Kash Patel said the FBI arrested Xu Zewei, a Chinese national accused of cyber attacks during the COVID-19 pandemic.

Xu was extradited from Italy to the United States over the weekend. He is expected to face federal charges linked to hacking activity between 2020 and 2021.

Officials said Xu and others targeted U.S.-based universities and medical researchers. The attacks focused on institutions working on COVID-19 vaccines and treatments.

Alleged role in HAFNIUM operations

The FBI linked Xu to HAFNIUM, a group accused of a wide cyber intrusion campaign.

Authorities said the group compromised nearly 13,000 U.S. organizations. The activity included access to email accounts and sensitive research data.

Patel described the case as a major step in cyber enforcement. He said the operation shows authorities will act against threats targeting U.S. systems.

Additionally, the FBI worked with Italian officials to secure Xu’s arrest and extradition.

Patel thanked Italian police leadership for their role in the case. He said cooperation between agencies helped bring Xu into custody.

The FBI also confirmed joint operations during the investigation process. Officials said coordination remained active until extradition was completed.

Lawsuit against The Atlantic

At the same time, Patel filed a $250 million defamation lawsuit against The Atlantic and reporter Sarah Fitzpatrick.

The complaint alleges the publication reported “false and obviously fabricated allegations” about his conduct as FBI Director.

The report claimed issues including drinking, absences, and erratic behavior. Patel disputes these claims and has taken the case to U.S. District Court in Washington.

• Protocol 22 has boosted the scalability of Pi Network ahead of smart contracts in May.
• Pi must break $0.190 to target $0.2045 and $0.220.
• Key support at $0.1832 remains crucial for bullish momentum.

Pi Network (PI) token traded near $0.1893 on April 28 after gaining roughly 5.8% in 24 hours and more than 10% over the past week, reflecting stronger market interest as the network moves through a critical development phase.

The recent recovery is notable considering the asset’s all-time low of $0.1312 in February 2026, while still sitting far below its February 2025 peak of $2.99.

Protocol 22 mainnet upgrade

Notably, the price surge comes as Pi Network completed its Protocol 22 mainnet upgrade on April 27, a major infrastructure update designed to improve scalability, transaction throughput, and overall network readiness for decentralised applications.

Protocol 22 is widely seen as a foundational step before the expected Protocol 23 rollout in May, which is projected to introduce smart contracts and expand Pi Network’s ecosystem with broader decentralised finance (DeFi) and cross-chain functionality.

More than 10 billion PI tokens have already migrated to Mainnet, with approximately 6 billion remaining locked.

This large locked supply continues to limit immediate sell pressure while also supporting market attention around future utility expansion.

For many traders, the upcoming Protocol 23 release is even more important since smart contract functionality could significantly expand PI’s practical use cases beyond peer-to-peer transfers by allowing developers to build decentralised applications directly on the network.

Technical indicators show improving momentum

Current technical analysis suggests Pi is attempting to form a double-bottom breakout pattern, with the neckline sitting near $0.190.

A confirmed move above this level could push the price toward $0.2045, while a stronger continuation may open the path toward $0.220.

According to aggregated market indicators, a majority of technical indicators signal that the short-term momentum is leaning positive.

Moving averages are especially supportive, with PI currently above its 10-day, 20-day, 50-day, and 100-day exponential moving averages, reinforcing short-term strength.

However, the token still trades below its 200-day EMA, which suggests broader macro resistance remains in place.

The 14-day Relative Strength Index stands at 63.96, placing PI coin in neutral territory without signalling immediate overbought conditions.

On the weekly timeframe, RSI is closer to 36.01, which indicates that PI may still be recovering from previously oversold conditions.

Pi Network price forecast

Looking at the price targets that traders should consider moving forward, the immediate support sits at $0.1832.

A drop below this level may weaken short-term bullish momentum and expose Pi Network (PI) to downside pressure toward $0.1670, with deeper losses potentially reaching $0.1322.

On the upside, the first major resistance is $0.1884. A breakout above this level would strengthen breakout potential and could send PI coin toward $0.1926.

If bulls successfully clear the broader $0.190 neckline, the next major target becomes $0.2045. A sustained breakout above that level may extend gains toward $0.220.

Looking further ahead, broader 2026 projections place PI’s possible trading range between $0.1121 and $0.5246, depending largely on successful ecosystem expansion, smart contract adoption, and broader crypto market conditions.

Israel’s Capital Market Authority granted approval for a stablecoin pegged to the shekel for the first time.

Tel Aviv-based cryptocurrency exchange Bits of Gold received authorization to issue the token after a two-year evaluation and pilot process, the authority said in a post on LinkedIn.

The token, BILS, was developed in collaboration with the Solana network and crypto custodian heavyweights Fireblocks with auditing oversight provided by Big Four consultancy firm EY, Bits of Gold said in an emailed statement.

The size of the stablecoin sector — crypto tokens pegged to the value of a traditional financial asset, usually a fiat currency — has surged in the last 18 months to more than $300 billion fueled by the establishment of formal regulatory regimes in major markets such as the U.S.

The overwhelming dominance of U.S. dollar-pegged tokens in the sector has prompted concerns in markets outside the U.S. about the threat of losing financial and digital sovereignty if onchain payments all default to dollars as their unit of account.

“The Israeli shekel has emerged as one of the stronger performing fiat currencies among developed markets, supported by a resilient technology sector and consistent macroeconomic management,” Bits of Gold said in its Monday announcement.

The shekel has gained more than 20% against the dollar over the past year, according to Visual Capitalist, making it the best-performing currency among countries with an annual gross domestic product (GDP) exceeding $250 billion.

“Bringing the shekel onchain positions it alongside other leading currencies, including the euro, yen and Singapore dollar, that are beginning to gain traction in blockchain-based financial systems,” the company said.

OKX has added BlackRock’s BUIDL tokenized U.S. Treasury fund to its institutional collateral framework with Standard Chartered. The move allows eligible institutional and VIP clients to use BUIDL as trading margin.

Clients can hold the asset off-exchange with Standard Chartered while trading on OKX Middle East. They can also deposit BUIDL directly on the exchange, depending on their setup.

The companies described the arrangement as a G-SIB bank-backed off-exchange tokenized collateral framework. It builds on OKX’s existing collateral mirroring program with Standard Chartered.

Rifad Mahasneh, CEO of OKX Middle East, North Africa and CIS, said the update shows how tokenized assets can support active trading instead of staying idle.

He said BUIDL will be treated as fungible with USD, USDC and other dollar-based stablecoins inside OKX’s margin system. Clients will keep ownership of the fund and its yield.

Standard Chartered holds client collateral

Standard Chartered will act as the off-exchange custodian. The bank will hold client collateral separately from OKX’s own assets.

OKX will manage real-time margining and liquidation through its internal risk systems. Mahasneh said the structure follows traditional finance standards, though details on stress-period margin calls were not provided.

Tokenized Treasury competition grows

BlackRock’s BUIDL fund is tokenized by Securitize. It invests in cash, U.S. Treasury bills and repurchase agreements, with yield distributed onchain.

The launch adds to growing use of tokenized real-world assets in crypto market infrastructure. Binance has also added tokenized Treasury products, including BUIDL and Franklin Templeton’s BENJI fund, to collateral frameworks.

OKX said the service is live for eligible institutional and VIP clients through OKX Middle East. The company plans to expand access based on jurisdiction and client demand.

The Blockchain Association has publicly supported the Federal Reserve’s proposal to formalize the removal of “reputation risk” from its bank supervision framework. In a comment letter submitted in response to the Fed’s request for input, Ashok Pinto, the association’s executive vice president of legal and government relations, argued that reputation risk should be codified as a permanent rule. The group notes that reputation risk was already removed as a component of examination programs in June 2025 and urged the Fed to finalize the change promptly. According to Cointelegraph, the move would anchor supervisory standards in objective criteria rather than political considerations.

The association’s position emphasizes that regulation should protect the integrity of the financial system without privileging particular industries or business models. Pinto stated that regulated entities deserve consistent, predictable standards, and that reputation risk has offered neither.

Source: Blockchain Association

Reputation risk has historically been cited in justifications for revoking banking access for crypto firms, a phenomenon some observers have linked to what critics described as “Operation Chokepoint 2.0.”

Key takeaways

• The Federal Reserve is considering codifying the removal of reputation risk from its supervisory programs, following prior iterations where the concept was de-emphasized in examination frameworks.
• The Blockchain Association argues that formal codification would deliver administration-neutral, objective standards for regulated entities, reducing politically influenced enforcement.
• Regulatory harmonization is a central theme, with the OCC and FDIC having already finalized rules to remove reputation risk from their supervision, creating a potential model for the Fed to align with.
• Analysts note that reputation risk has been used in the past to justify debanking actions against crypto firms, underscoring the importance of clear, neutral criteria in supervision.
• There is an ongoing policy context surrounding banking access for digital-asset businesses, with implications for compliance regimes, licensing, and cross-agency oversight.

Regulatory alignment and policy rationale

The Federal Reserve’s request for comment centers on codifying the removal of reputation risk from its supervisory framework. The aim is to establish durable, administration-neutral standards that would apply to all entities operating within the U.S. financial system. The proposal follows recent moves by other federal agencies that have similarly codified the exclusion of reputation risk from supervisory programs, signaling a broader federal push toward standardized, objective criteria in oversight. The Blockchain Association’s Ashok Pinto urged the Fed to move quickly to finalize and codify the change, arguing that regulation should safeguard the integrity of the financial system without entrenching winners or losers based on shifting political climates.

“Codifying its removal is a durable, administration-neutral protection for any American business operating lawfully within our financial system.”

The push for formalization aligns with a larger regulatory trend toward harmonization across agencies. The Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) recently issued a final rule to codify the removal of reputation risk from their supervisory programs. Proponents argue that a consistent standard across federal agencies would provide regulated entities with greater clarity and predictability, thereby supporting safer and more stable financial intermediation.

“As supervision is grounded in objective, measurable standards, the public’s confidence in the impartiality and integrity of the regulatory process is strengthened,” Pinto wrote. A unified framework—across the Fed, OCC, and FDIC—could help ensure that enforcement remains anchored to verifiable criteria rather than discretionary political considerations.

Historical context and practical implications

Debanking concerns have long surrounded the crypto sector in the United States. Critics point to cases where firms contend that government pressure, rather than risk-adjusted banking policies, influenced access to banking services. The Cato Institute, in its analysis from January, suggested that the majority of debanking cases stem from governmental influence rather than private-bank policy alone, underscoring the need for a neutral, codified standard widely applicable across agencies.

In the current policy milieu, a harmonized approach to reputation risk could influence several practical domains. For banks and payment providers, it would mean applying a consistent risk framework to decisions about onboarding and continuing relationships with crypto firms. For crypto firms, it could translate into more predictable licensing processes and fewer abrupt interruptions to access banking rails. For regulators and supervisors, it could reduce the room for ad-hoc penalties or bans that stem from politically charged interpretations of risk.

Regulators have emphasized that any framework must support financial-system safety and soundness while maintaining confidence in impartial supervision. The push for alignment across the Fed, OCC, and FDIC reflects a broader policy objective: to create a stable, compliant environment for digital-asset activities that can withstand changes in political leadership and administration.

Implications for institutions, licensing, and oversight

For financial institutions, the codification of reputation risk removal could simplify compliance architectures. Institutions would rely on a unified, objective standard when assessing crypto-related risk, potentially reducing the incidence of sudden debanking actions that disrupt legitimate activities. For crypto firms, clearer rules governing supervisory practices could translate into more predictable licensing and ongoing regulatory interaction, aiding risk management, AML/KYC procedures, and cross-border operations. For regulators, a consistent standard supports more transparent supervision and enables comparability across agencies and jurisdictions.

Looking ahead, the Fed’s final rule—when issued—may be positioned to mirror the OCC and FDIC approach, creating a coherent national framework. Such alignment would be particularly relevant for banks seeking to balance crypto exposure with prudent risk controls, as well as for policymakers assessing the resilience of the U.S. financial system amid evolving digital-asset developments.

In sum, the Blockchain Association’s stance reinforces a growing consensus around administration-neutral, rules-based supervision. If adopted, the codified removal of reputation risk could become a cornerstone of a more stable, predictable regulatory environment for crypto enterprises and their banking interfaces.

Closing perspective: The consolidation of reputation-risk governance across federal regulators remains a live regulatory question, with outcomes likely shaping the trajectory of institutional compliance, banking access for crypto firms, and cross-border policy alignment in the near term.

The crypto market fell 1.3% to $2.64 trillion on Tuesday as concerns over stalled U.S.-Iran peace negotiations and rising oil prices eroded investor appetite for risk assets.

Bitcoin (BTC) price crashed 2.2% from Monday’s high of $78,225 to $76,480 earlier today before settling around $76,900 at press time. Ethereum (ETH) was down 1%, trading near $2,300, while other major altcoins such as XRP (XRP), BNB (BNB), Solana (SOL), and Tron (TRX) were also in the red with losses between 1-2%. Some of the top laggards of the day were MemeCore, Zcash, and Hyperliquid, which were some of the best gainers last week.

Per CoinGlass data, over $266 million was liquidated from the total market, with $210 million resulting specifically from long liquidations. Long liquidations occur when prices drop sharply and force the closure of leveraged buy positions, and tend to create a cascade of selling that further depresses prices.

The Crypto Fear and Greed Index kept slipping away from the neutral reading towards fearful sentiment, a sign that investors are growing more cautious about the short-term outlook. 

Crypto market fell amid delayed peace negotiations in the U.S.-Iran war

The crypto market tanked today as investors remain on the sidelines awaiting more concrete evidence of a peace deal between the U.S. and Iran to permanently end their conflict.

In their most recent proposal, the Iranian government had proposed that they would comply with the U.S. to end their war if the U.S. lift their naval blockade on Iranian ports and delays nuclear talks to a later phase of the diplomatic process. 

While U.S. President Donald Trump and his national security team are reportedly reviewing the Iranian peace plan to halt the war and reopen the Strait of Hormuz, the offer has so far not yet advanced, with Trump canceling plans recently to send envoys to Pakistan for talks with the Iranian side.

The lack of diplomatic progress has led crude oil prices to climb back towards $100 per barrel on Tuesday. Notably, WTI crude oil was trading up 3% at $99 while Brent crude oil was up 2.3% at over $110. 

Global economic pressure

Rising oil prices tend to pressure the global economy by stoking runaway inflation and thus lead investors to scale away from investing in speculative assets like cryptocurrencies.

Investors have also backed away from safe-haven assets such as gold and precious metals. Notably, gold prices fell 1.1% over the past 24 hours, while silver was down 2%. 

Asian tech stocks such as the Nikkei 225, Hang Seng, and the Shanghai Composite were also trading lower on Tuesday afternoon.

Crypto-related stocks followed the downward trend. Coinbase shares fell 1.5%, Circle lost 3.5%, and Galaxy Digital dropped close to 6%. In the U.S., the Nasdaq slipped 0.3% in early trading, while the S&P 500 held flat as investors looked ahead to a busy earnings calendar featuring Alphabet, Meta, Microsoft, and Apple.