Last updated on May 10th, 2025 at 08:42 pm
Hey there!
And just like that, the second week of May wraps up.
It’s been a wild ride in the crypto world – from legal showdowns to memecoin mayhem and even U.S. president side-stepping questions about his digital profits. Plus, we’re seeing a wave of crypto-friendly regulations making waves globally. There’s much to unpack, so hit that subscribe button to stay in the loop. Enjoy! 🚀
Biggest Story
Legal Battles in the Crypto World: From Celsius to Nomad Bridge
Two major figures in the crypto world are facing intense legal battles. Former Celsius CEO Alex Mashinsky is pushing back against a 20-year prison sentence after pleading guilty to commodities fraud and market manipulation. His defense argues that the proposed punishment is excessive, emphasizing his nonviolent record and the complex market dynamics behind Celsius’s $4.7 billion collapse. Some victims, however, hold him personally accountable for their losses, adding emotional weight to the case.
Meanwhile, Russian-Israeli suspect Alexander Gurevich faces extradition to the U.S. for his alleged role in the 2022 $190 million Nomad bridge hack. Gurevich, accused of exploiting a critical vulnerability in the bridge before attempting to flee, was detained in Israel while trying to reach Russia. If convicted, he could face up to 20 years in prison, highlighting the U.S. government’s growing focus on holding individuals accountable for crypto-related cybercrimes.
Other News Making Waves
- Social engineering scams targeting Coinbase have reached $330 million in annual losses, with ZachXBT revealing an additional $45 million siphoned from users just last week. (More)
- Google’s Threat Intelligence has identified a new malware strain, LOSTKEYS, linked to the Russian-backed COLDRIVER group, targeting Western diplomats and policy experts through advanced phishing techniques. (More)
- Voltage Finance hacker resurfaces, moving $182K in ETH through Tornado Cash after months of dormancy, renewing fears of ongoing exploits in the DeFi sector. (More)
- Controversy erupts over claims that Zerebro developer Jeffy Yu faked his suicide to promote a new memecoin, LLJEFFY, sparking heated debate in the crypto community. (More)
- Joseph Nocella steps in as interim U.S. Attorney for EDNY as former SafeMoon CEO Braden John Karony faces securities fraud charges in a high-stakes trial. (More)
- Samourai Wallet co-founders accuse U.S. prosecutors of withholding FinCEN guidance, claiming the concealed info could undermine money laundering charges against them. (More)
- Coinbase CEO Brian Armstrong calls on Congress to pass stablecoin and market structure bills before the August recess, urging swift action amid rising regulatory pressures. (More)
- Trump dodges questions about his memecoin profits in a recent interview, admitting he hasn’t checked its value but reaffirms his support for the crypto sector. (More)
- Trump reaffirms his support for crypto, framing it as essential to U.S. tech leadership against China, as his administration ramps up blockchain-friendly policies. (More)
Around the World: Bold Moves and Crypto Regulations
- Texas House panel advances state-backed Bitcoin reserve bill, moving closer to making Texas a crypto powerhouse. The bill now heads for a full House vote before a June 2 deadline. (More)
- South Korea saw nearly $41 billion in crypto outflows in Q1 2025, with stablecoins like USDT and USDC making up 47%, reflecting their dominance in cross-border trading. (More)
- Arizona uses unclaimed crypto to establish a state-backed Bitcoin and Digital Asset Reserve Fund, marking a first in U.S. state-level digital asset management. (More)
- South Korea’s Democratic Party leader Lee Jae-myung pledges spot crypto ETF legalization, aiming to attract youth voters ahead of the June 3 presidential election. (More)
- New Hampshire becomes the first U.S. state to allow businesses to hold Bitcoin as cash reserves, marking a major step in crypto adoption. (More)
- Swiss National Bank rejects cryptocurrencies as reserve assets, citing high volatility and liquidity risks despite growing institutional interest. (More)
- U.S. House Republicans introduce a revised crypto market bill to decentralize power, redefine “mature blockchain” status, and limit large firm dominance. (More)
- Florida halts plans for a state Bitcoin reserve, shelving two bills aimed at allowing public fund investments in Bitcoin after legislative deadlock. (More)
- The Maldives partners with Dubai’s MBS Global Investments to build a $9 billion crypto hub, aiming to transform its economy and attract global fintech leaders. (More)
Market Trends: Winners and Losers
Top 5 Gainers 📈
According to data from CoinGecko, these are the five biggest gainers of the week:
- Agent Ted +223.2%, from $0.01290906 to $0.04172653
- Daku +108.4%, from $0.100587 to $0.209956
- Titcoin +93.7%, from $0.02201476 to $0.04270613
- Moo Deng +67.5%, from $0.04569716 to $0.076537
- Derive +62.7%, from $0.02602847 to $0.04235759
Top 5 Losers 📉
According to data from CoinGecko, the five biggest losers of the week are:
- Solayer -55.7%, from $2.89 to $1.28
- WEMIX -16.4%, from $0.442970 to $0.370090
- Spectral -34.7%, from $2.37 to $1.55
- Housecoin -31.9%, from $0.074933 to $0.051077
- Zora -23.7%, from $0.01349436 to $0.01027979
Project Spotlight
Stripe Expands Financial Access with Global Stablecoin Accounts
Stripe has launched stablecoin-powered accounts in over 100 countries, allowing users to send, receive, and hold USDC and USDB like traditional bank accounts. This move targets regions with high inflation and limited banking access, such as Argentina, Chile, Turkey, Colombia, and Peru, where demand for stable financial tools is rising.
Why It Matters:
Stripe’s integration of stablecoins leverages blockchain to reduce financial barriers, empowering underserved communities with more accessible and reliable payment options, while advancing the global adoption of digital finance.
Disclaimer: This article is intended solely for informational purposes and should not be considered trading or investment advice. Nothing herein should be construed as financial, legal, or tax advice. Trading or investing in cryptocurrencies carries a considerable risk of financial loss. Always conduct due diligence.
If you want to read more market analyses like this one, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.
Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”
