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Crypto World

Russia Prepares Comprehensive Crypto Licensing Framework with Investment Caps

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Brian Armstrong's Bold Prediction: AI Agents Will Soon Dominate Global Financial

Key Highlights

  • Russian lawmakers advance comprehensive digital asset legislation with stringent oversight mechanisms
  • Retail investors face significant purchase restrictions while professional traders gain broader access
  • Central bank receives authority to license and monitor cryptocurrency market operators
  • Digital currencies granted property status while domestic transaction use remains prohibited
  • New framework establishes investment thresholds and provides regulatory certainty for crypto participants

Russian legislators have progressed significant cryptocurrency legislation through its initial parliamentary stage, establishing a regulatory framework that incorporates licensing mandates, investment restrictions, and provisions for international transactions. The State Duma approved the draft legislation during its first reading, demonstrating the government’s commitment to establishing formal oversight of digital asset operations within a tightly controlled environment.

Regulatory Authorization Structure and Industry Participation

The proposed legislation establishes a comprehensive authorization system for cryptocurrency business operations under centralized regulatory control. The framework grants the Bank of Russia comprehensive powers to license and monitor all market participants. Consequently, trading platforms, brokerage firms, and custody service providers must satisfy rigorous regulatory criteria before commencing operations.

Russia established an accelerated authorization route for companies currently operating within its pilot regulatory sandbox program. Financial institutions and licensed brokers can access the cryptocurrency sector through this expedited mechanism. This strategy seeks to encourage broader industry involvement while preserving regulatory standards.

The legislation aims to eliminate unlicensed intermediaries through systematic enforcement and licensing protocols. Regulatory bodies will conduct ongoing compliance surveillance and apply sanctions for unauthorized operations. The system emphasizes transparency and responsibility throughout the cryptocurrency marketplace.

Investment Thresholds and Participant Classification

The bill implements a stratified framework that differentiates market participation based on investor qualifications. Retail participants encounter significant restrictions on cryptocurrency acquisitions under the proposed regulations. The current threshold limits purchases to 300,000 rubles, approximately equivalent to $3,900.

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Russia permits qualified professional participants to conduct transactions without purchase limitations under the identical framework. This classification strategy attempts to reconcile market accessibility with protective risk management measures. Policymakers structured the system to minimize exposure for participants lacking extensive experience.

Authorities plan to ensure adherence through mandatory disclosure obligations and transaction surveillance infrastructure. These protocols guarantee that all participants function within established boundaries. Consequently, the framework encourages measured expansion while mitigating speculative hazards.

Asset Classification and International Transaction Provisions

The proposed legislation officially designates cryptocurrency as property under Russian law. This categorization provides legal safeguards in conflict resolution, insolvency proceedings, and property settlement matters. Digital assets receive explicit legal recognition within the financial infrastructure.

Domestic cryptocurrency usage for purchasing goods and services remains strictly forbidden under Russian law. The national currency maintains its exclusive status as legal tender throughout the territory. This limitation strengthens monetary policy control while constraining cryptocurrency’s function in routine commercial activities.

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The legislation permits cryptocurrency utilization in international commerce under the new regulatory parameters. Businesses may execute cross-border settlements using digital assets subject to regulatory supervision. This authorization addresses external payment obstacles and facilitates international commercial activity.

Russia incorporated regulations governing cryptocurrency mining operations within its regulatory structure. Mining enterprises must utilize domestic facilities and comply with disclosure requirements. Accordingly, the nation seeks to formalize mining activities while retaining oversight of production operations and energy consumption.

The legislation requires subsequent approvals before enactment in Russia. Parliamentary members must complete second and third readings, followed by additional institutional examination. Upon approval, Russia intends to activate the framework effective July 1, 2026.

 

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CleanSpark stock slides 9% as quarterly earnings miss estimates on bitcoin holdings loss

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Cipher Digital (CIFR) sinks premarket after revenue miss, bets big on hyperscale future

CleanSpark (CLSK) stock fell over 9.4% in pre-market trading on Tuesday after the U.S. bitcoin mining company reported a widening net loss of $378.3 million for its second fiscal quarter, hit by a significant non-cash adjustment to its digital asset holdings.

The company reported a net loss of $378.3 million for the quarter ending on March 31, a steep increase from the $138.8 million loss reported the same period last year. The loss of $1.52 per share was more than triple the analyst estimate on EPS of a 41 cents’ loss.

The firm’s bottom-hit was mainly driven by a $224.1 million non-cash bitcoin fair value loss, reflecting market volatility.

Quarterly revenue reached $136.4 million, down 25% from $181.7 million year-over-year, the report revealed, missing estimates of $154.3 million.

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Despite the dip, CleanSpark expanded its infrastructure, doubling its megawatts (MW) under contract. CEO Matt Schutz said the company is pivoting to commercializing “AI/HPC-applicable assets,” joining a sector-wide shift toward leasing their computing power as AI data centers.

CFO Gary Vecchiarelly cited the firm’s balance sheet as a “competitive advantage, reporting a bitcoin holdings increase of 14% to $925.2 million in respects to last year. Total cash is $260.3 million, while total assets now sit at $2.9 billion with a long-term debt of $1.8 billion.

The estimated average cost of mining one bitcoin was $88,000 in mid-March, according to a Checkonchain difficulty regression model report. The current price of bitcoin hovers just over $80,000, meaning bitcoin mining companies across the board are operating at a loss

These economics have forced bitcoin miners to pivot toward artificial intelligence and high-performance computing infrastructure. The bitcoin mining industry had taken on roughly $70 billion in such contracts by late March.

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Read More: Circle raises $222 million for Arc, beats Q1 earnings estimates but misses on revenue

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Top Cardano (ADA) Price Predictions as of Late: 10x Explosion on the Way?

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Over the past week, Cardano’s ADA has surged 6%, making it one of the best-performing top-15 cryptocurrencies.

Numerous analysts have recently spotted that the asset has been following a similar pattern witnessed during previous bull cycles, suggesting this could be just the beginning of a major rally.

‘Printing by the Plan’

Earlier this month, ADA came close to reclaiming the $0.30 mark, reaching its highest level since mid-March. It currently trades around $0.27, while its market capitalization remains above $10 billion.

The asset is often among the most talked-about cryptocurrencies and becomes the subject of price predictions. One popular analyst who recently touched upon the matter is JAVON MARKS. The X user claimed that ADA continues to maintain a similar structure to that observed in 2021 and shows “signs of strength.”  They set a target of $2.91, meaning that the price could be gearing up for a whopping 10x pump.

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Prior to that, Sssebi opined that ADA had been consolidating over the past few months, as it did towards the end of 2024, which was later followed by a price increase above $1.30. That said, the analyst believes a surge above $1 is still in play this year.

For their part, Vuori Trading argued that ADA is still “printing by the plan” and sits in a “strong buy level.” The analyst envisioned a staggering jump to as high as $14, occurring sometime between Q3 2027 and Q1 2028.

Ali Martinez has also given his two cents lately. He emphasized the importance of the $0.25 support zone, noting that it has repeatedly acted as a major inflection point for the token.

For instance, in January 2023, ADA bounced off $0.25, resulting in an 88.27% jump over the following weeks. In September that year, this level again served as firm support, sparking a 243% surge.

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More Bullish Signals

ADA’s Relative Strength Index (RSI) also supports the bullish case for further price increases. The ratio of the technical analysis tool has plunged to 22, indicating the asset has entered oversold territory and could be gearing up for a move north.

ADA RSI
ADA RSI, Source: RSI Hunter

The RSI measures the speed and magnitude of recent price changes and provides traders with vital information about potential price reversal points. It runs from 0 to 100, and conversely, anything above 70 is interpreted as a warning for an impending pullback.

The post Top Cardano (ADA) Price Predictions as of Late: 10x Explosion on the Way? appeared first on CryptoPotato.

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Traders believe inflation could near 5% this year

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Traders believe inflation could near 5% this year

A customer shops for produce at an H-E-B grocery store on May 11, 2026 in Austin, Texas.

Brandon Bell | Getty Images

Prices in April rose at their fastest pace since May 2023. Traders on prediction market platforms think the peak in inflation isn’t here yet.

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While the headline annual inflation rate rose 3.8% last month, traders on Kalshi think it is near certain that price increases will rise above 4% in 2026, and give almost two-in-three odds that it goes above 4.5%.

Traders also see an almost 40% chance that inflation will cross 5% this year. That hasn’t happened since February 2023. 

That’s significantly higher than Wall Street projections. Economists polled by FactSet forecast that inflation will peak at an average of 3.8% in the current quarter, and fall to 2.8% by the end of the year.

Households, though, are more in-line with the prediction market forecast. A University of Michigan survey released Friday found that consumers see inflation of 4.5% over the next year. On Polymarket, traders believe there is a 50% chance that U.S. inflation rises above 4.5% in 2026. 

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Headline inflation jumped last month as energy prices soared due to the U.S.-Iran war and the closure of the Strait of Hormuz. But core inflation, which measures the change in prices excluding food and energy, also rose 0.4% in April and 2.8% year-over-year.

Food, materials, shelter, lodging

“The first order effect from the conflict in the Middle East [has] been a shock to oil prices, which [has] translated very quickly to what consumers are paying at the pump, but the next frontier to watch is rising input prices for food and materials,” said Skyler Weinand, chief investment officer at Regan Capital.

While the U.S.-Iran conflict drove energy prices higher, not all of the inflation story can be explained easily by the war. Notably, shelter prices rose 0.6% in April.

Traveling got more expensive too. Airfares jumped 2.8% in the month — as airlines passed through to consumers rising jet fuel prices — and lodging away from home rose 2.4%. Apparel was up 0.6%, albeit a smaller increase than in March. 

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But the energy shock is what’s driving headline inflation. So long as the strait, a passageway for 20% of the world’s crude oil before the war, remains closed, consumers are unlikely to see immediate relief. U.S. oil prices again crossed $100 a barrel on Tuesday. 

Vessels in the Strait of Hormuz, Musandam, Oman, May 8, 2026.

Stringer | Reuters

In fact, a majority of Kalshi traders don’t think maritime traffic through the strait will return to normal until October.  

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The longer the strait is closed, the greater the risk to prices. Perhaps as a consequence, Kalshi traders now give a more than 50% chance that the Federal Reserve will raise interest rates by July 2027. 

“In the first quarter of disruption, the oil supply shock is largely about higher prices,” wrote Seth Carpenter, chief global economist at Morgan Stanley, in a note on Monday. “A second quarter of disruption with continued price escalation would start to diminish the ‘transitory’ nature of the shock… and central banks would have to pivot from delays to policy stance changes.”

CNBC’s Liz Napolitano contributed reporting

Disclosure: CNBC and Kalshi have a commercial relationship that includes customer acquisition and a minority investment.

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SUI drops 4.9%, leading index lower

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9am CoinDesk 20 Update for 2026-05-12: vertical

CoinDesk Indices presents its daily market update, highlighting the performance of leaders and laggards in the CoinDesk 20 Index.

The CoinDesk 20 is currently trading at 2196.49, down 1.6% (-36.49) since 4 p.m. ET on Monday.

Three of 20 assets are trading higher.

9am CoinDesk 20 Update for 2026-05-12: vertical

Leaders: CRO (+1.9%) and BNB (+0.2%).

Laggards: SUI (-4.9%) and TAO (-4.4%).

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The CoinDesk 20 is a broad-based index traded on multiple platforms in several regions globally.

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Bitcoin Clings To $80K As Altcoins Drag Market Lower

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Bitcoin Clings To $80K As Altcoins Drag Market Lower


Solana, Cardano and Hyperliquid led the day’s losses as risk appetite cooled across digital assets.

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Ronin L2 hard fork completes as gaming chain returns

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Transak announces integration with Ethereum Layer 2 MegaETH

Ronin L2 migration completed May 12, ending four years as a sidechain after a 10-hour network shutdown.

Summary

  • Ronin executed its hard fork at block 55,577,490 on May 12, completing a transition to an OP Stack Ethereum Layer 2 with 10 hours of downtime.
  • RON token inflation drops from over 20% to below 1% under a new Proof of Distribution model that rewards active builders over passive stakers.
  • Partners including Optimism, Conduit, Boundless, and EigenLayer supported the migration, with EigenDA handling off-chain data availability.

The Ronin L2 hard fork executed at block 55,577,490 on May 12, transitioning the gaming blockchain from an independent EVM sidechain into a full Ethereum Layer 2 built on Optimism’s OP Stack. Sky Mavis co-founder Jihoz announced in the lead-up that the network would enter “hibernation” for approximately 10 hours while the upgrade completed, with no action required from users or players.

Ronin joins Base, Celo, and Fraxtal as purpose-built chains that have chosen to operate under Ethereum’s umbrella through the OP Stack. “Four years ago, we launched Ronin because Axie Infinity needed a faster and more efficient network,” the team said when first announcing the migration. “The time has come to plug back into the mothership.”

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What changed in the hard fork

RON token inflation falls from over 20% annually to below 1% under the new Proof of Distribution model, which redirects 90 million RON tokens previously earmarked for passive staking toward the Ronin treasury. Marketplace fees also rise from 0.5% to 1.25%, with sequencer profits from the Layer 2 flowing into the treasury.

EigenDA handles off-chain data availability for the new chain while Ethereum provides settlement and finality. Partners including Optimism, Conduit, Boundless, and EigenLayer supported the migration, with Ronin now composable with Ethereum’s broader DeFi ecosystem.

Any node running older software was cut off once the new chain activated. Ronin confirmed that all games on the network, including Axie Infinity and Pixels, suspended on-chain activity during the downtime and resumed immediately upon completion.

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Why the migration happened now

The move addresses the structural concerns that made Ronin vulnerable to the $625 million Lazarus Group bridge exploit in March 2022, the largest DeFi bridge hack in history. Operating as an independent sidechain with only nine validators created a centralised security model that Ethereum Layer 2 settlement directly resolves by inheriting the base chain’s security.

Governance also shifts to token-weighted voting under the new structure, giving RON holders direct input over treasury decisions, buybacks, and DeFi initiatives. Ronin also plans to deploy Uniswap v3 as its canonical DEX post-migration, backed by a $1.5 million liquidity incentive program to bootstrap DeFi activity on the upgraded network.

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eToro (ETOR) Stock Declines 4% Despite Strong Q1 Performance and Strategic Expansion

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ETOR Stock Card

Key Highlights

  • ETOR shares declined 4.81% following release of quarterly results showing revenue expansion.

  • Commodities segment momentum compensated for declining cryptocurrency trading volumes.

  • Strategic Zengo acquisition advances platform’s self-custody digital asset capabilities.

  • Artificial intelligence features and Agent Portfolios enhance platform’s product suite.

  • Platform reached 4.02 million funded accounts while assets under administration expanded.

Shares of eToro (ETOR) experienced downward pressure Tuesday despite the investment platform delivering solid first-quarter financial results and demonstrating product diversification. ETOR closed at $36.88, representing a 4.81% decline, after initially climbing above $41 earlier in the session. Market attention centered on cryptocurrency trading headwinds, artificial intelligence integrations, commodities segment performance, and the strategic Zengo transaction.


ETOR Stock Card
eToro Group Ltd., ETOR

Shares Retreat Despite Impressive Quarterly Performance

eToro delivered improved first-quarter profitability as its diversified asset strategy benefited from commodities segment strength. Net contribution expanded 19% on an annual basis to $258 million, versus $217 million in the prior-year period. Management attributed the growth to accelerated commodities trading momentum.

Bottom-line performance strengthened significantly throughout the three-month period, with net income surging 37% year-over-year to $82 million. Adjusted net income posted a 28% increase to $86 million, while adjusted EBITDA jumped 35% to $109 million. Furthermore, adjusted diluted earnings per share came in at $0.91, representing growth from $0.77 in the comparable quarter.

Customer acquisition efforts yielded positive results during the reporting period. Funded accounts grew 12% annually to 4.02 million, driven by increased marketing investments. Assets under administration rose 15% to $17 billion, while the company maintained cash and short-term investments totaling $1.3 billion.

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Digital Asset Trading Slows While Commodities Segment Accelerates

Cryptocurrency trading faced headwinds throughout the quarter, notwithstanding eToro’s ongoing digital currency platform development. Management disclosed that April cryptocurrency transactions decreased 32% year-over-year to 2 million. Average invested amounts per cryptocurrency trade fell 22% to $207.

Cryptoasset revenue contracted to $2.15 billion compared with $3.5 billion during the corresponding period last year. However, cryptocurrency-related expenses similarly declined sharply to $2.1 billion. The softer digital asset performance didn’t prevent eToro from delivering enhanced consolidated financial results.

The commodities division emerged as the platform’s primary growth engine. This segment generated approximately 60% of total trading commissions during the three-month period. Additionally, commodities volumes surged nearly fourfold annually following eToro’s introduction of round-the-clock trading for select instruments.

Artificial Intelligence Features, Strategic Acquisition and Platform Development Drive Forward Momentum

eToro maintained its product innovation pace across trading, investment, wealth advisory, and neo-banking services. The platform introduced continuous trading for specific commodities, equities and indices. Management also added Japanese equity access, providing users exposure to securities from 26 global exchanges.

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Artificial intelligence capabilities received enhanced focus during the reporting period. eToro unveiled Agent Portfolios and expanded applications within the eToro App Store ecosystem. The platform incorporated xAI’s Grok 4.2 technology into Tori, its artificial intelligence-powered investment advisory tool.

The Zengo transaction continues playing a pivotal role in eToro’s cryptocurrency roadmap. The $70 million acquisition delivered self-custodial wallet capabilities to eToro’s expanding product ecosystem. Management intends to bridge conventional financial services with blockchain infrastructure, prediction markets, and cryptocurrency-native offerings.

 

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Cardano Founder Praises Revised CLARITY Act Before Senate Vote

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Crypto Breaking News

The latest draft of the CLARITY Act gained support from major crypto stakeholders before the Senate committee markup this week. Cardano founder Charles Hoskinson praised the revised text after criticizing earlier proposals. Meanwhile, senators continued negotiations over ethics provisions that could influence bipartisan backing for the bill.

Cardano Founder Supports Updated Crypto Bill

The Senate Banking Committee released the updated CLARITY Act draft before the scheduled May 14 markup session. The revised text introduced changes targeting decentralized finance protections and stablecoin regulations. Consequently, several crypto industry participants responded positively to the amendments.

Hoskinson described the latest draft as a major improvement compared to previous versions of the legislation. He had criticized earlier drafts because of concerns surrounding protections for decentralized finance activities. However, the revised proposal addressed several areas that crypto firms had previously challenged.

The updated bill includes provisions supporting decentralized governance structures and non-custodial staking activities. In addition, the draft recognizes distributed validator participation within decentralized blockchain networks. The legislation also preserves stablecoin rewards, although firms cannot distribute rewards on idle balances.

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Senate Negotiations Focus on Ethics Provision

Senators continued private discussions to resolve remaining concerns before Thursday’s committee markup session. The ethics provision remained one of the most contested sections within the broader crypto legislation package. Therefore, lawmakers sought compromises that could secure bipartisan committee support.

Crypto journalist Eleanor Terrett reported that Republican and Democratic senators held meetings regarding the unresolved ethics language. The discussions could influence support from Democratic members before the committee vote. Moreover, lawmakers aimed to avoid delays that could threaten the bill’s momentum.

Democratic Senator Kirsten Gillibrand previously stated that stronger ethics rules remained necessary for the legislation’s passage. Senator Ruben Gallego and other committee Democrats could also shape the outcome. Meanwhile, Senate Banking Committee Chair Tim Scott continued efforts to advance the revised legislation.

Coinbase and Banks React to Revised Draft

Coinbase reviewed the latest draft details as negotiations between crypto firms and banking groups continued. The exchange participated in discussions surrounding stablecoin yield provisions within the revised legislation. Consequently, the company welcomed several compromise measures included in the updated text.

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Coinbase Chief Policy Officer Faryar Shirzad indicated that the revised proposal reflected extensive negotiations among the parties involved. The company also supported progress toward the committee markup process scheduled this week. Besides, several crypto firms viewed the updated framework as more favorable for decentralized finance operations.

Banking groups maintained objections despite the latest revisions to the stablecoin sections. American Bankers Association CEO Rob Nichols urged bank executives to contact senators regarding remaining concerns. He warned that the draft could still increase the risk of deposit flight for traditional banks.

The CLARITY Act represents one of the most significant federal crypto regulatory proposals currently under Senate review. Lawmakers have worked to balance crypto industry demands with banking sector concerns throughout negotiations. Consequently, Thursday’s markup session could determine the legislation’s next stage within the Senate process.

Risk & affiliate notice: Crypto assets are volatile and capital is at risk. This article may contain affiliate links. Read full disclosure

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South Africa Manufacturing Show 2026 to Spotlight Industry 4.0, AI and Smart Factory Innovation

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Crypto Breaking News

South Africa’s manufacturing sector is entering a new phase of digital transformation as industrial leaders accelerate investments in smart manufacturing, AI-driven operations, cybersecurity, and supply chain modernization. Against this backdrop, the 33rd Edition of the South Africa Manufacturing Show 2026 will bring together key stakeholders shaping the future of industrial innovation across the African continent.

Organized by Exito Media Concepts, the event will take place on June 11, 2026, at Focus Rooms – Universe, South Africa. The summit forms part of Exito’s international event series focused on technology, digital transformation, cybersecurity, manufacturing, and emerging enterprise sectors.

As manufacturers continue integrating Industry 4.0 technologies into production ecosystems, the event aims to provide a strategic platform for discussions around operational resilience, automation, AI adoption, robotics, IoT, cybersecurity, and sustainable industrial transformation.

The summit is expected to convene more than 150 C-level executives, directors, technology leaders, and policymakers from South Africa’s leading manufacturing organizations and institutions.

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According to the organizers, the event agenda will focus on practical strategies and frameworks designed to help businesses improve efficiency, modernize operations, and accelerate digital adoption across the industrial sector.

Key discussion topics will include:

  • Smart manufacturing and AI-powered industrial systems
  • Connected supply chains and logistics optimization
  • Cybersecurity resilience for smart factories
  • Robotics and operational automation
  • Digital transformation in mining and automotive sectors
  • Sustainable manufacturing practices
  • Data-driven operational intelligence
  • Workforce development for Industry 4.0 environments

The event will also feature several prominent industry leaders and executives, including Joseph Ndaba of Mafikeng Digital Innovation Hub (MDIHub), Irshaad Kathrada of the Localisation Support Fund, Tapiwa Samanga of the Production Technologies Association of South Africa, and executives from companies including Sasol, Mahindra South Africa, Omnia Holdings, Reckitt, and Metair Investments.

A major highlight of the summit will be the “Manufacturing 100” recognition program, which celebrates influential leaders driving innovation, digital transformation, and operational excellence across South Africa’s manufacturing ecosystem.

The South Africa Manufacturing Show 2026 is also CPD Certified, allowing attendees to earn up to eight hours of CPD points while participating in the summit.

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For more information about the event, visit South Africa Manufacturing Show 2026

Risk & affiliate notice: Crypto assets are volatile and capital is at risk. This article may contain affiliate links. Read full disclosure

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Roaring Kitty’s Deleted X Post Triggers 90% Crash in RKC Meme Coin

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Roaring Kitty’s deleted post on X triggered a crash in the meme coin RKC, wiping out 90% of its value within hours.

Traders who bought into the hype lost hundreds of thousands of dollars, while the coin’s developer reportedly cashed out over $600,000 before it collapsed.

RKC Dev Profited Over $600K from Token

Keith Gill’s verified X account, popularly known by his 1.6 million followers as Roaring Kitty, ended a 16-month silence on May 11 with a post that sent traders into a frenzy. At around 21:13 GMT, the account shared a Solana Pump.fun contract address for a newly launched meme coin called Red Kitten Crew (RKC), alongside a short cartoon clip.

Minutes later, the account shared a second post featuring an image captioned “red bandit crew 4 life,” which was later deleted. The sudden activity started a rush of speculative trading that briefly sent RKC soaring before the deletions triggered panic selling, causing the token to crash 90% and wiping millions from its market cap.

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Blockchain analytics firm Lookonchain later reported that the meme coin’s developer had already cashed out 6,260 SOL, worth around $611,000, before the posts were removed. According to them, the individual used 20 SOL worth roughly $1,950 across 10 wallets to acquire 395.18 million RKC tokens, representing 39.52% of the total supply, before selling the entire stash for $495,000.

Lookonchain also revealed that the developer earned an additional 1,209 SOL, worth approximately $118,000, through creator fees.

Roaring Kitty Meme Coin Posts Cause Hack Speculation

On-chain analysts are saying that the incident followed a pattern they’ve seen many times in crypto, where influencers create hype, developers cash out, and retail traders are left with losses. Others also questioned the authenticity of the posts, noting Keith Gill has built his online presence around GameStop commentary and has never publicly promoted meme coins before, leading to speculation that the account may have been hacked.

There’s been a trend of high-profile X accounts being compromised to promote meme coins, with similar breaches in the past targeting major public figures and companies such as Michael Saylor and Kylian Mbappé. The former’s account was used to push a fake Bitcoin giveaway, while the latter’s promoted a Solana meme coin scam, with both incidents resulting in a spike in trading volumes before a collapse.

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At the same time, Pump.fun has also been involved in controversy, with researchers claiming that a large percentage of tokens launched on the platform display characteristics commonly associated with scams or wash trading. The Solana-based meme coin maker has also been targeted by two class-action lawsuits in the past, with both accusing it of violating U.S. securities laws by facilitating the launch of unregistered tokens and allegedly collecting up to $500 million in related fees.

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