Pop star Iggy Azalea's new memecoin, MOTHER, has soared to a market cap of over $28 million, overshadowing a token named after her by Sahil Arora, who's been accused of fraud. Azalea denies any connection with Arora, who recently posted a screenshot implying a collaboration. Meanwhile, celebrities including Caitlyn Jenner and rapper Rich the Kid have labeled Arora's celebrity memecoin projects as scams. Arora's token, $IGGY, launched on the Solana blockchain just before MOTHER, and quickly reached a market cap of $3 million before dropping to $158,000. Arora denies the scam allegations.

A UK court has sentenced a hospitality worker, Jian Wen, to over six years in prison for money laundering involving $2.5 billion in Bitcoin. Wen, 42, was found guilty of converting fiat currency into crypto assets, which she used to buy multi-million-pound houses and jewelry. The case is reminiscent of the 2016 Bitfinex hack, where over $2 billion worth of Bitcoin was stolen. Both cases saw the perpetrators caught while trying to cash out their Bitcoin, with their extravagant lifestyles raising suspicions. Despite such incidents, a recent US Treasury Department report suggests that cryptocurrency is not a popular choice for money laundering.

OpenAI CEO Sam Altman was reportedly dismissed for allegedly withholding information from the board, including the release of OpenAI’s ChatGPT, according to ex-board member Helen Toner. Altman was also accused of hiding his ownership of the OpenAI Startup Fund. Despite his brief dismissal in November 2023, Altman was reinstated after 505 out of 700 staff signed a letter demanding the board's resignation. OpenAI has since changed the fund's governance structure, with Ian Hathaway now in control.

Bitcoin investors might be sitting on a goldmine but are often reluctant to spend or unsure when to buy or sell, leaving a "stranded value" in the market. Aki Balogh, CEO of DLC.Link, suggests that Bitcoin holders could unlock this sidelined capital and earn more by using their Bitcoin as collateral or accessing decentralized finance (DeFi) features. DLC.Link offers a different approach, allowing depositors to lock Bitcoin with themselves, a process they call "self-wrapping". This creates DLC BTC on Ethereum, backed by real Bitcoin, which can be used and invested. Balogh assures that as long as depositors have their private key, they will always have access.

Israel is fast-tracking the development of its central bank digital currency (CBDC), the digital shekel. The Bank of Israel (BoI) plans to create an advanced digital payments ecosystem with the help of various service providers. The bank will launch the "Digital Shekel Challenge", an experiment inspired by the "Project Rosalind" by the Bank for International Settlements and the Bank of England. Participants will compete to build real-time CBDC payment systems for the public. The initiative could potentially bridge the gap between the Web3 industry and government.

The Texas State Securities Board has slapped a cease and desist order on Arkbit Capital, accusing it of fraudulent crypto cloud mining activities. The firm, along with its affiliates, allegedly used deceptive image and video manipulation techniques to promote its investment plans. Arkbit Capital falsely claimed to operate Arkansas-based data centers for cloud mining various cryptocurrencies, promising daily returns of 1.6-2.8% for 120 days on digital asset deposits between $50 and $49,999. The order also alleges that Arkbit Capital used a payment processor, CoinPayments.Net, to facilitate payments for their investment plans despite CoinPayments.Net’s policy restricting users from certain jurisdictions, including the U.S. The public is urged to remain vigilant when dealing with social media investment opportunities.

Watch out, lovebirds! The Canadian Anti-Fraud Centre (CAFC) and the Canadian Investment Regulatory Organization (CIRO) have issued a warning about a surge in crypto scams this summer. Scammers are targeting Canadians on dating apps and websites, luring them into bogus investment schemes involving crypto assets. Victims are often locked out of their invested funds once their identity is compromised. In 2023, Canadians lost a whopping $309.4 million to these investment frauds. The authorities urge citizens to report any such fraudulent activities. Stay safe, folks!

Crypto expert Michaël van de Poppe predicts that Ethereum (ETH) may hit new all-time highs before Bitcoin (BTC) does. This comes as traders anticipate strong Bitcoin price action following the potential launch of Ether spot ETF products in the US. While not yet fully approved, these have received a tentative green light from regulators. This move could reduce Bitcoin's share of the overall crypto market cap, potentially giving altcoins more room to grow. Meanwhile, BlackRock's IBIT has surpassed the Grayscale Bitcoin Trust (GBTC) in BTC holdings, becoming the world's largest Bitcoin ETF.

Hong Kong's Securities and Futures Commission (SFC) is set to inspect local virtual asset trading platforms (VATPs) still undergoing regulatory applications after a June 1 licensing deadline. The SFC has warned crypto firms about the need for licensing, stating that operating an unlicensed VATP after the deadline would be a criminal offense. The SFC will focus on how firms are protecting client assets and implementing Know Your Customer (KYC) processes. It also urged investors to trade crypto only on SFC-licensed platforms. Prior to the deadline, 11 crypto companies, including OKX and Huobi's local arm, withdrew their applications, leaving 18 still pending.

El Salvador's GDP could surge tenfold in the next five years if it continues to embrace Bitcoin and artificial intelligence, according to ARK Invest CEO Cathie Wood. The country's GDP was $32.4 billion in 2022, a 30% increase since President Nayib Bukele took office in 2019. If it reaches $300 billion, it would place El Salvador's GDP on par with Romania, the Czech Republic, and Chile. Despite some challenges with Bitcoin adoption among the local population, the upward price trend in 2023 has sparked a new wave of merchant adoption, led by major brands like Walmart, Starbucks, and Dominos.

ZKasino, a blockchain-based gambling project, is initiating a 72-hour refund process for investors after accusations of a $33 million "rug pull." The team promises a 1:1 return of ETH to investors who send back their full ZKasino (ZKAS) token balance. However, this means forfeiting any allocated ZKAS and the remaining 14 months of ZKAS release. Some investors are skeptical, fearing another scam or wallet drainer. Last month, ZKasino was criticized for not returning investor ETH after its network went live, instead sending $33 million worth of funds to Lido for staking.

AI-linked crypto tokens are on a downturn, despite Nvidia's share price soaring over 7% on May 28. Nvidia, a leading producer of computer chips used by AI companies, has seen a surge of 22% in the past five trading days, closing at a record high of $1,140. Meanwhile, major AI crypto tokens like Render, Fetch.ai, and SingularityNET have seen a decline over the past week. However, some crypto traders predict a change in the AI crypto market when Nvidia's stock price starts to decline. Despite Nvidia's impressive performance, the broader crypto community still believes Bitcoin will outperform Nvidia in the next decade.

Gamers are set to spend an average of $6,425.13 on virtual items over their adult lifetime, according to a study commissioned by Unstoppable Games. The study found that the average gamer spends $8.74 per month on in-game purchases, with character skins, weapons, and extra lives being the most popular items. However, 35% of gamers feel that this money is wasted as they have nothing physical to show for it, and 51% are frustrated that they can't resell or gift their purchases. Blockchain gaming could potentially solve these issues, offering gamers the chance to own, trade, and even build new games with their in-game assets. Despite this, 84% of gamers have never heard of or tried a blockchain game.

BlackRock's income and bond-focused funds have purchased shares of the firm's own spot Bitcoin (BTC) exchange-traded fund (ETF) in Q1 2021. The Strategic Income Opportunities Fund bought $3.56 million worth of the iShares Bitcoin Trust, while the Strategic Global Bond Fund made a $485,000 purchase. These shares are a fraction of the funds' investment portfolios, valued at $37.4 billion and $776.4 million respectively. Since the launch of spot Bitcoin ETFs in January, over 600 US investment firms have bought into them, with Millennium Management being the largest accumulator at $1.9 billion invested.

Grease Monkey Games, known for its popular Torque Drift motorsport game, experienced a staff exodus after announcing a shift to Web3 gaming. Founder Arran Potter revealed that 10 employees left the company, unwilling to work on a Web3 game. Despite the setback, the sequel to Torque Drift, currently in beta, is set to incorporate blockchain technology and nonfungible tokens (NFTs). Potter also managed to retain major partners, including Nissan, for the Web3 transition. Meanwhile, Rebecca Liao, CEO and founder of blockchain protocol Saga, believes digital assets in gaming won't be targeted by securities laws.

In a recent turn of events, the United States Securities and Exchange Commission (SEC) has been ordered by a federal judge to pay around $1.8 million in attorney and receivership fees. This order is related to the SEC's civil case against Digital Licensing, also known as Debt Box. The SEC had previously accused Debt Box of running an illegal $50 million crypto scheme. However, the case was dismissed after Debt Box provided evidence suggesting the SEC had made false statements in its attempts to freeze the firm's assets. This development is seen as a significant win for Debt Box and a potential example of regulatory overreach by the SEC.

Ethereum's (ETH) price has surged by 20% to over $3,800 following the unexpected news that the application process for spot Ether exchange-traded funds (ETFs) is moving forward. The Securities and Exchange Commission (SEC) had been expected to reject the applications. The approval of the spot ETH ETFs could have a significant impact on decentralized finance (DeFi), legitimizing altcoins and propelling them into the next stage of the bull market rally. Ethereum layer-2s, DeFi stalwarts, and EVM-compatible projects are expected to benefit from this development. However, Ethereum competitors like Solana might struggle to outperform in a post-ETH ETF environment.

Binance France has new shareholders following a warning from the country's Financial Markets Authority (AMF). The change was prompted by issues between the original owner and US authorities. The new shareholders, Lihua He and Yulong Yan, are members of Binance's founding team. This comes after Binance France received AMF approval in May 2022, despite operating illegally since 2020. The company also struggled to find a banking partner after facing a lawsuit from the Commodity Futures Trading Commission (CFTC) in March 2023.

Former FTX Digital Markets co-CEO, Ryan Salame, has been sentenced to 90 months in federal prison, a term longer than the seven years recommended by prosecutors. Salame had pleaded guilty to two felony charges. The judge's decision was influenced by the severity of the fraud at FTX, including a multi-million dollar campaign finance fraud scheme. Salame's case is the only one involving campaign finance law violations among the FTX and Alameda executives facing criminal charges. The political motivation behind his crimes may have contributed to the additional prison time.

Despite Bitcoin's inability to sustain prices above $71,000, optimistic investors continue to bet on $80,000 and $90,000 derivatives. However, with the $6.5 billion options expiry on May 31, it's likely these call options will become worthless, as 91% were placed at $72,000 or higher. External factors such as economic trends and government policies heavily influence Bitcoin's price. Despite this, the Nasdaq Composite index breaking its all-time high indicates investor confidence in the U.S. Federal Reserve’s plan, creating a positive outlook for Bitcoin. However, the approval of the spot Ethereum ETF in the U.S. creates competition for institutional investors’ funds.