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The Wuhan police in China have cracked down on a new type of virtual currency scam called "Rug Pull," successfully recovering 200,000 RMB.

Virtuals updates Diamond Hand Bonus rules, only staking tokens can earn points Virtuals Protocol released an update announcement for Diamond Hand Bonus (DHB). DHB rewards will only apply to staked proxy tokens, and ordinary holdings will no longer receive this reward. The switching deadline is 15:00 (GMT+8) on May 22 (Thursday), when only staked proxy tokens can continue to receive DHB rewards. In addition, DHB rewards are still applicable to tokens in Green Lock status (developer unlocking time exceeds 7 days), but not Yellow Lock and DYOR type tokens. The reward rules are: users must claim the reward within 24 hours, otherwise it will be invalid; the validity period of the points that have been claimed is 14 days, and the expired points cannot be restored.

As we approach the end of 2025’s first half, Ripple’s XRP is being adopted by financial institutions, banks and remittance companies. It comes about because of better technology and the increasing need to make cross-border payments easier. A key reason Wall Street is paying attention is the very low charges when trading. Even if the network gets busy, sending XRP only costs $0.00002. Brett, who is an XRP supporter and Bitrue ambassador on X, explained, “No gas wars. No surge pricing. Just clean, predictable costs.” Suppose every XRP was worth $1,000, the cost of the fee would still remain as low as 0.00001 XRP. Also, XRP isn’t supported by mining or the reward system used for Bitcoin or Ethereum. The XRP Ledger maintains a light network by using a consensus protocol instead of the expensive, incentive-filled proof-of-work system, as highlighted in our previous story. “No Mining. No Validator Rewards. No Incentive Games,” Brett pointed out. He noted that this system is based on an inexpensive and efficient system design. Moreover, how quickly the data can be processed plays an important role. Transactions processed on the XRP Ledger (XRPL) don’t take longer than three seconds. There’s no need to confirm your transaction several times and the competition between blocks doesn’t slow down this type of crypto. Thus, financial institutions see speedy settlements with XRP also becoming a preferred choice to power the BRICS’ gold-backed system . XRP is designed to reduce its supply over time. When a transaction is made, 0.00001 XRP is reduced from the total circulation. In addition, it blocks spammers and eventually makes the token in shorter supply. In other words, Brett explained that efficiency and deflation add up to continuing growth. Handling large transactions is no problem for XRP. It can handle up to 1,500 transactions per second (TPS) without slowing down. Despite high demand, the time it takes for a transaction and associated fees doesn’t change. Institutions are also interested in the removal of pre-funded accounts from the employee pension scheme. Users of traditional cross-border payments are required to pre-fund their accounts with money. With Ripple’s technology, transferring money internationally takes less time and doesn’t require keeping capital tied up. About it, Brett said, “No one wants to pay $30 to send $30.” Many institutions prefer this idea since practical and low-cost options are more interesting than purely speculative assets. The U.S. Securities and Exchange Commission (SEC) decision on Franklin Templeton’s spot XRP ETF is due on June 17, 2025, about a month away. The XRP supporters are optimistic on an approval owing to the change in SEC’s leadership with pro-crypto Paul Atkins taking over as the Chairman. However, analysts like James Seyffart expect a further delay in decision with the final deadline around October 2025 for such ETFs. Nonetheless, the XRP ETF approval odds in 2025 stand at 83%, according to Polymarket . Whilst, owing to strong fundamentals, Standard Chartered has predicted an inflow of $4-8 billion for XRP ETFs in the first year after launch. Most of it is expected to come via institutional investors, reinforcing the narrative that Brett discussed.

Ethereum (ETH) could embark on another technical upgrade after the co-founder, Vitalik Buterin, proposed key steps to improve the performance of the network without compromising personal node visibility. In a blog post , Vitalik highlighted that the calls to increase the layer 1 gas limit have been met with concerns about the network’s safety and how it could make it difficult to run a full node. According to him, there has been a long conversation around the thinking that full nodes are primarily for validating the chain. Also, Vitalik highlighted that a roadmap published last month underlined TEEs and ORAM as short-term patches while PIR was considered for a long-term solution. Combining these with Helios and ZK-EVM would ensure that users are confident that they are getting the correct chains, and also, their data privacy is protected. While these advanced cryptographic solutions make self-hosted nodes an outdated relic, Vitalik believes that it is not worth stopping there since fully trustless cryptographic solutions would be expensive. Additionally, there could be a censorship vulnerability. For these reasons, there is a need to continue to ensure a greater ease of running personal nodes. To do this, Vitalik has listed three short-term priorities and a medium-term priority to boost performance. Firstly, Vitalik suggested a full rollout of EIP-4444, where each node stores data for around 36 days. According to him, this would reduce disk space requirements and offset the issue that has been preventing people from running nodes. Apart from this, Vitalik suggests building a distributed history storage solution to ensure that each node can “store a small percentage of historical data older than cutoff.” Lastly, he proposes adjusting the gas pricing to ensure that storage is more expensive while execution is less expensive. For the medium-term priority, Vitalik suggests that there should be a stateless verification to make it possible to run an RPC-capable node. Fascinatingly, this would be done without storing state Merkle branches, decreasing storage requirements by around 2x. Concluding the post, the Ethereum co-founder highlighted that this idea would effectively allow personal node operation even when the L1 gas limit grows by 100x. We add a node type which verifies blocks statelessly, and verifies the whole chain (either through stateless validation or ZK-EVM) and keeps up-to-date a portion of the state. The node is capable of responding to RPC requests as long as the required data is within that subset of the state; other requests will fail. Recently, Ethereum embarked on a Pectra upgrade to improve performance and the overall user experience. As noted in our previous discussion, this increased the amount validators can stake from 32 ETH to 2,048 ETH. Also, its Fusaka hard fork has been fixed in the third or fourth quarter of the year. As also summarised in our previous news coverage, this would make the Ethereum Smart Contracts run more securely and smoothly. At press time, ETH was trading at $2,400 after declining by 4.9% in the last 24 hours. According to our recent analysis , the asset likely mirrors its 2017 setup by surging by 25,000%.

Cryptocurrency exchange Coinbase is facing a class-action lawsuit in the U.S. state of Illinois, which claims that the company may have violated the state’s Biometric Information Privacy Act. A group of Coinbase customers has accused the platform of improperly collecting and storing facial data during its identity verification process. Filed in the U.S. District Court for the Northern District of Illinois on May 13, the lawsuit alleges that Coinbase’s Know Your Customer checks involve scanning users’ facial geometry without proper notice or consent, a move the plaintiffs say directly breaches Illinois’ biometric privacy laws. According to the complaint, users were required to upload a government-issued ID and a selfie, which were then processed by third-party facial recognition software. The group claims this process captured their biometric identifiers, such as faceprints, without prior written notice or notification of the collection without a publicly available “retention schedule or guidelines” for data destruction, as required under BIPA. “[…] At no point during the Verification Process are Coinbase users asked to consent to the collection of their biometric information, notified that their biometric data will be collected by an unrelated third party, nor provided with any information about the process, how it works, the type of information and data collected, whether said data is stored or disclosed to other entities, or any information about the retention or destruction of their biometric information.” According to the complaint, Coinbase transmitted facial data to third-party vendors, including Jumio, Onfido, Au10tix, and Solaris, without obtaining explicit permission. Further, it claims that more than 10,000 individuals have filed for arbitration over these issues, but Coinbase has allegedly failed to pay the necessary arbitration fees, resulting in many of those cases being dismissed. That being said, the group is pushing for financial penalties of up to $5,000 per reckless violation, or $1,000 where negligence is found, in addition to legal expenses and injunctive relief. Coinbase has not publicly commented on the lawsuit at the time of writing. Interestingly, this isn’t the first time Coinbase has been in hot water over alleged BIPA violations in Illinois. As previously reported by crypto.news, a class-action lawsuit filed by a local in May 2023 targeted the exchange over its collection of facial data and fingerprint templates through its mobile app. That case was eventually paused after a judge approved Coinbase’s motion to move the dispute into arbitration. The lawsuit was dismissed without prejudice in February this year, after both parties agreed to drop the case. Making matters worse, Coinbase has also come under fire over a recent data breach involving customer support agents allegedly bribed to leak user data. At least six related lawsuits have since been filed, intensifying scrutiny over the platform’s handling of sensitive information. In other news, Illinois recently dropped a separate lawsuit against Coinbase over its staking program, following similar moves by Kentucky , Vermont, and South Carolina after the SEC dismissed its own case.