13 May 2025, 06:45

Dubai Partners with Crypto.com to Enable Crypto Payments for Government Services

Dubai has taken another step toward embracing digital finance by signing an agreement with global crypto exchange Crypto.com to enable cryptocurrency payments for government services. The partnership was formalized during the Dubai Fintech Summit on May 12 and aligns with the emirate’s broader push to become a fully cashless, digital economy. According to the Dubai Department of Finance (DOF) , the new service will allow individuals and businesses to pay government service fees using cryptocurrencies via Crypto.com’s digital wallets. These payments will be converted into UAE dirhams and transferred directly to the DOF’s accounts. Dubai Aims for 90% Cashless Transactions by 2026 Under New Strategy The initiative falls under Dubai’s Cashless Strategy, which aims to make 90% of financial transactions across public and private sectors cashless by 2026. “We are confident that this milestone will significantly accelerate the advancement of the Dubai Cashless Strategy,” said Amna Mohammed Lootah, director of digital payment systems regulation. While the DOF has not confirmed which cryptocurrencies will be accepted, it noted that users will be able to transact with “stable cryptocurrencies,” suggesting that stablecoins could play a central role. This follows an April 28 announcement by three major Abu Dhabi institutions, including the Emirate’s sovereign wealth fund, of plans to launch a dirham-pegged stablecoin. Dubai’s cashless strategy, first announced in October 2024, builds on an already strong digital foundation—97% of government payments in 2023 were conducted digitally. Dubai Finance (DOF) has signed a Memorandum of Understanding (MoU) with https://t.co/HZnta4pnXb , a globally recognised cryptocurrency trading platform, to enable the payment of government service fees using cryptocurrencies—an initiative that marks a significant step in advancing… pic.twitter.com/iOh7kOz50p — Dubai Media Office (@DXBMediaOffice) May 12, 2025 The DOF estimates the transition to digital payments could add at least 8 billion dirhams (around $2.1 billion) to the local economy, largely through the growth of fintech services. Ahmad Ali Meftah, executive director of the central accounts sector at DOF, emphasized that the government continues to work on a regulatory framework that encourages innovation while maintaining high standards for security and efficiency in digital transactions. The emirate has consistently positioned itself as a crypto-forward jurisdiction. It recently hosted Token2049 in April and launched a pilot project in March to tokenize real estate assets on the blockchain. Dubai joins a growing list of governments exploring the use of crypto for public services, including legislative proposals in New York aimed at allowing state agencies to accept digital currencies. HashKey Secures VASP License from Dubai’s VARA On May 12, HashKey Group, a prominent digital asset financial services firm in the Asia-Pacific region, received a Virtual Asset Service Provider (VASP) license from the Dubai Virtual Assets Regulatory Authority (VARA). With the license, HashKey is authorized to offer Virtual Asset Exchange Services and Broker-Dealer Services within Dubai and to clients originating from the emirate. The move comes as the UAE continues to position itself as a regional hub for blockchain innovation and crypto finance, with regulatory clarity attracting major global players. As reported, a state-backed investment firm in Abu Dhabi is set to make a $2 billion investment into crypto exchange Binance using USD1, a stablecoin developed by World Liberty Financial — a crypto venture closely tied to the Trump family. The post Dubai Partners with Crypto.com to Enable Crypto Payments for Government Services appeared first on Cryptonews .

13 May 2025, 06:26

US seeks 2-year sentence for SEC hacker behind fake Bitcoin ETF tweet

US federal prosecutors have recommended a two-year prison sentence for Eric Council Jr., the Alabama man who orchestrated a high-profile hack of the Securities and Exchange Commission’s (SEC) official X (formerly Twitter) account in January 2024. The breach was a scam post claiming that the SEC had approved Bitcoin exchange-traded funds (ETFs) , causing significant market disruption. The tweet caused Bitcoin’s price to surge by more than $1,000 before being taken down. US prosecutors said the case warranted a prison sentence within the recommended guidelines. They explained that the Council had profited from a sophisticated fraud scheme that involved using fake identification documents, misleading actions at telecommunications stores, and sharing password reset codes for victim accounts with co-conspirators in the United States and overseas. Council, 25, of Athens, Alabama, had previously pleaded guilty to one count of conspiracy to commit aggravated identity theft and access device fraud in January. He claimed he had used a “SIM swap” attack to illicitly access the SEC’s X account. This hack, in turn, enabled him to pose as a federal employee, conning a telecommunications company into transferring the employee’s telephone number to a SIM card in the name of the Council. Once in possession of the phone number, Council compromised the account, stole the details needed to access the account, and shared them with the co-conspirators who posted the sham post. The post circulated rapidly and caused widespread anxiety in the crypto industry, as many investors eagerly await an official decision on spot Bitcoin ETFs. The day after the bogus post, the commission greenlighted the ETFs — this time in a real announcement. Council is awaiting sentencing, which is set for May 16 in a federal court in Washington. Hacker fakes SEC Bitcoin ETF approval in SIM swap attack Eric Council Jr made $50,000 performing the attack and even searched how to tell if the FBI was investigating him, recent filings show. At the time of the hack, many noted that the commission had a lot of Bitcoin ETFs on its plate that it needed to get to in the new year. Eric Council’s post led to confusion and speculation among supporters. The Securities and Exchange Commission issued an official release the day after, consenting to the ETFs. But at that point, the damage had already been done. The hacker had employed a fake ID to persuade a mobile phone service provider to release a new SIM card tied to the exchange commission’s phone number. He later received a password reset code for the SEC’s X account and provided it to his co-conspirators. Council’s attack exposes SEC’s cyber weakness The hack revealed gaping holes in the commission’s digital security systems. At the time, multi-factor authentication (MFA) had been disabled on the SEC’s X account because of internal access concerns. This made it easier for Council and his group to take over the account. Following the breach, the commission stated that it had re-enabled Multifactor authentification on all official accounts and advised the public to continue visiting its website for the latest official news. Council’s case is playing out as changes in leadership are roiling the US Justice Department. Most recently, President Donald Trump named acting US Attorneys in several districts, including Washington, D.C., without the approval of the Senate. Cryptopolitan Academy: Want to grow your money in 2025? Learn how to do it with DeFi in our upcoming webclass. Save Your Spot

13 May 2025, 06:20

NYC Mayor Announces City’s First Crypto Summit

New York City Mayor Eric Adams announced the city’s first crypto summit to be held at Gracie Mansion next week. In a press conference on Monday, he reiterated his goal of “making NYC the crypto capital of the globe.” Mayor Adams highlighted that technology is one of the fastest-growing industries in the city. He also invited tech companies and crypto firms to expand their presence in the city. “We’re in the midst of nothing short of a technological revolution, the age of tokenization, which includes crypto, blockchain, and other fintech innovations,” he addressed the gathering . “More on that to come following the summit, but for now, I want to reiterate, if you’re into crypto, blockchain, Web3, or the fintech space, New York City is open for business. Join us.” Further, he specifically mentioned how crypto and blockchain would have a positive impact on the city’s underbanked population. “I really want to emphasize on underbanked communities, because this new form of financing and finance is something that can impact those communities that have historically found themselves lacking in access to banks.” Mayor Adams Appoints Two New Crypto Advisors Eric Adams, who is running for re-election, has announced that June Ou, who is the co-founder of Figure Firm, and Richie Hecker, the CEO of Traction and Scale, will be joining the city’s crypto space. “They’re joining our world-class roster of crypto talent and resources in New York City,” he noted. The Mayor and the key crypto talents would work with tech firms to create a friendly environment for business. “The summit will bring together crypto innovators and influencers to share insights and experiences that they will use to chart our path forward.” The summit arrives two months after President Trump had a similar event at the White House . The landmark event brought together top industry leaders, regulators, and government officials. “We are focused on the long-term values of these technologies for our city and people, not chasing memes or trends.” ‘We Can’t Over-Regulate, That Will Prevent Growth:’ Adams Adams emphasized the need for balanced regulation when speaking about the NYDFS’ regulation of the crypto industry. He said that safe regulations are inevitable for those who are investing; however, over-regulation would hinder growth. “So there’s a level of safety that comes with the right regulations, but over-regulations can hurt this industry and we don’t want that to happen,” he noted. Mayor Adams has been bullish on crypto since he was elected in 2022, accepting his first three paychecks in Bitcoin . At that time, “many people laughed at me, and all I can say is, who’s laughing now?” he said. Additionally, Adams has been facing corruption charges for his involvement in alleged illegal donations from the Turkish government. However, the case was dismissed in April with prejudice, at the request of the DOJ under the Trump administration. The Mayor met President Trump on May 9 to reportedly thank him for his “words of support” during his 2024 campaigns. The post NYC Mayor Announces City’s First Crypto Summit appeared first on Cryptonews .

13 May 2025, 06:17

Nasdaq-Listed GDC Buys $300M Worth Bitcoin and TRUMP Token

The post Nasdaq-Listed GDC Buys $300M Worth Bitcoin and TRUMP Token appeared first on Coinpedia Fintech News Nasdaq-listed GD Culture Group (GDC) has committed up to $300 million toward Bitcoin (BTC) and the Trump-themed OFFICIAL TRUMP (TRUMP) token . This funding comes through a stock purchase agreement with a British Virgin Islands-based investor, aimed at building a long-term crypto reserve. The company plans to hold these digital assets as part of its treasury operations, signaling strong confidence in the future of cryptocurrencies . Why This Matters GDC’s move to add Bitcoin and TRUMP tokens to its balance sheet highlights its push toward decentralized finance (DeFi) and blockchain adoption , aligning with a broader trend of public companies integrating crypto into their financial strategies. This shift also supports GDC’s digital business focus, particularly through its subsidiary AI Catalysis, which operates in the livestreaming e-commerce space. Facing Financial Pressure Despite this crypto push, GDC is currently facing financial challenges. The company reported a $14.1 million net loss for 2024, a slight improvement from the previous year’s $14.3 million loss. In addition, Nasdaq issued a warning stating that GDC failed to meet the required $2.5 million stockholders’ equity. The company now has 45 days to submit a plan to regain compliance or face the risk of delisting. CEO Sees It as a Strategic Leap Chairman and CEO Xiaojian Wang said the company’s crypto pivot is intentional and aligned with market shifts. He believes this strategy will boost GDC’s balance sheet and unlock new growth opportunities. “We’re confident this will drive long-term value for our shareholders,” Wang said, emphasizing the company’s belief in blockchain as the future of finance. .article-inside-link { margin-left: 0 !important; border: 1px solid #0052CC4D; border-left: 0; border-right: 0; padding: 10px 0; text-align: left; } .entry ul.article-inside-link li { font-size: 14px; line-height: 21px; font-weight: 600; list-style-type: none; margin-bottom: 0; display: inline-block; } .entry ul.article-inside-link li:last-child { display: none; } Also Read : NYC Mayor Eric Adams Wants New York City To Be The Crypto Capital , Critics Push Back Not everyone’s convinced. Crypto analyst Eva Lenoir criticized the move, saying Bitcoin isn’t meant to be a “toy for the elites.” She compared the investment to “a warship sailing with paper sails,” questioning the logic of mixing political tokens like TRUMP with serious treasury assets. Meanwhile, GDC’s $300 million crypto push is one of the boldest moves by a public company in recent months. 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GDC focuses on AI digital humans and livestream e-commerce through subsidiaries in the U.S. and China. How does GDC’s crypto strategy compare to other companies? Like MicroStrategy and Metaplanet, GDC is adding crypto to its treasury amid rising corporate interest in digital assets.

13 May 2025, 06:07

Caitlyn Jenner memecoin buyers to regroup after judge tosses suit

The lawyer for a group of Caitlyn Jenner memecoin buyers said they will continue their legal fight against the ex-Olympian after a judge threw out the case for failing to adequately support the securities and fraud claims it brought. Jenner had escaped a class-action lawsuit from buyers of her self-titled memecoin, Caitlyn Jenner (JENNER) after California District Court Judge Stanley Blumenfeld Jr. said in a motion filed on May 9 that it was “sufficient to conclude that all nine causes of action are deficient” and sided with Jenner in dismissing the suit in its entirety for failure to state a claim. He allowed the class group to amend its suit, which must be filed by May 23, but warned it had “to be more focused and judiciously pleaded” than the original. A lawyer for the class group, Fitzgerald Monroe Flynn PC partner Jack Fitzgerald, told Cointelegraph it was “pleased the Court recognized we may be able to state some claims against the defendants, and intend to amend and press forward with the case.” Jenner and her manager, Sophia Hutchins, were sued in November by a group that bought the JENNER token and accused them of having “fraudulently solicited financially unsophisticated investors” to the token, which they alleged was an unregistered security. Lee Greenfield, a UK citizen, was added as the lead plaintiff in January and claimed he lost over $40,000 buying JENNER. But the court found, for a start, that claims of securities law violations couldn’t stand as it wasn’t alleged that his JENNER buys took place in the US, as the law requires, and gave “scant details” about the purchases. The court didn’t allow the class to swap its lead for a US-based member, adding it must report by May 16 on how the suit will proceed (highlights added for emphasis). Source: PACER Court dismisses all claims by JENNER tokenholders In all, Judge Blumenfeld dismissed a further eight claims the class group brought in an amended complaint filed in February, which included accusations that Jenner and Hutchins either made misleading statements, sold unregistered securities, or committed various fraud. Judge Blumenfeld said the suit failed to allege that Jenner sold the token through a prospectus that contained an untrue statement, as “Greenfield admits that the $JENNER tokens were not sold through a prospectus.” The court also tossed a common-law fraud accusation, saying the complaint alleged omitted information and noted various X posts by Jenner “stating that she would continue to support the tokens,” but it did not identify which of the statements related to the fraud claim. The group also accused Hutchins of aiding and abetting Jenner’s allegedly fraudulent conduct, but Judge Blumenfeld said that claim failed as the complaint “does not adequately allege any viable fraud claim.” In a footnote, Judge Blumenfeld said Jenner and the class group disputed whether the JENNER token was a security, but he was not going to decide at this stage as the “securities claims fail on other grounds.” Related: Top TRUMP whales hold $174M in tokens ahead of dinner with US president “Because the determination of whether the tokens are securities is fact-dependent and may be affected by an amended pleading, the Court declines to resolve that issue at this stage and instead assumes without deciding that the tokens are securities subject to the federal securities laws,” he wrote. JENNER first launched in May 2024 via Pump.fun on the Solana blockchain but was soon embroiled in controversy after Jenner and other memecoin launching celebrities claimed collaborator Sahil Arora scammed them. Jenner relaunched the token on Ethereum, which the class group claimed tanked the value of the original Solana token, but gave Jenner the benefit of collecting a 3% fee on every transaction. JENNER has lost essentially all its value since launch. CoinGecko shows its market value has crashed to around $58,775 from a June 3 peak of nearly $7.5 million. The token has seen just $61.10 worth of trading volume over the last day. Magazine: Memecoins are ded — But Solana ‘100x better’ despite revenue plunge

13 May 2025, 06:05

Hackers Spread Fake SEC Probe Claims Through ZKsync X Account

Hackers used the breach to spread false claims of a US regulatory investigation and a fake airdrop link. This triggered an 8% drop in ZK’s price. Matter Labs confirmed the breach stemmed from “compromised delegated accounts” and quickly regained control. Meanwhile, Curve Finance was also hit with another DNS hijack that rerouted its official domain to a malicious site capable of draining user funds, prompting warnings from security firm Blockaid. This followed a similar DNS attack in 2022 and a recent hijacking of Curve’s X account just last week. Separately, the US government is pushing for a two-year prison sentence for Eric Council Jr., who helped hack the SEC’s X account in January of 2024 to post false Bitcoin ETF approval news. ZKsync Faces Second Major Security Breach The official X accounts of Ethereum Layer 2 network ZKsync and its developer Matter Labs were compromised in the early hours of May 13, and the hackers were spreading false claims that the platform was under investigation by US regulators. The compromised accounts shared links to a fake airdrop in an apparent phishing attempt and posted a fabricated statement suggesting the US Securities and Exchange Commission (SEC) was investigating ZKsync and that the Treasury Department might impose sanctions on the platform. ZKsync confirmed the breach through a related X account and warned users not to engage with any posts or links. Matter Labs’ head of communications, Lynnette Nolan, clarified that the posts were not legitimate and assured the public that both accounts were now securely back under team control. She added that the breach may have been executed through “compromised delegated accounts,” which have limited posting privileges on behalf of the main accounts. After the incident, the price of ZKsync’s native token, ZK , dipped by approximately 2% in an hour and was down 8% on the day, trading around $0.07. This drop happened despite the token enjoying a strong rally of nearly 35% over the past week. ZK’s price action over the past 24 hours (Source: CoinMarketCap ) Crypto community members, including g8keep co-founder Harrison Leggio , took to X to comment on the unusual nature of the hack, and pointed out that the attackers opted to spread fear instead of directly stealing funds. This is the second major breach tied to ZKsync over the past few months. On April 15, a hacker gained access to the platform’s airdrop distribution contract and used an admin function to mint 111 million unclaimed ZK tokens, which were worth around $5 million at the time. That attacker later returned 90% of the tokens, but held on to 10% as a bug bounty. Curve Finance Hit by DNS Attack Again Curve Finance, a well known decentralized finance (DeFi) protocol, also recently issued an urgent warning after its domain name system (DNS) was reportedly hijacked for the second time in a week. In a post that was shared on X on May 12, the Curve team warned users not to interact with the site, as the DNS was rerouting visitors to a malicious page designed to steal funds. This DNS manipulation means that while the official domain name is being used, it is actually pointing to a different IP address under the control of the attackers. The Curve team confirmed that the website was not technically hacked but was instead pointing to an incorrect IP address due to DNS tampering. They reassured the community that internal security measures like passwords and two-factor authentication were still intact and that the issue appeared to stem from the domain registrar. The team contacted the registrar to address the breach and regain full control. Importantly, Curve also clarified that while the DNS is compromised, its underlying smart contracts are safe and have not been affected. This latest incident is very similar to a previous attack Curve suffered in August of 2022, where attackers cloned the website and redirected the DNS to a lookalike page that drained users’ wallets. The DeFi protocol warned that the current malicious domain is capable of similarly draining funds from users who unknowingly interact with it. On-chain security firm Blockaid corroborated the warning, and labelled the situation as a potential front-end attack. Blockaid advised users to avoid signing any transactions or engaging with the DApp until the matter is resolved. They also confirmed that there is ongoing collaboration with Curve and affected partners to mitigate the threat. This is the second time in just one week that Curve faced a major security issue. On May 5, the protocol’s official X account was hijacked . However, Curve later clarified that the social media breach was isolated and did not affect other accounts or lead to any confirmed financial losses. That incident followed a broader trend of high-profile X account takeovers, including Tron DAO and even UK Member of Parliament Lucy Powell , whose accounts were compromised to promote scam crypto tokens. The Curve Finance team continues to investigate the DNS breach. Feds Seek Prison Time for SEC X Account Hacker Meanwhile, the US government recommended a two-year prison sentence for Eric Council Jr., the person who helped hijack the SEC’s X account to post a false announcement about the approval of spot Bitcoin exchange-traded funds (ETFs). In a filing that was submitted on May 12 in the US District Court for the District of Columbia, prosecutors urged Judge Amy Berman Jackson to impose a sentence that reflects the seriousness of Council’s actions, which briefly disrupted financial markets in January of 2024. Council pleaded guilty to being part of a coordinated scheme that used a SIM swap attack to gain unauthorized access to the SEC’s official social media account. The fake message posted through the account falsely claimed that spot Bitcoin ETFs were approved, which caused the price of Bitcoin to jump by more than $1,000 before SEC Chair Gary Gensler issued a correction . The official approval came a day later, but the fake announcement already rattled markets and drew widespread attention. Prosecutors described the attack as a “sophisticated fraud scheme” involving forged identification documents, fraudulent behavior at telecommunications stores, and coordination with co-conspirators in the US and overseas. They believe that Council’s actions merit a serious sentence due to the deliberate and far-reaching nature of the fraud. Council’s court appearance is scheduled for May 16. The case unfolds against the backdrop of leadership changes in the Department of Justice, where President Donald Trump appointed interim US Attorneys in several key jurisdictions, including the District of Columbia. While the impact of these appointments on crypto-related prosecutions are still uncertain, it has raised many questions about the future direction of digital asset enforcement.