The military government of Myanmar released the text of a bill aimed at combating online fraudsters, with several penalties related to cryptocurrencies and scam centers.

According to the text of the Anti-Online Fraud Bill, made public on Thursday, Myanmar’s parliament, the Pyidaungsu Hluttaw, proposed the law in response to online fraud in the country, which it said challenged its “sovereignty and stability.”

The law stated that anyone who was convicted of committing “digital currency fraud” or online fraud could face from ten years to life in prison, and possibly the death penalty.

In addition, the law set out conditions under which the death penalty would be imposed, including those related to the country’s scam centers. Anyone responsible for the death of an individual who had been coerced or exploited into committing online fraud would receive a sentence of death.

Source: Myanmar government

The proposed law and its potential penalties were some of the most severe imposed globally for digital currency fraudsters amid scam centers cropping up in areas of Southeast Asia. In January, China reportedly ordered the execution of 11 people linked to Myanmar scam centers that had been responsible for trafficking Chinese nationals.

Related: Scammers use Gmail dot alias trick to spoof Robinhood in phishing scam

International authorities have been working to combat human trafficking in scam centers that continue to con people globally through schemes like pig butchering, romance scams, fake investments and more. The US announced in April that they had worked with authorities in China and Dubai to arrest more than 200 people and shutter nine centers.

Myanmar’s military overthrew its civilian government in a 2021 coup d’état, resulting in its parliament not reconvening until March 2026 following elections the Council on Foreign Relations called “neither free nor fair.” According to a Wednesday notice, the government is scheduled to meet the first week of June and may consider the bill at that time.

Americans lost billions to crypto scams in 2025

According to an FBI report released in April, Americans’ losses from crypto-related scams were more than $11 billion in 2025 and more than $20 billion overall through online fraud. The agency cited a March executive order from US President Donald Trump, who authorized officials to work against “scam centers and cybercrime.”

“The [US Attorney’s Office in the District of Columbia] Scam Center Strike Force is investigating the worst scam compounds located in Southeast Asia,” said the FBI report. “Strike Force teams focus on identifying and pursuing key leaders—including Chinese organized crime affiliates operating in Cambodia, Laos, and Burma—to bring them to justice.”

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Myanmar’s military published a draft bill on May 14 proposing life in prison for crypto scam operators.

The draft legislation, called the Anti-Online Scam Bill, states that anyone convicted of “digital currency fraud” or running an online scam center faces a sentence ranging from ten years to life in prison.

The bill permits capital punishment for operators who use “violence, torture, unlawful arrest and detention, or cruel treatment against another person for the purpose of forcing them to commit online scams.”

Military bill targets digital currency fraud with maximum sentences

Myanmar’s military-backed parliament, which analysts describe as a rubber-stamp legislature, is next scheduled to sit in the first week of June.

The bill is the first piece of legislation introduced by the new government led by coup leader Min Aung Hlaing, who assumed the civilian presidency last month.

Internet fraud compounds have become a major regional crisis. The FBI reported that cryptocurrency-related fraud losses in the United States reached $11.4 billion in its most recent crime report, with more than half of all internet crime losses tied to crypto schemes. Many of the networks behind those losses operate out of Southeast Asian compounds.

US authorities have escalated enforcement pressure. The DOJ froze $701 million in crypto tied to global scam networks in April 2026, naming Myanmar and Cambodia-based compounds that rely on trafficked or coerced workers to execute large-scale fraud.

The scale of Myanmar’s operations is well-documented. Chainalysis found that romance scammers operating from the KK Park compound in Myawaddy alone siphoned nearly $100 million in crypto from global victims between 2022 and 2024.

The bill is part of a broader regional shift. Cambodia adopted anti-fraud legislation in March 2026 with prison sentences up to 10 years for ringleaders. Singapore plans to launch a dedicated Cyber Command enforcement unit in July 2026.

Key Takeaways

• Bank of America’s Justin Post predicts Google will reveal an advanced Gemini LLM at its May 19 I/O conference
• The upgraded Gemini version may feature enhanced reasoning capabilities, improved coding functions, multimodal processing, and extended context windows
• Agentic AI functionality is anticipated as the central focus, featuring enhanced integration throughout Chrome, Gmail, Maps, and Android platforms
• BofA reaffirms its Buy recommendation with a price objective of $430, suggesting approximately 8% potential gains
• Elevated market expectations present downside risk if product reveals fail to impress investors

Alphabet’s marquee Google I/O developer event is set to launch on May 19, and financial analysts are positioning for what’s expected to be a significant showcase.

Justin Post, an analyst at Bank of America, outlined his projections in a Friday research note, indicating he foresees a comprehensive suite of artificial intelligence reveals focused on Gemini technology and autonomous agent functionality.

Alphabet Inc., GOOGL

GOOGL shares declined 0.96% on Friday in anticipation of the upcoming conference.

Bank of America projects Google will introduce a cutting-edge iteration of its Gemini large language model—possibly designated as version 4 or a substantial 3.X enhancement. This forthcoming model is anticipated to deliver advances in logical reasoning, programming capabilities, multimodal functionality, and extended context processing.

Additionally, more efficient and cost-effective Flash versions are expected, alongside enhanced models designed for video creation, image synthesis, and audio generation.

Autonomous AI Agents Expected to Dominate Conference

Agentic AI is projected to serve as the primary focus of the developer conference. Industry reports indicate Google is developing autonomous task execution features spanning Chrome, Gmail, Maps, Calendar, Search, and Android operating systems.

This evolution means Gemini could handle restaurant bookings, calendar modifications, form completion, and e-commerce workflows—all with minimal user intervention.

Chrome browser functionality is particularly highlighted. AI-enhanced browsing may enable Gemini to directly engage with web platforms and execute complex multi-step processes, though transaction approval would still require user authorization.

Google might also enhance its AI assistant with persistent memory features, real-time camera interaction capabilities, and proactive contextual assistance.

Search Evolution and Wearable Technology Updates Expected

Regarding search functionality, Post anticipates improvements to AI Mode features, framing it as a complimentary AI assistant offering superior personalization and cross-application integration.

Smart glasses capabilities are also projected to receive significant coverage, with Post observing that developments in this category could generate interest ahead of a possible second-half product launch.

Post indicates that ongoing Gemini advancements would bolster Google Cloud platform adoption and consumer interaction—two metrics under close market scrutiny.

However, he acknowledges that widespread implementation of autonomous agent systems will likely require years rather than months. Users will continue prioritizing efficiency and affordability from specialized applications.

“We would expect Booking and Expedia to be key partners in any agentic announcements around travel, while we would not expect Amazon to be an early partner for eCommerce,” Post said.

With Google shares trading around 27x projected 2027 earnings, Post suggests “AI surprises” will probably be necessary to drive valuation multiples higher.

Post identifies one notable risk: investor expectations entering I/O are considerably elevated. Should the product announcements disappoint, the stock could experience short-term selling pressure.

Bank of America upheld its Buy rating alongside a $430 price objective. This target represents approximately 8% appreciation potential from present trading levels.

Wall Street’s consensus price target stands at $426.44, similarly indicating roughly 7% upside potential. Among 33 analysts tracking the stock, 28 assign it a Buy rating while 5 recommend Hold. The overall consensus ranks as Strong Buy.

Cryptocurrency ATM company Bitcoin Depot reported “substantial doubts” about the company’s ability to continue operating amid ongoing litigation and a challenging regulatory environment.

In a Form 10-Q filing with the US Securities and Exchange Commission (SEC) on Tuesday, Bitcoin Depot chief financial officer David Gray reported that the company had accrued more than $20 million in legal judgments in the fourth quarter of 2025 and “ongoing litigation matters.” The company also reported “substantial year-over-year declines in revenue” amid US states and municipalities passing laws and regulations banning or restricting crypto ATMs.

“As a result of these factors, management has concluded that substantial doubt exists about the Company’s ability to continue as a going concern,” said the report.

Source: SEC

The litigation affecting Bitcoin Depot included $1.9 million paid to Maine’s Consumer Credit Protection Bureau in January, with the company facing additional lawsuits from Massachusetts, Iowa and other state-level authorities. Individual municipalities have also been passing ordinances or laws restricting crypto kiosks and ATMs amid concerns that residents may be victims of scams.

Related: Crypto ATM losses surge 33% in 2025 as AI superpowers scams: CertiK

According to its SEC filing, Bitcoin Depot reported that its revenue decreased by $80.7 million for the three months ending March 31 compared to that in the first quarter of 2025, “primarily due to a decrease in transaction volume driven by a combination of regulatory impacts and enhanced compliance controls.” The company also reported a net loss of $9.5 million over the same period.

In March, Bitcoin Depot appointed Alex Holmes as CEO, replacing Scott Buchanan, who served in the position for three months. Holmes was the CEO of MoneyGram from 2016 until 2024, where, according to Bitcoin Depot, he had a reputation for “global regulatory compliance.”

Shares of Bitcoin Depot on the Nasdaq under the ticker BTM declined by more than 40% in the previous five days, from $5.01 to $2.93.

Canada weighing countrywide crypto ATM ban

In April, the Canadian government released its Spring Economic Update for 2026, which said policymakers “propose to ban crypto ATMs” in response to scammers and criminals using the machines for money laundering. Under the proposal, Canadians would still be allowed to buy digital assets from brick-and-mortar money services businesses.

Bitcoin Depot reported to have about 220 machines deployed across Canada at the time of publication.

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The Republican chair and Democratic ranking member of the US House of Representatives Committee on Agriculture have called on President Donald Trump to fully staff the leadership at a key financial regulator, citing the potential impact of a crypto market structure bill.

In a Friday letter to Trump, House Agriculture Committee Chair Glenn Thompson and ranking member Angie Craig asked the president to “nominate a full panel” of bipartisan leaders for the US Commodity Futures Trading Commission (CFTC). The representatives cited “urgent regulatory issues” facing the US regulator in addition to a “significant rulemaking process” required if the Digital Asset Market Clarity Act (CLARITY) becomes law.

“Ensuring the Commission is well-equipped as the leading derivatives markets regulator in the world is a bipartisan priority for the members of our Committee,” said Thompson and Craig. “A complete commission will allow the agency to best fulfill its mandate of promoting integrity, resilience, and vibrancy of US derivatives markets and will advance US leadership.”

Source: US House Agriculture Committee

Michael Selig is currently the sole commissioner at the CFTC, taking over after the resignation of acting chair Caroline Pham in December 2025. Under Selig, the commission has taken many positions aligning with the administration’s policies, including claiming “exclusive jurisdiction” over prediction markets.

Related: CFTC no-action letter eases event contract reporting rules

In an April hearing with the House Agriculture Committee, Selig said he had no intention of “slow[ing] down” on rulemaking, despite the lack of four other commissioners. The CFTC chair signed a memorandum of understanding with the US Securities and Exchange Commission in March to coordinate oversight of markets, including digital assets.

The CFTC under the CLARITY Act

On Thursday, lawmakers in the Senate Banking Committee voted to advance the CLARITY Act, setting the bill up for a potential floor vote in the chamber. The bill, expected to give the CFTC more authority in overseeing and regulating digital asset markets, would have significant implications for crypto users and companies.

Although the Senate had not scheduled a vote for the bill as of Friday, the dearth of leadership at the CFTC hasn’t gone unnoticed by lawmakers considering crypto market structure. Democratic Senator Amy Klobuchar, who sits on the Senate Agriculture Committee, proposed an amendment to the bill in January requiring that it not take effect “until at least four [CFTC] commissioners” were nominated and confirmed.

As of Friday, Trump had not publicly announced any picks for CFTC commissioners. Any nominations would likely need weeks or months to move through the Senate for consideration and potential votes.

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THORChain suspended trading operations after attackers drained over $10 million across several blockchain networks. The exploit affected Bitcoin, Ethereum, BNB Smart Chain, and Base-linked assets through unauthorised withdrawals. Meanwhile, RUNE dropped sharply as trading activity surged across spot and derivatives markets.

THORChain Activates Emergency Halt After Exploit

THORChain paused all swaps and trading operations after security researchers detected suspicious outflows from protocol-linked wallets. The decentralised liquidity protocol triggered its emergency mechanism to reduce further losses and protect liquidity providers. As a result, network validators halted key services across affected chains.

Blockchain investigator ZachXBT reported losses exceeding $10 million on May 15 through multiple compromised wallets. The exploit targeted THORChain router contracts connected to Bitcoin, Ethereum, BNB Smart Chain, and Base infrastructure. Furthermore, researchers traced stolen assets across several token holdings and blockchain addresses.

Security firms identified wallets containing large amounts of Bitcoin, Ethereum, BNB, USDT, USDC, and wrapped Bitcoin assets. Analytics platforms also linked the wallets to rapid fund movements after the exploit occurred. Consequently, THORChain developers and node operators moved quickly to contain broader liquidity risks.

Multi-Chain Exploits Renew Concerns Around DeFi Infrastructure

The latest exploit renewed concerns surrounding decentralised finance interoperability and cross-chain liquidity protocols. THORChain supports swaps between independent blockchains without centralised exchanges or custodians. However, the architecture increases operational complexity and expands possible attack surfaces.

Cross-chain protocols continue attracting hackers because they manage large liquidity pools across multiple blockchain ecosystems. Attackers often target bridge contracts, router systems, and liquidity mechanisms handling cross-chain asset transfers. Therefore, several protocols increased monitoring systems and emergency controls during the past year.

THORChain already faced security challenges in previous years involving smart contract vulnerabilities and operational disruptions. The latest exploit marked another major setback for the protocol during ongoing market volatility. Meanwhile, developers continued assessing the exact technical cause behind the incident.

The attack also followed another major decentralised finance exploit involving KelpDAO earlier this year. KelpDAO reportedly suffered losses exceeding $290 million through a LayerZero-powered bridge vulnerability. That incident also raised concerns about possible contagion risks affecting connected DeFi protocols.

Protocols linked to cross-chain infrastructure remain vulnerable because attackers exploit communication layers between independent blockchain networks. Additionally, rapid transaction execution often complicates response efforts during active exploits. As a result, several platforms introduced automatic shutdown systems and enhanced wallet monitoring tools.

RUNE Drops Sharply While Derivatives Activity Increases

RUNE recorded steep losses after news of the exploit spread across cryptocurrency trading platforms and blockchain communities. The token dropped nearly 12% within hours and reached an intraday low near $0.502. However, trading activity increased sharply as market participants reacted to the security breach.

At the time of reporting, RUNE traded around $0.520 after fluctuating between $0.502 and $0.597 during the session. Trading volume also surged nearly 140% within 24 hours across major exchanges. Consequently, the token ranked among the session’s most active digital assets.

Derivatives activity increased despite falling prices, according to data from CoinGlass. THORChain futures’ open interest climbed above $24.8 million within a short period after the exploit emerged. Binance and Bybit also recorded strong increases in RUNE-linked futures positions.

The sharp rise in futures activity reflected heightened speculative trading following the protocol’s operational halt and security concerns. Traders increased leveraged positions as volatility expanded across cryptocurrency markets during the session. Meanwhile, THORChain teams continued investigating the exploit and monitoring suspicious wallet movements.

The incident added further pressure on decentralised finance platforms already facing regulatory scrutiny and persistent security threats. Cross-chain systems remain important for blockchain interoperability and decentralised asset transfers across networks. However, recurring exploits continue testing confidence in the sector’s long-term operational security.