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5 May 2026, 14:30
Himachal Pradesh court denies bail to promoter in Rs 2,000 crore crypto-MLM fraud
Last week, the Himachal Pradesh High Court rejected the bail plea of Abhishek Sharma, one of the key promoters in a crypto multi-level marketing (MLM) scheme that allegedly defrauded over 80,000 investors across India. Currently, total losses are estimated at Rs 500 crore, about $3.6 million. It was Justice Sushil Kukreja who delivered the judgment on April 30. “Economic offenses are considered grave offenses as they affect the economy of the country as a whole, and such offenses having a deep-rooted conspiracy and involving huge loss of public funds are to be viewed seriously,” the court stated. Indian Ponzi scheme operators land in legal trouble Sharma and his associates allegedly conducted the scheme through connected platforms, including Korvio, Voscrow, DGT, Hypenext, and A-Global. The scheme itself followed a familiar pattern: Users bought virtual tokens with real money after promises that their returns would double. Early payouts even built credibility and drew in more users. By December 25, 2021, all distributions stopped. The promoters then moved their operations to Hypenext, where they briefly paid partial returns before releasing a video blaming “technical issues” and asking for five more months of patience. Eventually, users were directed to move their funds to a third platform called A-Global, which never paid any returns. Mastermind fled to Dubai as ED launched raids Shortly after the incident, Subhash Sharma, the headliner for the crypto Ponzi scheme, fled India in 2023. Several other accused members had already relocated to Dubai before police even filed First Information Reports, leading the authorities to issue lookout circulars. By December 2025, the Enforcement Directorate had raided eight locations across Himachal Pradesh and Punjab under the Prevention of Money Laundering Act. One of the accused was also intercepted at Delhi’s IGI Airport as well. According to local reports , the agency froze three bank lockers and deposits amounting to Rs 1.2 crore, around $126,000, and seized documents concerning real estate investments, including benami (proxy-owned) properties acquired with fraud proceeds. Investigators also discovered that token prices were manipulated and money was laundered through real estate developers, shell companies, and family bank accounts. Why was Abhishek Sharma denied bail? Sharma’s lawyers argued he had been detained too long. While the court acknowledged constitutional protections against indefinite detention, it also insisted that the scale of the offense and Sharma’s active role in it justified keeping him in custody. Additionally, the court stated that the fact that some co-accused individuals had received bail did not entitle Sharma to the same courtesy, given his position in the conspiracy. Evidence across backend data analysis, payout records, and witness statements all pointed to his substantial participation across multiple platforms. Asian crypto fraudsters face reckoning The ruling comes as courts and regulators across the region tighten their grip on crypto fraud masterminds. Cryptopolitan previously reported on Cambodia’s extradition of Chen Zhi, the Prince Group chairman accused by U.S. authorities of running forced-labor scam compounds that stole billions in cryptocurrency. The U.S. Treasury confiscated approximately $14 billion in Bitcoin linked to his operations. The U.S. Treasury even sanctioned a sitting Cambodian senator and 28 entities in April for running crypto fraud compounds, per Cryptopolitan . Over in Hong Kong, 10 defendants in the JPEX cryptocurrency fraud, which trapped over HK$1.6 billion and more than 2,700 victims, were remanded in custody in March 2026. A Special Investigation Team was also established in India in 2023 to specifically probe cryptocurrency-related frauds in the Himachal Pradesh region. The court stated that MLM and Ponzi schemes have repeatedly used the promise of profits to target people in smaller Indian cities where financial literacy around cryptocurrency remains limited. If you're reading this, you’re already ahead. Stay there with our newsletter .
5 May 2026, 13:33
Canada approves CAD stablecoin in push for on-chain payments, settlements
A new CAD stablecoin has officially entered the Canadian financial system following regulatory approval in Alberta. Tetra Trust Company unveiled CADD, a one-to-one Canadian dollar-backed token delivered under a governed financial system. CADD is now live on Base, Ethereum, and Tempo network systems, with plans aiming to extend to Solana. CAD stablecoin brings regulated settlement infrastructure The CAD stablecoin allows Canadian dollars to settle on-chain with near-instant finality. This adds to a new branch to Canada’s legacy payment systems, which processes about $424B in daily transactions through a standard system created decades ago. The introduction of ongoing payment networks allows financial flows to function without traditional time limitations. Tetra Digital Group assured that all funds minted to CADD are held in trust and can be redeemed only. Consequently, the stablecoin enables regulated involvement by banks, fintech companies, and payment providers that must comply with the stablecoin from its inception. The launch, as highlighted in the blog post , marks a partnership between regulators, industry participants, and government authorities. The approval was granted by Alberta Treasury Board and Finance, enabling the token to be introduced into a financial services framework. This makes the CADD the first stablecoin in Canada issued by a licensed trust company. Institutional backing and market position The CAD stablecoin enters the market with backing from a group of Canadian financial institutions and technology firms. These include National Bank of Canada and Shopify, alongside other participants such as Wealthsimple, ATB Financial, and Purpose Unlimited. This support focuses on early institutional engagement with domestic digital asset infrastructure. In December 2025, CADD completed a test phase that included a transaction between the National Bank of Canada and Wealthsimple. This marked the first reported transfer of a Canadian stablecoin between two financial institutions. The test verified the token’s ability to support real-world settlement within a regulated environment. This follows a previous report by Cryptopolitan that Canada had already moved to accelerate stablecoin regulations ahead of federal budget documents presented by François-Philippe Champagne on November 4. At the time, John Ruffolo had called for faster action, urging authorities to introduce clear rules for Canadian dollar stablecoins. CAD stablecoin targets market gap with real-time payment use cases The CAD stablecoin targets use cases that existing Canadian payment systems have struggled to support. These include 24/7 cross-border settlement, real-time treasury operations, and programmable payments for digital platforms. It also enables direct transactions between financial institutions without relying on correspondent banking networks. Despite high global growth in stablecoins, Canada has had limited domestic offerings. Competing projects such as QCAD and CADC remain either in development or have seen limited adoption. This has left Canadian businesses dependent on foreign-denominated stablecoins for blockchain-based payments. CADD enters a market currently valued at approximately $320 billion, where U.S. dollar-backed tokens dominate. By introducing a regulated Canadian-dollar option, the CAD stablecoin serves as a localized settlement mechanism governed under Canadian law. Your bank is using your money. You’re getting the scraps. Watch our free video on becoming your own bank
5 May 2026, 13:14
Stablecoin yield compromise sends Clarity Act passage odds soaring
After months of negotiations, the United States Senate Banking Committee announced on May 5 a bipartisan compromise on stablecoin yields to fast-track the passage of the Clarity Act, a proposed federal regulation aimed at legalizing crypto assets Senators Thom Tillis, a Republican from North Carolina, and Angela Alsobrooks, a Democrat from Maryland, announced a deal had been struck on section 404 of the Clarity Act to prevent deposit flight from banks to crypto platforms. Precisely, the committee highlighted that the new resolution prohibits crypto platforms from offering stablecoin yields to customers simply for passively holding. “Our compromise also allows crypto companies to offer other forms of customer rewards. Most importantly, it helps put us on a bipartisan path to pass the Clarity Act, providing the regulatory certainty needed to foster innovation. Some in the banking industry may not want either of these things to happen, and we respectfully agree to disagree,”the statement noted . Notably, U.S. banks pay customers around 0.57% interest on their deposits. However, crypto platforms offered more than 4% on stablecoin deposits, heating up the debate over potential capital flight. Stablecoins yield compromise boosts odds for Clarity Act passage Following the stablecoin yield compromise, the odds of the Clarity Act passing and getting signed into law by the end of this year surged. As of press time, the odds of this bill reaching President Donald Trump’s desk surged to 69%, according to data from Polymarket . At the time of reporting, this contract had a reported volume of about $619,464. Contract of Clarity Act getting signed into law in 2026. Source: Polymarket Last month, Polymarket traders had slashed the chances of the Clarity Act passing this year to as low as 43% after Senator Tillis announced more delays, as Finbold reported . However, traders are more optimistic of a markup in May to pave the way for a floor debate in the subsequent weeks before the members go for the August recess. Furthermore, President Trump said last month during a private meeting with top holders of Official Trump ( TRUMP ) memecoin that he would sign the Clarity Act immediately after it reaches his desk to give the country an edge in the cryptocurrency industry. The post Stablecoin yield compromise sends Clarity Act passage odds soaring appeared first on Finbold .
5 May 2026, 13:05
GameStop GME Eyes $55.5B eBay Takeover: $368M Bitcoin Treasury in Danger?
GameStop submitted a non-binding $55.5 billion offer to acquire eBay at $125 per share on Sunday, proposing to fund the deal with $9.4 billion in cash and liquid investments plus up to $20 billion in financing backed by TD Securities. The bid represents a 46% premium to eBay’s share price from early February, when GameStop began quietly building a 5% economic stake through shares and derivatives. GameStop CEO says he's making an offer to buy eBay for $56B “There is nobody who is more qualified, based on my experience, to run the eBay business" He’d be borrowing over $20B to help make the deal happen (via @WSJ ) pic.twitter.com/20LtVo6vbe — Culture Crave (@CultureCrave) May 4, 2026 Now the crypto market has a single question: what happens to the $368 million Bitcoin treasury sitting on GameStop’s balance sheet? CEO Ryan Cohen called the acquisition plan “way more compelling than bitcoin” and left the door open to selling the company’s BTC holdings to help finance the deal. That framing alone moved the conversation from corporate novelty to live market event. Bitcoin is trading near $81,000, meaning GameStop’s 4,709 BTC position carries meaningful liquidation value, and meaningful sell pressure if Cohen pulls the trigger. Discover: The best crypto to diversify your portfolio with Should GameStop Liquidate Its $368M Bitcoin to Fund the eBay Deal? GameStop’s $55.5 billion M&A bid dwarfs its current balance sheet, even with $9.4 billion in cash and a $20 billion financing commitment; the math is tight. Cohen explicitly described the eBay acquisition as a higher-priority capital deployment than bitcoin, and he confirmed GameStop has the “ability to issue stock in order to get the deal done.” If stock issuance proves insufficient or dilutive, the $368 million Bitcoin treasury becomes an obvious funding lever. Ryan Cohen of GameStop, $GME , was asked how the "math math's" for $GME to acquire eBay, $EBAY . pic.twitter.com/EbEfDHSPIg — unusual_whales (@unusual_whales) May 4, 2026 At current BTC prices, liquidating the full position would add roughly $368 million in cash, big but not big enough for a $55.5 billion transaction. The supply-side impact on Bitcoin markets would be limited in isolation, but the signal would carry weight: a company that adopted a Bitcoin Treasury reserve less than 18 months ago abandoning the position under M&A pressure is not a bullish corporate narrative. GameStop shifted 4,709 BTC to Coinbase Prime as part of a covered call options strategy, generating income while retaining exposure. That is not the behavior of a company planning to dump. If the eBay deal closes and the combined entity retains the BTC position, GameStop-eBay would control a Bitcoin treasury sitting alongside 135 million active buyers across 190 markets and nearly $80 billion in annual gross merchandise volume. Analysts have flagged this scenario as one that “could open the door for BTC payments integration” at serious scale. Discover: The best pre-launch token sales The post GameStop GME Eyes $55.5B eBay Takeover: $368M Bitcoin Treasury in Danger? appeared first on Cryptonews .
5 May 2026, 13:00
K Wave Media scraps massive bitcoin treasury plan to redirect $485 million to AI
The Nasdaq-listed firm raised $500 million to invest in bitcoin. Less than a year later, it is chasing the market's current hot sector of AI.
5 May 2026, 12:12
Morocco abandons total ban for regulation as crypto use defies authorities
Crypto adoption in Morocco has reached 16% of its population despite a decade-old ban on transactions with digital assets and recently increased scrutiny. The growing popularity of coins among Moroccans seems to have finally convinced their government to prepare to abandon full restrictions in favor of regulation. Proper oversight may replace ineffective prohibition The use of cryptocurrencies has been formally banned in Morocco since late 2017, with regulators regularly reminding citizens that any transaction with the digital assets is punishable by law. At the time, the decision was justified with breaches of existing rules and lack of customer protection, risks of money laundering and capital flight, all endangering the nation’s monetary stability. Since the end of last year, the warnings issued by Bank Al-Maghrib, the Foreign Exchange Office and the Moroccan Capital Market Authority have been accompanied by increased financial scrutiny. Moroccan authorities are now stepping up surveillance of crypto transfers, which are widespread, albeit prohibited, the local news outlets Challenge and Le360 unveiled this week. That has become evident from a letter sent by l’Office des Changes, the body monitoring foreign exchange transactions and financial flows between Morocco and other jurisdictions. In the correspondence addressed to a number of individuals, the watchdog informs it has identified violations related to holding assets abroad in cryptocurrency and transfers to Moroccan residents. Recipients have been given a month to provide explanations and supporting documents. They were also told that digital asset transactions must be declared and comply with exchange controls. This move by the administration could be an indication that the Arab state now prefers to track, as it has failed in stopping digital money. The main goal has always been to maintain strict control over foreign exchange flows, which have been a pillar of the Moroccan economy, the French crypto news outlet Journal du Coin noted in an article. However, the decentralized nature of cryptocurrency makes this harder to achieve, while the outright ban has created a legal vacuum in which crypto use continues under the radar. Rabat readies bill to regulate crypto transactions in Morocco Between 2019 and early 2025, the number of crypto holders in Morocco almost doubled, from 3.65 million to more than 6 million. Around 16% of the North African kingdom’s population now uses digital currencies like Bitcoin and associated technologies. The significant increase over the past few years has secured the country a spot among the world’s top 25 crypto adopters, according to Chainalysis. Remittances from the sizable Moroccan diaspora have played a major role. So has demand for alternative means for cross-border payments and financial services within a largely informal economy. The difference between law and practice, as well as the absence of rules reflecting the reality, has increased risks like fraud , adding to the impetus to adopt proper regulation. In these circumstances, the authorities in Rabat are changing the policy course on the initiative of their monetary authority. Commenting on the matter, Challenge.ma remarked: “Faced with this reality, Morocco is no longer content with simply prohibiting crypto assets. It is now preparing for regulation.” A dedicated law has been drafted and published. The legislation, which is being finalized by relevant institutions, aims to create a comprehensive regulatory framework. The bill incorporates international standards, such as those in the EU’s Markets in Crypto Assets (MiCA) package, and follows recommendations issued by organizations like the G20. Aware of the ineffectiveness of the “total ban,” Bank Al-Maghrib Governor Abdellatif Jouahri insisted the new rules will end legal uncertainty and organize crypto activities under the watchful eye of financial authorities. The document under consideration envisages recognizing digital assets as financial instruments and introducing a licensing regime for service providers working with them, such as exchanges and custodians. Despite the clear global trend toward regulation rather than prohibition, some nations are still moving the opposite way. These include Morocco’s close neighbor, Algeria, which banned all crypto-related transactions last summer, as reported by Cryptopolitan. There’s a middle ground between leaving money in the bank and rolling the dice in crypto. Start with this free video on decentralized finance .
