Crypto News
How a $243 million crypto heist led to a real-world kidnapping
$243M Bitcoin scam that led to kidnapping and chaos In one of the most bizarre crossovers between digital crime and real-world violence, a group of young cybercriminals stole almost $243 million in Bitcoin (BTC). Within weeks, the fallout spilled from the blockchain into a quiet Connecticut suburb, ending in a harrowing kidnapping plot.If this seems like the plot of a Netflix thriller, you’re not alone in thinking that. But it happened. And fast.Let’s unpack how a Minecraft-playing teenager, an underground network of crypto thieves and a Lamborghini-driving suburban couple all became tangled in a wild web of digital deception and real-world chaos.It all started when a Washington, D.C.-based cryptocurrency investor received a suspicious phone call. The person on the other end posed as a security representative from Google. A second call came from someone claiming to be with Gemini, a well-known crypto exchange.What followed was a textbook case of social engineering. The scammers convinced the victim to download software that gave them remote access to his computer. Moments later, 4,100 Bitcoin worth $243 million at the time vanished from his wallets.And that’s when things really got weird. How crypto detectives unmasked the thieves behind the $243M heist The crypto world may seem like the Wild West, but it has its sheriffs. One of them is ZachXBT, a pseudonymous investigator revered for his blockchain detective work.ZachXBT was walking through an airport when he got an alert about suspicious transactions. By the time he was in the air, he’d already traced the stolen funds to a mysterious wallet.Within hours, he and a team of independent investigators started tracking the money across dozens of exchanges, even notifying the platforms to freeze the assets.But the real breakthrough? A video.A source anonymously sent ZachXBT screen recordings of the thieves celebrating the heist, cheering over Discord and flashing millions on-screen. One of them accidentally revealed his real name: Veer Chetal, an 18-year-old honor student from Danbury, Connecticut.Yes, the same Danbury where the kidnapping took place.Did you know? In January 2025, Ledger co-founder David Balland was kidnapped in France and later safely released following a police intervention. The abduction was linked to a cryptocurrency ransom demand, highlighting the growing intersection of digital assets and real-world crime. Real-world consequences: The kidnapping of Veer’s parents Just one week after the digital heist, Sushil and Radhika Chetal (Veer’s parents) were house-hunting in their $240,000 Lamborghini Urus when two vehicles ambushed them. Authorities have described Veer’s parents solely as victims of the kidnapping, with no indication they were involved in the crypto theft.Reportedly, armed attackers dragged the couple into a van, bound them with duct tape and fled the scene. Thankfully, quick-thinking bystanders (including an off-duty FBI agent) helped police track the van. The Chetals were rescued, and four of the six suspects were caught within hours.But why target the parents?It turned out the motive was chilling: Veer’s co-conspirators wanted to extort him. They knew he was involved in the crypto theft. Now, they viewed his parents as leverage to force him to share the loot — or more of it.From Minecraft to multimillion-dollar crimeVeer Chetal wasn’t just some teenager with a knack for crypto. He was allegedly part of “the Com,” an underground online collective that evolved from Minecraft servers and video game scams into a sophisticated criminal network involved in everything from SIM swapping to crypto fraud.His path from honor student to alleged cybercriminal seems to have accelerated fast. Classmates noticed him suddenly showing up to school in a Corvette, then a BMW, then a Lamborghini. He threw parties on yachts and wore luxury brands that most teens have only seen in rap videos.His digital partner in crime? Malone Lam, a Singaporean hacker known in online circles as “Greavys” and “Anne Hathaway.” After the heist, Lam blew through millions on nightclubs, cars and champagne in Los Angeles and Miami, even trolling ZachXBT online by holding up signs mocking him in clubs. The collapse: Arrests, raids and guilty pleas The lavish lifestyle didn’t last long. The FBI, aided by crypto investigators, tracked Lam, Veer and others across states and continents.Here’s what happened:Lam was arrested in Miami after a SWAT-style raid on a mansion he’d rented.Another suspect was caught at LAX wearing a $500,000 watch.Veer was quietly arrested, too, the son of the kidnapped couple, and is now facing federal charges.By March 2025, five out of six of the Florida-based kidnappers had pleaded guilty. They face up to 15 years in prison. Others involved in the digital theft are still under investigation, and a federal wallet now holds the recovered Bitcoin.Did you know? Despite using sophisticated laundering methods, one co-conspirator failed to use a VPN, exposing his location through an IP address tied to a high-end rental. Authorities traced him to Jeandiel Serrano, aka VersaceGod, who was enjoying a vacation in the Maldives by the time they caught up with him. The growing link between digital crime and real-world consequences What’s frightening is how seamlessly this crime flowed from the digital world into the physical. As cybersecurity expert Allison Nixon put it: “We are seeing an evolution from disorganized crime to organized crime, and we are somewhere in the middle point of that.”Groups like the Com are no longer just pranksters or hackers; they're hardened, organized, and increasingly violent. They share success stories and flaunt wealth, recruiting the next generation through Discord, Telegram and Minecraft.The $243 million crypto heist that led to a real-world kidnapping is more than just a headline. It’s a warning. It shows how cybercrime no longer stays online, and how youthful arrogance, digital anonymity and unchecked greed can have very real-world consequences.And as fast as this group got rich, they got caught even faster.Ultimately, not even Lamborghinis and champagne could protect them from the blockchain breadcrumbs they left behind. The dark side of crypto and the need for vigilance While cryptocurrency offers many advantages, it also has a darker side that cannot be ignored. The very features that make crypto attractive — decentralization, anonymity and ease of transfer — are also what make it a breeding ground for illegal activities. From money laundering and fraud to scams and cybercrime, crypto has become a tool for a wide range of criminals. The lure of quick profits and easy money, combined with the anonymity of digital currencies, makes crypto especially appealing to young, impressionable individuals. Many are introduced to it through seemingly harmless channels, such as online gaming or social media, where they may encounter cybercriminals looking to recruit the next generation of offenders. This makes it all the more important for parents and guardians to stay aware of their child’s digital activities and online behavior.Cryptocurrency is not inherently dangerous, but it can open the door to hazardous paths if misused. For those new to the space, it’s crucial to understand the risks involved. Scammers can use sophisticated techniques to deceive and steal, and the lack of regulation can leave victims without recourse. As crypto continues to grow in popularity, the potential for cybercrime will likely expand, and the consequences of digital theft could become more severe and tangible.Keeping an eye on your child's digital activityWith the rise of cryptocurrencies, it’s essential for parents to educate their children about the risks associated with digital assets. Keeping an eye on their online interactions, including the apps, games and forums they frequent, is critical in ensuring they don't fall prey to digital criminals. Encouraging open conversations about internet safety, teaching them about the dangers of sharing personal information online and monitoring their digital wallets are simple yet effective ways to protect them from the darker side of crypto.As the boundaries between the digital world and real-world consequences continue to blur, it’s important to stay vigilant. Whether it’s ensuring your child’s safety in the digital space or understanding the broader risks posed by crypto, being proactive can help navigate the ever-evolving landscape of digital finance. By taking precautions and staying informed, you can harness the benefits of cryptocurrency while minimizing its dangers.
Published Date: 2025-05-05 14:08:00Creator: Cointelegraph by Onkar Singh
Read More
Trump to host memecoin gala dinner amid backlash, impeachment calls
Update (May 5 at 3:27 pm UTC): This article has been updated to include comments from Niko Demchuk and Yarden Noy.US President Donald Trump will host a gala dinner for top holders of his Official Trump (TRUMP) memecoin despite bipartisan criticism and renewed calls for impeachment.In a May 5 Truth Social post, Trump announced that he will hold a gala dinner with major TRUMP holders on May 22. The announcement follows multiple US lawmakers expressing concern over the initiative.In late April, Massachusetts Senator Elizabeth Warren called on government officials to address questions related to Trump’s memecoin and his media company. Controversies grew after Trump announced a dinner and White House tour for some holders of his TRUMP memecoin.“President Trump’s announcement promises exclusive access to the presidency in exchange for significant investment in one of the President’s business ventures,” a letter co-signed by California Democratic Senator Adam Schiff read.A call for impeachment over a memecoinAlso in late April, Senator Jon Ossoff expressed support for impeaching Trump during an April 25 town hall, citing the president’s plan to host the dinner for top TRUMP memecoin holders. He said:“When the sitting president of the United States is selling access for what are effectively payments directly to him. There is no question that that rises to the level of an impeachable offense.”Pro-crypto Senator Cynthia Lummis and at least one other Republican in Congress were reportedly also critical of Trump for offering the top holders of his memecoin a dinner and White House tour. Lummis, of Wyoming, reportedly said that the US president offering exclusive access to himself and the White House for people willing to pay for it “gives [her] pause.”In a May 4 post on X, Warren claimed the Trump family’s stablecoin surged in market value due to a “shady crypto deal with the United Arab Emirates,” which involved settling the investment using USD1. She argued this raised serious national security concerns and warned against the Senate passing crypto-friendly legislation.Warren expressed concerns around foreign involvement in the US president’s finances. She also suggested that the Senate should refrain from approving pro-crypto bills:“The Senate shouldn’t pass a crypto bill this week to facilitate this kind of corruption.“Related: America’s crypto renaissance is already failing; but we can fix itSource: Elizabeth WarrenNiko Demchuk, head of legal at crypto compliance firm AMLBot, told Cointelegraph that Senator Warren’s concerns over “pro-crypto” legislation underscore the ongoing tension between encouraging stablecoin innovation and addressing risks such as foreign influence and potential self-dealing by public officials. He added that lawmakers can implement safeguards like disclosure requirements, conflict-of-interest rules, and independent audits to strike a balance:“These safeguards address Warren’s concerns by prioritizing transparency and accountability without stifling legitimate stablecoin development. They might ensure the U.S. remains a hub for responsible innovation while protecting against misuse by public officials or foreign actors.“According to Yarden Noy, a partner at the crypto legal firm DLT Law, no regulatory or disclosure requirements currently apply to such stablecoin deals. “The president’s legal team can make a very strong case that no regulatory or disclosure requirements would apply here,“ he said. Noy noted that some limitations and disclosures may apply, including a constitutional prohibition on emoluments, but their application in this case “is very questionable.” He added:“The US should tackle the issue, not blame the technology being used.“Senator Warren’s post included a clip from a recent interview during which Trump gave conflicting answers to whether he has profited from his memecoin launched in January, just days before he reentered the White House. During the clip, the president claims not to have “even looked” whether he profited off his endeavors.Related: Elizabeth Warren joins call for probe of Trump over crypto tokensThe United Arab Emirates dealOn May 1, Abu Dhabi-based investment firm MGX used Trump-backed stablecoin USD1 to settle a $2 billion investment in Binance. According to CoinMarketCap data, the stablecoin’s market cap shot up from under $137 million on May 1 to nearly $2.13 billion on May 2.USD1’s Market Capitalization. Source: CoinMarketCapEric Trump announced the deal during a panel discussion at Token2049 in Dubai. Trump, the son of the president, serves as executive vice president of the Trump Organization. He said during the event:“The US is seeing that the financial world has to progress. It’s a joke. Why do banks run nine to five, Monday to Friday, with an hour and a half of lunch break? It doesn’t make sense.”Much like the memecoin, the USD1 stablecoin also attracted its fair share of criticism. In early April, some US lawmakers went as far as to allege that Trump wanted to replace the US dollar with USD1.Magazine: Trump’s crypto ventures raise conflict of interest, insider trading questions
Published Date: 2025-05-05 13:33:35Creator: Cointelegraph by Adrian Zmudzinski
Read More
Strategy, Semler bag 2K Bitcoin as price edged toward $100K last week
Michael Saylor’s Strategy, one of the world’s largest corporate Bitcoin investors, slowed its BTC purchases last week as the cryptocurrency briefly surged above $97,000.Strategy acquired 1,895 Bitcoin (BTC) for $180.3 million during the week from April 28 to May 4 at an average price of $95,167 per BTC, the firm announced in its latest Form-8 filing with the US Securities and Exchange Commission.Strategy’s latest Bitcoin purchase is one of the smallest made by the company this year, alongside a comparatively meagre 130 BTC purchase in March.Source: Michael SaylorThe latest buy is 87% less than the previous purchase of 15,355 BTC announced last Monday.Semler boosts buying despite rising pricesWhile Saylor’s Strategy cooled its Bitcoin buying spree last week, others upped their appetite for BTC.Semler Scientific, a publicly traded US healthtech firm, bought 167 Bitcoin for $16.2 million in the period from April 30 to May 2 at an average purchase price of $97,093 BTC.Announced on May 5, the purchase by Semler was up at least 50% from the previous 111 BTC purchase by the firm announced on April 25.Bitcoin price chart in the past 30 days. Source: CoinGeckoAs of May 2, Semler held 3,634 BTC, acquired for an aggregate of $322.3 million at an average purchase price of $88,668 per BTC.Semler’s Bitcoin holdings are considerably smaller than Strategy’s, which held 555,450 BTC as of May 4, acquired for $68,550 per BTC.Strategy’s BTC gain surged to $5.8 billion by May 1The new Bitcoin purchase by Strategy came shortly after the company announced its financial results for the first quarter of 2025 on May 1.According to the update, Strategy achieved a 13.7% BTC yield, an indicator representing the percentage change of the ratio between its BTC holdings and assumed diluted shares. The yield is close to the 15% yield targeted by Strategy in 2025.Source: Michael SaylorYear to date, Strategy’s gains on its Bitcoin investments also reached $5.8 billion, in line with its annual target of $10 billion.Additionally, Saylor said that the company has doubled its capital plan to $42 billion in equity and $42 billion in fixed income to purchase more Bitcoin.Magazine: Crypto wanted to overthrow banks, now it’s becoming them in stablecoin fight
Published Date: 2025-05-05 12:51:03Creator: Cointelegraph by Helen Partz
Read More
Binance co-founder CZ proposes Bitcoin, BNB for Kyrgyzstan reserves
Binance co-founder Changpeng “CZ” Zhao has proposed Bitcoin and BNB as the first digital assets to build Kyrgyzstan’s national crypto reserves.On May 5, Zhao shared on X that he had advised Kyrgyzstan to start with Bitcoin (BTC) and BNB (BNB) when building its national crypto reserve. In 2024, Forbes claimed that Zhao holds about 94 million BNB tokens, or 64% of BNB’s circulating supply. At the time of writing, these tokens are worth about $55 billion. The proposal followed Zhao’s earlier announcement that he had begun advising Kyrgyzstan’s National Investment Agency (NIA) on blockchain and crypto-related matters. On April 3, Zhao confirmed he’s been officially and unofficially advising governments on crypto frameworks and blockchain solutions. The former Binance CEO said that he finds the work extremely meaningful. Source: Changpeng ZhaoBinance to launch crypto payments in KyrgyzstanA month after CZ announced his role in advising Kyrgyzstan, Binance announced a partnership with the country to launch a crypto payments service. On May 4, Binance signed a memorandum of understanding (MOU) with the NIA to introduce Binance Pay to the country, enabling crypto transactions. The partnership also aims to boost crypto education in the country, with Binance Academy set to work with government agencies to develop blockchain-focused educational programs. On April 17, Binance CEO Richard Teng said in a Financial Times interview that the exchange had been advising countries on crypto reserves. Kyrgyzstan has been making moves to become a digital asset-friendly jurisdiction. On April 17, Kyrgyzstan President Sadyr Zhaparov signed a law authorizing a central bank digital currency pilot project while giving the national currency’s digital form a legal tender status. Related: Pakistan appoints Changpeng Zhao as crypto adviser as adoption heats upKyrgyzstan reportedly plans a gold-backed stablecoinThe country also reportedly plans to launch a gold-backed stablecoin. The gold-backed stablecoin will be pegged to the United States dollar and called the Gold Dollar (USDKG). This will be backed by $500 million in gold provided by the country’s Ministry of Finance. Cointelegraph reached out to the country’s Ministry of Finance to confirm the reports but did not get a response before publication. Magazine: Crypto wanted to overthrow banks, now it’s becoming them in stablecoin fight
Published Date: 2025-05-05 12:31:32Creator: Cointelegraph by Ezra Reguerra
Read More
Cointelegraph and TheBlock announce strategic media partnership to strengthen global Web3 and virtual asset collaboration
Dubai, UAE – May 2025 — TheBlock, the International Chamber of Virtual Assets, has announced a strategic partnership with Cointelegraph, the world’s leading Web3 media platform. The collaboration brings together two major players in the blockchain and virtual asset space, with the shared goal of amplifying the global adoption of tokenisation, advancing regulatory dialogue, and supporting builders entering the MENA region.The agreement, signed during Token2049 Dubai, highlights Cointelegraph’s growing collaboration with key players in the UAE. This new partnership will foster deeper collaboration and mutual support across TheBlock’s ecosystem.As part of the collaboration, Cointelegraph will set up a presence at TheBlock’s headquarters in Dubai World Trade Center, offering opportunities for engagement with founders, partners, and clients within the ecosystem. The partnership also includes joint participation in educational panels, roundtables, and summits focused on real-world assets (RWAs), compliance, and capital allocation.“This partnership is not just about media,” said Farbod Sadeghian, Founder of TheBlock. “It is about building an access layer for the global virtual asset economy. By working with Cointelegraph, we are strengthening how the industry connects, informs, and grows — from regulatory frameworks to investment pipelines.”Cointelegraph will engage with TheBlock’s ecosystem through media coverage, speaker participation, and collaborative events. The partnership reflects ongoing efforts to support the growth of Dubai’s virtual asset sector, where regulatory developments and real-world applications continue to evolve.“The partnership reflects Cointelegraph’s ongoing efforts to broaden its network of like-minded collaborators, all working toward the shared goal of strengthening and advancing the ecosystem,” said Yana Prikhodchenko, CEO of Cointelegraph. “We aim to grow the community by leveraging this partnership while also expanding our regional presence in the UAE. This collaboration will help strengthen both efforts.”With over 100 events planned annually, a growing portfolio of international members, and over $8 billion in projects deal flow, TheBlock continues to serve as a launchpad for startups, enterprises, and institutions looking to expand their presence in the region.The partnership represents a new step in aligning media and access to foster trust, facilitate knowledge sharing, and support progress in the virtual asset space.About TheBlock:As an international chamber of virtual assets based in Dubai, TheBlock connects regulators, founders, investors, and institutions shaping the future of virtual assets. It provides a structured platform for dialogue, collaboration, and access across key pillars of the virtual asset economy. Through membership programs, strategic partnerships, and curated events, TheBlock offers its members direct engagement with the people and policies driving the industry forward. With a growing global network and strong regional footprint, it supports meaningful growth and influence in the virtual asset landscape.Website | Twitter | Instagram | Linkedin
Published Date: 2025-05-05 12:22:06Creator: Cointelegraph by Cointelegraph
Read More
XRP price risks 45% decline to $1.20 — Here is why
Key takeaways:XRP forms a bearish descending triangle on the daily chart, risking a 45% drop to $1.20.Declining daily active addresses signal reduced transaction activity and liquidity.A breakout above $2.18 could invalidate the bearish pattern.The XRP (XRP) price flashes warning signs as a bearish technical pattern emerges on its daily chart, coinciding with declining network activity. XRP descending triangle hints at 45% price dropThe XRP price chart has been forming a descending triangle pattern on its daily chart since its late 2024 rally, characterized by a flat support level and a downward-sloping resistance line.A descending triangle chart pattern that forms after a strong uptrend is seen as a bearish reversal indicator. As a rule, the setup resolves when the price breaks below the flat support level and falls by as much as the triangle’s maximum height.XRP/USD daily chart. Source: Cointelegraph/TradingViewThe bulls are struggling to keep XRP above the 50-day simple moving average (SMA), currently at $2.18, signaling a lack of strength.If this trend continues, a close below the moving averages, namely the 50-day SMA and the 100-day SMA at $2.06, could sink the XRP/USDT pair to the psychological support level at $2.00. Related: Is XRP price going to crash again?If this support fails, XRP price could tumble toward the downside target at around $1.20 by the end of May, down 45% from current price levels.XRP’s descending triangle target echoes an earlier analysis that warned of a possible decline to as low as $1.61 if key support levels didn’t hold.Conversely, a clear breakout above the triangle’s resistance line at $2.18 would invalidate the bearish structure, putting XRP in a good position to rally toward the $3.00 psychological level.Declining XRP network activityThe XRP Ledger has experienced a significant drop in network activity compared to Q1 2025. Onchain data from Glassnode shows that the network’s daily active addresses (DAAs) are now far below March’s peak. On March 19, the ledger recorded a robust 608,000 DAAs, reflecting high user engagement and transaction activity. However, this metric crashed in April and early May, as shown in the chart below. With only around 30,000 daily active addresses, user transactions have decreased, possibly signaling reduced interest or a lack of confidence in XRP’s near-term outlook.XRP Daily Active Addresses. Source: GlassnodeHistorically, declines in network activity typically signal upcoming price stagnation or drops, as lower transaction volume reduces liquidity and buying pressure.Meanwhile, XRP’s 1.17% drop over the last 24 hours is accompanied by a 30% increase in daily trading volume to $2 billion. Trading volume increases amid a price decline can be interpreted as profit-taking or repositioning by crypto traders as they wait for XRP’s next move. Analyst Dom commented on the increased selling volume, pointing out that “a large amount of market selling over the last week” is why XRP failed to sustain upward moves. Source: DomThis article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Published Date: 2025-05-05 11:54:05Creator: Cointelegraph by Nancy Lubale
Read More
Crypto funds raked in $2B last week, pushing 3-week haul to $5.5B
Cryptocurrency investment products attracted $2 billion in new inflows last week, according to the European investment firm CoinShares.Global crypto exchange-traded products (ETPs) have added $5.5 billion in inflows in the past three weeks, according to the latest weekly report from CoinShares.With the new inflows, total assets under management (AUM) in all crypto ETPs worldwide jumped 3.3% from $151 billion to $156 billion.Although the positive trend has continued for the past three weeks, the latest weekly inflows were down 41% from last week’s $3.4 billion of inflows — the third-largest crypto ETP inflows on record.Inflows slowed down despite new Bitcoin gainsThe slowdown in crypto ETP inflows came despite Bitcoin (BTC) seeing some brief gains last week, with the price rising from about $94,300 on April 28 to an intraweek high above $97,000 on May 2, according to data from CoinGecko.In the trading week from April 28 to May 2, Bitcoin saw $1.8 billion of inflows, down 43% from the week before.Crypto ETP flows by asset as of May 3, 2025 (in millions of US dollars). Source: CoinSharesHowever, bearish investors increased positions as short Bitcoin ETPs saw a 300% spike in inflows compared to the previous week, up to $6.4 million from $1.6 million.Altcoins Ether (ETH) and XRP (XRP) saw ETP inflows of $149 million and $10 million, respectively.Related: BlackRock Bitcoin ETF buys $970M in BTC as inflows surge, boost marketWith Bitcoin accounting for 98% of all year-to-date crypto ETP inflows, total inflows this year amounted to $5.6 billion as of May 3.Inflows concentrated with BlackRock’s iSharesAccording to CoinShares data, crypto ETP inflows were highly concentrated with BlackRock’s iShares products, which saw as much as $2.7 billion last week.Still, crypto ETPs by issuers like ARK Invest and Fidelity Investments were bleeding last week, with outflows amounting to $458 million and $201 million, respectively. Crypto ETP flows by issuer as of May 3, 2025 (in millions of US dollars). Source: CoinSharesOther issuers such as Bitwise, Grayscale and ProShares recorded minor outflows for their crypto ETP products last week, totaling $36 million, $31 billion and $25 million, respectively.Magazine: Bitcoin to $1M ‘by 2029,’ CIA tips its hat to Bitcoin: Hodler’s Digest, April 27 – May 3
Published Date: 2025-05-05 11:52:22Creator: Cointelegraph by Helen Partz
Read More
Aptos exec sees Web 2.5 platforms earning ‘tons’ of revenue
While many crypto ecosystems focus on decentralization as the core tenet of Web3, Aptos is seeing success with hybrid platforms that blend Web2 and Web3 technologies, commonly referred to as “Web2.5.”In an interview at the Token2049 event in Dubai, Aptos’ head of ecosystem, Ash Pampati, told Cointelegraph that Web2.5 platforms are earning “tons of revenue” within Aptos. He noted that consumer-focused applications, in particular, are thriving in the network.Web2.5 is a term used to describe platforms or applications that blend centralized Web2 experiences with decentralized Web3 elements. These applications avoid full decentralization, often drawing criticism for not fully embracing the Web3 vision. Ash Pampati at the Token2049 media lounge in Dubai. Source: CointelegraphConsumer-focused Web2.5 platforms generate revenue on AptosPampati told Cointelegraph that one of the trends he sees within the Aptos ecosystem is that founders want to build “great consumer experiences.” He said the Aptos network was built to support projects with almost a Web2-like scale. Because of its Meta origins, Aptos has a developer stack focusing on abstracting friction away from Web3. Pampati described this as more of a Web2 user experience “without sacrificing Web3 principles.” He said platforms that followed such models had found success within the ecosystem:“We see a lot of great consumer Web 2.5 platforms emerging. So, those that are focused on distribution and those that are focused on fan loyalty are also generating tons of revenue because they've created great products.”Pampati said the trend is mainly influenced by their developer stack and what the Aptos platform offers, which focuses on broad consumer applications. Related: From digital identity to outer space: Projects push crypto use casesThe challenge of attracting the next million usersWhile Web2.5 applications address some of the user experience problems for crypto and Web3, Pampati said that one of the challenges in the space remains the onboarding of non-crypto natives to the industry. “I think the biggest challenge is trying to predict the next catalyst that pulls forward the next million, 10 million users into crypto. I think there’s a lot of tendency to go and refight old wars,” Pampati told Cointelegraph, adding that founders often move back into concepts like memecoins and non-fungible tokens (NFTs). Still, he said, finding the next catalyst to spur broader mainstream adoption will require creating something new. Pampati added that collaborating and motivating founders to “see through the corners and not just try to recreate what’s already been created before” remains a challenge. He said that founders should be prepared for the next catalyst. Magazine: Crypto wanted to overthrow banks, now it’s becoming them in stablecoin fight
Published Date: 2025-05-05 10:59:38Creator: Cointelegraph by Ezra Reguerra
Read More
Watch these Bitcoin price levels as BTC meets ‘decision point’
Key takeaways:Bitcoin failed to break the $98,000 resistance amid increased profit-taking.BTC price needs to close above $95,000 on the daily chart for a push to $100,000.Bitcoin’s (BTC) price failed to break above resistance at $98,000 on May 3. Since April 22, BTC prices have formed daily candle highs between $93,000 and $97,900, but they could not close above $97,440.BTC/USD four-hour chart. Source: Cointelegraph/TradingViewBitcoin price action has been choppy and within a narrow range for the past few days. With elevated profit-taking and a lot of supply in profit, markets could see volatile price swings toward key BTC price levels over the next few days. Realized profits above “statistical levels”Senior researcher at Glassnode, CryptoVizArt.₿, said that Bitcoin’s rally to the $93,000-96,000 range has “pushed the profit-taking volume above the statistical levels.”In other words, the Realized Profit/Loss ratio shows that the volume of Bitcoin being sold at a profit exceeds historical norms. This suggests heightened selling activity by investors locking in gains, often signaling potential market tops and increased sell-side pressure.The chart below indicates that “for every dollar realized in loss, more than 9 dollars was realized in profit!” CryptoVizArt.₿ explained, adding:“The fact that the price is still above $93,000 is very surprising, which in my humble opinion is also risky.”Bitcoin realized profit/loss ratio. Source: Glassnode As reported by Cointelegraph, BTC selling has been ramping up near the $95,000 level over the past few days as short-term traders book profits.Crypto analyst Checkmate said that Bitcoin’s current market is at a key “decision point,” so Bitcoin must clear this price zone in the near term to avoid another major correction.Related: Bitcoin price cools going into Fed rate hike week, HYPE, AAVE, RNDR, FET still look bullishBitcoin’s supply in profit now stands at 86%, as per data from Glassnode. This high percentage often signals a bullish phase. However, it also indicates potential risks: When supply in profit exceeds 80-90%, historical patterns show increased profit-taking, particularly by short-term holders, which can lead to corrections.Given these two scenarios, Checkmate pointed out:“We're sitting right in the middle of a decision point, and all it will take is one big red or green candle from here to convince people of a lower high, or bull continuation, respectively.”Bitcoin distribution. Source: CheckonchainKey Bitcoin price levels to watchBitcoin must flip the $98,000 resistance level into support to target higher highs above $100,000.But first, the BTC/USD pair must close above $95,000 on the daily chart. BTC’s price dropped below this level on May 4, driven by profit-taking after the rally to $97,000.BTC/USD daily chart. Source: Cointelegraph/TradingViewOne positive catalyst for the bulls could be continued demand from spot Bitcoin ETFs. Bitcoin ETFs registered $1.8 billion in net inflows last week, per Farside Investors’ data.Another catalyst could come from Wednesday’s Fed interest rate decision meeting. Meanwhile, the bears will attempt to keep the $98,000 resistance in place to increase the likelihood of pulling the price below $92,000. The immediate target below the previous range lows is at $90,000, i.e., the convergence point of the 100-day and 200-day SMAs.Below $90,000, the next key area of interest remains between $85,000 and $75,000. Reaching $75,000 would erase all the gains after the 90-day tariff pause. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Published Date: 2025-05-05 10:51:22Creator: Cointelegraph by Nancy Lubale
Read More
Tether AI platform to support Bitcoin and USDT payments, CEO says
Tether AI, the forthcoming artificial intelligence platform from stablecoin giant Tether, will feature payments in major cryptocurrencies, including USDt and Bitcoin.Tether CEO Paolo Adroino took to X on May 5 to tease the imminent launch of Tether AI, the company’s new AI platform designed to offer “personal infinite intelligence.”According to Ardoino, Tether’s AI platform will be integrated with USDt (USDT) and Bitcoin (BTC) payments, allowing users to make transactions directly through a peer-to-peer (P2P) network.Source: Paolo ArdoinoThe initiative builds on Tether’s December 2024 announcement that it was developing a website for the AI tool, targeting a launch by the end of the first quarter of 2025. Support of “any hardware and device”Ardoino emphasized that Tether AI will not use application programming interface (API) keys and will not depend on centralized control points.Instead, Tether AI will offer a “fully open-source AI runtime” that will run on an “unstoppable peer-to-peer network,” and be “fully modular and composable.”Additionally, Tether AI will be capable of adapting and evolving on “any hardware and device,” he said.P2P crypto payments enabled with WDKThe announcement also said Tether AI’s P2P crypto payments will be “infused” with its open-source wallet development kit (WDK), launched in November 2024.Tether’s WDK is a toolkit that enables developers to build mobile, desktop and web wallet applications, enabling self-custodial, or non-custodial, holding of USDt and Bitcoin.An excerpt from Tether’s WDK announcement in November 2024. Source: TetherUnlike custodial wallets, self-custodial wallet solutions allow users to control assets completely, eliminating reliance on third-party custody solutions for completing transactions.Tether doubles down on AITether AI is part of a broader strategy to expand the company’s footprint in artificial intelligence.In April 2024, Tether announced company restructuring to introduce new divisions beyond stablecoin development, launching Tether Data, a dedicated unit focused on AI and P2P development.Related: OpenAI ignored experts when it released overly agreeable ChatGPTIn February, Ardoino announced that its AI division was working on a series of AI apps, including AI Translate, AI Voice Assistant and AI Bitcoin Wallet Assistant.Source: Paolo Ardoino (X post translated by Google)According to Ardoino, Tether AI has one key goal of providing the “ideal technological foundation” to achieve the vision of AI described by Isaac Asimov, one of the most influential science fiction authors about AI, known for works such as I, Robot, The Robot Series and more.“AI will, in the coming decades, become part of the very fabric of the universe,” Ardoino said in another X post, written in Italian.Magazine: Bitcoin to $1M ‘by 2029,’ CIA tips its hat to Bitcoin: Hodler’s Digest, April 27 – May 3
Published Date: 2025-05-05 10:23:11Creator: Cointelegraph by Helen Partz
Read More