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NewsBriefs - Fake DeepSeek token surges to $48M amid AI app craze

Editor-curated news, summarized by AI

  • Cointelegraph

    Fake DeepSeek token surges to $48M amid AI app craze

    The Solana-based token mimicking the Chinese AI app DeepSeek briefly reached a $48 million market capitalization on January 27, with a trading volume of $150 million, reported by Birdeye. The token, created on January 4, saw its valuation drop to $30 million subsequently. Despite attempts to associate the token with DeepSeek’s official X account and website, over 22,000 wallets still hold the token. A second fake token also leveraged the DeepSeek hype, achieving a $13 million market cap. DeepSeek has denied any association with these tokens, cautioning against potential scams.

    Cointelegraph

    • Latest

    • Movement Labs

      Movement Labs suspends co-founder Rushi Manch amid ongoing investigation

      Movement Labs has suspended co-founder Rushi Manche following an ongoing investigation by Groom Lake into governance and incidents with a market maker. Concurrently, Coinbase announced it will cease trading of Movement's MOVE token on May 15 due to the token not meeting its listing standards after a routine review. Following these developments, the price of MOVE dropped to a record low, further impacted by controversies involving alleged token manipulation by the market maker and internal disputes within Movement Labs.

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      Movement Labs

    • Pixels

      Pixels introduces $PIXEL staking to foster player engagement across its gaming ecosystem

      Pixels has launched $PIXEL Staking, enabling players to stake tokens in various games within its ecosystem including Core Pixels, Forgotten Runiverse, and Pixel Dungeons. This new system allows players to earn rewards linked to game success and influence future developments through a stake-to-vote mechanism. The $PIXEL PopRank system rewards games with more staking support and player engagement, boosting their visibility and share of ecosystem rewards. With phased rollouts planned, Pixels aims to build a decentralized, data-driven publishing ecosystem, enriching player engagement and expanding its play-to-earn model.

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      Pixels

    • The Block

      21Shares files for spot Sui ETF and announces strategic partnership with Sui network

      21Shares has filed an S-1 registration statement with the SEC to launch a spot Sui ETF in the US, offering direct exposure to SUI tokens, with assets held in custody by Coinbase. The ETF will not engage in staking but will allow share redemptions and creations in cash. Alongside this ETF, 21Shares announced a strategic partnership with the Sui network, focusing on global expansion and product collaborations. This ETF and partnership underscore a heightened institutional interest in the Sui ecosystem.

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      The Block

    • Crystal Intelligence

      Crystal Intelligence to acquire Whale Alert's Scam Alerts platform

      Crystal Intelligence plans to acquire Scam Alerts from Whale Alert to enhance reporting and combat crypto scams. Post-acquisition, Scam Alerts will operate as a non-commercial entity within Crystal Intelligence, focusing on increasing crypto adoption through scam reduction. The acquisition, expected to close by the end of May, includes Whale Alert serving as an advisory partner and Crystal Intelligence enhancing data collection and international cooperation on scam investigations.

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      Crystal Intelligence

    • Tether

      Tether finalizes deal to acquire 70% stake in Adecoagro, deepening its strategic expansion

      Tether announced the successful acquisition of a 70% stake in Adecoagro, marking a significant expansion from digital finance to global real-world infrastructure. This move builds on Tether's initial $100 million investment in Adecoagro in 2024, emphasizing its strategic shift towards supporting sustainable real-world asset production in energy, agriculture, and more. The acquisition aligns with Tether's focus on economic freedom and resilience in emerging markets, and positions Tether to intensify Adecoagro's growth and strategic direction towards renewable energy and efficient resource use.

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      Tether

    • Metaplanet

      Metaplanet establishes US subsidiary in Miami to boost Bitcoin treasury strategy

      Metaplanet, a Japanese public company focused on Bitcoin, announced the establishment of a US subsidiary, Metaplanet Treasury, in Miami, Florida, to enhance its global Bitcoin treasury activities. This strategic move aims to improve liquidity access, execution speed, and strengthen its presence in the US market, capitalizing on Miami's status as a hub for Bitcoin innovation. The company plans to begin operations of its Miami subsidiary in May 2025 with an initial $10 million investment, gearing towards a strategic positioning for growth in Bitcoin-centered financial activities.

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      Metaplanet

    • The Block

      Ripple proposal to buy Circle for up to $5 billion rejected

      Ripple offered to pay between $4 billion and $5 billion to acquire crypto firm Circle, the issuer of the stablecoin USDC. Circle, valued at $9 billion during its attempt to go public in 2022, rejected the offer, considering it too low. Despite the rejection, Ripple remains interested in acquiring Circle. This follows Circle's recent filing for an initial public offering.

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      The Block

    • Bitcoin Sistemi

      Eric Trump warns banks to adopt crypto or face obsolescence in 10 years

      Eric Trump, who has invested in Bitcoin and other cryptocurrencies such as Ethereum, Solana and Sui, criticized traditional banks as costly and inefficient compared to crypto alternatives. Speaking to CNBC, he highlighted the speed and cost-efficiency of crypto transactions and warned that banks must adapt to this evolving landscape or risk becoming irrelevant within a decade. He also supported decentralized finance as a viable alternative to the traditional banking system.

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      Bitcoin Sistemi

    • The Block

      ZachXBT reports $330 million bitcoin theft involving elderly US victim

      ZachXBT revealed that the recent theft of $330 million in bitcoin involved an elderly individual in the US, targeted through a social engineering scheme. The stolen bitcoins were transferred and subsequently laundered into Monero via multiple exchanges, causing a significant price surge in XMR.

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      The Block

    • The Block

      SEC concludes PayPal PYUSD stablecoin investigation with no enforcement

      The US Securities and Exchange Commission has concluded its investigation into PayPal's PYUSD stablecoin, which began with a subpoena in November 2023, without taking any enforcement action. This conclusion was disclosed in PayPal's recent Form 10-Q filing. The investigation closure follows PayPal's various initiatives to increase PYUSD's market engagement, including a partnership with Coinbase eliminating trading fees for PYUSD and its integration into the Solana blockchain.

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      The Block

    • SEC

      BlackRock files for digital share class, aiming to bring blockchain recordkeeping to $150B fund

      BlackRock has filed with the US Securities and Exchange Commission to create a blockchain-enabled digital share class for its $150 billion Treasury Trust Fund. Named DLT Shares, this class will use blockchain technology for share recordkeeping but will not involve blockchain in managing the fund's portfolio or holding crypto assets. BNY Mellon is set to provide the required blockchain infrastructure, focusing on maintaining real-time ownership records, and the offering will target institutional investors with a minimum investment requirement of $3 million.

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      SEC

    • The Block

      Mark Carney's election win casts uncertainty on Canada's crypto industry future

      Mark Carney has been re-elected as Canada's prime minister in a snap election, defeating Pierre Poilievre, a pro-crypto candidate. Despite being labeled 'somewhat pro-crypto,' Carney has historically expressed skepticism towards crypto and blockchain technologies. While his views may have evolved, his past comments and current regulatory stances suggest a cautious approach to integrating crypto with traditional financial systems, with an emphasis on stringent regulation.

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      The Block

    • Circle

      Circle receives regulatory clearance from Abu Dhabi to expand in the Middle East

      Circle has secured In-Principle Approval (IPA) from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) to operate as a money services provider in the Middle East and Africa (MEA). This development is a step forward in obtaining a Financial Services Permission (FSP). It marks a continuation of Circle's regional expansion strategy, emphasizing compliance and innovation in stablecoins within dynamic regulatory environments. This approval builds on Circle's ADGM incorporation in December 2024 and aligns with its strategic collaborations with regional entities like Hub71, strengthening its role in advancing digital finance and stablecoin adoption.

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      Circle

    • The Block

      1inch expands to Solana, targets cross-chain swaps with 10 networks

      1inch, a multi-chain DEX aggregator, has launched on Solana with its Fusion protocol to offer MEV-protected swaps for over 1 million Solana-based tokens. This integration also features six developer APIs and utilizes a Dutch auction system aimed at reducing price slippage and enhancing liquidity. Following its success on Solana, which led DEX trading volumes and activity in Q1 2025, 1inch plans to introduce cross-chain swaps between Solana and ten other supported networks to interlink liquidity across diverse DeFi ecosystems.

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      The Block

    • The Block

      Mastercard integrates stablecoins into global payments, partners with OKX, Circle, and Paxos

      Mastercard is incorporating stablecoins into its payment network, enabling consumers to spend and merchants to receive stablecoin payments globally. This integration allows stablecoin transactions through traditional cards, rewards earning, and direct withdrawals to bank accounts via Mastercard Move. In collaboration with crypto exchange OKX and stablecoin issuers Circle and Paxos, this move coincides with impending US stablecoin legislation and reflects growing institutional interest in stablecoin use. The total supply of USD-pegged stablecoins has surpassed $230 billion, with significant transaction volumes reported.

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      The Block