El Salvador marks 3 years of Bitcoin adoption with $31M profit

The US Department of Justice (DOJ) has filed a civil forfeiture complaint to seize more than $24 million in cryptocurrency from Rustam Rafailevich Gallyamov, a Russian national accused of developing the Qakbot malware.According to a May 22 announcement, the DOJ unsealed charges against the 48-year-old Moscovite with a federal indictment. Gallyamov is allegedly the malware developer behind the Qakbot botnet. “Today’s announcement of the Justice Department’s latest actions to counter the Qakbot malware scheme sends a clear message to the cybercrime community,” said Matthew Galeotti, head of the DOJ’s criminal division.Screenshot of the indictment. Source: US Department of JusticeGaleotti highlighted that the DOJ is “determined to hold cybercriminals accountable.” He added that the department will “use every legal tool” to “identify you, charge you, forfeit your ill-gotten gains, and disrupt your criminal activity.”Related: Microsoft takes legal action against infostealer LummaOver $24 million forfeitedUS Attorney Bill Essayli for the Central District of California explained that “the criminal charges and forfeiture case announced today are part of an ongoing effort” to “identify, disrupt, and hold accountable cybercriminals.” He added:“The forfeiture action against more than $24 million in virtual assets also demonstrates the Justice Department’s commitment to seizing ill-gotten assets from criminals in order to ultimately compensate victims.”Assistant Director in Charge Akil Davis of the FBI’s Los Angeles Field Office said that Qakbot was crippled by the agency and its partners in 2023. Still, Gallyamov allegedly continued deploying alternative methods to offer his malware to potential partners.Related: Chinese printer maker spread Bitcoin stealing malware — ReportQakbot used in global ransomware attacksGallyamov allegedly operated the Qakbot malware as far back as 2008. In 2019, he allegedly used it to infect thousands of victim computers to establish a so-called botnet.Access to computers that were part of the botnet was sold to others who infected them with ransomware, including Prolock, Dopplepaymer, Egregor, REvil, Conti, Name Locker, Black Bast and Cactus. In 2023, a US-led international operation disrupted the Qakbot botnet and malware.At the time, over 170 Bitcoin (BTC) and over $4 million in USDt (USDT) and USDC (USDC) stablecoins were seized from Gallyamov. According to the indictment, he and his collaborators continued the activity after it was disrupted, adopting new techniques, including directly deploying Black Basta and Cactus ransomware.Magazine: Report on Crypto Exchange Hacks

Spot Bitcoin exchange-traded funds (ETFs) in the United States are heading for a record-breaking month, helping push Bitcoin to new all-time highs amid rising institutional demand.The US-listed spot Bitcoin (BTC) ETFs recorded more than $1.5 billion in combined inflows over a two-day period, with $608 million on May 21 and $934 million on May 22, according to data from Sosovalue.A repeat performance of the past two days’ inflows would see monthly inflows surge to $6.68 billion, surpassing the monthly record of $6.49 billion from November 2024.Bitcoin ETF inflows, monthly, all-time chart. Source: SosovalueRelated: German gov’t missed out on $2.3B profit after selling Bitcoin at $57KETF inflows helped Bitcoin rise to a new all-time high of $112,000 on May 22 before retracing to above $110,700 on May 23, up over 19% in the past week, TradingView data shows.BTC/USD, 1-year chart. Source: Cointelegraph/TradingViewThe “robust” ETF inflows and Bitcoin’s rise to new all-time highs signal growing institutional demand and rising realized profits “without increased sell pressure,” Nexo dispatch editor Stella Zlatareva told Cointelegraph.“Institutional inflows, corporate balance sheet moves, and macro dislocation converge into a clear message: Bitcoin is no longer the alternative — it’s becoming the benchmark,” she added.Recent surges in ETF demand coincided with $1 billion worth of Bitcoin being withdrawn from Coinbase on May 9 — a move analysts view as a signal of increasing institutional appetite. Related: Exponential currency debasement: ‘You don’t own enough crypto, NFTs’Institutional inflows to push Bitcoin to $200,000 in 2025The “structural” inflows from institutions may help Bitcoin surpass the $200,000 “base case” before the end of 2025, according to Bitwise’s head of European research, André Dragosch.“So the base case is $200,000, conditional on the US government not stepping in. If they step in, it will move closer toward $500,000,” Dragosch told Cointelegraph, referring to the US government’s proposition to make direct Bitcoin acquisitions through “budget-neutral” strategies.Bitwise’s “in-house prediction” for 2029 is a $1 million Bitcoin price target, as Bitcoin’s market cap will surpass the market capitalization of gold, as the leading safe-haven asset, Dragosch explained.Top 10 global assets by market capitalization. Source: CompaniesMarketCapHowever, gold’s $22.3 trillion market capitalization is still over 10 times larger than Bitcoin’s $2.2 trillion, which makes BTC the world’s fifth-largest asset, according to CompaniesMarketCap data.Magazine: Crypto wanted to overthrow banks, now it’s becoming them in stablecoin fight

In this week’s episode of Byte-Sized Insight, on Decentralize with Cointelegraph, we break down a pivotal moment for US crypto legislation. In a 66–32 procedural vote on May 19, the US Senate advanced the GENIUS Act, a landmark bill aimed at establishing a comprehensive regulatory framework for stablecoins. Meanwhile, across the Capitol, Representative Tom Emmer reintroduced the Blockchain Regulatory Certainty Act, backed by bipartisan support.Breaking down GENIUSThe GENIUS Act — short for “Guiding and Establishing National Innovation for U.S. Stablecoins Act” — seeks to answer foundational questions around stablecoin issuance and oversight.“It defines this idea of a payment stablecoin,” explained Rashan Colbert, director of US policy at the Crypto Council for Innovation, in this week’s interview. Colbert emphasized that the bill doesn’t stop at definitions. “It outlines in a robust way just who’s allowed to do this and what they need to look like.” By this, he’s referring to guidelines on who can be permitted issuers like bank subsidiaries, credit unions and approved non-bank entities.Related: Interest groups, lawmakers to protest Trump’s memecoin dinnerThis bipartisan momentum seen backing the GENIUS Act is both exciting and significant. “There has been latent support within Congress, including within the Democratic caucus,” Colbert said. “They just haven’t had the opportunity to take meaningful votes.”Blockchain dev protectionOn the House side, the Blockchain Regulatory Certainty Act, co-sponsored by Representatives Emmer and Ritchie Torres, aims to give legal clarity to developers and service providers who don’t custody customer funds.“It clarifies that they are not money transmitters,” said Colbert. “That’s the clarity these builders and entrepreneurs need to continue operating successfully.”With crypto adoption on the rise — particularly among minority communities — Colbert said the pressure is on. “Something like one in five Americans hold crypto. That number is even larger in the Black, Latino and Asian-American communities,” he noted.Looking ahead, the push toward broader market structure reform will be more complex. Colbert’s advice? Get involved. “It really is, at the end of the day, the people making their voices heard,” he said. “Crypto is a big deal — and Capitol Hill is finally starting to listen.”Listen to the full episode of Byte-Sized Insight for the complete interview on Cointelegraph’s Podcasts page, Apple Podcasts or Spotify. And don’t forget to check out Cointelegraph’s full lineup of other shows! Magazine: Legal Panel: Crypto wanted to overthrow banks, now it’s becoming them in stablecoin fight