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AI's GPU obsession blinds us to a cheaper, smarter solution

Opinion by: Naman Kabra, co-founder and CEO of NodeOps Network

Graphics Processing Units (GPUs) have become the default hardware for many AI workloads, especially when training large models. That thinking is everywhere. While it makes sense in some contexts, it’s also created a blind spot that’s holding us back.

GPUs have earned their reputation. They’re incredible at crunching massive numbers in parallel, which makes them perfect for training large language models or running high-speed AI inference. That’s why companies like OpenAI, Google, and Meta spend a lot of money building GPU clusters.

While GPUs may be preferred for running AI, we cannot forget about Central Processing Units (CPUs), which are still very capable. Forgetting this could be costing us time, money, and opportunity.

CPUs aren’t outdated. More people need to realize they can be used for AI tasks. They’re sitting idle in millions of machines worldwide, capable of running a wide range of AI tasks efficiently and affordably, if only we’d give them a chance.

Where CPUs shine in AI

It’s easy to see how we got here. GPUs are built for parallelism. They can handle massive amounts of data simultaneously, which is excellent for tasks like image recognition or training a chatbot with billions of parameters. CPUs can’t compete in those jobs.

AI isn’t just model training. It’s not just high-speed matrix math. Today, AI includes tasks like running smaller models, interpreting data, managing logic chains, making decisions, fetching documents, and responding to questions. These aren’t just “dumb math” problems. They require flexible thinking. They require logic. They require CPUs.

While GPUs get all the headlines, CPUs are quietly handling the backbone of many AI workflows, especially when you zoom in on how AI systems actually run in the real world.

Recent: ‘Our GPUs are melting’ — OpenAI puts limiter in after Ghibli-tsunami

CPUs are impressive at what they were designed for: flexible, logic-based operations. They’re built to handle one or a few tasks at a time, really well. That might not sound impressive next to the massive parallelism of GPUs, but many AI tasks don’t need that kind of firepower.

Consider autonomous agents, those fancy tools that can use AI to complete tasks like searching the web, writing code, or planning a project. Sure, the agent might call a large language model that runs on a GPU, but everything around that, the logic, the planning, the decision-making, runs just fine on a CPU.

Even inference (AI-speak for actually using the model after its training) can be done on CPUs, especially if the models are smaller, optimized, or running in situations where ultra-low latency isn’t necessary.

CPUs can handle a huge range of AI tasks just fine. We’re so focused on GPU performance, however, that we’re not using what we already have right in front of us.

We don’t need to keep building expensive new data centers packed with GPUs to meet the growing demand for AI. We just need to use what’s already out there efficiently.

That’s where things get interesting. Because now we have a way to actually do that.

How decentralized compute networks change the game

DePINs, or decentralized physical infrastructure networks, are a viable solution. It’s a mouthful, but the idea is simple: People contribute their unused computing power (like idle CPUs), which gets pooled into a global network that others can tap into.

Instead of renting time on some centralized cloud provider’s GPU cluster, you could run AI workloads across a decentralized network of CPUs anywhere in the world. These platforms create a type of peer-to-peer computing layer where jobs can be distributed, executed, and verified securely.

This model has a few clear benefits. First, it’s much cheaper. You don’t need to pay premium prices to rent out a scarce GPU when a CPU will do the job just fine. Second, it scales naturally.

The available compute grows as more people plug their machines into the network. Third, it brings computing closer to the edge. Tasks can be run on machines near where the data lives, reducing latency and increasing privacy.

Think of it like Airbnb for compute. Instead of building more hotels (data centers), we’re making better use of all the empty rooms (idle CPUs) people already have.

Through shifting our thinking and using decentralized networks to route AI workloads to the correct processor type, GPU when needed and CPU when possible, we unlock scale, efficiency, and resilience.

The bottom line

It’s time to stop treating CPUs like second-class citizens in the AI world. Yes, GPUs are critical. No one’s denying that. CPUs are everywhere. They’re underused but still perfectly capable of powering many of the AI tasks we care about.

Instead of throwing more money at the GPU shortage, let’s ask a more intelligent question: Are we even using the computing we already have?

With decentralized compute platforms stepping up to connect idle CPUs to the AI economy, we have a massive opportunity to rethink how we scale AI infrastructure. The real constraint isn’t just GPU availability. It’s a mindset shift. We’re so conditioned to chase high-end hardware that we overlook the untapped potential sitting idle across the network.

Opinion by: Naman Kabra, co-founder and CEO of NodeOps Network.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

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Why crypto’s next breakthrough could start in the classroom — Animoca’s Yat Siu

Ripple’s $25 million donation to a crypto education fund has reignited conversations about how blockchain projects are building influence through academia—but in the latest episode of Byte-Sized Insight, Animoca Brands’ co-founder Yat Siu says that money alone isn’t enough. 

Instead, real-world use cases like student loans backed by DeFi may be crypto’s most convincing value proposition to date.

DeFi student loans

On April 30th, Pencil Finance, a project supported by Animoca Brands and its education arm Open Campus, announced a $10 million student loan financing initiative aimed at providing cheaper, blockchain-backed loans. Siu believes this type of infrastructure investment goes further than symbolic funding.

“What our industry needs a lot more is these kinds of positive-sum use cases that everyone else understands,” Siu said in the interview. “If students can receive better, cheaper and more effective opportunities and interest rates through crypto student loans, what happens? They’re going to be more pro-crypto.”

Related: The Giving Block starts disaster fund for California wildfire victims

Unlike a one-time donation, the Pencil Finance model integrates crypto directly into the financing mechanism—leveraging blockchain rails to make lending more transparent, efficient, and accessible.

“While money has influence, it doesn’t necessarily change the system for the better per se. The technology… actually provides a way we can onboard people into that.”Crypto in the classroom

Siu said the crypto industry still suffers from a perception problem, especially among those unfamiliar with financial tools or blockchain-native culture. That’s why educational use cases need to move beyond highbrow NFT art or meme coins and offer something universally relatable.

“When you’re sitting at the table and someone’s saying, ‘What is crypto really good for?’—what do we say?” he asked. “Memecoins? Or do we say student loans? That’s something everyone understands.”

Siu also emphasized the long-term impact of onboarding students early—both for growing crypto literacy and building a foundation for adoption. “You want to onboard them at the earliest levels and let them understand what’s going on,” he said. “That’s what Apple did with education discounts. It wasn’t about profit at first—it was about future influence.”

Ripple’s donation may be a step forward for awareness and much-needed funding support in the education sector, but Animoca’s approach aims to make crypto indispensable, not just visible, in education systems around the world.

“We have to show what [crypto] is good for. We’ve got to start from the grassroots.”Cryptocurrencies, Education

Listen to the full episode of Byte-Sized Insight for the complete interview on Cointelegraph’s Podcasts page, Apple Podcasts or Spotify. And don’t forget to check out Cointelegraph’s full lineup of other shows! 

Magazine: 6 Questions for Alex Wilson of The Giving Block

Read more at cointelegraph.com

Ethereum Foundation distributed $32.6M grants to ecosystem in Q1

The Ethereum Foundation, the nonprofit that supports development across the Ethereum blockchain, distributed $32.6 million in grants in the first quarter of 2025. 

In an allocation update, the organization reported spending on various initiatives through its Ecosystem Support Program (ESP). 

Categories included community and educational grants, zero-knowledge and cryptography. Other allocations included execution layers, developer experience and tools, layer-2 networks and overall ecosystem growth and support. 

Ethereum Foundation focuses on education and community

Of the 101 grants awarded, 32 went to community and education-focused initiatives. Recipients included educational content creators, conference organizers, bootcamps and hackathons such as ETHPrague and ETHiopia.

Sixteen projects focused on improving the developer experience and tooling. Beneficiaries included projects focusing on creating software-development kits (SDKs), building analytics platforms and validator tooling. 

Several projects addressed Ethereum Improvement Proposal (EIP) accessibility, ecosystem tools and language support libraries. 

In addition, 14 grants were awarded to projects in the cryptography and zero-knowledge proofs (ZK-proofs) category. These projects focused on developing cryptographic techniques, building ZK-proof technology and researching security and post-quantum cryptography. 

Meanwhile, seven grant beneficiaries are focused on execution layer projects, while another seven are focused on the consensus layer. Nine grant beneficiaries were focused on protocol, general growth and support. 

An additional 13 grants fell under an “other” category, encompassing areas including decentralized finance, DApps, stablecoin infrastructure and business development.

Related: Vitalik Buterin outlines vision as Ethereum ecosystem addresses hit new high

Ethereum’s Pectra upgrade goes live on the mainnet

On May 7, Ethereum’s much-anticipated Pectra upgrade went live. The update went live on the mainnet at about 10:00 am UTC, starting on epoch 364032. The upgrade included three EIPs, which are EIP-7702, EIP-7251 and EIP-7691. 

The upgrade focuses on improving layer-2 scaling data storage, validator user experience improvements and smart account wallet user experience features. 

Since the upgrade, Ether (ETH) prices have recovered from a slump, reaching a 30-day high of $2,400 on May 9. At the time of writing, the crypto asset traded at $2,345. 

Magazine: ChatGPT a ‘schizophrenia-seeking missile,’ AI scientists prep for 50% deaths: AI Eye

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Gemini to launch crypto derivatives in Europe with new license

Gemini, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, has received regulatory approval to expand crypto derivatives trading across Europe.

Gemini secured a Markets in Financial Instruments Directive II (MiFID II) license from the Malta Financial Services Authority (MFSA), allowing the exchange to offer crypto derivatives in the European Union, it announced on May 9.

“Once we commence business activities, we will be able to offer regulated derivatives throughout the EU and EEA [European Economic Area] under MiFID II,” said Gemini’s head of Europe, Mark Jennings.

According to the exec, the MiFID II license is a big milestone in Gemini’s European expansion, putting it one step closer to offering derivatives to both retail and institutional users.

Advanced traders will get perpetual futures

Gemini’s upcoming derivatives offering in the EU and EEA will include perpetual futures and other derivatives, which will be available to advanced users of Gemini, Jennings noted.

“Over the coming months, we will be working toward meeting the required conditions to launch these products across Europe,” he added.

Gemini to launch crypto derivatives in Europe with new licenseSource: MFSA

According to MFSA records, Gemini’s Maltese entity, Gemini Intergalactic EU Artemis, was issued a license on May 8.

MiCA license yet to be issued

Gemini’s latest license builds on the growing regulatory progress of the US-based exchange in Europe.

In January, Gemini officially announced that it would choose Malta as its hub for compliance with the European Union’s Markets in Crypto-Assets (MiCA) framework.

The move came shortly after Gemini received its sixth European virtual asset service provider (VASP) registration from the MFSA in December 2024. 

However, the exchange has not yet obtained full MiCA licensing.

Related: Coinbase’s Deribit buy shows growing derivatives market

Derivatives are a hot trend in crypto

Gemini’s upcoming crypto derivatives launch in Europe is yet another milestone in a growing trend toward derivatives in the global crypto industry.

Coinbase, the biggest crypto exchange in the US by trading volume, on May 8 announced the $2.9 billion acquisition of Deribit, one of the world’s largest crypto derivatives platforms.

The deal came just a few days after rival exchange Kraken confirmed plans to purchase the derivatives trading platform NinjaTrader to offer futures trading on May 1. The firm previously said it had agreed to acquire NinjaTrader for $1.5 billion.

Magazine: 12 minutes of nail-biting tension when Ethereum’s Pectra fork goes live

Read more at cointelegraph.com

TapSwap on Telegram: Is it legit or a scam?

What is TapSwap on Telegram?

TapSwap is a tap-to-earn Web3 application that lives inside Telegram — no separate download required.

Are your crypto friends obsessed with tapping their phones all the time? Welcome to the world of TapSwap. TapSwap is a tap-to-earn game released in mid-2024 in the Telegram Mini Apps ecosystem. The game quickly catches your attention: one minute you’re just curious… the next, you’re tapping away at 2 am trying to squeeze out one more energy boost. 

At its core, TapSwap is simple:

You tap your screen.You earn TAPS tokens.Repeat.

TapSwap

It’s built as a Mini App inside Telegram, which means no downloading or setting up complicated wallets just to play. Just hit “Start” and you’re in. Launched in early 2024, it quickly amassed over 72 million users, with 3 million daily active participants as of February 2025, as per the official website. 

As of late April 2025, the platform has a strong presence on social media, with 6 million followers on X and 5 million on Telegram. Built on The Open Network (TON), TapSwap rose to popularity due to its simple tapping mechanics, which, combined with word-of-mouth and social media sharing, allowed it to grow fast among Telegram’s massive user base.

While TapSwap currently operates primarily through its tap-to-earn mechanics on Telegram, the platform has ambitious plans to expand into a full-fledged gaming ecosystem. Per TapSwap, new games like Treasure Hunt and Warrior’s Legacy are expected to launch soon.

In addition to expanding its gaming catalog, TapSwap is also focusing on attracting third-party developers. It has introduced an SDK and various tools to help game creators easily integrate their games into TapSwap’s ecosystem. This will allow developers to reach TapSwap’s massive Telegram user base and unlock new monetization opportunities.

TapSwap’s shift toward becoming a developer-friendly, multi-game platform hints at a larger ambition: transforming from a simple tap-to-earn project into a Web3 gaming hub.

In this article, you’ll find out exactly how TapSwap works, how to play smarter and tap faster, whether it’s legit, and what’s next for this viral sensation.

Did you know? By June 2024, TapSwap had surpassed 59.7 million users, establishing itself as the second-largest player in the tap-to-earn industry, just behind Hamster Kombat.

How to play TapSwap on Telegram

Playing TapSwap is simple, and it’s designed for mass adoption, especially among users new to crypto.

Here’s how it works:

Open Telegram: You must have a Telegram account. TapSwap operates as a Mini App within Telegram.Find the TapSwap bot: Search for “TapSwap bot” in Telegram or access it through an invite link from another user.Start the game: Tap “Start” to launch the TapSwap Mini App. Grant basic permissions to connect.Tap to earn energy: The core gameplay involves tapping your screen repeatedly to generate “Energy” or points. The more you tap, the more points you accumulate.Upgrade and boost: Use earned Energy to upgrade your in-game equipment (like tap strength or auto-tapper speed). Upgrades allow you to generate Energy faster without manual tapping.Complete tasks: Daily missions, social media tasks and inviting friends can earn additional bonuses and multipliers.Climb the leaderboard: Players can compete for higher rankings, which could influence future token rewards and airdrop eligibility. 

Did you know? By mid-2024, TapSwap players had collectively executed over 2.7 trillion taps within the game, showcasing the platform’s immense engagement.

How to maximize your TapSwap rewards

If you want to make the most out of your TapSwap journey, here are some key strategies to boost your Energy production, leaderboard ranking and eventual TAPS token rewards. 

Daily codes: TapSwap releases daily codes that give free Energy or multipliers. Find them in the TapSwap app and redeem daily to stay ahead.Watch videos: Take advantage of the “Watch Video” feature to earn bonus Energy. Most of the videos are educational or promotional in nature. Upgrades: Use your earned Energy wisely to upgrade key attributes like Tap Strength and Auto-Tapper speed. Higher upgrades mean you earn more Energy even while idle, making your gameplay more efficient.Complete daily tasks and missions: Daily missions offer bonus rewards, XP boosts and sometimes even special upgrade opportunities.Invite friends: TapSwap has a referral system where you can earn extra bonuses.Participate in events: TapSwap occasionally hosts time-limited events, challenges or contests with exclusive prizes. Keep an eye on announcements to join early and maximize benefits.

Common mistakes new TapSwap players make

While TapSwap is easy to start, many new users make avoidable mistakes that could cost them.

Using fake bots: TapSwap’s popularity has led to the rise of fake Telegram bots pretending to be official. Always double-check the bot’s username and verify through TapSwap’s official channels.Expecting immediate payouts: Energy points earned in-game are not instantly withdrawable. These are convertible to tokens, and TAPS can be staked to earn in the ecosystem. Falling for withdrawal scams on Telegram: If a bot or user asks for upfront payment or private keys for “faster withdrawal,” it’s a scam. TapSwap has stated that no fees are required to claim tokens.Ignoring game updates: TapSwap frequently announces changes (such as tokenomics or blockchain updates). Players who ignore updates may miss important steps like Know Your Customer (KYC) verification or instructions for claiming their airdrop or rewards.

Is TapSwap legit or just a hype train?

When evaluating whether TapSwap is legit or not, it’s important to weigh the positives and the concerns carefully. 

Let’s get to the big question: Is TapSwap legit?

Favorable factors include:

Massive user base: TapSwap has attracted over 72 million users worldwide, including 3 million daily active players, a sign of strong organic growth.Official token audit: TapSwap partnered with security firm Hashlock to conduct an audit of its smart contract in 2024. Minor issues (low-severity issues, minor inconsistencies in event parameter ordering, the use of default return values, etc.) were identified. Importantly, no critical vulnerabilities were found, and the minor concerns were corrected following the audit.KYC compliance: TapSwap requires users to complete Know Your Customer (KYC) verification for airdrop claims and larger transactions, aligning with global regulatory practices.Active communication: TapSwap maintains verified channels on Telegram and X, regularly posting updates, fixes and clarifications to user concerns.Roadmap and white paper: TapSwap has published a detailed roadmap and white paper outlining the project’s goals, tokenomics and future plans, indicating a serious long-term vision.

Some reasons for concern:

Anonymous founding team: TapSwap’s core team remains undisclosed to the public, which raises questions about accountability and transparency.Telegram bot issues: Users have frequently reported bugs, downtime and access issues with the TapSwap bot, especially during high-traffic periods.Scam impersonators: The popularity of TapSwap has led to a surge of fake Telegram bots and phishing scams pretending to be official TapSwap channels.Withdrawal delays: Token withdrawals and airdrop claims have faced multiple delays, with users sometimes waiting months for updates and timelines to be clarified.

What’s next for TapSwap?

As the platform matures and cements its place, the team behind it has hinted at a much bigger vision. 

Here’s what’s reportedly on the roadmap:

Transition to skill-based gaming: TapSwap is evolving into a skill-based gaming platform, moving beyond simple tapping mechanics. This shift aims to introduce competitive gameplay where players can participate in tournaments and earn rewards based on their performance, fostering a more engaging and merit-based environment. TON, the official blockchain of TapSwap, has hinted at fight-to-earn models in upcoming skills. 

TapSwap announcing skill-based gaming

TAPS token listing and trading: The TAPS token was officially launched on Feb. 14, 2025, with trading commencing on exchanges like Bitget under the trading pair TAPS/USDT. There is a growing push for more listings across social media, and these will enhance liquidity, enabling users to trade their earned tokens. Introduction of staking mechanisms: TapSwap plans to implement staking features, allowing users to lock their TAPS tokens in exchange for rewards. This initiative aims to incentivize long-term holding and contribute to the platform’s stability, while users earn passive income. 

TapSwap introduces staking

Enhanced user interface and features: To improve the user experience, TapSwap is working on integrating new features such as comprehensive leaderboards, integrated wallets for seamless transactions and social features that allow players to showcase their achievements and progress.Community engagement and governance: TapSwap is focusing on strengthening its community by encouraging user feedback and participation in decision-making processes. Holders of TAPS tokens may gain governance rights, allowing them to vote on future developments and upgrades within the platform. ​Developer engagement: For developers who want to build their games inside TapSwap, there will be a full developer kit to create games that plug directly into TapSwap’s Mini App structure. Builders may benefit from the instant access to TapSwap’s massive Telegram audience, solving for adoption hurdles that Web3 game developers often face. Guides, documentation and API references, integrated options for revenue sharing and microtransactions will further enable developers to make onboarding seamless. 

TapSwap may have started as a simple tap-to-earn game, but recent updates suggest it’s evolving beyond just casual tapping. Whether you’re playing for casual fun, the upcoming skill-based tournaments or potential token rewards, there’s plenty of action (and taps) ahead.

Of course, like anything in Web3, it’s smart to stay cautious. Keep an eye on official updates, watch out for scams, and stay on top of your game.

Read more at cointelegraph.com

Taiwan lawmaker calls for Bitcoin reserve at national conference

Taiwanese lawmaker Ko Ju-Chun has called on the government to consider adding Bitcoin to its national reserves, suggesting it could serve as a hedge against global economic uncertainty.

Ko, a legislator at-large in Taiwan’s legislative body, the Legislative Yuan, took to X on Friday to report that he had advocated Bitcoin (BTC) investment by the Taiwanese government at the National Conference on May 9.

In his remarks, Ko cited Bitcoin’s potential to become a hedge amid global economic risks and urged Taiwan to recognize the cryptocurrency alongside gold and foreign exchange reserves to boost its financial resilience.

Taiwan lawmaker calls for Bitcoin reserve at national conferenceSource: Ko Ju-Chun

Ko’s announcement came shortly after the legislator held talks with Samson Mow, who advocates for Bitcoin adoption by states like El Salvador at his BTC tech firm Jan3.

Taiwan is an export-oriented economy

Ko highlighted that Taiwan is an export-driven economy that has experienced significant fluctuations in its national currency, the New Taiwan dollar, amid global inflation and intensifying geopolitical risks.

“We currently have a gold reserve of 423 metric tons, and our foreign exchange reserves amount to $577 billion, including investments in US Treasury bonds,” the lawmaker stated.

In a scenario of more intense currency volatility or potential regional conflicts, Taiwan may “very likely be unable to ensure the security and liquidity,” Ko continued, adding that Bitcoin could be a great addition to Taiwan’s reserves for several reasons.

Law, Investments, Taiwan, Samson Mow, Policy, Bitcoin ReserveKo Ju-Chun advocated for the adoption of Bitcoin by the Taiwanese government before the Legislative Yuan. Source: Ko Ju-Chun

“Bitcoin has been operating for over 15 years. It has a fixed total supply, is decentralized, and is resistant to censorship. Many countries are focusing on its hedging attributes. At the same time, in intense situations, it may not face the risk of embargo,” he said.

Bitcoin is not the only solution

Referring to many global initiatives considering Bitcoin adoption as a reserve asset, Ko stressed that he’s not advocating for Bitcoin as the “only solution” to rising economic challenges.

Instead, the legislator suggested adding a “small proportion of Bitcoin” into the diversified assets as tools for sovereign asset allocation and risk hedging, and backup capacity of Taiwan’s financial system.

Related: Trump tricked into pushing XRP for crypto reserve: Report

He previously suggested that Taiwan could allocate a maximum of 5% of its $50 billion reserve to Bitcoin in an X post on May 6.

Taiwan lawmaker calls for Bitcoin reserve at national conferenceSource: Ko Ju-Chun

“When exchange rate risk and regional uncertainty increase, it is time to introduce new tools to construct a more flexible financial strategy framework,” Ko said, adding:

“As former Dean Chen Chong said, Bitcoin is the gun of the digital era. It may also be the gold of the digital era, the silver of the digital era. Or it could be gunpowder. A wise nation will not let weapons be in others’ hands.”

The news comes as Taiwan is emerging as a crypto-friendly jurisdiction, with the Financial Supervisory Commission pushing institutional trials of crypto custody services in late 2024.

Mainland China continues to maintain its hostile stance on cryptocurrency after imposing a ban on multiple crypto activities, including mining, in 2021.

Magazine: Adam Back says Bitcoin price cycle ’10x bigger’ but will still decisively break above $100K

Read more at cointelegraph.com

Germany seizes $38M in crypto from Bybit hack-linked eXch exchange

German law enforcement seized 34 million euros ($38 million) in cryptocurrency from eXch, a cryptocurrency platform allegedly used to launder funds stolen after Bybit’s record-breaking $1.4 billion hack.

The seizure, announced on May 9 by Germany’s Federal Criminal Police Office (BKA) and Frankfurt’s main prosecutor’s office, involved multiple crypto assets, including Bitcoin (BTC), Ether (ETH), Litecoin (LTC) and Dash (DASH). The move marks the third-largest crypto confiscation in the BKA’s history.

The authorities also seized eXch’s German server infrastructure with over eight terabytes of data and shut down the platform, the announcement added.

eXch exchanged crypto without AML

In the statement, the BKA described eXch as a “swapping” service that allowed users to exchange various crypto assets without implementing Anti-Money Laundering (AML) measures.

The platform had operated since 2014 and reportedly facilitated about $1.9 billion in crypto transfers, some of which were believed to be of “criminal origin,” including assets laundered during the Bybit hack.

Germany seizes $38M in crypto from Bybit hack-linked eXch exchangeExample of flow of Bybit exploit funds moving through eXch and bridging back and forth between Ether and Bitcoin. Source: TRM Labs

“Among other things, a portion of the $1.5 billion stolen from the Bybit crypto exchange, which was hacked on Feb. 21, 2025, is said to have been exchanged via eXch,” the authorities wrote.

Multisig, FixedFloat among laundering cases

According to a post by crypto sleuth ZachXBT, eXch was also involved in laundering millions of funds from other crypto thefts and exploits, including Multisig, FixedFloat and the $243 million Genesis creditor theft.

Those were in addition to “countless phishing drainer services over the past few years with refusal to block addresses and freeze orders,” ZachXBT said.

Germany, AML, Crimes, Hacks, Policy, BybitSource: ZachXBT

ZachXBT was among the first security analysts to report on eXch’s links to laundering $35 million of crypto assets stolen from Bybit soon after the hack was confirmed.

Related: Hacken CEO sees ‘no shift’ in crypto security as April hacks hit $357M

“Lazarus Group transferred 5K ETH from the Bybit Hack to a new address and began laundering funds via eXch (a centralized mixer) and bridging funds to Bitcoin via Chainflip,” ZachXBT wrote in a Telegram post on Feb. 22.

eXch announced termination of services by May 1

After initially denying involvement in laundering funds from the Bybit hack, eXch eventually announced it would cease operations by May 1 in a Bitcoin Talk post published in mid-April.

“Even though we have been able to operate despite some failed attempts to shut down our infrastructure […], we don’t see any point in operating in a hostile environment where we are the target of SIGINT [Signals Intelligence] simply because some people misinterpret our goals,” it wrote.

Addressing the seizure, senior public prosecutor Benjamin Krause stressed the importance of action against “quick and anonymous opportunities for money laundering for any amount.”

“Crypto swapping is an essential component of the underground economy, used to conceal incriminated funds from illegal activities such as hacking or trading in stolen payment card data, thus making them available to perpetrators,” he said.

Magazine: Finally blast into space with Justin Sun, Vietnam’s new national blockchain: Asia Express

Read more at cointelegraph.com

Is Pi Network dead? What really went wrong behind the hype

What Pi Network promised

When Pi Network first hit the scene in 2019, it had a simple but compelling pitch: What if you could mine cryptocurrency straight from your phone — no expensive gear, no massive electricity bills, just a tap a day on an app?

It caught fire. Millions of people jumped on board, lured by the idea of “free” mobile mining and a chance to get in early on the next big thing. The app made it easy: You signed up, invited a few friends, tapped a button every 24 hours, and watched your Pi (PI) balance slowly grow. With the social referral model fueling growth, it wasn’t long before over 70 million users had signed up worldwide.

Pi Network on Google Play

Did you know? Pi Network utilizes the Stellar Consensus Protocol (SCP), which aims for energy efficiency and decentralization, differing from Bitcoin’s energy-intensive proof-of-work.

What the Pi Network delivered

The roadmap was supposed to be gradual: start with mobile mining, then move toward a testnet, KYC rollout and, finally, full mainnet launch with real trading and utility. But that last step took a lot longer than anyone expected.

After years in limbo, the Pi Network finally opened its mainnet to external trading in February 2025. That should’ve been a big win. But it didn’t go smoothly. For one, not all users were able to migrate their balances. Know Your Customer (KYC) verification became a bottleneck, and many were left wondering when — or if — they’d ever be able to access the tokens they’d mined for years.

Pi Network's mobile interface

Then there was the price. When Pi first started trading on external platforms, the price spiked, hitting as high as $2.98 in late February. But the hype didn’t last. As early adopters started selling off their tokens and real-world use cases remained thin, the price slid hard. By early May 2025, it had dropped to around $0.58, wiping out more than 70% of its value.

There’s also still no real utility. You can’t spend Pi on much (only in small, community-run markets and pilot programs). And while the team talks about building a full ecosystem of apps and services, it’s unclear how fast — or how seriously — that’s progressing.

Why the crypto community grew skeptical

As the months turned into years, more and more red flags started popping up, and the community started asking hard questions.

1. Still waiting on the mainnet

Pi launched in 2019, and for years, users kept hearing that the open mainnet was “just around the corner.” First there was the testnet. Then the “enclosed mainnet.” Then a roadmap update. The actual open network didn’t arrive until early 2025 — six years later. And by that time, a lot of early believers had started losing faith.

2. All roads lead back to the core team

Despite the talk of decentralization, the reality is that the Pi Core Team has retained almost total control over the project. 

Every active mainnet node? Controlled by them. Most of the token supply? Still in their hands. 

That doesn’t sit well with crypto users who believe in distributed power and community-driven networks. Right now, Pi feels more like a private company than a decentralized protocol.

3. Where’s the transparency?

Another sticking point has been the lack of detail on how Pi actually works under the hood. The white paper is vague. There’s no clear breakdown of tokenomics, no timelines on when tokens unlock, no burn mechanics and no insight into supply control. Without that info, it’s hard for anyone to judge the health or future value of the project.

4. Exchange listings

Despite years of hype, Pi still isn’t listed on major exchanges like Binance or Coinbase. It is tradable on some platforms like OKX and Bitget, but even there, things are shaky. Some users have reported trouble withdrawing their tokens, with exchanges blaming “traffic spikes” and other vague technical reasons. It all feels a bit fragile.

Pi Network withdrawal issues

For instance, one user on Bitget reported depositing 1,500 Pi tokens but found them inaccessible, with no clear timeline for resolution. On OKX, withdrawals were suspended for over 24 hours, with users asked to provide ID and email verification but given vague responses like “Your request will be completed within 24-48 hours.”

By April 2025, users reported that MEXC, another exchange listing Pi, suspended Pi withdrawals, sparking concerns about liquidity and platform reliability. This was compounded by reports of large Pi transfers from MEXC, Gate.io and Bitget to OKX wallets, raising suspicions of coordinated price manipulation or exchange-level issues.

5. Fake volume and fading hype

At its peak in February 2025, Pi was trading at nearly $3 and generating billions in volume. Fast forward a few months, and that volume has dropped off a cliff — down to around $40 million. That kind of collapse raises serious questions: Was the demand real, or was it inflated by speculation, bots or internal market-making?

6. Users trapped in a closed loop

Even now, many users can’t actually use or withdraw their Pi tokens. Without access to real exchanges or spending options, they’re stuck in a kind of token limbo, watching a number go up in an app but with no way to convert that into anything useful.

Did you know? While Pi Network claims over 70 million users, blockchain data indicates that only about 9.11 million wallets exist, with approximately 20,000 showing daily activity.

Is Pi Network a scam or just a failed vision?

Not every crypto project that stumbles is a scam. Some are just ambitious ideas that don’t quite pan out. So, where does Pi Network fall?

On the surface, Pi doesn’t fit the classic scam mold. There was no initial coin offering (ICO), no upfront investment required — just an app that lets you “mine” Pi by tapping your phone daily. That’s a low bar for entry, and it attracted millions.

But dig a little deeper, and things get murkier. The whole system leans heavily on referrals, encouraging users to bring in more people to boost their mining rate. That kind of structure starts to resemble a multi-level marketing scheme more than a decentralized crypto project.

A user calling Pi Network a scam on X

Then there’s the monetization angle. The app is filled with ads, and users are required to complete KYC verification, handing over personal data. So, while you’re not paying money, you’re paying with your attention and information.

Given these developments, critics such as Ben Zhou, CEO of Bybit, and Justin Bons, founder of Cyber Capital, have publicly expressed skepticism regarding Pi Network’s legitimacy.

Pi Network might not be a blatant fraud, but the combination of opaque operations, aggressive referral tactics and questionable monetization strategies certainly raises eyebrows.

Did you know? Pi Network was officially launched on March 14, 2019 — Pi Day — symbolizing the mathematical constant π (3.14).

Can Pi recover, or is it over?

Is there a path forward for Pi Network? Possibly, but it’s a steep climb.

First, transparency is key. Open-sourcing the code would allow the community to verify what’s under the hood and build trust.

Second, Pi needs real utility. Right now, holding Pi doesn’t offer much beyond the hope of future value. Integrating Pi into actual use cases — like payments or decentralized applications — would give the token purpose.

Third, broader exchange listings are crucial. Currently, Pi is available on a limited number of exchanges, which hampers liquidity and price discovery. Major exchanges like Binance and Coinbase have yet to list Pi, citing concerns over transparency and regulatory compliance.

Fourth, decentralization must be more than a buzzword. Currently, the Pi Core Team maintains significant control over the network, which contradicts the principles of decentralization. Implementing decentralized governance would distribute decision-making power and align with the ethos of blockchain technology.

But even if all these boxes are checked, time is a factor. Since its mainnet launch in early 2025, Pi’s price has dropped significantly, and user engagement has waned. Rebuilding momentum is challenging.

Without significant changes, the Pi Network risks fading into obscurity, remembered more for its unfulfilled promises than its achievements.

Read more at cointelegraph.com

Solana lacks ‘convincing signs’ of besting Ethereum: Sygnum

Solana has yet to show convincing signs that it could surpass Ethereum as the preferred blockchain for institutions, as its revenue, heavily reliant on memecoins, is considered unstable, according to crypto bank group Sygnum.

In a May 8 blog post, Sygnum said that the current sentiment around Ethereum “remains poor,” with the market focused on Solana’s “transaction volumes and its recent dominance in fee generation.”

However, Sygnum said “the medium-term outlook will primarily be shaped by traditional financial institutions’ platform choices to bring their product offerings,” not by sentiment.

“We do not yet see convincing signs that Solana would be the preferred choice as Ethereum’s security, stability and longevity are highly prized,” it added.

Sygnum argued that institutions could choose Ethereum over Solana as the market has viewed the latter’s revenue generation as “less stable” due to being “highly concentrated in the memecoin sector.”

“This will limit outperformance as it could be argued that the differential in valuation is accounted for by this difference in revenue sources,” the company said.

Solana lacks ‘convincing signs’ of besting Ethereum: SygnumTransactions on Solana (purple) far exceed those on Ethereum and its layer 2s, but the latter has more value locked onchain. Source: Dune Analytics

Another factor is Solana’s tokenomics, which Sygnum said was “a comparable issue” to the criticism levelled at Ethereum over its mainnet’s stagnant transaction volumes due to it lowering the cost for its layer 2 networks.

The company said Solana is leading Ethereum in market share for layer-1 fee generation, but “most of the fees are paid to validators and do not grow the value of the Solana token.”

“In fact, when it comes to revenues, Ethereum still exceeds Solana 2- 2.5x,” Sygnum said.

It argued that Solana’s tokenomics are “easier to modify” than Ethereum’s scaling strategy. Still, it said that Solana “does not appear inclined to drive more value to the token,” as its community shot down a proposal to cut the SOL’s inflation rate in March.

Solana could gain with stable revenue focus

Sygnum noted that Solana, which some have hailed as an “Ethereum killer” that could challenge the network’s market share, could make some gains on the No. 2 blockchain.

The company said Ethereum has the dominant market share in “use cases that are showing traction” with support from governments, regulators, and traditional finance — such as tokenization, stablecoins, and decentralized finance.

However, it added that Solana had made progress in the amount of value locked on its decentralized finance protocols, and if it gains in “more stable revenue sources” such as tokenization and stablecoins, it could gain on Ethereum.

Sygnum added that Solana still has a strong backing, even with the Ethereum Foundation reshuffling its priorities to the layer 1 and recognising “the need to adjust its go-to-market strategy.”

However, that could give a sentiment tailwind to Ethereum as the blockchain’s “2-year-long underperformance vs Solana has been temporarily arrested” since the foundation’s pivot.

Magazine: Ethereum is destroying the competition in the $16.1T TradFi tokenization race 

Read more at cointelegraph.com

Bitcoin accepted at fast food chain Steak ’n Shake from May 16

American fast food outlet Steak ‘n Shake has announced it will begin accepting Bitcoin as payment at all locations starting on May 16.

The firm said on X on May 9 that it was making the cryptocurrency available to more than 100 million customers, adding that “the movement is just beginning,” before signing off as “Steaktoshi.” 

“Our goal is to utilize Bitcoin at all locations, including all international units. Each country will announce its own launch date,” Steak ‘n Shake Chief Operations Officer Dan Edwards told Cointelegraph.

The fast food chain initially hinted at accepting Bitcoin (BTC) in March when it posted “Should Steak ‘n Shake accept Bitcoin?” on social media. 

The tweet drew the attention of the crypto community and Bitcoin proponents such as Jack Dorsey, who rapidly replied with a “yes.” 

The firm has built momentum since then with Bitcoin-themed marketing, Tesla promotions, and visual hints on its social media feeds.

Bitcoin Payments, Food“The future is bright,” said the firm in April. Source: Stake n’ Shake

Related: How to buy food with Bitcoin?

The acceptance of Bitcoin represents a significant development in mainstream crypto adoption, as few restaurant chains have moved beyond limited pilot programs to full-scale payments.

Cointelegraph reached out to Stake ‘n Shake for more details but did not get an immediate response. 

Crypto for fast food

Stake ‘n Shake will join a growing number of fast food chains that accept crypto payments.

Since 2022, Chipotle has accepted almost 100 different cryptocurrencies via Flexa, including Bitcoin, Ether (ETH) and Solana (SOL).

One of the earliest adopters of crypto payments is Subway, which has piloted Bitcoin payments as far back as 2013 at select franchises. 

KFC offered a “Bitcoin Bucket” promotion in Canada in 2018, allowing purchases with BTC, while McDonald’s accepts Bitcoin in Lugano, Switzerland, as part of a local crypto initiative.

Burger King accepted crypto gift cards and direct crypto payments in select countries like Germany, the Netherlands, and Venezuela. In September, Donald Trump used Bitcoin to buy burgers at a New York City bar. 

Pizza Hut became one of the first mainstream outlets to accept BTC in El Salvador, where it was made legal tender in 2021.

The first-ever Bitcoin transaction was made to buy fast food by Laszlo Hanyecz on May 22, 2010, which later became the famous Bitcoin Pizza Day. He paid 10,000 BTC for two pizzas, worth $40 at the time. Today, those pizzas would be more than a billion dollars.

This article has been updated to include comments from Stake ‘n Shake COO.

Magazine: Bitcoin to $1M ‘by 2029,’ CIA tips its hat to Bitcoin: Hodler’s Digest

Read more at cointelegraph.com