Group Faces Federal Racketeering Charges

According to the Department of Justice, the superseding indictment brought on May 15, 2025, adds 12 people to the original case against Lam. All are from California and most are between 18 and 22 years old.

One earlier defendant, Jeandiel Serrano, was dropped from the updated filing. The DOJ says some of those charged are behind bars, while two are believed to be living in Dubai.

Additional 12 Defendants Charged in RICO Conspiracy for over $263 Million Cryptocurrency Thefts, Money Laundering, Home Break-Ins

https://t.co/5jPyk1XN6A@USAttyPirro @FBIWFO @IRS_CI @FBILosAngeles @FBIMiamiFL pic.twitter.com/WLP84c0bZp

— U.S. Attorney DC (@USAO_DC) May 15, 2025

Online Games To Real-World Theft

Based on reports, this ring started as a group of friends playing online video games in October 2023. They then moved on to hacking databases and making cold calls to trick crypto holders into handing over access.

According to investigators, Lam even hacked a victim’s iCloud to track their movements, and a partner nicknamed “The Accountant” or “Goth Ferrrari” would break into homes to steal hardware wallets.

The DOJ says the stolen proceeds—more than $230 million from a single incident on August 18, 2024—were run through VPNs, crypto mixers and peel‑chain tactics.

A peel chain works by shifting funds through many wallets and peeling off small amounts each time. Those steps made it harder for law enforcement to trace the money, officials noted.

Based on reports, the suspects blew the gains on high‑end nightlife, exotic cars and luxury goods. They spent as much as $500,000 in one night at clubs.

They rented 28 exotic cars—some valued at $3.8 million each—and bought designer bags, watches and clothes. Fake IDs were used to rent homes and private jets, all paid for with the stolen Bitcoin.

This case illustrates how rapidly tech‑savvy youngsters can become criminals. It indicates that hardware wallets require good physical security and that digital accounts must employ multi‑factor authentication more than SMS.

Crypto owners must be cautious against uninitiated support calls and employ services that lock down iCloud and email accounts.

All defendants are charged under RICO and face counts of wire fraud and money laundering. Court records show they could get decades in prison if convicted.

The DOJ says this superseding indictment sends a clear message: no matter how complex the scheme, law enforcement can break it apart.

Featured image from Outseer, chart from TradingView

BlackRock Flags Quantum Risk

According to the updated regulatory filing on May 9, BlackRock now lists “quantum computing” among possible threats to its Bitcoin ETF. The trust holds about $64 billion in net assets, making it the largest spot Bitcoin fund on record.

Company lawyers say that if quantum processors become strong enough, they could decrypt private keys and put wallet security in jeopardy. It’s a standard move in ETF filings to note every conceivable risk, even if it feels far-off.

Quantum Chips Raise Alarms

Based on reports, worries kicked up last December when Google unveiled Willow, a chip claimed to solve certain tasks in minutes that would take today’s supercomputers 10 septillion years. A few months later, Microsoft introduced Majorana 1 to tackle long-standing scaling hurdles. Those announcements set off alarm bells in the crypto world.

In theory, a quantum device running Shor’s algorithm could factor the large numbers behind Bitcoin’s elliptic-curve signatures. In practice, we’re still in the early, error-prone “NISQ” era, so real attacks remain at least years away.

Tether’s CEO, Paolo Ardoino, surfaced another angle in February. He suggested that once quantum hackers can break old private keys, they might recover Bitcoin from the roughly 3.7 million coins considered lost forever.

Ardoino stressed that quantum machines are still distant from cracking 256-bit security, so no coins will reappear anytime soon. Crypto analyst Willy Woo jumped in, asking whether Google, a government agency, or a new startup would be first to seize those dormant assets. He figures the $350 billion in lost coins could spur fresh quantum investment if those keys ever become vulnerable.

Meanwhile, Bitcoin ETFs have pulled in more cash than ever. Data from Farside Investors shows over $41 billion in net inflows since these funds launched in January. On May 8, weekly ETF inflows topped the previous all-time high of $40 billion.

Bloomberg Intelligence analyst Eric Balchunas called lifetime net flows “the hardest metric to grow,” yet ETFs raced to new highs despite recent market jitters. Investors appear focused on price moves today, not on the quantum questions of tomorrow.

In the months ahead, crypto developers and standards groups will work on “post-quantum” signature schemes. If they stay on schedule, Bitcoin networks could adopt new, quantum-resistant algorithms long before any real threat appears. For now, the market’s heavy inflows suggest that mainstream buyers aren’t yet spooked by next-generation computing power.

Featured image from Getty Images, chart from TradingView

Bhutan Faces Brain Drain

According to recent figures, about 13,500 Bhutanese—1.6% of the country’s less than 800,000 people—moved to Australia in 2023. That kind of outflow shows young talent is chasing bigger markets. It leaves Bhutan short on skilled workers at a time when it needs fresh ideas and start‐up energy. Geography doesn’t help. Being landlocked between India and China means transporting goods and building infrastructure costs more and takes longer.

Hydropower Drives New Plans

Bhutan’s main export is electricity from rivers. It has 2.5 gigawatts of hydropower now and another 3 GW under construction. Cheap and clean, this power could fuel factories, server farms or green-tech trials. Based on reports from Druk Holdings and Investments (DHI), the country’s sovereign wealth fund, these sites could let firms test pump-storage systems or hydrogen production in real conditions. Quick pilots in Bhutan might then be rolled out regionally.

Based on a report by Fortune, Bitcoin mining is one of the more unusual bets. Bhutan started mining crypto in 2019 when a Bitcoin cost just under $10,000. As of May 7, 2025, each coin is worth about $97,400. According to DHI, relying on hydropower makes this mining low-carbon, and profits boost the fund’s $3 billion portfolio. But crypto prices swing hard. One big drop could wipe out gains. Still, DHI calls Bitcoin “digital gold” and says it’s part of a mixed approach.

Based on planning documents, Gelephu Mindfulness City will cover about 2,500 square kilometers near the Indian border. This special zone aims to link Bhutan with South and Southeast Asia, offering space for health clinics, tech startups and green-energy firms. It’s billed as a place where work and well-being meet. Roads, digital lines and homes all need to be built from scratch. That will take cash and many years before hotels or offices fill up.

Bhutan’s GNH index rose from 0.743 in 2010 to 0.781 in 2022. Over the same span, GDP per person grew from $2,435 to $3,711, though it dipped sharply in 2020 during the pandemic. Tourism is still recovering: 145,000 visitors came last year, down from 315,599 in 2019 under the “high-value, low-impact” model that caps arrivals to protect mountain roads and forests.

DHI looks to Singapore’s Temasek as a governance example. Temasek manages about $300 billion and owns stakes in big names like Singapore Airlines. By contrast, DHI holds shares in 24 Bhutanese firms, including Bhutan Telecom and Bank of Bhutan. Executives say size is not the key. What matters is moving fast, staying lean and turning green energy into growth.

Bhutan’s plan is bold. It blends traditional values with a shot at tech and finance. If young people see real jobs at home, some may stay. If pilot projects succeed, small-scale could grow big. But any misstep in hydropower, crypto or city building risks stretching Bhutan’s limited resources. For now, investors and citizens alike will be watching closely.

Featured image from Unsplash, chart from TradingView

Market Push In Asia

On May 12, Metaplanet announced it purchased 1,241 BTC at 14.8 million yen (about $101,843) per coin. That single deal is worth around $129 million at today’s prices. The firm first started piling into Bitcoin in April 2024. Since then, it has made ever-larger buys each month.

*Metaplanet Acquires Additional 1,241 $BTC* pic.twitter.com/zrJYzaZJq6

— Metaplanet Inc. (@Metaplanet_JP) May 12, 2025

Rising Holdings And Paper Gains

Metaplanet’s per-coin average price paid is currently around $91,000. At that price, the firm is holding around a $13,000 profit for each Bitcoin it purchased. With 6,796 coins in its treasury, those profits total a paper profit of over $88 million at current market value of approximately $707 million.

Metaplanet now holds more Bitcoin than El Salvador. From humble beginnings to rivaling nation-states, we’re just getting started.

メタプラネットのビットコイン保有量がついにエルサルバドルを超えました。小さな一歩から始まり、今や国家に匹敵する規模へ。まだまだここからです。 pic.twitter.com/E18Td9tHfc

— Simon Gerovich (@gerovich) May 12, 2025

The company’s recent buying sprees have been incessant. In March, it acquired 18,925 coins in six transactions. April featured another four buys worth 18,586 coins. And on May 7, it purchased 5,555 more Bitcoin prior to this week’s transaction. It’s obvious they’ve taken each month as a new chance to stock up some more.

According to its most recent financial releases, Metaplanet has reported a BTC yield of almost 40% to date for the current quarter. That is up from a 96% yield in the first quarter of 2025. In those instances, “yield” represents how much the value of its Bitcoin holdings appreciated relative to its fully diluted share base.

El Salvador continues to be the sixth-largest holder of countries with 6,714 Bitcoin worth approximately $642 million, according to the National Bitcoin Office. Metaplanet’s crossing beyond that threshold places it in rare company. Only nine other entities in the world hodl more, including Michael Saylor’s Strategy.

Talking of Saylor, Strategy’s CEO taunted another buy on May 12 by posting a “Saylor Tracker” chart and stating, “Connect the dots.” His firm already owns 555,450 Bitcoin, which is nearly $58 billion today. In the past, such teases have been preceded by new buys.

Metaplanet’s approach illustrates how certain companies now view Bitcoin as something more than a wager—they handle it as a staple asset. To investors who have been monitoring institutional adoption, each new owner who creeps past a nation or a big-name company is big news. And in this competition, Metaplanet just outran everyone.

Featured image from Gemini Imagen, chart from TradingView

McGregor’s Bitcoin Proposal

In his blog post, Ireland ought to have a reserve of Bitcoin in a strategic reserve. He did not specify where the funding would originate or how much it would cost. He just said that a reserve would put power back into the hands of common citizens. He further mentioned that “crypto in its origin was founded to give power back to the people.” That phrase resonates with the very premise of Bitcoin and decentralization.

Crypto in it’s origin was founded to give power back to the people.

An Irish Bitcoin strategic reserve will give power to the people’s money.

I will be cohosting a Twitter space to talk about what I want to see changed.

Victory to Ireland!

— Conor McGregor (@TheNotoriousMMA) May 9, 2025

Reaching Out To Crypto Leaders

According to reports, McGregor invited experts to collaborate with him. He tagged Anthony Pompliano, host of The Pomp Podcast, and requested feedback. He also contacted David Bailey, an expert who consulted former US President Donald Trump on crypto issues. In his responses, McGregor stated, “Message me and let’s talk on my space” and “David message me, let’s talk about your ideas!” His idea is to conduct an X Spaces session to develop details.

Ireland is required to conduct its next presidential election by November 11, 2025, when President Michael D. Higgins’ term ends. Any initiative to establish a Bitcoin reserve would require support from lawmakers and the central bank. Ireland is a member of the European Union, so its monetary policy is connected to the euro. A candidate from a small party who is independent has slim chances of getting a coalition for this notion.

Additionally, McGregor is contesting a civil court decision that ruled him guilty of sexual assault. He’s also been investigated on charges of hate speech before. These factors may damage his credibility with the voters.

Irish politicians roundly reject Conor McGregor’s presidential bid https://t.co/irxI4kyoyK

— Sky News (@SkyNews) March 30, 2025

McGregor is not inexperienced in crypto projects, but his previous attempt didn’t work out. In early April 2025, the Real World Gaming team conducted a 28-hour presale of a token named REAL. They wanted to raise a minimum of $1 million. They only raised around $392,300 and refunded all buyers. That flop illustrates how challenging it is to get people to support you, even with a celebrity name on it.

McGregor says he will reveal more about his X Spaces session in due course. He hasn’t specified a date yet. It’s unknown how many experts will accept his offer. Governments that have established Bitcoin reserves are the US, El Salvador and Bhutan, but those actions came from the highest government authorities.

A grassroots initiative by one candidate would be unique in Ireland. Voters will decide if they want a fighter-turned-politician handling complex financial policy. For now, McGregor’s plan remains at the idea stage, waiting to be tested in the political arena.

Featured image from Getty Images, chart from TradingView

According to RLinda, a crypto analyst on TradingView, the recent consolidation is not a sign of exhaustion but rather a strategic regrouping for the next leg up.

Bitcoin Price Consolidation Between Key Levels Building Momentum

Bitcoin’s rally from the $97,860 breakout zone to the $104,300 resistance area marked a clear distribution phase, and now the price is hovering between $104,300 and $102,300. It is easy to see that the price rally slowed down massively in the past 48 hours.

However, crypto analyst RLinda noted that this range-bound movement is a positive development, pointing to bullish continuation rather than weakness. A rebound from the lower end of this zone, particularly from $103,300, $102,300, or even as low as $101,700, could act as a springboard for a breakout attempt above $104,300.

Notably, the analyst highlighted that this third retest failed to push the price back up to resistance, leading to a local drop instead. However, the resulting breach of $103,336 shows that the underlying strength is still intact. Should Bitcoin retest $103,600 successfully and bounce off the liquidity zone between $102,700 and $102,300, the leading cryptocurrency could make another attempt at breaking through the $104,300 resistance. 

If this plays out, the next leg could reach up to $106,000 or even $107,000, and from there, further momentum could drive the price above its current all-time high of $108,786 up until $110,000 before the end of May. Price targets beyond this level range from $120,000 to $180,000 before the end of the year.

Chart Image From TradingView: RLinda

On-Chain Signals Reinforce Bullish Outlook

This short-term consolidation is not occurring in isolation with selling pressure. Notably, on-chain data and market sentiment support Bitcoin’s upward path for the rest of the month. 

According to crypto analyst Ali Martinez, more than 110,000 BTC have been withdrawn from centralized exchanges over the past month. As illustrated in the CryptoQuant chart below, this has caused the total Bitcoin reserve on crypto exchanges to drop from 2.57 million BTC to 2.45 million BTC.

This is a sign that investors are moving their holdings into cold storage or preparing for long-term hold, which reduces immediate selling pressure and supports upward price action.

Chart Image From X: @ali_charts

Right now, the most important support levels to watch are $103,300, $102,300, and $101,700, while the resistance levels to new all-time highs are $104,300 and $108,786.

At the time of writing, Bitcoin was trading at $103,670. 

Featured image from Unsplash, chart from TradingView

Bitcoin Heading For $200K Psychological Resistance At Cycle Top

In an X post on May 10, Mr. Wall Street provided an interesting insight on the BTC market, explaining the reasons behind recent gains, while highlighting future price targets.

According to the crypto analyst, Bitcoin’s 40% gain from $74,000 to $104,000 can be attributed to two reasons. Firstly, there was a supply shock at over-the-counter (OTC) desks, which forced institutional investors to go buy Bitcoin directly from crypto exchanges, thereby driving market demand. 

Mr. Wall Street also explained that the extreme market fear driven by US tariff changes caused investors to seek a safe haven in the gold market. Historically, an increase in gold investments is always bullish for the crypto market, as it’s been reflected in the recent market rally. 

The crypto analyst stated: 

… this extreme fear was bringing a geral capital rotation from risk assets to gold which was long term extremely bullish for bitcoin because everytime gold pumps, bitcoin pumps with a average delay of 3 months, as profits are rotated from gold towards bitcoin within that timeframe, and since gold is a x13 bigger market, 1% of gold market flowing towards bitcoin market makes us see a pump of +13%.

Looking forward, Mr. Wall Street projects the positive market effects from the institutional supply shock and profits rotation from gold to last for the 3-6 months from the end of April. Therefore, Bitcoin investors can expect a market uptrend until August-November, where BTC should rise as high as $150,000. 

Thereafter, the analyst tips BTC to trade between $150,000 – $180,000, serving as a good accumulation period before surging to $200,000, which will likely serve as a psychological resistance like $100,000.  Importantly, Mr. Wall Street states that $200,000 will potentially serve as the market cycle top at which many early investors are likely to take profit. Thereafter, the analyst forecasts a 50%-70% market correction to around $100,000 and below.

BTC Price Overview

At the time of writing, Bitcoin is trading at $103,956, reflecting a 0.80% gain in the past day. Meanwhile, daily trading volume is down by 17.39% and valued at $45.65 billion.

Interestingly, the Bitcoin miners, who have become increasingly reactionary since the fourth halving in 2024, seem to also have renewed confidence in the price of BTC. The latest on-chain data shows that the miners have been holding onto their assets in recent weeks, coinciding with the coin’s latest price rally.

Are Bitcoin Miners Preparing For An Extended Rally?

In a May 10 post on X, crypto analytics platform Alphractal revealed that Bitcoin miners are becoming less active in the market, accumulating their mining rewards rather than selling them for profit. The relevant indicator here is the Miner Sell Pressure metric, which measures the selling strength of Bitcoin miners over a given period.

This metric compares the total BTC outflows from miners over the past 30 days with the average amount of coins in their reserves within the same period. The Miner Sell Pressure indicator provides valuable insight into the behavior and sentiment of a relevant group of network participants.

In the highlighted chart, the red color represents high selling pressure amongst these Bitcoin miners and is often correlated with a sluggish market condition. The green color, on the other hand, reflects a low miner sell pressure, which could be a positive sign for the price of Bitcoin.

As shown in the chart above, the Miner Sell Pressure metric enters the red territory when the Miner Pressure moving average (blue line) crosses above the upper band (red line) — signaling intense bearish pressure from miners. Meanwhile, the Miner Pressure line crosses beneath the lower band (green line), suggesting low selling pressure from miners.

According to data provided by Alphractal, the Miner Pressure line recently crossed beneath the lower band, suggesting that the network miners have been holding on to their coins in recent weeks. The on-chain analytics firm added that this metric is at its lowest level since 2024, as miners seem to be waiting for the Bitcoin price to claim fresh highs.

While the Bitcoin market has somewhat matured such that miners’ selling doesn’t have that much significant impact on prices, an extended period of low selling pressure from the network participants could be naturally bullish for the premier cryptocurrency. Alphractal, however, noted that the market may see renewed selling interest as prices move in the coming weeks. 

Bitcoin Price At A Glance

As of this writing, the price of BTC stands at around $104,250, reflecting an over 1% rise in the past 24 hours.