Group of Seven (G7) leaders could discuss North Korea’s escalating cyberattacks and crypto thefts at an upcoming summit in Canada, mid-next month.

Conflicts in Ukraine and Gaza will dominate discussions, but North Korea’s increasing cyber threats and crypto hacks have become a major concern requiring a coordinated international response, Bloomberg reported on May 7, citing people familiar with the plans.

The people said North Korea’s nefarious cyber operations are alarming, as the stolen crypto has become a key funding source for the regime and its programs. 

North Korean-affiliated hacking groups such as the Lazarus Group have already stolen billions of dollars worth of crypto this year, including pulling off the $1.4 billion hack on Bybit in February, the largest ever for the crypto industry.

North Korean-linked hackers also stole more than $1.3 billion through 47 crypto heists during 2024, according to blockchain analytics firm Chainalysis. The US, Japan and South Korea warned in January that North Korea also deployed tech workers to infiltrate crypto companies as insider threats.

North Korea’s crypto-related hacking activity by year. Source: Chainalysis

North Korean “information technology (IT) workers also present an insider threat to private sector partners,” the statement read.

The illicit proceeds from these high-profile hacks have helped the hermit kingdom circumvent international sanctions and fund its weapons development programs, according to a US Treasury report in September.

Related: North Korean crypto attacks rising in sophistication, actors — Paradigm

In April, a group affiliated with Lazarus set up three shell companies, with two in the US, to deliver malware to unsuspecting users and scam crypto developers. 

Attempt to infiltrate crypto exchange

Earlier this month, crypto exchange Kraken detailed how it foiled an attempt by a North Korean hacker to infiltrate its organization.

Kraken’s chief security officer, Nick Percoco, conducted trap identity verification tests that the candidate failed, confirming the deception. 

Cyber threat intelligence expert at Telefónica and blockchain security researcher, Heiner Garcia, also uncovered how North Korean operatives secured freelance work online.

In February, Garcia invited Cointelegraph to take part in a dummy job interview he had set up with a suspected North Korean operative, who accidentally shared details that linked him to the nation’s crypto scams.

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Bitcoiners expect Bitcoin to soon break past $100,000 and potentially hit a new all-time high as US President Donald Trump is set to announce a trade deal with the UK.

Trump said in a May 7 Truth Social post that a “major trade deal” with a “big, and highly respected, country” would be announced on May 8, which The New York Times reported would be the UK, citing three people familiar with the plans.

Bitcoin inches toward $100,000

When Trump published his post, Bitcoin (BTC) was trading at around $97,759 and has since crept up closer to the psychological $100,000 price level to trade at $99,140 at the time of publication, according to CoinMarketCap data.

Bitcoin is trading at $99,140 at the time of publication. Source: CoinMarketCap

Several Bitcoiners and analysts are crediting the rally toward $100,000 to speculation surrounding the trade deal.

Australian crypto exchange BTC Markets’ head of finance, Charlie Sherry, told Cointelegraph that “as everyone else was looking down and calling for lower,” Bitcoin’s price did the opposite.

“As is often the case in markets, just when consensus leans heavily bearish, price bottoms form and new market structures start to emerge.”

Sherry said it is possible that the trade deal is already getting priced into Bitcoin.

“While we may see psychological resistance at the $100k mark, it seems inevitable Bitcoin puts another zero on the board,” Sherry added.

FOMO21 co-founder Neil Jacobs said on X that the Bitcoin rally was primarily due to Trump’s announcement. 

Crypto entrepreneur Anthony Pompliano said the incoming trade deal “means odds are increasing we hit new all-time highs in 2025.” 

Bitcoin reached its current all-time high of $109,000 on Jan. 20, just hours before Trump’s inauguration.

Pandora CEO Sahib Anandsongvit said that he “can’t stop to think” how Bitcoin was $80,000 only a few weeks ago, pointing out Bitcoin’s $98,000 price at the time of the post and reiterating Trump’s looming trade deal. Bitcoin last traded at the $80,000 price level on April 11 and only reclaimed $90,000 on April 22.

Related: Bitcoin returns to $98K as Fed holds rates steady despite Trump’s demand

Trump’s post came just hours after the US Federal Reserve announced that it would keep interest rates at 4.25% to 4.50% despite mounting pressure from Trump to lower interest rates.

Bitcoin has not hit $100,000 since Feb. 1 after Trump proposed import tariffs on China, Canada and Mexico. Meanwhile, crypto market participants appear to be more bullish on the overall market, with the Crypto & Fear Index reading a “Greed” score of 65.

Bitcoin’s 3% increase over the past 24 hours has led to approximately $96 million in short positions liquidated, according to CoinGlass data.

Magazine: Adam Back says Bitcoin price cycle is’ 10x bigger’, has’ empathy’ for ETF buyers

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

A Texas House Committee has passed a Republican-backed bill to create a Bitcoin reserve, which now only needs a successful full floor vote before heading to the governor’s desk.

The Texas House Committee on Delivery of Government Efficiency passed Senate Bill 21 with no amendments on May 7 in a 9-4 vote along party lines. The bill has already passed the Texas Senate, in a 25-5 vote on March 6.

SB 21 would establish the “Texas Strategic Bitcoin Reserve,” controlled by the state’s comptroller — currently Glenn Hegar — who would be permitted to invest in digital assets that have obtained a market cap of at least $500 billion over the last twelve months, which would currently only include Bitcoin (BTC).

Source: Pierre Rochard

Republican Senator Charles Schwertner initially introduced SB 21 in January as a Bitcoin-only bill.

However, the bill was refiled to include the potential inclusion of other digital assets in February.

Bitcoin Laws founder Julian Fahrer said on X that the fate of SB 21 should be determined before June 2, when the Texas legislature adjourns.

If the bill sees a successful full floor vote, it would head to Governor Greg Abbott’s desk. Abbott expressed his desire to make Texas the “crypto capital” of the US in November and accepted Bitcoin donations as part of his campaign in 2014 

Two Bitcoin reserve bills now signed into law

The Texas vote comes the same day as Arizona Governor Katie Hobbs signed a bill into law that allowed the state to keep unclaimed crypto and establish a Bitcoin and Digital Asset Reserve Fund that won’t use taxpayer or state funds.

The state can also stake abandoned crypto to earn rewards or receive airdrops, which can then be deposited into its crypto fund.

Related: Swedish MP proposes Bitcoin reserve to finance minister

New Hampshire Governor Kelly Ayotte also signed House Bill 302 into law days earlier on May 6, allowing the state’s treasury to use funds to invest in cryptocurrencies with a market cap of more than $500 billion.

Florida, however, removed two Bitcoin reserve bills on May 3 — a day when state lawmakers passed 230 bills ranging from prohibiting putting fluoride in water, protecting state parks, and banning smartphone use in schools.

Magazine: Adam Back says Bitcoin price cycle is ’10x bigger’, has ’empathy’ for ETF buyers

Bitcoin has reclaimed $98,000 for the first time in almost three months after the US Federal Reserve said it would keep interest rates the same for another month.

The Fed’s decision to keep interest rates unchanged comes despite mounting pressure from US President Donald Trump, who just weeks ago threatened to fire Fed chair Jerome Powell for being “too late” in cutting rates.

Fed cites higher unemployment, inflation risk

Powell said on May 7 that the Federal Reserve rate-setting committee held rates in the 4.25% to 4.50% range due to the rising risks of higher unemployment and higher inflation.

He added inflation has “come down a great deal but has been running above our 2% longer objective.” Powell said surveys in households and businesses showed a “sharp decline in sentiment” mainly due to concerns over Trump’s trade policy.

However, Powell said that “despite heightened uncertainty, the economy is still in a solid position.” In the days leading up to the announcement, data from CME Group’s FedWatch Tool indicated that the futures market expected minimal odds of a rate cut.

Powell said the unemployment rate remains low, and the labor market is “at or near maximum employment.” The market expects the Fed to drop the Fed funds rate to 3.6% by the end of 2025.

Bitcoin fell below $96,000 before retracing back above $98,000 just hours later on May 7. Source: CoinMarketCap

Bitcoin (BTC) dropped below $97,000 to $95,866 after Powell’s speech, but it shot up to tap $98,000 for the first time since Feb. 21 just hours later. 

Bitcoin momentum has been building, with the Crypto Fear & Greed Index returning to “Greed” territory, and spot Bitcoin exchange-traded funds (ETFs) posting inflows of almost $4.41 billion since March 26.

Related: Bitcoin price rallied 1,550% the last time the ‘BTC risk-off’ metric fell this low

On March 9, network economist Timothy Peterson warned that if the Fed holds off on rate cuts in 2025, it may cause a broader market downturn, potentially dragging Bitcoin back toward $70,000.

Peterson’s forecast came after Powell said in March that “we do not need to be in a hurry and are well-positioned to wait for greater clarity.”

Magazine: Adam Back says Bitcoin price cycle is’ 10x bigger’, has’ empathy’ for ETF buyers

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Nasdaq-listed Bitcoin mining firm Core Scientific Inc. posted a net profit of $580 million with its first quarter results, but missed analyst revenue estimates after a drop in its mining profits.

Core Scientific’s Q1 2025 results, published on May 7, saw it more than double its $210 million net income from the year-ago quarter, while its total revenue reached $79.5 million, missing Zacks analysts’ estimates by 8.11%, and falling from its $179.3 million in revenues for Q1 2024. 

The firm’s primary source of revenue came from $67.2 million in self-mining revenue, $3.8 million in hosted mining revenue, and $8.6 million in colocation, formerly listed as high-performance computing (HPC) hosting.

Source: Core Scientific

Core Scientific said its drop in Bitcoin (BTC) mined and revenue was due to the halving on April 20, 2024, when mining rewards were cut from 6.25 BTC to 3.125 BTC, and its operational shift to HPC hosting, primarily used for artificial intelligence.

However, the losses were partially offset by a 74% increase in the average price of Bitcoin and a 33% decrease in power costs due to lower rates and usage. 

As part of its HPC hosting shift, Core Scientific inked a deal in February with AI startup CoreWeave for a $1.2 billion data center expansion. As a result, Core Scientific anticipates entering 2026 with annualized colocation revenue of $360 million.

Inflection point for miners in AI shift

Core Scientific CEO Adam Sullivan said in a statement that its first quarter was an “inflection point,” as the firm positioned itself at the “center of one of the most important shifts in modern computing,” as the demand for high-performance data infrastructure has accelerated.

Related: Robinhood beats Q1 estimates despite revenue, crypto trading dip

Shares in Core Scientific (CORZ) closed May 7 trading down 1%, falling to $8.90, according to Google Finance. However, they jumped over 3% to trade at $9.24 after the bell.

Core Scientific’s stock has jumped slightly after the bell, after dropping during the regular session. Source: Google Finance 

In an August report, asset manager VanEck estimated that if publicly traded Bitcoin mining companies shifted 20% of their energy capacity to AI and HPC by 2027, they could increase additional yearly profits by $13.9 billion over 13 years.

Riot Platforms appointed three new directors to its board in February, one of whom has experience converting Bitcoin mining assets toward HPC.

Hive Digital, Hut 8 and Iris Energy converted part of their operations to HPC and AI last year, and TeraWulf sold its stake in a Bitcoin mining facility for $92 million in October, with the proceeds marked for hosting AI and building HPC data centers. 

Magazine: Adam Back says Bitcoin price cycle is ’10x bigger’, has ’empathy’ for ETF buyers

Arizona Governor Katie Hobbs has signed a bill into law allowing the US state to keep unclaimed crypto and establish a “Bitcoin Reserve Fund” that won’t use any taxpayer money or state funds.

Hobbs signed House Bill 2749 into law on May 7, which allows Arizona to claim ownership of abandoned digital assets if the owner fails to respond to communications within three years.

The state’s custodians can stake the crypto to earn rewards or receive airdrops, which can then be deposited into what Arizona has called a Bitcoin and Digital Asset Reserve Fund.

“This law ensures Arizona doesn’t leave value sitting on the table and puts us in a position to lead the country in how we secure, manage, and ultimately benefit from abandoned digital currency,” the bill’s sponsor, Jeff Weninger, said in a May 7 statement.

Arizona House Representative Jeff Weninger’s statement on the signing of HB 2749 into law. Source: Jeff Weninger

“We’ve built a structure that protects property rights, respects ownership, and gives the state tools to account for a new category of value in the economy,” Weninger added.

On May 3, Hobbs vetoed a similar Bitcoin (BTC) reserve bill, Senate Bill 1025, which would have allowed the state to invest seized funds into Bitcoin, citing concerns over using public funds for “untested assets.”

Hobbs’ move gives hope for future crypto bills

Bitcoin Laws founder Julian Fahrer said on X that Hobbs’ signing of HB 2749 offers more hope that she may also sign Senate Bill 1373, which is currently on her desk.

Related: Bitcoin bros at ‘the club’ may stop US gov’t from buying BTC — Arthur Hayes

SB 1373 would authorize Arizona’s treasurer, currently Kimberly Yee, to allocate up to 10% of Arizona’s Budget Stabilization Fund into Bitcoin. 

The bill’s passage in Arizona follows New Hampshire Governor Kelly Ayotte on May 6 signing House Bill 302 into law, allowing her state’s treasury to use funds to invest in cryptocurrencies with a market capitalization of more than $500 billion.

Bitcoin is currently the only cryptocurrency that meets that threshold.

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Binance founder and convicted felon Changpeng Zhao says that he applied for a pardon from US President Donald Trump shortly after denying reports that he was seeking one.

Zhao, also known as CZ, said on a Farokh Radio podcast episode aired May 6 that he “wouldn’t mind” a pardon and that his lawyers have already filed the paperwork on his behalf

“I got lawyers applying,” Zhao said, adding that he submitted the request after Bloomberg and The Wall Street Journal reported in March that he was seeking a pardon from Trump amid discussions of a business deal between the Trump family and Binance.US.

Zhao denied the reports at the time, but said on the podcast that he thought “if they’re writing this article, I may as well just officially apply.”

He added that Trump’s pardon of three BitMEX founders, including Arthur Hayes, also motivated him to submit an application.

Zhao said the application was submitted about two weeks ago.

Changpeng Zhao (right) speaking with Farokh Sarmad (left). Source: Farokh Radio

Zhao said at the time of the Bloomberg and Wall Street Journal reports that “no felon would mind a pardon,” and claimed he is the only person in US history to serve prison time for a Bank Secrecy Act charge.

Zhao pleaded guilty to a money laundering charge in November 2023 as part of a deal Binance reached with US authorities, which saw it pay a $4.3 billion fine, to which Zhao contributed $50 million. He was also forced to step down as CEO.

Zhao was later sentenced to four months in prison and was prohibited from working at Binance as part of his plea deal.

Related: VanEck files for BNB ETF, first in US

According to the US Department of Justice, a pardon would not erase Zhao’s money laundering conviction; however, it could potentially allow him to assume a management or operational role at Binance.US.

Zhao has no plans to return as Binance CEO

While Zhao remains a Binance shareholder, he said in November at Binance Blockchain Week that he has “no plans to return to the CEO position.” 

“I feel the team is doing well and doesn’t need me back,” Zhao said.

Since leaving prison, Zhao has commenced advisory roles in Pakistan and Kyrgyzstan, assisting on matters related to crypto regulation and implementing blockchain solutions.

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Binance founder and convicted felon Changpeng Zhao says that he applied for a pardon from US President Donald Trump shortly after denying reports that he was seeking one.

Zhao, also known as CZ, said on a Farokh Radio podcast episode aired May 6 that he “wouldn’t mind” a pardon and that his lawyers have already filed the paperwork on his behalf

“I got lawyers applying,” Zhao said, adding that he submitted the request after Bloomberg and The Wall Street Journal reported in March that he was seeking a pardon from Trump amid discussions of a business deal between the Trump family and Binance.US.

Zhao denied the reports at the time, but said on the podcast that he thought “if they’re writing this article, I may as well just officially apply.”

He added that Trump’s pardon of three BitMEX founders, including Arthur Hayes, also motivated him to submit an application.

Zhao said the application was submitted about two weeks ago.

Changpeng Zhao (right) speaking with Farokh Sarmad (left). Source: Farokh Radio

Zhao said at the time of the Bloomberg and Wall Street Journal reports that “no felon would mind a pardon,” and claimed he is the only person in US history to serve prison time for a Bank Secrecy Act charge.

Zhao pleaded guilty to a money laundering charge in November 2023 as part of a deal Binance reached with US authorities, which saw it pay a $4.3 billion fine, to which Zhao contributed $50 million. He was also forced to step down as CEO.

Zhao was later sentenced to four months in prison and was prohibited from working at Binance as part of his plea deal.

Related: VanEck files for BNB ETF, first in US

According to the US Department of Justice, a pardon would not erase Zhao’s money laundering conviction; however, it could potentially allow him to assume a management or operational role at Binance.US.

Zhao has no plans to return as Binance CEO

While Zhao remains a Binance shareholder, he said in November at Binance Blockchain Week that he has “no plans to return to the CEO position.” 

“I feel the team is doing well and doesn’t need me back,” Zhao said.

Since leaving prison, Zhao has taken on advisory roles in Pakistan and Kyrgyzstan, assisting on matters related to crypto regulation and implementing blockchain solutions.

Magazine: Bitcoiner Adam Back on Blockstream conspiracy theories and Satoshi question

Stripe, a global payments platform, has introduced stablecoin-based accounts to clients in over 100 countries. According to a May 7 announcement, the new feature will allow the platform’s clients “to send, receive, and hold US-dollar stablecoin account balances, similar to how a traditional fiat bank account works.”

The product’s technical page shows that the new account feature will support Circle’s USDC (USDC) and Bridge’s USDB (USDB) stablecoins. Stripe acquired the Bridge platform in October 2024.

The product will be available to clients in more than 100 countries, including Argentina, Chilé, Turkey, Colombia, and Peru, among others.

Stripe’s newly launched product comes at a time when stablecoins are increasingly seen as stores of value in developing economies struggling with high inflation, capital controls, and a lack of financial infrastructure.

The stablecoin market cap has crossed $231 billion and continues to grow due to international demand for US dollar tokens. Source: RWA.XYZ

Related: Stablecoin fever: 5 major stablecoins are growing crypto adoption

Stablecoins are banking the unbanked and are increasingly used as a store of value

Stablecoins and blockchain payment rails are helping to bank the unbanked in developing regions of the world without critical financial and communication infrastructure.

Blockchain systems can reduce the cost and verification of cross-border transfers, allowing anyone with a cellphone, a crypto wallet, and access to an internet connection to send, receive, and store value in a relatively stable fiat currency.

Stablecoins dominate crypto transactions in South America. Source: Chainalysis

Stripe integrated USD stablecoin payments, allowing users to pay online merchants in fiat tokens, in October 2024. The integration was met with demand for the stablecoin payment option in 70 countries, the company said.

According to the crypto platform Bitso, residents of Latin American countries are increasingly using stablecoins as a store of value and a medium of exchange used for online purchases.

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Brokerage fintech Robinhood is reportedly developing a blockchain network that will enable retail investors in Europe to trade US securities.

According to a May 7 Bloomberg report citing sources familiar with the matter, the move seeks to expand the company’s local presence by offering trading of tokenized securities, such as stocks.

Two crypto firms, Arbitrum and the Solana Foundation, are reportedly vying to become partners in the project. Tokenization is the process of turning real-world assets, like stocks, real estate, or commodities, into digital tokens that can be traded on a blockchain.

Tokenizing securities instead of providing direct exposure can offer several advantages: reduced costs by eliminating traditional financial infrastructure, enhanced accessibility, faster settlement times, and quicker transactions. More brokerages and investment firms are exploring asset tokenization.

Robinhood has been preparing to enter the European market. In April 2025, it acquired a brokerage license in Lithuania that allows the firm to offer investment services throughout the European Union. Robinhood has also inked a deal in 2024 to purchase crypto exchange Bitstamp.

“You can sit down in front of some software, create a coin and have it be trading in 5 minutes […] That’s a scary thing,” Robinhood CEO Vladimir Tenev said in a recent interview. “It’s also an incredibly powerful thing if you juxtapose it with how cumbersome the IPO process is.”

Robinhood shares rose 2.7% on the Nasdaq on May 7, according to Google Finance. The company’s revenue fell 8.6% in the first quarter of 2025, though it still beat Wall Street’s estimates.

Robinhood’s daily stock price. Source: Google Finance

Bloomberg reports that no agreement has been finalized between the brokerage and either Arbitrum or Solana regarding the project, with all three parties declining to comment.

More traditional financial firms are exploring blockchain-based solutions. In May 2018, Banco Santander became the first company to use a blockchain for investor voting, while US giant JP Morgan has created its blockchain platform called Onyx.

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