Key Insights: The Pi Network price is on track to reclaim the $1. 2 level, with key performance metrics in green. Market analyst MOON JEFF on social media platform X says PI could hit this level if it holds $0. 8 as support source: https://www.thecoinrepublic.com/2025/05/16/analyst-says-pi-network-to-reclaim-1-2-if-pi-coin-holds-this-support/

The DOJ has charged 12 people aged 18-21, plus one older defendant, with a cyber racketeering scheme that netted $263 m in cryptocurrency. Prosecutors say the group laundered funds through mixers before converting them to cash for luxury cars, watches, rentals and $500 k nightclub tabs. source: https://cryptonews.com/news/doj-busts-crypto-ring-263m-scam/

After several weeks of strong gains, cryptocurrency markets are taking a pause to consolidate. source: https://www.benzinga.com/markets/cryptocurrency/25/05/45475457/bitcoin-ethereum-dogecoin-hold-steady-while-xrp-dips-tough-conditions-hang-in-there-trader-says?utm_source=cryptopanic.com&utm_campaign=partner_feed&utm_medium=partner_feed&utm_content=site

According to Cointelegraph, Eric Council Jr. has been sentenced to 14 months in prison for his role in disseminating a fraudulent message regarding the regulatory approval of spot Bitcoin exchange-traded funds (ETFs). The sentencing followed a hearing on May 16 in the U.S. District Court for the District of Columbia, where Council pleaded guilty to charges of conspiracy to commit aggravated identity theft and access device fraud. Council was part of a group that compromised the X account of the U.S. Securities and Exchange Commission (SEC) in January 2024. The group falsely announced that the SEC would approve spot Bitcoin ETFs, leading to significant misinformation within the financial markets. Prosecutors had initially sought a two-year prison sentence for Council, while his defense team advocated for a sentence of one year and one day. Court documents revealed that Council had profited approximately $50,000 from SIM swap attacks similar to the one used to breach the SEC's account, with these funds likely subject to forfeiture. The case highlights ongoing concerns about cybersecurity and the potential for misinformation to impact financial markets. The Justice Department's announcement of Council's sentencing underscores the seriousness with which authorities are treating such offenses. As the situation develops, further details are expected to emerge, shedding light on the broader implications of the incident and the measures being taken to prevent similar occurrences in the future.

The man behind the hacking of the SEC's social media account that posted a fake announcement about spot bitcoin ETFs was sentenced on Friday. source: https://www.theblock.co/post/354700/alabama-man-sentenced-to-14-months-for-hacking-sec-account-in-fake-bitcoin-etf-post?utm_source=rss&utm_medium=rss

TORONTO — Ethereum just completed its most significant upgrade in more than a year, but the milestone comes after a turbulent stretch for the blockchain. The price of ether (ETH) has declined, developers have migrated to rival platforms, and the Ethereum Foundation — a nonprofit steward of the project — has faced criticism for a lack of coordination and vision.Speaking on a panel at CoinDesk’s Consensus conference in Toronto, Paul Brody — global blockchain leader at EY and chairman of the Enterprise Ethereum Alliance — and Josh Stark of the Ethereum Foundation, offered a more optimistic view of the road ahead.There are two things the community is looking for, Stark said source: https://www.coindesk.com/consensus-toronto-2025-coverage/2025/05/16/ethereum-backers-respond-to-critics-markets-will-catch-up

Speaking at Consensus 2025 in Toronto, Siu highlighted the $3 trillion global student loan market as a major untapped opportunity. source: https://coindoo.com/onchain-student-loans-could-quadruple-defi-tvl/

Zach Witkoff, one of the co-founders of the Donald Trump family-backed crypto platform World Liberty Financial (WLFI), has rebuffed efforts by US lawmakers to investigate the president’s potential conflicts of interest. In a May 15 letter to Senator Richard Blumenthal, lawyers for World Liberty Financial claimed a call to investigate the crypto platform was based on “fundamentally flawed premises and inaccuracies. ” Witkoff did not specifically address any allegations, claiming that WLFI was “too busy building” for oversight. “The Company rejects the false choice between innovation and oversight,” said the letter source: https://cointelegraph.com/news/world-liberty-financial-oversight-congress?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound

Singapore’s Basel Medical plans $1B Bitcoin deal via share swap to fuel rapid expansion across Asia’s healthcare markets. source: https://www.thestreet.com/crypto/markets/basel-medical-shares-down-over-14-despite-1b-bitcoin-plan

A federal judge has sentenced Eric Council Jr. , one of the individuals responsible for posting a fake message announcing regulatory approval of spot Bitcoin exchange-traded funds, to 14 months in prison. Following a May 16 hearing in the US District Court for the District of Columbia, the Justice Department announced that Council would serve 14 months in prison after pleading guilty to one count of conspiracy to commit aggravated identity theft and access device fraud. He was part of a group that compromised the X account of the US Securities and Exchange Commission (SEC) in January 2024 and said the regulatory body would be approving spot Bitcoin (BTC) ETFs source: https://cointelegraph.com/news/judge-sec-hacker-eric-council?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound

A crypto veteran recently fell victim to a scam, losing over 40 million MANEKI tokens (over SGD500K). Sharing the thievery process, he lamented his lapse in judgment but thanked the community for the support.