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$43K in Crypto Paid to Free Kidnapped Russian Pair

A recent kidnapping in Buenos Aires has intensified concerns over the rising wave of crypto-related abductions worldwide.

In this latest case, a Russian couple—operators of a local cryptocurrency business—were lured into a trap by two fellow Russian nationals.

What began as a dinner invitation in the upscale Palermo district, a known center of Argentina’s crypto scene, quickly turned into a hostage situation.

The couple, aged 30 and 27, were invited to a rented apartment on Ravignani Street under the pretense of continuing a prior conversation from a local bar.

Once inside, the assailants restrained them and demanded $43,000 in cryptocurrency.

Although the attackers fled before authorities arrived, the couple was freed within 24 hours after a third Russian citizen—an acquaintance living in Partido de la Costa—transferred the ransom digitally.

The female victim’s cries for help in English around 11pm. caught the attention of staff at a nearby restaurant, prompting them to call emergency services.

Kidnapping of a Russian couple in Palermo: two Chechen suspects fled the country; Interpol is searching for two men.

A young Russian couple who run a cryptocurrency business were kidnapped and later released in the Buenos Aires neighborhood of Palermo after a ransom of $43,000… pic.twitter.com/uqzJDBneke

— BowTiedMara (@BowTiedMara) May 29, 2025

Police discovered the victims tied up in the apartment, though unharmed.

Communication was briefly delayed due to language barriers until a friend assisted with translation, followed by official interpreters recording statements.

Investigators say the suspects—identified as two Chechen men—had been staying at the apartment for two nights and fled shortly after receiving the ransom.

Interpol has issued red notices for their arrest, with reports suggesting they may have fled to the United Arab Emirates (UAE).

Authorities believe this attack is part of a growing trend of transnational crypto kidnappings, echoing recent incidents across Europe and North America.

Despite the secrecy still surrounding parts of the case, one thing is clear: as the crypto economy expands, so too does the risk landscape surrounding it.

International Manhunt for Suspects Who Fled to UAE

Shortly after the crime, the suspects swiftly boarded a flight from Ezeiza International Airport to the UAE—escaping Argentina just hours before authorities could identify them.

The Argentine Federal Police (PFA) confirmed the departure, and Interpol has since issued red notices for both men.

A Russian couple operating a cryptocurrency business in Buenos Aires was kidnapped last week in their apartment by two Chechen suspects and held for a $43,000 digital currency ransom. The female victim called for help from the balcony, leading to a swift rescue by police. The…

— Nehal (@nehalzzzz1) May 29, 2025

The case is now under the jurisdiction of Federal Judge María Romilda Servini and the PFA’s Southern Anti-Kidnapping Department, with international arrest warrants issued and extradition efforts underway.

If captured and returned, the suspects face prison terms of 8 to 15 years.

Investigators believe the victims’ ties to the cryptocurrency industry likely made them targets.

A source close to the investigation said:

“This wasn’t a random act. The attackers likely knew the couple had access to digital assets and used that to their advantage.”

The ransom payment is now being tracked via on-chain analysis, though details remain limited. International law enforcement coordination is ongoing, as officials work to locate and detain the fugitives.

Judge Servini’s involvement adds an intriguing layer—she has presided over several high-profile crypto-related cases, including scrutiny of President Milei and advisory roles in warrants like that of Hayden Davis.

The case unfolds against the backdrop of a global surge in crypto kidnappings, from an Italian millionaire tortured in the US to a series of brutal attacks across France.

While this ransom was relatively modest, the perpetrators’ success raises the risk of future copycat crimes if swift arrests are not made.

Kazakhstan Unveils Ambitious Crypto City and AI Hub Initiative

Kazakhstan is taking a bold step toward integrating digital assets into its economy with the launch of “CryptoCity,” a pilot zone where cryptocurrencies like Bitcoin can be legally used for everyday transactions, including goods and services.

Announced on 29 May via the official presidential website, the initiative signals a shift in national policy—away from prohibition and toward thoughtful regulation of digital currencies.

Unveiled by President Kassym-Jomart Tokayev during the Astana International Forum 2025, which convened global political, business, and institutional leaders, CryptoCity will serve as a regulatory sandbox.

Statement by President @TokayevKZ at the @AstanaIntlForum is now available via: https://t.co/k3cXEReVDx pic.twitter.com/7PyOYQZm1i

— Erzhan Kazykhan (@ErzhanKazykhan) May 29, 2025

Within this controlled environment, Kazakhstan will test the legal use of cryptocurrencies, allowing consumers and businesses to transact under the watchful eye of regulators.

The goal is to develop a comprehensive legislative framework that supports the open circulation of digital assets while ensuring compliance and mitigating risk.

Tokayev positioned the pilot as a way to attract crypto developers and investors, reinforcing Kazakhstan’s growing reputation as a regional crypto mining hub.

He expressed in his remarks:

“We are planning to create a pioneering pilot zone called CryptoCity where cryptocurrencies might be used for purchasing goods, services, and even beyond.”

While specific details about CryptoCity’s structure remain undisclosed, the project is the latest in a series of pro-crypto initiatives designed to capture more economic value from the country’s expanding digital asset sector.

Kazakhstan to Build CryptoCity in Alatau as Part of Digital Economy Push

Alatau was selected as the site for CryptoCity due to its robust technology and research infrastructure, making it an ideal environment for advancing blockchain and digital finance initiatives.

As home to Kazakhstan’s Innovation Technology Park and several leading scientific institutions, Alatau offers a strong foundation to support the pilot project’s ambitious goals.

🇰🇿 Kazakhstan Introduces 'CryptoCity' Pilot Zone for Crypto and Digital Asset Integration 🚀

Kazakhstan is taking a significant step towards embracing crypto and digital assets with the announcement of "CryptoCity," a designated pilot zone where cryptocurrencies will be used… pic.twitter.com/rRuKaJCXNK

— CryptoUK 🇬🇧 (@CryptoUKAssoc) May 29, 2025

Minister of Digital Development Zhaslan Madiyev said:

“Of course, the most promising place for CryptoCity is the new city of Alatau – it’s the President’s initiative.”

Government officials and regulators, including Madiyev, are finalising project details but have expressed a clear preference for Alatau, citing its established tech ecosystem.

This choice is expected to foster synergies and stimulate economic growth, aligning Kazakhstan with global leaders like the US and China in embracing cryptocurrency adoption.

Located near Kazakhstan’s southeastern border, Alatau was founded in 1957 as a settlement dedicated to scientific research and housing for institutional staff.

It hosts the Institute of Nuclear Physics, the Kazakhstan National Nuclear Center with its experimental nuclear reactor and cyclotron, and the Physics and Technology Institute.

Beyond its scientific heritage, Alatau features a special economic zone—the Innovation Technology Park—which strengthens its appeal as a hub for innovation.

Given its existing status as a research and technology center, regulators see expanding Alatau’s scope to include CryptoCity as a logical progression.

He elaborated:

“The concept is that cryptocurrency would be used as a means of payment — to pay in restaurants, cafes, buy real estate, make investments. I believe this could be a major breakthrough for the blockchain industry.”

This expansion is anticipated to generate valuable synergies, attract investment, and accelerate the region’s development under crypto-friendly legislation and infrastructure currently underway.

Kazakhstan Embraces Crypto

Madiyev expressed optimism that CryptoCity will draw developers, programmers, and IT professionals to Kazakhstan, driving significant local economic growth.

While emphasizing that efforts remain focused on establishing a comprehensive regulatory framework, he confirmed that “the city itself is already under development.”

He further highlighted that CryptoCity aims to enable the free circulation of cryptocurrency, supported by crypto-friendly legislation, positioning digital assets as a fully legitimate means of payment within the zone.

He added:

“These conditions need to be reflected in the law.”

Google Photos Marks 10 Years with a Major Editor Upgrade Featuring Intelligent AI Enhancements

To mark the 10th anniversary of Google Photos, Google is rolling out a revamped photo editor packed with powerful AI features previously exclusive to Pixel devices.

Now available to all users, the update introduces Reimagine and Auto Frame, two generative AI tools designed to make photo editing more creative and intuitive.

Reimagine allows users to alter photo elements—such as replacing a cloudy sky with “clear blue skies”—by simply typing text prompts.

Auto Frame, on the other hand, suggests alternative framings by cropping, widening, or using AI to intelligently fill in gaps.

The redesigned interface also centralises all editing tools and introduces AI Enhance, a feature that applies multiple smart adjustments with a single tap—like sharpening an image while removing unwanted objects.

Users can also tap on specific areas of a photo to receive targeted suggestions, such as improving lighting or blurring the background.

Google says the upgrade is designed to make professional-grade editing more accessible to everyone.

Discover Google Photos' new AI powered editor with reimagine features, intuitive suggestions, and easier album sharing now accessible to everyonehttps://t.co/1F7GlQxHJv

— Critiqs AI (@critiqsai) May 29, 2025

Android and iOS Rollout to Follow

Google has announced that the redesigned Photos editor will begin rolling out globally to Android devices next month, with iOS users set to receive the update later this year.

Thrilled to mark 10 years at #GooglePhotos by contributing to our new, redesigned photo editor! Building on the Magic Editor, it democratizes advanced editing to all. Coming to Android & iOS later this year. https://t.co/od08cVLXpt

— Clement Ng (@heyclement) May 29, 2025

Alongside the editor, Google is introducing a new way to share albums using QR codes.

This feature is designed to make collaboration more seamless—users can scan a printed or digital code to instantly view and contribute to a shared album.

It is particularly useful for group events, where attendees can easily add their own photos without needing to exchange contact details or links.

Elon Checks Out of D.O.G.E Duty

Elon Musk has officially confirmed his departure from his role as head of the White House’s Department of Government Efficiency (D.O.G.E), citing the difficulty of cutting federal programmes and jobs as a key reason for stepping down.

Appointed as a Special Government Employee, Musk was legally limited to 130 days of service, with his term concluding on 30 May.

In a 29 May post on X (formerly known as Twitter), Musk expressed gratitude to President Donald Trump “for the opportunity to reduce wasteful spending.”

As my scheduled time as a Special Government Employee comes to an end, I would like to thank President @realDonaldTrump for the opportunity to reduce wasteful spending.

The @DOGE mission will only strengthen over time as it becomes a way of life throughout the government.

— Elon Musk (@elonmusk) May 29, 2025

A White House official later confirmed that Musk’s off-boarding would begin that evening.

Speaking to The Washington Post earlier in the week, Musk described his experience in Washington as more challenging than anticipated, noting that the “federal bureaucracy situation is much worse” than he expected, and it was “an uphill battle trying to improve things in DC, to say the least.”

Musk Adamant D.O.G.E’s Mission Will Strengthen Over Time

Musk sharply criticised the multi-trillion-dollar tax break package passed by House Republicans on 22 May, arguing it would worsen the national deficit and counteract the efforts of D.O.G.E, in a separate comment to CBS.

Named after the popular cryptocurrency, D.O.G.E claims to have saved taxpayers $175 billion since President Trump’s return to office on 20 January.

However, these figures have been heavily contested by multiple media outlets, which cite numerous errors and accuse the agency of grossly inflating its accomplishments.

Musk initially pledged to cut $2 trillion from the federal budget—a goal later scaled back to $150 billion—making the claimed savings just 8.5% of his original target.

As a Special Government Employee, Elon Musk led the Department of Government Efficiency (DOGE), claiming $160 billion in savings by terminating wasteful contracts, like $255 million from 269 contracts, and modernizing IT systems, such as digitizing the OPM retirement process.…

— Grok (@grok) May 29, 2025

According to a Reuters investigation, D.O.G.E has reduced the federal workforce by nearly 12%, or around 260,000 jobs, through layoffs, buyouts, and early retirements.

Despite the controversy, Musk remained bullish on the program’s future, writing on X that D.O.G.E’s mission will “only strengthen over time as it becomes a way of life throughout the government.”

His optimism, however, comes amidst growing legal scrutiny.

A federal judge recently allowed a lawsuit to move forward that alleges Musk and D.O.G.E unlawfully influenced government operations.

Filed by 14 states, the suit claims that Musk and D.O.G.E violated the Constitution by improperly accessing government systems, firing federal employees, and cancelling agency contracts.

Musk Says Politics Took Up Too Much of His Time

Musk acknowledged that he may have devoted “a bit too much time” to political matters—an admission that some critics argue has distracted from his leadership at Tesla, in a 28 May interview with Ars Technica.

He lamented:

“I think I probably did spend a bit too much time on politics.”

Still, Musk downplayed the extent of his involvement in D.O.G.E, suggesting that media reports had exaggerated his role.

He maintained that his commitment to the initiative was far less substantial than it appeared in the press.

Musk added:

“It’s not like I left the companies. It was just relative time allocation that probably was a little too high on the government side, and I’ve reduced that significantly in recent weeks.”

Pakistan Announces Strategic Bitcoin Reserve in Major Policy Shift

Pakistan is preparing to establish a national strategic Bitcoin reserve, signalling a dramatic policy shift and aligning itself with the growing global embrace of digital assets.

The announcement came from Bilal Bin Saqib, CEO of the Pakistan Crypto Council, during his speech at the Bitcoin 2025 conference in Las Vegas.

Bin Saqib stated that Pakistan is taking cues from the United States, particularly citing former President Donald Trump’s recent executive order to create a national Bitcoin reserve as a catalyst for Pakistan’s move.

The government official told the audience:

"Today is a very historic day. Today, I announce the Pakistani government is setting up its own government-led Bitcoin Strategic Reserve, and we want to thank the United States of America again because we were inspired by them."

Today, 🇵🇰 rewrites history.

At Bitcoin 2025 Vegas, Minister of Crypto and Blockchain @bilalbinsaqib announces that Pakistan will be setting up its Strategic Bitcoin Reserve. pic.twitter.com/1vNjryqimf

— Pakistan Crypto Council (@cryptocouncilpk) May 29, 2025

While the exact number of Bitcoins Pakistan plans to hold remains unspecified, questions linger about whether the assets will be directly purchased or secured through alternative means.

The announcement follows Prime Minister Shehbaz Sharif’s appointment of Bin Saqib as Special Assistant on Blockchain and Crypto, reflecting a growing governmental commitment to the sector.

Honoured to be appointed as the Special Assistant to the Prime Minister of Pakistan on Blockchain and Cryptocurrency, with the status of Minister of State.

This is a responsibility I carry with sincerity, for our youth, our builders, and the future we want to shape.

Pakistan… pic.twitter.com/hK4ZaMwXxW

— Bilal bin Saqib MBE (@Bilalbinsaqib) May 28, 2025

Notably, Bin Saqib also serves as an advisor to World Liberty Financial, a Trump-endorsed crypto initiative—further connecting Pakistan’s strategy to international crypto developments.

Pakistan Softens Stance Toward Crypto

Pakistan is making a decisive pivot toward embracing Bitcoin and blockchain innovation.

This week, the government announced the allocation of 2,000 megawatts of surplus electricity to support Bitcoin mining and AI-focused data centers—part of a broader strategy to generate revenue, create jobs, and attract foreign investment.

🇵🇰 Pakistan goes pro-crypto with industrial-scale mining plans

Kicking off crypto legalization and dedicating 2,000 megawatts to BTC mining and AI hubs. That’s two nuclear plants’ worth of power

From blackout memes to Bitcoin megawatts 🎃 pic.twitter.com/Z6fvVX5rh8

— Telbloggram (@Telbloggram) May 26, 2025

The country also plans to explore the tokenisation of illiquid state assets and apply blockchain technology to improve government efficiency.

This marks a dramatic reversal from Pakistan’s previously hardline stance that cryptocurrency would never be legalised.

The shift mirrors a wider global trend, particularly following regulatory changes under the Trump administration in the US, which have encouraged more nation-states to adopt pro-crypto policies.

Pakistan’s transformation began taking shape in early 2025 when the government floated the idea of a National Crypto Council to create a regulatory framework for digital assets and court international investment.

Among the Council’s early proposals were using excess energy to mine Bitcoin and build data centers, as well as accumulating BTC as part of a sovereign reserve.

Notably, Binance co-founder Changpeng Zhao joined as an advisor in April, offering guidance on crypto regulation, blockchain infrastructure, and digital asset adoption.

The country’s ambitions extend further.

On 27 April, Pakistan signed a letter of intent with World Liberty Financial (WLFI)—a decentralised finance protocol backed by President Trump—to explore tokenising real-world assets, building a DeFi ecosystem, and piloting crypto products.

To support these efforts, Pakistan’s Ministry of Finance recently established the Digital Asset Authority, a dedicated body tasked with regulating crypto platforms and issuing licenses to digital asset providers.

🇵🇰PAKISTAN JUST DID IN 32 DAYS WHAT MOST COUNTRIES CAN’T IN 5 YEARS

While other countries are still googling “what is blockchain,” Pakistan just speedran crypto nation-building.

In barely over a month, they:

— Got Binance’s billionaire founder CZ as their crypto coach.

—… https://t.co/3JrAhnNNl5 pic.twitter.com/QbyyKbSDSh

— Mario Nawfal (@MarioNawfal) May 6, 2025

Together, these moves signal a profound policy transformation—and position Pakistan as an emerging contender in the global race for crypto leadership.

Cork Protocol Suffers $12M Exploit in Smart Contract Attack

As DeFi projects rebound, so too have the threats they face.

Cork Protocol became the latest casualty in a wave of renewed cyberattacks, losing over $12 million in a targeted smart contract exploit.

There was a security incident affecting the wstETH:weETH market at 11:23 UTC today.

All other Cork markets have been paused as a precaution, and no other markets have been impacted.

We are actively investigating the situation and will continue to provide updates as more details…

— Cork Protocol (@Corkprotocol) May 28, 2025

The breach, detected by cybersecurity firm Cyvers Alerts, occurred at 11:23:19 UTC and was traced to a wallet address ending in “762B.”

🚨ALERT🚨Our system has identified a $12M smart contract exploit, with @CorkProtocol potentially the victims.

A malicious contract was deployed on May 28, 2025 at 11:23:19 UTC by an address funded by 0x4771...762B (likely a service provider).
Just 16 minutes and 45 seconds… pic.twitter.com/72ScizbJPZ

— 🚨 Cyvers Alerts 🚨 (@CyversAlerts) May 28, 2025

According to Cork Protocol, the attacker exploited a vulnerability in the wstETH:weETH market—draining 3,761.87 Wrapped Staked Ether (wstETH), which was swiftly converted into Ether.

While the exploit was limited to this single trading pair, Cork pre-emptively paused all other markets as a security measure.

Cork Moves Fast to Limit Fallout After Exploit While Awaiting Publication of Post-Mortem Report

Shortly after news of the exploit broke, Cork Protocol founder Phil Fogel launched an internal investigation and froze all smart contracts to prevent further losses.

We are investigating a potential exploit on @Corkprotocol and are pausing all contracts. We will report back with more information.

— Phil Fogel ( 🦇, 🌳, 🍾) (@Philfog) May 28, 2025

Preliminary analysis suggests the attacker deployed a fraudulent smart contract tied to a spoofed token, allowing them to siphon off the protocol’s available wstETH.

Following the breach, the attacker’s wallet held 4,530.59 ETH—yet to be split across multiple addresses.

This lack of dispersion, coupled with the method used, has sparked speculation of potential ties to North Korean hacking strategies, which often involve delayed asset mixing.

The exploit capitalised on a pricing discrepancy: wstETH was trading at a premium of $3,207.73, well above ETH’s market price in the $2,500 range.

The timing was particularly disruptive—Cork had recently surged in popularity, boasting $23.8 million in total value locked and $563 million in decentralised trading volume for its Depeg Swap tokens, designed for risk hedging.

Since the attack, conflicting data has emerged regarding the protocol’s liquidity.

One metric suggests Cork lost over $1 billion from its wstETH vault, though the full scope of the impact on its Depeg Swap markets remains unclear.

Notably, Cork has no native token, limiting broader market contagion.

The team has promised a full post-mortem report to clarify the extent of the damage and next steps.

Security Incident Update

Today at 11:23 UTC, Cork Protocol experienced a security incident affecting the wstETH:weETH market, involving approximately 3,761.8 wstETH.

All other markets are unaffected and have currently been paused as the team works with auditors to ensure the… https://t.co/QTgOs0sg2b

— Cork Protocol (@Corkprotocol) May 28, 2025

Fogel thanked everyone for their support, reiterating that they are actively conducting a thorough post-mortem.

Thank you to everyone who has reached out with messages of support and offers to help. It’s been a challenging day, but seeing all the support from the crypto community has been heartwarming.
We are actively conducting a thorough post-mortem and, in the meantime, are… https://t.co/xsuNMKFfI0

— Phil Fogel ( 🦇, 🌳, 🍾) (@Philfog) May 28, 2025

Cork Protocol Joins Victims’ List Alongside Cetus and Others

The Cork Protocol breach marks yet another high-profile security incident in a crypto sector grappling with persistent vulnerabilities.

We're here to help safeguard the space. Let us know if there's anything we can do to support your investigation.

— 🚨 Cyvers Alerts 🚨 (@CyversAlerts) May 28, 2025

As hacks continue to erode consumer confidence, industry leaders are increasingly calling for more robust safeguards.

Over the past week alone, attacks on DeFi and DEX platforms have intensified, coinciding with rising liquidity across protocols.

One of the most notable breaches occurred on 22 May, when Cetus—a decentralised exchange built on the Sui network—was compromised, resulting in the theft of $223 million.

Although Sui validators were able to freeze a large portion of the stolen funds, the move ignited a heated debate over the network’s degree of centralisation and the proper role of validators during major crises.

In response, Cetus offered a $6 million bounty to white hat hackers willing to help recover the outstanding assets.

⚡️@SuiNetwork steps in to fully compensate Cetus users after $223M exploit.

- The hacker used fake tokens to drain real assets from liquidity pools

- Sui Foundation gave a loan to Cetus to compensate users

- Cetus will begin repaying users using the loan and its own reserves pic.twitter.com/pJXadNpCNx

— Crypto Coin Show (@CryptoCoinShow) May 28, 2025

A detailed post-mortem by blockchain security firm Dedaub revealed the exploit stemmed from a flaw in Cetus’ automated market maker (AMM) logic.

📢 New Progress Update – A Path Forward Together!

Since the incident, we have reflected deeply on the incident and its impact on our users, partners, and the broader ecosystem. We are deeply sorry and take this responsibility seriously. Today, we want to share a meaningful step…

— Cetus🐳 (@CetusProtocol) May 27, 2025

Hackers manipulated liquidity parameters by altering undetected values in the binary code’s most significant bits (MSBs)—a technical sleight of hand that enabled them to inject massive amounts of liquidity with minimal input and siphon off funds from multiple pools.

The incident underscores the urgent need for more sophisticated risk controls as DeFi platforms scale.

No Grok Deal Signed with Telegram, Musk Clarifies

Elon Musk has publicly denied any formal partnership between xAI’s Grok and Telegram, casting doubt on what was previously touted as a confirmed deal.

The surprise rebuttal came just hours after Telegram CEO Pavel Durov announced a one-year agreement to integrate Grok across all Telegram apps, with a rollout planned for this summer.

No deal has been signed

— Elon Musk (@elonmusk) May 28, 2025

According to Durov, the move would not only bring Grok’s AI capabilities to Telegram’s global user base—now surpassing one billion—but also significantly enhance the platform’s financial position.

Specifications of the Alleged Telegram-Grok Deal

Durov announced that Telegram and Musk’s xAI have entered into a one-year partnership to bring Grok AI to Telegram’s billion-strong user base.

Under the agreement, Telegram is set to receive $300 million in a mix of cash and equity from xAI, along with 50% of the revenue generated from Grok subscriptions sold through the platform.

A promotional video accompanying the announcement highlighted plans for a broad rollout of Grok’s features directly within the Telegram app.

🔥 This summer, Telegram users will gain access to the best AI technology on the market. @elonmusk and I have agreed to a 1-year partnership to bring xAI’s @grok to our billion+ users and integrate it across all Telegram apps 🤝

💪 This also strengthens Telegram’s financial… pic.twitter.com/ZPK550AyRV

— Pavel Durov (@durov) May 28, 2025

Users will be able to access Grok via the search bar, unlocking capabilities such as threaded conversations, smart text editing, chat summaries, document digests, inbox agents, and group moderation tools.

The bold integration has sparked speculation that Musk may soon launch his own official Telegram channel as part of the collaboration.

Grok’s Next Chapter: Elon Musk’s Vision Unfolds

Telegram’s potential partnership with xAI marks a pivotal moment in the evolution of the AI chatbot landscape.

For Telegram, it signals a bold entry into the AI race—positioning the platform as a powerful distribution channel for emerging AI tools.

For xAI, it opens the door to a global user base far beyond its current reach on X (formerly known as Twitter).

If the deal is official, the rollout of Grok across Telegram is expected soon, giving the chatbot a fast track to scale.

"No deal has been signed" @elonmusk said in response to Pavel Doruv(Telegram owner) tweeting about a collaboration which would see grok be integrated to Telegram, because it's an agreement in-principle, not finalised formally.

Elon doing Elon things😅

"Watch your $TON bags"👀… pic.twitter.com/GKCsnVY70O

— Engr. Khalifa🥷💎 (@mangunzalo) May 28, 2025

The timing is especially notable, coming just after a technical outage on X, where Grok was initially deployed, and amid Musk’s ongoing efforts to stabilise and expand the platform.

Since Grok’s integration with X in March 2025, xAI has been steadily building momentum, bolstered by a $6 billion funding round.

These strategic partnerships put xAI in direct competition with top-tier AI firms and signal a growing push to redefine how conversational AI is deployed and monetised at scale.

Toncoin on a Roller Coaster Ride

The initial announcement of a Telegram–xAI partnership sent waves through the Toncoin (TON) community, driving the token up over 20% to a monthly high of $3.67.

But the surge was short-lived.

Within 30 minutes of Musk publicly denying any formal deal, TON dropped sharply to $3.27.

It has since recovered slightly to $3.34—still reflecting an 11.10% gain over the past 24 hours, according to CoinMarketCap.

This modest rebound may have been bolstered by Durov’s follow-up clarification: while the agreement is not yet finalised, he claimed it exists “in principle.”

True. Agreed in principle, but formalities are pending.

— Pavel Durov (@durov) May 28, 2025

Still, the conflicting statements have left investors on edge.

With no formal confirmation from Telegram, the apparent disconnect between Durov and Musk has raised questions around transparency and coordination.

Toncoin’s price often mirrors developments within Telegram’s ecosystem, given its close ties to the platform’s blockchain ambitions.

If the Grok integration fails to materialise, analysts warn of a potential deeper correction as speculative momentum fades.

Was Durov’s announcement premature or simply unfounded?

China's AI-Powered Humanoids Enter the Ring in First-Ever Robot Combat Match

In a display of man-machine collaboration, four AI-enhanced humanoid robots battled it out in China's inaugural robot fighting tournament.

Hosted as part of the World Robot Competition Mecha Fighting Series, the event featured human-controlled robots—each designed by Chinese robotics firm Unitree—competing in three two-minute kickboxing rounds.

🇨🇳KNOCKOUT! CHINA DEBUTS HUMANOID ROBOT FIGHT CLUB?!

4 teams. 1 arena.

And a G1 robot just laid out its opponent—cold—in the world’s first-ever humanoid combat showdown.

Welcome to the Mech Combat Arena in Hangzhou, where 4-foot AI-powered fighters throw real punches, not… pic.twitter.com/J5B11jMziQ

— Mario Nawfal (@MarioNawfal) May 25, 2025

Winners were determined by a points system that rewarded precision and penalised missteps.

Unitree team member Chen Xiyun explained that the matches operated on a human-machine hybrid model: while the robots were pre-programmed with fighting techniques, human operators ultimately dictated their in-ring actions.

Weighing 35kg and standing 132cm tall, the robots underwent pre-match demonstrations showcasing their ability to execute varied punches and kicks, helping organisers fine-tune the competition rules.

🤖 China hosted the world's first #humanoid robot fighting competition, the CMG World #Robot Competition. Four teams and their #UnitreeG1 robots duked it out in a globally live-streamed event! 🥊pic.twitter.com/vkODcSbPoQ

— Chinese Embassy in US (@ChineseEmbinUS) May 26, 2025

Scoring was based on strike quality and control.

Head punches earned one point, head kicks three, while knockdowns incurred penalties—five points deducted for a fall, and ten if a robot remained down for more than eight seconds.

The team with the highest score advanced to the next match, blending athleticism and algorithm in a futuristic twist on combat sports.

Robots Learn to Fight with Help from AI and Motion Capture

During a live broadcast on state-run CCTV, Unitree Robotics Director Wang Qixin explained that the company used AI technology to train its robots through machine learning.

He said:

“First of all, the motion capture will be based on some professional fighting athletes. Based on their motion capture data, the robot will learn these movements in the virtual world.”

The event showcased the bots' ability to adapt and execute combat techniques with increasing precision.

In an early match, a robot in pink headgear faced off against a black-clad opponent.

After a chaotic exchange of imprecise punches and kicks, the black robot stumbled and fell while attempting a kick.

However, it rebounded in the third round, landing a successful front kick that floored its pink rival.

A second knockdown followed, with the black robot pinning the pink one to secure victory.

Both the pink and red-geared robots were eliminated, setting the stage for a final showdown between the black and green bots.

In a closely contested match, the black robot outscored its opponent to take the championship title.

Looking ahead, organisers announced plans for another event—this time featuring full-sized humanoid robots—scheduled for December in Guangdong Province, signalling the rapid evolution of competitive AI-powered robotics.

Top TRUMP Token Holder Justin Sun Salutes President’s Bold Bitcoin Vision

Tron founder Justin Sun praised former President Donald Trump’s firm commitment to Bitcoin and the broader cryptocurrency space during the Bitcoin 2025 Conference in Las Vegas.

Speaking on a panel, Sun credited Trump’s outspoken support for reshaping the digital asset landscape in the United States, calling it a game-changer for the industry.

BREAKING 🚨 JUSTIN SUN SAYS TRUMP’S COMMITMENT TO BITCOIN IS REAL

“HE’S SHOWING SUPPORT FOR THE ENTIRE CRYPTO ECOSYSTEM.” pic.twitter.com/yFQNHVfvrN

— That Martini Guy ₿ (@MartiniGuyYT) May 27, 2025

The conference, which brought together top lawmakers, entrepreneurs, and developers, served as a backdrop for Sun to highlight the direct link between Trump-backed policies and Bitcoin’s recent surge.

He boldly asserted that Bitcoin’s climb to an all-time high of $100,000 in December 2024—just one month after Trump’s re-election—would not have happened without the former president’s influence.

Sun also revealed his attendance at a recent high-profile crypto dinner hosted by Trump, underscoring his close alignment with the former president’s digital asset agenda.

As the largest holder of the TRUMP meme coin and an investor with a $75 million stake in World Liberty Financial (WLFI)—an organisation believed to be central to Trump’s crypto strategy—Sun’s remarks underscore his deepening involvement in the political and financial dimensions of crypto’s future in the US.

Trump Goes All In on Bitcoin While US Government Preps Space Storage for Crypto

In March 2025, President Trump signed an executive order establishing the Strategic Bitcoin Reserve, marking a historic move to integrate Bitcoin into the US Treasury as a long-term hedge asset—much like gold.

Notably, the reserve will be funded through Bitcoin seized in criminal and civil cases, avoiding the use of taxpayer dollars.

The directive also created a US Digital Asset Stockpile to manage a broader portfolio of cryptocurrencies and called for a full audit of federal digital asset holdings.

While Senator Cynthia Lummis has publicly stated that the government may hold around 200,000 BTC, the full report remains classified pending a White House security review.

Momentum for crypto policy continues to build in Washington.

Lummis announced that the Senate will soon consider the BITCOIN Act, which seeks to formally authorise the Strategic Bitcoin Reserve and allow the federal government to acquire up to 1 million BTC over five years.

The BITCOIN Act is the only solution to our nation’s $36T debt. I’m grateful for a forward-thinking president who not only recognizes this, but acts on it. pic.twitter.com/NVWH6v2EcH

— Senator Cynthia Lummis (@SenLummis) May 2, 2025

The bill also proposes integrating Bitcoin into federal infrastructure and payment systems, reinforcing Trump’s broader strategy to ease crypto regulation, attract blockchain investment, and safeguard digital rights.

In parallel, the Senate is nearing a vote on the GENIUS Act—America’s first comprehensive stablecoin legislation.

As a longtime Bitcoin advocate, Lummis emphasized that the push is not just about cryptocurrency—it is about bolstering US financial sovereignty.

Stablecoins aren’t the future, they’re the present.
Digital assets can facilitate payments 365 days of the year, without the extra costs.

The GENIUS Act is a game-changer for everyone, from small businesses in Cheyenne, to major companies in New York City. pic.twitter.com/EVR0lQADpM

— Senator Cynthia Lummis (@SenLummis) May 22, 2025

Analysts believe that if passed, the BITCOIN Act and GENIUS Act could provide the regulatory clarity and confidence long sought by US crypto markets.

During a fireside chat with Coinbase’s Chief Legal Officer Paul Grewal at the event, Lummis said:

“It has been extremely difficult. I had no idea how hard this was going to be.”

Trump Pushes Ahead with US Bitcoin Strategy

With President Trump’s vocal backing and Congress actively advancing legislation, the United States is rapidly positioning itself as the global leader in cryptocurrency innovation.

High-profile figures like Sun, long associated with Asia’s crypto rise, are now turning their attention—and capital—toward US markets.

The shift is not going unnoticed.

Bitcoin is hover close to $109,000, Ethereum is gaining momentum, and major exchanges and mining firms are expanding operations on American soil, citing growing institutional interest and a more predictable regulatory environment.

The message is becoming clear: under Trump’s leadership, Bitcoin is evolving from a decentralised currency into a core pillar of national economic strategy.

As the world watches, the US is no longer just participating in the digital asset revolution—it is aiming to lead it.

Tourists in Thailand May Soon Spend Crypto with Ease

Thailand is moving toward allowing tourists to spend cryptocurrency via credit card-linked platforms, marking a significant step in its broader effort to modernise the financial system and integrate digital assets.

Deputy Prime Minister and Finance Minister Pichai Chunhavajira announced this initiative during a Bangkok investment seminar on 26 May.

While some countries already permit crypto payments through credit card-linked services, Thailand has yet to adopt this approach.

The government is now exploring regulated frameworks that would enable digital assets to connect with select financial services.

Currently under review by the Ministry of Finance and the Bank of Thailand, the plan would allow tourists to link their crypto holdings to credit cards for seamless local purchases.

Merchants would continue to receive payments in Thai baht, often unaware that cryptocurrency was the underlying source.

🇹🇭 BANK OF THAILAND: SWIPE YOUR CRYPTO, BUY A COCONUT

The Bank of Thailand is weighing a project that would let tourists link digital assets to credit cards for local spending.

You swipe - it pulls from your crypto wallet and merchants get paid in baht. No volatility, no… pic.twitter.com/IaetK5galL

— Mario Nawfal (@MarioNawfal) May 27, 2025

This pilot programme is set to launch once necessary infrastructure and regulatory safeguards are established.

Pichai emphasized that the model circumvents direct use of the Thai baht in transactions, minimising risks to the domestic currency:

“This approach can be immediately adapted for Thailand, provided the supporting systems are in place.”

The goal is to simplify payment processes for visitors while maintaining stability for vendors, who will receive funds in the local currency as usual.

Discussions with the Bank of Thailand are ongoing, with a pilot phase anticipated before broader rollout.

Government Aims to Link Capital Markets with Crypto via Law Amendments

Thailand is preparing a comprehensive overhaul of its financial laws to bridge the gap between traditional capital markets and the burgeoning digital asset sector.

Pichai announced plans to amend existing legislation—currently split between the Securities and Exchange Act and the Emergency Decree on Digital Asset Businesses—to create a unified legal framework.

This reform aims to provide investors with greater flexibility, enabling smoother fund transfers between the conventional capital market and digital assets.

#Thailand is unlocking a new era of travel with #crypto-linked credit cards for tourists!
Phuket leads the way with a pilot program letting visitors register and spend #Bitcoin.
Meanwhile, bold regulatory reforms aim to merge traditional finance with the digital asset space. pic.twitter.com/f80VHWtZvc

— Sadeq Sharem (π) (@SadeqSharem) May 27, 2025

Pichai emphasized the need to align regulatory treatment of these two markets, which today operate independently, to foster innovation and investor confidence.

Despite global market uncertainties, he praised the relative stability of the Thai stock market, noting that it has outperformed many regional peers amid shifting US policies.

He attributed this resilience to the enduring attractiveness of Thai equities.

Highlighting the role of the Stock Exchange of Thailand (SET) in promoting long-term investments, Pichai stressed the importance of easing restrictions on treasury stocks to encourage corporate participation.

The government also plans to revisit Thailand’s Securities and Exchange Commission (SEC) regulations that currently limit life insurance companies and large funds to minimal stock market exposure, often confining them to government bonds.

Proposed reforms could broaden these investment scopes to include equities and private sector assets.

On enforcement, a draft law is underway to strengthen the SEC’s authority, potentially granting it power to file major market offense cases directly with prosecutors.

Discussions are ongoing about whether the SEC should gain independent investigative powers or continue collaborating with police.

Additionally, reforms aim to modernise rules around high-frequency trading and promote fairer market practices.

New Regulatory Framework Established for G-Token

Thailand’s SEC has introduced a regulatory framework for the government-backed digital token, known as the G-Token.

Designed primarily as an investment and savings vehicle, the framework explicitly prohibits the token’s use for payment purposes.

Pornanong Budsaratrogoon, the Commissioner and Secretary of the Securities and Exchange Commission, Thailand, stated:

“We will implement Smart Contracts that prohibit inter-transfers and transfers of tokens out of exchanges to prevent their use as a payment channel, a concern raised by the Bank of Thailand. Current regulations already prohibit digital asset businesses from using assets for normal purchases.”

"G-Token is the world's first government-issued digital token"

When you thought the digital transformation in Thailand was dead, Thai government have slated the launch of the G-Token for July 2025.

Particularly pay attention to paragraphs that talk about secondary markets… pic.twitter.com/AVb1yXiJeB

— Wide Open Truth (@wideopentruth) May 27, 2025

Approved by the Cabinet on 13 May, the initiative aims to boost financial inclusion and harness digital innovation within Thailand’s capital markets.

Unlike traditional securities, the G-Token is not classified as a financial instrument, allowing the Ministry of Finance to issue it without SEC approval.

On the same day, the Ministry announced plans to launch $150 million worth of digital investment tokens, enabling retail investors to purchase government bonds in fractional units.

This follows the SEC’s earlier announcement in February about a tokenised securities trading platform targeted at institutional investors.

Pichai emphasized the importance of clear regulations that encourage innovation while safeguarding financial stability.

BREAKING: Deputy PM and Finance Minister Pichai Chunhavajira said on Monday the next phase of the 10,000 baht digital wallets handouts will be deferred but not abandoned . He added the scheme will be reconsidered when the economic situation improves. #Thailand #ดิจิตัลวอลเล็ต pic.twitter.com/SroNCZGi4Z

— Khaosod English (@KhaosodEnglish) May 19, 2025

He highlighted the G-Token’s potential to enhance returns for savers and elevate Thai sovereign debt on the global stage.

Budsaratragoon underscored the regulator’s commitment to fostering diverse investment options and leveraging technology to improve market efficiency.

She stressed that the SEC’s framework aims to create a fair, competitive environment with strong investor protections.

On 26 May, the SEC launched a 15-day public consultation on the draft framework, which covers four critical areas: the G-Token’s defining features, issuance procedures, trading services, and the structure of the secondary market.

This comprehensive approach is designed to support future government G-Token issuances and broader digital asset adoption.

New Arrest in Crypto Kidnapping Case Tied to Italian Victim in NYC

On 27 May, 33-year-old William Duplessie surrendered to New York authorities in connection with the recent kidnapping, torture, and attempted extortion of an Italian tourist.

According to NYPD Commissioner Jessica Tisch, Duplessie will face charges of “kidnapping and false imprisonment of an associate.”

William Duplessie is the second man arrested in kidnapping & torture of an Italian citizen at a townhouse in Nolita when he wouldn’t give up his bitcoin password. First suspect, John Woeltz, is known as the crypto king of Kentucky. Relationship between the 3 is unknown. @1010WINS pic.twitter.com/hb3gaca1mD

— Mack Rosenberg (@MackRosenberg) May 27, 2025

His arrest is the latest development in a disturbing trend of targeted abductions and ransom schemes aimed at crypto investors and their inner circles—raising serious concerns across the industry and prompting a wave of enhanced security protocols.

Duplessie’s case is closely tied to that of crypto investor John Woeltz, who was previously taken into custody for his alleged role in the incident.

Both men are connected to an NYC-based crypto hedge fund.

According to a profile on Kando.Tech, Duplessie is listed as the co-founder of Switzerland-based Pangaea Digital Asset Fund, a firm focused on restructuring distressed blockchain ventures.

His surrender followed several days of negotiations with the NYPD.

Also implicated was Woeltz’s assistant, Italian national Beatrice Folchi, who was arrested but later released without charges.

A crypto investor worth $100M (left) and his assistant (right) were just arrested for allegedly kidnapping and torturing a tourist in NYC to extract his Bitcoin password.

This incident highlights the darker side of unregulated digital assets.

Source: AP News pic.twitter.com/mpFGVTpKTf

— FinAdviNY (@FinAdviNY) May 26, 2025

The investigation remains active as authorities continue to unravel the full scope of the scheme.

Crypto Theft of Italian Man Involved Kidnapping, Drugs, and Torture

Michael Valentino Teofrasto Carturan, the 28-year-old Italian tourist, was abducted in Manhattan and held captive for 17 days in a luxury SoHo townhome before managing a daring escape and notifying police.

According to his account, the captors bound him, stole his passport and phone, and subjected him to repeated physical abuse—including beatings with a firearm and electric shocks from a Taser.

In one particularly brutal tactic, they reportedly submerged his feet in water while tasing him in an attempt to force him to hand over the private keys to his cryptocurrency holdings.

A second cryptocurrency investor has surrendered to police in the alleged kidnapping and torture of a man inside an upscale Manhattan apartment. Authorities say the victim was beaten and held for weeks by captors seeking access to his Bitcoin password.

NEW YORK (AP) — A second… pic.twitter.com/OB5DVfs3uB

— Eugene (@BreakingNews4X) May 27, 2025

The attackers' goal was clear: access to Carturan’s estimated $30 million in crypto assets.

Eventually, he agreed to retrieve his seed phrase, stored on a laptop in another room.

Seizing the moment when one of the suspects, identified as Woeltz, turned his back, Carturan fled the property and flagged down a police officer nearby.

Following the report, NYPD arrested Woeltz—dubbed the “crypto king of Kentucky”—and charged him with kidnapping for ransom, unlawful imprisonment, assault, and other felony offenses.

The case has spotlighted a chilling pattern of targeted violence against wealthy crypto holders and raised urgent questions about the security vulnerabilities surrounding digital wealth.

We're 21 weeks into 2025 and there have been 25 documented wrench attacks. My prediction that we'll average 1 attack per week this year is looking on target.https://t.co/vspSOmuELo

— Jameson Lopp (@lopp) May 24, 2025

Crypto Captor’s Family Cites Manipulation

The family of Woeltz, whose net worth is reportedly in the hundreds of millions, claims he may have been “manipulated” in connection with the alleged crimes.

Woeltz’s relative told the media:

“He’s a kind, caring, loving person so he was completely controlled by other people.”

Woeltz remains in custody without bail as he awaits trial and is scheduled to appear in court for a follow-up hearing on 28 May.

Meanwhile, the timeline for Duplessie’s next court appearance has not yet been confirmed.

Crypto Advocates in India Push for Policy Change

India’s cryptocurrency sector is intensifying its call for tax reform, urging the government to revisit what many in the industry view as punitive fiscal policies.

Despite growing international momentum—fuelled in part by former US President Donald Trump’s renewed pro-crypto stance—India’s regulatory environment remains a major hurdle.

Since 2022, a 30% capital gains tax and a 1% tax deducted at source (TDS) on all digital asset transactions have discouraged domestic trading activity.

According to a report by the think tank Esya Centre, nearly 90% of Indian crypto trading volume has migrated to offshore platforms in response to these regulations.

Industry leaders argue the current tax regime stifles innovation, encourages use of unregulated platforms, and marginalises India from the global digital asset economy.

🇮🇳 IS INDIA ABOUT TO SLASH CRYPTO TAXES?

The Indian govt is now meeting crypto founders monthly — earlier it was just twice a year.

They’re lobbying to reduce the 30% tax on profits and remove 1% TDS on every trade.

Even the RBI has gone from calling crypto a scam to saying,… pic.twitter.com/oEdG6SIS1D

— Mayank Dudeja (@imcryptofreak) May 27, 2025

Ashish Singhal, co-founder of leading Indian exchange CoinSwitch, called the current system “very harsh,” proposing instead a 0.1% transaction tax—just one-tenth of the existing rate—as a more balanced approach that could still ensure regulatory oversight without discouraging legitimate activity.

Adding to the industry’s burden, new compliance requirements mandate that designated individuals report digital asset transactions to the Financial Intelligence Unit (FIU-IND), further tightening scrutiny without offering any tax relief.

As India’s crypto ecosystem faces mounting pressure, stakeholders are calling for a more supportive framework that aligns with the country’s ambitions for digital innovation.

Government-Crypto Talks Grow as India Eyes Industry Reform

India’s stance on digital assets appears to be evolving, with industry executives noting a marked increase in engagement between crypto firms and policymakers.

According to Singhal, what was once a biannual conversation with regulators has now become “monthly, if not weekly.”

This growing dialogue coincides with a global shift in sentiment—most notably in the US, where President Trump has publicly embraced digital currencies.

Indian crypto leaders believe this international momentum is beginning to influence domestic policy discussions.

In the weeks following Trump’s return to office in January, reports surfaced that Economic Affairs Secretary Ajay Seth was considering a revision of a key discussion paper that could lay the groundwork for India’s future crypto regulations.

While Seth has not commented publicly, the move suggests Indian regulators may be rethinking their approach.

The industry has long operated under a cloud of regulatory uncertainty.

In 2018, the Reserve Bank of India (RBI) issued a blanket ban preventing banks from servicing crypto firms—a move later overturned by the Supreme Court in 2020.

Since then, the RBI’s tone has softened. Although concerns about financial stability persist, current Finance Secretary Sanjay Malhotra has avoided the strong language used by his predecessors.

Singhal describes the relationship between the crypto industry and the RBI as having shifted from “negative to neutral,” signalling the possibility of more constructive collaboration ahead.

India Reinstates Access for Global Crypto Giants

Global crypto heavyweights are making a return to India as the regulatory environment shows signs of becoming more supportive.

Coinbase, the largest US-based exchange, has officially registered with India’s FIU-IND, paving the way for a re-entry into a market it exited in 2022 due to regulatory ambiguity and payment processing challenges.

BREAKING:

COINBASE TO RESUME SERVICES IN INDIA AFTER SECURING REGULATORY APPROVAL FROM THE FIU. pic.twitter.com/81WqLxDtKK

— Ash Crypto (@Ashcryptoreal) March 11, 2025

Binance, the world’s largest crypto exchange, has followed suit, also registering with the FIU-IND in a move that signals a broader regulatory shift.

🚨Big update from #Binance for Indian users! 🚨

Binance is ramping up compliance in India, all users will now need to complete KYC re-verification, including PAN details, in line with Indian AML (Anti-Money Laundering) laws.

They’re now officially registered with FIU-India,… pic.twitter.com/E4NU3VgLMG

— Evan Luthra (@EvanLuthra) April 18, 2025

Rather than pursuing outright bans, Indian authorities are now focusing on compliance and transparency—an approach seen as a welcome pivot by the global crypto community.

Tom Duff Gordon, Coinbase’s head of international policy, pointed out that the Indian government has realised that banning crypto is no longer an option.

He noted that renewed political momentum in the US, particularly with Trump’s return to office and pro-crypto stance, is bolstering global industry confidence.

India’s evolving regulatory posture could have long-term implications for the sector.

A recent report from Grant Thornton projects that the country’s crypto market will grow sixfold, from $2.5 billion in 2024 to more than $15 billion by 2035.

Kush Wadhwa, partner at Grant Thornton’s Indian arm, said:

“Competition has definitely started heating up. India doesn’t have any option but to adopt it, but the problem for them is money laundering and tax evasion — they’re not saying ‘don’t do it’, but they want a control on it.”

Air Arabia Welcomes AED Stablecoin, Offering Travelers a Modern Digital Payment Option

Air Arabia has become the first airline in the region to accept AE Coin—a UAE-regulated stablecoin backed by the dirham—for flight bookings.

The move follows a strategic partnership with Al Maryah Community Bank (Mbank), the issuer of AE Coin and developer of the AEC Wallet app through which payments are processed.

Notably, AE Coin is the first stablecoin approved by the Central Bank of the UAE, marking a significant step in the nation’s digital finance landscape.

This integration underscores Air Arabia’s commitment to offering innovative, tech-forward services to its customers.

Air Arabia announced today that it will start accepting the use of crypto payments for flight bookings. This collaboration makes Air Arabia the first airline in the region to offer stablecoin-based payments, underscoring the carrier’s commitment to offering innovative digital… pic.twitter.com/2l5XwmWa8M

— Bazaar Times (@bazaartimes) May 26, 2025

Air Arabia Sets New Standard with Digital Currency Payment Integration

In a recent blog post, Air Arabia announced the integration of the AEC Wallet as a new payment option on its website, enabling travellers to use AE Coin at checkout—a move aligned with the UAE’s push toward a digital-first economy.

Group CEO Adel Al Ali described the adoption of this stablecoin-powered solution as both reliable and innovative, reinforcing the airline’s broader commitment to digital transformation.

He emphasized that this step reflects Air Arabia’s continued efforts to improve customer experience through value-driven, tech-forward services.

Mohammed Wassim Khayata, CEO of Al Maryah Community Bank (Mbank)—the issuer of AE Coin—welcomed the collaboration, noting that the partnership simplifies the booking process and supports the UAE’s ambition to create a more inclusive, technology-driven financial landscape.

In a related initiative, Mbank has also joined forces with Changer.ae to offer escrow services, allowing users in the UAE to easily convert between dirhams and AE Coin, further strengthening the country’s evolving digital finance infrastructure.

OpenAI Targets South Korea in Push for Global AI Leadership

OpenAI is preparing to launch its first office in South Korea, signalling a strong commitment to one of its fastest-growing markets.

South Korea now ranks second globally in paid ChatGPT subscriptions, just behind the United States.

The company has formally established a legal entity in the country, underscoring its view of South Korea as a key hub for AI innovation and adoption.

OpenAI’s Chief Strategy Officer, Jason Kwon, said in a statement:

“South Korea’s full-stack AI ecosystem makes it one of the most promising markets in the world for meaningful AI impact, from silicon to software, and students to seniors.”

As someone whose family’s story is deeply tied to Korea, it was especially meaningful to announce today that we’ll soon open an OpenAI office in Seoul.

ChatGPT's growth here has been off the charts—weekly users grew over 4.5x last year, and Korea is now our top country for paid…

— Jason Kwon (@jasonkwon) May 26, 2025

Kwon is currently in Seoul to advance international expansion efforts.

Demand for AI in South Korea is booming, with use cases expanding rapidly across education, software development, entertainment, and public services.

OpenAI has begun hiring local talent to support product localisation, strategic partnerships, and market operations.

구직자들은 ALL location 에 Korea 뜨면 role 살펴보기, 미리 싱가폴이나 도쿄 지사 포지션 롤 보고 준비하는 것도 추천함.

Careers | OpenAI https://t.co/7sxcVrFIZo pic.twitter.com/c4wQYcq4h1

— Heohyun (@heoilikj) May 26, 2025

Further details on its plans for the South Korean market are expected in the months ahead.

AI Garners Political Support

OpenAI’s growing footprint in South Korea is not only a corporate milestone—it is also beginning to intersect with the country’s political landscape.

In a recent meeting in Seoul, OpenAI executives sat down with representatives from the presidential campaign of Lee Jae Myung, the Democratic Party of Korea’s candidate, to explore opportunities for collaboration in AI development.

The conversation, which took place at a local hotel, marks Lee’s first formal engagement with an international AI firm and reflects his broader vision of making artificial intelligence central to South Korea’s economic strategy.

"이번 미팅은 오픈AI가 이 후보 측에 먼저 요청하면서 성사된 것으로 파악됐다"https://t.co/d3ueisKyBK

— 오세요 알라바마 (@Muy_bien_Y_tu_9) May 25, 2025

Lee has positioned AI as a cornerstone of his economic agenda, pledging to invest 100 trillion won (approximately $73.5 billion) to transform South Korea into one of the top three AI leaders globally.

His initiative, branded “AI for All,” includes plans to create a government-backed AI platform—comparable to ChatGPT—that would be universally accessible at no cost.

Lee envisions state-run AI investment funds and proposes sharing profits with the public through targeted tax incentives.

As public interest and political will around AI continue to surge, the environment is increasingly favourable for OpenAI’s strategic expansion in the region.

The company’s early engagement with political stakeholders could position it as a key partner in shaping South Korea’s AI future.

OpenAI Forging Strategic Partnerships in South Korea

OpenAI reaffirmed its commitment to South Korea earlier this year by announcing a strategic partnership with Kakao, the country’s dominant chat app platform.

Together, the two companies are developing AI products customised for Korean users—a move that underscores OpenAI’s focus on localisation and everyday usability in one of Asia’s most tech-savvy markets.

🚀 OpenAI x Kakao Partnership Alert!🌐

OpenAI and Kakao have just inked a strategic deal to revolutionize AI experiences for the Korean market. Here's what you need to know:

- Goal: To integrate OpenAI's cutting-edge tech, including ChatGPT, into Kakao's ecosystem, enhancing… pic.twitter.com/ijWM1z18xF

— Chronicle Vanguard (@VanguradChronic) February 4, 2025

Kakao’s widespread presence in Korean digital life positions it as an ideal partner for integrating AI into daily communication and for scaling data-driven solutions.

As part of his visit, Kwon is expected to meet with leaders from both the ruling People Power Party and the opposition Democratic Party.

These bipartisan discussions indicate that South Korea’s ambitions in AI are likely to enjoy cross-party backing—laying the groundwork for a politically stable environment that could support OpenAI’s long-term goals in the region.

Musk’s ‘Everything App’ Dream Progresses with X Money Beta Launch

X Money—the long-anticipated payments and banking feature first hinted at by Elon Musk in 2022 following his Twitter acquisition—is finally nearing its beta launch.

The move signals a major step toward Musk’s ambitious goal of transforming X (formerly known as Twitter) into an all-in-one “everything app.”

At its core, X Money is expected to introduce a digital wallet that enables users to store funds and make peer-to-peer transfers directly within the platform.

The update gained renewed attention when Tesla Owners Silicon Valley, a fan account dedicated to Musk and his ventures, shared that the billionaire had quietly confirmed the launch was “coming soon.”

This will be a very limited access beta at first. When people’s saving are involved, extreme care must be taken.

— Elon Musk (@elonmusk) May 25, 2025

This low-key confirmation aligns with earlier leaks from January 2025, when code snippets hinted that development on X Money was well underway.

Behind the scenes, X has been aggressively pursuing money transmitter licenses across the United States, securing 41 to date, according to the Nationwide Multi-State Licensing System.

Since acquiring Twitter and rebranding it as X, Musk has consistently pushed for the integration of financial tools that could one day replace the need for traditional banks.

He has previously stated his vision is for users to complete their full suite of financial activities within X—eventually eliminating the need for a separate bank account.

While services like TikTok currently rely on external providers such as PayPal—with transfers often taking up to 72 hours—X Money is being positioned as a faster, more seamless alternative.

Visa has already stepped in as a launch partner, announcing plans to allow users to securely fund their X accounts via debit cards or linked bank accounts.

Great news for creators: the @XMoney Account, enabled by @Visa, will debut later this year.

Visa wants to be everywhere money moves. By powering X Money through Visa Direct, we’re building on our recent move to recognize digital creators as small businesses, because we know they… pic.twitter.com/MXiygvJpQZ

— Frank Cooper III (@f3cooper) January 29, 2025

Plans for X Money Trace Back to Musk’s 2022 Roadmap

Musk’s ambition to integrate payments into X can be traced back to October 2022, when he described his $44 billion acquisition of Twitter as “an accelerant to creating X, the everything app.”

By 2023, Twitter had rebranded to X, and CEO Linda Yaccarino revealed broader plans for the platform—including “unlimited interactivity,” multimedia support, and embedded financial services like payments and banking.

This announcement fuelled speculation that X might embrace cryptocurrencies such as Bitcoin.

At the time, a mid-2024 launch for the payments platform was anticipated.

Momentum for X Money appeared to accelerate following US President Donald Trump’s inauguration in January 2025 and Musk’s appointment to lead the newly created Department of Government Efficiency’s Workforce Optimisation Initiative—fittingly abbreviated as D.O.G.E.

Musk’s increased influence in Washington drew scrutiny, particularly from Democratic Senator Elizabeth Warren, who in February criticised his payment ambitions and accused him of trying to dismantle her agency, the Consumer Financial Protection Bureau.

She noted:

“Musk has lost money hand over fist on X. So he has this idea of X becoming a big money platform where he would get everyone’s personal financial data.”

Meanwhile, Yaccarino confirmed that X Money would go live later in 2025 through a partnership with Visa.

The service would allow users to link their debit cards, fund digital wallets, and make peer-to-peer transfers—essentially functioning as a Venmo-style feature within the app.

Another milestone for the Everything App: @Visa is our first partner for the @XMoney Account, which will debut later this year.

💰Allows for secure + instant funding to your X Wallet via Visa Direct

🪪 Connects to your debit card allowing P2P payments

🏦 Option to instantly…

— Linda Yaccarino (@lindayaX) January 28, 2025

Omission of Crypto or News Yet to be Announced?

Notably absent from both January’s announcement and Musk’s recent remarks was any mention of Dogecoin—or cryptocurrency at all.

This omission is especially striking given Musk’s long-standing affinity for Dogecoin, which he has praised for its lighthearted culture, canine mascot, and meme-driven appeal.

While Musk has previously stated that he has “not actively involved” in the crypto space, his public support has often propelled Dogecoin into the spotlight.

So, is crypto no longer part of X’s financial vision—or simply being kept under wraps for now?

Google’s AI Search May Drain Reddit Traffic by Delivering Answers Without Sending Clicks

Google is fundamentally transforming how people search the web—and platforms like Reddit may be caught in the crossfire.

At its I/O 2025 conference, Google unveiled AI Mode, a sweeping upgrade to its search engine that replaces traditional link-based results with conversational, AI-generated answers.

Powered by a tailored version of the Gemini 2 model, AI Mode aggregates information from multiple sources—including Reddit—offering users summarised responses without prompting them to visit the original sites.

If you have a business online - have you had an urgent meeting about this yet?

Google's AI-powered search results (AI Overviews) are replacing the need to click on websites - & have drastically reduced traffic to independent websites, with some seeing drops of 70% or more. pic.twitter.com/0fJslNEjQX

— Ewan Morrison (@MrEwanMorrison) May 21, 2025

Instead of a list of clickable links, users are now greeted with a chatbot-style interface that delivers human-like answers to complex questions in a clear, digestible format.

Initially rolled out to US-based Google One AI Premium subscribers in early 2025, the feature is set to reach all U.S. users in the coming weeks, with a global release expected later this year.

CEO Sundar Pichai described the rollout as a “complete overhaul” of the search experience—one that positions Google in the escalating race for dominance in AI-driven search alongside Microsoft’s Bing AI and OpenAI’s ChatGPT:

“AI Mode is where we will first bring our frontier capabilities into search.”

AI Mode Answers May Cost Reddit Valuable Traffic

Reddit stands to be one of the most significantly impacted platforms as Google shifts toward AI-powered search.

Reddit Is Dead, Unseen by SEOs: Google Translate’s Proxy Pages Pull 606M Organic Visits Monthly

News & data here: https://t.co/97crvzIj13

cc: @rustybrick @glenngabe pic.twitter.com/yVAidFzqlO

— Metehan Yesilyurt (@metehan777) May 20, 2025

For years, traditional Google Search has been a major traffic driver for Reddit, often surfacing its community-sourced answers high in search results.

Whether users are logged in or not, Reddit has become a default destination for real, human perspectives on everyday questions—something even Google has acknowledged by prioritising Reddit links in recent rankings.

But that dynamic may soon change.

With AI Mode, Google can now deliver direct answers sourced from platforms like Reddit, without sending users to the original posts.

This could sharply reduce the number of people actually clicking through to Reddit—a serious concern, given that much of Reddit’s recent growth has come from casual, logged-out users who arrive via search.

They may not be core contributors, but their volume has helped sustain the platform’s relevance and reach.

If Google begins offering Reddit-style answers without the traffic boost, it could quickly erode a key user acquisition funnel.

That risk is already being priced in: Reddit’s stock dropped over 15% in February after the company revealed that its traffic had become increasingly unpredictable following recent Google search updates.

hmmm Reddit!! Barron's and all these stock analysts don't know about all these programmatic SEO pages which Reddit is creating nowadays ..... and even if each page getting few 100 users from Google Search every month the overall scale of pages ..... it's going to just adds up to… pic.twitter.com/1tAjxJpmJq

— Gagan Ghotra (@gaganghotra_) May 20, 2025

CEO Steve Huffman acknowledged that Reddit no longer has clarity on how much search-driven traffic it can rely on—a troubling signal for a platform built on discoverability.

Reddit Rallies Its Base to Offset AI Disruption

While search-driven traffic has its perks, Reddit’s real strength lies in its logged-in user base—the active participants who visit the platform directly, contribute to discussions, and engage deeply with content.

These users spend more time on the site, drive meaningful interactions, and generate more ad revenue.

Still, Reddit is not standing still as AI reshapes the digital landscape.

In March 2025, the company launched Reddit Answers, an AI-powered feature that pulls insightful summaries from relevant threads.

impressed with reddit answers already. works well, super fast. they’re utilizing the data very efficiently. this might very well soon be the best q&a engine on the internet

seems to be rolling out on mobile now pic.twitter.com/Zcx2GarUpI

— cackles (jeff weisbein) (@jeffweisbein) May 25, 2025

Now, Reddit is doubling down by integrating this tool into its main search bar, making it easier for users to find authentic, community-generated responses.

This move serves a dual purpose: defending against the threat of external AI search engines while going on the offensive to enhance on-platform discovery.

It is a strategic effort to keep users engaged with Reddit’s own ecosystem—rather than relying on platforms like Google to surface its content.

CEO Steve Huffman remains confident in the enduring value of human perspectives, even as large language models redefine how people search online.

Reddit’s AI play suggests the company is betting that real voices still matter in an increasingly artificial world.

Polygon Faces Uncertainty as Third Co-Founder Departs in Two Years

One of Polygon’s co-founders, Mihailo Bjelic, has officially stepped down from the board of the Polygon Foundation, becoming the third founding member to depart the protocol within the past two years.

His exit follows those of Anurag Arjun, who left in March 2023 to focus on modular blockchain project Avail, and Jaynti Kanani, who stepped down seven months later.

JUST IN: Mihailo Bjelic has stepped down as Polygon co-founder, marking the third co-founder departure in two years after Jaynti Kanani and Anurag Arjun exited the project earlier. pic.twitter.com/nxGoMn2Mpg

— CryptoMarketControl (@CryptoMarketCon) May 24, 2025

In a post on X (formerly known as Twitter), Bjelic acknowledged that while he will no longer contribute to Polygon in an official capacity, he remains supportive of the project’s future.

Though he did not detail specific reasons, Bjelic cited a natural divergence as the project continues to evolve.

Hence, he noted:

“It is natural for visions to evolve, and sometimes diverge.”

He emphasized that Polygon has matured beyond its early days and expressed confidence in its ongoing development as an Ethereum Layer-2 solution.

Notably, Bjelic also announced his intention to step away from day-to-day involvement with Polygon Labs, signalling a broader shift away from the ecosystem.

PSA: After much thought and reflection, I’ve decided to step down from the board of the Polygon Foundation, and wind down my day-to-day involvement with Polygon Labs.

I was introduced to crypto in 2013 (damn, time flies). By 2017, I was deep down the rabbit hole, fascinated by…

— Mihailo Bjelic (@MihailoBjelic) May 23, 2025

With his departure, Sandeep Nailwal remains the sole co-founder still serving on the Polygon Foundation board.

Together, the four co-founded what began as the Matic Network, which has since rebranded to Polygon and recently completed the migration from its original MATIC token to the new POL token—part of its larger strategic evolution.

Bjelic, who has been involved in crypto since 2013, stated that he will continue to support the project from the sidelines as it moves into its next chapter.

Polygon’s Leadership Is Thinning Out: Is the Protocol in Trouble?

Bjelic’s departure from both Polygon Labs and the Polygon Foundation board has sparked a wave of concern and speculation across the crypto community.

Many view his exit as a significant loss for the protocol, given his role in shaping several of its most impactful developments.

You supported me more than anyone in the earliest stage, and that is priceless.

Hope to see you, Milica and the baby soon! Onwards.

— Mihailo Bjelic (@MihailoBjelic) May 25, 2025

With Bjelic now the third co-founder to leave in just two years, some observers are questioning whether deeper issues might be emerging within the ecosystem—though no concrete evidence has surfaced to support these claims.

The timing has only intensified scrutiny.

Polygon entered 2025 facing notable headwinds, including concerns over declining network health.

At the time, analysts warned of potential downside risks to POL, the network’s native token.

As of now, POL is trading at $0.2359—up just 1.81% over the past 24 hours—offering only a modest rebound amidst broader uncertainty.

From Inbox to Mailbox: Crypto Scams Go Physical With USPS

A new wave of phishing attacks is exploiting an old-fashioned delivery method: the US Postal Service.

Scammers posing as hardware wallet manufacturer Ledger are mailing counterfeit letters that urge recipients to “validate” their wallets—or risk losing access to their crypto funds.

The deceptive letters, flagged by BitGo CEO Mike Belshe, contain a QR code that likely directs victims to a phishing site designed to harvest private keys.

Phishing attempt through the US Post Office. pic.twitter.com/gJwYCZrxbE

— Mike Belshe (@mikebelshe) May 23, 2025

This marks a troubling evolution in phishing tactics, shifting from purely digital deception to physical social engineering.

Folks taking this one from @mikebelshe thank you for sharing with the crypto community! This is a great looking scam one a lot of people may fall for, delivered right from US postal services.
As a Ledger user I had to read through this. Scams are getting better and better. Even… pic.twitter.com/Nn8UYShCls

— Moon Jay 🚀 🇨🇦 (@Hizakmoon) May 24, 2025

Another recipient, Troy Lindsey, echoed the warning on social media, underscoring the growing threat posed by scams that leverage the perceived legitimacy of physical mail:

“These are all scams. Do not fall for any of these.”

I got the same one ☝️ last week I took and had @grok analyze it. These are all scams do not fall for any of these!! pic.twitter.com/ZFNpQpujqA

— Troy Lindsey (@TroyandOlga) May 24, 2025

The incident surfaces at a time of rising crypto-related fraud.

In April, blockchain sleuth ZackXBT confirmed that $330 million in Bitcoin had been stolen from an elderly victim—an elaborate scam traced to a UK-based call center.

Update: It is confirmed to be a social engineering theft from an elderly individual in the US.

— ZachXBT (@zachxbt) April 30, 2025

More recently, Coinbase revealed it had been the target of a $20 million extortion attempt following a contractor data breach.

While the exchange claimed no wallet credentials or account access were compromised, leaked user names and contact details sparked concern.

TechCrunch founder Michael Arrington criticised Coinbase for downplaying the risks, warning that exposed customers could face real-world threats.

Fake Ledger Live Apps Spread Malware on macOS

Cybersecurity firm Moonlock issued a stark warning last week: macOS users are now the target of a sophisticated phishing campaign involving fake versions of Ledger Live, the widely used crypto wallet management app. h

These trojanised clones are designed to mimic the legitimate software so convincingly that they trick users into entering their 24-word recovery phrases through deceptive pop-ups.

According to Moonlock, this marks a significant escalation in crypto-targeted malware:

“Within a year, they have learned to steal seed phrases and empty the wallets of their victims.”

At the heart of the campaign is the Atomic macOS Stealer—a potent data-exfiltration tool capable of harvesting everything from passwords and notes to cryptocurrency wallet credentials.

Cybercriminals are compromising websites to spread macOS malware again.

This time: Atomic Stealer hidden in fake password manager installers.

Don’t trust every download. Our latest report explains why.https://t.co/MnL0Sk2A3o#macOS #Malware #Cybersecurity #AtomicStealer

— Moonlock (@moonlock_com) May 20, 2025

The malware has been found embedded in at least 2,800 compromised websites.

Once installed, the malicious software silently replaces the authentic Ledger Live app with a counterfeit version.

It then pushes urgent-looking alerts prompting users to “verify” or “restore” their wallets.

The moment a user enters their recovery phrase, that critical data is transmitted directly to attacker-controlled servers.

This evolving attack vector underscores a troubling shift in crypto security threats—and a growing need for users to verify not just what they click, but where their software originates.

AB Charity Foundation X AB Blockchain Join Forces to Advance the Global “Tech for Good” Mission

AB Charity Foundation (AB Foundation X AB Blockchain) today announced the addition of 10 internationally influential statespersons and global affairs experts to its Senior Advisory Board, further strengthening its strategic think tank and supporting AB Foundation X AB Blockchain in expanding technology-enabled philanthropy and global collaboration.

Their inclusion means the Foundation’s advisory network now spans five continents and nearly 30 former and sitting heads of state, international organization leaders, and policy experts, forming a cross-cultural, cross-sector, cross-institutional “Global Philanthropy Strategy Engine.”

Bertie Ahern, Chair of the Foundation and former Prime Minister of Ireland, said, “We welcome these visionary and action-oriented advisors to AB. ‘Tech for Good’ is a global cooperative endeavor—only by combining governance expertise with technological innovation can we build a trusted, inclusive, and sustainable global philanthropy ecosystem.”

AB Charity Foundation will continue to broaden its governance network and collaborate with the United Nations system, international NGOs, government agencies, and leading technology firms to drive “verifiable acts of goodwill” in critical areas such as education, healthcare, environmental protection, and humanitarian relief.

New Senior Advisory Board Members:

Olusegun Obasanjo — Former President of Nigeria and former Chairperson of the African Union, renowned for driving economic reform and regional cooperation across Africa.

Victor Yushchenko — Former President of Ukraine, celebrated economist and reform-minded leader instrumental in the country’s democratic transition.

Thomas Axworthy — Distinguished Canadian policy scholar and public administration expert, former Secretary to the Prime Minister (Chief Policy Advisor).

Dzhoomart Otorbaev — Former Prime Minister of Kyrgyzstan, noted economist and policymaker, leading reformist in Central Asia.

Denzil Douglas — Former Prime Minister and current Minister of Foreign Affairs of Saint Kitts and Nevis.

Joanna Nurse — Senior expert at the World Health Organization, with extensive experience in global health policy and public health management.

Maha Ibrahim Mohamed Morsy — Wife of former Egyptian Prime Minister Essam Sharaf, active leader in Egypt’s social welfare and education sectors.

Kateryna Yushchenko — Wife of Ukraine’s third President Victor Yushchenko; as First Lady she championed healthcare, child welfare, and cultural exchange initiatives.

Antonina Stoyanova — Former First Lady of Bulgaria and spouse of ex-President Petar Stoyanov; legal expert and diplomat who served in various United Nations roles.

Milena Dobronic — Spouse of former Bolivian President Jorge Quiroga; prominent advocate for social services and education in Bolivia.

About AB Charity Foundation

AB Charity Foundation is an independent international NGO registered in Ireland with EU legal status, supported technologically by AB DAO. The Foundation leverages blockchain, AI, and other cutting-edge technologies to build global philanthropic infrastructure, pioneering a “Governance Trust + Technology-Driven” paradigm to serve the public good.

Currently, $AB is available for trading on over a dozen exchanges, including Bitget, HTX, MEXC, Gate, BingX, BitMart, DigiFinex, Lbank, Hotcoin, Biconomy, BTSE, UEEx, WEEX, and 4E.

Learn more at https://www.ab.org/en/charityFoundation/

Undercover Cops Bust Bitcoin Launderer, Lands 6-Year Sentence

A Danvers man has been sentenced to six years in federal prison for operating an illegal cash-to-Bitcoin exchange that prosecutors say functioned under a “no questions asked” policy.

Trung Nguyen, of Danvers, was also ordered to forfeit $1.5 million and will face three years of supervised release, the US Attorney’s Office in Boston announced on 22 May.

According to prosecutors, Nguyen ran an unlicensed money-transmitting business called National Vending from September 2017 to October 2020.

The operation used deceptive tactics learned from an online course to avoid detection—posing as a legitimate vending machine company, inventing suppliers, and deliberately avoiding references to Bitcoin in financial documents to mislead banks, crypto exchanges, and regulators.

Nguyen’s scheme enabled the conversion of over $1 million into Bitcoin, often without verifying the source of funds.

Among his clients were scam victims coerced into converting cash by overseas fraudsters, and a drug trafficker who sent $250,000 in cash across 10 transactions in 2018.

‘No questions asked’ Bitcoin launderer gets 6 years in prison

Trung Nguyen was caught after accepting money from undercover cops, making several transactions and sending them Bitcoin in return.
#crypto #news #heliosweb3 pic.twitter.com/LaENCmeqPI

— Helios - Future of Web3 (@Web3Helios) May 23, 2025

Despite clear obligations under federal anti-money laundering laws, Nguyen failed to register with the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) and never submitted the required Suspicious Activity or Currency Transaction Reports, even for large cash deposits.

The case highlights growing concerns around unregulated crypto exchanges and their role in facilitating financial crime. https://www.coinlive.com/news/crypto-crimes-hit-close-to-home-as-south-korean-woman

Nguyen Caught in Bitcoin Sting by Undercover Officers

Nguyen’s downfall came through a series of in-person cash exchanges with undercover law enforcement officers, according to prosecutors.

In a May 2023 indictment, authorities detailed how Nguyen met agents posing as clients, accepted large sums of cash, and returned Bitcoin—charging just over a 5% fee for the service.

To conceal his activity, Nguyen relied on encrypted messaging apps and deliberately used tools designed to obscure the origin of his crypto transactions.

He also structured his cash deposits—spreading them out over several days and across multiple branches of the same bank—to avoid detection by financial institutions and regulators, a classic tactic known as "smurfing."

Nguyen was ultimately charged with operating an unlicensed money-transmitting business and two counts of money laundering.

He pleaded not guilty in June 2023.

However, a jury convicted him in November on the charge of operating an unlicensed transmission business and one count of money laundering.

He was acquitted on the second money laundering charge.

The case underscores how traditional cash handling methods, when combined with digital currency, continue to pose regulatory and enforcement challenges.