US-Based Law Firm Files New Motion Demanding Redistribution of $344M in USDt

Law firm Gerstein Harrow LLP filed a new motion on Thursday in a miscellaneous enforcement lawsuit, asking the court to compel stablecoin company Tether to hand over more than $344 million in frozen USDt linked to Iranian entities.  The motion claims that the plaintiffs are owed more than $532 million in compensatory damages and more than $1.8 billion in punitive damages from acts of “terrorism committed or sponsored by Iran,” stretching back more than 25 years.  The latest filing is part of a broader lawsuit against North Korea (DPRK) and Iran, attempting to claim and redistribute digital assets as compensation for victims of various and unrelated judgments tied to state-sponsored violence, drawing criticism from the crypto community.  In May, the law firm filed a restraining notice against the Kelp decentralized autonomous organization (DAO), which manages the liquid staking platform, attempting to block the transfer of frozen Ether ( ETH) tied to the $293 million Kelp exploit in April.  The law firms tactics have drawn condemnation from the crypto community, with critics arguing that distributing funds owed to hack victims to satisfy unrelated judgments stretching back decades delays repayment for hack victims, who have a greater claim to the funds.  ZachXBT slams Gerstein Harrow for crypto

05-16

UAE Fast-Tracks Second Oil Pipeline to Bypass Strait of Hormuz

UAE to complete a second oil pipeline by 2027, bypassing the Strait of Hormuz, doubling its capacity to 3.6M bpd.This stems from an ongoing 11-week Strait of Hormuz blockade and comes weeks after the UAE exited OPEC.This will allow a huge export flexibility outside the chokepoint amid tensions over production policies.  The United Arab Emirates (UAE) is fast-tracking a major oil pipeline to Fujairah, aiming to bypass the Strait of Hormuz by 2027 and double its export capacity from 1.8 million barrels per day (bpd) to approximately 3.6 million barrels per day.  The move, driven by an ongoing 11-week Strait of Hormuz blockade, is designed to secure crude exports, stabilize global energy flows, and reinforce the UAEs position as a resilient and independent oil exporter.  UAE to Complete a Second Major Oil Pipeline by 2027  On May 15, 2026, according to sources, the United Arab Emirates (UAE) is fast-tracking a major oil pipeline to bypass the Strait of Hormuz by 2027 and double its export capacity from 1.8M bpd to approximately 3.6M bpd.  Notably, Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan has directed state oil company ADNOC to accelerate the previously undisclosed project. The new pipeline will run parallel to

05-16

Solayer Introduces USDC Card with ATM support

Layer-1 blockchain developer Solayer launched a Visa-compatible payment card that allows users to spend USDC balances through in-store, online and contactless transactions.  The card supports ATM withdrawals in supported regions and can be ordered through the Solayer Pay app, according to the announcement. Existing users can request the card for free, while new users pay a $20 annual activation fee.  Solayer Pay launched in April 2025 under the name Emerald Card and initially rolled out to 40,000 users across more than 100 countries, according to the company. Solayer said the new physical card expands the existing Solayer Pay platform, which supports storing, transferring and spending digital assets through Visa-linked payment infrastructure.  The company said the card enables users to spend USDC (USDC) balances globally through Visa payment infrastructure directly from their Solayer Pay accounts.  Solayer develops infiniSVM, a layer-1 network compatible with the Solana Virtual Machine that is designed for high-throughput onchain applications using Solana (SOL) for gas fees.  Stablecoin payment cards expand  The launch from Solayer comes as rypto and payments companies have increasingly launched stablecoin-linked payment cards tied to traditional card networks including Visa and Mastercard.  In January, crypto exchange OKX launched a Mastercard-linked payment card for European users through regulated issuer Monavate, allowing verified

05-16

Uranium ETFs Test Support as U.S. Supply Gap Returns to Focus

After suiting up and rolling over from a long period of rallying, uranium-related ETFs have entered a critical technical area.  The €52 level has become a resistance point for the WisdomTree Uranium and Nuclear Energy ETF, which then provides support, said Nicolas Chéron.  In the meantime, the broader supply narrative goes on. With imports having risen to 99% of the uranium concentrate consumed by U.S. nuclear generators in 2023, according to EIA data, attention was drawn to domestic uranium projects and nuclear fuel security.  ETF Charts Test Support  The €52 level has three significances, Chéron said. It is the sign of some resistance that has been overcome; the 200-day moving average still has a positive slope and a big rising trendline.  His chart displays the WisdomTree Uranium and Nuclear Energy ETF (URIA) rising through 2024 and 2025 but then slowing down at the upper €50 levels. Since then, the price has been stagnant, and buyers have held off attempts at higher price levels during each pullback.  That building now brings the ETF to a decision area. The continued uptrend would remain intact with a hold in the vicinity of €52, allowing another push to recent highs to be maintained.  But if it breaks below the upside trendline,

05-16

Gemini Revenue Surges 42% in Q1 2026, Credit Cards Shine

Gemini, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, reported a 42% year-over-year revenue jump in the first quarter of 2026, reaching $50.3 million. This growth was fueled largely by the explosive success of its Gemini Credit Card, which saw revenue soar nearly 300% to $14.7 million, according to the companys May 14 earnings release.  The shift underscores Gemini‘s ongoing transformation from a pure-play crypto exchange to a diversified financial services platform. Transaction revenue, historically the company’s bread and butter, remained steady at $24 million for the quarter. However, crypto exchange revenue dropped 27% year-over-year to $17.2 million, reflecting a broader slowdown in spot trading activity as total crypto market volumes remain subdued.  Credit Cards Lead Revenue Shift  Geminis credit card program is emerging as a key driver of revenue diversification. The nearly 300% growth in credit card income was attributed to a significant increase in the user base and higher transaction volumes. The company has actively expanded its card offerings, introducing crypto-specific editions such as XRP and Solana in 2025, and more recently, a Zcash edition in February 2026.  In 2025, the Gemini Credit Card surpassed $1.2 billion in transaction volume, contributing $21.5 million in annual revenue, with monthly sign-ups reaching record

05-16

Connex releases 17.95m in CONX tokens today

Connex released 1.32 million CONX tokens worth $17.95 million on May 15 in a scheduled cliff unlock.Connex unlocked 1.32 million CONX tokens valued at approximately $17.95 million on May 15, 2026.The unlock represents 1.49% of Connexs released supply, with 822,500 tokens allocated to the ecosystem.The remaining 500,000 CONX tokens from the release were directed to the community treasury.  Connex, a Web3 professional networking platform that uses its native token for payments, governance and credential verification, executed the unlock on a preset cliff schedule. According to Tokenomist data, the release equals approximately 1.49% of the projects adjusted released supply, with 88.60% of maximum supply already in circulation ahead of the event.  The allocation split the 1.32 million CONX into two portions. The ecosystem fund received 822,500 tokens worth approximately $10.94 million, while the community treasury received the remaining 500,000 tokens valued at approximately $6.65 million.  Supply event adds $17.95m in CONX tokens to circulation  Cliff-style unlocks, which release tokens in a single event rather than gradually, can add short-term selling pressure when a large percentage of market cap enters circulation at once.  At current prices the unlock represents roughly 60% of CONXs market capitalisation of approximately $30.61 million, making it one of the highest unlock-to-market-cap ratios

05-16

CME, ICE Seek US Review of Hyperliquid Over Oil Market Risks

CME and ICE urged U.S. regulators to review Hyperliquid over market and sanctions risks.Hyperliquid drew concern over anonymous trading, perps, and possible sanctions evasion.Coinbase and Circle partnerships kept Hyperliquid in focus despite regulatory scrutiny.  CME Group and Intercontinental Exchange, or ICE, pressed U.S. regulators to review Hyperliquid over market manipulation and sanctions evasion concerns. Bloomberg reported the discussions on Friday, citing people familiar with talks involving federal officials and lawmakers.  Executives from CME and ICE raised the issue with the Commodity Futures Trading Commission. The matter also reached lawmakers on Capitol Hill, according to the report.  CME, ICE Flag Hyperliquid Trading Risks  The concerns focus on Hyperliquids fast-growing perpetual futures market. Bloomberg said both exchange operators warned about possible risks to traditional commodities markets, especially oil.  CME and ICE pointed to Hyperliquids decentralized structure as a major concern. Its anonymous trading environment was also cited as a risk in the discussions.  However, both companies warned that Hyperliquid could be used by bad actors to influence market prices. Sanctions evasion was also cited as a risk linked to its trading model.  The report said CME and ICE warned that Hyperliquids activity could affect global oil benchmarks. Both companies also warned that decentralized trading channels could allow insider coordination.  Hyperliquid

05-16

Market Crash Fears Rise as UK 30-Year Bond Yield Surges

The Japanese yen recently weakened to 158.5 against the US dollar despite possible intervention threats. Significantly, Japan remains one of the worlds largest holders of foreign securities. Analysts fear that Japanese investors could begin repatriating overseas capital, creating tighter liquidity conditions worldwide.  US Stocks and Crypto Markets Tumble  Bull Theory reported that US markets erased nearly $1 trillion in value during Fridays session. The S&P 500 dropped 1.05%, wiping out roughly $790 billion in market capitalization.  Meanwhile, the Nasdaq declined 1.4%, removing another $500 billion from technology stocks. The Russell index also lost 1.59%, extending pressure into small-cap shares.  Ash Crypto linked Bitcoins decline to the broader market panic after $700 billion disappeared from US equities shortly after the opening bell. Moreover, precious metals also suffered heavy losses. Gold and silver markets reportedly erased $1.5 trillion in value within 24 hours.  Bitcoin traded near $79,122 as of press time. The cryptocurrency posted a 2.14% daily decline despite maintaining a market capitalization above $1.58 trillion. Additionally, trading volume exceeded $47 billion, showing that volatility remains elevated as investors assess global macroeconomic risks.  Related: Axel Adler Jr: Psychology of Bitcoins $82,000 Rejection

05-16

Bitwise Launches HYPE-linked Fund as Hyperliquid Interest Grows

Bitwise Asset Management has launched a US-listed investment product tied to Hyperliquid, offering investors spot exposure to the token and staking rewards linked to the decentralized derivatives platform.  The fund, trading under the ticker BHYP on the New York Stock Exchange, is the second US-listed Hyperliquid product to launch this week. Bitwise said the fund plans to stake a significant portion of its HYPE (HYPE) holdings through its in-house staking division.  Hyperliquid is a decentralized trading-focused layer 1 blockchain launched in 2023 that offers perpetual futures, spot trading and lending services. Bitwise said the platform processed about $2.9 trillion in trading volume in 2025 and accounted for roughly 60% of global onchain derivatives open interest as of May 5, citing DefiLlama data.  HYPE was trading at around $44 on Friday with a market capitalization of roughly $11.22 billion, making it the 10th-largest cryptocurrency by market value, according to CoinMarketCap data. The token is used for staking, governance and ecosystem participation.  Bitwise, which manages about $11 billion in client assets across crypto investment products including exchange-traded funds, private funds and staking strategies, said the fund will charge a 0.34% sponsor fee, which will be waived for the first month on the funds first $500 million

05-16

Australian Crypto Investors Face 30% Tax Floor Under CGT Overhaul

Australias federal government is proposing sweeping changes to its capital gains tax (CGT) rules that could heavily impact cryptocurrency investors. Announced in the 2026–27 Federal Budget, the reforms would eliminate the 50% CGT discount on assets held longer than 12 months and impose a 30% minimum tax on net capital gains starting July 1, 2027. Analysts warn this may triple tax liabilities for some low-income investors, reshaping trading strategies across the industry.  Under the new system, the discounted CGT structure will be replaced by an inflation-indexed model. While this change theoretically shields investors from taxes on inflationary gains, crypto tax platform Koinly‘s CEO Robin Singh says most investors will end up worse off. “A lower-income earner who would have paid around $3,800 under the old rules for a $20,000 gain will now face a $10,200 tax bill. That’s nearly triple,” Singh explained.  The reforms will only apply to gains accrued after July 1, 2027, but the announcement has already sparked concern among retail investors, particularly younger generations who view crypto as a pathway to financial independence. A 2025 Independent Reserve report revealed that 30% of Australians invest in crypto to diversify their portfolios, while 25% trade to build wealth. These motivations could

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