20 May 2025, 18:55

Coinbase data breach could actually ‘lead to people dying’

TechCrunch’s founder, Michael Arrington, said Coinbase’s recent data breach “will lead to people dying.” According to him, executives who don’t “adequately protect” customer information should go to jail. The venture capitalist said, “Something that has to be said though – this hack – which includes home addresses and account balances – will lead to people dying. It probably has already.” I am a long time investor in and champion of @coinbase . Something that has to be said though – this hack – which includes home addresses and account balances – will lead to people dying. It probably has already. The human cost, denominated in misery, is much larger than the $400m… pic.twitter.com/ruSYKAGH7x — Michael Arrington 🏴‍☠️ (@arrington) May 19, 2025 As Cryptopolitan reported , Coinbase confirmed a data breach that exposed the personal information of some customers. These customers included well-known people in the tech field. Cybercriminals bribed customer service reps in other countries to get access to sensitive user data without permission. The hackers tried to force Coinbase to pay $20 million in Bitcoin over stolen customer data, but the exchange refused. Coinbase revealed this on Thursday. Instead, the company offered a $20 million reward for any information to help catch and convict the attackers. Michael Arrington accuses Coinbase of using the cheapest option for customer service Michael Arrington said regulators should think again about the importance of “know-your-customer” (KYC). He added, “Very disappointed in Coinbase right now. Using the cheapest option for customer service has its price. And Coinbase’s customers will bear that cost.” He also said that problems like these will keep happening because of KYC and other laws that make it easy for hackers to get away with their crimes. He added that the government and businesses need to do something to stop this. However, Balaji Srinivasan, the former chief technology officer of Coinbase, disagreed with Arrington’s view that leaders should be punished. He said regulators are forcing KYC on companies that don’t want to do it. Crypto kidnappings are on the rise Digital assets are increasingly linked to real-world heists. It reminds investors why keeping crypto private is essential. Last November, three teens kidnapped a man in Las Vegas after a crypto event he put on and held him hostage at his home with a gun. He was pushed into a car and taken out into the desert. Attackers got into his crypto wallets and stole $4 million worth of cryptocurrency and non-fungible tokens (NFTs). This year also has a share of kidnappings. In January, a group of thieves broke into the home of David Balland, co-founder of Ledger, in Vierzon, France. They took Balland and his wife hostage, beat them up, and cut off one of Balland’s fingers to get to his crypto wallet keys. After the attack, the thieves called another co-founder of Ledger and demanded a ransom. Police arrested 10 suspects. In addition, a famous streamer and OnlyFans personality named Kaitlyn “Amouranth” Siragusa had her home broken into by three armed men in March. They beat her up and told her to send them her Bitcoin. Luckily for her, she could fire her gun, which made the attackers run away. As recent as this month, the father of a crypto millionaire was kidnapped in broad daylight on the streets of Paris. French cops were able to free him. It was said that the kidnappers wanted a ransom of €5 million to €7 million. The attackers cut off one of the man’s fingers as a cruel way to get him to obey. Police arrested five suspects. Because of these and other events, a physical security company in Amsterdam told Bloomberg that it had seen a rise in clients with big amounts of crypto before the Coinbase breach. Your crypto news deserves attention - KEY Difference Wire puts you on 250+ top sites

20 May 2025, 18:54

Bitcoin Remains Stable as Spot Market Leads Derivatives in Inflows

The recent bitcoin (BTC) rally has been characterised by a series of impulsive moves and well-defined consolidation phases. However, one thing that stood out during the surge was the active participation of spot traders. According to the latest edition of the Bitfinex Alpha report , BTC has been through a period of aggressive buying in the spot market. In contrast, traders in the derivatives market were caught relatively offside. Spot Market Leads Derivatives Since mid-April, the market has witnessed significant net spot buying across most trading platforms. This is evident in the Spot Cumulative Volume Delta (CVD), which measures the net difference between aggressive buys and sells. Bitfinex analysts said CVD across major centralized exchanges peaked at more than $45 million per day. The surge aligned with bitcoin’s rally from $75,000 to above $104,000, with buying pressure building gradually before each breakout. This has reflected genuine demand rather than speculative derivatives activity, indicating that the rally is “built on solid ground” and supported by real capital flows. Although BTC is consolidating now, analysts insist the asset needs this pattern of spot buyer dominance to navigate key resistance levels near its all-time high. The Middle of a Mature Bull Market On the other hand, the derivatives market has been cautious and reactive, as seen in the Spot Premium. This metric shows the difference between the Bitcoin spot price and the average of seven perpetuals and futures market prices. The Spot Premium has been positive since BTC crossed $80,000 in this rally. Moreover, open interest in perpetual futures contracts has been contracting, reflecting a short squeeze as traders are compelled to unwind their bearish positions. While the market transitions from bearish to bullish, traders betting against bitcoin’s price surge have been caught off guard and liquidated with excess leverage flushed out of the system. “The presence of back-to-back squeezes, on both sides of the trade, underscores a critical point: the rally appears to be maturing in a constructive fashion. The clearing out of over-leveraged participants has reset market positioning and created a healthier foundation for continuation,” analysts said. These market dynamics are often seen during the early stages of a sustained bullish move. Analysts tagged it as the alignment of spot accumulation and derivatives market clean-up. With bitcoin’s surge now standing on firmer footing, the market is moving from speculative leverage towards structural buying, as is expected in the middle of a mature bull market. The post Bitcoin Remains Stable as Spot Market Leads Derivatives in Inflows appeared first on CryptoPotato .

20 May 2025, 18:35

SEC Delays XRP Spot ETF Decision Again – Bloomberg Analyst Reveals Dates He Expects Approval to Come

The U.S. Securities and Exchange Commission (SEC) has postponed its final decision on the spot XRP exchange-traded fund (ETF) proposed by 21Shares. It has been reported that the process regarding the rule change application for the “21Shares Core XRP Trust”, which is planned to be listed on the Cboe BZX Exchange, has been extended. In the official document published by the SEC on May 20, 2025, it was stated that the evaluation process of the proposal for the fund named “21Shares Core XRP Trust” to be listed and traded as a “commodity-based investment fund share” under BZX Rule 14.11(e)(4) is ongoing. The first application was made on February 6, and the proposal was resubmitted with changes on February 12. Related News: Analysis Company Releases Predictions for the Fate of 41 Altcoins: Here's the List Bloomberg ETF analyst James Seyffart, who made an assessment on the subject, said that delays were expected and said: “Delays are to be expected for spot crypto ETFs. There are several more XRP ETP applications coming up in the coming days. Even if we were to see early approval from the SEC, it would be late June or early July at the earliest. The more likely time frame is Q4.” *This is not investment advice. Continue Reading: SEC Delays XRP Spot ETF Decision Again – Bloomberg Analyst Reveals Dates He Expects Approval to Come

20 May 2025, 18:20

Australian Federal Police (AFP) Seizes Man’s 25 BTC Suspected of Bitcoin Theft

The Australian Federal Police (AFP) have seized the assets of a Queensland man, suspected of Bitcoin theft, confiscating a waterfront property, a Mercedes-Benz sedan, and 25 BTC worth around $2.6 million. Local news outlets have identified the man as Shane Stephen Duffy. The seizure of assets comes after Luxembourg authorities tipped off AUSTRAC, Australia’s financial intelligence agency, that the Queenslander was involved in a major Bitcoin theft. AFP further announced that the Bitcoin was seized some time ago, so the value of the crypto may have been priced at a different level when the AFP sold the tokens. Australian authorities also claim that the man had been previously convicted of hacking an American company. “A CACT investigation”, announced the AFP, “began in September 2018, after law enforcement partners in Luxembourg contacted AUSTRAC regarding suspicious Bitcoin transactions, linked to a Queensland man previously convicted of hacking a gaming company in the United States. The investigation identified suspected links between the man and the theft of 950 Bitcoin from a French cryptocurrency exchange in 2013. No criminal charges eventuated; however, the Commonwealth’s proceeds of crime laws allow the CACT to restrain suspected proceeds of crime, regardless of whether there is a related criminal prosecution”. The AFP announced on their website that federal authorities seized around $4.5 million in assets, including a beachfront mansion, a luxury car, and Bitcoin. The investigation began in 2018 by the AFP’s Criminal Assets Confiscation Taskforce (CACT), which was able to link stolen Bitcoin to the Queenslander. CACT can seize assets despite no conviction, because the Australian Proceeds of Crime Act allows federal police to seize assets suspected of being connected to criminal activity. The AFP argues that his wealth far exceeded the amount of his legitimate earnings. They used this reasoning to seize all of his assets. A court ruling in April 2025 allowed the AFP to use the seized funds to pay for crime prevention programs. CACT has seized over $1.2 billion in assets since its creation in 2012. Shane Stephen Duffy, identified by local news outlets, pleaded guilty to hacking League of Legends players in 2016. However, despite Duffy pleading guilty to computer hacking and fraud, he didn’t directly hack League of Legends but obtained the data online and sold it for a profit. The original League of Legends hack occurred in 2011. There were over 5 million users whose data was compromised. Moreover, Duffy hacked the Riot Games X account to promote his data-selling business. The business promised to provide access to League of Legends accounts for a price. The Proceeds of Crime Act allows Australian officials to confiscate assets if a person can’t show that their assets came from honest work. The AFP, therefore, does not need to wait for a court case and can confiscate assets, such as cryptocurrencies, if it can prove that the assets came from dubious origins. Critics of these powers suggest that authorities could misuse them. However, supporters of these powers say that federal authorities need such powers to disrupt criminal networks. Duffy’s beachside house, Mercedes-Benz, and Bitcoin collection will be used by federal authorities to fund community awareness programs.

20 May 2025, 18:09

Moscow Authorities Arrest Co-Founder of ‘Tap to Earn’ Crypto Game Blum

Moscow authorities arrested Vladimir Smerkis, co-founder of crypto game Blum and former head of Binance, as part of a fraud investigation. The Zamozkoretsky District Court has not released all of the details about Smerkis’ arrest. However, the court has permitted authorities to detain Smerkis under Article 159 of the Criminal Code, which relates to severe fraud cases under Russian law. Smerkis could face 2 to 12 years imprisonment for financial crimes relating to Article 159 of the criminal code. It is not clear yet whether Smerkis will be formally charged, but he likely will. Russian outlets suggest that Smerkis may be facing charges related to his involvement in The Token Fund and Tokenbox projects, which he co-founded in 2017, and made considerable losses of $15 million. Blum, another project co-founded by Smerkis, distanced itself from Smerkis this week, pointing out that the co-founder is no longer involved with the project and that Blum is focused on their regular operations and will continue to offer their services without any interruptions. Blum is a crypto project that integrates into Telegram’s app market and provides a decentralized exchange. Blum was a popular app that included ‘tap to earn’ features, such as a game that let you tap falling snowflakes on the screen and receive crypto rewards in return, which, according to the developers, could easily be redeemed for fiat currencies such as dollars. The ‘tap to earn’ craze was very popular when Blum started their project, contributing to the gamification of crypto rewards. Gamification is a marketing strategy developers use to encourage users to spend more time on their platforms, which often results in more sales. Smerkis usually specialised in marketing, especially with the various startups he co-founded. After the news of Smerkis’ arrest, Blum quickly announced that the co-founder has stepped down from his work for the crypto company. Blum announced this to their 5.3 million followers on X. Hamster Kombat was a popular ‘tap to earn’ crypto game released in 2024. The game stood out from competitors because it offered a substantial air drop feature, attracting users from far and wide. The air drop feature was the largest in the industry. Developers in the ‘tap to earn’ game sector were interested in the evolving business model of crypto games and airdrop marketing ploys. However, regulators have also taken a keen interest in the gaming market and have started investigating whether the market could be subjected to gambling regulations. The project that Smerkis co-founded, Blum, fits within the context of this emerging sector and appeared not long after Hamster Kombat. CoinGecko suggests that the ‘tap to earn’ market is worth $511 million. Blum was initially supported by Binance Labs with its builder accelerator program. Blum was released in May 2024. The game involves tapping falling snowflakes to earn rewards. Game users could accumulate Blum points and exchange them for currencies like crypto or fiat. Users of the game may be concerned with the recent news that Russian authorities have apprehended a Blum co-founder. Blum developers have tried to assuage fears that the incident will damage the project’s reputation. Meanwhile, news outlets are waiting for more details regarding the Smerkis case so that a clearer picture can emerge.

20 May 2025, 18:05

How Ripple Could Become One of the Largest United States Treasury Holders

As regulatory clarity around stablecoins in the U.S. takes shape, Ripple is emerging as a strategic contender in a sector that could soon wield immense influence over the U.S. Treasury market. With the rollout of its stablecoin and reported acquisition efforts targeting Circle, the issuer of USDC, Ripple could be positioning itself to become a dominant holder of U.S. government debt. Ripple’s Growing Interest in Stablecoins Ripple made its official entrance into the stablecoin ecosystem in late 2024 with the launch of RLUSD , a dollar-backed token structured similarly to its top competitors. The backing model for RLUSD includes U.S. Treasury securities, fiat dollar reserves, and near-cash instruments—mirroring the practices of leading stablecoin issuers such as Tether and Circle. Within just half a year, RLUSD has already amassed a circulating supply valued at over $321 million, placing it in the top tier of global stablecoins. But Ripple’s ambitions seem to extend far beyond just launching a token—it is seeking to broaden its stablecoin reach dramatically. Strategic Ambitions: Ripple’s Bid for Circle Per previous report, Ripple extended a $4–5 billion offer to acquire Circle , the company behind USDC, the second-largest stablecoin by market capitalization. Though Circle ultimately declined the offer, the bid underscores Ripple’s desire to expand its footprint within the digital dollar ecosystem. Circle, which filed for a $5 billion IPO in April 2025, has also held separate discussions with Coinbase, a company with which it shares governance rights and revenue from USDC. While Coinbase appears to be a more natural acquirer, Ripple’s substantial reserves—including an estimated $13 billion worth of XRP and access to an additional $86 billion held in escrow—give it the financial power to pursue major acquisitions. U.S. Legislation Sets the Stage for Stablecoin-Backed Treasuries The evolving regulatory landscape is a key catalyst for Ripple’s strategic moves. The GENIUS Act, which has made significant progress in the Senate with bipartisan backing, proposes a comprehensive legal framework for stablecoin issuance in the United States. With a 66–32 procedural vote moving it toward the Senate floor, the bill represents a major turning point for digital asset regulation. If passed, it could legitimize stablecoins as mainstream financial instruments, requiring issuers to maintain robust reserves, likely composed heavily of U.S. Treasury bills. U.S. Treasuries: The New Battleground for Stablecoin Dominance According to Senator Bill Hagerty , stablecoin issuers are on track to become some of the largest holders of U.S. government debt by the end of the decade. Citing insights from Citibank, Hagerty pointed out that as stablecoins grow in market share, so too will their Treasury holdings—echoing the way money market funds operate today. Stablecoin issuers will be the largest holders of U.S. treasuries in the world. pic.twitter.com/Z8uoYdhmcs — Senator Bill Hagerty (@SenatorHagerty) May 19, 2025 At present, issuers like Tether and Circle collectively hold approximately $150 billion in U.S. debt instruments. Yet with industry forecasts predicting a $2 trillion stablecoin market by 2028, the demand for Treasuries could skyrocket. Citibank projects that stablecoin entities could soon surpass the Treasury holdings of any single foreign country. We are on twitter, follow us to connect with us :- @TimesTabloid1 — TimesTabloid (@TimesTabloid1) July 15, 2023 Ripple’s Potential Trajectory as a Treasury Powerhouse Should Ripple succeed in scaling RLUSD and eventually securing ownership or influence over USDC, it would be in a position to control reserve pools worth tens—if not hundreds—of billions of dollars. These reserves, largely held in short-term U.S. Treasuries, would be necessary to ensure price stability, regulatory compliance, and user confidence. While Tether is currently the leading private holder of U.S. government securities, Ripple’s regulatory posture and deep financial resources could make it a preferred issuer in the eyes of both lawmakers and institutions, especially under stricter legal frameworks. A Quiet Revolution in Treasury Markets Ripple’s evolving role in the stablecoin industry could dramatically reshape the landscape of U.S. debt markets. With regulation aligning and the company aggressively expanding its influence, Ripple may well become one of the largest private holders of U.S. Treasuries, not just to support RLUSD but as a cornerstone in a rapidly digitizing financial system. As digital dollars become globally sought-after assets, Ripple’s strategic moves today could translate into unprecedented financial clout tomorrow, anchored by the most trusted instruments in global finance: U.S. Treasury bills. Disclaimer : This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses. Follow us on Twitter , Facebook , Telegram , and Google News The post How Ripple Could Become One of the Largest United States Treasury Holders appeared first on Times Tabloid .