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Bermuda Partners with Stellar blockchain to build fully onchain economy system

By | Edited By Ammar Raza,,

The Bermuda government plans to move key financial services onto the Stellar blockchain as part of its vision for a fully on-chain economy. The initiative will support digital payments, government transactions, and digital asset usage through Stellar-based wallets. Officials believe the Stellar blockchain can improve payment efficiency, lower costs, and strengthen financial accessibility across the country.

Bermuda Advances Stellar Blockchain Adoption

The Stellar Development Foundation and the Government of Bermuda announced a major step toward building a fully on-chain national economy.

Bermuda will begin shifting key payment and financial-service operations onto the Stellar network. The move follows Bermuda’s January 2026 announcement at the World Economic Forum, where officials revealed plans to become the world’s first fully on-chain economy.

The initiative builds on Bermuda’s Digital Asset Business Act of 2018. The framework became one of the earliest regulatory systems focused on digital assets.

Officials believe the structure now gives Bermuda a strong position to expand blockchain-based financial services across the island using the Stellar blockchain infrastructure.

The transition aims to modernize how residents, merchants, and government agencies process payments. Digital wallets on the Stellar blockchain will support wages, merchant payments, government fees, and digital asset transfers where available.

Also Read: XLM Price Prediction: Could Stellar Reach $1 Sooner Than Expected?

Stellar Blockchain Targets Lower Payment Costs

Bermuda’s current payment system places high costs on local businesses. Merchants often pay between 3% and 5% in transaction fees, while some sectors face processing costs that can rise to 10%.

Officials expect blockchain-based payment systems to help keep more economic value within the country. Stellar will offer a gateway to a major cash-on/off-ramp facility for digital currencies, making it easier for individuals and organizations that utilize digital finance systems.

Government agencies will be experimenting with using stablecoins to make payments in the rollout process. The banks will be incorporating tokenization technology into their services.

Digital literacy across the nation will be initiated in Bermuda with a view to increasing the usage and comprehension of blockchain technology.

Bermuda Builds a Fully On-Chain Economy

Premier David Burt stated that the dependency of Bermuda on traditional payment systems and the absence of mobile payment applications led to high costs and hindered its growth. Digital currencies and the Stellar blockchain platform could be used for national-level public projects.

Stellar executives claim that the technology has been created for regulated financial services that provide quick and cost-effective payments and the necessary control mechanisms.

The Stellar Development Foundation, prior sovereign-level implementations include the ENRA initiative implemented by the Republic of the Marshall Islands in 2025.

Bermuda’s goal is to incorporate digital assets into its existing financial infrastructure rather than keeping them isolated as a blockchain network for crypto fans.

Also Read: Binance: Terra Classic’s Existing Deposit Addresses Will Be Discontinued

GALA Price Prediction: Bulls Eye $0.014 After Descending Channel Breakout

By | Edited By Ammar Raza,,

GALA is consolidating above a broken descending channel in a retest phase, signaling a potential shift from bearish to bullish structure. If support holds, the GALA price targets a strong bullish reversal. Indicators like RSI and MACD suggest cooling but still positive recovery momentum. According to TradingView, GALA is trading at $0.003946 with a weekly gain of 24.54%.

GALA price chart

Source: CoinMarketCap

Also Read: GALA’s Falling Wedge Pattern Signals an Explosive Move Toward $0.07 Target

GALA Price Setup Signals a Strong Move to $0.0140

Furthermore, the crypto analyst Jonathan Carter pointed out that GALA is currently attempting a technical shift after prolonged weakness, as price action pushes above a well-defined descending channel on the daily chart. 

This breakout attempt is now being tested through a retest phase, where the market is consolidating above the former resistance zone, seeking confirmation of support strength.

Instead of a sharp surge in the GALA price, the token is seeing a consolidation pattern, which is indicating indecision among both buyers and sellers. 

However, this consolidation level, resting on top of the recovered channel, holds importance as it shall determine whether the reversal pattern will develop into a steady bullish pattern.

GALA price analysis

Source: Jonathan Carter’s X Post

As long as the level continues to offer support, the price levels of $0.0057, $0.0080, $0.0109, and $0.0140 remain on tap as upside price targets for GALA price. 

Each price level acts as resistance, which means that the coin could either consolidate or even slow down and take a breather before making further moves. A breakout above this level could set the stage for a steady comeback for the asset.

GALA Momentum Indicators Point to a Recovery Attempt

According to TradingView, the GALA price appears to have recovered from its low of about $0.0026 recorded early last month. 

The GALA price movement shows the formation of a round bottom, creating room for a breakout to levels near $0.0040. Although the downward candle indicates that the asset is due for some pullback, it is evident that higher lows are being registered.

GALA technical analysis

Source: TradingView

Technical indicators reveal consolidation is about to follow in coming days. The RSI indicator is at 63.07 after correcting from the overbought zone, implying a more stable trend for the upcoming period of rising prices. 

Meanwhile, the MACD is maintaining a bullish crossover formed back in April and still showing the green histogram bars. The level of $0.0040 can play a pivotal role in the GALA price breakout.

This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.

Also Read: GALA Descending Trendline Breakout Could Push the Rally Toward $0.011

Bittensor Price Prediction: Can TAO Break $500 After Bullish Breakout?

By | Edited By Ammar Raza,,

Bittensor (TAO) is showing strong bullish price action with momentum moving toward higher resistance levels after a solid recovery. Technical indicators support the uptrend with the Bittensor price above major moving averages. Derivative data also shows improving sentiment with growing participation and steady confidence in the market. According to CoinMarketCap, TAO is trading at $321.64 with a weekly gain of 13.95%.

TAO Price chart

Source: CoinMarketCap

TAO Derivative Data Points to Improving Outlook

According to Coinglass, the TAO open interest rose by 1.18% to $464.23 million, indicating a slight increase in outstanding derivative contracts. This suggests traders are maintaining positions while gradually adding exposure, reflecting cautious but steady confidence in market direction and overall participant engagement levels.

TAO On Chain Data

Source: Coinglass

Trading volume increased by 35.20% to $2.20 billion, showing strong market activity and heightened participation. This rise suggests improved liquidity and renewed interest, as traders actively adjust positions in response to evolving price movements and short-term market momentum.

Also Read: Bittensor (TAO) Price Update: Accumulation Phase Points Toward $750

TAO Price Gains Momentum as Bulls Eye $500 Level

Furthermore, the crypto analyst Rendoshi AI revealed that the Bittensor price has recently witnessed an uptrend in the weekly chart as a result of achieving a good weekly close, indicating that the bulls have remained firmly in control. 

There seems to be a pattern emerging from the trading activity, suggesting a stronger trend in progress. This has encouraged traders to look at it in the context of an existing upward phase of momentum.

TAO price analysis

Source: Rendoshi AI’s X Post

The focus shifts to the $500 resistance zone, which is expected to pose a significant technical challenge to the Bittensor price. It might lead to the realization of profits or a possible consolidation phase depending on the rate. 

However, if the Bittensor price manages to hold above its all-time high levels, it would open doors for a new leg of gains amid an overarching bullish trend.

Technical Indicators Point to Strong Recovery

According to TradingView, the Bittensor price had a remarkable bounce back from the fall witnessed at around the $240 mark in the middle of April. 

The token has risen above its 20-, 50-, and 100-day EMAs, suggesting a move to a bullish trend. It is currently trading at $322 and hitting resistance levels. This rally is following an orderly correction from the March peak, where the 200-day EMA has been providing support.

TAO technical analysis

Source: TradingView

The technical signals suggest that the momentum is growing. However, caution should be observed near the top of the local levels. The RSI stands at 66.66, approaching the overbought territory. 

It shows a bullish inclination, but the Bittensor price may consolidate for a while or test the support at $288 before heading towards the $340 area.

This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.

Also Read: Bittensor (TAO) Price Analysis: Inverse H & S Pattern Points to $524 Rally

Bitcoin Price Eyes Drastic 15% Korea-Driven Surge

By | Edited By Ammar Raza,,

Bitcoin price may soon break its silence in South Korea. Analysts believe the current slowdown is temporary, with Bitwise researcher Jeff Park predicting a major crypto rally once Korean retail investors rotate out of traditional stocks and move back into digital assets.

For now, much of the country’s retail money sits inside blue-chip companies tied to the AI boom. Stocks such as Samsung Electronics, SK Hynix, and Hanmi Pharmaceutical have delivered strong gains through 2025 and early 2026. Investors have followed the momentum. Park says that trend may not last forever.

Also Read: Bitcoin Price Builds Strength Above Support While Bulls Target $94K

Bitcoin Price Could Explode After Stock Rotation

South Korean traders are known for aggressive investing. Their trading activity has often pushed both stock and crypto markets higher. According to Park, many of these investors are simply waiting for signs that tech stocks have peaked.

Source: Google

Once confidence in AI-related equities begins to weaken, he expects capital to rotate quickly into Bitcoin. That shift could happen fast because retail traders in South Korea tend to move together in large numbers.

The country has already shown how powerful local demand can become. In previous bull markets, Bitcoin traded at a significant premium on Korean exchanges compared to global platforms. This phenomenon became known as the “Kimchi Premium.” At times, Bitcoin traded 5% to 15% higher in South Korea because of intense buying pressure.

Bitcoin Price Faces Pressure Before Momentum Returns

The crypto industry in South Korea still faces challenges. Regulators are tightening oversight with stricter reporting requirements and a planned 22% capital gains tax on crypto profits. The market is also recovering from the fallout tied to the Bithumb controversy. Even so, analysts believe retail demand has not disappeared. It has simply moved elsewhere for now.

If Bitcoin begins outperforming Korea’s leading tech stocks, Park believes the flow of money back into crypto could be massive. And if that happens, the next Bitcoin price rally may not stay limited to South Korea alone.

Also Read: Dormant Bitcoin Whale Moves Shocking $40 Billion

CAKE Price Prediction: Bullish Structure Point to a Rally Toward $1.80 Target

By | Edited By Messam Raza,,

PancakeSwap (CAKE) shows a bullish structural shift after a market structure change, with higher lows forming inside a demand zone and accumulation indicating buyers gaining control. Momentum is improving as indicators signal CAKE price recovery, suggesting potential continuation upward if resistance is broken. According to CoinMarketCap, CAKE is trading at $1.57 with the weekly gain of 5.37%.

CAKE price chart

Source: CoinMarketCap

Also Read: PancakeSwap (CAKE) Chart Signals Indecision with Key Resistance at $1.60

CAKE Price Structure Signals Rally Toward $1.80

Furthermore, the crypto analyst Crypto Patel revealed that CAKE is showing a bullish structural shift after a confirmed market structure shift (MSS), with price forming higher lows and stabilizing inside a demand zone. 

Recent buy-side liquidity sweeps suggest weak positions have been cleared, while accumulation is building, indicating potential strength as buyers gradually regain control of the market.

The CAKE price is narrowing into a defined order flow demand region, an environment where the squeeze occurs before breaking out. 

There is accumulated liquidity above the existing price levels, acting as a magnet for a potential extension to the upside. The first key upside targets are located at $1.66 and $1.80, corresponding to previous resistance regions.

CAKE price analysis

Source: Crypto Patel’s X Post

The positive bias remains valid as long as the CAKE price remains above $1.43; otherwise, the setup becomes invalidated, indicating that negative momentum is likely. 

It is advisable to wait for a retrace towards the demand area, where one can trade above the rising trend line towards areas of higher liquidity.

Technical Outlook Points to a Recovery Attempt

According to TradingView, CAKE is set for a revival following its dramatic plunge in February. At this point, the CAKE price is currently standing at $1.575 and is well above the Bollinger Bands midline. 

This positioning implies that the CAKE price trend might be switching from being bearish to becoming bullish. Watch out for any potential breakthrough beyond $1.60 in order to validate more bullish signals.

CAKE technical analysis

Source: TradingView

In addition to that, the MACD indicator shows a positive outlook, with the blue line moving above the orange line. The ascending bars of the histogram show increasing momentum as the CAKE price moves against the upper band. 

It is imperative to maintain support around $1.51 for this scenario. Collectively, the outlook is for an eventual transition into increased market volatility.

This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.

Also Read: PancakeSwap Expands with 60+ Tokenized Stocks: Can CAKE Hit New Highs?

Hyperliquid ETF Filing by Grayscale Adds Staking Feature for HYPE Investors

By | Edited By Ammar Raza,,

Grayscale has updated its Hyperliquid ETF filing to include staking rewards on HYPE tokens, potentially trading under HYPG if approved, following its Ethereum ETF model; price action shows accumulation below resistance, with upside possible on breakout and risk of pullback if resistance holds.

Grayscale Updates Hyperliquid ETF With Staking

Grayscale Investments has amended its S-1 filing for the proposed Hyperliquid ETF, introducing staking rewards tied to HYPE tokens.

The filing was submitted to the U.S. SEC on May 11. If approved, the ETF will trade on Nasdaq under the ticker HYPG. The update reflects rising demand for yield-generating crypto ETFs in regulated markets.

Grayscale Updates Hyperliquid ETF
Source: @CryptoNewsHntrs

The revised structure allows the trust to earn staking rewards from HYPE holdings. This aligns with Grayscale’s Ethereum ETF model, where staking income is shared with investors.

However, staking will only be included if it meets tax and regulatory rules. The fund must maintain grantor trust status for this feature to apply. Grayscale may also rename the product to “Hyperliquid Staking ETF” after approval.

Also Read: Hyperliquid DATs Accumulate Close to 9% of HYPE Supply

Why Hyperliquid ETF Adds Staking Yield

Hyperliquid is a decentralized perpetual trading blockchain with growing adoption linked to the Hyperliquid ETF.

Its native token, HYPE, is gaining attention among crypto investors due to network expansion and activity. The ETF would give exposure to HYPE without direct token ownership.

Staking improves profitability since it supports the activity of validating transactions made via the blockchain, which consequently increases the chances of generating more profit for the ETF.

In this case, the company responsible for custodianship is the Anchorage Digital Bank, while Bank of New York Mellon takes care of administrative duties.

This reflects an industry-wide trend where companies like Grayscale, Bitwise, and BlackRock have started staking cryptocurrencies within ETFs.

HYPE Chart Signals Accumulation Breakout Setup

From a price perspective, the Hype chart shows a shift away from the $28-$32 level and towards a developing bull pattern.

The bulls had a tight grip on the region, pushing prices upwards and forming higher lows. This indicates strength in the market, but a definitive break is needed to confirm it.

HYPE Price is presently forming a consolidation at $41-$42 below the important resistance level. The resistance level lies at $48-$50. Breakout from here would result in momentum formation.

HYPE price prediciton chart
Source: @cryptoknight890

The price can move up to the next resistance level of $60 with favorable volume support, according to the crypto analyst KNIGHT.

However, a failure to penetrate resistance levels could see the price being rejected and falling back to either $36 or even lower at $30. The best approach would be to either wait for a breakout signal or to trade at the support level.

Also Read: Hyperliquid Rally Strengthens: HYPE Price Could Surge Above $43.7 Resistance

SHIB Price Ascending Triangle Signals Rally Toward $0.00000760 Resistance Ahead

By | Edited By Ammar Raza,,

SHIB price is moving inside a bullish ascending triangle, holding higher lows as buyers defend the rising trendline. Resistance is still limiting upside momentum, while RSI and MACD show improving strength. However, lower volume and rising open interest reflect cautious trading as the market waits for a breakout signal.

SHIB Price Builds Strong Breakout Structure

SHIB price on the 12-hour timeframe continues forming a bullish ascending triangle after recovering from the March bottom near $0.00000520.

Price is currently trading around $0.00000651 while respecting the rising trendline support. Buyers continue defending higher lows, showing strengthening momentum as resistance pressure increases toward breakout territory ahead.

The main resistance zone remains between $0.00000690 and $0.00000700, where sellers previously rejected upward moves several times.

SHIB price prediction chart
Source: @Eljaboom

According to crypto analyst Elja, a confirmed breakout above this region could accelerate bullish momentum toward the immediate targets of $0.00000740 and $0.00000760. Sustained buying pressure may extend gains further in the coming sessions.

The ascending trendline near $0.00000620 remains the key support, maintaining the bullish structure. If the SHIB price loses this level, SHIB could retrace toward the $0.00000590 and $0.00000570 support zones.

However, maintaining higher lows above trend support keeps the broader short-term outlook bullish for traders currently.

Also Read: Shiba Inu (SHIB) Price Analysis: Falling Wedge Pattern Signals Potential Breakout 

Bullish Indicators Strengthen SHIB Trend

Momentum indicators continue to support buyers. RSI for Shiba Inu is now trading at the level of 60.34, whereas RSI MA is trading close to the level of 54.40, pointing towards increasing bullish strength on the 2-day chart timeframe.

The RSI continues making higher highs above the neutrality zone of 50, indicating active buyers in the market.

SHIB tradingview chart
Source: TradingView

The MACD technical indicator suggests rising bullish momentum because the MACD line stays higher than the signal line around the zero level.

The green histogram bars are increasing consistently, indicating continuous accumulation of bulls’ positions. A clear MACD crossover will prove the potential for bulls’ continuation in further sessions.

Volume Drop Contrasts Rising Interest

According to CoinGlass data, the chart reveals that SHIB witnesses continuous speculative surges, which later cool down after some time.

Demonstrating that traders had a high interest in the asset before its liquidity ran out. Its volume was lower by 30.56%, amounting to $165.96 million.

SHIB volume and open interest chart
Source: CoinGlass

As open interest rose by 2.91% to $64.79 million, and prices continued to fall slowly, this could indicate that leverage trading is still being done, but there’s less excitement.

This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.

Also Read: SHIB Added to SBI Lending Program With 2%-5% APY Range.

XRP Price Analysis: Can XRP Reclaim $1.49 Resistance?

By | Edited By Ammar Raza,,

XRP price analysis showed a weaker daily setup as the token traded near $1.44 on Tuesday, May 12. Trading volume fell sharply, while derivatives data shows a small rise in open interest despite lower futures activity across the market at press time.

As of press time, XRP trades at $1.44 after a 0.92% drop in the past 24 hours. CoinMarketCap data shows trading volume at $2.5 billion, down 33.71%, while the token stayed up 2.19% over the last seven days.

Source: CoinMarketCap

Also Read: Ethereum Price Holds Near Resistance as Tom Lee Maintains $22K ETH Outlook

XRP Macro Chart Shows Compression, Analyst Says

Analyst Egrag Crypto highlighted in a post on X that XRP’s two-month macro chart shows a large compression structure. He stated that moving averages and EMAs are lagging indicators while price action is the leading indicator of the market setup.

The analyst argued that high targets require volatility first. He said XRP has historically had significant growth after major corrections and emotional “shakeouts.” His macro levels included Fib 1.618 at $9, Fib 2 at $17, and extended Fib 2.272 at $26.

Source: X

Egrag added that the $9 to $17 region could serve as an ignition zone prior to a bigger, euphoric stage. He also noted that $100 isn’t a complete move; it’s not a target for the next cycle.

Thus, XRP price analysis will pivot around its ability to break back above the 100-day EMA. Breaking above $1.49674 would level the next major chart level around the 200-day EMA at $1.71540.

XRP Funding Rate Stays Low as Futures Volume Drops

CoinGlass data shows a mixed market activity. The futures trading volume fell by 32.62% to $3.71 billion, but open interest increased by 1.08% to $2.98 billion. The XRP OI-weighted funding rate is at 0.0027%. This shows traders kept positions open even as overall futures activity weakened.

Source: CoinGlass

XRP Price Analysis Shows EMA Resistance Ahead

According to TradingView data, XRP is trading above its shorter moving averages on the daily chart. XRP price analysis showed that the price was above both the 20-day EMA at $1.41856 and the 50-day EMA at $1.41465 during the session.

Longer-term EMA levels were still above the current price. The 100-day EMA was at $1.49674, and the 200-day EMA was at $1.71540, both of which were also present as resistance levels on the TradingView chart.

Source: TradingView

The Relative Strength Index (RSI) data shows that momentum stayed in a moderate range. The 14-day RSI is 56.75, whereas the RSI moving average is 52.35. The reading remained above 50 but below the 70 overbought level.

This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.

Also Read: Solana Price Surges Above $97 as Bulls Defend Key Support Levels in Strong Uptrend

CLARITY Act’s 309-Page Crypto Market Overhaul

By | Edited By Sahana Kiran,,

The cryptocurrency space has been eagerly awaiting sensible regulations for the past few years. The new CLARITY Act may be the closest Washington has come to delivering them.

The 309-page proposal is one of the largest crypto market structure bills introduced in the United States. The proposal attempts to resolve the ongoing industry dispute about the digital asset definition, which started when Bitcoin was first introduced.

The bill establishes official classifications that identify securities and commodities and decentralized protocols and payment systems. The legislation establishes multiple regulatory authorities, which include the SEC, CFTC, Treasury Department, and banking regulators, to oversee its provisions. The legislation will transform the entire framework that governs crypto project operations by changing all aspects of their launch and trading activities throughout the United States.

Also Read: CLARITY Act Heads to Senate Vote as Crypto Industry Awaits Clear US Regulations

CLARITY Act Creates Path for Crypto Projects

The main part of the document exists within Title I, which contains the section named Responsible Securities Innovation. The proposal recognizes that some crypto assets may begin as speculative investments tied to founding teams before evolving into decentralized networks.

The SEC maintains that numerous tokens should continue to exist as securities. The CLARITY Act provides an alternative solution. Projects that achieve both decentralization and disclosure requirements will eventually become eligible for commodity classification according to the law. The law will help investors because it eliminates one of the main dangers associated with crypto, which is the uncertain regulatory environment.

The legislation establishes new transparency obligations for token creators. The law requires mandatory disclosures from founders, insiders and affiliated firms who control substantial portions of token supplies. The approach directly targets the hidden tokenomics and insider-heavy distribution methods that characterized previous cryptocurrency market cycles.

The legislation defines staking and validator participation, and liquid staking and programmatic token distributions as valid network operations that can be performed under specific conditions. The regulatory framework will assist Ethereum infrastructure projects and compliant staking platforms, which have experienced increasing pressure from regulatory authorities.

Source: CLARITY Act

CLARITY Act Increases Pressure on DeFi Platforms

The bill enables innovative development while it establishes stricter control measures. Titles II and III extend anti-money laundering regulations and sanctions enforcement procedures and illicit finance detection systems to all centralized exchanges, DeFi protocols and mixers and kiosks and offshore stablecoin operations.

The message from regulators is becoming clearer. The study found that only completely decentralized systems could survive, while projects operating as secretive corporate entities would experience intensified regulatory examination.

The Act protects self-custody rights through its Keep Your Coins Act provisions. The Act limits interest-bearing stablecoins because it aims to stop shadow banking systems from developing.

The CLARITY Act does not function as a direct threat to cryptocurrency. The legislation aims to regulate the industry by establishing stronger regulations that define operations and monitor activities.

Also Read: Clarity Act Faces Setback as Law Enforcement Concerns Threaten Congressional Progress

Crypto Wrench Attacks: Three Men Charged in $6.5M California Robbery

By | Edited By Sahana Kiran,,

Crypto wrench attacks drew renewed attention after US prosecutors charged three Tennessee men in an alleged California robbery and kidnapping scheme targeting cryptocurrency holders. Prosecutors said physical threats were used to force access to digital assets during the alleged crimes.

The defendants are Elijah Armstrong, 21, Nino Chindavanh, 21, and Jayden Rucker, 25. The Justice Department said the indictment was filed on March 31 and unsealed after arrests.

Also Read: Telegram Founder Flags Tax Data Leaks Behind Crypto Kidnappings in France

Crypto Owners Targeted in Alleged Home Invasions

The alleged victims were mostly from San Francisco, San Jose, Sunnyvale, and Los Angeles, prosecutors said. It is alleged that the men pretended to be delivery workers to enter or attempt to enter crypto owners’ houses.

Inside the home, the defendants also reportedly restrained victims with firearms, duct tape, and zip ties. Then all they wanted was to get into the crypto accounts.

One apparent scenario involved a hostage being taken at gunpoint and forced to sign into crypto accounts. The same co-conspirator later transferred approximately $6.5 million to a group-controlled wallet.

US Attorney Craig Missakian said the men terrorized victims to steal large amounts of cryptocurrency. He described the alleged behavior as “brazen, violent, and dangerous.”

FBI Acting Special Agent Matt Cobo stated that the case was a robbery, a kidnapping, and millions’ worth of stolen crypto. Agents will go after suspects with local partners who are targeting those who hold digital assets, he said.

The case highlights broader concerns surrounding crypto wrench attacks. These crimes include physical force, threats, or kidnapping to make victims transfer funds or provide access to wallets.

France Cases Show Rise in Crypto Wrench Attacks

In France, there have been similar incidents, leading to investigations into home invasions and forced access to wallets. The French prosecutor recently filed 88 indictments in cases related to alleged crypto wrench attacks.

In 2024, there were 18 incidents that authorities recorded, followed by 67 incidents in 2023 and another 47 so far this year. But it’s those figures that highlight law enforcement’s concerns about crypto wrench attacks.

Armstrong, along with Chindavanh and Rucker, also remains in federal custody. Armstrong and Rucker were set to return May 12 for appointment of counsel, while Chindavanh has a status hearing June 26.

An indictment contains charges but not proof, the Justice Department said. People are innocent until proven guilty in a court of law.

If they are convicted, the defendants could be sentenced to prison and fined on robbery and kidnapping counts. The case also demonstrates why crypto wrench attacks are still a prevalent ongoing security threat.

Also Read: Solv Protocol Migrates $700M BTC Assets to Chainlink CCIP