Clients of Dough Finance, a trading platform launched by World Liberty Financial co-founder Chase Herro, are still waiting to be “made whole” after a hack drained millions of dollars in user funds, a Monday report from Reuters reveals. Hackers Exploit Dough Finance, Steal $2.5 Million According to a May 19 report from the media outlet , an investor named Jonathan Lopez invested $1 million in cryptocurrency through Dough Finance in May 2024. NEW: Two Trump family crypto business partners have made ~$65M on @worldlibertyfi already. Their old @DoughFina clients are still waiting to be made "whole" as promised https://t.co/rOP7lYj6ME $WLFI — Lawrence Delevingne (@ldelevingne) May 19, 2025 Lopez reportedly paid a 5% fee to the crypto company for the investment, while Herro “personally showed” him how to use the novel platform. Lopez subsequently bolstered his funds through “looping,” wherein he was able to purchase the same digital asset before using the newly acquired crypto as collateral to buy even more of the coin in a bid to up his holdings. But it all came crashing down just two months later when hackers exploited a vulnerability in Dough Finance’s code on July 12, draining $2.5 million from Lopez’s account. Dough Finance Facing Client Lawsuit After Funds Wiped According to Reuters, Herro’s long-standing business partner, Zachary Folkman, claimed that the organization would “not stop” until everyone affected was “made whole.” “Dough Finance is committed to maintaining the highest standards of security and transparency,” the company said in a July statement. “We acknowledge our mistake and are deeply sorry.” “We will continue to work diligently to protect our users and their assets, learning from this incident to enhance our security posture,” the organization added. However, Folkman and Herro allegedly stopped responding to the Telegram channel by August 18. The Trump-affiliated digital asset organization, World Liberty Financial, was unveiled the next month, with Herro and Folkman named as partners in the crypto venture. Dough Finance announced it would give away proprietary tokens equivalent to the missing funds that would be exchangeable for ETH in August 2024, though not all clients were happy with the offering. Lopez is moving forward with a lawsuit against Herro, set to go to trial in April 2026. The post Dough Finance Hack: $2.5M Lost – Will Silent World Liberty Partners Repay Investors? appeared first on Cryptonews .
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The U.S. Justice Department has reportedly initiated a criminal probe into a security incident at Coinbase Global Inc., the nation’s premier cryptocurrency exchange, as disclosed by a Bloomberg source with knowledge of the situation. Intruders corrupted customer support staff and third-party contractors in India, gaining illicit access to sensitive user information. Following the breach, the
A new proposal has been making waves in the Bitcoin community: BIP-177. This proposal proposes to redefine the basic unit of Bitcoin, with the smallest unit known as “satoshi” or “sat” in the current system being called “1 Bitcoin.” The Proposal Removes the Concept of Satoshi: 1 BTC Will Be Equal to 100 Million Bitcoins In this case, 1 BTC will be equal to 100 million Bitcoins; that is, 1 sat today will now be considered 1 Bitcoin. The current BTC code will not change. The main idea behind the proposal is to make Bitcoin easier for users to understand and to provide a representation that is more in line with the nature of the Bitcoin protocol. The BIP-177 document published on Github draws attention with the following statements: “This BIP proposes to use the base unit as the standard unit of measurement by eliminating synthetic decimal places. This will make it easier for users to understand Bitcoin, reduce confusion, and directly match the on-chain values on the screen display.” Proponents of the proposal say that the current system’s eight decimal places (e.g. 0.00000001 BTC = 1 satoshi) are confusing, as the Bitcoin blockchain actually stores these values as countable whole units, not decimals. The current system simply prefers decimal representations for user experience. Related News: Surprise Altcoin Sees All-Time High in Number of Active Addresses This Month Twitter (X) founder Jack Dorsey also joined these discussions. Dorsey shared on X by simply writing “BIP-177.” This short but meaningful support attracted attention in the community. If the proposal is accepted, the smallest unit we know today as “1 satoshi” will be called “1 Bitcoin”. The value we currently call “1 Bitcoin” will be equal to 100 million Bitcoins. There will be no change in the technical infrastructure; the only changes will be in the user interface and unit naming. While some Bitcoin users believe that this proposal will help better explain Bitcoin to the public, others argue that it will increase confusion and that changing terms that have been used for years is unnecessary. *This is not investment advice. Continue Reading: BIP-177 Earthquake in Bitcoin (BTC): If the Vote Passes, Much Will Change – Here’s the Proposal
A key crypto bill has opened a rift among Senate Democrats as another big test approaches for the viability of legislation to regulate stablecoin issuers. Most expect the bill to clear a significant procedural vote on Monday night, but Democrats are split. The Senate's most prominent crypto critic, Massachusetts Democrat Elizabeth Warren, is leading a faction trying to dig in their heels on the bill, raising objections that include national security threats, consumer hazards and the corruption of a White House that's conflicted because of President Donald Trump's own digital assets business interests. The other group, including Senator Kirsten Gillibrand, one of the bill's primary backers, has argued that presidential conflicts are already illegal under the U.S. Constitution, and the bill doesn't need to have specific constraints added to clarify that point. That side also praises a number of changes to the legislation to improve consumer protections and to partially address worries that large corporations will issue stablecoins — the steady, typically dollar-based tokens that underpin so much of the crypto markets' transaction activity. The bill is set for what's known as a cloture vote on Monday night, which will decide whether it advances into a formal and time-limited period of debate before final consideration. Cloture tends to be the most difficult test for Senate legislation, because it requires 60 votes — much more than a simple majority. A previous version of the bill failed such a vote once before , when Democrats demanded more time to make changes. The stablecoin bill is one of two highly significant U.S. legislative efforts that will finally establish a set of rules and system of oversight for crypto in the U.S., and many in the industry believe it'll usher in a flood of interest from investors who've waited on the sidelines until the sector is completely regulated. The supporters of the stablecoin legislation have set it up for this vote, suggesting they were able to wrangle enough backers to triumph. The current Senate bill — known as the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act — is worse than doing nothing, according to the arguments from the camp led by Warren , who is the ranking Democrat on the Senate Banking Committee. "A strong bill would ensure that consumers enjoy the same consumer protections when using stablecoins as they do when using other payment systems, close loopholes that enable the illicit use of stablecoins by cartels, terrorists, and criminals, and reduce the risk that stablecoins take down our financial system," according to a sheet issued on Monday by the committee's Democratic staff. "The GENIUS Act does not meet those minimum standards." Gillibrand, however, said the bill has been written in a "truly bipartisan effort." "Stablecoins are already playing an important role in the global economy, and it is essential that the U.S. enact legislation that protects consumers, while also enabling responsible innovations,” the New York Democrat said in a statement last week. Senator Mark Warner, a Virginia Democrat, also explained his view in choosing to support the bill. “It sets high standards for issuers, limits big tech overreach and creates a safer, more transparent framework for digital assets," he said in a statement. "It’s not perfect, but it’s far better than the status quo.” Read More: U.S. Stablecoin Bill Could Clear Senate Next Week, Proponents Say In the hours before the planned Monday vote, a coalition of 46 consumer, labor and advocacy groups continued objecting to the legislation, which has been overhauled repeatedly. "A vote for this legislation would enable and condone cryptobusiness activities by the Trump administration, organization, and family that raise unprecedented concerns about presidential conflicts of interest, corruption, and the abuse of public office for private gain," they wrote in a letter to the Senate leadership. The crypto industry itself has come together to support the legislation, with various lobbyist groups publishing statements arguing lawmakers should advance the legislation. Stand With Crypto, a Coinbase-backed group focused on getting voters to support crypto issues, warned lawmakers in a statement Monday that their votes would go into its sometimes arbitrary assignment of grades for politicians' crypto sentiment. While the stablecoin bill has drawn some political heat, it's widely expected to be the easier of the two crypto efforts on Capitol Hill. The legislation to establish U.S. market rules for crypto is much more complex. For both bills, the House of Representatives is also working on parallel efforts. If the bill clears cloture, it could speed toward Senate passage in a matter of days. Jaret Seiberg, a policy analyst with TD Cowen, expects it to clear the Senate this week “That means it could become law by summer as we see the House moving quickly on the bill,” he wrote in a note to clients. Warren wrote her own letter on Monday to the U.S. Department of the Treasury and the Department of Justice, pressing for answers about what's being done about North Korean hackers who stole more than a billion dollars in assets from exchange Bybit earlier this year. "These stolen assets have helped keep the regime afloat and supported continued investments in its nuclear and conventional weapons programs," Warren and Senator Jack Reed, a Rhode Island Democrat, wrote to the Treasury secretary and attorney general. "Reports suggest there are potentially thousands of North Korean-affiliated crypto hackers around the globe.”
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Institutions are growing increasingly bullish on Bitcoin as spot Bitcoin ETFs see record-breaking inflows
The US and the EU currently guide global financial market standards, including crypto. Under Trump's term, the US significantly legitimized cryptocurrencies, turning them into a global asset. Continue Reading: US Leads the Charge in Shaping Cryptocurrency Standards for the Future The post US Leads the Charge in Shaping Cryptocurrency Standards for the Future appeared first on COINTURK NEWS .
Memecoins defy the odds - Sector signals a supercycle?
Recent investigations and cybersecurity breaches have led to significant declines in share prices for both UnitedHealthcare and Coinbase, emphasizing the risks of public trading. As the crypto industry grapples with