Nicholas Truglia, a convicted crypto scammer, had his prison sentence increased from 18 months to 12 years due to his failure to repay over $20 million to victim Michael Terpin, a crypto investor and CEO of Transform Group. Truglia was initially sentenced in 2022 for wire fraud after executing a SIM-swapping scheme that compromised Terpin's phone and led to the theft of his cryptocurrency. Despite a court order for restitution, Truglia did not make any payments, prompting Judge Alvin Hellerstein to extend his sentence. In addition to the prison term, Truglia was also given three years of supervised release. Terpin, who lost $24 million in the scam, had previously filed a $224 million lawsuit against AT&T for negligence, as well as a $75 million civil suit against Truglia, which resulted in a court ruling in his favor in 2019. The case highlights the risks of SIM-swapping and the importance of securing personal information.
Truth Social, the social media platform founded by former U.S. President Donald Trump, is set to launch a utility token as part of a new loyalty program linked to its premium Patriot Package subscription. Users of the Patriot Package will earn digital rewards known as 'gems' based on their engagement levels, which will eventually be associated with the utility token. This rewards system will be integrated into both Truth Social and its streaming service, Truth+. The initiative is currently in a public BETA phase, aiming to enhance the user experience for subscribers. The Patriot Package offers benefits like faster streaming access, a larger video library, and exclusive features such as a red checkmark and boosted comment visibility. While details on the tokenomics remain undisclosed, the utility token will reflect user activity on both platforms. Additionally, Trump Media & Technology Group has shown interest in cryptocurrency, previously filing for a crypto-centric ETF and dismissing rumors about launching a meme coin, focusing instead on utility-based digital assets.
Myriad Protocol has officially launched its multichain expansion to Ethereum L2 Linea, marking a significant evolution since its beta release six months ago. The initial beta focused on refining the platform to create a decentralized, multichain prediction market protocol. With technical milestones achieved and product-market fit validated within the Abstract ecosystem, Myriad is now ready to move beyond its initial phase. The protocol aims to integrate prediction markets into various platforms, enhancing user engagement and data-driven editorial strategies. The launch on Linea, developed by Consensys, represents a major step forward, enabling broader on-chain experiences. Myriad is also developing key components like trustless revenue sharing, censorship-resistant oracles, and synthetic tokens to enhance its capabilities. Committed to progressive decentralization, Myriad plans to transition governance to the community, ensuring transparency and truth in outcomes. This expansion is just the beginning, with more chains and collaborations on the horizon, positioning Myriad Protocol as a fundamental feature of the internet.
Rumble, the video sharing platform that previously established a Bitcoin treasury, has announced a partnership with crypto payment firm MoonPay to introduce its own crypto wallet. This new Rumble Wallet will enable users to buy, sell, and exchange cryptocurrencies directly, leveraging MoonPay’s payment infrastructure. Rumble's CEO, Chris Pavlovski, emphasized that this initiative aims to empower video creators on their platform, stating, "Rumble Wallet will change the game for creators." The company has been actively building its Bitcoin treasury, committing up to $20 million to acquire Bitcoin, and has already added approximately $17 million in BTC to its assets. The collaboration with MoonPay is seen as a step towards transforming how creators can monetize their work in a decentralized environment. MoonPay's CEO, Ivan Soto-Wright, echoed this sentiment, linking crypto to financial freedom and Rumble to freedom of expression. Rumble's shares have seen a slight increase, although they remain down 27% for the year.
Ant Group, supported by Jack Ma, is reportedly collaborating with Circle, the issuer of USDC, to integrate the stablecoin into its blockchain, as per a Bloomberg report citing anonymous sources. This integration is contingent on USDC achieving compliance in the United States, although a timeline for this has not been disclosed. This development follows Circle's recent application to establish a national trust bank in the US, which would manage its USDC reserves. Additionally, the US Senate passed the GENIUS Act, aimed at providing regulatory clarity for stablecoin issuers. Ant Group has shown ongoing interest in stablecoins, previously working with JD.com to advocate for the approval of yuan-based stablecoins by the People’s Bank of China. Ant Group, known for its Alipay super-app, processes over $1 trillion in payments annually and is exploring stablecoin licenses in Singapore and Hong Kong. Meanwhile, Circle is expanding its global footprint amid evolving regulations.
Bit Mining, a Bitcoin mining company, is transitioning into the Solana ecosystem, aiming to raise between $200 million and $300 million to establish a significant token treasury. The funds will enhance its network capabilities and facilitate token acquisitions. The firm plans to convert a portion of its existing crypto assets into SOL and adopt a long-term holding approach, although the exact amount for conversion remains unspecified. Currently, Bit Mining holds 19 Bitcoin, valued at approximately $2 million. Following the announcement, Bit Mining's stock surged to $11 in pre-market trading, a 350% increase from its previous close of $2, before settling at $6.29. The company intends to operate validator nodes on Solana to bolster the network's decentralization and security, reflecting its commitment to the evolving blockchain landscape. CEO Xianfeng Yang expressed confidence in their strategy, emphasizing the potential of the Solana ecosystem. This pivot mirrors a recent shift by Bit Digital, which is moving from Bitcoin mining to Ethereum staking.
