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EigenLayer’s X Account Hijacked in a Fake Airdrop Scheme Alert

Hana Rios
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EigenLayer’s X Account Hijacked in a Fake Airdrop Scheme Alert

In the early hours of Friday, EigenLayer, a well-known restaking protocol, fell victim to a security breach on its official X (formerly Twitter) account. The hacked account was used to promote a fraudulent airdrop, misleading users into interacting with harmful links and fake claims. Eigen Labs, the developer behind EigenLayer, quickly confirmed the incident and warned its community about the scam.

How the Attack Unfolded

Hackers gained control of EigenLayer’s X account and began sharing posts promoting a false reallocation of EIGEN tokens, tied to Season 2 of the protocol’s airdrop. The goal was to lure users into engaging with deceptive links and submitting claims under false pretenses. This method mimicked a legitimate announcement made by EigenLayer earlier in September, where the claim period for the real stakedrop had already concluded.

The fraudulent posts followed a specific pattern:

  1. An initial message promoting the fake EIGEN token reallocation for Season 2 stakeholders.
  2. A malicious link urging users to participate.
  3. A “final call” post creates a sense of urgency for users to engage.

These posts closely resembled EigenLayer’s legitimate stake drop communications, making the scam even more convincing to unsuspecting users.

Also read: Stripe Eyes Crypto Expansion with Potential Acquisition of Stablecoin Startup Bridge

Immediate Response from Eigen Labs

Upon discovering the hack, Eigen Labs immediately informed the public about the breach through its verified channels, urging users not to engage with the compromised X account. They stressed the importance of double-checking all communications and only engaging with the official EigenLayer website (eigenlayer.xyz).

“The @eigenlayer handle has been compromised. Please do not engage with any suspicious links and actively double-check and verify you are engaging with ‘eigenlayer.xyz.’ An update will be provided once secured,” Eigen Labs posted on their X account.

Scam Sniffer Identifies the Threat

Scam Sniffer, a crypto anti-scam platform, was quick to identify and report the fraudulent promotion. The platform confirmed that the phishing posts contained harmful links intended to exploit users. Following this, blockchain investigator ZachXBT also raised an early warning on his Telegram channel, urging users not to click on any links shared during the breach.

EigenLayer’s X account was compromised and posted phishing tweets

Scam Sniffer posted, cautioning users to stay vigilant.

A Growing Trend in Crypto Scams

The attack on EigenLayer’s X account is part of a larger trend where hackers exploit social media platforms to deceive investors. By mimicking official announcements and creating a false sense of urgency, these scams often manage to fool even experienced crypto users.

Recently, the FBI arrested an individual responsible for hacking the U.S. Securities and Exchange Commission’s (SEC) X account. In that case, hackers falsely announced the approval of a Bitcoin exchange-traded fund (ETF), leading to widespread confusion. Such incidents highlight the ongoing risks of digital platforms and the importance of vigilant cybersecurity practices.

Protecting Against Future Scams

As cryptocurrency adoption grows, so do the tactics used by scammers to exploit both investors and legitimate platforms. Users are advised to:

  • Always verify communications: Ensure that announcements come from official sources. Check for verified website domains and cross-reference with previous legitimate updates.
  • Avoid engaging with suspicious links: Even if the message appears to be from a trusted source, always double-check the URLs before clicking.
  • Stay informed: Follow trusted blockchain investigators like ZachXBT and anti-scam platforms like Scam Sniffer for timely updates on crypto scams.

Eigen Labs has assured its users that it is working to secure its account and will provide further updates. Meanwhile, the community remains on high alert, actively avoiding the compromised X account and its malicious links.

The hacking of EigenLayer’s X account serves as a stark reminder of the vulnerabilities present in the cryptocurrency space. As crypto scams become more sophisticated, it’s critical for both developers and users to stay informed and practice caution when engaging with digital platforms. With heightened vigilance and improved cybersecurity measures, the crypto community can reduce the risk of falling victim to these malicious schemes.

Kenya and South Africa Tax Authorities Target Cryptocurrency Users to Combat Evasion

Hana Rios
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Kenya and South Africa Tax Authorities Target Cryptocurrency Users to Combat Evasion

African tax authorities are increasingly focusing on cryptocurrency users as part of a larger strategy to catch tax evaders. These individuals often rely on the borderless nature of digital assets, which frequently operate without regulatory oversight.

As cryptocurrency ownership and transactions grow across the continent, tax agencies see the sector as a promising source of additional revenue. In particular, the Kenya Revenue Authority (KRA) is ramping up its efforts to target digital asset users in a bid to capture taxes that have so far gone uncollected.

Kenyan Authorities Eye Digital Assets for Revenue Growth

With ongoing concerns about missed revenue targets, the KRA has begun exploring how to capture taxes from cryptocurrency trades, many of which remain outside the traditional tax bracket due to anonymity and a lack of regulatory frameworks.

Though the sector remains unregulated by reporting authorities, i.e. CBK (Central Bank of Kenya) and CMA (Capital Markets Authority), the earnings from the sector are legally taxable as per Section 3 of the Income Tax Act.

the KRA stated earlier this week.

The KRA estimates that Kenyans transacted roughly KSh 2.4 trillion between 2021 and 2022—about 20% of the country’s Gross Domestic Product (GDP)—none of which was taxed. Moreover, cryptocurrency ownership has skyrocketed in the country, growing by over 187% since 2021, according to data from Statista. As of 2024, an estimated 729,200 Kenyans own cryptocurrency, compared to just 253,000 in 2021.

The KRA is now eyeing this rapid growth in crypto transactions as a way to plug revenue gaps after two consecutive years of missed financial targets.

Also read: Stripe Eyes Crypto Expansion with Potential Acquisition of Stablecoin Startup Bridge

South Africa’s Crypto Crackdown

Kenya isn’t the only African nation intensifying its focus on crypto taxation. Last week, the South Africa Revenue Service (SARS) issued a stern warning to cryptocurrency holders, urging them to declare their digital assets in their tax returns. SARS Commissioner Edward Kieswetter revealed that the agency has upgraded its technology and will soon be able to track down crypto users who fail to comply.

Despite estimates suggesting that at least 5.8 million South Africans own cryptocurrency, only a fraction of these individuals declare it in their tax filings. Kieswetter made it clear that non-compliance is no longer an option, as SARS now has the tools to identify and pursue those evading taxes.

Let all know that technology has enhanced SARS’ ability to root out non-compliant taxpayers, and the SARS will pursue all without fear, favour or prejudice

said Kieswetter

Broader Implications for African Taxpayers

Both Kenya and South Africa are looking to expand their tax brackets through increased oversight of digital assets. Authorities argue that by catching tax evaders, they can relieve the burden on compliant taxpayers and ensure that public resources are distributed more equitably.

“Those who are evading their responsibility make the burden of compliance difficult for other taxpayers,” added Kieswetter. “This is not only unfair to honest taxpayers but also affects the vulnerable in society disproportionately by limiting the state’s ability to deliver social grants and other much-needed social benefits.”

The move signals a growing awareness among African tax authorities of the potential revenue locked within the burgeoning cryptocurrency market. As more individuals and businesses adopt digital currencies, tax agencies are under pressure to find effective ways to regulate and capture taxes from these transactions.

As Kenya and South Africa enhance their technological capabilities to track crypto users, tax evaders relying on the anonymity of digital assets will likely find it increasingly difficult to escape scrutiny. These efforts underscore the broader push by African tax authorities to ensure that all taxpayers, including those in the digital space, contribute fairly to national revenues.

Mark Cuban Defends Kamala Harris’s Crypto Knowledge, Dismisses Dogecoin Founder

Hana Rios
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Mark Cuban Defends Kamala Harris’s Crypto Knowledge, Dismisses Dogecoin Founder

In a recent exchange on X, entrepreneur and billionaire Mark Cuban responded to concerns from Dogecoin co-creator Billy Markus about the U.S. government’s handling of cryptocurrencies, offering fresh insights into Vice President Kamala Harris’s crypto policy stance as the 2024 elections near.

What Happened?

Cuban dismissed concerns regarding Harris’s ability to understand and regulate cryptocurrency, asserting that she has gained significant knowledge about the crypto ecosystem, particularly in relation to Bitcoin (BTC). Cuban revealed that he has been advising Harris’s team about crypto policies, especially in light of discussions surrounding the U.S. government’s ownership of confiscated Bitcoin. Cuban pointed out that Harris understands how to handle the 69,000 Bitcoin in the treasury’s possession, noting that it must be sold in a way that won’t negatively impact the market.

https://twitter.com/mcuban/status/1845945963116220620

“I was pushing for all confiscations in crypto to be held and not sold,” Cuban explained, adding that Harris’s team has shown an increasing awareness of the market impact of dumping large amounts of Bitcoin at once. He said, “She understands the need to protect digital asset holders.”

Harris’s Growing Crypto Awareness

Cuban emphasized that Kamala Harris’ understanding of crypto is “night and day away from Biden and far ahead of Trump.” He praised her recent statements about protecting digital asset holders, signaling a shift in her approach to crypto regulation.

Kamala Harris has also recognized the significance of the app economy for younger generations, including Gen Z, many of whom prefer using apps like Robinhood and Coinbase for their financial transactions instead of traditional banking. According to Cuban, Kamala Harris understands that many younger men have significant portions of their wealth tied up in crypto, and she has committed to protecting them as both consumers and owners of digital assets.

Also read: Ireland Moves to Draft New Crypto Regulations Ahead of EU Crackdown on Money Laundering

Dogecoin Founder’s Concerns

Billy Markus, known as Shibetoshi Nakamoto on X, raised concerns that many lawmakers, including Harris, do not fully understand cryptocurrency and its potential conflicts with existing financial regulations. He remarked that crypto “messes with the existing laws” and questioned whether policymakers are equipped to handle these emerging technologies.

Cuban, however, defended Kamala Harris, stating, “She doesn’t know everything, but unlike others, she doesn’t pretend to.” He further highlighted that Harris’s ability to connect with young people and her awareness of the app economy puts her far ahead of many other political figures in understanding the importance of cryptocurrency.

Why It Matters

Cuban’s defense of Harris’s crypto knowledge comes as she continues to push for a new regulatory framework for digital assets. Part of her “Opportunity Agenda for Black Men” acknowledges the increasing role of cryptocurrencies within Black American communities, with reports suggesting that over 20% of Black Americans have owned crypto assets at some point.

Kamala Harris’ understanding of digital assets and her efforts to protect those invested in them could play a crucial role in shaping U.S. crypto policy under the next administration.

What’s Next?

As the November 2024 election approaches, crypto regulation will likely be a key issue for many voters, particularly younger generations and crypto holders. The upcoming Benzinga Future of Digital Assets event on November 19 will further explore crypto regulations and their impact on institutional asset classes, continuing the debate on how the U.S. should handle the rise of digital currencies.

US Elections 2024: 26 Million-Strong New Crypto Voting Bloc Could Shape Outcome, Survey Shows

Hana Rios
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US Elections 2024: 26 Million-Strong New Crypto Voting Bloc Could Shape Outcome, Survey Shows

As the 2024 U.S. elections approach, a survey by The Digital Chamber reveals that approximately 26 million U.S. voters — or 16% of respondents — consider pro-crypto policies as a top factor in deciding which candidate to support. This emerging “crypto voting bloc” could have a significant impact in what is predicted to be a closely contested election.

Crypto: A Key Election Issue

One in seven respondents in the 1,004-person survey said they were “much” or “somewhat” more likely to vote for a candidate with a favorable stance on cryptocurrency regulation. The survey, released on October 17, highlights how crypto issues are becoming increasingly important in U.S. politics, with both Democrats and Republicans showing support for candidates who back the crypto industry.

  • 25% of Democrats and 21% of Republicans said that a candidate’s stance on crypto would positively influence their vote.

The survey’s findings suggest that voters are calling for “smart, balanced regulation” that protects consumers while encouraging innovation in the crypto space, according to Perianne Boring, founder and CEO of The Digital Chamber.

Also read: Ireland Moves to Draft New Crypto Regulations Ahead of EU Crackdown on Money Laundering

Crypto Policy a Decisive Factor for Black Voters

The survey also reveals significant racial divides in how voters prioritize crypto policies and the crypto voting bloc. Two in five Black voters said a candidate’s crypto stance would be important to their voting decision, more than twice the proportion of white voters who shared this view. This could make crypto a critical issue in swing states with diverse voter populations.

Majority Wants Crypto to Be a Priority for the New Government

Across the political spectrum, most respondents indicated that support for the crypto industry and the crypto voting bloc should be at least a medium-level priority for the next president and Congress:

  • Over 60% of respondents from both major parties agreed that crypto should be a medium to high-level priority.

This sentiment underscores a growing expectation that the U.S. government needs to provide clear regulatory frameworks that both protect consumers and encourage blockchain innovation.

Partisan Divides on Election Issues

While crypto is gaining traction, it’s not the top concern for most voters. A Pew Research report published last month found that 81% of respondents ranked economic policy as their primary issue. Health care, Supreme Court appointments, and immigration were also leading concerns, particularly among the supporters of key candidates.

  • Republican candidate Donald Trump’s supporters prioritized the economy, immigration, and violent crime.
  • Democratic candidate Kamala Harris’ supporters were more concerned about health care, Supreme Court appointments, and the economy.

Impact of the Crypto Voting Bloc on the Election

With the 2024 elections slated for November 5, experts predict tight races in key battlegrounds. The crypto voting bloc, representing roughly 26 million Americans, could tip the balance in favor of candidates who advocate for pro-crypto policies.

Boring emphasized that this data should be a “wake-up call for policymakers,” as candidates who ignore the growing importance of crypto issues may miss out on a substantial portion of the electorate.

As the U.S. heads into the 2024 elections, the rise of a pro-crypto voting bloc indicates that digital asset policies are becoming a key concern for millions of voters. With over 16% of the electorate considering a candidate’s stance on crypto as a deciding factor, this issue could play a pivotal role in determining the next president and the composition of Congress.

PayPal Expands Crypto Reach as 60 Million Venmo Users Now Linked to Moonpay

Hana Rios
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PayPal Expands Crypto Reach as 60 Million Venmo Users Now Linked to Moonpay

PayPal continues to expand its reach in the crypto space by enabling Venmo’s 60 million users to fund transactions on the Moonpay platform. As announced Thursday, Venmo users in the U.S. can now buy and sell cryptocurrencies via Moonpay using various payment options, including Venmo balances, linked bank accounts, and credit or debit cards. However, users in New York and Texas will not have access to this feature due to local regulations.

Venmo and Moonpay Integration: A Step Forward for Crypto Adoption

This new integration marks a significant milestone in PayPal’s growing presence in the digital asset market. Venmo’s extensive user base, now linked to Moonpay, can seamlessly execute crypto transactions, expanding their payment options. The partnership between PayPal and Moonpay, first established earlier, allowed users to fund Moonpay directly through PayPal. Now, the same functionality is extended to Venmo, providing enhanced flexibility for U.S. customers.

PayPal stated, “Now, Venmo’s more than 60 million monthly active users can seamlessly fund transactions on the Moonpay platform using their Venmo balance or linked bank account, credit card, or debit card in Venmo.” This integration allows for greater ease of use, providing a familiar and trusted interface for users to navigate the cryptocurrency world.

Also read: Ireland Moves to Draft New Crypto Regulations Ahead of EU Crackdown on Money Laundering

Moonpay’s Growing Ecosystem

Moonpay, a financial technology company that offers services for buying and selling cryptocurrencies and other digital assets, will now benefit from an expanded payment network. According to PayPal, “This integration gives consumers a new way to use their Venmo accounts and offers Moonpay users the safety and convenience users have come to know from Venmo.”

For users unfamiliar with cryptocurrency trading, this development simplifies the process, giving access to Moonpay’s services directly through Venmo, a platform they already trust for peer-to-peer payments.

Regional Limitations and Ongoing Expansion

Despite the promising potential of this integration, users in New York and Texas will be excluded due to regulatory restrictions on cryptocurrency transactions in those states. Nevertheless, this new feature is expected to further push crypto adoption by Venmo users across the rest of the U.S., who now have more options for funding transactions in the crypto space.

The move highlights PayPal’s commitment to staying at the forefront of digital payments, especially in the burgeoning world of digital assets and cryptocurrencies. As Moonpay continues to grow its partner network and expand its services, it is likely to see a significant boost in activity through this collaboration with Venmo.

Conclusion

PayPal’s move to integrate Venmo with Moonpay represents another step in the evolution of mainstream cryptocurrency adoption. By giving 60 million Venmo users direct access to fund transactions on Moonpay, the partnership underscores the growing convergence of traditional finance and digital assets. While regulatory hurdles still exist in states like New York and Texas, the expanded integration signals a new era of convenience and flexibility for U.S.-based crypto users.

What do you think about the integration between Venmo and Moonpay? Share your thoughts in the comments section below!

SEC’s X Account Hacked by 25-Year-Old– Bitcoin Price Manipulated, Hacker Arrested

Hana Rios
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SEC’s X Account Hacked by 25-Year-Old– Bitcoin Price Manipulated, Hacker Arrested

In a stunning turn of events, a 25-year-old Alabama resident, Eric Council Jr., has been arrested for hacking the Securities and Exchange Commission’s (SEC) X account in a fraudulent scheme that briefly caused Bitcoin’s price to spike by $1,000 in early January. Federal prosecutors announced the arrest on Thursday, linking Council to a series of cybercrimes, including identity theft and fraud, as part of a broader plan to manipulate cryptocurrency markets.

The January Hack that Shook the Crypto World

The hacking incident took place on January 9, 2024, a day before the highly anticipated SEC decision on the approval of spot Bitcoin exchange-traded funds (ETFs). Council and his co-conspirators allegedly used a SIM swap attack—a technique used to hijack a victim’s phone number and bypass multi-factor authentication—to gain access to the SEC’s verified X account, formerly known as Twitter.

Once inside the account, the hackers falsely posted that the SEC had approved the first-ever spot Bitcoin ETF, sending shockwaves through the cryptocurrency market. Investors, believing the fake news, rushed to buy Bitcoin, causing a rapid $1,000 increase in its price. Just 25 minutes later, SEC Chair Gary Gensler took to his personal X account to clarify that the post was “unauthorized” and that no such approval had been granted. In the wake of the correction, Bitcoin’s price fell sharply by $2,000, erasing the temporary gains.

Also read: Ireland Moves to Draft New Crypto Regulations Ahead of EU Crackdown on Money Laundering

Bitcoin Payment for the Hack

According to the Department of Justice (DOJ), Council, who also operated under aliases such as “Ronin,” “AGiantSchnauzer,” and “@Easymunny,” received payment for the attack in Bitcoin. The federal indictment reveals that Council, alongside others who have yet to be named, executed the SIM swap attack by impersonating a legitimate user linked to the SEC’s X account. Using fake identification documents and the stolen phone number, the hackers accessed the account and posted the deceptive ETF announcement.

The Market Impact and Fallout

Although the phony post was swiftly deleted, the short-lived spike in Bitcoin’s value led to significant market activity. The indictment suggests that investors who bought into the fake news suffered immediate losses as Bitcoin corrected its price once the truth was revealed. In the 25-minute window, trading volumes surged, and the impact was felt globally.

Council’s Digital Trail and Arrest

Federal agents were able to track down Council after noticing that he had conducted searches on his personal computerfor terms like “SECGOV hack,” “federal identity theft statute,” and “how can I know for sure if I am being investigated by the FBI.” These digital breadcrumbs led law enforcement directly to him, culminating in his arrest in Alabama early Thursday morning.

Charges and Potential Penalties

Council is now facing federal charges, including conspiracy to commit aggravated identity theft and access device fraud, both of which carry severe penalties. If convicted, Council could face a maximum sentence of five years in prison.

SEC and FBI Statements

In a joint statement, the SEC and FBI emphasized the seriousness of the attack, particularly its implications for global financial markets. Acting FBI Special Agent in Charge Geist said, “This case exemplifies the dangers of SIM swappingand the increasing risks posed by cybercriminals to financial systems. The FBI will continue to pursue those who attempt to manipulate markets through fraudulent means.”

SEC Chair Gary Gensler also reiterated the agency’s commitment to safeguarding market integrity, noting that such attacks undermine public trust in financial institutions.

Ongoing Investigation and Broader Implications

While Council has been arrested, federal investigators believe that others may have been involved in the January hack. The DOJ has yet to release the names of additional suspects but indicated that more arrests could follow.

This high-profile incident also underscores the growing intersection of cybersecurity and financial regulation, particularly in the volatile world of cryptocurrency markets. The use of SIM swapping as a tool for market manipulation highlights vulnerabilities that regulators and exchanges will need to address to protect investors in the future.

Conclusion

The arrest of Eric Council Jr. brings an end to one chapter in a highly unusual case of cybercrime and market manipulation, but it serves as a stark reminder of the evolving threats in today’s digital finance landscape. With cryptocurrency becoming more intertwined with mainstream markets, safeguarding sensitive information and securing digital platforms has never been more critical.

Council’s actions may have temporarily disrupted the markets, but the broader implications of this incident will likely influence how regulators and market participants approach security for years to come.

Sam Altman’s Worldcoin Becomes World Network, Expands Iris Scanning for Digital Identity

Hana Rios
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Sam Altman’s Worldcoin Becomes World Network, Expands Iris Scanning for Digital Identity

Sam Altman’s cryptocurrency project, Worldcoin, has announced a rebrand to World Network as part of an intensified effort to expand its global iris-scanning program. The project’s core objective is to provide a World ID, a digital identity that verifies a person is human, helping to differentiate them from AI bots. The system uses biometric data gathered through its signature “orb” devices, which scan a person’s iris.

At an event in San Francisco, Sam Altman’s World Network unveiled a new version of its orb, equipped with 5G connectivity and enhanced privacy and security features. The company also announced partnerships and initiatives aimed at bringing orbs to more people worldwide, including dedicated retail locations and a collaboration with Rappi, a Latin American delivery service, to expand access to the devices.

What is World Network’s Orb and World ID?

The orb, a silver device about the size of a bowling ball, scans a person’s iris to verify their identity as a real human being. Once authenticated, users receive a World ID, a digital identity that can be used online to prove they are not an AI chatbot. In select countries, users are also rewarded with the cryptocurrency token WLD after registering.

Since its launch in July 2023, Sam Altman has attracted over 6.9 million signups, according to Tools for Humanity, the company behind World Network, which operates out of San Francisco and Erlangen, Germany.

Also read: Ireland Moves to Draft New Crypto Regulations Ahead of EU Crackdown on Money Laundering

Privacy Concerns and Regulatory Scrutiny

Despite the project’s rapid growth, Sam Altman’s World Network has faced significant scrutiny over concerns regarding the collection, storage, and use of personal data, especially biometric information. Privacy advocates have raised alarms over how such sensitive data will be protected and whether it could be misused.

Governments in Spain and Portugal temporarily banned the project earlier this year, while Argentina and Britain are also reviewing its operations to assess compliance with data protection regulations.

What’s Next for World Network?

In response to these concerns, Sam Altman has emphasized its commitment to improving privacy protections with the latest iteration of the orb. The company’s strategy involves a large-scale deployment of orbs across various regions, with Latin America emerging as a key focus due to its partnership with Rappi.

The rebrand to World Network and the technological upgrades are part of an effort to position the project for global expansion and deeper integration into everyday life. The company believes its World ID will play a crucial role in verifying digital identity, particularly as AI technology proliferates.

World Network is pushing the boundaries of digital identity verification by leveraging biometric data through its orb devices. While the project’s ambitious goals are reshaping the way people think about online identity, it continues to face scrutiny regarding privacy and data security. As the global rollout continues, the success of the initiative will likely hinge on addressing these concerns while maintaining its innovative edge in the rapidly evolving crypto space.

Asia’s Wealthy Invest Big in Crypto, Forecast Bitcoin to Hit $100K by End of 2024

Hana Rios
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Asia’s Wealthy Invest Big in Crypto, Forecast Bitcoin to Hit $100K by End of 2024

Private wealth in Asia is increasingly betting on cryptocurrency, with a notable shift towards digital assets as a key part of investment portfolios. According to a recent report by Aspen Digital, an overwhelming 76% of family offices and high-net-worth individuals (HNWIs) across Asia have embraced crypto investments in 2024, up from 58% in 2022. This growing interest comes as many private wealth managers predict Bitcoin (BTC) could surge to $100,000 by the end of the year, driven by rising demand and favorable market conditions.

Digital Assets Gain Momentum Among Asia’s Wealthy

The rise in crypto adoption among Asia’s financial elite underscores the growing appeal of digital assets as an alternative investment class. Historically dominated by traditional assets like equities and real estate, Asian family offices and HNWIs are now viewing cryptocurrency as a means to achieve higher returns, diversify portfolios, and hedge against inflation.

The Aspen Digital report, based on a survey of over 80 family offices and HNWIs conducted in the second half of 2024, revealed a sharp increase in crypto exposure, with many respondents citing decentralized finance (DeFi), artificial intelligence (AI), and decentralized physical infrastructure network (DePin) as areas of strong interest.

“Crypto’s growing integration into traditional wealth management speaks to its longevity and utility in financial markets. We expect this trend to continue,” noted a senior executive at Aspen Digital.

Also read: Ireland Moves to Draft New Crypto Regulations Ahead of EU Crackdown on Money Laundering

Key Drivers of the Crypto Surge

The survey participants highlighted several key drivers behind their bullish outlook on Bitcoin and other digital assets:

  • Higher Returns: With volatile but substantial returns, crypto remains attractive to investors looking to outperform traditional markets.
  • Portfolio Diversification: Wealth managers are increasingly using crypto to diversify, seeing it as a counterbalance to more conventional asset classes.
  • Inflation Hedge: As inflation persists globally, cryptocurrencies like Bitcoin are viewed as a hedge against devaluing fiat currencies, particularly in emerging markets.

Moreover, 31% of the respondents expect Bitcoin to hit $100,000 by the end of the fourth quarter, thanks to anticipated U.S. interest rate cuts, the upcoming presidential election, and favorable crypto regulatory developments.

Increased Interest in DeFi and Blockchain Infrastructure

The wealth managers surveyed are particularly focused on decentralized finance (DeFi), with 67% of respondents showing a strong interest in its development. DeFi’s potential to disrupt traditional finance by offering decentralized lending, borrowing, and trading services on a global scale has been a significant draw for private wealth in Asia. The report also highlights interest in artificial intelligence (AI) (61%) and real-world asset tokenization (RWA) (47%), pointing to a broader investment in blockchain infrastructure and innovations beyond simple crypto assets.

“We believe every asset class will eventually transition onto the blockchain, capitalizing on the competitive advantages that blockchain technologies offer,” said Re7 Capital in the report. The firm estimates that over 85 million people currently use blockchain-based financial services, with that number expected to more than double to 200 million by the end of 2025.

Challenges to Widespread Adoption

Despite the growing enthusiasm, the report also underscores several challenges that hinder broader adoption of digital assets among private wealth managers:

  1. Fragmented Digital Asset Landscape: The crypto space is vast and complex, with thousands of tokens and platforms, making it difficult for wealth managers to navigate.
  2. Regulatory Uncertainty: Different countries in Asia have varying regulations surrounding cryptocurrency, creating a cautious approach among investors who fear potential crackdowns.
  3. User Experience: Some wealth managers pointed to poor interfaces and lack of robust institutional-grade services as barriers to more extensive investment.

Even so, optimism prevails, with 30% of respondents aiming to increase their exposure to digital assets in the near future. Many family offices have already boosted their crypto allocations from under 5% to over 10% of their portfolios, driven by the recent debut of spot-based Bitcoin and Ether ETFs, which offer more traditional investment vehicles tied to the value of cryptocurrencies.

Long-Term Outlook: Crypto as a Cornerstone of Wealth Portfolios

The surge in crypto adoption in Asia’s private wealth sector marks a significant shift in how HNWIs and family offices view digital assets. What was once seen as a speculative investment is now becoming a crucial component of diversified portfolios. With the introduction of more institutional-grade products and growing comfort with decentralized finance, crypto is poised to become a cornerstone of wealth management strategies in the region.

The expectation that Bitcoin could hit $100,000 by year-end reflects the broader belief in crypto’s potential as both a financial asset and a technological innovation. As digital assets like Bitcoin continue to mature, the coming years could see even more significant capital inflows from Asia’s elite, further cementing cryptocurrency’s place in the global financial ecosystem.

Asia’s private wealth sector is rapidly embracing crypto and bitcoin, with a majority of family offices now holding digital assets and anticipating significant returns. With a bullish outlook on Bitcoin and increasing interest in decentralized finance, Asia’s elite are positioning themselves to benefit from the continued growth of the cryptocurrency market. However, challenges remain, particularly regarding regulation and user experience, which will need to be addressed for broader adoption.

Trump Family to Receive 75% of Revenue from World Liberty Financial Crypto Project, New Document Reveals

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Trump Family to Receive 75% of Revenue from World Liberty Financial Crypto Project, New Document Reveals

A newly released document sheds light on the financial structure of World Liberty Financial (WLF), a crypto project closely tied to former U.S. President Donald Trump. According to the 13-page document, which WLF calls the “World Liberty Gold Paper,” the Trump family is set to receive 75% of the net protocol revenues from the project, while assuming no liability for its operations. This revelation highlights the unique positioning of Trump’s crypto venture as it seeks to raise substantial funds amid his 2024 presidential campaign.

World Liberty Financial: Trump’s Bold Crypto Venture

World Liberty Financial is Donald Trump’s foray into the burgeoning world of decentralized finance (DeFi). The project, initially branded as “The DeFiant Ones,” recently launched its own cryptocurrency, the WLFI token, in an effort to raise $300 million at a $1.5 billion valuation. As of this week, only $12.9 million worth of tokens have been sold, according to WLF’s official website.

The project aims to establish itself as a crypto bank, encouraging customers to borrow, lend, and invest in digital assets. WLF positions itself as a decentralized finance hub, promising to integrate various DeFi services, such as lending protocols, trading, and staking.

Also read: Ireland Moves to Draft New Crypto Regulations Ahead of EU Crackdown on Money Laundering

Trump Family’s Financial Stake: 75% of Revenue with No Liability

The document reveals that a Delaware-based entity, DT Marks DEFI LLC, which is connected to Trump, will receive a whopping 75% of the project’s net protocol revenue. This revenue comes from a range of sources, including platform fees, token sales, advertising, and other revenue streams after deducting operational costs. The paper also makes it clear that the Trump family assumes no operational responsibility for the project. They are neither directors nor employees, effectively distancing themselves from the day-to-day management of WLF.

Despite the significant financial stake, the project emphasizes that WLF and its tokens are not political and bear no direct affiliation with Trump’s ongoing presidential campaign. However, the timing and the public nature of the initiative suggest a significant overlap between Trump’s business ventures and his political ambitions.

Key Players and Co-Founders

In addition to the Trump family, other notable figures have financial interests in WLF. The remaining 25% of the protocol revenue is allocated to Axiom Management Group (AMG), a Puerto Rico-based company wholly owned by project co-founders Chase Herro and Zachary Folkman. AMG, in turn, has agreed to share half of its revenue rights with another LLC, WC Digital Fi, linked to Trump’s longtime friend and political donor Steve Witkoff and his family.

Herro and Folkman have a long history in the crypto space. Folkman, who previously founded a company called Date Hotter Girls, has helped develop several crypto ventures, including Dough Finance. Herro has been involved in the crypto sector for over a decade, launching Pacer Capital, a now-defunct trading business. Their combined experience adds an intriguing layer to the project’s leadership.

Token Allocation Breakdown

The “World Liberty Gold Paper” outlines the anticipated breakdown of the WLFI token distribution, but with an important caveat: these numbers are subject to change. Here’s how the current distribution is expected to look:

  • 35% of the total supply is allocated to the token sale, providing the main source of capital for the project.
  • 32.5% will go toward community growth and incentives, aimed at expanding user adoption and market reach.
  • 30% will be designated for initial support allocation, which covers a range of operational costs, reserves, and other startup needs.
  • 2.5% is earmarked for the founding team and advisors, which includes the Trump family and other project co-founders.

Interestingly, the fine print leaves room for flexibility, meaning that the exact allocations to the Trump family and other players could still shift as the project evolves.

Trump’s Role: The “Chief Crypto Advocate”

The document refers to Donald Trump as the “chief crypto advocate”, a role that aligns with his vocal support for the project. His three sons are described as “Web3 ambassadors,” showcasing the family’s deep involvement in promoting blockchain and crypto initiatives. Despite their prominent roles in promoting WLF, the document reiterates that none of the Trumps are directly involved in managing the day-to-day operations of the company.

Financial Ambitions and Challenges

While WLF’s roadmap aims to raise $300 million in its initial sale, the project has yet to gain significant traction in the market, with only $12.9 million in token sales reported so far. This falls short of expectations, and it remains to be seen whether the Trump family’s involvement will be enough to drive interest and attract more investors.

Furthermore, the document specifies that $30 million of the initial revenue will be held in reserve to cover operating expenses and future financial obligations, ensuring the project’s sustainability. However, questions remain about whether WLF can meet its ambitious fundraising goals, especially with the crypto market’s unpredictable nature.

A Crypto Project Shaped by Trump’s Political and Financial Ambitions

World Liberty Financial represents an intriguing intersection of cryptocurrency, finance, and politics. The Trump family’s significant financial stake in the project, coupled with their lack of liability, creates a unique dynamic that is likely to draw both attention and scrutiny. As the project seeks to establish itself in the competitive DeFi landscape, it will need to overcome early fundraising challenges and prove its value to investors.

With the 2024 presidential election looming and Trump’s role as both a political and business figure continuing to evolve, the future of WLF will be closely watched as a potential case study in how crypto and politics can merge in unprecedented ways.

Trump-Backed PAC Trump 47 Raises $7.5 Million in Cryptocurrency Donations

Hana Rios
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Trump-Backed PAC Trump 47 Raises $7.5 Million in Cryptocurrency Donations

In a noteworthy development in the intersection of politics and cryptocurrency, the political action committee (PAC) supporting former President Donald Trump, known as Trump 47, has raised an impressive $7.5 million in crypto contributions since July. This influx of donations underscores the growing influence of the cryptocurrency industry in political financing as it gears up for the upcoming presidential election.

Major Crypto Contributions Fueling Trump’s Campaign

According to a filing with the Federal Election Commission (FEC) dated October 15, Trump 47 has received contributions in several cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), XRP, as well as stablecoins such as Tether (USDT) and USD Coin (USDC). The majority of these donations have come from prominent figures in the crypto space, signaling strong support for Trump’s candidacy from within the industry.

Between July and September, over 18 major donors accounted for more than $5.5 million in Bitcoin contributions alone, while seven donors contributed around $1.5 million in Ethereum. This significant financial backing from the crypto sector highlights a new trend in political funding, where digital assets are becoming a prominent means of support.

Notable Donors Leading the Charge

Among the notable contributors, David Bailey, CEO of BTC Media Group, stands out with a generous donation of $498,000. Similarly, Stuart Alderoty, Ripple’s legal chief, contributed $300,000 in XRP. The Winklevoss twins, Tyler and Cameron, co-founders of crypto exchange Gemini, each made a substantial contribution of $1.1 million, reinforcing their support for Trump’s campaign.

Additionally, Chase Herro, co-founder of World Liberty Financial, a crypto project backed by the Trump family, also contributed. Mike Belshe, CEO of the crypto custodian BitGo, added almost $100,000 in Bitcoin to the PAC’s coffers. Other significant donors included Gary Cardone of Cardone Digital Ventures and Bruce Fenton, CEO of Chainstone Labs, among others.

Also read: Ireland Moves to Draft New Crypto Regulations Ahead of EU Crackdown on Money Laundering

A Competitive Political Landscape

Trump 47 is not the only PAC drawing attention from the crypto sector. Reports indicate that Marc Andreessen and Ben Horowitz, founders of the crypto venture firm a16z, each donated $2.5 million to the pro-Trump super PAC Right For America, which has raised approximately $38.6 million this election cycle. This growing financial support illustrates the strategic alliance between cryptocurrency leaders and political campaigns.

In contrast, some prominent figures within the crypto community are backing Trump’s rival, Vice President Kamala Harris. Notably, Chris Larsen, co-founder of Ripple, has donated $1 million in XRP to the pro-Harris PAC Future Forward. This division among crypto executives highlights the diverse political affiliations within the industry.

The Crypto Sector’s Growing Political Influence

A recent report from the nonprofit watchdog group Public Citizen revealed that nearly half of the corporate money flowing into election campaigns is now sourced from the crypto industry. This represents a significant increase, with the crypto sector contributing 13 times more this election cycle compared to the previous presidential election.

Furthermore, Fairshake, a prominent super PAC in the crypto sector, has raised over $200 million this election cycle. With nearly $7 million allocated for media buys and production to support candidates and more than $2 million aimed at opposing incumbent Democrats, Fairshake’s financial muscle further illustrates the increasing prominence of crypto interests in political campaigning.

The Future of Cryptocurrency in Politics

As the political landscape evolves, the substantial contributions from the cryptocurrency industry to PACs like Trump 47 signal a new era of campaign financing. With the upcoming elections on the horizon, the implications of these donations could be profound, influencing both policy discussions and the broader acceptance of cryptocurrencies in mainstream politics. As the lines between digital finance and traditional politics continue to blur, the role of crypto in shaping the future of American electoral politics remains a topic of significant interest.

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