Urgent Crypto News: $330M Bitcoin Scam, Ripple Bid, Tornado Cash Win & SEC Delays
Dive into today’s top crypto news stories. From major acquisition attempts and significant security breaches to crucial regulatory and legal updates, the crypto market is always moving. Here’s a breakdown of the key events you need to know.
Ripple’s Ambitious Bid for Circle Rejected
Reports indicate that blockchain payments firm Ripple made a substantial offer to acquire stablecoin issuer Circle. The bid, reportedly between $4 billion and $5 billion, was ultimately rejected by Circle, which deemed the offer too low. This attempted acquisition comes shortly after Circle filed for an Initial Public Offering (IPO) in the U.S. While Ripple’s valuation was estimated at $11 billion earlier this year (though CEO Brad Garlinghouse called this outdated), the firm recently expanded its portfolio by purchasing prime broker Hidden Road for approximately $1.2 billion, aiming to boost activity for XRP and the XRP Ledger.
Elderly US Citizen Falls Victim to Massive Bitcoin Scam
In a distressing incident, an elderly U.S. individual has reportedly lost $330 million in a sophisticated Bitcoin scam. This event ranks as one of the largest crypto thefts in history. On-chain investigator ZachXBT highlighted the suspicious transfer of 3,520 Bitcoin (BTC) on April 28, 2025. The attackers employed advanced social engineering techniques to gain access to the victim’s wallet. Following the theft, the stolen Bitcoin was quickly laundered through multiple instant exchanges and converted into the privacy-focused cryptocurrency Monero (XMR). On-chain data reveals the victim had held this significant amount of BTC since 2017 without prior large transactions, making them a potentially high-value target for such a scam.
How the Bitcoin Scam Funds Were Laundered
On-chain analysis provides insight into the rapid laundering process:
- The 3,520 BTC was received in two initial transactions.
- Funds were immediately distributed using a ‘peel chain’ method, breaking large amounts into smaller, harder-to-trace chunks.
- Funds flowed into numerous instant exchanges and mixers in small increments.
- Mixers then distributed funds across a large number of new wallets, creating a complex trail.
Experts note the primary funnelling chain involved over 40 wallets, showcasing the attacker’s effort to obscure the origin and movement of the stolen Bitcoin.
Court Rules OFAC Cannot Restore Tornado Cash Sanctions
In a significant legal development, a federal court judge in Austin has ruled that the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) cannot reimpose sanctions against the crypto mixing service Tornado Cash. Judge Robert Pitman stated in an April 28 judgment that OFAC’s previous sanctions were unlawful and permanently enjoined the agency from enforcing further sanctions. OFAC had initially added Tornado Cash to its sanctions list in August 2022, alleging it was used by the North Korean Lazarus Group for money laundering. Users of Tornado Cash, led by Joseph Van Loon, challenged the sanctions in court, arguing they were not legally sound. OFAC had previously removed Tornado Cash from the sanctions list and argued the case was moot, but the court’s recent ruling provides a definitive legal stance against future sanction attempts.
SEC Delays Decisions on XRP and DOGE ETFs
The U.S. Securities and Exchange Commission (SEC) has once again postponed its decision timelines for proposed cryptocurrency Exchange-Traded Funds (ETFs) holding Dogecoin (DOGE) and XRP. Filings show the regulator has pushed back its deadlines to June for ruling on these applications. The delays affect proposals from NYSE Arca to list Bitwise’s DOGE ETF and Cboe BZX Exchange to list Franklin Templeton’s XRP ETF. Another application for a 21Shares Dogecoin ETF was also filed with Nasdaq on the same day. These delays continue the trend of cautious regulatory review for crypto-related investment products beyond Bitcoin ETFs. Dogecoin currently stands as the largest memecoin by market capitalization, while XRP is a key token on the XRP Ledger network.
Summary of Today’s Crypto News
Today’s crypto landscape saw major corporate maneuverings with Ripple’s rejected bid for Circle, highlighted the critical need for security awareness following a colossal $330 million Bitcoin scam, provided legal clarity regarding Tornado Cash sanctions, and underscored ongoing regulatory caution with the SEC’s delays on XRP and DOGE ETFs. These events collectively paint a picture of a dynamic market grappling with growth, security challenges, legal battles, and evolving regulatory frameworks.
