Thai Authorities Arrest Russian Hackers in $16M Crypto Ransomware Bust

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📈 Preview On Today’s News:

1. - Thai Authorities Arrest Russian Hackers in $16M Crypto Ransomware Bust

2. - Coinbase Shatters Expectations With 185% Surge in Trading Volume

3. - Michigan Proposes Bitcoin Reserve Bill, Joins 20 States in Crypto Legislation Push

Keep reading below for more!

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Today’s News:

1)

Thai Authorities Arrest Russian Hackers in $16M Crypto Ransomware Bust

Thai law enforcement arrested four Russian nationals in Phuket for their role in a global crypto-ransomware operation targeting Swiss organizations. The suspects, key members of the 8Base group, used Phobos ransomware to breach networks and demand Bitcoin ransoms from victims. Between April 2023 and October 2024, they successfully attacked 17 Swiss organizations and extorted $16 million in BTC from over a thousand victims worldwide. A multinational operation involving 14 countries dismantled the group's infrastructure, including 27 operational servers linked to their activities.

• Thai authorities arrested four Russian hackers linked to the 8Base group for deploying Phobos ransomware against Swiss organizations, extorting $16 million in Bitcoin.

• A multinational crackdown involving 14 countries successfully dismantled 27 servers tied to the group's cybercrime operations.

2)

Coinbase Shatters Expectations With 185% Surge in Trading Volume

Coinbase (COIN) reported an impressive Q4 2024 earnings beat, posting $2.3 billion in revenue—23% higher than expected—driven by a major crypto bull run. Trading volume skyrocketed 185% year-over-year to $439 billion, while adjusted earnings hit $1.3 billion, surpassing the $906.9 million consensus estimate. COIN stock rose 8.4% during Thursday’s session and gained an additional 3.3% after hours. CEO Brian Armstrong emphasized Coinbase’s strong regulatory positioning, noting the platform’s new UK approval and the growing role of Bitcoin in the US economy under the new administration. Looking ahead to 2025, Coinbase aims to expand staking, custody, and software services while actively shaping US crypto regulation.

• Coinbase reported $2.3 billion in Q4 revenue, 23% above expectations, with trading volume surging 185% year-over-year to $439 billion.

• CEO Brian Armstrong highlighted regulatory advancements, UK expansion, and Bitcoin’s increasing role in the US economy, positioning Coinbase for further growth in 2025.

3)

Michigan Proposes Bitcoin Reserve Bill, Joins 20 States in Crypto Legislation Push

Michigan has introduced House Bill 4087, aiming to establish a state-managed Bitcoin reserve, making it the 20th U.S. state to propose crypto-related reserve legislation. The bill, sponsored by Representatives Bryan Posthumus and Ron Robinson, would allow Michigan’s treasurer to allocate up to 10% of the general and economic stabilization funds into cryptocurrency investments. It also includes provisions for lending crypto if it does not increase financial risk. Additionally, Posthumus floated the idea of "MichCoin," a state-backed stablecoin tied to Michigan’s gold and silver reserves.

• Michigan's HB 4087 proposes a state Bitcoin reserve, permitting the treasurer to invest up to 10% of select state funds into cryptocurrency, with potential lending provisions.

• Representative Posthumus also suggested "MichCoin," a state-backed stablecoin linked to Michigan's gold and silver reserves.

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4)

Klarna Bank Reverses Stance on Crypto Amid U.S. Expansion Plans

Klarna Bank CEO Sebastian Siemiatkowski, who previously dismissed cryptocurrencies as a "decentralized Ponzi scheme," has now announced the company's intention to embrace digital assets. This shift comes as Klarna prepares for a U.S. IPO and explores ways to enhance its fintech offerings. Siemiatkowski's change of heart follows discussions with board members and key industry figures, reflecting a broader trend of traditional finance firms integrating crypto. Klarna's move aligns with regulatory shifts and increasing adoption by major players like PayPal, Revolut, and BlackRock.

• Klarna Bank, once skeptical of crypto, is now embracing digital assets as part of its U.S. expansion strategy, aligning with industry trends.

• CEO Sebastian Siemiatkowski’s shift follows high-profile discussions and regulatory changes, echoing moves by financial giants integrating cryptocurrency into their platforms.

5)

CZ Teases Meme Coin Launch, BNB Surges 20% Amid Speculation

Binance founder Changpeng Zhao (CZ) has sparked excitement in the crypto community after hinting at the potential launch of a meme coin. The speculation began when CZ confirmed on X (formerly Twitter) that he owns a Belgian Malinois, leading traders to push BNB’s price up by over 20%. Instead of dismissing the idea, CZ engaged with users about the meme coin creation process, teasing that he might consider launching one. Although no official token has been announced, the crypto market reacted swiftly, with new meme coins dedicated to CZ’s dog emerging and one, Binance Dog (CZDOG), reaching an $8 billion market cap within five hours.

• CZ’s comments on potentially launching a meme coin fueled speculation, driving BNB’s price up by over 20%.

• Despite no official token announcement, traders rushed to create related meme coins, with Binance Dog (CZDOG) hitting an $8 billion market cap in hours.

6)

US States Push Bitcoin Bills, Eyeing $23B in Investments

Lawmakers across 20 U.S. states are advancing bills to integrate Bitcoin into government reserves, with Arizona, Florida, and Missouri leading the charge. These proposals collectively aim to allocate up to $23 billion in Bitcoin investments, potentially reshaping state financial strategies. Texas, Ohio, and Utah are also considering Bitcoin-backed reserves sourced from treasurers' accounts and stabilization funds. If these bills pass, state-backed Bitcoin investments could accelerate adoption, with pension funds possibly joining the movement. While Pennsylvania's Bitcoin bill failed, the growing number of proposals signals increasing confidence in Bitcoin's role in government finance.

• Lawmakers in 20 U.S. states are pushing Bitcoin adoption, with Arizona, Florida, and Missouri planning multi-billion-dollar allocations that could total $23 billion.

• If these proposals succeed, Bitcoin’s role in government finance could expand significantly, with pension funds potentially adding further buying pressure.

7)

Wall Street CEOs Face Scrutiny Over Crypto Debanking Crisis

Top Wall Street executives, including JPMorgan's Jamie Dimon and Bank of America's Brian Moynihan, convened on Capitol Hill to address concerns over the widespread debanking of crypto businesses. The issue has drawn bipartisan attention following Senate Banking Committee hearings exposing how banks have abruptly cut ties with crypto firms, firearms manufacturers, and other industries. Former President Donald Trump intensified the debate by accusing banks of politically motivated account closures, claims that executives have denied. Meanwhile, newly released FDIC documents reveal that previous leadership actively discouraged banks from working with digital assets, prompting regulators to reconsider policies. Federal Reserve Chair Jerome Powell acknowledged concerns over the debanking trend and confirmed a policy review, while the FDIC moves to establish a new framework for crypto banking.

• Wall Street’s top banking executives met with senators to address accusations of crypto debanking, following bipartisan scrutiny and Trump’s allegations of politically motivated closures.

• The FDIC and Federal Reserve are reassessing policies after internal documents exposed efforts to deter banks from engaging with crypto firms, signaling potential regulatory shifts.

8)

Japanese Leaders Praise Musk’s D.O.G.E Despite Ignoring Military Overspending

Elon Musk’s Department of Government Efficiency (D.O.G.E) has garnered significant praise from Japanese social media influencers and political leaders, including Prime Minister Shigeru Ishiba and Minister of Digital Transformation Masaaki Taira. While Musk’s call to dismantle bureaucracy resonates in Japan, critics point out that the initiative fails to address wasteful war spending, such as Japan’s growing military investments and U.S. arms deals. Despite its name, D.O.G.E has yet to tackle America’s massive defense budget, with Musk instead cutting funds from social programs, leading some to question its true priorities.

• Japanese influencers and political leaders, including PM Shigeru Ishiba, have praised Elon Musk’s D.O.G.E initiative for its focus on reducing bureaucracy.

• Critics argue that D.O.G.E ignores military overspending while cutting social programs, raising concerns about its actual impact on government efficiency.

9)

BlackRock’s $22.1M Bitcoin Sell-Off Triggers Market Turbulence

BlackRock’s iShares Bitcoin Trust (IBIT) recorded a $22.1 million outflow, causing Bitcoin’s price to drop from $47,500 to $46,800 within 30 minutes and sparking increased market volatility. The sell-off led to a surge in BTC trading volume, a spike in the Bitcoin Volatility Index from 52 to 68, and a wave of stop-loss liquidations across major exchanges. Despite this, BlackRock remains committed to Bitcoin, acquiring 515 BTC worth over $49 million and maintaining a $60 billion BTC portfolio. Analysts now eye support levels at $46,500 and $46,000, with a potential breakout above $47,800 needed to restore bullish momentum.

• BlackRock’s $22.1M Bitcoin sale triggered heightened volatility, a sharp BTC price drop, and increased trading activity, with altcoins seeing a minor shift in dominance.

• Despite the sell-off, BlackRock added 515 BTC to its holdings, signaling a long-term bullish stance, while traders watch key support and resistance levels for Bitcoin’s next move.

10)

Twenty U.S. States Push for Bitcoin Reserves, Potential $23B Investment

Twenty U.S. states have proposed bills to establish Bitcoin reserves, with several already advancing through legislative processes. If these bills pass, states could collectively purchase up to 247,000 BTC, valued at approximately $23 billion, significantly increasing demand. This movement follows former President Trump’s advocacy for a national Bitcoin Reserve, with states like Utah, Oklahoma, Arizona, and North Carolina already making legislative progress. The potential impact extends beyond state purchases, as pension funds may also invest, further intensifying supply pressure. With Bitcoin already facing a supply crisis, these proposals could drive substantial price increases and attract heightened retail investor interest.

• Twenty states are considering Bitcoin reserve bills, which could require up to $23 billion in BTC purchases, significantly increasing demand.

• The movement, influenced by Trump's Bitcoin Reserve idea, has seen legislative progress in states like Utah, Oklahoma, Arizona, and North Carolina, potentially leading to a supply squeeze and price surge.

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