20 May 2025, 08:52

Paradigm-backed AI startup Succinct launches token to transform contract analysis

AI startup Succinct has introduced its PROVE token as part of a new protocol designed to enhance legal contract analysis and verification using zero-knowledge proof technology. Succinct, an AI startup which raised $55 million to build tools that automate and improve the review of complex legal agreements, is launching its PROVE token in its efforts to transform how legal contracts are analyzed and verified. In a blog post Monday, the startup said the token is part of a wider plan to build a protocol using zero-knowledge proof technology to speed up contract reviews. Succinct aims to be a decentralized marketplace that links people who need proofs with those who create them. The Succinct Network Architecture and the $PROVE Token The network is a marketplace that connects provers and requesters for ZK proof generation, implemented as a high performance verifiable application. The PROVE token enables payments, secures the network, and incentivizes… pic.twitter.com/IJvHj0jdoL — Succinct (@SuccinctLabs) May 19, 2025 You might also like: Crypto is the currency of artificial intelligence | Opinion Per the description, the PROVE token will be used to pay for contract verification services, making the review process faster. By leveraging zero-knowledge proofs, a cryptographic method that confirms information is true without revealing the underlying data, users can verify contract details without exposing sensitive information. Succinct also emphasized that PROVE tokens will incentivize participants who contribute computational power and validation services to the network, though details are yet to be revealed. Beyond legal contracts, the protocol aims to support other applications of zero-knowledge proofs such as blockchain validation, cross-chain bridges, and AI workloads. The token will also be used to vote on “important network parameters,” the developers said. As of press time, Succinct’s prover network is operating in stage 2 of its testnet, with stage 2.5 expected soon as a step toward the planned mainnet launch. In 2024, Succinct raised $55 million led by Paradigm to make zero knowledge proofs accessible to any developer. That total includes both Seed and Series A rounds, with participation from Robot Ventures, Bankless Ventures, Geometry, and others. Read more: Decentralized AI is coming to Solana, as Paradigm invests $50 million in Nous

20 May 2025, 08:25

Chainalysis Says Haowang Shutdown Fails to Dismantle Crypto Scam Networks

The closure of Haowang Guarantee, once the largest illicit online marketplace for crypto scammers, is far from a final blow to crypto crime, according to a report published Monday by blockchain analytics firm Chainalysis. Haowang, previously known as Huione Guarantee, was a Telegram-based marketplace offering money laundering services, stolen data, and scam technology without requiring identity verification. Its shutdown followed a sweeping crackdown by Telegram after the U.S. Treasury’s FinCEN identified Haowang’s parent, the Cambodian-based Huione Group, as a money laundering operation linked to North Korean cyber actors. Criminal Ecosystem Behind ‘Guarantee’ Services Proves Resilient Telegram also removed accounts connected to Xinbi Guarantee, the second-largest platform of its kind. These actions were hailed as progress in disrupting scam networks that had taken root on encrypted messaging platforms. But Chainalysis warned that the victory is more symbolic than structural. In its report, Chainalysis said the criminal ecosystem around “guarantee” services has proven highly adaptable. “These services are likely designed for redundancy, speaking to the resilience of criminals and the lucrative nature of their businesses,” the report noted. Vendors who once operated on Haowang have already moved to new platforms or split across several smaller marketplaces. The same users, Chainalysis said, quickly adjust to new brokers and communication channels, reducing the impact of isolated takedowns. “For now, the Huione Group takedown may shift some traffic, scramble broker relationships, or inspire short-term caution,” Chainalysis added, “but the structural enablers of crypto crime unfortunately remain intact.” Telegram continues to serve as the primary base for these illicit operations due to its ease of access and pseudonymous features. Despite promises of enforcement, the platform has not disclosed whether further crackdowns will follow. Chainalysis concluded that while platform removals may draw headlines, lasting progress against crypto scams will depend on more advanced, behavioral-focused monitoring of blockchain transactions. Rather than solely dismantling platforms, the firm urges efforts to track illicit funds through on-chain movement patterns, where real-time data may expose fraud even when platforms go dark. Crypto Crime Turns Violent as Illicit Transactions Top $40B in 2024 Illicit cryptocurrency activity surged to at least $40.9 billion in 2024, according to Chainalysis, with the number likely to grow as more criminal-linked wallets are identified. Hacks alone accounted for $2.2 billion in stolen assets—a 21% increase from the previous year. North Korean-linked groups, including Lazarus and Tradetraitor, were behind over 60% of those thefts, with major incidents like the $300 million hack of Japan’s DMM Bitcoin exchange among their hits. But the threats go beyond online exploits. Criminal groups are using crypto to fund and conceal a wider range of crimes—from investment scams and AI-enhanced romance frauds to drug trafficking and even physical violence. In one alarming case on May 13, 2025, the daughter and grandson of Paymium’s CEO were nearly kidnapped in Paris by masked men. On Tuesday, May 13, 2025, it is alleged that the French cryptocurrency platform Paymium CEO Pierre Noizat's daughter and two-year-old child were targeted in the attempted kidnapping in Paris. There has been no confirmation of the identities of the victims or their relations by… pic.twitter.com/HAbsCU6fg1 — SuperNOVA (@NovaExcitement) May 13, 2025 Platforms like Huione Guarantee have played a key role in laundering stolen funds, helping cybercriminals convert digital profits into real-world danger. The post Chainalysis Says Haowang Shutdown Fails to Dismantle Crypto Scam Networks appeared first on Cryptonews .

20 May 2025, 08:16

India’s Supreme Court Questions Centre Over Lack of Clear Crypto Policy

The Supreme Court of India has sought answers from the Centre on why it hasn’t formed “clear-cut” crypto regulations. The court questioned the Centre’s lack of action on framing crypto policies. The matter came into light on Monday while hearing a case from a petitioner who faced allegations of cryptocurrency fraud. A bench of Justices Surya Kant and N Kotiswar Singh said that unregulated Bitcoin trading was “nothing but a more polished form of Hawala.” Per a local report , they suggested that regulation could provide supervision on the sector and curb its use in illicit operations. “Why does Centre not come out with a clear-cut policy on regulating cryptocurrency?” the court asked on Monday. “There is a parallel under-market for it and it can affect the economy. By regulating the cryptocurrency, you can keep an eye on the trade.” Banning Crypto Will Not Be Wise: Supreme Court Further, the court emphasized that almost “two years ago” it had sought clarification on India’s stance towards digital assets. The Justice bench has also said that banning these wouldn’t be a wise decision, but regulating them would be. “Nobody is saying to stop it, because wouldn’t not be wise for the economy,” the court observed. “Banning may be shutting your eyes from ground reality. But what about regulating it?” (Shailesh Babulal Bhatt v. State of Gujarat & Another) Justice Kant: In one of the matter, almost two years back, I made an observation and called upon learned Attorney General that are you doing something to regulate this crypto currency? He came and said that we can't.… pic.twitter.com/OTcDVdlPbf — Bar and Bench (@barandbench) May 19, 2025 Additionally, the court advocated the matter to be taken up in consultation with experts. “We aren’t experts. Experts would examine it, but some steps to regulate it and have an eye on it.” Besides, Bitcoin trading profits taxed at 30% implies a form of “legal recognition,” the court added. “If it is already acknowledged in this manner, why not regulate it.” Disconnect Between Bitcoin Trading Boom and Govt’s Sluggish Regulatory Response This is not the first time India’s highest court has addressed the government’s unresponsive nature on regulating cryptocurrencies. Early this month, law authorities highlighted the growing disconnect between rising Bitcoin trading and lack of proper regulations. The same two-judge bench reiterated that the legality of Bitcoin trading remains murky in India. In February 2022, the court had asked the government to clarify whether cryptocurrency trading was legal in India and to outline a roadmap for enforcement. However, in January 2024, the Centre responded to the court’s questions saying that a decision on regulating cryptocurrencies was still pending. The post India’s Supreme Court Questions Centre Over Lack of Clear Crypto Policy appeared first on Cryptonews .

20 May 2025, 08:16

AAVE rallies over 25% as a golden cross pattern nears

AAVE rallied as much as 25% today, fueled by growing optimism across its ecosystem and a spike in trading activity. Aave ( AAVE ) soared to an intraday high of $269 on May 20 afternoon Asian time, marking its highest level since February and making it one of the top-performing cryptocurrencies in the market right now. From its April low, AAVE has now climbed more than 132%. The surge came alongside a spike in trading volume. According to data from crypto.news, over $800 million worth of AAVE changed hands today, its most active day since early March. Meanwhile, AAVE’s futures open interest hit an all-time high of $569 million, reflecting strong demand from derivatives traders. Its positive funding rate for two straight weeks also suggests the majority of the market is still betting on more upside, with long traders currently paying short traders. Traders appeared to welcome progress on the GENIUS Act , which recently cleared a key procedural vote in the U.S. Senate. The bill proposes a regulatory framework for stablecoins, an area critical to DeFi protocols like Aave. Given Aave’s reliance on stablecoins like USDC, DAI, and its native GHO, the prospect of regulatory clarity could encourage more institutional participation and bolster confidence across its ecosystem. You might also like: Ethereum exchange supply drops to 10-year low amid strong whale accumulation — is $3000 ETH price incoming? AAVE also got a boost from solidifying its lead as the top DeFi protocol by TVL. According to DeFiLlama , its total value locked jumped nearly 40% in the past month to reach $40.7 billion, far surpassing Lido, which has $23.3 billion. This growth is translating into real revenue. AAVE has raked in over $250 million in fees year-to-date, putting it among the most profitable protocols in the space. Momentum on the technical front is also being matched by a rise in daily active addresses, which have spiked 57% over the past two days. Source: Santiment At the same time, its weighted social sentiment has also flipped positive, a sign that market participants are growing bullish on AAVE’s short-term outlook. Potential golden cross in development On the 1-day/USDT chart, the Aroon Up indicator is at 100% while Aroon Down sits at 0%, meaning bullish momentum is dominant. The Chaikin Money Flow Index is reading 0.26, which signals more capital flowing into the token. AAVE price, Aroon and CMF chart — May 20 | Source: crypto.news A golden cross also looks imminent on the daily chart, as AAVE’s 50-day and 200-day moving averages inch closer to a crossover, often considered a bullish signal. AAVE 50-day and 200-day EMA chart — May 20 | Source: crypto.news The token is nearing the 61.8% Fibonacci retracement level at $271.35. A clean breakout above this level could pave the way toward the 50% retracement level at $347.19, roughly 30% higher than current levels. On the flip side, if a pullback happens, key support lies near $226.45, which could serve as a solid bounce zone before the uptrend resumes. At press time, AAVE was trading around $267 per coin. Read more: SEC delays decision on Solana ETF applications citing market manipulation concerns Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

20 May 2025, 08:14

Bitcoin options data suggest spike in volatility despite seasonal calm ahead: Kaiko

Bitcoin traders are pricing in higher volatility into June and July, defying the usual summer slowdown, analysts say. Crypto traders might want to cancel their summer vacations as options markets are flashing signs that the coming months could be anything but quiet. Despite the season’s reputation for sluggish activity, where both crypto and equities often cool off, current data suggests the market might be in for a hotter, more volatile stretch, Kaiko’s analysts say. In a recent research note, the analysts pointed out that since 2020, Bitcoin ( BTC ) has regularly seen its lowest trading volumes during the third quarter — peak summer months — except in 2022, when a wave of bankruptcies, including Celsius Network and Three Arrows Capital , sent markets into turmoil. Bitcoin quarterly trade volume since 2020 | Source: Kaiko You might also like: JPMorgan to allow clients to buy Bitcoin, ETF access reportedly on the table The data shows that “options markets are already pricing in higher volatility,” a clear signal that something unusual may be on the horizon. In particular, June 27 expiry options have seen a spike in volume, with bullish bets targeting eye-catching strike prices of $110,000 and $120,000. These positions suggest some traders expect Bitcoin to reach new highs, even as macroeconomic uncertainty lingers. Several catalysts are converging to stir up market expectations. The Federal Reserve’s upcoming meeting could impact broader financial conditions, while former President Trump’s July 9 tariff deadline introduces added geopolitical risk, the analysts say. At the same time, major U.S. crypto legislation is anticipated before Congress breaks for its August recess, adding further uncertainty to the months ahead. Traditionally, summer brings a cooldown. Stock trading volume in August tends to drop significantly. Crypto often follows suit, with on-chain and exchange volumes typically slumping in August. For instance, spot trading fell by nearly 20% in August 2023, and total exchange volume dropped by over 11%, according to market data. Read more: Kaiko: Here’s why Bitcoin price dropped in August

20 May 2025, 08:10

Crypto Regulation in India: Supreme Court Says ‘You Tax It, Then Regulate It’

The post Crypto Regulation in India: Supreme Court Says ‘You Tax It, Then Regulate It’ appeared first on Coinpedia Fintech News On May 20, 2025, the Supreme Court of India expressed concern over the central government’s delay in establishing a clear regulatory framework for cryptocurrencies. The court likened unregulated Bitcoin trading to a “hawala business,” an informal and often illegal method of transferring money, highlighting the potential for misuse and economic impact. The justices emphasized the necessity of monitoring and controlling digital currencies effectively, urging the central authorities to expedite the creation of comprehensive regulations. Supreme Court to central govt: Why is crypto still unregulated? While hearing a bail plea in a multi-state crypto fraud case, the SC questioned the govt’s inaction on crypto regulation. It said unregulated Bitcoin trading is just a "polished form of Hawala." Also reminded… pic.twitter.com/PIsrhKBQ76 — Sujal Jethwani (@SujalJethwani) May 20, 2025 Government’s Contradictory Approach The court pointed out the inconsistency in the government’s stance, noting that while cryptocurrency transactions are taxed at a high rate, there are still no proper guidelines in place. Justice Suryakant remarked, “If you can tax it at 30%, also please regulate it as you have recognised it by taxing it.” This call for regulation comes amid ongoing investigations into illegal Bitcoin trading activities, such as the case involving Shailesh Babulal Bhatt, who is accused of extorting significant amounts of cryptocurrencies and cash. Meanwhile, the Supreme Court dismissed a ₹2,000Cr. The WazirX hack case is only because India still has no clear crypto regulation. Victims were told to “approach RBI, SEBI, or CBI”, the same institutions that have avoided crypto accountability for years. India is losing the crypto investors! Looking at the miserable state of crypto regulations, India’s ultra-rich are redirecting their investments towards real estate dodging gold and crypto assets. According to luxury real estate advisor Aishwaraya Shri Kapoor , the country’s top 0.001% are building portfolios worth ₹75–500 crore, focusing on land and branded real estate. These high-net-worth individuals are acquiring high-value land parcels, branded residences, pre-leased commercial floors, trophy penthouses, and heritage properties across major cities in India and abroad. The motivation behind these investments is not just returns but also capital protection, liquidity safety, and access to exclusive resale circles.