As June 2025 draws to a close, we recap the first half of the year by highlighting key events and developments in the cryptocurrency landscape.
Main Story
The United States has recovered $225 million in USDT related to a cryptocurrency scam with the assistance of Coinbase. During an operation conducted in February 2024, Coinbase provided analytical tools and support that helped to identify over 130 users who were unknowingly involved in fraudulent transfers. The scam, linked to criminal networks in Southeast Asia, exploited victims through fake online relationships. Tether froze and later burned the stolen funds, reissuing them to a Secret Service-controlled wallet.
Other Notable Events
Some of the other significant news from the past week include:
* Michael Zidell has sued Citibank for negligence, alleging that the bank failed to flag suspicious transfers within a $20 million scam. * World Liberty Financial, connected to Donald Trump, plans to launch its first audit of USD1 and a mobile app for retail users. * Bit Digital has filed confidential IPO plans for its WhiteFiber segment and is investing in Auros Global to enhance its Ethereum operations. * Coinme has been fined $300K by California for violating crypto ATM laws. * The IMF warns of the regulatory challenges posed by the lack of global consensus on stablecoin classification. * The Cork Protocol exploiter has resurfaced, laundering over $11 million and donating to the Tornado Cash defense fund.
Global Trends
Among global developments:
* Arizona has passed a bill to create a Bitcoin reserve fund using seized crypto assets. * Texas has become the first state in the U.S. to launch a Bitcoin reserve with a $10 million investment. * Senator Adam Schiff has introduced the COIN Act to bar U.S. officials from launching or profiting from crypto ventures while in office. * Japan’s FSA has proposed reclassifying cryptocurrency as financial products. * Turkey has unveiled stringent crypto regulations mandating detailed transaction data and stablecoin limits. * The U.S. Federal Reserve will no longer use "reputational risk" in its assessments of banks, easing access to banking services for the crypto industry.
These developments highlight the dynamic nature of the cryptocurrency market and the ongoing evolution of the regulatory landscape. Attention to asset classes and the importance of staying informed for market participants remain key factors in this space.
