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Key takeaways:
Bitcoin hit a new all-time high of $111,970 on May 22, but retraced to $110,700, with analysts noting mixed signals on market overheating.
Funding rates and other metrics suggest a “healthy upward phase.”
Bitcoin’s (BTC) price recorded a new all-time high of $111,970 on May 22. However, BTC price retraced shortly after to trade at $110,700 at the time of writing.
Despite the correction, there are mixed signals about whether the price rally is overheated or whether this is a healthy pullback.
Bitcoin “still not overheated” — analyst
Bitcoin is not showing any signs of being overheated despite reaching new all-time highs this week, with several analysts pointing to fundamentals suggesting Bitcoin could rise further.
“Overheating indicators such as the funding rate and short-term capital inflow remain low compared to previous peaks, and profit-taking by short-term investors is limited,” said CryptoQuant analyst Crypto Dan in a May 22 Quicktake note.
Crypto Dan pointed out that Bitcoin’s funding rate, an indicator of market overheating, shows an increase in long bets. However, these bets “remain much smaller compared to previous peaks,” suggesting “futures market overheating is negligible.”
A spike in Bitcoin funding rates can sometimes cause worry among market participants about increased Bitcoin volatility and liquidation risks.
Still, the funding rates are moderately positive, signaling that traders are optimistic about Bitcoin’s price and buyers are willing to pay sellers a fee to hold their positions.
Meanwhile, the short-term holder (STH) Spent Output Profit Ratio (SOPR) metric reveals that despite STHs returning to profit, few have taken profits during the recent rise.
This indicator is currently valued at 1.02%, suggesting that STHs are realizing some profits at much lower rates.
“In March 2024, there was significant profit-taking and a prolonged correction, but currently, profit-taking is much lower than in November 2024,” the analyst explained, adding that despite the price at all-time highs, whales’ profit-taking activity remains relatively subdued.
CryptoQuant’s Crypto Dan expected Bitcoin to continue rising higher, noting:
“Overall, the Bitcoin market is still in a healthy upward phase.”
Meanwhile, Bitcoin’s MVRV Z-score value — a metric that compares BTC’s market value to its realized value and adjusts for volatility — has seen a notable surge over the last month.
Historically, all previous Bitcoin bull runs started with a notable surge in MVRV Z-score and ended with the metric entering the red zone (see chart below) to signal that Bitcoin is significantly overvalued.
At 2.8, the MVRV Z-score is still significantly below the red zone, suggesting that the market top is not yet in.
Bitcoin’s RSI entering “exhaustion”
Bitcoin’s relative strength index, or RSI, displays overbought conditions in two out of five timeframes. Bitcoin’s RSI is now at 70 in the 12-hour timeframe and 75 on the daily chart. Other intervals show near-oversold RSI values on the weekly and four-hour timeframes.
Data from TradingView shows BTC’s RSI at 75, 71, 68 and 66 on daily, 12-hour, weekly and four-hour timeframes, respectively. Meanwhile, the Crypto Fear & Greed Index is 78, indicating “extreme greed” conditions.
When investors get too “greedy,” the market is often overdue for a correction. The last time this index was at similar levels was at the height of the Trump-driven pump in December 2024, just before BTC dropped down from its then-all-time high of around $108,000 and tumbled toward $74,000 in March.
Related: Bitcoin buyer dominance at $111K suggests 'another wave' of gains
Even though these metrics are cautioning market participants to manage risks, it is important to note that RSI conditions do not guarantee a trend reversal. Crypto prices are highly volatile, and BTC could continue to rally, fueled by increasing spot ETF demand and easing trade war tensions.
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.
Cetus is offering a $6 million white hat bounty in an effort to recover $220 million in stolen digital assets, while emergency responses from the Sui Network have raised concerns about decentralization.
Sui-native decentralized exchange (DEX) Cetus was exploited for over $220 million worth of cryptocurrency on May 22. However, Cetus managed to freeze $162 million of the stolen funds shortly after.
Cetus has since offered a white hat bounty of up to $6 million for the exploiter for returning the stolen 20,920 Ether (ETH), worth over $55 million, along with the rest of the stolen funds currently frozen on the Sui blockchain.
“In exchange, you can keep 2,324 ETH ($6M) as a bounty, and we will consider the matter closed and will not pursue any further legal, intelligence, or public action,” Cetus wrote in a message embedded in a blockchain transaction on May 22.
However, Cetus will “escalate with full legal and intelligence resources” if these assets are off-ramped or sent to cryptocurrency mixers and not returned promptly.
A white hat bounty is offered to ethical hackers who seek protocol vulnerabilities to prevent future exploits.
Related: Exponential currency debasement: ‘You don’t own enough crypto, NFTs’
Cryptocurrency hacks soared to $90 million across 15 incidents in April, a 124% increase from March when hackers stole $41 million worth of digital assets.
Meanwhile, the industry is still recovering from the largest crypto hack, which saw Bybit exchange lose over $1.4 billion on Feb. 21, 2025.
Related: Bitcoin hits new all-time high of $109K as trade war tensions ease
SUI considers emergency white list function to override transactions
Meanwhile, GitHub activity shows the Sui team has considered implementing an emergency whitelist function that would allow certain transactions to bypass security checks, potentially to recover funds linked to the hack.
“It appears that the Sui team asked every validator to deploy patched code so they could take away @CetusProtocol hacker’s $160 million via an unsigned tx,” said Chaofan Shou, a software engineer at Solayer Labs.
However, an unnamed Sui engineer told Shou that “validators held off deploying this and currently they are only denying tx that involves hacker’s objects,” he said in a May 22 X post.
The move has sparked criticism among decentralization advocates, who argue that the ability to override transactions contradicts the principles of a decentralized permissionless network.
Despite widespread criticism in the crypto community, some saw the rapid response as a sign of progress, not centralization.
“This is what real world decentralization looks like. Not just powerless, but responsive and aligned with the community,” said pseudonymous crypto sleuth Matteo, adding that decentralization “isn’t about standing by while people get hurt, it’s about the power to act together, without needing permission.”
Magazine: Arthur Hayes $1M Bitcoin tip, altcoins ‘powerful rally’ looms: Hodler’s Digest, May 11 – 17
Hyperliquid, a decentralized perpetuals exchange operating on its own layer-1 blockchain, has submitted formal comments on 24/7 derivatives trading to the United States Commodity Futures Trading Commission (CFTC).
In a May 23 X post, Hyperliquid Labs announced that it has “submitted two comment letters to the [CFTC] in response to its recent Requests for Comment on perpetual derivatives and 24/7 trading.” The team behind the decentralized exchange (DEX) added:
“We commend the CFTC for its proactive engagement on these topics, understanding of which is fundamental to the evolution of global markets.”
Hyperliquid stated that it is committed to the advancement of the decentralized finance (DeFi) space. The team also claimed that its implementation “exemplifies how core DeFi principles can be put into practice to enhance market efficiency, market integrity, and user protection.”
Related: CFTC exodus: Fourth commissioner to depart 'later this year'
CFTC’s 24/7 derivatives plans
Hyperliquid’s remarks follow CFTC Commissioner Summer Mersinger recently saying that crypto perpetual futures contracts could receive regulatory approval in the US “very soon.” Perpetual crypto futures “can come to market now,” she said.
“We’re seeing some applications, and I believe we’ll see some of those products trading live very soon,” Mersinger said. She also added that it would be “great to get that trading back onshore in the United States.”
Perpetual futures contracts are a type of derivative that allows traders to speculate on the price of a crypto asset without owning it, similar to traditional futures, but with no expiration date. Such contracts remain open indefinitely and are kept in line with the spot market price using a funding rate mechanism, where payments are exchanged between long and short positions at regular intervals.
Related: CFTC commissioner will step down to become Blockchain Association CEO
Crypto derivatives are a busy area
The crypto derivatives market has recently been swarming with announcements of product launches, acquisitions and regulatory developments. Coinbase CEO Brian Armstrong recently said the exchange will continue to look for merger and acquisition opportunities after acquiring crypto derivatives platform Deribit.
Armstrong’s remarks followed Coinbase’s agreement to acquire Deribit, one of the world’s biggest crypto derivatives trading platforms. Europe is seeing just as much hustle in the crypto derivatives industry as the Americas are.
Major crypto exchange Gemini has also recently received regulatory approval to expand crypto derivatives trading across Europe. Elsewhere, DeFi platform Synthetix will also venture further into crypto derivatives, with plans to re-acquire the crypto options platform Derive.
Magazine: TradFi is building Ethereum L2s to tokenize trillions in RWAs: Inside story
Decentralized finance (DeFi) platforms have a major cost advantage over traditional banks when it comes to onboarding new users, according to Anton Bukov, co-founder of decentralized exchange (DEX) 1inch.
Speaking at a panel during Dutch Blockchain Week on May 22 in Amsterdam, Bukov said traditional banks spend between $100 and $300 per user to verify documents and set up accounts. Online banks, he said, spend about $20 to $30. In contrast, DeFi requires almost nothing beyond a smartphone and internet access.
“Onboarding to DeFi literally costs zero,” Bukov said. “You don’t need brick-and-mortar infrastructure or lengthy verification processes. Just connect and transact.”
Bukov said that this gives DeFi an edge over traditional financial institutions in reaching the 1.4 billion unbanked people who remain excluded from traditional finance due to high onboarding expenses.
Reaching 1.4 billion unbanked users
“That’s why we have 1.4 billion people on the planet who are unbanked. No one’s going to invest those hundreds or tens of dollars into them because they will never return to them,” Bukov added.
Unlike traditional finance, which has high barriers to entry, Bukov said DeFi allows the unbanked to become a part of the global economy and engage in real-life transactions using stablecoins like Tether’s USDt (USDT).
With lower barriers to entry, DeFi becomes a tool for financial inclusion. Bukov said DeFi will continue to reach users who never had access to traditional banking as internet access expands globally.
“You can just get a phone, access to the internet, and you can exchange your chicken for USDT,” Bukov said, highlighting how easily DeFi enables participation in the global economy.
Related: Animoca’s Yat Siu says student loans can supercharge DeFi growth
DeFi allows access to global liquidity
Apart from financial inclusion, Bukov said that the real value of crypto lies in how it gives access to global liquidity. The 1inch co-founder said crypto is evolving into an independent economic zone, where hundreds of billions flow through decentralized protocols.
“Crypto isn’t just about adopting stablecoins or building national digital currencies,” Bukov said. “It’s a growing global liquidity hub.”
He said that this liquidity is dynamic and allows financial experimentation, yield strategies and cross-border capital movement.
Bukov added that countries that align their regulations to enable easier access to this global liquidity can tap into economic opportunities and cooperation. “The more countries trade with each other, the more they succeed. Crypto works the same way,” he said.
Magazine: TradFi is building Ethereum L2s to tokenize trillions in RWAs: Inside story
Key points:
Bitcoin buyer interest remains strong at all-time highs, contrasting with the first touch of $100,000 in 2024.
The BTC price uptrend “may continue” as a result, CryptoQuant analysis concludes.
Bitcoin short-term holders are firmly in the black in a further potential bull market boost.
Bitcoin (BTC) buyers remain dominant on exchanges as all-time highs are met with unusual optimism.
Data from onchain analytics platform CryptoQuant shows a 90-day cumulative volume delta (CVD) favoring Bitcoin bulls.
CryptoQuant: BTC price uptrend “may continue”
BTC price all-time highs continue to find support among traders, with buyers staying dominant despite the market surging 50% in under two months.
Analyzing 90-day CVD, CryptoQuant contributor Ibrahim Cosar reveals the extent to which sellers have ceded control during that period.
“In short: Buy orders (taker buy) have become dominant again. In other words, more buy orders are being placed in the market than sell orders,” he summarizes.
“This generally signals that the uptrend may continue.”
CVD measures the difference between buy and sell volume over a three-month period. Until mid-March, sell-side pressure dominated the order book, with BTC/USD hitting multimonth lows under $75,000 in early April.
Neutral conditions then prevailed until buyer dominance reentered in May.
“The summary of the situation: As the price tests above $110K and reaches a new all-time high (ATH), buyers have not backed down. This could be setting the stage for another wave of upward movement,” Cosar concludes.
Bitcoin hodlers hold off on sales
As Cointelegraph reported, hodlers have broadly refrained from distributing coins to the market at current levels.
Related: Bitcoin 'looks exhausted' as next bear market yields $69K target
Daily profit-taking is half of what it was when Bitcoin first reached $100,000 in December 2024, research shows, while the price is 10% higher.
“Older coins were much less active this time, signaling stronger holding behavior,” onchain analytics firm Glassnode added in an X thread on the topic.
Coin age distribution shows the shift:
— glassnode (@glassnode) May 22, 2025
🔺 76.9% (May 2025)
🔻 44.6% (Dec 2024)
>6m-old coins:
🔻 13.4% (May 2025)
🔺 24.7% (Dec 2024)
Older coins were much less active this time, signaling stronger holding behavior. pic.twitter.com/8PZq8p3ZX7
CryptoQuant notes that price momentum increased after reclaiming the average cost basis for Bitcoin’s short-term holder (STH) cohort at just under $100,000 — entities buying within the last six months.
“Bitcoin is rallying after reclaiming the Short-Term Holder Average Cost basis — a key level that often serves as a strong buy-the-dip indicator during bull markets,” it told X followers.
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.
Is Tether MiCA compliant?
The EU’s new Markets in Crypto-Assets regulation, better known as MiCA, is the first major attempt by a global economic power to create clear, region-wide rules for the crypto space, and stablecoins are a big focus.
MiCA mandates best practices. If a stablecoin is going to be traded in the EU, its issuer has to follow some stringent rules:
1. You need a license
To issue a stablecoin in Europe, you must become a fully authorized electronic money institution (EMI). That’s the same kind of license traditional fintechs need to offer e-wallets or prepaid cards. It’s not cheap and it’s not quick.
2. Most of your reserves have to sit in European banks
This is one of the most controversial parts of MiCA. If you issue a “significant” stablecoin — and Tether’s USDT certainly qualifies — at least 60% of your reserves must be held in EU-based banks. The logic is to keep the financial system safe.
3. Full transparency is non-negotiable
MiCA requires detailed, regular disclosures. Issuers have to publish a white paper and provide updates on their reserves, audits and operational changes. This level of reporting is new territory for some stablecoins, especially those that have historically avoided public scrutiny.
4. Non-compliant coins are getting delisted
If a token doesn’t comply, it won’t be tradable on regulated EU platforms. Binance, for example, has delisted USDT trading pairs for users in the European Economic Area (EEA). Other exchanges are following suit.
The European Securities and Markets Authority (ESMA) clarified that people in Europe can still hold or transfer USDT, but it can’t be offered to the public or listed on official venues.
In other words, you might still have USDT in your wallet, but good luck trying to swap it on a regulated platform.
Key reasons why Tether rejects MiCA regulations
Tether is unique in that it has explained why it wants nothing to do with MiCA regulations. The company’s leadership, especially CEO Paolo Ardoino, has been pretty vocal about what they see as serious flaws in the regulation, from financial risks to privacy concerns to the bigger picture of who stablecoins are really for.
1. The banking rule could backfire
One of MiCA’s most talked-about rules says that “significant” stablecoins — like Tether’s USDt (USDT) — must keep at least 60% of their reserves in European banks. The idea is to make stablecoins safer and more transparent. But Ardoino sees it differently.
He’s warned that this could create new problems, forcing stablecoin issuers to rely so heavily on traditional banks could make the whole system more fragile.
After all, if there’s a wave of redemptions and those banks don’t have enough liquidity to keep up, we’d witness a struggling bank and a stablecoin crisis simultaneously.
Instead, Tether prefers to keep most of its reserves in US Treasurys, assets it says are liquid, low-risk and much easier to redeem quickly if needed.
2. They don’t trust the digital euro
Tether also has a broader issue with the direction Europe is heading, especially regarding a digital euro. Ardoino has openly criticized it, raising alarms about privacy.
He has argued that a centrally controlled digital currency could be used to track how people spend their money, and even control or restrict transactions if someone falls out of favor with the system.
Privacy advocates have echoed similar concerns. While the European Central Bank insists that privacy is a top priority (with features like offline payments), Tether isn’t convinced. In their eyes, putting that much financial power in the hands of one institution is asking for trouble.
3. Tether’s users aren’t in Brussels. They’re in Brazil, Turkey and Nigeria
At the heart of it, Tether sees itself as a lifeline for people in countries dealing with inflation, unstable banking systems and limited access to dollars.
These are places like Turkey, Argentina and Nigeria, where USDT is often more useful than the local currency.
MiCA, with all its licensing hoops and reserve mandates, would require Tether to shift focus and invest heavily in meeting EU-specific standards. That’s something the company says it’s not willing to do, not at the expense of the markets it sees as most in need of financial tools like USDT.
Did you know? Turkey ranks among the top countries for cryptocurrency adoption, with 16% of its population engaged in crypto activities. This high adoption rate is largely driven by the devaluation of the Turkish lira and economic instability, prompting citizens to seek alternatives like stablecoins to preserve their purchasing power.
What happens when Tether doesn’t comply with MiCA
Tether’s decision to skip MiCA didn’t exactly fly under the radar. It’s already having real consequences, especially for exchanges and users in Europe.
Exchanges are dropping USDT
Big names like Binance and Kraken didn’t wait around. To stay on the right side of EU regulators, they’ve already delisted USDT trading pairs for users in the European Economic Area. Binance had removed them by the end of March 2025. Kraken followed close behind, removing not just USDT but also other non-compliant stablecoins like EURT and PayPal’s PYUSD.
Users are left with fewer options
If you’re in Europe and holding USDT, you’re not totally out of luck; you can still withdraw or swap it on certain platforms. But you won’t be trading it on major exchanges anymore. That’s already pushing users toward alternatives like USDC and EURC, which are fully MiCA-compliant and widely supported.
Even major crypto payment processors are pulling support, leaving users with fewer options for spending their crypto directly.
A hit to liquidity? Probably.
Pulling USDT from European exchanges could make the markets a bit shakier. Less liquidity, wider spreads and more volatility during big price moves are all on the table. Some traders will adjust quickly. Others? Not so much.
Did you know? Tether (USDT) is the most traded cryptocurrency globally, surpassing even Bitcoin in daily volume. In 2024, it facilitated over $20.6 trillion in transactions and boasts a user base exceeding 400 million worldwide.
Tether vs MiCA regulation
Tether may be out of sync with the EU, but it’s far from retreating. If anything, the company is doubling down elsewhere, looking for friendlier ground and broader horizons.
Firstly, Tether’s picked El Salvador as its new base, a country that has fully embraced crypto. After getting a digital asset service provider license, the company is setting up a real headquarters there. Ardoino and other top execs are making the move too.
Moreover, after banking over $5 billion in profits in early 2024, Tether is putting its capital to work:
- AI: Through its venture arm, Tether Evo, the company has picked up stakes in firms like Northern Data Group and Blackrock Neurotech. Tether has also launched Tether AI, an open-source, decentralized AI platform designed to operate on any device without centralized servers or API keys. The goal is to use AI to boost operations and maybe build some new tools along the way.
- Infrastructure and AgTech: Tether invested in Adecoagro, a company focused on sustainable farming and renewable energy. It’s a surprising move, but it fits Tether’s bigger strategy of backing real-world, resilient systems.
- Media and beyond: There are also signs Tether wants a footprint in content and communications, signaling it’s thinking far beyond crypto alone.
Tether’s MiCA exit highlights crypto’s global regulatory chaos
Tether walking away from MiCA is a snapshot of a much bigger issue in crypto: How hard it is to build a business in a world where every jurisdiction plays by its own rulebook.
The classic game of regulatory arbitrage
This isn’t Tether’s first rodeo when it comes to navigating regulations. Like many crypto companies, they’ve mastered the art of regulatory arbitrage, finding the friendliest jurisdiction and setting up shop there.
Europe brings in strict rules? Fine, Tether sets up in El Salvador, where crypto is welcomed with open arms.
However, it does raise questions. If big players can simply move jurisdictions to dodge regulations, how effective are those rules in the first place? And does that leave retail users protected or just further confused?
A crypto world that’s all over the map
The bigger issue is that the global regulatory landscape is incredibly fragmented. Europe wants full compliance, transparency and reserve mandates. The US is still sending mixed signals. Asia is split; Hong Kong is pro-crypto, while China stays cold.
Hong Kong has also passed the Stablecoin Bill to license fiat-backed issuers and boost its Web3 ambitions. Meanwhile, Latin America is embracing crypto as a tool for financial access.
For companies, it’s a mess. You can’t build for one global market; you must constantly adapt, restructure or pull out entirely. For users, it creates massive gaps in access. A coin available in one country might be inaccessible in another just because of local policy.
As a final thought: Tether’s resistance to MiCA seems to be more than just a protest against red tape.
It’s making a bet that crypto’s future will be shaped outside Brussels, not inside it.
Some of the biggest banking companies in the US are reportedly exploring a team-up to launch a crypto stablecoin.
Companies owned by JPMorgan, Bank of America, Citigroup and Wells Fargo have discussed the possibility of jointly issuing a stablecoin, The Wall Street Journal reported on May 22, citing people familiar with the matter.
Other financial institutions linked to the potential stablecoin include Early Warning Services, the parent company of digital payments network Zelle, and the payment network Clearing House.
The discussions are still in the early stages, and a final decision on the project could change depending on the regulatory environment and the demand for stablecoins.
A JPMorgan spokesperson told Cointelegraph the company had no comment. Bank of America, CitiGroup, and Wells Fargo did not immediately respond to requests for comment.
On May 20, the US Senate voted 66-32 in favor of advancing discussion on the stablecoin-regulating Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act.
The bill outlines a regulatory framework for stablecoin collateralization and mandates compliance with Anti-Money Laundering laws. The bill is now headed to debate on the Senate floor.
Earlier this week, White House crypto czar David Sacks said he expects the bill will be passed and that it will receive bipartisan support.
However, high-ranking Democrats plan to amend the bill to include a clause prohibiting President Donald Trump and other US officials from profiting from stablecoins.
Trump and his family launched the crypto platform World Liberty Financial, which created the USD1 stablecoin in March. Critics argue that President Trump stands to personally benefit from passing favorable stablecoin regulation.
Related: World Liberty Financial brushes off oversight concerns from Congress
Stablecoin demand surges
The demand for stablecoins has been on the rise, with nation states adopting and institutions wanting to incorporate stablecoins.
The total market capitalization of stablecoins has shot up to $245 billion from $205 billion at the start of the year, representing a 20% increase.
Earlier this week, it was reported that yield-bearing stablecoins now account for nearly 4.5% of the entire stablecoin market, with a circulating supply of $11 billion.
Austin Campbell, a New York University professor and founder of Zero Knowledge Consulting, said the American banking lobby is “panicking,” as stablecoins can disrupt the traditional banking business model.
Earlier this month, it was reported that tech giant Meta is exploring ways to incorporate stablecoin payments into its platforms.
Magazine: Crypto wanted to overthrow banks, now it’s becoming them in stablecoin fight
Artificial intelligence firm Anthropic has launched the latest generations of its chatbots amid criticism of a testing environment behaviour that could report some users to authorities.
Anthropic unveiled Claude Opus 4 and Claude Sonnet 4 on May 22, claiming that Claude Opus 4 is its most powerful model yet, “and the world’s best coding model,” while Claude Sonnet 4 is a significant upgrade from its predecessor, “delivering superior coding and reasoning.”
The firm added that both upgrades are hybrid models offering two modes — “near-instant responses and extended thinking for deeper reasoning.”
Both AI models can also alternate between reasoning, research and tool use, like web search, to improve responses, it said.
Anthropic added that Claude Opus 4 outperforms competitors in agentic coding benchmarks. It is also capable of working continuously for hours on complex, long-running tasks, “significantly expanding what AI agents can do.”
Anthropic claims the chatbot has achieved a 72.5% score on a rigorous software engineering benchmark, outperforming OpenAI’s GPT-4.1, which scored 54.6% after its April launch.
Related: OpenAI ignored experts when it released overly agreeable ChatGPT
The AI industry’s major players have pivoted toward “reasoning models” in 2025, which will work through problems methodically before responding.
OpenAI initiated the shift in December with its “o” series, followed by Google’s Gemini 2.5 Pro with its experimental “Deep Think” capability.
Claude rats on misuse in testing
Anthropic’s first developer conference on May 22 was overshadowed by controversy and backlash over a feature of Claude 4 Opus.
Developers and users reacted strongly to revelations that the model may autonomously report users to authorities if it detects “egregiously immoral” behavior, according to VentureBeat.
The report cited Anthropic AI alignment researcher Sam Bowman, who wrote on X that the chatbot will “use command-line tools to contact the press, contact regulators, try to lock you out of the relevant systems, or all of the above.”
However, Bowman later stated that he “deleted the earlier tweet on whistleblowing as it was being pulled out of context.”
He clarified that the feature only happened in “testing environments where we give it unusually free access to tools and very unusual instructions.”
The CEO of Stability AI, Emad Mostaque, said to the Anthropic team, “This is completely wrong behaviour and you need to turn this off — it is a massive betrayal of trust and a slippery slope.”
Magazine: AI cures blindness, ‘good’ propaganda bots, OpenAI doomsday bunker: AI Eye
Cybercriminals are using fake Ledger Live apps to drain macOS users’ crypto through malware that steals seed phrases, a cybersecurity firm warns.
The malware replaces the legitimate Ledger Live app on victims’ devices and then prompts the user to input their seed phrase through a phony pop-up message, a team from Moonlock said in a May 22 report.
“Initially, attackers could use the clone to steal passwords, notes, and wallet details to get a glimpse of the wallet’s assets, but they had no way to extract the funds,” the Moonlock team said.
“Now, within a year, they have learned to steal seed phrases and empty the wallets of their victims,” it added.
One way the scammers replace the real Ledger Live app with a clone is through the Atomic macOS Stealer, designed to steal sensitive data, which Moonlock said it has found lurking on at least 2,800 hacked websites.
After infecting a device, Atomic macOS steals personal data, passwords, notes and wallet details and replaces the real Ledger Live app with a phony.
“The fake app then displays a convincing alert about suspicious activity, prompting the user to enter their seed phrase,” the Moonlock team said.
“Once entered, the seed phrase is sent to an attacker-controlled server, exposing the user’s assets in seconds.”
Malware campaign active since August
Moonlock has been tracking malware that's distributing a malicious clone of Ledger Live since August, with at least four active campaigns, and they think hackers are “only getting smarter.”
Threat actors on the dark web are offering malware with “anti-Ledger” features. However, one of the examples examined by Moonlock did not feature the full anti-Ledger phishing functionality advertised. The firm speculates those features could “still be in development or is forthcoming in future updates.”
“This isn’t just a theft. It’s a high-stakes effort to outsmart one of the most trusted tools in the crypto world. And the thieves are not backing down,” Moonlock said.
“On dark web forums, chatter around anti-Ledger schemes is growing. The next wave is already taking shape. Hackers will continue to exploit the trust crypto owners place in Ledger Live.”
Related: Ledger secures Discord after hacker bot tried to steal seed phrases
To avoid falling prey to similar malware scams, the cybersecurity firm recommends being wary of any page that warns of a critical error and asks for a 24-word recovery phrase.
At the same time, never share a seed phrase with anyone or input it on any website, no matter how legitimate it looks, and only download Ledger Live from its official source.
Ledger didn’t immediately respond to Cointelegraph’s request for comment.
Magazine: ChatGPT a ‘schizophrenia-seeking missile,’ AI scientists prep for 50% deaths
Photos from within US President Donald Trump’s secretive dinner for his top memecoin buyers show attendees were treated to a three-course meal and gift bags as protesters gathered outside the event to accuse Trump of profiting from the presidency.
Pictures posted online by some of the 220 largest holders of the Official Trump (TRUMP) token — one of several crypto ventures critics have said conflicts with Trump’s ethics as president — show attendees were greeted by large posters bearing “Fight Fight Fight,” which also sat atop each table, referencing the company that launched the memecoin.
The White House said it would not publish a guest list of those who attended the dinner, but Tron CEO Justin Sun, Magic Eden CEO Jack Lu and BitMart CEO Sheldon Xia were among those sharing snaps of the dinner held at the Trump National Golf Club in Virginia.
Trump Crypto Dinner！ #TrumpCoin @GetTrumpMemes pic.twitter.com/9ZredNjOEu
— Sheldon (@sheldonbitmart) May 23, 2025
On the menu was a “Trump organic field green salad” to start, which was followed by a filet mignon and pan-seared halibut with mashed potatoes and vegetable medley, with a lava cake for dessert, according to two photos taken by apparent attendees seen by Cointelegraph.
A video of the event shows that attendees were also given a gift bag containing a black hat.
Sun, who the Securities and Exchange Commission charged with securities laws violations before it dropped the case under the Trump administration, was the single largest buyer of Trump’s memecoin leading up to the dinner.
A video shows the Chinese-born crypto entrepreneur, who is also the biggest backer of Trump’s crypto platform World Liberty Financial, was brought up on stage and ceremoniously gifted a golden Trump-branded watch, which a Trump-linked company sells for $100,000.
As the top holder of $TRUMP and proud supporter of President Trump, it was an honor to attend the Trump Gala Dinner by @GetTrumpMemes.
— H.E. Justin Sun 🍌 (@justinsuntron) May 23, 2025
Thank you @POTUS for your unwavering support of our industry!#MakeCryptoGreatAgain🇺🇸 pic.twitter.com/Yy2TuWEgzT
Sun’s attendance at the event was highlighted by The Wall Street Journal and other media outlets, with many noting that the dinner may have deepened his ties to Trump and his family.
Attendees confronted by fierce protestors on arrival
Bloomberg reported that around 100 protestors gathered outside the event booed and jeered attendees as they arrived at the premises.
BREAKING: In a stunning moment, protesters have swarmed Trump National Golf Club, where Trump is hosting his “Memecoin” dinner tonight.
— Brian Allen (@allenanalysis) May 23, 2025
Outside: fury.
Inside: crypto bros and campaign bundlers toasting corruption like it’s vintage wine.
Americans are done watching billionaires… pic.twitter.com/WrkwtMYiSF
The protesters were holding signs with messages such as: “Stop Trump’s Crypto Corruptio,” and “Democracy Is Not For Sale,” while another said “Cripto Grift Dinner Bribery On Menu.”
Related: Donald Trump gives conflicting answers over memecoin profits
Some protesters called for Trump’s impeachment and removal, while others demanded financial reform in the US.
Trump-linked entities reportedly cashed in around $100 million in trading fees from the TRUMP token that launched two days before Trump was inaugurated as president on Jan. 20.
On March 24, Trump Media also signed a non-binding agreement with Crypto.com to launch a series of “Made in America” exchange-traded products in the US.
Magazine: Trump’s crypto ventures raise conflict of interest, insider trading questions