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Cetus Protocol Hacked for $200M+ – SUI Price Crashes as $60M USDC Moved to Ethereum
Key Takeaways: Cetus Protocol was exploited for over $200 million, causing mass panic across the Sui ecosystem. Strict KYC pushes darknet vendors toward DeFi platforms. Monero gains traction as darknet operators ditch traceable Bitcoin. Cetus Protocol, a decentralized exchange built on the Sui blockchain, has reportedly fallen victim to an exploit that may have siphoned off more than $200 million in digital assets. The breach, which was first flagged by pseudonymous Web3 researcher COMDARE3, has triggered widespread panic across the Sui ecosystem, with many tokens plunging in value. Market data from DEX Screener shows a brutal selloff, with assets like Lombard Staked BTC (LBTC) and AXOLcoin (AXOL) collapsing nearly 100%. Top Tokens on Cetus Suffer Huge Losses The top 15 tokens on Cetus all suffered losses of over 75% in the past 24 hours. The protocol’s smart contracts have since been paused, according to a post on the official Cetus X account. Alert Announcement There was an incident detected on our protocol and our smart contract has been paused temporarily for safety. The team is investigating the incident at the moment. A further investigation statement will be made soon. We are grateful for your patience. — Cetus (@CetusProtocol) May 22, 2025 Funds from the alleged exploiter’s wallet include $52 million in SUI, nearly $20 million in wrapped USDT, $4.9 million in Haedal Staked SUI (HASUI), and a large stash of lesser-known tokens such as Toilet (TOILET). On-chain analysts estimate the attacker has begun moving tens of millions to Ethereum, including a reported $60 million in USDC. Despite the scale of the incident, the Cetus team has attempted to downplay the exploit. In statements on Discord, team members referred to it as a “bug,” a characterization that has drawn backlash from compliance experts. Onchain Lens, a blockchain analysis firm, corroborated the severity of the incident, noting that the attacker “gained control of all SUI-denominated pools” and began moving stablecoins shortly afterward. Cetus ( @CetusProtocol ), the leading DEX and primary liquidity provider on $SUI , has reportedly been hacked. The attacker gained control of all SUI-denominated pools, exploiting over $200M, and has also started moving $USDC . https://t.co/Qh3cx2ymZM pic.twitter.com/cbv3d6KHLx — Onchain Lens (@OnchainLens) May 22, 2025 SUI, the native token of the Sui blockchain, is down sharply following the attack, as confidence in the network’s DeFi infrastructure takes a major hit. Crypto Lost $1.6 Billion to Hacks in Q1 In the first three months of 2025, the crypto ecosystem lost a whopping $1,635,933,800 across 39 incidents, according to the blockchain security platform Immunefi . The report claimed, “Q1 2025 marks the worst quarter for hacks in the history of the crypto ecosystem.” Most of that was the result of only two hacks of two centralized exchanges. Phemex suffered a $69.1 million loss in January, while Bybit lost $1.46 billion in February. Subsequently, the total number of losses in the first quarter marks a 4.7x increase compared to Q1 2024 . At that time, hackers and fraudsters stole $348,251,217. Notably, experts assume that the infamous North Korean Lazarus Group is behind the two largest attacks. They stole $1.52 billion, or 94% of total losses. The post Cetus Protocol Hacked for $200M+ – SUI Price Crashes as $60M USDC Moved to Ethereum appeared first on Cryptonews .

2025-05-22 15:39
ASIC Takes Crypto Battle to High Court After Block Earner Defeat
The Australian Securities and Investments Commission (ASIC) seeks special leave from the High Court to appeal a recent ruling that severely impacted its enforcement of crypto regulation. The appeal targets a Full Federal Court decision that found Block Earner’s “Access” product, offering fixed-yield returns on crypto lending, was not a financial product. ASIC’s move signals a broader attempt to clarify the legal definition of financial products as crypto adoption grows. The High Court has yet to set a date for the application hearing. Block Earner Case Tests Boundaries of Financial Licensing Laws The case centers on Block Earner, a Sydney-based fintech operating under Web3 Ventures Pty Ltd. Between March and November 2022, it offered two yield-generating products, “Earner” and “Access.” ASIC originally filed suit in 2022, alleging the company provided unlicensed financial services by offering these products without the necessary Australian Financial Services Licence (AFSL). On 9 February 2024, the Federal Court ruled that Block Earner’s “Earner” product constituted a financial product and had been offered without a license. An Australian federal court has determined that fintech company Block Earner engaged in unlicensed financial services conduct by offering its crypto-backed Earner product. #CryptoNews https://t.co/VdMEg1aitv — Cryptonews.com (@cryptonews) February 9, 2024 However, it dismissed ASIC’s claims regarding the “Access” product, which offered variable yields via decentralized finance (DeFi) protocols. Though the Court acknowledged regulatory breaches with Earner, it waived the $350,000 penalty in June 2024. ASIC appealed the decision to drop the fine, while Block Earner cross-appealed the finding that the Earner product required a license. However, on 22 April 2025, the Full Federal Court allowed Block Earner’s cross-appeal and dismissed ASIC’s arguments , ruling that neither product breached licensing obligations. This decision prompted ASIC to seek High Court intervention. The Australian court found that the discontinued ‘Earner’ product was a loan, not a managed investment scheme, dismissing ASIC's allegations. #Australia #CryptoLender https://t.co/2V5wng6ajm — Cryptonews.com (@cryptonews) April 23, 2025 The agency said in its Wednesday statement, “the definition of financial product was drafted in a broad and technology-neutral way, and ASIC believes it is in the public interest to clarify this.” It added that the issue has implications beyond crypto and is essential to all financial products and services due to the law’s broad, technology-neutral drafting. “This clarification is important as it applies to all financial products and services whether they involve crypto-assets or not.” Crypto Yield Products Face Global Scrutiny Amid Regulatory Gaps The Block Earner case is the latest in Australia’s legal challenges surrounding regulating crypto-related financial services. It shows ongoing regulatory uncertainty around whether yield-generating crypto products fall within the scope of existing financial laws. This is not the first time ASIC has faced a crypto firm in court. In 2023, the regulator took action against Finder Wallet and BPS Financial over similar allegations related to interest-earning crypto products. Australian Court Rules in Favor of Crypto Firm Finder’s Earn Product An Australian Federal Court dismissed a case filed by ASIC against crypto firm Finder Wallet. #CryptoNews #news https://t.co/PFO6FhYKkd — Cryptonews.com (@cryptonews) March 14, 2024 Both cases questioned the “financial product” definition under the Corporations Act, particularly when applied to innovative offerings such as DeFi protocols, stablecoins, or tokenized yield accounts. Internationally, regulators have also struggled to classify crypto products that resemble traditional financial instruments. The U.S. SEC, for example, has brought similar cases against crypto lenders like BlockFi and Celsius , which were fined or shut down for offering interest-bearing products without proper registration. Therefore, ASIC’s High Court application could set a landmark precedent not only for Australia’s crypto sector but also for how regulators worldwide approach evolving financial technologies. If successful, it may lead to stricter oversight of DeFi platforms and stablecoin-based services operating under the guise of non-financial products. The post ASIC Takes Crypto Battle to High Court After Block Earner Defeat appeared first on Cryptonews .

2025-05-22 15:32
Strategy Plans to Sell Up to $2.1 Billion in 10% Preferred Stock – Massive Bitcoin Purchase Coming?
Key Takeaways: Strategy plans to raise up to $2.1 billion by selling 10% preferred stock listed as “STRF” on Nasdaq. The move has fueled speculation of another major Bitcoin purchase, though no plans were explicitly confirmed. The stock offers a 10% annual dividend and redemption rights tied to tax events or major company changes. Michael Saylor’s Strategy, known for its aggressive Bitcoin accumulation strategy, has announced plans to raise as much as $2.1 billion through the sale of its 10% Series A Perpetual Strife Preferred Stock. The disclosure was made in a filing dated May 22, 2025, outlining a sales agreement with TD Securities, Barclays Capital, and The Benchmark Company to issue shares on an ongoing basis. The preferred stock, trading under the ticker “STRF” on Nasdaq, closed at $100.65 on May 21. Strategy to Buy More Bitcoin? The capital raise follows a similar structure to Strategy’s previous fundraising rounds, many of which directly funded large-scale Bitcoin purchases. While the filing does not explicitly state that the proceeds will be used to buy Bitcoin, the move has sparked speculation across markets that another major crypto buy may be in the works. The offering allows MicroStrategy to sell shares at market prices or through negotiated deals and block trades. There’s no escrow arrangement — sales will be conducted over time at the company’s discretion. The agents involved are entitled to up to 2% in commission from gross proceeds, and the preferred stock itself carries a 10% annual dividend, paid quarterly in cash if declared by the board. BREAKING: Strategy to sell up to $2.1 billion of 10% preferred stock. pic.twitter.com/80oWuoGg79 — Bitcoin Magazine (@BitcoinMagazine) May 22, 2025 The latest issuance comes in addition to the 8.5 million shares of the perpetual preferred stock already outstanding. The new shares will carry the same terms, including a $100 liquidation preference and voting rights. Investors are entitled to regular dividends and redemption rights in the event of significant changes, such as tax events or structural shifts in the company’s business. Strategy also retains the right to redeem the preferred stock if the outstanding share count drops below 25% of the total ever issued or if a qualifying tax event occurs. If a “fundamental change” takes place, such as a merger, sale, or delisting, shareholders can require the company to repurchase their shares at face value plus unpaid dividends, per the filing. Strategy Could Become Top Publicly Traded Company in World Jeff Walton, an analyst at Strategy, has said the firm may one day rise to become the top publicly traded company in the world. Walton believes the company’s unprecedented exposure to Bitcoin, which recently crossed $104,000, gives it a unique edge. “Strategy holds more of the best asset and most pristine collateral on the planet than any other company, by multiples,” he said. As reported, Strategy added another 7,390 BTC to its growing Bitcoin treasury, spending $764.9 million during the week of May 12–18 at an average price of $103,498 per coin. T As of May 18, Strategy held a total of 576,230 BTC, acquired at an average cost of $69,726 per coin, totaling $40.18 billion. The company’s Bitcoin-focused strategy has yielded a 16.3% return so far in 2025, supported by Bitcoin’s rally above $104,000. The post Strategy Plans to Sell Up to $2.1 Billion in 10% Preferred Stock – Massive Bitcoin Purchase Coming? appeared first on Cryptonews .

2025-05-22 15:12
Trump Adviser David Sacks Says Stablecoin Bill Set to Pass Senate – Could Unlock Trillions for U.S. Treasuries
David Sacks, senior crypto adviser to President Donald Trump, announced on May 21 that bipartisan momentum is propelling the GENIUS Actlandmark stablecoin legislation through the U.S. Senate. The bill, which aims to bring regulatory clarity to a $200 billion stablecoin market, has cleared an important procedural hurdle with the support of 15 Democrats , making its passage highly likely. Sacks framed the bill as a long-overdue regulatory fix and a geopolitical and financial inflection point. He argued that by legitimizing dollar-pegged digital assets under federal law, the legislation could dramatically increase global demand for U.S. Treasuries, potentially injecting trillions of dollars into the American financial system. White House crypto czar David Sacks says stablecoin bill will unlock 'trillions' for U.S. Treasury https://t.co/SfOw09ZRAq — CNBC (@CNBC) May 21, 2025 “We already have over $200 billion in stablecoins—it’s just unregulated,” Sacks told CNBC. “If we provide the legal clarity and framework for this, I think we could create trillions of dollars of demand for our Treasuries practically overnight.” Generally known as the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act , the bill is the most advanced federal effort to date to establish legal guardrails for stablecoins. If passed, it would authorize the issuance of stablecoins fully backed by U.S. dollars or Treasuries, subject to licensing and reserve requirements under federal oversight. Trump Ties and Political Tension Cloud Stablecoin Bill Momentum While the bill’s technical merits have drawn rare bipartisan support, controversy continues to swirl around potential conflicts of interest. Critics point to the Trump family’s ties to World Liberty Financial , a crypto firm recently launching its stablecoin, USD1, which U.S. Treasuries and fiat reserves reportedly back. The token has secured a $2 billion investment commitment from Abu Dhabi’s MGX fund via Binance, raising questions about whether the administration’s policy initiatives are aligned with private family investments. Sacks, who says he divested $200 million in crypto holdings before joining the administration, declined to comment on whether Trump or his family stands to benefit from the bill’s passage. Trump's AI and Crypto Czar @DavidSacks confirmed he sold all direct crypto holdings before the President’s administration began. #DavidSacks #CryptoRegulation https://t.co/TpZaVpYl1J — Cryptonews.com (@cryptonews) March 3, 2025 When pressed on the ethics of presidential crypto ventures, he avoided specifics, instead emphasizing the bill’s transformative economic potential. Still, the GENIUS Act’s path to final passage isn’t entirely smooth. Senator Josh Hawley recently added a provision capping credit card late fees amendment that could alienate key financial industry backers and complicate the coalition needed to pass the bill. Yield-Bearing Stablecoins Signal Industry Shift Meanwhile, the broader stablecoin ecosystem is evolving rapidly. Once considered regulatory gray zones, yield-bearing stablecoins are gaining legitimacy under the Trump administration’s regulatory shift. In February, the SEC approved such tokens as “certificates” governed under securities laws rather than banning them. This move opened the door to compliant products offering interest to stablecoin holders, provided they meet disclosure, registration, and investor protection standards. This move is backed by the growing momentum around the stablecoins. Yield-bearing stablecoins surged to $11 billion in circulation from just $1.5 billion at the start of 2024, now accounting for 4.5% of the total stablecoin supply . Stablecoin supply reaches $200B, signaling increased liquidity across exchanges. Historical patterns suggest this could impact $BTC and broader #CryptoMarkets . #Blockchain #Stablecoins https://t.co/uiSRxnoEtz — Cryptonews.com (@cryptonews) January 31, 2025 Decentralized protocols like Pendle have emerged as primary beneficiaries. Pendle, which allows users to lock in fixed yields or speculate on variable interest rates, currently holds nearly $3 billion in total value locked (TVL) from yield-bearing stablecoins, making up 30% of the sector’s TVL. Stablecoins now represent 83% of Pendle’s total TVLup, up from less than 20% a year ago, while traditional assets like ETH have fallen to under 10%. This shift indicates growing user preference for stablecoin-based yield opportunities at a time when traditional tokens remain volatile and the Federal Reserve maintains high interest rates. While dominant, legacy stablecoins such as USDT and USDC still do not pass on yield to holders. With over $200 billion in circulation and Fed rates hovering at 4.3%, Pendle estimates that stablecoin holders forgo more than $9 billion in annual interest. The post Trump Adviser David Sacks Says Stablecoin Bill Set to Pass Senate – Could Unlock Trillions for U.S. Treasuries appeared first on Cryptonews .

2025-05-22 14:36
Why Is Crypto Up Today? – May 22, 2025
The bull is running. All top 10 coins and nearly all 100 coins per market cap saw their prices rise in the last 24 hours as a result of the ongoing crypto ETF positive flows and regulatory advancements, particularly in the stablecoin sector. At the same time, the cryptocurrency market capitalization has increased by 1.1% to $3.61 trillion. The total crypto trading volume is at $198 billion, the highest we’ve seen in weeks. TLDR: The crypto market rally continues as BTC hits fresh all-time highs; The bull market boosts investor confidence, sentiment, spending, and profit; Rally has more room to extend; ‘Pullbacks should be seen as entry opportunities—not signs of reversal’; Spot Bitcoin ETFs see a net inflow of $608.99 million; The rally remains sustainable, though pullbacks and short-term corrections are possible. Crypto Winners & Losers All top 10 coins per market cap have appreciated over the past day. Cardano (ADA) is the day’s best performer, for the second day in a row. It’s up 3.6% to $0.7876. Bitcoin (BTC) follows with a rise of 3.4%, currently trading at $111,187. The world’s number one coin has been testing new all-time highs for several hours now. At the time of writing, its highest local and all-time price is $111,544. At the same time, Ethereum (ETH) appreciated 0.9%, now changing hands at $2,623. It’s daily high is $2,631, the same level as yesterday. Furthermore, of the top 100 coins, only seven are red today, all with decreases between Maker (MKR)’s 0.6% and Aave (AAVE)’s 3.4%. The two trade at $1,762 and $252, respectively. The rally drivers remain the same: it’s a powerful combination of significant surge in crypto exchange-traded fund ( ETF ) inflows and favorable regulatory developments, further boosted by the somewhat improved US-China trade sentiment and a US sovereign debt credit downgrade by Moody’s. As a result, risk capital has been diverted back into crypto. The sector seems to be winning a battle towards clearer regulations. The US Senate has voted to advance the GENIUS Act . Blockchain Association Interim CEO and Head of Policy, Sarah Milby, described the move as “a meaningful step toward establishing clear, common sense rules for stablecoins.” 2/ With this vote, Congress has signaled that the United States is serious about leading the future of digital finance – where trust, innovation, and dollar dominance intersect. — Blockchain Association (@BlockchainAssn) May 20, 2025 Crypto investment firm Bitwise CEO Matt Hougan has argued that the Act will legitimize mainstream stablecoin usage and propel this section of the market from $236 billion to $2.5 trillion . Also, the Legislative Council of Hong Kong has passed the Stablecoin Bill to provide regulated stablecoin issuance. “Hong Kong’s stablecoins are backed by fiat currency as underlying assets, and we welcome global enterprises and institutions interested in issuing stablecoins to apply,” said politician Johnny Ng. 今天是全球Web3發展的里程碑，也是香港成為國際Web3中心的重要一步。很榮幸和大家分享今天香港特別行政區立法會已經三讀通過，相信在今年底前各大機構可以在香港向金融管理局申請成為合規穩定幣發行商。香港穩定幣是以法定貨幣為底層資產，我們歡迎全球有意發行穩定幣的企業和機構來港… pic.twitter.com/dVJ4NnnhWA — Johnny Ng 吴杰庄 (@Johnny_nkc) May 21, 2025 Reclaiming New All-Time Highs According to the latest Glassnode report, even before hitting the new ATH, Bitcoin’s strong price performance over the past few days has improved investor portfolios, leading to many of them to de-risk and take profit. The Short-Term Holder cohort’s percentage of supply in profit increasing by more than 7% over the last month – the second-largest positive uptick in profitability for this cohort on record. The fresh ATH will provide additional fuel. Source: Glassnode All investor cohorts have seen improvement in their financial position. “This likely has the knock-on effect” of boosting investor confidence, sentiment, and spending, Glassnode says. “As market conditions improve, and investor portfolios recover, many are taking the opportunity to lock in profits.” Source: Glassnode The analyst team from the crypto exchange Bitfinex commented how Bitcoin has just reclaimed new all-time highs, breaking above the $109.5,000 level “with conviction and volume.” They stated that the move was a squeeze at first. The price moved up on short liquidations, and the first break could be reversed on lower timeframes. However, the rally from 75,000 onwards has been driven by “clean spot demand, ETF inflows, and a macro backdrop that continues to favour risk-on assets.” Per the team, “The recent geopolitical de-escalation (Russia–Ukraine), dovish undertones from global central banks, and softening inflation prints have all created an ideal environment for Bitcoin to act as a macro momentum asset.” Furthermore, the analysts noted stable funding rates, CVDs showing strong spot-led flows, and consistent ETF inflows, especially during US hours. “This is not leverage-driven,” the analysts argue. “It’s structurally bid. With open interest now rising alongside price (rather than front-running it), there’s room for this move to stretch further”. Levels & Events to Watch Next After briefly dipping its finger to test the all-time waters, BTC surged and surpassed the $109,900 level, followed by $110,000, and finally $111,100. How long it will be able to sustain it remains to be seen, but it has made significant long-term strides regardless of possible pullbacks. Per the Bitfinex analysts, the next zone to watch is $114,00–$118,000 as minor liquidity walls. After that, the next step is the $123,000–$125,000 zone, where large options open interest is building. “As long as ETF flows hold and macro doesn’t deliver a shock, this rally has room to extend. Pullbacks should be seen as entry opportunities—not signs of reversal.” Moreover, the Fear and Greed Index has jumped from 69 to 73 in a day, showcasing increased greed, rising investor confidence, boosted optimism, and a general willingness to take risks. Source: CoinMarketCap Moreover, so far on 22 May, spot Bitcoin ETFs have seen a significant net inflow of $608.99 million . This is its sixth consecutive day of inflows. The cumulative total net inflow reached $43.38 billion. Also, spot Ethereum ETFs recorded $587,130 in net inflows, for a fourth day of positive flows, resulting in the cumulative inflow of $2.59 billion. Furthermore, as crypto rallied, decentralized trading platform Hyperliquid saw open interest climb to a record $8.9 billion. Of the $19.15 billion in trading volume the platform hit over the past day, BTC accounted for $11.5 billion, ETH $4.03 billion, and SOL $1.2 billion. Hyperliquid hit multiple all-time highs today, including: + Open interest: $8.9B + 24h fees: $5.4M + USDC TVL: $3.2B Onchain, transparent markets are the future. pic.twitter.com/DBUWZZEkgk — Hyperliquid (@HyperliquidX) May 22, 2025 However, critics are warning about a massive red flag coming from the White House. Today, US President Donald Trump will host top investors in the TRUMP meme coin at a gala in Washington, DC. This is just one of unethical moves Trump has made, critics say, given that the coin potentially enables foreign influences to buy his favor, giving them direct access to the president. This may also reflect on the market, so it’s something to keep an eye on, especially given the support some crypto insiders have given this endeavor. Honored to support @POTUS and grateful for the invitation from @GetTrumpMemes to attend President Trump’s Gala Dinner as his TOP fan! As the top holder of $TRUMP , I’m excited to connect with everyone, talk crypto, and discuss the future of our industry. https://t.co/FYb39LTwDz — H.E. Justin Sun (@justinsuntron) May 20, 2025 Quick FAQ Why did crypto move against stocks today? As the crypto market rallies, the stock market records a notable drop. The S&P 500 is down 1.61%, the Nasdaq-100 fell 1.34%, and the Dow Jones Industrial Average saw a decrease of 1.91%. Investors are turning to assets like crypto and gold due to the rising concerns over rising Treasury yields, inflation, and interest rate hikes. Furthermore, Trump is pushing to pass a tax-cut bill that could add between $3 trillion and $5 trillion to the $36.2 trillion government debt. Is this rally sustainable? The rally remains strong for now. It has found strong support in institutional demand, fueled by macroeconomic conditions. That said, pullbacks are likely, while the growing greed could lead to short-term downward corrections. The post Why Is Crypto Up Today? – May 22, 2025 appeared first on Cryptonews .

2025-05-22 14:17
Pakistan to Launch Digital Assets Authority to Regulate Crypto and Blockchain
Key Takeaways: Pakistan will launch the Pakistan Digital Assets Authority to regulate crypto, DeFi, and tokenized platforms. The new body aims to attract global investment and support blockchain innovation across key sectors. With over 27 million users expected by 2025, Pakistan is positioning itself as a leading crypto market in the region. Pakistan is set to establish a new national authority to oversee its fast-growing crypto and blockchain ecosystem, marking a major policy shift after years of regulatory uncertainty. The Ministry of Finance has endorsed the creation of the Pakistan Digital Assets Authority (PDAA), which will act as the primary regulator for digital asset exchanges, wallets, custodians, tokenized platforms, stablecoins, and decentralized finance (DeFi) services. The announcement was made via a May 21 report by state broadcaster PTV. Pakistan Aims to Lead in Financial Innovation with New Digital Assets Authority Finance Minister Muhammad Aurangzeb described the move as a bid to not only catch up, but lead. “With the PDAA, we are creating a future-ready framework that protects consumers, invites global investment, and puts Pakistan at the forefront of financial innovation,” he said. The PDAA will also be responsible for tokenizing national assets and government debt, exploring regulated Bitcoin mining as a way to monetize surplus electricity, and supporting startups building blockchain-based infrastructure at scale. The initiative follows recommendations from the Cryptocurrency Council, a new advisory body launched in March, which lists former Binance CEO Changpeng Zhao as an advisor. “This is not just about crypto — it’s about rewriting our financial future, expanding access, and creating new export channels through tokenization, digital finance, and Web3 innovation,” Bilal Bin Saqib, head of the council, said. Pakistan has launched the Pakistan Digital Assets Authority (PDAA) to regulate its $25 billion informal crypto market and foster a secure digital asset ecosystem. #DigitalAssets #PDAA #Blockchain #Web3 #PakistanEconomy #CryptoRegulation pic.twitter.com/1SCX7Oh6fy — Startup Pakistan (@PakStartup) May 21, 2025 Pakistan’s regulatory stance has evolved rapidly. Just last year, officials had ruled out legalizing cryptocurrencies due to anti-money laundering concerns. But with Pakistan ranked ninth in Chainalysis’ 2024 global crypto adoption index, pressure has mounted to establish clear rules as local adoption surges. According to Statista, Pakistan’s crypto user base is projected to surpass 27 million by 2025, with market revenue expected to reach $1.6 billion. Trump-Backed WLFI Signs LOI with Pakistan Crypto Council Last month, World Liberty Financial (WLFI), a decentralized finance (DeFi) project endorsed by the Trump family, signed a Letter of Intent (LOI) with the Pakistan Crypto Council to promote blockchain adoption and DeFi growth across Pakistan. The agreement was formalized on April 26 during a high-level meeting between WLFI co-founders Zak Folkman, Zach Witkoff, and Chase Herro, alongside Pakistan’s Prime Minister and senior government officials. The partnership aims to accelerate blockchain innovation by establishing regulatory sandboxes to test blockchain-based financial solutions. Pakistan’s Finance Ministry is taking steps toward formal cryptocurrency regulation , which could significantly change the country’s historically cautious stance on digital assets. In a meeting with an international delegation focused on crypto investment and blockchain development, Aurangzeb emphasized the importance of exploring the sector’s potential rather than dismissing it outright. The delegation included notable figures such as Gentry Beach Jr., a key investor who has pledged $1 billion in funding to Pakistan, along with tech entrepreneur Nikita Goldsmith, blockchain consultant Alex Malkov, and Cosmic Wire CEO Jerad Finck. The post Pakistan to Launch Digital Assets Authority to Regulate Crypto and Blockchain appeared first on Cryptonews .

2025-05-22 13:19
Microsoft Takes Legal Action Against Lumma Stealer Malware, Blocks Thousands of Sites
Key Takeaways: Microsoft blocked nearly 2,300 websites linked to Lumma Stealer and helped dismantle its network. Lumma has infected over 394,000 Windows devices and was used to steal passwords and crypto credentials. The action comes amid rising crypto-related cybercrime, with $51 billion stolen globally in 2024 alone. Microsoft has taken legal and technical action to disrupt Lumma Stealer, a notorious malware operation responsible for widespread information theft, including from crypto wallets. In a May 21 blog post , the company revealed that a federal court in Georgia authorized its Digital Crimes Unit to seize or block nearly 2,300 websites linked to Lumma’s infrastructure. Working alongside the U.S. Department of Justice, Europol’s European Cybercrime Center, and Japan’s Cybercrime Control Center, Microsoft said it helped dismantle the malware’s command-and-control network and marketplaces where the software was sold to cybercriminals. Lumma Used to Harvest Passwords, Credentials Launched in 2022 and continually upgraded, Lumma has been distributed through underground forums and used to harvest passwords, credit card numbers, bank credentials, and digital asset data. Between March 16 and May 16, Microsoft said it identified more than 394,000 Windows devices infected with Lumma Stealer. The company coordinated with law enforcement and cybersecurity firms to sever communication between the malware and infected machines. The action comes amid a broader surge in malware and crypto-focused cybercrime. Earlier this week, printer manufacturer Procolored was found to be distributing Bitcoin-draining malware bundled with official device drivers, leading to nearly $1 million in stolen crypto. The official driver provided by this printer carries a backdoor program. It will hijack the wallet address in the user's clipboard and replace it with the attacker's address: 1BQZKqdp2CV3QV5nUEsqSg1ygegLmqRygj According to @MistTrack_io , the attacker has stolen 9.3086… https://t.co/DHCkEpHhuH pic.twitter.com/W1AnUpswLU — MistTrack (@MistTrack_io) May 19, 2025 Chainalysis reported in February that $51 billion in crypto was stolen in 2024 alone, with fraud cartels, state-backed hackers, and AI-assisted scams leading the surge. The FBI noted $9.3 billion in crypto scam losses in the U.S. last year, with older adults hit hardest. Crypto Drainers Offered as SaaS Tools Crypto drainers, malicious tools used to empty digital wallets, have become common on phishing sites, fake airdrops, and browser extensions. According to AMLBot, these drainers are now offered as SaaS tools , available to low-level criminals for as little as $100. Aspiring scammers can join online communities where experienced criminals offer tutorials, transforming phishing novices into crypto drainers with ease. Some DaaS groups have become so confident in their operations that they reportedly advertise openly — even setting up booths at industry events. AMLBot’s investigators uncovered listings for malware targeting platforms like Hedera (HBAR), demonstrating how technical talent is actively sourced in niche online spaces. The rise of drainers has led to significant financial losses. In 2024 alone, Scam Sniffer reported $494 million stolen through such schemes — a 67% increase from the previous year. Cybersecurity firm Kaspersky also noted a sharp rise in darknet forums dedicated to drainer tools, growing from 55 in 2022 to 129 by 2024. While Telegram once served as a haven for cybercriminals due to its strict privacy policies, concerns emerged after reports that the platform began sharing data with authorities. This has driven many bad actors back to the Tor network, where anonymity is easier to maintain. The post Microsoft Takes Legal Action Against Lumma Stealer Malware, Blocks Thousands of Sites appeared first on Cryptonews .

2025-05-22 12:05
Despite 94% Crypto Awareness, Only 29% of Singaporeans Hold Any: Survey
Nearly every Singaporean has heard of cryptocurrency, but fewer are diving in headfirst, a new survey by MAS-licensed crypto exchange, Independent Reserve, revealed. Crypto awareness among Singaporeans has hit a new high of 94% . However, only 29% currently own or have owned crypto in the past year, down from 40% in 2024. “This decrease in crypto adoption comes as Singaporeans take a more defensive financial posture against the backdrop of global macroeconomic uncertainty,” a detailed report noted. The exchange surveyed 1,500 residents across Singapore in February 2025. Survey Reveals Shifting Sentiments in 2025 Independent Reserve claims that many Singaporeans are reallocating toward traditional investments. For instance, the share of respondents keeping cash in savings or fixed deposits has risen to 49% in 2025, up from 42% in 2024. “Investors are selectively managing risk and diversifying across asset classes in response to broader economic conditions,” the survey read. Mark Wong, Head of Trading at Independent Reserve, explains that the BTC/SGD pair dropped 19.3% from S$143,000 (US$110,832) in January to mid-April. “This decline reflects a broader pullback from risk assets,” he noted. Further, Wong said that Singapore’s crypto investors have shifted towards “high-quality assets” that maintain resilience in volatile conditions. “Painful lessons from speculative tokens have taught investors to prioritise robustness over hype,” he said. “Survey data reveals that investors holding two to five cryptocurrencies are most likely to report gains or break even, whilst those with eleven or more cryptocurrencies fare worse.” Besides, the trend is among the younger crypto users in Singapore, per the Straits Times report published last month . Though the ownership rate has decreased, younger generations, particularly Gen Z and millennials, are leading cryptocurrency adoption, with around 40% holding crypto. Crypto adoption is rising in Singapore, and younger users are leading it. Businesses are adapting, though challenges like usability, security, and limited merchant support continue to hinder widespread use. #Blockchain #CryptoAdoption https://t.co/9xPjW6dG76 — Cryptonews.com (@cryptonews) April 8, 2025 Singaporean Investors Believe Bitcoin Would Surpass $250K by 2030 However, Bitcoin has been emerging as a possible safe haven amidst stagflation concerns. 68% of crypto investors in Singapore said they hold Bitcoin, and 23% believe that the world’s largest crypto will surpass $250,000 by 2030. Wong said that 59% of respondents favour Bitcoin over other crypto assets. “Even amongst non-crypto owners, it commands trust, with 52% favouring Bitcoin over stablecoins (48%).” Bitcoin set a fresh record at $109,487.23 on Wednesday , after witnessing a rising ETF inflow. The crypto is trading at $110.95 at press time. Additionally, the survey revealed that 28% of crypto investors hold a memecoin, with 43% of Singaporeans aware of at least one memecoin. “Memecoins are broadening the entry points into crypto. While they may not serve as core holdings, their cultural relevance has expanded the reach and accessibility of crypto for a new generation,” says Lasanka Perera, CEO of Independent Reserve. The post Despite 94% Crypto Awareness, Only 29% of Singaporeans Hold Any: Survey appeared first on Cryptonews .

2025-05-22 11:30
Spot Bitcoin ETFs Record $609M Inflows in Sixth Straight Day of Gains as BTC Hits $111K
Key Takeaways: U.S. spot Bitcoin ETFs recorded $609 million in net inflows on Wednesday as BTC hit a new all-time high above $111,000. BlackRock’s IBIT led daily inflows, while total ETF trading volume reached $7.64 billion. Weekly crypto inflows hit $785 million, driven by Bitcoin and Ethereum, pushing 2025’s total to $7.5 billion. U.S. spot Bitcoin exchange-traded funds posted $609 million in net inflows on Wednesday, marking six consecutive days of positive flows as Bitcoin surged to a new all-time high above $111,000 . The inflows tracked closely with Bitcoin’s breakout past its previous high of around $109,000. According to CoinMarketCap, the asset hit a record $111,861 in the past 24 hours, driven largely by institutional interest and ETF-driven demand. BlackRock’s IBIT Lead in terms of Inflows BlackRock’s IBIT led the day with $530.6 million in net inflows. Fidelity’s FBTC, Bitwise’s BITB, and the Grayscale Mini Bitcoin Trust also reported strong activity, each pulling in over $20 million. Spot ETFs from VanEck, Ark & 21Shares, and Valkyrie saw smaller but still positive flows, according to SoSoValue . Collectively, the 12 spot Bitcoin ETFs recorded $7.64 billion in trading volume on Wednesday, their highest since February 25. May inflows have reached $4.24 billion, pushing total net inflows since launch to $43.38 billion. Last week, digital asset investment products saw $785 million in inflows, marking the fifth straight week of gains and pushing year-to-date inflows to $7.5 billion—surpassing the previous peak set in February. Inflows were led by the U.S., Germany, and Hong Kong, while Sweden, Canada, and Brazil reported modest outflows. Bitcoin led with $557 million in inflows, though slightly down from the prior week, while short-bitcoin products also saw modest gains. Ethereum drew $205 million (the highest among altcoins) boosted by positive sentiment after the Pectra upgrade and leadership changes. Bitcoin Primed for Next Leg Higher as Liquidity and Yields Align, Says Hyblock Capital Bitcoin has entered price discovery after surpassing its previous all-time high, and market conditions suggest the rally may be far from over. According to Hyblock Capital’s latest analysis, elevated U.S. Treasury yields and record liquidity levels are creating a powerful backdrop for further upside. Hyblock’s “Combined Books” metric—which tracks limit orders within 10% of spot price—is now in the 98th percentile over the past 90 days. Open interest across major exchanges has also surged, sitting in the 96th percentile. Together, these signals point to a market loaded with liquidity and primed for a breakout. btc hit a new all time high today. On the 3 month lookback, we've only seen short liquidity build above. and btc has been hunting this liquidity over and over. Most recently, there is another short liq zone that has opened. Even more interesting is the fact the just 31.59% of… pic.twitter.com/cVE5QxXy2x — Hyblock (@hyblockcapital) May 21, 2025 “From a technical perspective, the most reliable support band lies between $101k and $102.5k, where both Binance and Bybit have repeatedly seen heavy open interest entries that trap shorts and attract fresh longs,” Shubh Varma, CEO of Hyblock Capital, said in a note shared with Cryptonews.com. He added that flow signals are also crucial. Hyblock’s cumulative volume delta (CVD) data shows that a breakout above +$250 million, especially if retail long positions stay below 35%, may confirm bullish continuation. On the other hand, dips below –$500 million in CVD with elevated retail longs have historically marked reversal zones. Rate Cut Expectations and Persistent Inflation Reinforce Bitcoin’s Appeal as a Hedge Ryan Lee, Chief Analyst at Bitget Research in a statement to Cryptonews also noted that macro factors are playing their part in reinforcing Bitcoin’s appeal as a hedge against inflation. He noted: Macro conditions are doing their part. Rate cut expectations and persistent inflation reinforce Bitcoin’s appeal as a hedge, with many eyeing $113,000 as a realistic near-term target by June 2025. He further added that Bitcoin’s history shows us that sharp rallies often invite sharp corrections. A stronger U.S. dollar or fresh geopolitical tensions could easily knock momentum off course. The post Spot Bitcoin ETFs Record $609M Inflows in Sixth Straight Day of Gains as BTC Hits $111K appeared first on Cryptonews .

2025-05-22 11:23

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