Urgent Crypto Update: Bitcoin Mining Concerns, BlackRock IBIT Outflow, and Fraud Surge

Welcome to your daily dose of crypto news insights. The digital asset world is constantly moving, and today brings significant developments impacting Bitcoin, ETFs, regulation, and exchange security. Let’s dive into the key events you need to know right now, covering everything from international financial bodies questioning energy use for Bitcoin mining to major investment product movements and rising security threats like crypto fraud.

IMF Questions Pakistan’s Bitcoin Mining Power Plan

The International Monetary Fund (IMF) has expressed notable concerns regarding Pakistan’s recent decision to allocate 2,000 megawatts of electricity specifically for Bitcoin mining and AI data centers. This development comes amidst ongoing negotiations for Pakistan’s financial program with the IMF.

Key points:

• Pakistan announced the plan last week to attract autonomous miners, blockchain companies, and AI firms.
• The IMF was reportedly not consulted beforehand.
• Concerns raised include the legality of crypto mining in Pakistan, the impact on existing power tariffs, and resource distribution, especially given the nation’s energy shortages and fiscal challenges.
• The IMF has requested urgent clarification from Pakistan’s Finance Ministry.

Officials involved in the talks anticipate further tough discussions with the IMF over this initiative, adding complexity to the financial negotiations.

BlackRock’s Spot Bitcoin ETF Sees Record Outflow

BlackRock, the world’s largest asset manager, recently saw its impressive 31-day inflow streak for its spot Bitcoin ETF, IBIT, come to an end. The fund experienced its largest single-day outflow since its launch in January 2024.

Details:

• On May 30, BlackRock’s IBIT recorded a daily outflow of $430.8 million.
• This surpasses the previous largest outflow day of $418.1 million on February 26.
• Despite this single-day event, IBIT has accumulated significant Bitcoin holdings, now approaching $70 billion since its inception.

An ETF analyst commented on the remarkable inflow run leading up to this outflow, highlighting the substantial scale of BlackRock’s accumulation in a relatively short period.

MEXC Reports 200% Spike in Crypto Fraud Attempts

Crypto exchange MEXC has released data indicating a significant increase in fraudulent activity on its platform during the first quarter of 2025. The exchange detected a 200% quarter-over-quarter surge in attempts classified as crypto fraud.

Insights from the report:

• 80,057 organized fraud attempts were identified from over 3,000 suspected fraud syndicates in Q1 2025.
• Types of fraudulent activity included market manipulation, wash trading, and automated bots exploiting users through unfair execution.
• Regions most impacted were India (nearly 27,000 accounts flagged), followed by the Commonwealth of Independent States (CIS) region (6,404 accounts), and Indonesia (5,603 accounts).

According to MEXC’s Chief Operating Officer, this rise in fraud is often fueled by social engineering scams that funnel unsuspecting victims towards these malicious activities.

Summary

Today’s crypto news highlights a mix of regulatory scrutiny, market dynamics, and security challenges. The IMF’s questions regarding Pakistan’s ambitious Pakistan electricity allocation for Bitcoin mining underscore the growing intersection of energy policy and digital assets. Meanwhile, the significant outflow from BlackRock IBIT serves as a reminder of the volatility inherent even in institutional investment vehicles like a spot Bitcoin ETF. Finally, the alarming rise in crypto fraud reported by MEXC emphasizes the critical need for user vigilance and robust exchange security measures in the evolving digital asset landscape.