Trump is ‘forcing everyone to up their game’ — Brian Armstrong  

The top 220 holders of US President Donald Trump’s memecoin met yesterday at the president’s golf course in Virginia for an exclusive dinner and purported meet-and-greet.Attendees spent a grand total of $148 million for an “ultra-exclusive VIP reception with the president,” which crypto industry advocates and critics alike saw as a potential opportunity to discuss crypto policy with the president. The crowd contained a number of foreign crypto executives and influencers who otherwise would not have access to the US president, raising questions around corruption and foreign influence. Concerns were further augmented when White House Press Secretary Karoline Leavitt declined to release a list of attendees, stating that the event was a private affair outside of Trump’s presidential duties.However, some attendees spoke to the press or took to social media to talk about the dinner. Here are just a few:Justin SunTron founder Justin Sun was the largest TRUMP tokenholder at the gala, which was reportedly enough to earn him a special watch, presented in a special ceremony. Sun was awarded a watch in a ceremony at the event. Source: Justin SunSun’s presence at the event was particularly controversial. Last year, he faced a lawsuit brought by the US Securities and Exchange Commission over the alleged “orchestration of the unregistered offer and sale, manipulative trading, and unlawful touting of crypto asset securities.”The SEC asked for a reprieve in late February, just over a month since Trump’s inauguration and the subsequent 180 in federal agencies’ approach toward regulating crypto. Outside the crypto dinner, Sun posted on May 21 that he would be spending a week in Washington, DC to have “meaningful conversations that will help shape the next chapter of blockchain’s future” in the United States.Kain WarwickKain Warwick, founder of crypto exchange operator iFinex, told The New York Times on May 12 that he was attending the event after stocking up on enough TRUMP to break the top 25 investors on the leaderboard. Warwick said he wanted to have a shot at meeting the president, or someone on his team, to talk crypto — specifically decentralized finance (DeFi), which is getting less attention in the current crop of crypto bills circulating the US Congress.“If you assume Trump and 10 people within the Trump team are there, now you’ve got a one in 15 shot of having a conversation with one of them,” he said.Vincent LiuVincent Liu, chief investment officer of crypto trading, VC and market-making firm Kronos Research, attended the event, posting pictures of the menu and Trump’s brief speech.A photo of the menu at Donald Trump’s memecoin dinner. Source: Vincent LiuLiu wrote, “Simply by holding the Trump token, individuals have an unprecedented opportunity to meet the President of the United States.” He had previously told Cointelegraph, “The decision to acquire the [TRUMP] token was not political. It was based on identifying early momentum, cultural relevance and potential market catalysts.”Related: US lawmaker introduces anti-corruption bill ahead of Trump’s dinnerHis firm stated that “alpha” — i.e., exclusive or difficult-to-obtain information that could move markets — was “on the menu.” Lamar OdomAlso in attendance was two-time National Basketball Association champion Lamar Odom. While many other crypto entrepreneurs in the audience were focused on policy, Odom used news of his attendance to plug his own memecoin, ODOM.Lamar Odom writing an X post while attending Trump’s memecoin dinner. Source: Lamar OdomOdom launched his memecoin less than a week before the dinner on May 14. The anti-addiction-themed memecoin (Odom had a public battle with substance addiction) is issued on the Solana blockchain.The coin itself had a 20% “Trump Dinner Program” staking scheme, where TRUMP holders could stake their coins with Odom’s project, ostensibly to enable him to attend the dinner event, and receive ODOM airdrops in return. Odom himself will hold 5% of all ODOM.Sangrok OhCEO of Seoul- and Tokyo-based cryptocurrency management firm Hyperithm, Sangrok Oh was the 13th-largest TRUMP holder with a wallet containing over $3 million worth of the token, according to the Straits Times. Oh told The New York Times that he had arrived with a batch of red “Make Crypto Great Again” hats to give away at the dinner and expected to speak directly with the president. “It’s kind of a fund-raiser […] And he’ll always be good to his sponsors.”Oh has been critical of the slow regulatory progress for crypto in the countries where his company operates. Anonymous attendeesIn addition to crypto execs and sports stars, the event also noted a few anonymous or pseudonymous crypto traders and entrepreneurs in attendance. Among them was “Ice,” co-founder of the Singaporean crypto company MemeCore. Their company’s chief business development officer, Cherry Hsu, told Sherwood News that Trump’s rise “represents the power of memes to influence culture, perception, and movements — principles that align with MemeCore’s vision of a decentralized, community-driven future.”“Ogle,” a cybersecurity adviser to Trump’s own World Liberty Financial crypto enterprise, as well as the pseudonymous co-founder of blockchain ecosystem Glue, also attended. Ogle said they were going out of curiosity, more than anything, and did not endorse Trump personally. “I’m hoping it’ll be fun — and hoping they’ll serve McDonald’s.”Another anonymous attendee was “Cryptoo Bear,” a crypto trader and occasional news reporter who posts primarily in Japanese. Cryptoo Bear made no political statements about the event, mainly posting about the swag and the food. They did say they were promised a photo op with the president, but it didn’t pan out. Source: Cryptoo BearDinner “guests” across the picket lineOutside the country club, US senators and former staffers attended the event as part of a protest.Bloomberg reported that protestors shouted “Shame!” and “I hope you choke on your dinner!” at attendees. Critics of the event widely consider it to be a glaring example of corruption in Washington and within the Trump administration. Senator Jeff Merkley, a Democrat from Oregon, joined the protest. “The spirit of the Constitution was that no one elected would be selling influence to anyone,” he said, “because it’s to be government by and for the people.”Ken Papaj, a former Treasury Department official, said, “Every time there’s a transaction, he gets a transaction fee? Just unconscionable what he’s doing.”The dinner comes at a pivotal time for the crypto industry in the US, where the industry is pushing hard for Congress to pass friendly regulations. Trump’s ties may complicate matters, however, as lawmakers have introduced anti-corruption bills targeting crypto and politicians.Senate Democrats are also taking aim at the stablecoin-focused GENIUS Act, introducing a slew of amendments addressing Trump’s crypto businesses. Magazine: AI cures blindness, ‘good’ propaganda bots, OpenAI doomsday bunker: AI Eye

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