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Alarm bells ring in US over OpenAI’s crypto project World

World Network, the digital identity and crypto project of Sam Altman’s OpenAI, has alarmed privacy activists ahead of its United States launch, with observers concerned over its data collection and protection practices.

World “is the opposite of privacy. It’s a trap,” said Nick Almond, CEO of FactoryDAO, on X. While the project claims to protect user privacy in the age of proliferating AI, it’s faced a slew of regulatory concerns across the globe.

Formerly known as “Worldcoin,” the iris-scanning technology and its crypto token payout scheme are being probed by authorities in India, South Korea, Italy, Colombia, Argentina, Portugal, Kenya and Indonesia. In Spain, Hong Kong and Brazil, it’s outright banned.

World’s latest foray into the US could prove to be CEO Sam Altman’s biggest challenge yet, where privacy concerns are heightened by a patchwork of enforcement that differs state by state.

Varying privacy laws could leave World

Crypto VC deals drop in Q1, but funding more than doubles: PitchBook

Crypto venture capital deals in the first quarter of 2025 saw deal values jump even as the number of deals sank from the same quarter a year ago, says PitchBook.

The venture research firm said in its May 14 Crypto VC Trends report for Q1 that 405 deals were made in the quarter, down 39.5% from the 670 deals made in Q1 2024, but slightly up from the 372 made in Q4 last year.

However, the total value of deals in Q1 more than doubled from a year ago, jumping to $6 billion compared to $2.6 billion in the first quarter of 2024 and doubling from $3 billion in Q4 2024.

PitchBook’s senior crypto research analyst Robert Le said that despite macroeconomic turmoil over the quarter, “capital continued to seek crypto’s core utility rails.”

VCs poured nearly $2.55 billion across 16 deals into businesses like crypto asset managers, exchanges,

Crypto swapper eXch shows signs of life after post-Bybit shutdown

Once a go-to swapper for hackers and drainers, eXch was shut down by German police in April — but continued activity suggests the story isn’t over.

Without Know Your Customer (KYC) checks, eXch wasn’t your typical crypto exchange. It acted more like an instant swapper, allowing bad actors and cybercriminals to fly under the radar for years.

Among its clients was the Lazarus Group. The North Korean state-backed hacking unit thrust eXch into the spotlight back in February, when it used the platform to funnel some of the $1.4 billion it stole from Bybit. When Bybit traced its stolen funds to eXch, it requested assistance — but the platform refused.

This led to a fierce discussion over privacy versus security, but ultimately, eXch announced it would close its doors on April 17; on April 30, German authorities made it official.

But according to security

Former execs of crypto lender Cred cop to wire fraud

Two former executives of the bankrupt crypto lending service Cred have pleaded guilty to wire fraud connected to the company’s collapse.

Former Cred CEO Daniel Schatt and chief financial officer Joseph Podulka admitted to wire fraud as part of a plea deal with prosecutors, according to a May 13 text filing in a California District Court.

District Judge William Alsup accepted the plea deals and set a sentencing hearing for Aug. 26. Wire fraud can carry up to 20 years in prison and $250,000 in fines for individuals and $500,00 for businesses.

After accepting the defendant’s guilty plea, Judge William Alsup set a sentencing hearing for August. Source: PACER

Law360 reported that as part of the plea agreement, Schatt and Podulka admitted to selectively presenting positive “information [while] failing to disclose negative news” as part of a plan

Semler Scientific sees after-hours stock slump as Q1 revenue plunges

Bitcoin-buying medical device firm Semler Scientific has seen its share price drop after the bell as its first-quarter revenues fell and losses deepened from the year-ago quarter.

In its Q1 earnings report released May 13, Semler reported its total revenues fell 44% from the year-ago quarter to $8.8 million, with its net losses hitting $64.7 million compared to a net income of $6.1 million in the first quarter of 2024.

Shares in Semler Scientific (SMLR) closed the May 13 trading session up over 5% but fell 1.91% to $36 after the bell with its earnings announcement, according to Google Finance. Semler’s stock is down over 32% so far this year.

Semler fell nearly 2% after announcing its Q1 results on May 13. Source: Google Finance

The company said it purchased 894 Bitcoin (BTC) over

Synthetix makes $27M bid to re-acquire crypto options platform Derive

Decentralized finance platform Synthetix is planning to venture further into crypto derivatives with plans to re-acquire the crypto options platform Derive.

Synthetix said in a May 14 blog post that it plans to acquire Derive in a token exchange deal, pricing 1 SNX token to 27 DRV tokens, which would value Derive at around $27 million.

The transaction is subject to approval from both the Synthetix and Derive communities, which will take a vote on the proposal, called SIP-415, next week.

If approved, the acquisition will combine Derive’s front-end and real-world asset (RWA) expertise with Synthetix’s derivatives infrastructure.

Derive originally launched as Lyra in 2021, having spun out from the Synthetix ecosystem. Synthetix said the acquisition is part of a broader strategy that includes recent acquisitions of Kwenta and TLX, reflecting ecosystem consolidation.

“Reuniting under one banner simplifies our architecture

Thailand to tokenize $150M government bonds for retail investors: Report

Thailand’s Ministry of Finance reportedly plans to issue $150 million worth of digital investment tokens, allowing retail investors to buy government bonds.

The Bangkok Post reported on May 13 that Finance Minister Pichai Chunhavajira announced the initiative at a briefing after the cabinet endorsed the plan. He added that the tokens will be launched within the next two months.

The so-called “G-tokens” will be used to raise funds from the public under the current budget borrowing plan, said Patchara Anuntasilpa, director-general of the Public Debt Management Office. He added that these were not debt instruments.

“One big selling point of the token is that it allows more retail investors to become part of the digital economy,” he said, adding that for as little as $3, “they can invest in government bonds.”

Until recently, retail investors have been limited or excluded from large investment product offerings in Thailand, which are

eToro prices IPO above range at $52 a share to raise $620M

Crypto and stock trading platform eToro has boosted the size of its initial public offering to $620 million by pricing its shares above its previously suggested range.

The platform and its backers sold over 11.92 million shares for $52 each, which are slated to start trading on the Nasdaq Global Select Market on May 14 under the ticker symbol ETOR, eToro said in a May 13 press release.

Initially, the firm aimed to raise $500 million by offering 10 million shares priced between $46 to $50 each.

The share offering will remain open until at least May 15 and consists of more than 5.9 million shares sold by eToro and 5.9 million shares sold by specific existing shareholders.

The Israel-based eToro will go public as a rival to Robinhood Markets Inc. (HOOD), which went

Illicit $8B crypto market Xinbi incorporated in Colorado: Elliptic

A Colorado-incorporated firm has been linked to a Chinese illicit marketplace that has served scammers in Southeast Asia and has been used to channel billions of dollars worth of crypto.

The marketplace, called Xinbi Guarantee, has received $8.4 billion, primarily in Tether (USDT) stablecoin transactions to date, blockchain security firm Elliptic reported on May 13.

Merchants on the Chinese-language, Telegram-based illicit marketplace sell technology, personal data, and money laundering services to Southeast Asian scammers who target victims using pig butchering scams.

On its website, Xinbi describes itself as an “investment and capital guarantee group company” and claims to operate through Xinbi Co. Ltd, a Colorado-incorporated company incorporated in 2022.

Screenshots showing Xinbi Co. Ltd’s incorporation in the US state of Colorado. Source: Elliptic

“In January 2025, the corporation was updated

Crypto exchange CEO’s daughter fights off brazen kidnappers in Paris

Disclaimer: This article contains a video that may be disturbing for some readers.

A brazen attempt to kidnap the daughter and grandson of Pierre Noizat, the co-founder and CEO of French crypto exchange Paymium, was foiled after the daughter and passersby reportedly fought off the kidnappers.

Three masked men attacked Noizat’s daughter and a male partner on May 13 while she was walking with her son in Paris’ 11th district. The assailants tried to force Noizat’s daughter and her son into a waiting van, the French state-owned media outlet France24 reported on May 13.

The accompanying male partner was assaulted when he tried to intervene, but Noizat’s daughter resisted and managed to take one of the guns off an assailant in a scuffle and throw it away, police said.

En plein Paris, un homme a été violenté par des individus cagoulés, habillés tout en noir. Ils tentaient de l’enlever.