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Federal Prosecutors Uncover $265 Million Crypto Theft Ring
According to CNBC, federal prosecutors in Washington, D.C., have charged 13 individuals in connection with a sophisticated conspiracy that targeted victims with substantial cryptocurrency holdings. The indictment reveals that more than $265 million in crypto assets were stolen, with the group accused of laundering the proceeds through various means. Notably, one defendant, Malone Lam, a 20-year-old from Singapore, was previously charged for a $245 million bitcoin theft from a D.C. resident in mid-August. The group’s lavish spending included $9 million on exotic cars and $4 million on nightclubs, as well as luxury handbags, watches, and rental properties in Los Angeles, the Hamptons, and Miami.
The indictment details extravagant purchases such as over 30 exotic automobiles—including Ferraris, Lamborghinis, Mercedes G Wagons, a Rolls Royce, a McLaren, and a Pagani—and a $2 million watch. The group also spent up to $500,000 per evening on nightclub services and distributed luxury handbags valued in the tens of thousands of dollars. Prosecutors allege that the stolen funds were laundered through mixers, exchanges, and pass-through wallets, with some cash hidden in squishmallow stuffed animals containing approximately $25,000 each. The defendants face charges including RICO Conspiracy, conspiracy to commit wire fraud, conspiracy to launder monetary instruments, and obstruction of justice.
| Amount Stolen | Exotic Cars | Nightclub Spending | Luxury Watch |
|---|---|---|---|
| $265 million | $9 million | $4 million | $2 million |
- 13 men charged, including Americans and foreign nationals
- Largest theft: $245 million in bitcoin
- Second largest theft: $14 million in cryptocurrency
- Defendants aged 18 to 45
Key Takeaway: The case highlights the scale and audacity of modern crypto theft, with stolen funds fueling extravagant lifestyles and complex laundering operations. (Source: CNBC)
Bitcoin Nears All-Time High as Long-Term Holders Remain Steadfast
TradingView reports that Bitcoin (BTC) is trading close to its all-time high (ATH), yet long-term holders (LTHs)—those holding BTC for more than 150 days—are not selling. On-chain data from CryptoQuant shows that profit-taking among LTHs remains low, with the LTH Spent Output Profit Ratio (SOPR) metric declining even as BTC approaches a new ATH around $109,000. This suggests that LTHs are accumulating, signaling confidence in further price gains.
Analysts note that the current consolidation phase is driven more by short-term holders and retail traders, who are typically more reactive to price swings. CryptoQuant contributor BlitzzTrading observes that BTC whales have taken much less profit compared to previous bull runs, indicating a long-term investment mindset. Comparisons are being drawn between Bitcoin and gold, with gold rising from $1,800 per ounce in mid-2023 to about $3,200 per ounce—a 75% increase. Crypto analyst Cryptollica forecasts BTC could surge as high as $155,000 in 2025. At press time, BTC trades at $101,852, down 1.5% in the past 24 hours.
| BTC Price (Press Time) | Recent ATH | Gold Price (2023) | Gold Price (2025) | Gold % Increase |
|---|---|---|---|---|
| $101,852 | ~$109,000 | $1,800/oz | $3,200/oz | 75% |
- LTHs not engaging in large-scale profit-taking
- BTC whales showing long-term investment behavior
- Analyst forecast: BTC could reach $155,000 in 2025
Key Takeaway: Despite high prices, long-term Bitcoin holders are not selling, indicating strong confidence in further upside. (Source: TradingView)
Bitcoin Dominance Rises as Market Sentiment Remains Greedy
Benzinga highlights that Bitcoin now represents 62.2% of the total crypto market capitalization, which stands at $3.33 trillion. Bitcoin’s dominance increased by 0.74% over the last day, while Ethereum’s share declined to 9.3%. The CMC Crypto Fear and Greed Index currently reads 69 (“Greed”), down slightly from yesterday’s 71 but significantly higher than last month’s 29 (“Fear”).
Traditional markets also saw modest gains, with S&P 500 futures up 0.0042% at 5,933.50, Nasdaq-100 futures up 0.020% to 21,404.50, and Dow Jones Industrial Average futures up 0.026% to 42,396.00. Gold retreated to around $3,220 per ounce, heading for a weekly loss exceeding 3%. Analyst Michaël van de Poppe believes the bull market has significant room to run, stating, “This market isn’t going to peak in the next 6 months if we just managed to have a 4-year bear market on Altcoins coming to an end.”
| BTC Market Cap Share | Total Crypto Market Cap | ETH Market Cap Share | Fear & Greed Index | Gold Price |
|---|---|---|---|---|
| 62.2% | $3.33 trillion | 9.3% | 69 (Greed) | $3,220/oz |
- BTC faces resistance at $104K–$105K
- Market sentiment remains positive despite short-term resistance
- Analyst: No market peak expected in the next 6 months
Key Takeaway: Bitcoin’s dominance and market sentiment remain strong, with analysts predicting continued bullish momentum. (Source: Benzinga)
Bitcoin Holds Above $100K as Altcoins Slide
CoinDesk reports that after testing the $100,000 level, Bitcoin rebounded above $103,000. Altcoins underperformed, with Aptos (APT), Avalanche (AVAX), and Uniswap (UNI) declining 6%–7%. The CoinDesk 20 Index dropped 3% during the same period. Analysts view the pullback as a correction within a broader uptrend, with no clear signs of an imminent top.
Ruslan Lienkha, chief of markets at YouHodler, notes that the upward momentum in equity markets moderated after the China-U.S. tariff delay, leading short-term traders to lock in profits. Kirill Kretov, trading automation expert at CoinPanel, states that price moves below 5% are often just market noise. Vetle Lunde, senior analyst at K33 Research, highlights that BTC just exited one of its longest periods of below-neutral funding rates, indicating defensive positioning. Steno Research attributes crypto tailwinds to private credit expansion in the U.S. and Europe, rather than Chinese liquidity injections. Forward-looking indicators suggest global financial conditions will improve into the summer, potentially supporting higher BTC prices through June and early July.
| BTC Price (Low) | BTC Price (Rebound) | Altcoin Decline | CoinDesk 20 Index |
|---|---|---|---|
| $101,000 | $103,000 | 6%–7% | -3% |
- Analysts see current pullback as a healthy correction
- Private credit growth in the West supports crypto rally
- Potential for higher BTC prices into early July
Key Takeaway: Bitcoin remains resilient above $100,000, with analysts optimistic about continued gains into the summer. (Source: CoinDesk)
Debate Over Bitcoin Core and OP_RETURN Limit Intensifies
Bitcoin Magazine features a strong opinion piece on the ongoing debate regarding the OP_RETURN limit in Bitcoin Core. The author argues that Bitcoin Core developers are not forcing changes on users but are responding to the actions of a minority who refuse to enforce current OP_RETURN limits. The article emphasizes that no one can alter a user’s node except the user themselves, and that responsibility for node configuration lies solely with the individual.
“NO ONE can alter your node except you. NO ONE can make you download a version of Bitcoin Core that changes something except you. End of story. Full stop. YOU are responsible for your node, what it enforces, and what it does. You and you alone.”
The author contends that the removal of the OP_RETURN limit is not about Bitcoin Core imposing changes, but about acknowledging the reality that some users will not enforce these limits. The piece calls for critics to direct their frustration at the appropriate parties—other users who have created the situation—rather than at the developers.
- Bitcoin Core developers are responding to user actions, not imposing changes
- Responsibility for node configuration lies with each user
- Debate centers on permissionless nature of Bitcoin and consensus rules
Key Takeaway: The OP_RETURN debate highlights the decentralized and permissionless ethos of Bitcoin, with node operators retaining full control over their software. (Source: Bitcoin Magazine)
Eric Trump: "Everybody in the World Is Trying to Hoard Bitcoin Right Now"
Cointelegraph reports that Eric Trump, co-founder of a Bitcoin mining firm and son of former U.S. President Donald Trump, stated at the Consensus 2025 conference in Toronto that there is a global race to accumulate Bitcoin. Trump noted that both families and government funds are actively seeking to hoard Bitcoin, with Michael Saylor leading the accumulation race. Trump himself is involved in the mining race through American Bitcoin, a subsidiary of Hut 8, which recently announced a merger with Gryphon Digital Mining to secure a public listing on Nasdaq.
The article also discusses the growing size of the Trump family’s crypto ventures, which now include NFT collections, mining, memecoins, and a stablecoin. These activities have drawn criticism and scrutiny from Democrats, who have called for investigations and proposed legislation to limit potential financial gains by the Trump family from crypto ventures. Senate Democrats have withdrawn support for a bipartisan stablecoin bill amid ongoing concerns, though another vote could occur as soon as May 26.
- Eric Trump: Global race to hoard Bitcoin underway
- American Bitcoin to merge with Gryphon Digital Mining for Nasdaq listing
- Trump family’s crypto ventures under political scrutiny
Key Takeaway: High-profile figures and institutions are accelerating Bitcoin accumulation, while political debate intensifies over the implications of such ventures. (Source: Cointelegraph)
Sources:
- Bitcoin RICO: Feds say $265 million crypto theft ring blew $13M on exotic cars, nightclubs
- Bitcoin Near ATH, But Long-Term Holders Aren’t Selling – More Upside Ahead?
- Bitcoin Rises While Ethereum, Dogecoin Slip — 'Market Isn't Going To Peak In The Next 6 Months,' Says Popular Analyst
- Bitcoin Holds Above $100K, Altcoins Slide as Analyst Sees Crypto Rally Into Summer
- You Aren’t Mad At Bitcoin Core, You’re Mad At Me
- "The world is trying to hoard Bitcoin right now" — Eric Trump
