Hey Crypto Fam!
Fell behind on the latest in crypto? We’ve got you covered. From Trump facing fresh heat from Democrats to Coinbase standing firm against a $20 million hacker demand, plus critical regulatory updates from around the world – this roundup has it all. If you haven’t subscribed yet, now’s the time to click on the subscribe button to get up-to-date news.
Biggest Story
House Democrats Demand Treasury Probe into Trump’s Crypto Dealings
House Democrats are ramping up their scrutiny of Donald Trump’s crypto ventures, urging the Treasury to release all suspicious activity reports (SARs) linked to the Trump-themed TRUMP token and World Liberty Financial (WLF) by May 30. The move aims to uncover potential fraud, foreign influence, and campaign finance violations.
Lawmakers also flagged concerns about foreign investor involvement in WLF and the opaque nature of the TRUMP token’s ownership, warning it could become a tool for undisclosed influence. This adds to growing pressure, with recent Senate actions pushing for deeper crypto oversight.
Other News Making Waves
- Coinbase rebuffs a $20 million extortion attempt after a data breach affecting less than 1% of its user base, instead offering a $20 million reward for information leading to the hackers’ arrest. (More)
- Sygnum Bank adds staked Solana (SOL) as eligible collateral for crypto-backed loans, enhancing liquidity options for clients while maintaining staking rewards. (More)
- Singapore’s High Court has ordered the liquidation of the Multichain Foundation, marking a significant legal win for Sonic Labs in its battle to recover over $210 million in stolen assets. (More)
- Europol dismantles a “mafia crypto bank” laundering over €21 million for criminal syndicates, arresting 17 suspects across Europe in a major blow to underground money networks. (More)
- British High Court slaps a General Civil Restraint Order on Craig Wright, barring the self-proclaimed Bitcoin inventor from initiating further defamation lawsuits without approval. (More)
- Truth Social denies rumours of an imminent memecoin launch, dismissing speculation as “false” amid ongoing scrutiny of Trump-linked digital assets. (More)
- ZKsync and Matter Labs’ X accounts were hacked, spreading false SEC sanction claims and phishing links, causing a 2% dip in the ZK token. (More)
- Malaysia reports a 300% surge in power theft tied to illegal crypto mining over six years, with 2,397 cases recorded in 2024 alone. (More)
Around the World: Bold Moves and Crypto Regulations
- The ECB doubles down on its digital euro plans, emphasizing the need for public digital money amid declining cash use and private digital dominance. (More)
- Ukraine moves closer to establishing a national Bitcoin reserve, with a draft law in progress to regulate state-held digital assets. (More)
- Nebraska passes a bill to regulate crypto mining, imposing energy caps and permit requirements to protect the state’s power grid. (More)
- The U.S. Senate is set to pass the GENIUS Act, a bipartisan stablecoin bill, after removing Trump-related provisions, with a vote expected by Memorial Day. (More)
- Thailand plans to issue $150M in digital investment tokens to democratize access to government bonds, targeting retail investors with as little as $3. (More)
- Bipartisan support for the GENIUS Act revives after a narrow 48-49 Senate vote setback, with lawmakers pushing for passage before Memorial Day. (More)
- NeosLegal has launched the UAE’s first crypto-native legal guide, offering Web3 founders essential advice on licensing, compliance, and structuring in the region’s complex regulatory landscape. (More)
- Australia strengthens its tech leadership with the appointments of Tim Wilson as Assistant Minister for Technology and Andrew Charlton as Assistant Minister for the Digital Economy, reflecting a deeper commitment to crypto regulation and innovation.
- Arizona Governor Katie Hobbs vetoes multiple crypto-friendly bills, including a Bitcoin reserve fund, but signs strict regulations for Bitcoin ATMs to enhance consumer protection. (More)
- Dubai is moving closer to becoming a cashless society, announcing a new digital payment channel for government fees using cryptocurrency, in partnership with Crypto.com. (More)
- South Korea’s central bank seeks legal authority over won-based stablecoins, warning that unregulated use could undermine monetary policy and financial stability. (More)
Market Trends: Winners and Losers
Top 5 Gainers 📈
According to data from CoinGecko, these are the five biggest gainers of the week:
- Launch Coin on Believe +10,489.17%, from $0.00295027 to $0.31240900
- Moo Deng +226.37%, from $0.07653700 to $0.24979000
- BabyBoomToken +154.95%, from $0.11436900 to $0.29158200
- Keeta +128.04%, from $0.16716500 to $0.38120200
- Litentry +83.83%, from $0.36085100 to $0.66334900
Top 5 Losers 📉
According to data from CoinGecko, the five biggest losers of the week are:
- Apex -42.01%, from $0.83689500 to $0.48534500
- Ava AI -23.19%, from $0.09954400 to $0.07646300
- REVOX -42.12%, from $0.03756007 to $0.02173854
- MESSIER -15.62%, from $0.00005960 to $0.00005029
- GAME by Virtuals -22.24%, from $0.05721600 to $0.04449246
Project Spotlight
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Its Efficient Decision Guidance Model (EDGM) powers a dynamic, AI-driven trading ecosystem, offering instant insights and context-aware data analysis. This release marks a significant step toward democratizing institutional-grade financial tools for the broader market.
Why It Matters:
Edgen’s unified platform empowers traders with faster, data-driven decision-making, reducing noise and enhancing clarity in rapidly shifting markets.
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.
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