of digital asset holdings. The bill also prevents state agencies from promoting or endorsing a U.S. CBDC.

Support for Bitcoin mining and environmental restoration

Representative Mike McFall introduced two related bills, HB 4512 and HB 4513, which aim to connect Bitcoin mining with environmental remediation. One bill proposes a program allowing private companies to mine Bitcoin at abandoned oil or gas well sites using residual fuel sources. In return, firms would receive temporary mining rights under state supervision.

The second bill offers tax incentives for companies engaged in this program. It allows income and corporate tax deductions tied to revenue earned from mining at these sites. The Supervisor of Wells would oversee the program, maintain a registry of eligible sites, issue bids, and ensure that participating firms cover the cost of site restoration.

State-Level crypto policies gain ground nationwide

Michigan joins a list of states advancing similar crypto-friendly legislation. New Hampshire recently approved a Bitcoin reserve, and Kentucky enacted a law supporting mining operations through financial incentives. Texas lawmakers passed a bill authorizing Bitcoin investments by the state comptroller, setting a $500 billion market cap threshold that only Bitcoin currently meets.

Despite these legislative moves, the Michigan bills must pass multiple stages before becoming law. They will undergo committee review, House and Senate votes, and require the governor’s signature. Past efforts in other states, such as Florida and Pennsylvania, have failed to move forward due to a lack of support.

The post Michigan House Introduces Four Pro-Crypto Bills to Define Bitcoin Investment, Mining, and Tax Rules first appeared on Coinfea.

Hailey Welch said she has been cleared by the US Securities and Exchange Commission and federal authorities for the crash of the HAWK token. The instant fame of HAWK ended quickly in a rapid crash, costing buyers as much as $50M.

The creator of the HAWK token previously stated the SEC was done with its investigation, and federal authorities cleared her of responsibility for the HAWK token crash. Welch stated she lacked the knowledge of crypto and regretted misleading her fans with a token that she did not fully understand. She explained her engagement with authorities in a recent Talk Tuah podcast.

When the crash happened, up to 97% of the token supply was held by snipers, and a group of insider wallets ended up crashing the price with rapid selling. HAWK was sniped early before it was available to the public, and sold to unaware retail investors. After that, the token did not have liquidity providers or market makers, and simply extracted SOL, leaving buyers to absorb the losses.

The lawsuit against Welch started in December 2024, and crypto-investigating lawyer office Burwick Law is still seeking out all related parties. There is no official document proving that Welch is innocent. However, authorities did not continue the investigation beyond verifying the rug pull. Despite the losses, Welch reportedly received only $125K in advanced payment, with up to 50% of the token’s proceeds. At one point, Welch held over 50% of the token supply in a single wallet.

HAWK loses its meme coin momentum

Within minutes, HAWK was sold off, resulting in losses of more than 95%. She went silent and stopped using social media after the sale, which took place during a livestream with Welch. The most recent podcast restated earlier indications that Welch would not be subject to fines or penalties.

After the crash, HAWK traded in a single trading pair, with only $95K in liquidity. Previously, HAWK managed to reach $500M in market capitalization within minutes, rivaling older and more established memes. HAWK launched during peak season for celebrity tokens.

The token did not revive after the news, still trading at $0.00015. Despite the low price, whales still realized gains, with one whale extracting 11.5 SOL. HAWK can still manage a small rally from its lows, but quickly falls on renewed selling from remaining holders.

According to Solscan, the token still has 7,609 holders and continues to see small-scale trading through Jupiter or directly on Raydium. The volumes are extremely low, with trades in the hundreds of dollars.

The post Hailey Welch cleared in HAWK token rug pull first appeared on Coinfea.

Monero has started growing, hitting a new high for 2025, as demand returns. The asset is also outperforming most assets in the market. The asset recently rose to $353 after a slow rise in 2035.

According to reports, this is the first time the asset is hitting these levels since 2021, with the move now setting up expectations for an even more active appreciation cycle. XMR’s revival came after a hacker used the token to swap out stolen BTC funds.

Following the incident, XMR did not stop its expansion; instead, it retained higher baseline volumes above $80M in 24 hours. Monero never returned to levels from before the hack, instead reviving a long-forgotten trade. The asset has limited exposure to mainstream exchanges after delisting but retains its influence as a privately mined coin.

Asian markets boost Monero’s rise

The recent exposure of Monero on social media does not immediately translate to increased global trading. Several specifics around XMR may cut the rally short. More than 50% of XMR volumes are on KuCoin and HTX, exchanges that are usually difficult to access for international traders. XMR is also traded on smaller markets with significant counterparty risk.

The asset is banned from US-based and EU brokerages and exchanges due to its anonymous origins and untraceable wallets. Exchanges may also have problems with XMR withdrawals and reserves in the case of a real rising demand for the coin. Some market operators also use a tokenized version of Monero. The asset is difficult to track.

In the past day of growth, the XMR/ETH pair on KuCoin also showed anomalous activity, with volumes rising by over 274% in a day. The XMR/ETH pair was also highly active at the end of April as the hacker tried to swap out assets, leading to peak volumes. The other activity hub for Monero was Kraken, where the busiest pair expanded its volumes by over 1,621%.

The biggest shift came from the smaller market Bitrue, where XMR activity spiked by 10,000% in an otherwise low-liquidity pair. The available liquidity for XMR may still be low for a proper bull market. In the short term, XMR has often outperformed other altcoins and even BTC.

The revival of XMR is not only in its market activity. Monero mining is at an all-time high, more than doubling since April 2024. The network hashrate grew exponentially in the past month, showing a trend of returning to the network as a source of newly mined privacy coins.

Miners produce only 432 XMR per day, comparable to the BTC mining reward. The coin remains scarce as exchanges carry insignificant balances. Acquiring XMR may be the most accessible for miners, causing real scarcity for potential buyers.

The post Monero hits new 2025 high as demand returns first appeared on Coinfea.

NYC Mayor Eric Adams has announced the formation of a new crypto advisory council to grow the city’s fintech sector and create blockchain-related jobs. Speaking at the first-ever crypto summit held at Gracie Mansion on May 20, Adams said New York City is positioning itself as a global center for digital assets and innovation.

The mayor confirmed that the council would comprise industry professionals and begin formal operations soon. A chairperson for the group is expected to be appointed in the coming weeks.

Mayor pushes to make NYC a global crypto hub

During the summit, Mayor Adams reaffirmed his vision to establish New York City as the leading crypto capital of the world. He said the initiative is about more than just digital currencies and highlighted the broader potential of blockchain to improve public services. He specifically mentioned exploring blockchain solutions for managing birth and death records, making these documents easier for families to access.

Adams stressed that the focus is on real-world applications rather than trends, noting the importance of embracing tokenization and the evolution of financial technology. He said New York must build a more inclusive and innovative tech environment to serve its residents better.

We're taking the next step in becoming the Crypto Capitol of the WORLD, hosting our city's first-ever Crypto and Digital Assets Summit! Join us LIVE as we get started: https://t.co/iwO6ThkaSB

— Mayor Eric Adams (@NYCMayor) May 20, 2025

Personal tech background drives Adams’ initiative

The mayor shared that his background in technology influenced his decision to push for more digital transformation in city governance. He recalled his early work as a computer programmer and contributor to OLTPS, a system that preceded the well-known COMPStat used by law enforcement. Adams said his long-standing belief in the power of technology to improve lives continues to shape his policy direction today.

He called the creation of the crypto advisory council a step forward in the city’s broader mission to adopt emerging technologies and build a future-ready economy.

Adams invites crypto firms to build in NYC

Mayor Adams used the event to encourage crypto firms expanding in the U.S. to consider New York as their base of operations. He emphasized that the city remains committed to welcoming innovation and building strong partnerships with tech companies. He promised a regulatory environment that is both safe and supportive of growth.

Adams once criticized New York’s BitLicense, but now he says that government oversight should be balanced. He told investors that the city would guard against exploitation and support sustainable growth for those who are not well served by traditional banks and talented experts.

The post NYC Mayor Eric Adams Launches Crypto Council to Advance Blockchain and Fintech Growth first appeared on Coinfea.

SAG-AFTRA, the union representing voice, motion, and screen performers, has filed an unfair labor complaint against Epic Games. The SAG-AFTRA complaint comes after Epic Games launched an artificial intelligence system programmed to sound like James Earl Jones’s Darth Vader and to reply to players’ actions and questions in the game.

According to The Verge, SAG-AFTRA said it respects that its members and their estates may choose to use AI technology as they wish. “However, we must protect our right to bargain terms and conditions around uses of voice that replace the work of our members, including those who previously did the work of matching Darth Vader’s iconic rhythm and tone in video games.” It notes that Epic Games did not inform the union before rolling out the AI feature.

SAG-AFTRA wants a dialogue before AI use

While AI tools have been replacing human labor, the union has actively embraced the technology under certain conditions. SAG-AFTRA has signed contracts and partnerships with several AI firms aimed at giving members access to these tools with contract guarantees that protect their rights.

The union strongly stressed that its issue is not with using AI to recreate Vader’s voice—whether that of the late James Earl Jones or of those hired later to match his style but with Epic Games’s decision to deploy the AI without consulting SAG-AFTRA at the bargaining table.

The post SAG-AFTRA slaps unfair labor charge on Epic Games over AI Darth Vader voice first appeared on Coinfea.

The United States Justice Department has launched an investigation into last week’s security breach at Coinbase Global, one of the country’s biggest cryptocurrency exchanges.

According to Bloomberg, sources say prosecutors in the department’s criminal division in Washington are looking at how the break-in happened. The breach was made public late last week when Coinbase filed fresh details with regulators. Coinbase earlier stated that criminals bribed employees and contractors in India to pull customer data from inside the company’s systems.

“We have notified and are working with the DOJ and other US and international law enforcement agencies and welcome law enforcement’s pursuit of criminal charges against these bad actors,” Coinbase’s chief legal officer, Paul Grewal, said in a statement. The company also revealed that the hackers pressured customer service staff, stole the data, and then demanded a ransom of $20 million. Coinbase reported that it received the anonymous demand by email on May 11.

In its filing last week, the firm said that, in the months before that message arrived, it had spotted several overseas support agents pulling information from its internal network. According to the company, the workers, based outside the United States, have since been dismissed. Coinbase warned that the episode could cost as much as USD 400 million to fix. Investigators say the thieves used a social engineering attack, which relies on tricking people rather than breaking computer code.

Coinbase hackers reportedly targeted executives

One of the victims, according to a person familiar with the incident, was Roelof Botha, a managing partner at Sequoia Capital. The source, who spoke under anonymity, said data linked to Botha’s Coinbase account, including his phone number, home address, and other personal details, was exposed.

Botha is a part of the widely known “PayPal Mafia,” a circle of former PayPal executives that also includes Peter Thiel and Elon Musk. He joined Sequoia in 2003 and backed early rounds in YouTube and Instagram. In 2022, he became the venture firm’s senior steward.

The hack happened only days before Coinbase was set to enter the benchmark S&P 500 index, a milestone for the crypto field. News of its upcoming inclusion, along with a positive review from analysts, sent the stock up 20% after the announcement.

The breach underlines how the exchange’s growing profile has drawn the attention of cyber criminals, even as Wall Street grows more comfortable with companies tied to digital assets. Officials say the investigation remains active and could take several months.

The post United States Justice Department investigates the Coinbase $20 million hack first appeared on Coinfea.

U.S. Senate officially approves the GENIUS Act, marking the country’s first significant step toward regulating stablecoins through a federal framework. The legislation, known as the “Guiding and Establishing National Innovation for U.S. Stablecoins of 2025,” aims to provide legal clarity for issuing and managing stablecoins in the United States.

The vote comes just one week after the bill initially stalled. All 49 Democratic senators had previously blocked a motion to proceed, citing political and procedural concerns. Recently, bipartisan talks helped revise the measure, bringing back support from several key Democrats.

Next week, the Senate will make history when we pass the GENIUS Act that establishes the first ever pro-growth regulatory framework for payment stablecoins. This bill will cement US dollar dominance, protect customers, increase demand for US treasuries, and ensure that innovation…

— Senator Bill Hagerty (@SenatorHagerty) May 16, 2025

Renewed support paves way for senate approval

The bill passed after winning support from more than 60 senators. Notable Democrats, including Ruben Gallego, Mark Warner, Lisa Blunt Rochester, Kirsten Gillibrand, and Angela Alsobrooks, shifted their positions to support the measure. Gillibrand and Alsobrooks had co-sponsored the original version of the legislation.

With the Senate’s approval, the GENIUS Act now heads to the House of Representatives, where a vote is expected soon. The bill will move to President Trump’s desk for final approval if passed there. The legislation was introduced by Senator Bill Hagerty and co-sponsored by Cynthia Lummis, Kirsten Gillibrand, and Tim Scott. It targets stablecoin regulations at a time when the market cap for these digital assets exceeds $250 billion.

Stablecoin rules aim to protect consumers and strengthen the Dollar

Under the GENIUS Act, issuers must hold cash or Treasury securities reserves and follow anti-money laundering and anti-terrorism financing standards. The Federal Reserve could oversee these activities to ensure safety and compliance.

A Several members of Congress are concerned that the legislation might improve how President Trump deals with cryptocurrency involving USD1 and his meme coin. He explained that if the bill is approved, Trump might be able to influence the regulations they already have in place.number of lawmakers are worried that the legislation could improve conditions for the crypto activities of President Trump focused on USD1 and his meme coin. Warren emphasized that passing the measure could allow Trump to affect rules set over his businesses. Despite these concerns, many in the crypto and legal sectors have welcomed the bill as a balanced approach. Senator Hagerty described the legislation as a pro-growth measure that supports the U.S. dollar.

The GENIUS Act is about securing the future of American finance.Stablecoins strengthen U.S. dollar dominance, modernize our outdated payment rails, and give Americans faster, cheaper, and more transparent ways to move money.Digital asset technology is the next generation of…

— Bo Hines (@BoHines) May 16, 2025

Industry leaders endorse push for regulatory clarity

Many in the industry feel that the Senate approval was a key achievement. Amanda Tuminelli from the DeFi Education Fund called for both parties to support a stablecoins ruleset. The Crypto Council for Innovation’s Ji Kim believes this is necessary for the U.S. to hold a leading position in worldwide digital finance.

The post U.S. Senate Approves GENIUS Act to Establish Federal Oversight of Crypto Stablecoins first appeared on Coinfea.

Cyprus, 24 Sept 2025 — The highly anticipated Wiki Finance Expo Cyprus 2025 is set to take place in Limassol. As one of the largest and most influential Fintech, Forex and Web3.0 events in Europe this year, Wiki Finance Expo Cyprus 2025 promises to deliver an unparalleled experience for the industry.

Event Details

Date: 24 Sept, 2025

Time: 9:00 AM – 6:00 PM

Venue: Parklane, a Luxury Collection Resort & Spa, Limassol, Cyprus

Focus Areas: Fintech, Forex, Web3.0, Crypto, Payments, AI

Tickets: Free of charge

Official Registration Link: https://cutt.ly/wikiexpo_Cyprus2025

Why Attend?

Wiki Finance Expo Cyprus 2025 will bring together over 5,000 attendees and 1,000 top-tier companies to showcase the latest trends and breakthroughs in Fintech, Forex, Crypto, Payments, and AI. This expo is a must-attend event for anyone looking to stay ahead of the curve in the global fintech, forex and crypto landscape.

Who Should Attend?

Traders & Investors: Forex, crypto, and stock traders, retail and institutional investors.

Financial Professionals: Brokers, affiliates, IBs, fund managers, and bankers.

Blockchain & Web3 Innovators: Developers, project owners, and DeFi/NFT pioneers.

Fintech & AI Experts: Startups and professionals in payments and liquidity solutions.

Entrepreneurs & VCs: Founders and investors seeking fintech opportunities.

Influencers & Media: Content creators and journalists covering finance.

Regulators & Academics: Policymakers, researchers, and students shaping financial futures.

Past Speakers at Wiki Finance Expo Global

Dominic Williams: Founder & Chief Scientist, DFINITY Foundation

Evan Auyang Chi-chun: Group President, Animoca Brands

Justin Sun: Founder – TRON, Member – HTX Global Advisory Board

Reeve Collins: Co-Founder – Tether

Joy Lam: Member of Task Force on Promoting Web3 Development – Hong Kong Government, Head of Global Regulatory & APAC Legal – Binance

Alvin Hu: Managing Director, KuCoin Exchange

Kevin Lee: CEO, Gate.HK

Mario Nawfal: CEO, IBC Group

Julian Tehan: CCO, BitMEX

Hasnae Taleb: Managing Partner, Mintiply Capital, The Shewolf of Nasdaq by Nasdaq Stock Market

Mayoon Boonyarat: Director Revenue Tax Policy Division, Ministry of Finance of Thailand

John Riggins: Partner, BTC Inc

Loretta Joseph: Policy Consultant, The Commonwealth, Chairman, ADFSAC

Dr. Florian M Spiegl: Appointed Member, (HK) SFC – FinTech Advisory Group, Founder & CEO, EVIDENT, Lecturer, HKU – Faculty of Business and Economics

Brian Norman: CFO – Auros, Co-Chair Web3 & Blockchain committee – FinTech Assoc HK

Bugra Celik: Director, Digital Assets | Global Private Banking & Wealth, HSBC

Simon Callaghan: CEO, Blockchain Australia

Hassan Ahmed: Country Director, Coinbase Singapore

Contact Information

Organizer: Loki So

Email: [email protected]

WhatsAPP: +86 19384080751

Disclaimer: The content within the Sponsored Insights and Press Release category has been provided by our partners and sponsors. The views and opinions expressed in these articles are those of the authors and do not necessarily reflect the official policy or position of our website. While our team takes care to share valuable and reliable content, we do not take responsibility for the accuracy, completeness, or validity of any claims made in these sponsored articles and Press Releases. Readers are encouraged to conduct their own research and due diligence before making any decisions based on the information provided in Sponsored Insights.

The post Wiki Finance Expo Cyprus 2025: Europe’s Premier Fintech, Crypto & Forex Event! first appeared on Coinfea.

Dubai regulator the Virtual Assets Regulatory Authority (VARA), has published a second version of its activity-based Rulebooks to further future-proof Dubai’s regulatory framework, which balances innovation with robust market safeguards.

According to the press release, the updated Rulebooks include enhanced supervisory mechanisms across the following regulated virtual asset activities, including, advisory services, crypto broker-dealer services, custody services, crypto exchange services, crypto lending and borrowing services, virtual asset management and investment services and virtual asset transfer and settlement services.

Dubai regulator updates its rulebook

Other key changes in Version 2.0 include strengthened controls around margin trading and token distribution services, clearer definitions for collateral wallet arrangements, and harmonized compliance requirements across all licensed activities.

Ruben Bombardi, General Counsel and Head of Regulatory Enablement VARA, said, “Our commitment remains to ensuring that innovation and compliance go hand in hand. These rulebook updates reinforce the foundations of a responsible, scalable ecosystem.”

The updates are designed to promote greater market discipline, risk transparency, and operational resilience across Dubai’s VA ecosystem. In line with global regulatory best practices, a 30-day transition period has been granted to all impacted virtual asset service providers (VASPs), with full compliance required by 19 June 2025.

The VARA Supervision Teams will be engaging directly with each licensed entity to provide activity-specific guidance as needed. VARA Dubai was the first dedicated virtual assets regulator in the world. It has already licensed more than 30 VASPs, including Binance, OKX, Crypto.com, Gate.io, and others.

The post Dubai regulator updates its rulebook to ensure compliance first appeared on Coinfea.

House speaker Mike Johnson has emphasized an “aggressive” schedule that has been for President Donald Trump’s “One Big Beautiful Bill,” insisting that the House is still looking to approve the sweeping package by Memorial Day.

Speaking on “Fox News Sunday,” Mike Johnson said his team is “on track, working hard to deliver this legislation for the American people as soon as possible.” He noted that all 11 committees have completed their work and that they “spent less and saved more than even we’ve projected initially.” He called the bill “a once-in-a-generation opportunity.”

Mike Johnson explained why the tight timetable matters so much. “This is the vehicle through which we will deliver on the mandate the American people gave us during the last election,” he said. He promised “historic savings for the American people, historic tax relief for American workers, [and] historic investments in border security.”

Adding to it, he said, “At the same time, we’re restoring American energy dominance, and we’re rebuilding the defense industrial base, and we’re ensuring that programs like Medicaid and SNAP are strengthened for U.S. citizens who need and deserve them and not being squandered away by illegal aliens and persons who are ineligible to receive them and are cheating the system.”

Mike Johnson faces disapproval from his party members

Mike Johnson has been criticized by South Carolina Rep. Ralph Norman and Texas Rep. Chip Roy for not moving faster on spending cuts. They’ve called for work requirements for able-bodied adult Medicaid recipients to start well before 2029. Johnson said that he shares their goal but worries about whether states can “retool their systems and ensure the verification process” is strong enough.

“We’re working through all those details, and we’ll get it done,” he said, adding, “but I’ll tell you what, this is the largest spending reduction in at least three decades, probably longer. It’s historic.” He noted support from Office of Management and Budget Director Russ Vought and from “nearly 500 organizations across the conservative spectrum” that back restrictive spending.

Johnson added, “We are. This is our opportunity to do it. It’s once in a generation, as I’ve said, and we can’t squander it.” He expressed confidence that a compromise on the Medicaid work requirement would satisfy internal critics but conceded that not a single Democrat is expected to support the bill. “Which means that they will be on record supporting the largest tax increase in U.S. history, which is what will happen by default after the end of this year if we do not get this job done,” he said. “We have to accomplish this mission, and we will.”

The post Mike Johnson defends push to pass Trump’s budget bill first appeared on Coinfea.

Bitcoin has recorded its strongest weekly close at $107,000, briefly reaching that level before retreating to $105,000. The digital asset is now less than 3% away from its all-time high, currently trading near $104,300 based on CoinGecko data.

The latest surge mirrors the momentum in November 2021, when three weekly candles pushed the price by $30,000. Bitcoin has gained $13,000 in May alone, climbing from $94,000 to over $107,000 in under three weeks.

Metaplanet expands holdings with new purchase

Japanese firm Metaplanet has continued its Bitcoin accumulation strategy with a new purchase of 1,004 BTC worth $104 million. This move brings the company’s total holdings to 7,800 BTC, now valued at approximately $812 million. Metaplanet has consistently acquired Bitcoin over the past several months, reinforcing its position as one of the largest corporate holders.

The market has responded positively to the growing interest from institutions. As more companies adopt Bitcoin as a treasury asset, investor confidence is strengthening despite price fluctuations.

Arthur Hayes points to liquidity as key driver

BitMEX co-founder Arthur Hayes told Fortune that the ongoing increase in government spending is adding liquidity to the system, which supports higher Bitcoin prices. He noted that the U.S. Treasury General Account dropped from $750 billion to $450 billion due to extraordinary spending measures that allow continued expenditures without increasing net debt.

Hayes highlighted that Treasury borrowing rose by 22% in the first quarter compared to last year. He believes further debt issuance is likely, which may push more dollars into circulation. According to Hayes, this increase in liquidity contributed to Bitcoin bottoming on April 9 and could make it above $110,000 in the near term. He expects the price to reach between $150,000 and $200,000 during the summer or early third quarter.

ETFs and on-chain data show growing support

Within ten days, the amount has risen to $906 billion from $891.6 billion. This indicates that there is a substantial increase in capital coming into the country. For some time now, the price was trading between $104,731 and mid-$107,000. It could mean the currency is preparing for a breakout above $107,757. Wallets holding between 100 and 1,000 BTC added 122,540 BTC during this range. Spot Bitcoin ETFs recorded $608 million in net inflows for the week. BlackRock’s fund led with $840 million, adding 10,302 BTC to its holdings, a 1.66% increase.

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Epic Games has asked US District Judge Yvonne Gonzalez Rogers to order Apple to let a compliant version of Fortnite appear on its App Store in the United States. Both companies have battled for years over Apple’s store policies and the commission it takes on in-app sales.

Last month, Epic won a key ruling when Judge Rogers said Apple was in “willful violation” of an earlier injunction meant to curb anti-competitive pricing. That decision seemed to clear a path for Fortnite’s return and for all developers to add their payment options.

Apple, however, quickly confirmed that it will appeal the ruling. On Friday, Epic told the court that Apple is blocking Fortnite in the United States and also stopping a planned relaunch on the Epic Games Store in Europe. “Now, sadly, Fortnite on iOS will be offline worldwide until Apple unblocks it,” Epic wrote in a post on X.

Apple disagrees with Epic Games’ claims

Apple has disagreed with Epic Games’ claims that it blocked Fortnite outside the United States. Apple says it only asked Epic Sweden to “resubmit the app update without including the U.S. storefront of the App Store so as not to impact Fortnite in other geographies.”

In another X post, Epic Games wrote that Apple’s suggestion of submitting two separate Fortnite versions violates the company’s guideline, according to which developers cannot submit multiple versions of a single app. It said, “That’s not the standard Apple holds other developers to, and it’s blocking us from releasing our update in the EU and US.”

Epic Games also pressed the question of the block in US app stores by putting forward a letter from Apple’s lawyer, Mark A. Perry. “Apple has determined not to take action on the Fortnite app submission until after the Ninth Circuit rules on our pending request for a partial stay of the new injunction,” Perry said.

However, In its latest filing Epic argues Apple is depriving it “of the ability to take advantage of the pro-competitive rules” and is “punishing” the company “by shutting it out of the very market it has fought so hard to open — while sending a clear message to other developers not to challenge Apple’s practices.”

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Nvidia has confirmed that it will not make another Hopper chip for China. Speaking during a livestream, CEO Jensen Huang said the Hopper H20 architecture cannot be modified any further to meet US government export rules. “It’s not Hopper because it’s not possible to modify Hopper anymore,” Huang said, addressing the question about what chip could replace H20 in the Chinese market.

The company is now figuring out what to offer instead, after Washington blocked additional shipments of H20, the only AI chip from Nvidia still allowed to be sold in China under current rules. That chip was already a stripped-down version of earlier designs, made specifically to stay under the export thresholds. With no more room to adjust, Hopper, Nvidia will have to come up with a completely different product if it wants to keep selling legally in China.

Nvidia seeks to survive in China amid stringent AI rules

Huang travelled to China after restrictions were announced, showing how much the market means to the company. China brought in $17 billion for Nvidia in the fiscal year ending January 26, which made up 13% of the company’s total revenue. But holding onto that number is getting harder. According to a Reuters report, the company is planning to launch a new downgraded chip sometime in the next two months. The unnamed chip won’t belong to the Hopper family, Jensen said. That confirms what many had suspected: the design limits of Hopper have been fully reached, and Nvidia has no more legal wiggle room with that line.

The current regulations come from the Framework for Artificial Intelligence Diffusion, a policy introduced in January by the Biden administration, just a week before President Donald Trump returned to the White House. The rules blocked advanced AI chips from being exported to several countries, including China. Speaking about those controls, Jensen said they were a mistake. “Export controls should be designed to maximize the proliferation of US technology,” he said, criticizing the Biden-era framework.

Trump has said that he plans to cancel the AI diffusion policy completely, calling it bad for business and innovation. But for now, the restrictions remain in place, and Nvidia is stuck trying to keep a foothold in China without breaking the law. At the same time, local players like Huawei are gaining ground in the AI chip market, taking advantage of Nvidia’s regulatory setbacks. The company isn’t exiting China, but it’s now forced to rely on low-performance alternatives until a new architecture is ready.

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Bitcoin flew past $104,000 on Friday, rising alongside the US stock market that is closing its strongest week in months, according to data from CNBC. The S&P 500 rose by 0.4% to extend its five-day winning streak, finishing the week up 5%, while the Nasdaq Composite added 0.2%, capping a 6% gain since Monday.

The Dow Jones Industrial Average gained 243 points, or 0.5%, bringing its weekly advance to 3%. This rally came even as new data showed that Americans are feeling worse about the economy. The University of Michigan’s consumer sentiment index just dropped to its second-lowest reading ever, and people now expect prices to rise 7.3% over the next 12 months, up sharply from 6.5% last month.

That hasn’t stopped Wall Street from buying. Traders seemed more focused on the news earlier this week that the US and China agreed to pause their tariff fight for 90 days, a move that cooled some of the worst trade fears that had been building for weeks.

Bitcoin jumps as Nvidia leads tech bounce

Tech stocks led the way all week, with Nvidia jumping over 15% since Monday. Meta Platforms climbed 7%, Apple added 6%, and Microsoft posted a 3% gain. The S&P’s five-day run would’ve been impossible without those numbers. But not everything came from tech. The crypto world made noise, too. Coinbase soared more than 9% on Friday, bouncing back from a 7.2% plunge the day before. That drop followed news that the US Securities and Exchange Commission is investigating the company over whether it misstated user numbers.

Analysts on Wall Street dismissed the selloff, calling it “overdone” and a potential entry point for investors. The rebound helped drag crypto stocks higher despite regulatory clouds. Meanwhile, Galaxy Digital debuted on the Nasdaq under the ticker GLXY, opening at $23.50 and last trading near $23.98. It was a quiet but notable moment, as more crypto-linked companies continue to test US markets.

The optimism in stocks came with some skepticism. Jamie Cox, managing partner at Harris Financial Group, said traders might be getting ahead of themselves.

“Markets are repricing the stagflation risk right now—what was once the base case for folks who were sure that tariffs were going to shoot inflation skyward immediately, really hasn’t been supported in the data,” he said. “The US consumer may say he/she is worried, but they aren’t spending like they are. Consumption trumps all once you filter out all the noise.”

President Donald Trump also added more to the issue at hand, noting that the United States will be sending letters to countries in the next three weeks laying down fresh tariff rates. He mentioned that the letters will take the place of formal negotiations in cases where they have no time to hold formal talks.

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London, UK – April 30, 2025 – Plutus, a pioneer in the tokenisation of real-world assets (RWA) and creator of the first tokenised rewards system, Pluton (PLU) Rewards, laid the foundation for practical blockchain use by tokenising loyalty in 2015, setting a path that many would follow. Today, Plutus remains a leader in fintech, providing on-chain utility with real-world savings to customers across the UK and EU.

Nearly a decade after the initial minting of the PLU Rewards Pool in 2016, Plutus has completed its 11th and final reconciliation in collaboration with Haggards & Crowthers, a UK regulated ACAEW Chartered Accountant, ensuring complete transparency and verification of all transactions.

In the final reconciliation period between July 2024 and April 2025, Plutus cardholders collectively spent approximately $190 million (equivalent in local currencies), earning $13.78 million in savings through in-app PLU rewards. This brings the total all-time spend eligible for rewards to $811 million, out of approximately $1 billion spent with the Plutus Card, delivering an estimated $58 million in in-app savings to customers since inception.

These milestones are built on the groundbreaking 2015 whitepaper written by Plutus Founder Danial Daychopan. The paper introduced the concept of tokenised loyalty rewards and is also the first recorded document to coin the term “DEX” to describe PlutusDEX, a one-of-a-kind non-custodial crypto-to-fiat exchange, facilitating up to $50 million value in swaps for card top-ups over five years.

Following the reconciliation of all eligible rewards, 2,478,822.91 PLU remains from the original 20,000,000 PLU Rewards Pool. This amount will be burned alongside 521,177.09 PLU from the Plutus Treasury, bringing the total burn to 3,000,000 PLU starting on 20th May 2025, and reducing the total supply from 20 million to 17 million by 20th July 2025.

Further token burns are scheduled in the coming quarters, aiming to reduce the total supply to 13.8 million PLU, with the final burn expected on 20th December 2025, subject to confirmation. The approach highlights Plutus’ commitment to creating a sustainable, efficient, and transparent reward system.

“The PLU burn marks a shift to a timeless rewards system, ensuring consistent, sustainable savings through our network of partners within the app. This move benefits everyday spenders, paving the way for utility-driven rewards, plus more from your daily card spending.”– Danial Daychopan, Founder & CEO of Plutus.

The PLU burn marks the end of PLU emissions and is part of Plutus’ shift to a dual-token system. Going forward, only the PLU that customers have already earned will be available for stacking to unlock savings and rewards in the app via connected wallets, with no new PLU being issued. Meanwhile, this will be replaced by a new Dynamic Rewards system, that offers instant, redeemable rewards within the app.

This strategic shift creates a clear distinction between external stacking and redeemable rewards earned in-app, ensuring greater clarity, and consistent savings for Plutus customers.

For more information:

Final Reconciliation & Burn: PLU Rewards Pool | Final Reconciliation & Burn ScheduleDual-Token Upgrade: New Era for Stackers: Upgrade to Rare PLUMedia Inquiries: [email protected]: https://www.plutus.it

About Plutus

Plutus is a pioneer in tokenising real-world assets (RWA) and the creator of tokenised rewards, first introduced in 2015 during the early days of blockchain technology. By bridging traditional finance with decentralised systems, Plutus laid the foundation for the tokenisation that followed. Today, Plutus continues to innovate, offering seamless on-chain loyalty rewards, with approximately $1 billion in value spent through the Plutus Card, delivering $58 million worth of real-world savings via the Plutus app. Plutus now leads fintech innovation, empowering customers with unmatched savings and shaping the future of everyday card spending through a sustainable, utility-driven on-chain rewards system.

Disclaimer: The content within the Sponsored Insights and Press Release category has been provided by our partners and sponsors. The views and opinions expressed in these articles are those of the authors and do not necessarily reflect the official policy or position of our website. While our team takes care to share valuable and reliable content, we do not take responsibility for the accuracy, completeness, or validity of any claims made in these sponsored articles and Press Releases. Readers are encouraged to conduct their own research and due diligence before making any decisions based on the information provided in Sponsored Insights.

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United States President Donald Trump has blamed his predecessor for the state of the economy in the first quarter. According to the Commerce Department, the United States economy contracted by 0.3% in the first quarter of this year. He added that his trade policies would soon reverse the downturn and drive strong growth.

Trump mentioned that the shrinkage “has NOTHING TO DO WITH TARIFFS” and argued that once tariffs fully kicked in, the economy would experience a boom. “When the boom begins, it will be like no other. BE PATIENT!!!,” he wrote on social media. In a post on TruthSocial, he said, “This is Biden’s Stock Market, not Trump’s. I didn’t take over until January 20th. Tariffs will soon kick in, and companies are starting to move into the USA in record numbers. Our Country will boom, but we have to get rid of the Biden ‘Overhang.’

Meanwhile, the President will host CEOs from major firms, including Nvidia and GE Aerospace, later today. He will also attend a Cabinet meeting with his leadership team. Trump has been making multiple public appearances to mark his first 100 days in office, which he completed yesterday.

United States on the edge of a technical recession

The Commerce Department said the latest figure marked a sharp drop from the 2.4% annual growth rate posted in the final quarter of last year. On the surface, the shift from a 2.4% expansion to a 0.3% contraction was shocking.

Officials said that the drop largely showed a surge in imports, as businesses rushed to bring in goods ahead of President Trump’s tariff increases. It was the first contraction in three years, a sign that economic activity was already softening even before the highest tariffs took effect.

This dip, the first since early 2022, places the U.S. economy on the brink of a technical recession, which is typically defined by two straight quarters of negative growth.

Consumer sentiment plunged 32% in April, falling to its lowest level since the 1990 recession. Influential economists had warned that the risk of a U.S. recession this year was close to 50%.

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The Japanese yen dropped hard on Wednesday in Tokyo after the Bank of Japan refused to raise rates, even as President Donald Trump’s aggressive tariffs hammered global markets. The BoJ froze its benchmark interest rate at 0.5%, ignoring pressure from worsening US trade policies. As a result, the yen lost about 0.3%, hitting 143.48 against the dollar, losing a four-month winning streak.

According to a Bloomberg report, the central bank also pushed back its inflation target timeline, noting that the risk to prices is now tilted to the downside. Officials described the future of global trade as “extremely uncertain,” with no indication of how long the current chaos might last. Trump’s new tariffs have rattled markets and made traders ditch earlier bets on tighter policy.

Japanese yen drops as Ueda offers no rate timeline

All 54 economists polled by Bloomberg had predicted the BoJ wouldn’t budge, and they were right. At the press conference, Governor Kazuo Ueda offered zero indication of any near-term rate hike. Markets that once showed full confidence in a move by year-end have now slashed that to just 50%, using overnight index swaps.

The yen’s strength over the last few months has been driven by a mix of Trump’s trade war, weakening US assets, and a rush into so-called safe havens. Last week, the yen touched its highest level since September, but all that reversed fast.

Speculative traders had been betting big, too, as net long positions on the yen hit a record high, according to data from the Commodity Futures Trading Commission (CFTC). Behind the scenes, BoJ officials still believe in a slow, steady approach. They’re halting further tightening until they can see more data on how Trump’s policies are hitting Japan’s economy.

And those numbers are already looking bad. Japan’s manufacturing PMI for April came in at 48.7, just barely better than March’s 48.4. That’s still under the 50-point line, meaning the sector is shrinking. This is now the tenth month in a row of contraction. To worsen the situation, new orders and exports are falling even faster, showing that demand is evaporating both at home and abroad. S&P Global reported that Japanese companies are now pulling back hard. They’re cutting purchases, adjusting inventories, and turning pessimistic about the future.

Confidence in upcoming output is now at its lowest point since mid-2020 when the COVID crisis was still ripping through markets. S&P said that without major improvements in demand inside and outside Japan, “firms are likely to struggle to see a recovery in conditions.”

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