Bitcoin’s 200-week moving average (200 WMA) has recently surpassed the $48,000 mark, signaling a significant milestone in the cryptocurrency’s long-term price trend. This key indicator, which smooths out short-term volatility,
Hong Kong’s stablecoin regulations will officially take effect on August 1, 2025, according to a Gazette notice published Thursday, following the ordinance’s ratification on May 30. The new law introduces a licensing framework for stablecoin issuers and service providers operating in Hong Kong. The first batch of licenses is expected to be granted later this year. In parallel, the Financial Secretary issued a notice specifying that unlicensed stablecoin issuers may only offer tokens to “professional investors” as defined under the Securities and Futures Ordinance. Reserve Requirements and Issuer Obligations The regulatory framework mandates full reserve backing with high-quality, liquid assets such as cash, bank deposits, or government securities held in the same currency as the stablecoin. These reserves must be segregated from the issuer’s own funds, held in trust, and shielded from creditor claims. Issuers are prohibited from paying interest on stablecoins but may offer non-interest-based incentives. They must be locally incorporated with key personnel based in Hong Kong and meet minimum capital requirements of HKD 25 million or 1% of the total stablecoin issuance, whichever is greater. Redemption at par within one business day is required under normal conditions. The Hong Kong Monetary Authority has launched a consultation on accompanying guidelines, including measures related to anti-money laundering and counter-terrorism financing. Hong Kong is emerging as a global leader with one of the toughest regulatory frameworks for stablecoins. We spoke to HashKey’s Vivien Wong on what this means for stablecoins, cross-border payments, and HK’s digital finance future. #HongKong #Stablec … https://t.co/QEIPwW5d5q — Cryptonews.com (@cryptonews) June 3, 2025 Hong Kong Leaps Ahead in Regulating Stablecoins “The upcoming implementation of the Ordinance heralds a structured regulatory environment for stablecoin operations,” said Secretary for Financial Services and the Treasury Christopher Hui. He described the law as a “significant milestone” in advancing Hong Kong’s digital asset ambitions. The stablecoin ordinance forms part of a broader push by the city to establish comprehensive regulatory clarity around crypto assets, with more nations likely to follow. Currently, the US congress is in the middle of passing the Genius Act which will regulate stablecoins in the country in a similar manner as to Hong Kong. The post Hong Kong Stablecoin Regulations to Take Effect August 1 – Here’s What Changes appeared first on Cryptonews .
The post North Korea Laundered $7.7M in Crypto: DOJ Reveals appeared first on Coinpedia Fintech News The U.S. Department of Justice (DOJ) has seized over $7.74 million in cryptocurrency allegedly laundered by North Korean IT workers posing as remote employees at U.S. and international companies. This operation, exposed through a civil forfeiture complaint filed in the District of Columbia, reveals how North Korea has been exploiting the crypto and AI boom to bypass U.S. sanctions and fund its weapons programs. Department Files Civil Forfeiture Complaint Against Over $7.74M Laundered on Behalf of the North Korean Government : https://t.co/T6nh2ETMYY pic.twitter.com/o23HY6C6Zw — U.S. Department of Justice (@TheJusticeDept) June 5, 2025 Fake Resumes, AI Tools, and NFT Laundering According to the DOJ , the operatives used stolen or fake IDs to bypass KYC checks and secure work under assumed identities. They often received their payments in U.S. dollar-pegged stablecoins. The laundering strategy involved sophisticated crypto techniques, mixing funds, converting between tokens, buying NFTs, and transferring assets in small amounts to avoid detection. The operatives routed the funds through known intermediaries, including Sim Hyon Sop of the sanctioned Foreign Trade Bank and Kim Sang Man of Chinyong IT Cooperation Company. AI’s Alarming Role in the Scheme OpenAI confirmed that several accounts linked to North Korean clusters were banned for using AI tools like ChatGPT to automate job applications, craft fake employment histories, and even research targets. Some operatives ran “laptop farms,” simulating normal work behavior from countries like Russia and Laos. Google had previously taken similar steps, removing North Korea-linked accounts. Meanwhile, tech firms like Google and OpenAI have shut down multiple accounts linked to North Korean deception campaigns. Part of Ongoing Crackdown on DPRK’s Digital Networks This seizure follows the DOJ’s broader DPRK RevGen initiative launched in March 2024, aimed at disrupting North Korea’s growing cyber-financial operations. “ US Sanctions are in place for a reason,” said U.S. Attorney Jeanine Pirro. “We will continue to investigate and prosecute anyone helping North Korea fund its illegal weapons programs.” Despite a slower pace under the Trump administration, Thursday’s action signals the U.S. is far from easing up on North Korea’s crypto-powered sanctions evasion. FAQ Who is the Lazarus Group and how are they connected to crypto hacks? The Lazarus Group is a North Korean state-sponsored hacking unit. They’ve carried out major crypto thefts, including the $620 million Ronin Bridge hack in 2022 , one of the largest in history. Has the DOJ successfully recovered any stolen crypto from North Korea? Yes. The DOJ has seized millions in stolen and laundered cryptocurrency , including the recent $7.74 million from fake IT workers tied to North Korea. How do North Korean operatives earn crypto through fake jobs? They pose as remote developers or IT workers using fake or stolen identities. Once hired, they get paid in **cryptocurrency—mainly stablecoins—**which they later launder.
Dogecoin founder Billy Markus publicly criticized former President Donald Trump’s tariff policies on X, labeling them as “stupid” and sparking widespread debate in the crypto and financial communities. Markus highlighted
Qubetics emerges as a transformative force in cross-border crypto payments, leveraging blockchain to enhance global financial infrastructure alongside Tron and XRP’s evolving roles. Tron’s surge in stablecoin transaction volume and
BitGo has launched institutional staking services for TAO, the native token of Bittensor, enabling large investors to earn yield while supporting a decentralized AI network. This partnership with Yuma validator
The number of daily unique active wallets on AI-powered crypto apps grew 23% in May, eating into the market share of DeFi and Web3 gaming, says DappRadar.
CoinShares reported a 23% drop in institutional Bitcoin ETF exposure, which fell from $27.4 billion in Q4 of 2024 to $21.2 billion in Q1 of 2025. Price depreciation and active sell-offs both played a role. Interestingly, financial advisers slightly increased their holdings, but overall sentiment shifted toward corporate treasury adoption of Bitcoin. Additionally, BlackRock’s IBIT saw record outflows in late May, while treasury-focused firms like Strategy ramped up accumulation. Meanwhile, Trump Media & Technology Group filed for a new Truth Social Bitcoin ETF with Crypto.com as custodian, but raised concerns over a clause allowing affiliated parties to front-run trades. In Romania, the postal service installed its first Bitcoin ATM. Despite positive momentum, only 4% of the global population owns Bitcoin, which means that there is still a lot of room for the crypto king to grow. Bitcoin ETF Activity Dips Bitcoin exchange-traded funds (ETFs) managed by institutional investors experienced the first quarterly decline since the approval of spot Bitcoin ETFs in the United States. A recent report from CoinShares revealed that institutional exposure to Bitcoin fell to $21.2 billion in Q1 of 2025, down from $27.4 billion in Q4 2024. This is a 23% drop. Institutions decreased their Bitcoin exposure (Source: CoinShares ) While the majority of this decrease was attributed to an 11% decline in Bitcoin's price over the period, the report also revealed that many investors actively reduced their holdings. This indicates a combination of valuation loss and deliberate selling. Interestingly, financial advisers emerged as an exception by modestly increasing their Bitcoin ETF holdings during the quarter. The broader trend, however, pointed to a shift away from ETF-driven strategies toward corporate-level adoption of Bitcoin for treasury reserves. This transition means that there is a growing preference for long-term savings and value preservation over short-term trading opportunities. Financial advisers increased their Bitcoin holdings in Q1 2025 (Source: CoinShares ) This changing investment behavior was noticed with major developments in Q2 as well. On May 30, BlackRock’s iShares Bitcoin Trust (IBIT) recorded its largest single-day outflow to date, with over $430 million withdrawn after a streak of 31 consecutive days of inflows. Meanwhile, Bitcoin treasury companies increased their holdings considerably. CoinShares data indicates that these companies held over 1.98 million BTC by the end of Q1, an 18.6% increase year-to-date. Strategy, the leading corporate holder, acquired 15,355 BTC on April 28 alone and has been consistently buying in 17 of the past 20 weeks through June 2025, according to SaylorTracker . ETF flows remained volatile during the first half of the year, and were heavily influenced by shifting macroeconomic narratives. While many institutional players looked for safety in US government bonds due to uncertain market conditions, rising bond yields suggest that confidence in these traditional havens may be diminishing. Analysts now speculate that Bitcoin's long-term growth may be fueled more by declining demand for US bonds than by continued inflows into ETFs. Trump’s Truth Social Files for Bitcoin ETF Despite these findings from CoinShares, Trump Media and Technology Group (TMTG), the company majority-owned by US President Donald Trump and parent firm of the Truth Social platform, filed with the US Securities and Exchange Commission (SEC) to launch a Bitcoin ETF. The proposed product is called the Truth Social Bitcoin ETF, and was formally introduced through an initial registration statement on Form S-1 filed on June 5. According to the company’s filing, the ETF will primarily hold Bitcoin through a custodian and is designed to reflect the performance of the cryptocurrency’s market price. Announcement from TMTG This move follows a separate submission by NYSE Arca, which proposed listing the ETF on its exchange on behalf of Yorkville America Digital, a crypto asset manager and partner of TMTG. The product, if approved, will enter the very competitive landscape of US-based Bitcoin ETFs seeking to capture institutional and retail investor interest in digital assets. One key structural feature of the proposed ETF is its partnership with Crypto.com , which is set to serve as the exclusive custodian, prime execution agent, and liquidity provider for the trust. The filing shared that Crypto.com agreed to offer certain services exclusively to the ETF’s trust, although specific management and transaction fees for the fund have not been revealed yet. The filing also contains a clause that raises eyebrows: it permits the ETF sponsor and related parties to potentially front-run the fund’s Bitcoin transactions. While such language is typically softened or accompanied by conflict-of-interest mitigation in other filings, the Truth Social Bitcoin ETF explicitly warns prospective shareholders that affiliated entities may take positions in Bitcoin that are ahead of or opposite to those of the fund, which could negatively impact the ETF’s performance. Additionally, the filing confirms that shareholders will not receive the benefits of any new assets resulting from blockchain forks. In the event of such an event, the trust will forfeit the Incidental Rights and any corresponding forked assets, essentially removing any future claim for holders. Romanian Post Installs First Bitcoin ATM Meanwhile, Poșta Română, Romania’s national postal service, recently took a big step toward digital innovation by installing its first Bitcoin ATM in a branch located in the city of Tulcea. This initiative was launched in partnership with the local crypto exchange Bitcoin Romania (BTR), and it is the beginning of a broader plan to integrate cryptocurrency services across the country. According to the official announcement , more Bitcoin ATMs are set to be deployed in other cities, including Alexandria, Piatra Neamț, Botoșani, and Nădlac. The move is part of a plan by the postal service to modernize its infrastructure and extend digital financial services to underserved and remote communities. Despite the positive momentum, Bitcoin adoption worldwide is still relatively limited. While enthusiasm continues to grow, especially among retail users and businesses adopting BTC as a payment method or a treasury reserve asset, the total number of global Bitcoin holders is still a very small fraction of the population. According to a Q1 2025 report from Bitcoin financial services firm River, only about 4% of the world’s population currently owns Bitcoin. In the United States, the figure is a bit higher at an estimated 14%. Overall, these results show that adoption is progressing unevenly across regions. River’s report also pointed out that the number of Bitcoin wallets holding more than $100 increased to almost 30 million in January, which was a 25% year-over-year rise. However, analysts warn that Bitcoin’s total addressable market remains under 1%, with limited retail penetration and institutional allocation. BTC’s market cap compared to the global market (Source: River ) Assuming Bitcoin could eventually secure a 50% share of the global store-of-value market—an estimated $225 trillion in assets such as cash, real estate, equities, precious metals, and art—its current $2 trillion market cap suggests that there is still a lot of room for long-term growth.
The US has moved to seize more than $7.7m in crypto allegedly earned through a covert network of North Korean IT workers posing as foreign freelancers and funneling their income back to the North Korean government. In a civil forfeiture complaint filed Thursday in the District Court for the District of Columbia, the Department of Justice alleged that North Korean operatives obtained jobs at blockchain firms and other tech companies using stolen or forged identities. The workers were paid in crypto, often stablecoins such as USDC and USDT , and used complex laundering tactics to mask the funds’ origin before sending the money back to the North Korean state. DOJ Targets North Korea Digital Laundering Network Authorities said the operation aimed to bypass U.S sanctions. It also sought to generate revenue for North Korea’s weapons program. The scheme was linked to Sim Hyon Sop, a representative of North Korea’s Foreign Trade Bank. He was previously indicted in April 2023 for his role in similar activities. Department Files Civil Forfeiture Complaint Against Over $7.74M Laundered on Behalf of the North Korean Government : https://t.co/T6nh2ETMYY pic.twitter.com/o23HY6C6Zw — U.S. Department of Justice (@TheJusticeDept) June 5, 2025 Sim allegedly collaborated with Kim Sang Man, who serves as CEO of Chinyong. Chinyong is a state-linked IT firm operating under North Korea’s Ministry of Defense. To conceal the funds, the workers used several tactics. They allegedly opened fake accounts, split transactions into smaller amount and used token-swapping techniques. In addition, they purchased NFTs as a store of value. According to the Justice Department, the funds moved through a web of platforms and intermediaries. Eventually, the money was routed back to the North Korean government. “This forfeiture action highlights, once again, the North Korean government’s exploitation of the cryptocurrency ecosystem to fund its illicit priorities,” said Matthew Galeotti, head of the DOJ’s Criminal Division. He added that the department would continue using legal tools to disrupt financial lifelines supporting the regime. FBI Warns of North Korean IT Fraud Using Stolen American Identities Officials from the FBI said the investigation uncovered a widespread effort to defraud US businesses by hiring North Korean workers posing as remote freelancers using stolen American identities. Assistant director Roman Rozhavsky called it a sophisticated threat and urged companies to closely examine their remote hiring practices. Thursday’s complaint is part of a wider enforcement campaign that began in 2024 under the Department’s DPRK RevGen initiative. This effort has focused on both North Korean operatives and the US-based enablers who support them. So far, authorities have taken action against domestic facilitators, crypto traders, and schemes involving data theft by North Korean IT workers. The FBI’s Virtual Assets Unit and its Chicago Field Office led the investigation. They were supported by cybercrime prosecutors and national security attorneys. According to officials, the operation reflects an ongoing strategy to cut North Korea off from the global financial system. Moreover, it aims to stop the regime from using cryptocurrency to evade US sanctions. The post US Seeks to Seize $7.7M in Crypto Linked to North Korean IT Worker Fraud Ring appeared first on Cryptonews .
Total crypto market capitalization declined by around $170 billion in a fall to $3.26 trillion on June 5, its lowest level since May 8, almost a month ago. Markets are now poised for a further fall below longer-term levels if current support levels break down. However, the decline slowed during early trading in Asia on Friday morning, with a minor recovery to $3.3 trillion. Donald vs Elon The sharp decline appears to have been driven by a spat between US President Donald Trump and tech billionaire Elon Musk, who said the former’s tariffs “will cause a recession in the second half of this year,” and “Congress is spending America into bankruptcy!” on June 5. As the war of words on each of their respective social media networks escalated, and the bromance collapsed, Musk also said : “In light of the President’s statement about the cancellation of my government contracts, SpaceX will begin decommissioning its Dragon spacecraft immediately.” In light of the President’s statement about cancellation of my government contracts, @SpaceX will begin decommissioning its Dragon spacecraft immediately pic.twitter.com/NG9sijjkgW — Elon Musk (@elonmusk) June 5, 2025 For more than a week, Elon Musk has been trashing Trump’s signature piece of legislation, a spending bill called One Big Beautiful Bill. “I don’t mind Elon turning against me, but he should have done so months ago. This is one of the Greatest Bills ever presented to Congress,” said Trump on Truth Social. However, the clearly riled billionaire Tesla CEO didn’t stop there, stating on X that it was “time to drop the really big bomb: Donald Trump is in the Epstein files.” “That is the real reason they have not been made public. Have a nice day, DJT!” BREAKING: President Trump’s former White House Chief Strategist Steve Bannon calls for Elon Musk to be deported, per NY Times. https://t.co/Q82Pbhzppt — The Kobeissi Letter (@KobeissiLetter) June 5, 2025 The pair started to cool off late on Thursday with Musk’s admissions that it may be time to reconcile. $1B in Liquidations There has been almost $1 billion in crypto liquidations over the last 24 hours, according to Coinglass. Around 228,000 traders were wrecked, almost 90% of them in BTC long positions, and the total liquidations were around $988 million, it noted. However, analysts had predicted that a leverage flushout was overdue, with open interest on Bitcoin futures markets hitting all-time highs recently. Bitcoin lost almost $5,000 in a matter of hours, falling to a 4-week low just below $101,000 in late trading on Thursday. However, it found support there and recovered marginally to reach $102,800 during Asian trading on Friday. Analyst “CrypNuevo” said that a quick bounce from this level was unlikely and more consolidation could occur, unless the sell-off accelerates. $BTC update: Plan is playing out so far! Let’s see if this psychological support ($100k) can hold. A quick bounce is unlikely imo. I’d expect that, at best, a small consolidation in this area before any interesting move could be the case – unless if we break below it fast. https://t.co/iWql8N6SW7 pic.twitter.com/CIb1KpJt8i — CrypNuevo (@CrypNuevo) June 5, 2025 The post Crypto Markets See Red as Trump-Musk Bromance Ends in Flames appeared first on CryptoPotato .