Alabama’s Securities Commission (ASC) has reclaimed $125,000 in crypto for two residents who lost a combined $580,000 to ‘pig butchering’ scams—a form of romance fraud where victims are lured into fake crypto investments. The Baldwin County victim lost $185,000 after meeting a scammer on Bumble, while the Etowah County victim was defrauded of $395,310 via a WhatsApp ad impersonating Charles Schwab. Pig butchering scams now account for 33.2% of global crypto fraud ($9.9 billion in 2024), with criminals shifting to shorter cons to target more victims. The ASC warns that delays in reporting drastically reduce recovery chances, as most scams originate overseas with irreversible transactions. Federal authorities have sanctioned entities like Philippines-based Funnull Technology for enabling such schemes.
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Michael Saylor Urges Pakistan to Adopt Bitcoin as Reserve Asset
Michael Saylor, co-founder of MicroStrategy, met with Pakistani officials, including Finance Minister Muhammad Aurangzeb and State Minister on Blockchain Bilal Bin Saqib, to discuss Bitcoin adoption as a sovereign reserve asset. Saylor emphasized Bitcoin’s role in national resilience and encouraged Pakistan to lead the Global South in digital asset innovation. Pakistan recently launched the Pakistan Crypto Council (PCC) to regulate blockchain technology and aims to attract global institutional interest. Meanwhile, Saylor hinted at another Bitcoin purchase by MicroStrategy, which already holds 582,000 BTC worth $62 billion. The dialogue marks a milestone in Pakistan’s efforts to build a robust digital assets framework.
read moreHuione Darknet Market Thrives Despite Shutdown Efforts
Huione, a major darknet marketplace linked to crypto crime, remains active despite shutdown attempts. Chainalysis data reveals that transactions have not meaningfully declined, even after its website and Telegram channels were disrupted. The platform, rebranded as Haowang Guarantee, announced a shutdown in May, but illicit activity persists, highlighting challenges in combating crypto-enabled crime.
read moreInvesco Hires J.P. Morgan Blockchain Vet to Lead $1.6B Crypto Push
Invesco has named Kathleen Wrynn, formerly of J.P. Morgan’s blockchain division, as its global head of digital assets, signaling a major push into crypto and tokenized funds. Wrynn will oversee Invesco’s $1.6 billion crypto ETF portfolio and initiatives like fund tokenization. The hire reflects broader institutional adoption, with 60% of Fortune 500 companies exploring blockchain and 70% of North American crypto transactions exceeding $1 million. The move aligns with increasing corporate Bitcoin treasuries and federal pro-crypto policies under the Trump administration.
read moreRussian Crypto Founder Charged with $500M Sanctions Evasion
Federal prosecutors have indicted Iurii Gugnin, a Russian crypto entrepreneur, for orchestrating a $530 million sanctions evasion scheme using his New York-based firms. Gugnin allegedly helped sanctioned Russian banks, including Sberbank and Rosatom, bypass international restrictions by laundering funds through crypto and U.S. banks. The case highlights growing concerns over crypto’s role in undermining sanctions, with Gugnin facing up to 30 years per bank fraud count. The indictment reveals deceptive practices, including falsifying transaction details and using Tether (USDT) to move illicit funds. This case is part of a broader U.S. crackdown on Russian-linked crypto operations, which have processed billions in illicit transactions since the Ukraine invasion.
read more$31M Bitcoin Donation to Ross Ulbricht Traced to AlphaBay
Ross Ulbricht, the imprisoned founder of Silk Road, received a $31 million Bitcoin donation from an anonymous wallet, sparking speculation about its origins. Investigations by Chainalysis and blockchain sleuth ZachXBT revealed the funds were linked to AlphaBay, a larger darknet market active after Silk Road’s shutdown. The donation, likely from a former AlphaBay vendor, was obscured using mixing services and small, staggered transactions to evade detection. AlphaBay, known for illegal trades, was dismantled in Operation Bayonet, a multinational law enforcement effort. Ulbricht has not commented on the donation.
read more$31M Bitcoin Donation to Silk Road Founder Traced to Alphabay
Blockchain analytics firm Chainalysis has linked a $31 million Bitcoin donation to Silk Road creator Ross Ulbricht to Alphabay, a dark web marketplace that operated from 2014 to 2017. The 300 BTC donation, tracked by Chainalysis, is believed to have come from a major vendor on Alphabay with access to substantial funds. This revelation highlights the ongoing connections between dark web marketplaces and the use of cryptocurrency for illicit transactions, as well as the capabilities of blockchain analysis in tracing such activities.
read moreVenezuela cracks down on FX rate posts, fuels stablecoin surge
Venezuela’s government has arrested over 20 moderators of the Instagram page ‘Monitor Dólar,’ accusing them of terrorism and fraud for publishing unofficial exchange rates. The crackdown, part of efforts to enforce the central bank’s official rate, has led to surprise inspections and fines for businesses using market rates. However, the widening gap between official and parallel rates—now 38%—has driven Venezuelans toward stablecoins like USDT and USDC, with $20 billion moved via crypto in 2024. Analysts predict the arrests will only hasten the shift to digital dollars, as stablecoins offer a more stable alternative amid hyperinflation and sanctions. The government’s legal offensive also raises free-speech concerns, with rights groups arguing the charges violate constitutional due process.
read moreOFAC Sanctions Funnull in $200M Crypto Scam Linked to Triad Nexus
The US Department of the Treasury’s OFAC has imposed sanctions on Philippines-based Funnull Technology Inc. and its administrator, Liu Lizhi, for running a $200M ‘pig butchering’ scam targeting American investors. OFAC blacklisted two of Funnull’s crypto addresses, while the FBI issued an advisory detailing technical indicators linked to the fraud. Investigations by Chainalysis and Elliptic revealed Funnull’s role in Triad Nexus—a network hosting 200,000+ scam-related hostnames—and its connections to Huione Pay, a FinCEN-flagged money laundering hub. The addresses received over $4M in illicit funds, underscoring the scale of the operation.
read moreHow Wallet Intelligence is Reshaping Crypto Power Dynamics
Wallet intelligence—the real-time analysis of blockchain wallet activity—is revolutionizing crypto by shifting influence toward those who can interpret onchain data. Firms like Chainalysis and Arkham Intelligence have turned raw blockchain transactions into actionable insights, enabling compliance monitoring and predictive trading. The sudden 90% drop in Mantra’s OM token demonstrates how wallet intelligence can be weaponized, underscoring its growing role in crypto’s power dynamics. As transparency becomes a strategic asset, those with access to advanced analytics gain a decisive advantage in the market.
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