Labor Department rescinds Biden-era guidance for crypto in 401(k) plans
The US Labor Department has officially rescinded guidance issued during the Biden administration that limited the inclusion of cryptocurrency in 401(k) retirement plans.On May 28, the Labor Department revoked a 2022 guidance that had urged fiduciaries to be “extremely cautious” when considering cryptocurrency for 401(k) retirement plans. The move could give asset managers more flexibility to include digital assets in retirement investment options.The government agency removed the guidance asserting that it represented a departure from the department’s “historically neutral, principled-based approach to fiduciary investment decisions.”“We’re rolling back this overreach and making it clear that investment decisions should be made by fiduciaries, not D.C. bureaucrats,” said US Secretary of Labor Lori Chavez-DeRemer. The Labor Department under Biden criticized the practice of marketing cryptocurrencies to 401(k) participants. At the time, the agency claimed cryptocurrencies posed “significant risks and challenges” to participants’ retirement accounts due to their “speculative and volatile” nature and “valuation concerns,” among other reasons.The American Banking Association (ABA) criticized the 2022 compliance release, claiming that it did not make the guidance available for public comment and review prior to issuance.Related: Fidelity introduces retirement accounts with minimal-fee crypto investingTrump administration shifts crypto landscapePresident Trump has pledged to make the United States “the world capital of crypto” during his 2024 campaign.Under his administration, the Securities and Exchange Commission has scaled back several enforcement actions and investigations involving Web3 companies such as Uniswap, Coinbase, and Kraken, while also engaging in policy discussions on topics like real-world asset tokenization and the regulatory status of certain tokens. At the same time, some lawmakers have expressed concerns about Trump’s involvement in the crypto space, including calls for greater scrutiny of his associated ventures.Magazine: Trump’s crypto ventures raise conflict of interest, insider trading questions
Bitcoin analyst says BTC price peak in $220K to $330K range still possible
Key takeaways:Bitcoin researcher Sminston With says BTC could gain 100% to 200%, with a cycle peak between $220,000 to $330,000.Bitcoin continues to exhibit strong cyclical volatility, contradicting the belief that its price swings are softening over time.Over $4 billion in BTC has been moved by long-term holders, warning of a price correction.Analysis from Bitcoin (BTC) researcher Sminston With implied that a BTC price peak is still 100% to 200% away from current prices. In a recent X post, With shared a Bitcoin price chart using a 365-day simple moving average (SMA) aligned with a power law model (R²=0.96). The model suggests Bitcoin’s price follows a predictable, non-random pattern over time, distinct from the exponential growth models often applied to stocks and equities.Bitcoin power law fit analysis by Sminston With. Source: XThe chart revealed that Bitcoin’s 365-day SMA typically peaks 2 to 3 times above the power law trendline in each market cycle. With Bitcoin priced at $110,000 on May 27, this model projects a potential cycle top between $220,000 and $330,000. This forecast aligns with historical patterns, where Bitcoin has consistently overshot this trendline during bullish phases, offering an optimistic outlook for investors.A second graph in the post highlights Bitcoin’s price deviation from the power law fit, showing steady cyclical volatility without exponential decay in sustained peaks. This challenges the common belief that Bitcoin’s price cycles are becoming less extreme over time, indicating that the cryptocurrency’s volatility remains a defining trait, potentially leading to significant price swings over the next few months. In Q3 2024, With accurately predicted that Bitcoin would reach a six-figure price by January 2025, when BTC was trading around $60,000. The analysis examined each decaying peak by assessing BTC’s price at cycle highs. A decaying period in an investment cycle occurs when a strategy’s returns decline as the opportunity becomes widely adopted, culminating in a peak where the asset’s value drops sharply, leading to mass profit-taking.With’s quarter-on-quarter price targets for 2025, as outlined in this analysis, are summarized below.Bitcoin returns in 2025 based on decaying peaks. Source: Sminston With/XThe researcher did warn that his study is based on just four market cycles and should be approached with considerable skepticism.Related: Bitcoin price will reach $130K or even $1.5M, top bulls sayBitcoin dips below $108K as old coiners move $4.2 billion in BTCBitcoin long-term holders (LTHs) have transferred $4.02 billion in BTC, the largest spending volume from the 1-to-5-year cohorts since February 2025, according to Glassnode. This surge, driven by the 3-to-5-year cohort ($2.16 billion), ranks fifth-largest in this cycle, following previous spending peaks like $9.25 billion in October 2024. The 2-to-3-year and 1-to-2-year cohorts contributed $1.41 billion and $450 million, respectively, to the total spent volume by age. BTC: Spent Volume by Age. Source: GlassnodeAs illustrated in the chart, LTH spending often aligns with price peaks, suggesting profit-taking, with BTC currently struggling to retain its position above $110,000.However, sharp price movements could follow if this movement coincides with an increase in BTC exchange reserves. Currently, the total BTC held on exchanges continues to decline.From a technical perspective, Bitcoin has been setting higher highs and lows since its price bottomed at $74,500, and each time after new highs, BTC has formed a sideways range before the next breakout. Bitcoin 4-hour chart analysis. Source: Cointelegraph/TradingViewThe ongoing correction mirrors this pattern, with recent local lows at $107,300, previously marked as local highs 10 days prior. However, a deeper correction could be imminent for Bitcoin. Based on historical data, anonymous crypto trader TXMC noted that Bitcoin could be nearing the end of a green weekly streak. The analyst said,“BTC Seven to eight consecutive green weeks are the longest streaks Bitcoin has managed since 2013, before it has pulled back or consolidated. Last week was #7.”Bitcoin’s weekly green candle streak analysis. Source: TXMC/XRelated: Bitcoin sags below $108K as rate-cut bets evaporate before Fed minutesThis 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.
Bilal Bin Saqib, head of Pakistan’s crypto council, announced on May 28 that the country is moving to establish a strategic Bitcoin reserve.Speaking at the Bitcoin 2025 conference in Las Vegas, Nevada, Saqib said the government of Pakistan followed the United States’ lead in establishing a Bitcoin strategic reserve and is embracing pro-crypto regulatory policies. The government official told the audience:"Today is a very historic day. Today, I announce the Pakistani government is setting up its own government-led Bitcoin Strategic Reserve, and we want to thank the United States of America again because we were inspired by them."The announcement represents a significant departure from the government of Pakistan’s previous stance on cryptocurrencies, holding that crypto would never be legal in the country.Pakistan’s shift reflects the broader trend of nation-states adopting pro-crypto policies following the regulatory shift in Washington, DC under the President Donald Trump administration.Bilal Bin Saqib at the Bitcoin 2025 conference announcing a Bitcoin strategic reserve. Source: CointelegraphRelated: Pakistan appoints special assistant to PM on blockchain and cryptoPakistan shifts stance toward cryptocurrencies Pakistan government first explored the idea of a “National Crypto Council” in February 2025 to oversee the development of a comprehensive regulatory framework for cryptocurrencies and to attract foreign investment.Several initiatives were proposed by the Council, including using runoff energy to mine BTC or data centers, and accumulating BTC for a national treasury.In May 2025, the Council announced the allocation of 2,000 megawatts of excess energy to Bitcoin mining and high-performance computing data centers.Binance co-founder Changpeng Zhao is one of the Council’s advisers. Appointed in April, the executive will advise on crypto regulations, blockchain infrastructure, and the adoption of digital assets.Trump’s World Liberty Financial (WLFI), a decentralized finance protocol, signed a letter of intent on April 27 to help the country to tokenize real-world assets, build DeFi architecture, and experiment with crypto products.More recently, in May 2025, Pakistan’s Ministry of Finance commissioned the establishment of an entirely new agency to oversee digital asset regulations in Pakistan. The Digital Asset Authority will oversee the regulation of crypto platforms and issue licenses to digital asset providers operating in the country.Magazine: NBA star Tristan Thompson misses $32B in Bitcoin by taking $82M contract in cash
Shares of video game and collectibles retailer GameStop dropped nearly 11% on May 28 after the company announced its first Bitcoin purchase, triggering a classic sell-the-news reaction. The stock closed at $31.21 on the New York Stock Exchange, according to Google Finance. The company announced the purchase of 4,710 Bitcoin (BTC) valued at roughly $513 million on May 28. GameStop confirmed plans to create a BTC treasury strategy on March 26, following months of investor speculation and rumors that it would begin accumulating the cryptocurrency.Trump Media and Technology Group (TMTG), the parent company of President Donald Trump’s Truth Social platform, also saw its shares plunge after announcing a $2.5 billion capital raise to purchase Bitcoin. Since the May 27 announcement, TMTG stock has dropped over 24%.GameStop’s stock has experienced a pullback following the company’s first Bitcoin purchase. Source: TradingViewGameStop’s move to adopt Bitcoin as a treasury reserve asset reflects a growing trend among companies turning to Bitcoin to safeguard cash reserves or reposition themselves as Bitcoin acquisition vehicles.Related: Bitcoin accepted at fast food chain Steak ’n Shake from May 16Bitcoin as a hedge against fiat currency inflationSpeaking at the Bitcoin 2025 conference in Las Vegas, Nevada, GameStop CEO Ryan Cohen said that “Bitcoin and gold can be hedges against global currency devaluation and systemic risk.” According to Cohen:"Bitcoin has certain unique advantages compared to gold. The portability aspect, it's instantly transferable across the globe, whereas gold is bulky and very expensive to ship, the authenticity is instantly verified via the blockchain. You can easily secure Bitcoin in a wallet, whereas gold requires insurance, and it is very expensive."The CEO also cited the absolute scarcity of Bitcoin and the potential for gold's inflation rate to increase due to technological advancements as a factor in favor of choosing Bitcoin over gold for long-term value storage.GameStop CEO Ryan Cohen discusses the rationale for the company’s Bitcoin acquisition. Source: Bitcoin MagazineBitcoin also has a greater potential upside since the digital asset is still in its infancy and continues to be monetized. according to Cohen.“Gold is a more mature market. It is roughly around $20 trillion in market capitalization, whereas Bitcoin today is about $2 trillion,” the GameStop CEO said.Magazine: Bitcoin miners steamrolled after electricity thefts, exchange ‘closure’ scam: Asia Express
Key point:Bitcoin’s market structure is still bullish, even as a phase of profit taking and consolidation sets in.Bitcoin (BTC) remains pinned below the breakout level of $109,588, indicating that the bears are fiercely defending the level. Bitfinex analysts said in a market note that profit-taking generally follows after Bitcoin hits a new all-time high after a sharp rally. The report added that a mild retracement or consolidation would be healthy and lay the foundation for the next leg higher.Glassnode had a similar view. In its latest report, the market intelligence company said that the relative strength indicator (RSI) has weakened, suggesting easing momentum, which could lead to “a potential pause or reversal in the recent bullish trend.”Crypto market data daily view. Source: Coin360Even if a correction happens, dips are likely to be purchased. Material Indicators co-founder Keith Alan remains bullish as Bitcoin continues to trade above $100,000, and the whales are accumulating. He expects Bitcoin to find support near the $94,000 level. What are the critical levels to watch out for in Bitcoin and altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out.Bitcoin price predictionBitcoin’s failure to maintain above the $109,588 level may have attracted selling by short-term traders. BTC/USDT daily chart. Source: Cointelegraph/TradingViewThe bears will try to pull the price to the 20-day exponential moving average ($105,453), which is a key level to watch out for. If the price rebounds off the 20-day EMA with strength, it suggests that the sentiment remains positive and traders are buying on dips. That improves the prospects of a retest of the $111,980 level. If buyers overcome the $111,980 resistance, the BTC/USDT pair could surge to $130,000.Contrarily, a break and close below the 20-day EMA could strengthen the bears. The pair could then plummet to the psychologically crucial support of $100,000, which is likely to attract solid buying by the bulls.Ether price predictionBuyers could not push Ether (ETH) above the $2,738 resistance on May 27, but they have kept up the pressure.ETH/USDT daily chart. Source: Cointelegraph/TradingViewThe ETH/USDT pair has formed a bullish ascending triangle pattern, which will complete on a break and close above $2,738. That clears the path for a rally to $3,000 and later to the pattern target of $3,153.This optimistic view will be negated in the near term if the price turns down and breaks below the 20-day EMA ($2,467). The failure of a bullish setup may trap the aggressive bulls, sinking the pair to $2,323 and below that to $2,111.XRP price predictionXRP (XRP) has been trading between the moving averages, indicating a lack of aggressive buying or selling.XRP/USDT daily chart. Source: Cointelegraph/TradingViewThe flattish 20-day EMA ($2.33) and the RSI just below the midpoint do not give a clear advantage either to the bulls or the bears. If the price dips below the 50-day SMA ($2.24), the XRP/USDT pair could dive to the $2 support. Buyers are expected to fiercely defend the $2 level because a break below it may sink the pair to $1.61.On the upside, a break and close above the 20-day EMA opens the gates for a rally to $2.65. Buyers will have to drive the pair above $2.65 to catapult the price to $3.BNB price predictionBuyers pushed BNB (BNB) above the $693 resistance on May 27 but could not sustain the higher levels.BNB/USDT daily chart. Source: Cointelegraph/TradingViewThe price action of the past few days has formed a bullish ascending triangle pattern, which will complete on a break and close above $693. If that happens, the BNB/USDT pair could rally toward the pattern target of $752.The 20-day EMA ($658) is the critical support to watch out for on the downside. A break and close below the 20-day EMA could accelerate selling as the aggressive bulls may cover their positions. That could tug the pair to the 50-day SMA ($622).Solana price predictionSolana (SOL) has been consolidating inside a narrow range between the 20-day EMA ($169) and the overhead resistance at $180.SOL/USDT daily chart. Source: Cointelegraph/TradingViewIf the price turns down and breaks below the 20-day EMA, it suggests that the bulls are booking profits. The SOL/USDT pair could descend to $159 and later to the 50-day SMA ($153), which is likely to attract buyers. If the price rebounds off the 50-day SMA, the pair could swing between $153 and $180 for some time.A break and close above $180 signals the resumption of the up move. The pair could pick up momentum and rally to the $210 to $220 resistance zone.Dogecoin price predictionSellers are trying to pull Dogecoin (DOGE) below the immediate support at the 20-day EMA ($0.22).DOGE/USDT daily chart. Source: Cointelegraph/TradingViewIf they succeed, the DOGE/USDT pair could drop to the horizontal support at $0.21. Buyers are expected to defend the $0.21 level with all their might because a break below it could sink the pair to the 50-day SMA ($0.19). Such a move brings the large $0.14 to $0.26 range into play.On the contrary, a rebound off $0.21 suggests the bulls are vigorously defending the level. That could keep the pair inside the $0.21 to $0.26 range for a few more days.Cardano price predictionBuyers have managed to keep Cardano (ADA) above the neckline of the inverse head-and-shoulders (H&S) pattern, but the bounce lacks strength.ADA/USDT daily chart. Source: Cointelegraph/TradingViewThat increases the risk of a break below the 50-day SMA ($0.70). If that happens, the ADA/USDT pair could plunge to the solid support at $0.60. That suggests the markets have rejected the breakout from the bullish setup.Buyers will have to push the price above the $0.86 resistance to indicate the resumption of the up move. The pair may then rally to $1.01, where the bears may mount a strong defense.Related: SUI price chart hints at 2x rally amid Nasdaq ETF filingSui price predictionSui (SUI) turned down from the 20-day EMA ($3.66) on May 28, indicating that the sentiment remains negative and the traders are selling on rallies.SUI/USDT daily chart. Source: Cointelegraph/TradingViewThe bears will try to sink the SUI/USDT pair to the 50-day SMA ($3.24), which is a key level to keep an eye on. If the price rebounds off the 50-day SMA, the bulls will try to clear the 20-day EMA hurdle. If they can pull it off, the pair may rally to the $3.90 to $4.25 overhead zone.On the other hand, a break and close below the 50-day SMA suggests that the bears remain in control. The pair could then plunge to the $2.86 support.Hyperliquid price predictionHyperliquid (HYPE) turned down from $40 on May 26 and broke below the breakout level of $35.73 on May 28. HYPE/USDT daily chart. Source: Cointelegraph/TradingViewThere is support at $32, but if the level cracks, the HYPE/USDT pair could extend the slide to the 20-day EMA ($30). Buyers will try to start a bounce off the 20-day EMA but may face stiff resistance at $35.73.The first sign of strength will be a break and close above $35.73. That suggests solid demand at lower levels. The bulls will then make one more attempt to drive the pair to the overhead resistance of $42.25.Chainlink price predictionChainlink (LINK) continues to find support at the neckline of the H&S pattern, but the bulls have failed to start a strong rebound.LINK/USDT daily chart. Source: Cointelegraph/TradingViewThe 20-day EMA ($15.66) is flattening out, and the RSI is near the midpoint, indicating a balance between supply and demand. Buyers will have to push the price above $18 to gain the upper hand. If they do that, the LINK/USDT pair could rally to $19.80.Instead, if the price turns down and breaks below the 50-day SMA ($14.68), it suggests that the markets have rejected the breakout above the resistance line. The pair could then drop to $13.20.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.
JD Vance urges Bitcoin community to embrace politics
United States Vice President JD Vance took the stage to deliver a keynote address at the Bitcoin 2025 conference in Las Vegas, Nevada, encouraging Bitcoiners to deepen their involvement in politics.Vance highlighted the strategic and geopolitical importance of Bitcoin, emphasizing that the US should maintain leadership in the crypto industry to remain competitive in the age of digital finance. Vance told the audience:"What happens in the world of politics, what happens in the world of bureaucracy, will affect even the most transformational and valuable technologies if we do not make the right decisions. The first thing that I would ask you, is to take the momentum of your political involvement in 2024 and carry it forward to 2026 and beyond."“Don’t ignore politics because I guarantee you, my friends, politics is not going to ignore this community, not now, and not in the future,” the vice president continued.Vice President JD Vance gives a keynote speech at Bitcoin 2025 in Las Vegas, Nevada. Source: CointelegraphBitcoin continues to gain institutional legitimacy and has been elevated to an asset class with macroeconomic and geopolitical importance. Market analysts and Bitcoin advocates warn that the global race to acquire BTC is underway between sovereign powers.Related: Crypto czar Sacks says US could possibly ‘acquire more Bitcoin’Nation-state Bitcoin adoptionBitcoin maximalists and market analysts argue that high-stakes game theory compels nation-states to adopt BTC due to the downside or opportunity cost of not adopting the scarce digital asset as sovereign competitors do.This alleged nation-state’s fear of missing out (FOMO) was amplified by US President Donald Trump's pro-crypto stance, including the creation of a Bitcoin strategic reserve and a crypto advisory council.The regulatory shift in the United States prompted other governments to indicate a possible policy reset on cryptocurrencies and Bitcoin.The government of India, for instance, is reconsidering its crypto policies in response to regulatory changes in the US. India’s economic affairs secretary, Ajay Seth, said that digital assets do not care about borders.Magazine: Danger signs for Bitcoin as retail abandons it to institutions: Sky Wee
Conduit raises $36M for stablecoin, fiat cross-border payment network
Conduit, a cross-border payments company based in Boston, has raised $36 million in a Series A funding round led by Dragonfly and Altos Ventures. The capital will go to scale its payment system and expand currency offerings across fiat and stablecoins.Conduit markets its payment system as an alternative to the messaging network SWIFT, or Society for Worldwide Interbank Financial Telecommunications. Banks have relied on the SWIFT protocol to process wire transfers since the 1970s. Conduit claims its platform offers a modern alternative, enabling near real-time cross-border settlements by combining stablecoins with local fiat currencies through crypto infrastructure.“Traditional cross-border payment systems do not meet the demands of modern businesses,” Kirill Gertman, Conduit CEO, said in a statement. Additional participants in the funding round include Sound Ventures, Commerce Ventures, DCG, Circle Ventures, and two previous investors, Helios Digital Ventures and Portage Ventures. Conduit claims its clients have saved more than 60,000 hours in settlement times and over $55 million in fees since launching in 2021.Related: UK FCA requests public comments on stablecoin, crypto custody regulationFunding for stablecoin companies increasesStablecoins are seeing increased adoption. According to DefiLlama data, the market capitalization of stablecoins reached $247 billion on May 28, a steep rise from $161 billion a year before. Over the past 12 months, the market cap has jumped 54%.Tether’s USDT is keeping pace with growing stablecoin markets. Source: DefiLlamaInvestors continue to bet on stablecoin-focused startups. In April, stablecoin firm Cap raised $11 million in seed funding, while Plasma secured $24 million in February. Startup Cedar Money also closed a $9.9 million round in January to support its stablecoin payments platform.Circle, the issuer of USDC and one of Conduit’s backers, is preparing for a public debut. The company is aiming to raise $624 million through an initial public offering, targeting a valuation of $6.71 billion, according to its IPO filings.Magazine: Legal Panel: Crypto wanted to overthrow banks, now it’s becoming them in stablecoin fight
BlackRock is reportedly planning to take a significant stake in Circle’s upcoming initial public offering (IPO). According to a May 28 Bloomberg report citing anonymous sources, BlackRock is looking to purchase roughly 10% of the offering. Circle, the issuer of the USDC stablecoin, is aiming to raise $624 million in its initial public offeringCathie Wood’s Ark Investment Management is also interested in buying $150 million worth of shares in the offering, the report said. Circle launched its offering of 24 million shares of Class A common stock on May 27. The offering consists of shares from the company as well as shares of existing stakeholders, including co-founder and CEO Jeremy Allaire. According to the report, Circle’s IPO has now received orders for multiple times the shares available.The company filed for an initial public offering on April 1, but delayed plans citing economic uncertainty. Crypto firms Ripple and Coinbase were reportedly exploring a potential acquisition of Circle. The company has since dismissed the speculation, saying it “is not for sale.”Related: Circle co-founder to create ‘AI-native’ bank after $18M raiseUSDC market shareWith a market capitalization of $60.9 billion as of May 28, Circle’s USDC (USDC) represents 24.6% of the stablecoin market, only behind Tether’s USDt (USDT).Stablecoins by market cap. Source: DefiLlamaAccording to its Form S-1 registration statement, Circle had $1.67 billion in revenue in 2024, representing a 16% increase year-over-year. However, its net income fell from $267.6 million in 2023 to $155.7 million in 2024, a 41.8% decline.Circle’s main competitor, Tether, is seemingly not interested in pursuing an IPO. In an X post on April 4, Tether CEO Paolo Ardoino said that “Tether doesn’t need to go public.”Magazine: Legal Panel: Crypto wanted to overthrow banks, now it’s becoming them in stablecoin fight
Coinbase data breach 2025: What was stolen and what you need to know
Background of Coinbase’s May 2025 breach Coinbase, America’s largest cryptocurrency exchange, received an unsolicited email from an unknown threat actor on May 11, 2025. They claimed to possess sensitive information about its customers and demanded a ransom of $20 million. Before examining the breach, it is interesting to understand how it happened at a public company that spends millions monthly on cybersecurity. In February, blockchain investigator ZachXBT reported increased thefts involving Coinbase users. He blamed aggressive risk models and pointed out Coinbase’s failure to prevent $300 million in yearly losses from social engineering scams. A table ZachXBT shared on X showed $65 million stolen from users between December 2024 and January 2025. He also said the real losses could be higher, as his data only came from his direct messages about onchain thefts, and excluded Coinbase support tickets and police reports he couldn’t access. The fear of cybercriminals stealing valuable information came true on May 11 when Coinbase published a blog post confirming that account balances, ID images, phone numbers, home addresses and partially hidden bank details were stolen during the data breach.On May 21, the same threat actor swapped about $42.5 million from Bitcoin (BTC) to Ether (ETH) via THORChain. They used Ethereum transaction input data to write “L bozo,” following it with a meme video of NBA player James Worthy smoking a cigar, seemingly mocking ZachXBT, who later flagged the message on his Telegram channel. What happened: Timeline of the Coinbase breach The 2025 Coinbase breach wasn’t a typical crypto hack involving smart contracts or blockchain vulnerabilities. Instead, it was like a traditional IT security failure, marked by insider manipulation, corporate espionage and an extortion attempt.Below is a breakdown of how the incident unfolded:Insider recruitment and information theft began: To steal information from Coinbase, unknown cyber attackers began recruiting some overseas customer service agents (based in India) working for Coinbase. These insiders were paid to leak sensitive customer data and internal documentation, particularly that around customer service and account management systems. The stolen information was intended for future impersonation scams targeting users.Security detection and employee termination: Coinbase’s internal security team eventually detected suspicious activity linked to these employees. The involved staff were swiftly terminated, and the company alerted affected users. Though just 69,461 accounts were impacted, a fraction of Coinbase’s user base, the depth of stolen personal data made the breach significant.Extortion attempt via email (May 11, 2025): Coinbase received an unsolicited email claiming to possess internal system details and personally identifiable information (PII). This was later confirmed as credible in an 8-K SEC filing. Coinbase refuses to pay $20M ransom (May 14, 2025): Rather than accepting extortion, Coinbase flipped the script. The company reported the breach to law enforcement, disclosed it publicly and offered a $20 million reward for information leading to the attackers’ arrest, turning defense into offense. Breach disclosure and public notification: Shortly after the SEC filing, Coinbase publicly confirmed the breach, clarifying the scope and nature of the attack. A data breach notification was filed with the Maine Attorney General’s office, officially stating 69,461 users were affected. This timeline reflects how a crypto company responded differently to an attempted cyber-extortion, with transparency, resistance and bold countermeasures. This may bring in a change in the way companies respond to threats from cyber criminals.Did you know? North Korea’s Lazarus Group has stolen over $6 billion in crypto since 2017, including a record-breaking $1.46 billion from Bybit in 2025. What data was compromised in the Coinbase data breach in 2025? According to a notification letter issued by Coinbase, attackers sought this information because they planned to launch social engineering attacks. The information they stole could help them appear credible to victims and possibly convince them to move their funds.Coinbase detailed the information the threat actors had got access to and what they could not. What attackers gotName, address, phone, and emailGovernment‑ID images (e.g., driver’s license, passport)Masked Social Security (last four digits only)Account data (balance snapshots and transaction history)Masked bank account numbers and some bank account identifiersLimited corporate data (including documents, training material, and communications available to support agents)What attackers couldn’t getLogin credentials or 2FA codesPrivate keysAccess to Coinbase Prime accountsAny ability to move or access customer fundsAccess to any Coinbase or Coinbase customer hot or cold walletsDid you know? In 2022, Crypto.com lost $30 million from 483 accounts. Initially, they claimed no funds were stolen, but later admitted the breach and refunded victims, highlighting the importance of transparency in crypto hacks. How Coinbase responded to the 2025 criminal data breach In response to the 2025 data breach, Coinbase implemented a comprehensive strategy to mitigate damage, support affected users and strengthen its security infrastructure.Key actions taken by Coinbase included:Refusal to pay ransom: Coinbase declined the $20 million ransom demanded by the attackers. Instead, the company established a $20 million reward fund for information leading to the arrest and conviction of those responsible.Customer reimbursements: The company committed to reimbursing customers who were deceived into sending funds due to the breach. Estimated costs for remediation and reimbursements range between $180 million and $400 million.Theft protection services: The company is providing all affected individuals with one year of complimentary credit monitoring and identity protection services. This includes credit monitoring, a $1 million insurance reimbursement policy, identity restoration services, and dark web monitoring to detect if any personal information appears on illicit online platforms.Enhanced customer safeguards: Affected accounts will require additional ID verification for large withdrawals, including mandatory scam-awareness prompts to prevent further social engineering attacks.Strengthened support operations: Coinbase is opening a new support hub in the US. It has implemented stronger security controls and monitoring across all locations to prevent insider threats.Collaboration with law enforcement: The company is cooperating closely with US and international law enforcement agencies. Insiders involved in the breach were terminated and referred for criminal prosecution.Transparency and communication: Coinbase immediately notified affected customers once the breach was recognized. It is providing ongoing updates about the breach and the steps being taken to address it.These measures reflected Coinbase's commitment to customer protection and its proactive approach to cybersecurity challenges.Did you know? Crosschain bridges, like Nomad Bridge, lost $190 million in 2022 due to complex smart contract vulnerabilities. These bridges are hacker favorites because they store massive crypto assets, making them lucrative targets. How to stay safe in the event of Coinbase-like data breaches In the wake of large-scale data breaches of crypto platforms, you should take proactive steps to protect yourself from social engineering attacks. Here is how you could stay safe in such an event:Never share sensitive information with impersonators: Scammers often pose as support staff or security agents after a breach. They may push you toward moving funds to crypto wallets they share with you or revealing sensitive information under various texts. Never share your password, two-factor authentication (2FA) codes, or recovery phrases with such impersonators. No crypto exchange will ask you to transfer crypto to a “new” or “safe” wallet. Turn on allow-listing of wallet addresses: Some exchanges provide this feature, which restricts withdrawals to pre-approved wallet addresses you fully control. This prevents unauthorized transfers even if your account is compromised. Enable strong 2FA: For 2FA, use a hardware security key or a trusted authentication app. Avoid relying on SMS-based 2FA, which is vulnerable to SIM-swapping attacks. Be cautious with unsolicited communication: Hang up immediately if someone calls claiming to be from a crypto platform and asks for security credentials or requests asset transfers. Do not respond to unknown texts or emails with your personal information. Lock first, investigate later: If anything feels suspicious, lock your account immediately through the app or platform and report the incident to customer support via official channels. Stay informed: Regularly review security tips and updates from your crypto services to recognize and avoid evolving scam tactics.
Cork Protocol hacked for $12M, smart contracts paused
Cork Protocol, a decentralized finance (DeFi) platform, was hit by a smart contract exploit on May 28, resulting in the loss of roughly $12 million in digital assets.Cybersecurity firm Cyvers said the hack occurred at 11:23:19 UTC and was funded by an address ending in “762B.” According to the firm, the attacker used the exploit to steal roughly 3,761 Wrapped Staked Ether (wstETH), which was converted to Ether (ETH) almost immediately after the attack.“We are investigating a potential exploit on Cork Protocol and are pausing all contracts. We will report back with more information,” Cork Protocol co-founder Phil Fogel wrote on X.Cork Protocol smart contract exploit details. Source: CyversThe Cork Protocol exploit is the latest hacking incident to impact the crypto industry as cybersecurity continues to be a major issue in the sector, lowering consumer confidence, and prompting calls to improve security measures from crypto industry executives.Related: Hacken CEO sees ‘no shift’ in crypto security as April hacks hit $357MCetus hacked for $223 million days agoThe Cetus decentralized crypto exchange (DEX), a trading platform built on the Sui network, was hacked on May 22, resulting in $223 million in stolen funds.Sui validators froze a majority of the funds, sparking a debate about the centralization of the network and the appropriate course of action for blockchain validators following a major hacking incident.The Cetus team announced a $6 million bounty for white hat hackers assisting in the return of the remaining stolen funds. Blockchain security firm Dedaub released a post-mortem report dissecting the incident details. According to the report, the hack was caused by an exploit of the liquidity parameters used by the Cetus automated market maker (AMM).The hackers manipulated the field by altering values that went undetected in a most significant bits (MSB) check. Changes to a binary code’s most significant bits dramatically alter the values produced by that binary code.This allowed the hackers to add massive amounts of liquidity to the system with only a keystroke and drain other liquidity pools of hundreds of millions of dollars.Magazine: Weird ‘null address’ iVest hack, millions of PCs still vulnerable to ‘Sinkclose’ malware: Crypto-Sec
