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India’s Supreme Court urges government to regulate cryptocurrency

India’s Supreme Court has questioned the government’s lack of regulatory clarity on cryptocurrencies despite imposing taxes on digital assets like Bitcoin.

According to Indian legal news outlet LawChakra, the country’s Supreme Court expressed concern over the growing use of Bitcoin (BTC) and other cryptocurrencies while remaining largely unregulated.

“This is a whole parallel economy running with such coins and is a danger to the economy of the country,” Justice Surya Kant reportedly said during a recent hearing related to an ongoing investigation into a Bitcoin transaction.

Kant further highlighted that while the government has implemented crypto taxation, it has failed to regulate the space.

“If you can tax it at 30%, also please regulate it as you have recognised it by taxing it,” the judge said.

Government says review may follow

The Additional Solicitor General of India — a senior legal officer representing the government of India

Binance seeks to dismiss $1.76B FTX lawsuit, blames SBF for collapse

Binance has filed a motion to dismiss a $1.76 billion lawsuit brought by the FTX estate, accusing the defunct crypto exchange of trying to deflect blame for its own failure.

Filed on May 16 in the Delaware Bankruptcy Court, Binance’s legal team called the suit “legally deficient,” stating that FTX’s collapse was not triggered by market manipulation or hostile action but by internal misconduct.

“Plaintiffs are pretending that FTX did not collapse as the result of one of the most massive corporate frauds in history,” the filing said, pointing to Sam “SBF” Bankman-Fried’s conviction on seven counts of fraud and conspiracy.

FTX’s estate alleges that Binance received billions in crypto during a 2021 buyback deal, funded improperly with customer assets.

Binance rejects this claim, stating that “FTX remained a going concern for 16 months” after the share repurchase and that there was “no plausible claim” the exchange was insolvent at the

Bitcoin privacy tool Payjoin receives $100K grant from Maelstrom

Bitcoin developer Ben Allen has received a $100,000 grant from investment firm Maelstrom to support the development of Payjoin, a privacy-focused tool aimed at improving Bitcoin’s scalability and privacy.

According to a May 20 announcement shared with Cointelegraph, Maelstrom will finance Allen’s work on his Payjoin devkit alongside Dan Gould. The system allows Bitcoin (BTC) senders and receivers to use batched transactions, with positive implications for scalability and privacy.

Payjoin Developer Kit’s website. Source: Payjoin Dev Kit

Payjoin was first proposed by Nicolas Dorier in 2019 in Bitcoin improvement proposal (BIP) 78. The core principle behind the system is that both senders and receivers may contribute inputs to a transaction.

“Namely that privacy is enhanced and improved consolidation of transaction outputs is achieved, benefiting scalability,“ the Maelstrom announcement states.

A Maelstrom representative told Cointelegraph that grantees are paid monthly for a total of $100,000 per year in Bitcoin and Allen’s grant will last one year.

Coinbase data leak could put users in physical danger: TechCrunch founder

A recent data breach at crypto exchange Coinbase has raised concerns about user safety after hackers gained access to sensitive information, including home addresses.

Coinbase, the world’s third-largest cryptocurrency exchange, confirmed that less than 1% of its transacting monthly users were affected in an attack that may cost the exchange up to $400 million in reimbursement expenses, Cointelegraph reported on May 15.

However, the “human cost” of this data breach may be much higher for users, according to Michael Arrington, the founder of TechCrunch and Arrington Capital.

“Very disappointed in Coinbase right now. Using the cheapest option for customer service has its price,” Arrington said in a May 20 X post, adding:

“Something that has to be said though – this hack – which includes home addresses and account balances – will lead to people dying. It probably has already.”Source: Michael Arrington

While no passwords,

Read More at https://cointelegraph.com/news/coinbase-breach-physical-crime-techcrunch-founder?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound

South Korean presidential front-runner proposes won-based stablecoin

South Korea’s Democratic Party leader Lee Jae-myung proposed creating a stablecoin tied to the Korean won to prevent capital outflows and strengthen national financial sovereignty.

Speaking during a recent policy discussion, Lee argued that a won-based stablecoin would allow South Korea to retain wealth domestically while reducing reliance on foreign-issued digital assets like USDt (USDT) and USDC (USDC), according to The Korea Herald.

Currently, South Korean law prohibits the issuance of domestic stablecoins, forcing local exchanges to rely on US dollar-based alternatives.

Between January and March, crypto exchanges in the country recorded 56.8 trillion won ($40.8 billion) in asset outflows, nearly half of which were linked to foreign stablecoins, the report said.

“We need to establish a won-backed stablecoin market to prevent national wealth from leaking overseas,” Lee reportedly said.

South Korean candidates make pro-crypto promises

The proposal is part of

How $330M was stolen without hacking: The dark power of social engineering

The $330 million attack: A stark reminder of social engineering’s power

A major crypto theft has sent shockwaves through the industry, with $330 million worth of Bitcoin (BTC) stolen. Experts say this was a social engineering attack and not a technical hack.

Investigations led by blockchain analyst ZachXBT suggest the victim was an elderly US citizen who was manipulated into granting access to their crypto wallet. On April 28, 2025, ZachXBT detected a suspicious transfer of 3,520 BTC, worth $330.7 million.

The stolen BTC was quickly laundered through more than six instant exchanges and converted into the privacy-oriented cryptocurrency Monero (XMR). Onchain analysis shows the victim had held over 3,000 BTC since 2017, with no previous record of substantial transactions.

Unlike typical cyberattacks that exploit software vulnerabilities, this incident relied on psychological manipulation. Scammers posed as trusted entities, slowly building credibility before persuading the victim

Read More at https://cointelegraph.com/explained/how-330m-was-stolen-without-hacking-the-dark-power-of-social-engineering?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound

Genesis files dual lawsuits to claw back $3.3B from DCG, Barry Silbert

Genesis has launched a pair of lawsuits against its parent company, Digital Currency Group (DCG), and its CEO, Barry Silbert, accusing them of fraud, reckless mismanagement, and siphoning more than a billion dollars in value from the now-bankrupt crypto lender.

On May 19, the Delaware Court of Chancery unsealed a complaint detailing how DCG allegedly used Genesis as a corporate ATM, draining funds through self-serving loans and concealed transfers while presenting a false image of financial health.

Through their court-appointed Litigation Oversight Committee (LOC), Genesis creditors claim that over a million digital coins — worth approximately $2.1 billion — were funneled away, even as Genesis edged toward collapse.

As per the complaint, Genesis creditors are still owed approximately $2.2 billion worth of crypto assets, including 19,086 Bitcoin (BTC), 69,197 Ether (ETH), and over 17.1 million other tokens, along with significant unpaid fees and interest as of Feb. 9, 2025.

At the

Sorry bears — Bitcoin analysis dismisses $107K BTC price double top

Key points:

Bitcoin is not in line to cancel its attack on all-time highs, says the Bitcoin Fundamental Index (BFI).

BTC price strength remains “intact,” says Swissblock Technologies, removing the risk of a double top.

Historically, a return to within 10% of all-time highs delivers price discovery almost every time.

Bitcoin (BTC) does not risk a “double top” bull market reversal with its trip past $107,000, new analysis says.

In one of its latest X updates, private wealth manager Swissblock Technologies described BTC price strength as “intact.”

BTC price indicator ignores double top “noise”

Bitcoin shows “no signs of bearish divergence,” as seen through the lens of a basket of network indicators.

Commenting on the latest signals from its Bitcoin Fundamental Index (BFI), Swissblock argues that despite being less than $5,000 from all-time highs, BTC/USD is not about to abandon its push into price discovery.

“A lot of noise about a

Trump signs bill criminalizing nonsensenual AI deepfake porn

US President Donald Trump has signed a bill criminalizing nonconsensual artificial intelligence-generated deepfake porn, which also requires websites to take down any illicit images within 48 hours.

Trump signed the bill into law on May 19, known as the TAKE IT DOWN Act, an acronym for Tools to Address Known Exploitation by Immobilizing Technological Deepfakes on Websites and Networks.

The bill, backed by first lady Melania Trump, makes it a federal crime to publish, or threaten to publish, nonconsensual intimate images, including deepfakes, of adults or minors with the intent to harm or harass them. Penalties range from fines to prison.

Source: Melania Trump

Websites, online services, or apps must remove illegal content within 48 hours and establish a takedown process.

Trump said in remarks given at the White House Rose Garden and posted to the social media platform Truth Social that the bill also covers “forgeries generated by

Indonesia’s DigiAsia shares pop 90% on plan to raise $100M to buy Bitcoin

Shares in the Indonesian fintech firm DigiAsia Corp nearly doubled after the company said it plans to raise $100 million to seed its first of many Bitcoin buys.

The Jakarta-based Nasdaq-listed company said on May 19 that its board of directors approved creating a Bitcoin (BTC) “treasury reserve” and it was “committing up to 50% of any net profits generated to fund the acquisition of BTC.”

DigiAsia said it was also “actively exploring a capital raise of up to US$100 million” to kickstart its Bitcoin holdings and would look to earn yield on its holdings through means like lending and staking.

DigiAsia said it had “initiated discussions with regulated partners” on yield strategies and managing its planned Bitcoin holdings. The company added that it was also assessing whether to offer convertible notes or crypto finance instruments linked to its planned