Prime Minister Narendra Modi condemned the missile and drone attacks on the United Arab Emirates after three Indian nationals were injured in Fujairah. 

He said India stood with the UAE and called the targeting of civilians and infrastructure “unacceptable.”

India’s Ministry of External Affairs also criticised the strike and urged an end to attacks on civilians. Officials said the injured Indian nationals were receiving medical care, while the Indian Embassy in the UAE worked with local authorities.

Moreover, Pakistan’s Prime Minister Shehbaz Sharif also condemned the attacks on civilian infrastructure in the UAE. In a post on X, he said Pakistan “strongly condemns the missile and drone attacks on civilian infrastructure in the United Arab Emirates last night.”

Sharif said Pakistan stood with UAE President Mohamed bin Zayed and the Emirati people. He added that the ceasefire should be respected to allow space for dialogue and regional stability.

Canada’s Prime Minister Mark Carney also condemned Iran’s missile and drone attacks on the UAE. He said Canada stood in solidarity with Mohamed bin Zayed and the people of the UAE.

Carney also praised defensive steps taken to protect civilians and civilian infrastructure. He said Canada called for de-escalation and diplomacy in the region.

Fujairah attack raises concern over Hormuz

The UAE accused Iran of carrying out the strikes, including an attack linked to a fire at an oil facility in Fujairah. Reports said the attacks came as tensions around the Strait of Hormuz continued to pressure shipping and energy routes.

Modi also pointed to the need for safe navigation through the Strait of Hormuz. He said free movement through the waterway was vital for regional peace, stability and global energy security.

The UAE said its air defences intercepted ballistic missiles, cruise missiles and drones launched from Iran. Iran has not issued a full official response, while an Iranian military official told state media that Tehran had no plan to attack UAE oil facilities.

Bitcoin volatility stays in focus

Crypto.news reported that Bitcoin recently moved above $80,000 after U.S. President Donald Trump announced “Project Freedom” amid Strait of Hormuz tensions. The report said the move triggered more than $160 million in Bitcoin short liquidations.

Crypto.news also reported earlier that Iran denied claims it was collecting Strait of Hormuz tolls in Bitcoin or stablecoins. The outlet said maritime security firms had warned of scam emails asking stranded vessel operators for crypto payments.

TLDR

• Elon Musk has resolved an SEC enforcement action regarding delayed Twitter stock disclosure by agreeing to a $1.5 million settlement payment
• Federal regulators claimed Musk’s 11-day filing delay allowed him to acquire shares at reduced prices, resulting in approximately $150 million in avoided costs
• The settlement, paid through Musk’s trust, includes no acknowledgment of liability or wrongdoing
• This $1.5 million settlement represents the highest penalty ever imposed by the SEC for violations of this nature
• Tesla shares declined 0.16% in pre-market activity following the announcement, extending year-to-date losses to approximately 13%

Elon Musk has reached a settlement agreement with the U.S. Securities and Exchange Commission regarding allegations that he failed to timely disclose his accumulation of Twitter shares. Under the terms, a trust bearing Musk’s name will remit $1.5 million to resolve the matter. The settlement contains no acknowledgment of liability.

The regulatory agency initiated legal proceedings in January 2025, mere days before President Biden’s term concluded. The complaint centered on Musk’s alleged failure to file required disclosures for 11 days after surpassing the 5% ownership threshold in Twitter shares during late March and early April of 2022.

Federal securities regulations mandate that investors publicly report their holdings once they exceed 5% ownership in any publicly traded company. According to the SEC’s allegations, Musk’s delayed filing enabled him to continue accumulating shares at artificially suppressed prices before market participants could respond to the information.

Throughout this disclosure gap, Musk acquired more than $500 million in Twitter stock. His eventual disclosure revealed a 9.2% ownership position. The SEC calculated that the filing delay resulted in approximately $150 million in cost savings for Musk.

While the SEC initially sought disgorgement of the full $150 million, observers with knowledge of the proceedings indicated that establishing such damages in litigation would have presented significant evidentiary challenges. The negotiated resolution requires only the $1.5 million monetary penalty.

According to Alex Spiro, Musk’s legal counsel, his client has been “cleared of all issues related to the late filing of forms in the Twitter acquisition.” Musk previously characterized the filing delay as unintentional and contended that the SEC’s enforcement action violated his constitutional free speech protections.

A Long History With the SEC

This settlement marks another chapter in Musk’s ongoing relationship with the securities regulator. In 2018, he resolved separate charges by paying $20 million after publishing tweets claiming he had “funding secured” to take Tesla private. That earlier agreement also mandated his resignation as Tesla’s board chairman and implemented pre-approval requirements for certain social media communications.

The Twitter-related settlement was formally filed on May 4 in federal court in Washington, D.C. The resolution came approximately three months after a federal judge denied Musk’s motion seeking dismissal of the enforcement action.

The agreement emerged following the unexpected March departure of Margaret Ryan, the SEC’s enforcement division chief, who resigned after internal disagreements with agency leadership. Under current Chairman Paul Atkins, the SEC has been recalibrating its enforcement priorities and approach.

According to a source with direct knowledge of the matter, the $1.5 million penalty establishes a new record as the largest civil penalty ever assessed for this particular category of disclosure violation.

What It Means for Tesla

Tesla shares experienced a modest 0.16% decline in pre-market trading following news of the settlement. Year-to-date, the stock has fallen approximately 13%.

Current Wall Street consensus rates Tesla as a Moderate Buy, reflecting 13 Buy recommendations, 12 Hold ratings, and 5 Sell opinions. Analysts’ average price target of $410.21 suggests potential upside of roughly 4.5% from present trading levels.

For Musk personally, whose net worth Forbes estimates at $789.9 billion, the $1.5 million settlement payment represents an immaterial financial impact.

The crypto market resumed its uptrend on Tuesday, rising 1.2% to $2.76 trillion as oil prices eased, after Iranian officials hinted at progress in U.S.-Iran peace negotiations.

Bitcoin (BTC) climbed 3.5%, briefly moving above the $81,000 level before settling at around $80,855 at press time. Ethereum (ETH) gained 1% to trade above $2,381, while other major assets such as XRP (XRP), Solana (SOL), and Tron (TRX) showed relatively muted price action. Among the top performers on the day were Toncoin (TON), MemeCore (M), and Morpho (MORPHO).

The rebound across digital assets triggered a wave of short liquidations, with roughly $225 million in bearish positions wiped out over the past 24 hours, according to derivatives data. The move suggests that traders positioned for further downside were forced to exit as prices pushed higher.

Market sentiment also improved notably. The Crypto Fear and Greed index rose by 10 points, moving out of fear territory and back into neutral levels, reflecting a shift in investor outlook after days of caution.

The recovery in crypto prices came alongside a pullback in oil and energy markets. Comments from Iran’s foreign minister helped ease concerns, as officials indicated that recent attacks in the UAE and against U.S. interests may have been attempts to provoke a larger conflict. They added that ongoing talks between Iran and the United States, reportedly mediated by Pakistan, continue to show signs of progress.

Tensions had escalated earlier after U.S. President Donald Trump warned of severe retaliation following reports of Iranian missile strikes in the UAE and unverified claims of a U.S. naval vessel being targeted in the Strait of Hormuz.

Traditional safe-haven assets such as gold and silver posted modest gains during the session, while Asian technology stocks also edged higher, mirroring the cautious recovery seen in risk assets.

Looking ahead, investors are turning their attention to upcoming U.S. macroeconomic data, including Nonfarm Payrolls and JOLTS job openings figures.

These releases are expected to offer further clarity on the strength of the labor market and could influence expectations around Federal Reserve policy, which remains a key driver for both crypto and broader financial markets.

Key Highlights

• Pavel Durov announced Telegram will take over from TON Foundation as the primary force driving the TON blockchain, sending Toncoin (TON) up more than 30%.
• The messaging platform will operate as TON’s primary validator, with Durov emphasizing a renewed commitment to “technological excellence.”
• Network transaction costs have decreased by 83%, falling to practically zero and boosting attractiveness for both users and developers.
• Daily trading activity skyrocketed 600%, surpassing $630 million within 24 hours, while market capitalization reached $4.5 billion.
• Meme coins built on TON experienced dramatic gains, including Dogs soaring over 90% and Notcoin climbing 26%.

Toncoin (TON) experienced one of its most significant daily price surges in recent months following an announcement from Pavel Durov, the founder and CEO of Telegram, who shared a critical governance change for the TON blockchain via his X account.

In his announcement, Durov revealed that Telegram would “replace the TON Foundation as the driving force behind TON and become its largest validator.” Despite the brevity of the message, the market response was swift and substantial. TON’s price surged from $1.37 to a peak of $1.84 over the following 24 hours, representing approximately 34% growth.

Cryptocurrency analyst Sam Cooling emphasized that the significance of this development extends far beyond simple organizational restructuring. With Telegram’s massive user base of 950 million monthly active accounts, the platform is now officially integrating its operations with a single blockchain infrastructure—establishing what Cooling characterizes as “structural demand for TON that didn’t exist under a community-run foundation.”

Market activity confirmed this assessment. Trading volume exploded by 600%, exceeding $630 million over a 24-hour period, while Toncoin’s market capitalization climbed to $4.5 billion.

Durov further revealed that TON’s transaction costs have been reduced by a factor of six, now approaching zero. He announced that significant upgrades—including a redesigned ton.org website, enhanced developer resources, and network performance enhancements—are scheduled for release within the next two to three weeks.

Telegram’s new role as TON’s primary validator gives the company direct authority to validate network transactions, collect staking incentives, and exercise significant influence over future protocol governance. This integration also creates a tighter connection between Telegram’s revenue model and the TON ecosystem.

What the Telegram-TON Connection Means in Practice

A practical illustration of this integration is visible in the Telegram Ad Platform. Advertisers must acquire advertising space using Toncoin, while channel operators receive 50% of ad revenue distributed in TON. Telegram intends to expand this model through Telegram Stars by the third quarter of 2026. Every advertising transaction generates buying pressure for TON, while revenue distributions circulate the token throughout the ecosystem.

The blockchain has already processed 1.5 billion transactions during the first quarter of 2026 alone. Total value locked within the TON ecosystem reached $1.2 billion by April 2026. The TON v4 upgrade deployed in March 2026 implemented sharding technology capable of processing more than 100,000 transactions per second.

Durov also demonstrated personal commitment by investing $5 million into TON liquidity pools in late 2024.

Meme Token Surge Across the TON Ecosystem

The price rally extended well beyond Toncoin itself. The aggregate market capitalization of meme tokens built on TON increased 67% within a single day, based on CoinGecko data.

Notcoin, a tap-to-earn token distributed through Telegram mini-applications, appreciated 26%. Dogs, a community-driven meme token on TON, skyrocketed more than 90%—despite still trading approximately 96% below its peak value. Lower-capitalization tokens experienced even more dramatic movements, with Morfey climbing nearly 1,000%, Resistance Duck surging 645%, and Cubigator advancing 390%.

At press time, TON was changing hands near $1.44, representing approximately 6% daily gains, with trading volume reaching $232 million—a 235% increase compared to the previous day.

Stellar’s native token XLM remains under pressure on Tuesday, with muted price action reflecting a broader lack of conviction across altcoins. XLM has stabilized around $0.158 as traders weigh conflicting on-chain and derivatives signals.

On-chain data hints at mild bullish bias

Data from CryptoQuant points to a neutral-to-slightly bullish backdrop for XLM. XLM presents a bullish picture, with buy-side dominance emerging but broader indicators staying largely flat. This combination points to mild bullish pressure, though not strong enough to confirm a clear trend reversal.

Data obtained from CoinGlass highlights a divided market. The long-to-short ratio sits below 1 (0.77 for XLM), indicating that a larger share of traders are positioned for downside. This typically reflects a bearish tilt in sentiment.

However, funding rate data tells a different story. XLM has flipped into positive territory, meaning long traders are paying shorts—often a sign of improving bullish sentiment and growing demand for long exposure.

The divergence between bearish positioning (long/short ratios) and improving funding rates underscores a market stuck in indecision.

Until either bullish momentum strengthens or bearish pressure intensifies, both XRP and XLM are likely to remain range-bound. A confirmed breakout above XRP’s $1.40 resistance or stronger follow-through in XLM could provide the first real directional signal for traders.

Stellar price forecast: XLM remains in consolidation mode

The XLM/USD 4-hour chart is bearish and efficient as XLM is trading at $0.159 on Tuesday, maintaining a bearish near-term bias as it holds beneath the key EMAs.

The 50-day EMA at roughly $0.165, the 100-day EMA near $0.176, and the 200-day EMA around $0.208 all sit overhead as layered resistance, suggesting rallies are likely to be capped while the pair remains below this stack.

The RSI on the daily chart hovers around 43, suggesting subdued demand, while the MACD remains in negative territory, indicating that downside momentum persists despite recent stabilization.

If the rally persists, initial resistance is seen at the 50-day EMA around $0.165, followed by the 100-day EMA near $0.176.

A daily candle close above these levels could see XLM extend its rally towards the 23.6% Fibonacci retracement at $0.201, ahead of the 200-day EMA close to $0.208.

On the downside, immediate support sits on the nearby intraday pivot around the current price, with stronger support emerging toward the prior trendline break area near $0.139.

A break below this level could see XLM retest the $0.136 support zone in the near to medium term.

TLDR:

• Moscow Exchange will launch MOEXSOL, MOEXXRP, MOEXTRX, and MOEXBNB indexes starting May 13, 2026. 
• Pricing data will be sourced from Binance, Bybit, OKX, and Bitget based on their trading volume share. 
• All crypto indexes will update every 15 seconds during trading sessions, replacing the once-daily calculation. 
• The exchange plans to expand crypto benchmarks to ten and eventually enable direct crypto trading by 2027.

The Moscow Exchange is set to expand its cryptocurrency benchmark offerings beginning May 13, with four new crypto indexes covering Solana, Ripple, Tron, and Binance Coin.

These additions come as Russia’s largest securities exchange continues building out its digital asset infrastructure. The move also brings updates to existing Bitcoin and Ether indexes.

As with current crypto instruments on the platform, access remains limited to professional investors only.

New Indexes and How They Will Be Calculated

Starting May 13, the exchange will begin calculating and publishing four new indexes: MOEXSOL for Solana, MOEXXRP for Ripple, MOEXTRX for Tron, and MOEXBNB for Binance Coin.

To determine pricing, the platform will draw from four major crypto exchanges based on their share of total trading volume.

Binance will account for 50% of the data, while Bybit will contribute 20%. OKX and Bitget will each supply 15% of the pricing inputs.

This multi-source approach aims to produce more balanced and representative index values across different trading platforms.

Along with the new listings, the frequency of index calculations will also change. From May 13, all digital currency indexes — including the existing MOEXBTC and MOEXETH — will update every 15 seconds throughout the trading day and during weekend sessions. Currently, these indexes are calculated once per day, with results published by 18:00 Moscow time.

The Moscow Exchange has indicated that these indexes may serve as underlying assets for new financial instruments in the future.

However, all crypto-related tools on the platform remain accessible only to professional investors, in line with current Russian regulations.

Expansion Plans and the Road Ahead

Beyond the four incoming indexes, the Moscow Exchange has set a target of reaching ten cryptocurrency benchmarks in total.

The preliminary list for upcoming additions includes Dogecoin (MOEXDOGE), Cardano (MOEXADA), Hyperliquid (MOEXHYPE), and Chainlink (MOEXLINK).

The exchange’s derivatives market product group head, Maria Silkina, confirmed that the platform intends to offer perpetual futures for Bitcoin and Ether at a later stage.

A futures contract obligates the seller to deliver and the buyer to purchase an asset at a set price within a defined period. In settlement futures, profit or loss is calculated based on the difference between the contract price and the strike price.

Russia’s Bank of Russia opened the door for such instruments in May 2025, permitting financial institutions to offer professional investors derivatives, securities, and digital assets tied to cryptocurrency prices. Actual delivery of digital currencies, however, is not permitted under these arrangements.

By November 2025, the exchange had already launched several instruments, including futures on its Bitcoin and Ether indexes, as well as the iShares Bitcoin Trust (IBIT) and iShares Ethereum Trust (ETHA) ETFs. The Moscow Exchange expects to enable direct cryptocurrency trading by early 2027.

Leading decentralized lending platform Aave has asked a U.S. federal court to block an attempt by victims of North Korean terrorism to seize about $71 million in crypto frozen after last month’s rsETH-related exploit, escalating a dispute that has already split Arbitrum’s governance.

The filing, submitted Monday in the Southern District of New York, seeks to vacate a restraining notice served on Arbitrum DAO by lawyers representing judgment creditors of the Democratic People’s Republic of Korea. Aave argues the assets belong to users of its protocol, not North Korea, and warns that keeping them frozen risks “irreparable harm” to the platform and the broader DeFi ecosystem.

At the center of the fight is 30,765 ETH that Arbitrum’s Security Council froze after the April exploit, when attackers used improperly valued or unbacked rsETH as collateral on Aave, contributing to a situation that the plaintiffs allege resulted in approximately $230 million in ETH being withdrawn from the Aave Protocol. Some of those funds were later intercepted and immobilized on Arbitrum, with plans to return them to affected users as part of a coordinated recovery effort.

The dispute centers on whether stolen property briefly held by hackers becomes their legal property.

The plaintiffs, three sets of judgment creditors holding $877 million in damages awards against North Korea, argue it does — and that’s because the rsETH attackers are widely believed to be linked to Pyongyang’s Lazarus Group, the recovered ether can be claimed against those decades-old judgments.

Aave’s lawyers call that theory “flatly wrong” and warn it would punish blameless users while rewriting basic property law.

Aave’s motion challenges that theory directly. The filing argues the restrained ETH “belong[s] to completely blameless third parties,” not to North Korea, and that even if a thief briefly held the assets, that does not confer legal ownership.

It also disputes the underlying attribution, calling claims that the exploit was carried out by DPRK actors “conjecture” based on unverified reports.

Aave is asking the court to immediately lift the restraining notice, or at a minimum to suspend it while the case is heard.

Aave says keeping the funds frozen via the restraining notice could deepen losses and destabilize DeFi markets already strained by the exploit. The filing warns this “increases the likelihood of cascading liquidations, sustained liquidity outflows, and irreversible changes to user positions,” a chain reaction the industry has been trying to avoid for two weeks.

The outcome could have consequences far beyond this case. If courts allow seized or recovered crypto to be claimed by outside creditors, it could deter future rescue efforts and complicate how the industry responds to hacks, where speed and coordination are often the only tools to limit damage.

Bitcoin (BTC) traded near $81,025 on May 5 after rising 1.56% in the latest session. 

The asset also recorded an intraday high near $81,204, while trading volume stayed elevated as buyers returned above the $80,000 zone.

The move followed a sharp market reaction to Middle East headlines and renewed demand through U.S. spot Bitcoin ETFs. Bitcoin’s rebound placed the market back near a key technical area watched by traders after several weeks of recovery.

Analyst watches $83,000 resistance

Well-known crypto analyst Ali Martinez asked, “Is Bitcoin heading to $100,000?” He said Bitcoin has shown structural strength since a bullish MACD crossover appeared on the weekly chart on April 13. Since then, BTC has gained about 15%.

Ali Martinez said similar weekly MACD crossovers preceded earlier multi-month moves. He cited a 147% rally after Oct. 23, 2023, a 75% rally after Oct. 14, 2024, and a 35% rally after May 5, 2025.

On the daily chart, Ali placed the 200-day simple moving average near $83,000. He described that area as the main psychological and structural barrier. A daily close above it could open a path toward $89,000, with $94,000 as the next target.

ETF inflows support Bitcoin demand

Spot Bitcoin ETFs added fresh support to the rally. SoSoValue data showed U.S. spot Bitcoin ETFs drew $532 million in net inflows on May 4, after $630 million on May 1. The two sessions brought about $1.16 billion into the products.

ETF demand also suggests that many buyers are entering Bitcoin through regulated market products rather than direct on-chain transfers. Bitcoin’s market dominance also rose above 60%, showing that capital continued to favor BTC over many altcoins during the move.

Ali Charts also reported that whales bought 4,527 BTC in 24 hours, worth about $362 million. That activity points to large-holder demand even as broader network use remains weak.

Network activity sends mixed signal

Santiment data showed Bitcoin’s on-chain activity dropped to two-year lows while BTC moved back above $80,000. About 531,000 Bitcoin wallets made daily transfers, while roughly 203,000 new wallets were created each day.

That creates a mixed setup for the market. Price has risen while fewer users are active on-chain, meaning the rally may depend more on whales, ETFs and derivatives activity than broad retail participation.

Short liquidations also helped the move. Market data cited by traders showed about $270 million in short positions were cleared as BTC moved higher. Better miner returns also reduced near-term selling pressure, with daily mining revenue per petahash rising to its highest level since late January.

Finally, Macro conditions also shifted after the U.S. launched Project Freedom to guide ships through the Strait of Hormuz. Reuters reported that the operation followed weeks of tension around the shipping route, which remains central to global oil flows.

Key Takeaways

• World Liberty Financial initiated defamation proceedings in Florida targeting Justin Sun
• Allegations include Sun engaging in short-selling activities and moving WLFI tokens to Binance with intent to manipulate pricing
• Sun had already launched legal action against World Liberty in April over frozen token assets
• The WLFI token experienced a 12% surge following lawsuit disclosure but remains 72% below initial trading levels
• Revenue distribution shows 75% of token sales flowing to the Trump family, generating over $1 billion

The cryptocurrency platform World Liberty Financial, established through a partnership with Donald Trump and his family members, has initiated defamation proceedings against Justin Sun, previously among its most significant financial supporters.

https://twitter.com/coinbureau/status/2051292790693540220?s=20

Court documents were submitted to Florida’s state judicial system on May 4. The complaint accuses Sun of orchestrating a coordinated effort to publicly malign the venture and undermine its credibility.

[[LINK_START_0]]World Liberty[[LINK_END_0]] contends that Sun moved WLFI tokens carrying governance privileges to the Binance cryptocurrency platform. Additionally, the filing asserts he executed short-selling strategies designed to profit from declining token values, coinciding with the public trading debut in September 2025.

Sun has rejected these accusations outright. Through his representatives, he characterized the legal action as “a meritless PR stunt” and expressed confidence in his courtroom defense.

This marks the second round of litigation between these entities. Sun filed his own lawsuit against World Liberty in April through San Francisco’s federal court system. His complaint alleged unauthorized freezing of his token holdings, elimination of his governance participation rights, and threats to permanently destroy the assets.

World Liberty countered that token freezing provisions were explicitly outlined in contractual documentation. The company accused Sun of improper behavior and dismissed his legal challenge as “a desperate attempt to deflect attention.”

The Transformation from Strategic Partner to Courtroom Opponent

Sun’s involvement began as a cornerstone supporter. His financial commitment totaled $45 million across late 2024 and early 2025, earning him an advisory position. He expanded his Trump-related investments by purchasing $100 million worth of Trump’s meme coins in July 2025.

Eric Trump previously praised Sun as “a great friend and an icon in the crypto space.” On September 1, 2025, when WLFI trading commenced, Sun publicly declared his conviction that the project would become “one of the biggest and most important projects in crypto.”

That alliance has now completely deteriorated.

Market Performance and Financial Exposure

Sun’s portfolio includes 4 billion WLFI tokens, presently valued at approximately $264 million. Since trading commenced, the token has plummeted from 31 cents to below 8 cents, representing roughly a 72% depreciation.

The token did experience a temporary 12% price increase after Monday’s lawsuit became public knowledge.

Revenue Distribution Structure

World Liberty’s organizational framework allocates 75% of proceeds from WLFI token transactions to the Trump family. According to Reuters’ financial analysis, the family has already secured more than $1 billion through this arrangement.

In his legal filing, Sun claimed that specific individuals managing World Liberty are exploiting the Trump reputation “to profit through fraud.” World Liberty categorically denies any impropriety.

The Securities and Exchange Commission previously examined Sun regarding allegations that he compensated social media influencers to promote his business interests without proper disclosure. Following the investigation’s closure, Senator Elizabeth Warren raised concerns about potential connections between that outcome and Sun’s financial involvement with Trump’s cryptocurrency enterprises.