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David Sacks says the GENIUS Act is poised to pass with bipartisan support—clearing the way for a stablecoin boom tied to U.S. Treasurys.
In a bold step toward reshaping the digital currency landscape, President Trump’s lead adviser on crypto and AI, David Sacks, announced that the GENIUS Act—a groundbreaking stablecoin bill—is expected to pass the Senate with support from both sides of the aisle.
“We fully expect it to clear the Senate,” Sacks told CNBC on May 21, just after a crucial vote saw 15 Democrats join Republicans to overcome the filibuster hurdle.
The Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act is the most significant federal initiative yet to regulate dollar-pegged digital currencies. Sacks believes it could spark a tidal wave of investment into U.S. Treasurys.
“There’s already $200 billion in stablecoins—completely unregulated,” he said. “With legal clarity, we could see trillions in new Treasury demand almost overnight.”
A Win for Stablecoins Amid Trump Family Scrutiny
The bill’s progress comes despite swirling controversy over the Trump family’s crypto ties. Critics argue that the administration could profit from the legislation through links to World Liberty Financial, a crypto firm backed by Trump family members that recently launched its own Treasury-backed stablecoin, USD1.
That token is gaining serious traction—it just locked in a $2 billion investment from Abu Dhabi’s MGX fund via Binance.
Sacks, who sold off $200 million in crypto-related holdings before joining the White House, declined to say whether the Trump family might benefit financially from the bill’s passage.
Still, the bill’s journey isn’t over yet. Senator Josh Hawley has added a controversial amendment that caps credit card late fees—a move that could alienate some of the bill’s financial backers.
Banks on Edge Over Stablecoin Disruption
Meanwhile, traditional banks are getting nervous. NYU professor Austin Campbell posted a viral take titled “The Empire Lobbies Back”, warning that banks are in “panic mode” over the rise of yield-bearing stablecoins, which offer real returns to holders—unlike traditional bank accounts.
Campbell called out banks for relying on fractional reserve lending and lobbying to stifle stablecoin innovation. Yield-bearing stablecoins, he says, threaten to blow up that model.
And the numbers don’t lie: Since January 2024, these high-yield tokens have surged to $11 billion in circulation, now making up 4.5% of the stablecoin market, according to a new report from Pendle.
Earlier this year, the SEC approved the first yield-bearing stablecoin security by Figure Markets—another signal that Washington may be ready to embrace this new financial frontier.
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In a recent speech that’s stirred conversation across the crypto world, SEC Commissioner Hester Peirce made it clear: NFT royalties don’t turn tokens into securities.
Speaking at an SEC event, Peirce emphasized that non-fungible tokens (NFTs)—even those that reward creators with royalties from resale—typically don’t fall under U.S. federal securities laws. Unlike stocks or traditional investments, NFTs are programmable digital assets. Their ability to send revenue back to creators, she said, is more like streaming platforms paying artists every time their content is played.
“Just as a musician gets royalties when their song is streamed, NFTs can give artists a cut when their work is resold,” Peirce explained. Crucially, these royalty features don’t grant buyers any ownership stake or profit-sharing rights in a business, which is what normally defines a security.
Media Got It Wrong, Says Legal Expert
Oscar Franklin Tan, chief legal officer at Enjin’s Atlas Development Services, thinks some headlines have missed the point. He told Cointelegraph that Peirce’s comments have been twisted out of context.
“The idea that royalties make NFTs securities was never really a debate,” Tan said. “The media spin made it sound controversial, but in reality, it isn’t—and never was.”
Tan clarified that U.S. securities laws are designed to regulate investments, not creator compensation. “Artists aren’t investors. Royalties are not investment income; they’re business income,” he added.
The Legal Line: When NFTs Might Raise Flags
Tan did point out that things get murkier when NFTs start promising shared profits from royalties to a group of holders—not just the original creator. That’s when securities laws might come into play.
He urged both regulators and the Web3 community to apply common sense legal thinking: “If this was done on paper instead of blockchain, would it still raise legal questions? If not, then let’s slow down.”
What About NFT Marketplaces Like OpenSea?
While NFT royalties themselves aren’t raising red flags at the SEC, NFT marketplaces have faced more scrutiny.
In 2024, NFT giant OpenSea received a Wells notice from the SEC, suggesting that some NFTs on its platform might be unregistered securities. However, in a big win for the industry, OpenSea CEO Devin Finzer announced in February 2025 that the investigation had officially been dropped.
Following that news, OpenSea’s legal team sent a letter to Hester Peirce, urging the SEC to formally declare that NFT platforms shouldn’t be treated as exchanges or brokers under securities law. Their argument? These marketplaces don’t actually facilitate trades or act as intermediaries in the way traditional brokers do.
The Takeaway
Peirce’s message is clear: not all things NFT-related fall under SEC jurisdiction—especially not royalties for creators. And while legal gray areas remain, especially around marketplaces and shared profit schemes, there's growing consensus that artists should be free to benefit from their work without triggering securities laws.
The future of NFTs may still be evolving, but one thing is certain: creator royalties are here to stay—and they’re not securities.
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In a major move to curb the dark side of artificial intelligence, President Donald Trump has signed a powerful new law that makes it a federal crime to publish AI-generated explicit images without consent.
On May 19, President Trump officially signed the TAKE IT DOWN Act—short for Tools to Address Known Exploitation by Immobilizing Technological Deepfakes on Websites and Networks—marking a major victory in the fight against digital exploitation.
The legislation, strongly backed by First Lady Melania Trump, targets the growing misuse of deepfake technology, particularly the disturbing trend of nonconsensual explicit content. The law mandates that any such content—whether real or AI-generated—must be taken down within 48 hours once reported. Offenders could face serious penalties ranging from hefty fines to jail time.
> “This law protects Americans—especially women and children—from the cruelty of weaponized deepfakes,” Trump said during a speech at the White House Rose Garden, later sharing his remarks on Truth Social.
Melania Trump, who played a pivotal role in pushing the bill through Congress, called it a “national victory” and warned of the broader dangers AI poses to young minds.
> “AI and social media are like digital candy—sweet, addictive, and dangerously influential,” she said. “But unlike sugar, these tools can be weaponized to manipulate, harm, and even destroy lives.”
Introduced by Senators Ted Cruz and Amy Klobuchar in June 2024, the TAKE IT DOWN Act saw bipartisan support and was passed by both the House and Senate in April 2025.
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The U.S. Joins the Fight Against Deepfake Abuse
The new law comes in the wake of alarming incidents, including the viral spread of explicit AI-generated images of Taylor Swift on X (formerly Twitter) in early 2024. The platform was forced to temporarily ban searches for her name, while lawmakers scrambled to introduce emergency legislation in response.
> Related: AI scammers are now impersonating U.S. government officials, says FBI
The U.S. is now one of several countries taking legal action against deepfake pornography. The UK, for instance, outlawed the practice under its Online Safety Act of 2023.
A shocking 2023 study by Security Hero revealed that over 99% of deepfake porn targets are women, underscoring the gendered nature of this technological abuse.
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In one of the largest crypto thefts to date, a staggering $330 million worth of Bitcoin (BTC) vanished in a sophisticated scam—not through code, but through clever manipulation of human psychology. This wasn’t a technical breach—it was a textbook case of social engineering.
A Veteran Investor, A Costly Mistake
Blockchain investigator ZachXBT revealed that the victim, an elderly American crypto holder, was deceived into granting access to their wallet. On April 28, 2025, 3,520 BTC were siphoned off and swiftly laundered—converted into Monero (XMR), a privacy coin infamous for being untraceable.
The victim had held over 3,000 BTC since 2017, with no signs of major activity—until this devastating loss. This wasn’t a smash-and-grab; it was a long game. The scammers built trust over time, impersonated credible figures, and eventually convinced the victim to reveal sensitive credentials—all over a phone call.
This attack is a chilling reminder: humans, not hardware, are often the weakest link in the crypto security chain.
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How the Thieves Vanished Without a Trace
Once the BTC was stolen, the attackers went into overdrive, using a laundering strategy known as “peel chaining”—breaking down large amounts into smaller, less traceable pieces. These were funneled through hundreds of wallets, instant exchanges, and privacy tools like mixers.
A large chunk was converted into Monero, briefly driving its price up by 50% to $339. Some of the funds were even bridged to Ethereum and funneled into DeFi platforms, further muddying the digital trail.
Investigators, including ZachXBT and Binance, managed to freeze $7 million, but the rest has dispersed into the crypto shadows. Suspects include a mysterious individual known as “X”, possibly UK-based and of Somali origin, and an accomplice dubbed “W0rk”, both of whom have since gone dark online.
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Understanding Social Engineering: Hacking the Human Mind
Social engineering isn’t about breaking systems—it’s about breaking people. Instead of exploiting code, scammers exploit trust, urgency, fear, and curiosity. Here's how they do it:
Fake Authority: Pretending to be support agents, government officials, or executives to gain trust.
Creating Panic: Using urgency ("Your account is at risk!") to push victims into hasty actions.
Fake Rewards: Offering phony airdrops or giveaways to lure users into sharing wallet access.
Scarcity Traps: Faking “limited-time” offers to prompt irrational decisions.
Herd Mentality: “Everyone’s doing it!” scams play on our instinct to follow the crowd.
These tactics are low-tech but highly effective, especially in the crypto world where transactions are irreversible and identity is often hidden.
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Why Crypto Users Are Prime Targets
Crypto holders are uniquely vulnerable to social engineering. Here’s why:
No Undo Button: Blockchain transactions are final—there’s no customer support to reverse a scam.
Anonymity is a Double-Edged Sword: While crypto empowers privacy, it also allows scammers to hide.
High-Value Assets: Crypto whales and NFT collectors are attractive targets.
Overtrusting Online Communities: Platforms like Discord and Telegram can foster a false sense of security.
In short, the decentralized nature of crypto makes it fertile ground for these manipulative attacks.
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Most Common Crypto Social Engineering Scams
Here are some of the most widespread tactics scammers use to target crypto holders:
Phishing Emails & Sites: Fake messages that look like they're from real exchanges, tricking users into entering login info.
Impersonation on Social Media: Scammers pose as support staff or influencers to earn trust.
Fake Airdrops: “Claim your free tokens” traps that actually drain your wallet.
Malware in Disguise: Free tools or updates that install spyware or keyloggers.
Honeytraps & Fake Job Offers: Scammers build fake personas to lure and manipulate developers or founders.
Too-Good-To-Be-True Offers: From "secret investment opportunities" to “exclusive” deals—pretexting is rampant.
Heads up: There’s even a “Drainer-as-a-Service (DaaS)” market now, offering turnkey scam kits complete with fake DEX pages and Telegram bots. No coding needed—just bad intentions.
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Real-World Case: The Ronin Network Breach
Back in March 2022, the Ronin Network, which powers the game Axie Infinity, lost over $600 million. The attackers? The notorious Lazarus Group—but the exploit wasn’t high-tech.
They sent a fake job offer PDF to a senior engineer. When opened, the file deployed spyware that compromised key network validators. The result: weeks of unauthorized fund withdrawals that went undetected.
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Final Thoughts: Guard Your Crypto, Guard Your Mind
This $330M theft proves that even seasoned holders with cold wallets can fall victim—if not to code, then to cunning manipulation.
In a world where one wrong click or one trusting conversation can cost millions, security is no longer just about strong passwords or hardware wallets. It’s about staying alert, verifying everything, and remembering: if something feels off, it probably is.
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Indonesian fintech company DigiAsia Corp just made waves on Wall Street—and the crypto world is watching closely.
The Jakarta-based firm saw its shares surge 91% in a single day after revealing plans to raise $100 million and start building a Bitcoin treasury reserve. Notably, DigiAsia committed to using up to 50% of its net profits to accumulate Bitcoin (BTC), signaling a bold leap into the crypto space.
In its May 19 announcement, DigiAsia confirmed its board had signed off on the strategy and that it's already exploring partnerships with regulated firms to generate yield from its future BTC holdings through lending and staking. It’s also weighing the launch of convertible notes or crypto-linked financial instruments to support the initiative.
Bitcoin Buzz Sends DigiAsia Shares Flying
Following the announcement, DigiAsia (NASDAQ: FAAS) closed at 36 cents, a sharp jump of over 90%, according to Google Finance. However, post-market trading saw the stock cool down by 22% to 28 cents. Despite the recent buzz, shares are still down over 50% for the year, having peaked at nearly $12 back in March 2024.
Financially, DigiAsia seems poised for growth. In its April 1 update, the company reported $101 million in revenue for 2024, marking a 36% year-over-year increase. It’s projecting $125 million in revenue for 2025 with $12 million in expected EBIT (earnings before interest and taxes).
Bitcoin Treasury Trend Goes Mainstream
DigiAsia joins a growing list of companies transforming their balance sheets with Bitcoin. MicroStrategy remains the leader with 576,230 BTC—currently valued near $60.9 billion. Meanwhile, Strive Asset Management and GameStop are also making moves into the Bitcoin treasury world.
Japan’s Metaplanet recently made headlines with one of the largest BTC buys in history, acquiring 1,004 Bitcoin. Corporate Bitcoin holdings now top 3 million BTC, worth over $340 billion, according to Bitbo data.
Crypto heavyweights like Blockstream CEO Adam Back predict this treasury trend could help catapult Bitcoin’s market cap to $200 trillion in the next decade. Currently, BTC trades at $105,642, with a market cap around $2 trillion, according
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In a high-stakes sting operation, Hong Kong authorities have busted a $15 million crypto-powered money laundering network, arresting 12 suspects and seizing mountains of cash and digital evidence.
The joint operation, executed on May 15, unraveled a sophisticated cross-border laundering ring that funneled dirty money through over 500 bank accounts and converted it into crypto at local exchange shops. The syndicate operated out of a rented apartment in Mong Kok—a quiet residential neighborhood turned financial crime HQ.
How the Scam Worked
The suspects allegedly recruited individuals—often friends and family—to open “stooge” bank accounts. These accounts were used to receive funds linked to various fraud schemes. Once in, the money was swiftly converted into cryptocurrency through physical exchange shops in districts like Tsim Sha Tsui—helping to erase its shady origins.
Of the $15 million laundered (HK$118 million), authorities traced over $1.2 million back to 58 individual fraud cases.
Busted in Real Time
Police surveillance on May 15 caught two syndicate recruits in the act: one visited a bank, the other an ATM—before both converged at a crypto exchange shop to convert the cash. Officers swooped in, seizing HK$770,000 (around $98,540) in cash before it could disappear on the blockchain.
Soon after, authorities arrested 10 more individuals, aged 20 to 41, in coordinated raids across Hong Kong and mainland China.
In total, the haul included:
HK$1.05 million ($134,370) in cash
Over 560 ATM cards
Numerous mobile phones
Crypto transaction records
Bank documents
Laundering Goes Social
Senior Inspector Tse Ka-lun of the Commercial Crime Bureau revealed that many of the launderers used bank accounts belonging to friends and family—often without them realizing the true scale of the operation.
Hong Kong has seen a sharp rise in fraud, with a 12% year-on-year increase in 2024. The police have made over 10,000 fraud-related arrests, and a staggering 73% of those involved stooge bank accounts.
Tightening the Net
This crackdown comes as Hong Kong ramps up its regulatory efforts to clean up the crypto space and position itself as a global Web3 hub.
Recent initiatives by the Securities and Futures Commission include:
New rules for crypto exchanges offering staking services (April 2025)
A roadmap to enhance compliance, market access, product diversity, and infrastructure (February 2025)
As crypto crime evolves, so too does Hong Kong’s commitment to staying ahead of the curve.
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Bitcoin is gearing up for a major move — and if bullish traders are right, we could see a brand-new all-time high as early as next week.
Highlights:
Bitcoin eyes a breakout from its recent tight trading range.
Analysts are setting sights on $116,000 as the next key target.
Short-term dip? Maybe. But overall momentum looks strong.
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Calm Before the Storm?
As of May 18, Bitcoin (BTC) is trading around $105,000, showing little volatility over the weekend. According to market data from Cointelegraph Markets Pro and TradingView, BTC hovered near the $103K–$105K zone, a key range acting like a price magnet.
But this calm may not last long.
Popular analyst Alan posted a bold forecast on X (formerly Twitter), suggesting that Bitcoin could surge to $116,000 in the early part of the week. His chart highlights a tightening triangle pattern — a classic signal of an imminent breakout.
> “$BTC is brewing within this converging triangle with decreasing volume — a common indicator of a breakout,” Alan noted.
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A Market Poised for Lift-Off
Other traders are just as optimistic. Analyst Mikybull Crypto spotted what he calls an “intraday diamond pattern breakout,” while Daan Crypto Trades pointed out a persistent Coinbase spot premium — a sign of strong demand from U.S.-based buyers.
This kind of buyer activity often acts as fuel for price rallies, especially when BTC is already hovering near historic highs.
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Still, Some Caution in the Air
Not everyone’s convinced that liftoff is guaranteed.
Trader CrypNuevo warned that Bitcoin hasn’t yet broken through key resistance zones, suggesting a short-term dip could still be on the cards before any serious upside. Some analysts even think BTC could revisit the $90K range for a liquidity sweep before charging higher.
And let’s not forget — Bitcoin only recently bounced back from April lows near $75,000. A full retrace of that recovery isn’t off the table just yet.
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Long-Term Outlook: $220K?
Looking further ahead, some forecasts are going even bigger. A recent gold-based model predicts that Bitcoin could hit $220,000 by 2025 — a jaw-dropping target that reflects the growing confidence among long-term investors.
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Final Thoughts
Bitcoin’s next move is brewing beneath the surface — and the charts are flashing breakout potential. Whether we see $116K this week or a quick dip first, one thing’s clear: the battle for new highs is heating up fast.
Stay strapped in. The next leg of Bitcoin’s journey could be explosive.
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Bitcoin's recent sideways price action isn't a sign of weakness—it may be the calm before another explosive move.
Quick Highlights:
Traders eye a possible dip to $90K, but technicals hint at a bullish breakout.
On-chain data reveals current profit-taking isn’t strong enough to kill Bitcoin’s momentum.
Consolidation within a classic bull flag pattern could pave the way for BTC to soar past current resistance.
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After a stunning surge from $74,400 to $105,900, Bitcoin (BTC) has taken a breather, hovering just under the $104K–$105K resistance zone. While some see this as a stall, savvy analysts recognize a textbook bull flag formation—a strong bullish continuation pattern that typically leads to further gains once resistance breaks.
In bull flag terms, this phase is all about consolidation: short-term indecision as the market absorbs the recent rally. But beneath the surface, key metrics are flashing green.
Data from TRDR.io shows the rally was backed by major liquidations in margin markets and hefty spot volume—fueled in part by a wave of billion-dollar spot Bitcoin ETF inflows. At the same time, global corporations started loading up on BTC for their treasuries, further validating Bitcoin’s long-term potential.
However, around the $105K level, traders have started taking profits. This has cooled momentum slightly, but importantly, there’s no significant uptick in new leveraged long positions—suggesting traders are playing it safe, not bearish.
Profit-Taking? Yes. But Not Enough to Stop BTC’s Ascent
According to Glassnode, profit-taking among short-term holders has increased, yet remains well within historical norms. In fact, during previous rallies toward all-time highs, profit realization surged to +5 standard deviations above the 90-day average—currently, we’re just around +3. Translation? There's still room for another leg up.
Is a Short-Term Dip on the Table?
Analysts caution that Bitcoin may briefly dip to test support in the $100K–$90K range before launching higher. Market intelligence from Material Indicators shows order books preparing for this possibility, with sellers lining up near resistance and buyers moving their bids lower—potentially setting the stage for a liquidity sweep.
Cautious Optimism from Traders
Crypto strategist Daan Crypto Trades shared on X that the market appears to have cleared most major bullish and bearish catalysts. He remains “cautiously bullish” as long as BTC stays above $90K, though he warns that broader equity market trends—especially after major stock rallies—could influence short-term price moves.
> “$90K is my long-term line in the sand,” he said. “If equities cool off, BTC might follow with a quick flush—but the bigger picture remains bullish.”
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Bottom Line
Bitcoin is in a classic holding pattern—cooling off after a monster rally, yet building pressure for a potential breakout. As long as BTC holds the bull flag support and macro trends remain stable, the next big move could send it soaring to uncharted highs.
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Could Panama City be the next crypto capital? A cryptic social media post by Mayor Mayer Mizrachi has ignited speculation about the city’s potential move toward a Bitcoin reserve.
Following a meeting with Max Keiser and Stacy Herbert—two of the leading architects behind El Salvador’s Bitcoin strategy—Mizrachi simply posted “Bitcoin Reserve” on X (formerly Twitter) on May 16. The timing is no coincidence: Mizrachi is set to speak at the upcoming Bitcoin 2025 Conference in Las Vegas, just days away.
While the mayor didn’t spill the details of his conversation with Keiser and Herbert, the post aligns with Panama City’s recent pro-crypto momentum. The city recently approved a policy allowing residents to pay municipal taxes, fines, and fees in crypto, including Bitcoin (BTC), Ether (ETH), Tether (USDT), and USD Coin (USDC)—pending full fiat-crypto integration.
Establishing a Bitcoin reserve at the city level would be a bold next step, though pushing such a move nationally would require coordination with Panama’s National Assembly—something Mizrachi hasn’t formally pursued (yet).
Meanwhile, similar Bitcoin reserve initiatives are gaining traction in the U.S., with Arizona and New Hampshire both enacting legislation. Ukraine is also reportedly on the brink of recognizing Bitcoin as a national reserve asset.
Mining, Money & Education: Crypto Talks with El Salvador
During their meeting, Keiser revealed the trio explored how renewable energy sources—El Salvador’s geothermal power and Panama’s hydroelectric energy—can be leveraged for Bitcoin mining.
“Bitcoin is transforming Central America,” Keiser posted. “El Salvador’s geothermal & Panama’s hydro-electric will power the Bitcoin revolution.”
Stacy Herbert added that Panama City will adopt El Salvador’s “What is Money?” financial literacy textbook into its public library’s digital collection, boosting grassroots crypto education.
Both Keiser and Herbert are integral to El Salvador’s Bitcoin revolution. Keiser is the official Bitcoin advisor to President Nayib Bukele, while Herbert leads the country’s Bitcoin Office. Together, they’ve helped shape a national Bitcoin reserve now totaling 6,179 BTC, valued at nearly $640 million.
With Panama City’s mayor now stepping into the spotlight, it seems the next chapter of Bitcoin in Latin America could be written in the heart of Panama.
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The U.S. Senate is gearing up to pass a landmark stablecoin bill — and it could happen as early as next week. The catch? Lawmakers have cut controversial language that targeted former President Donald Trump’s crypto ventures in a bid to build bipartisan support.
Republican Senator Cynthia Lummis revealed at Coinbase’s Stand With Crypto event that she’s aiming to get the GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins) across the finish line by May 26, just in time for Memorial Day.
Democratic Senator Kirsten Gillibrand, who joined Lummis on stage, confirmed that the bill has been revised to drop provisions focused on Trump’s sprawling crypto ecosystem — which includes memecoins, a mining company planning to go public, and a stablecoin project.
“When the final language is released, people will see real progress on key protections — like consumer safeguards, bankruptcy clarity, and ethics measures,” Gillibrand said. “It’s no longer just about the technical structure or issuer requirements.”
Earlier, Senate Democrats had pulled support for the bill, arguing it would indirectly greenlight questionable crypto dealings tied to Trump. Gillibrand didn’t hold back, saying, “A lot of what President Trump is doing is already illegal. Issuing a memecoin as a public figure? That’s crossing a legal line.”
Still, she emphasized that the bill's purpose isn’t to police Trump’s ethics. “If we tried to address all of that, we’d be writing a much bigger, much messier bill.”
Coinbase CEO Brian Armstrong, who was also onstage, kept his focus on policy. When asked whether Trump’s memecoin could derail progress, he deflected: “It’s not my place to comment on the President’s actions. What matters is keeping the bill focused on stablecoins.”
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Crypto Legislation on the Clock
With the 2026 midterm elections looming, the crypto industry is scrambling to push through key legislation — not just the GENIUS Act, but also a broader Republican-led crypto market structure bill.
“We’re in a narrow window,” said Marta Belcher, president of the Blockchain Association, speaking at the Consensus conference in Toronto. “If we don’t get it done before the midterms, we might not get another shot.”
The association’s communications director, Chris Jonas, warned that Congress’s August recess is another major deadline. “Once midterm season kicks off, legislative momentum dies down fast. Timing is everything.”
According to Bo Hines, Executive Director of the Presidential Council of Advisers for Digital Assets, both bills are still being negotiated — but President Trump is expected to sign them before the summer break. “That’s the goal,” Hines said onstage at Consensus. “Get stablecoin and market structure legislation signed before August.”
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A crypto entrepreneur is facing serious legal heat after investors claim he pocketed millions in profits and vanished without a trace.
The founder behind the Hashling NFT project and an associated Bitcoin mining venture is being sued by former business partners, who allege he defrauded them out of millions in returns and equity.
According to a court filing dated May 14 in Illinois, Jonathan Mills — the central figure behind the projects — is accused of secretly funneling over $3 million from the Bitcoin mining initiative and NFT earnings into a holding company, Satoshi Labs LLC (formerly Proof of Work Labs), which he controls as CEO.
Investors claim Mills promised equity returns and profits, but delivered none — instead allegedly rewriting a shareholder agreement to tighten his grip on the company. The rewritten deal, they say, was full of “errors” crafted to give the illusion that the holding company controlled all project assets. Under this agreement, Mills gave himself a 67% equity and voting stake, while investors who contributed up to $20,000 were left with just 2% each.
Even worse, the plaintiffs claim they collectively raised $1.46 million from NFT drops on the Solana and Bitcoin blockchains, yet received zero return on their investment. Mills allegedly stopped responding to them shortly after the fundraising — effectively ghosting the team.
A Questionable Start
Interestingly, Mills didn’t even have prior experience in NFTs when the Hashling project was born. It began as a collaboration between him and plaintiff Dustin Steerman, who had worked with Mills on previous ventures. Despite Mills admitting he had no money or background in NFTs, the project moved forward — driven by optimism, early enthusiasm, and a shared vision.
“Mills had a willingness to help push the project forward… even though that wasn’t the final idea, it emboldened it,” said Clinton Ind, the investors’ attorney.
To build momentum, the group recruited a wider team to handle everything from artwork and marketing to attending major NFT events like NFT.NYC. Mills even reportedly got his girlfriend to invest in the project.
Now, with the dream unraveling, the plaintiffs are not only suing Mills for fraud and breach of fiduciary duty, but they’re also asking the court to impose a constructive trust on the project’s assets — seeking full restitution and legal accountability.
As of now, Mills has not responded publicly to the lawsuit.
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In a bold move that’s turning heads in the crypto space, stablecoin giant Tether has added a hefty 4,812 Bitcoin—worth a cool $458.7 million—to the stash of Twenty One Capital, the Bitcoin investment firm it's backing.
This latest buy was executed at an average price of $95,319 per BTC and was moved to an escrow wallet on May 9, according to a May 13 filing by Cantor Equity Partners with the U.S. Securities and Exchange Commission. For now, Twenty One’s assets are being managed under Cantor as the two firms work to finalize a SPAC merger.
Once the deal is done, the combined entity will begin trading under the ticker XXI.
Twenty One Is on a Roll
This recent purchase catapults Twenty One Capital’s total holdings to 36,312 BTC, securing its spot as the third-largest corporate Bitcoin holder, trailing only MicroStrategy (now Strategy) and MARA Holdings, which hold 568,840 BTC and 48,237 BTC respectively, per BitcoinTreasuries.net.
Jack Mallers, CEO of Twenty One, confirmed on May 13 that the merger process is underway—though the exact timeline remains under wraps.
Bigger Ambitions: Take on MicroStrategy
In an April SEC presentation, Twenty One didn’t shy away from its ambition: it wants to outshine Michael Saylor’s Strategy (formerly MicroStrategy) and become the premier “capital-efficient Bitcoin exposure” platform for investors.
What sets Twenty One apart? It promises to be a "pure play" Bitcoin firm—focused solely on Bitcoin-native operations, giving it greater agility for strategic fundraising and market moves. Instead of traditional metrics like earnings per share, the firm says its key success indicator will be “Bitcoin per share.”
Gearing Up for 42,000 BTC
The firm aims to hit 42,000 BTC holdings by launch. According to earlier filings:
Tether is expected to contribute 23,950 BTC
Softbank will add 10,500 BTC
Bitfinex will chip in 7,000 BTC—all of which will be converted into equity at $10/share
Market Moves
Cantor Equity Partners’ share price saw a meteoric rise from $10.65 to $59.73 on May 2 following the buzz, though it has since pulled back to $29.84, according to Google Finance. It still saw a 5.2% bump in after-hours trading after the latest Bitcoin buy.
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In a harrowing scene that could have been pulled from a thriller movie, the daughter and grandson of Pierre Noizat — the CEO and co-founder of French crypto exchange Paymium — narrowly escaped a bold kidnapping attempt in broad daylight on the streets of Paris.
On May 13, three masked assailants ambushed Noizat’s daughter and her young son in the bustling 11th district. The attackers tried to shove them into a waiting van, but the plan quickly unraveled when the mother fought back with extraordinary courage. According to reports, she managed to disarm one of the attackers, tossing away a firearm during the scuffle, despite the violent assault on her male partner who tried to intervene.
Thanks to the intervention of brave bystanders, the attackers fled the scene, abandoning their van nearby. All three victims were injured and later hospitalized. French authorities, including the elite anti-banditry police unit, have launched an intense investigation.
This alarming incident is part of a disturbing trend targeting crypto entrepreneurs and their families. As digital assets grow in value and visibility, so too do the threats that surround them.
Michael Englander, CEO of Polish exchange Plasbit, didn't mince words:
> “If you’re in crypto and still flaunting it online, you’re not just stupid — you’re putting your family in danger.”
Crypto attorney Sasha Hodder echoed the concern:
> “Crypto theft is evolving. It’s no longer just SIM swaps or phishing — it’s becoming violently personal.”
And the statistics back it up. Just this May, a man was allegedly kidnapped and robbed of $4 million in crypto and NFTs in Las Vegas. Earlier in Paris, police rescued a crypto entrepreneur’s father who was being held for a €7 million ransom. In January, Ledger co-founder David Balland was abducted from his home, held overnight before being rescued.
Crypto security advocate Jameson Lopp has documented over 20 in-person attacks already this year, and a University of Cambridge study warns many of these so-called “wrench attacks” go unreported — often due to fear, shame, or involvement of someone close to the victim.
As these chilling events pile up, one thing is crystal clear: crypto wealth isn’t just digital anymore — it comes with real-world risks.
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Craig Wright, the controversial figure who falsely claimed to be Bitcoin’s creator, has officially been silenced by the British High Court.
On May 12, Judge Edward Mellor handed Wright a General Civil Restraint Order, blocking him from filing further civil claims in the High Court — a major move to protect the crypto community from what the judge called a “campaign of legal intimidation.”
For years, Wright has aggressively targeted developers, bloggers, and crypto advocates with defamation lawsuits, often backed by questionable evidence and deep financial resources. According to Mellor, his actions weren’t just personal vendettas — they created a chilling effect across the entire cryptocurrency innovation space.
> “Dr. Wright weaponised the legal system,” said Judge Mellor. “He caused significant disruption to innovation in an important technology industry.”
The court ruling is a win for the Crypto Open Patent Alliance (COPA), which brought the case after its members — including crypto blogger Peter McCormack and Twitter user Hodlonaut (Magnus Granath) — were subjected to legal bullying.
Judge Mellor didn’t hold back, writing that Wright’s lawsuits put individuals through “five years of personal hell,” all as part of a deliberate strategy to falsely establish himself as Satoshi Nakamoto, the pseudonymous creator of Bitcoin.
And the final nail in the coffin?
Last March, the High Court officially ruled that Craig Wright is not Satoshi, nor did he write the Bitcoin white paper. He even issued a disclaimer on his website in July, finally admitting the truth.
Wright’s legal antics — including libel suits against major figures like Vitalik Buterin and Adam Back — have dragged on for nearly a decade in what many call the “Faketoshi Saga.”
Now, with a restraining order in place and a contempt of court conviction under his belt, Craig Wright’s days of courtroom chaos appear to be over — and the crypto world can finally breathe a little easier.
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Corporate giants aren’t just dipping their toes into Bitcoin — they’re cannonballing in.
According to fresh data from crypto investment firm River, businesses are now the biggest Bitcoin buyers of 2025, leaving ETFs and individual investors in the dust. The surge is led by none other than Michael Saylor’s Strategy, responsible for a staggering 77% of all corporate Bitcoin growth this year.
In total, companies have stacked up 157,000 BTC (worth roughly $16 billion), making it crystal clear: Bitcoin is going corporate.
> “We’re seeing businesses across all industries sign up to River. They’re aligned with Bitcoin and how it can change their future,” River shared on X (formerly Twitter).
Who’s Buying?
Strategy is leading the charge with a massive 13,390 BTC purchase valued at $1.34 billion.
Metaplanet boosted its treasury with 1,241 BTC, even overtaking El Salvador in holdings.
New 2025 entrants include:
Rumble (yes, the video platform)
Ming Shing (Hong Kong construction)
HK Asia Holdings
Even more impressively, 12 public companies joined the Bitcoin club in Q1 2025, adding over 95,000 BTC to their balance sheets.
Breaking Down the Biz:
The corporate sector has seen a jaw-dropping 154% rise in Bitcoin ownership this year alone. Here’s the sector breakdown:
Finance & Investment: 35.7%
Tech: 16.8%
Consulting/Professional Services: 16.5%
The rest includes real estate, healthcare, energy, and more.
Is Bitcoin Turning Deflationary?
With businesses scooping up Bitcoin faster than miners can produce it (only 450 BTC/day), some analysts say we’re entering deflationary territory.
CryptoQuant’s CEO Ki Young Ju even estimates an annual -2.3% deflation rate, thanks to Strategy’s relentless buying spree.
Author Adam Livingston went so far as to say that Strategy is "synthetically halving" Bitcoin through sheer demand. And if that’s the case, the scarcity play just got real.
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In a plot twist straight out of a cybercrime thriller, Eric Council Jr., the hacker behind last year's brazen SEC Twitter breach, was not just dodging the law—he was Googling how to tell if the FBI was on his trail.
Yes, really.
Council, known in underground circles as "easymunny," pulled off a SIM swap attack that gave him and his crew access to the official X (formerly Twitter) account of the U.S. Securities and Exchange Commission. With that access, they posted fake news claiming the approval of a Bitcoin ETF—news that instantly sent shockwaves through the crypto market.
But as the markets moved, so did the feds.
The Google Searches That Gave It All Away
According to court documents, after the hack, Council tried to cover his tracks while desperately searching online for things like:
“How can I know for sure if I am being investigated by the FBI?”
“How long does it take to delete Telegram account?”
Spoiler alert: not long enough.
Even though his Telegram chats were set to auto-delete after two weeks, investigators still found incriminating conversations discussing SIM swaps with people overseas.
$50K in Crypto and a Trail of Fake IDs
From January to June 2024, Council made around $50,000 offering SIM swap services—charging between $1,200 and $1,500 per client. He used fake identity documents to trick an AT&T employee into transferring a victim’s phone number to his SIM card. That victim just happened to have access to the SEC’s X account.
With the phone number secured, Council bought a new iPhone, inserted the SIM, and passed along login credentials to his co-conspirators. Moments later, the now-infamous fake ETF approval post went live—viewed over a million times in just 15 minutes.
Bitcoin prices surged by $1,000—then crashed by nearly $2,000 when the truth emerged, wiping out tens of millions in positions.
The Takedown
Council's hacker life caught up to him on June 12, 2024, when surveillance agents spotted him at an Apple Store attempting another SIM swap. A search warrant executed days later led to the discovery of fake ID templates on his laptop and more damning evidence.
He pleaded guilty in February 2025, following an October indictment on charges of Conspiracy to Commit Aggravated Identity Theft and Access Device Fraud. Prosecutors are now pushing for a 2-year prison sentence.
And here's the kicker: the SEC didn’t have two-factor authentication enabled on their X account during the hack. It had apparently been removed by X Support after a request from an SEC staffer—leaving the door wide open for Council and his team.
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