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Former Binance CEO Changpeng Zhao (CZ) has denied claims that he acted as a “fixer” in dealings involving World Liberty Financial (WLF). CZ is accusing the Wall Street Journal (WSJ) of publishing another “hit piece” based on false information and negative intent. In a May 23 X post , he claimed the media outlet’s reporting had changed into a textbook case of “Cunningham’s Law.” Zhao explained that a few days before the article was published, the company’s PR team had sent him several questions based on false assumptions. “We told them there were numerous inaccuracies and unfounded inferences,” he wrote. The publication asked his team to identify the errors, but he explained that a story can’t be corrected when built on negative intentions from the start. Among the claims made in WSJ’s inquiry was that CZ had helped WLF arrange meetings with government officials in Pakistan, Malaysia, and Kyrgyzstan. The article suggested that he introduced a Pakistani official, Mr. Saqib, to the WLF team. A week after his visit to the region, the crypto project named the man an adviser. Further, the Journal emphasized that on April 26, the WLF team traveled to Pakistan to sign an MOU with the government. However, the former exchange executive has denied these claims. “I am not a fixer for anyone,” he stated. He also clarified that he did not connect Mr. Saqib with the WLF team, pointing out that they already knew each other. Zhao added that he had met the Pakistani official for the first time during his stay in the country. The Binance co-founder also suggested that the WSJ article was part of a broader agenda to stop progress in the crypto industry. “There are forces in the U.S. that want to hinder efforts in making the U.S. the capital of crypto. They want to attack crypto, global crypto leaders, and the pro-crypto administration,” he claimed. This isn’t the first time Zhao has accused WSJ of publishing false stories. In March, the newspaper shared that Trump’s family was in talks to invest in Binance.US and that the 48-year-old was seeking a presidential pardon. At the time, he described the article as politically motivated, suggesting it was an attempt to undermine the president and the crypto industry. However, he later acknowledged that he had formally applied for clemency from Trump. More recently, the former CEO dismissed allegations from a separate news piece that said he had agreed to provide evidence against Tron founder Justin Sun as part of a plea deal with the U.S. Department of Justice (DOJ). CZ suggested the report might be tied to lobbying efforts aimed at damaging his and Binance’s reputation. Sun also rejected the claims, saying he was unaware of such rumors and referred to Zhao as his “mentor and close friend.”

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Folks, I’m back with your weekly crypto round-up and trust me, you’re going to want to pay attention to this one.  This week has been a wild ride for investors and enthusiasts. Big headlines. Big consequences. We’ve seen it all – from political power plays to million-dollar scandals. All of these are powerful signals hinting at where the industry is really heading. So, if you blinked, you’ve missed a lot.  We’ll dive into what happened these past few days and why it matters for you. Let’s go!  #1 Trump’s $TRUMP Crypto Dinner Drama  Justin Sun, the crypto billionaire who once dodged the US spotlight fearing arrest, stepped back into the limelight – this time as a VIP at Donald Trump’s exclusive gala dinner. Sun, proudly holding the biggest stash of Trump’s $TRUMP memecoin, showed up amid protests shouting “shame.” Trump himself took the stage, blaming the previous administration for making life miserable for crypto insiders, calling it a “disgrace.”  Sun flashed over $1.3 million in $TRUMP holdings and a flashy “Trump Golden Tourbillion” watch. Predictably, Democrats like Senator Elizabeth Warren called it “an orgy of corruption”. Phew. #2 Sui’s $260M Crypto Heist: What Went Down? Sui’s largest decentralized exchange, Cetus Protocol, was hit with a $260 million hack that sent shockwaves through the SUI ecosystem. The attacker exploited fake tokens like BULLA to mess with liquidity pools and drain assets, including 12.9 million SUI and $60 million in USDC.  They then tried laundering the loot by swapping a big chunk of USDC for 21,938 ETH. Cetus jumped on damage control, pausing smart contracts and launching a full probe.  Meanwhile, SUI’s price took a hit, dropping about 15% to $3.90. The scramble is on to recover funds and shore up security. #3 GENIUS Act (Finally) Breaks Ground in Stablecoin Law The U.S. Senate just cleared a major hurdle by advancing the GENIUS Act with a 66-32 vote – the first stablecoin bill to make it this far. This bipartisan win came after last-minute tweaks and pressure from crypto advocates like Stand With Crypto.  The bill lets private firms issue stablecoins and demands full backing with dollars or Treasury bills. While it bars foreign stablecoins on U.S. centralized exchanges, decentralized platforms remain untouched.  Critics say the revisions are mostly cosmetic, leaving loopholes like weak data safeguards and possible regulatory capture. Big moves, but is it enough? #4 Pi Network’s $8M Scam: Pump, Dump, and Investor Fury! Pi Network is under fire with explosive $8 billion scam allegations after insiders reportedly dumped 12 million PI tokens. Blockchain sleuth Atlas points to a classic pump-and-dump move – sharp price surges followed by a brutal 50% crash post-May 14.  Despite a bullish spike fueled by an 86 million token withdrawal from OKX (hinting at strong holder confidence), the price has since slumped to $0.79. The project also battles criticism over exchange listings, token distribution, and node centralization, raising serious questions about its future. Is it the end of the road for Pi? I hope not.  #5 Blum Co-Founder Detained in Russia Big news out of Russia – Vladimir Smerkis, co-founder of the Telegram-based crypto project Blum and former head of Binance Russia, has been arrested in Moscow on large-scale fraud suspicions. The heat comes from his previous ventures, The Token Fund and Tokenbox, where investors reportedly lost around $15 million.  While the investigation is ongoing and no formal charges are out yet, Russian courts have approved his detention. Blum quickly clarified that Smerkis resigned and is no longer connected to the project, distancing themselves from the scandal. #6 Cardano CEO Fires Back at $600M Allegations Charles Hoskinson is pushing back hard against claims he misused $600 million worth of ADA tokens. The drama centers on accusations that during Cardano’s 2021 Allegra hard fork, Hoskinson used a “genesis key” to control 619 million ADA. But he says most of the 350 million ADA involved were already redeemed over seven years, with the leftovers donated to Intersect, a Cardano-affiliated org.  Feeling “deeply hurt” by the distrust, Hoskinson plans to release an audit report and might hand over his social channels to a media team to clear the air. #7 Nasdaq Welcomes First Ever XRP Futures ETF The wait is over – XRP stepped into the ETF spotlight with the launch of Volatility Shares’ XRPI ETF, trading on Nasdaq. This 1x XRP futures ETF offers a safer, measured way to access Ripple’s price action without holding the token directly. Analyst Eric Balchunas called it a “good signal” of growing demand for crypto investment vehicles.  With leveraged XRP ETFs already firing up interest and CME’s recent XRP futures rollout, XRPI marks a new phase in XRP’s journey. I’m loving this one!  #8 MSTR Holdings Surge as States Seek Bitcoin Proxy 14 US states revealed a collective $632 million stake in MicroStrategy (MSTR) during Q1 2025, marking a 42% jump from the previous quarter. California leads with $276 million, followed by Florida and North Carolina. Utah’s holdings skyrocketed 184%, while Wisconsin sold its $300 million Bitcoin ETF stake, increasing MSTR instead.  This shows states prefer indirect Bitcoin exposure through MicroStrategy’s massive 576,230 BTC stash, avoiding direct crypto ownership complexities.  #9 Who’s Buying USDC? Circle’s Next Move Circle, the powerhouse behind USDC, is stirring the pot with a $5 billion valuation price tag as it entertains acquisition talks. Ripple and Coinbase have both stepped into the ring, but Circle shot down Ripple’s XRP-heavy bid, citing concerns over liquidity and valuation mechanics.  Meanwhile, talks with Coinbase are reportedly friendlier – “If Coinbase wanted to buy them, Circle would sell in a second,” insiders say. Despite these moves, Circle’s IPO ambitions remain alive but shaky, as broader market volatility and trade policies push the company to rethink timing. Big questions loom over USDC’s future path. #10 Texas Bitcoin Reserve Bill Passed Texas just got one step closer to becoming America’s Bitcoin bull state. Senate Bill 21 – which would establish a state-run Bitcoin Reserve – passed its final House vote, clearing 101-42. All that’s left is Governor Abbott’s signature, and the signs are strong.  He even shared the proposal on X, and crypto voices like Kyle Chassé are already calling it: “It’s happening.” If Abbott signs before the June 2 deadline, Texas will follow New Hampshire as the second U.S. state with its own BTC stash. Trump’s vision is shaping up quite well.  In the Spotlight  Here’s a few quick hits you shouldn’t miss!  HSBC Goes Live with Tokenized Deposits: HSBC has officially launched its Tokenised Deposit Service in Hong Kong, enabling 24/7 fund transfers using blockchain tech. Ant International led the charge as the first client to go live. A Wall Street Stablecoin? Yep, It’s Being Discussed: Some of the biggest U.S. banks – including JPMorgan, Citi, and Wells Fargo – are reportedly discussing a joint stablecoin venture, according to WSJ. Early talks, but major implications if it lands. Crypto Meets Stocks, Powered by USDT: Bybit just launched stock trading with USDT via Metatrader 5, giving users access to Apple, Tesla, gold, forex, and crypto from one account. Multi-market action at its best. CZ Slams Trump Crypto Allegations: CZ has slammed the Wall Street Journal for linking him to Trump-backed crypto dealings, calling the report a “hit piece.” He flatly denied acting as a “fixer” or brokering any WLF meetings. Semler Bets the House on Bitcoin: Semler Scientific just dropped $50M on Bitcoin, boosting its stash to over 4,264 BTC. With losses mounting and a crypto-first strategy now official, this healthcare firm is betting big again. What’s Next for Crypto? Major shifts to expect ahead  With Texas and other U.S. states doubling down on MicroStrategy and BTC reserves, expect a growing wave of state-led crypto strategies. A formal Bitcoin reserve could become a blueprint for other red states, especially under pro-crypto leadership. The launch of the XRPI ETF on Nasdaq signals that altcoin futures ETFs are gaining traction. With CME backing XRP and Ethereum products next in line, this could bring mainstream capital to major alts fast. The GENIUS Act may have passed its Senate hurdle, but its foreign token ban and loose guardrails could trigger lawsuits, revisions, or even state-level pushback. Keep an eye on regulation updates to predict how the market might react.  Crypto never sleeps, and neither do we – catch you next week with the hottest moves and biggest surprises. Stay sharp!

The New York Times released a preliminary list of Trump dinner attendees According to statistics from the New York Times reporter at the scene and confirmed through on-site photos, the people who participated in the TRUMP dinner included: Justin Sun, Washington lawyer Elliot Berke, Wintermute founder and CEO Evgeny Gaevoy, Delphi Digital co-founders Anil Lulla and Yan Liberman, Chinese cryptocurrency investor Cheng Lu, CTS International founder Stephen Dworkin, digital asset management agency Hyperithm CEO Sangrok Oh, conservative media person Caitlin Sinclair, former NBA star Lamar Odom, Acheron Trading founder Wesley Pryor, NFT platform Magic Eden co-founder and CEO Jack Tan Lu, two executives of hedge fund Hyper-Alpha Capital Asher Ang and Lean Sheng Tan, Synthetix founder Kain Warwick, Singapore engineer Joel Lee, Kronos Research CEO Vincent Liu, Wexford Capital partner Paul Jacobi, etc.

A high-dollar gathering at President Donald Trump’s Virginia golf club has ignited a storm of ethical debates, blending crypto spectacle with accusations of constitutional overreach. The Thursday dinner, reserved for the top 220 holders of the head of state’s TRUMP meme coin, attracted billionaires, celebrities, and a cascade of legal threats, with critics calling it a gateway for foreign influence peddling. Entry to the event required holding TRUMP tokens, and reports indicate that attendees collectively spent as much as $394 million on the meme coin to sit at the president’s table. The gathering included crypto elites such as Tron founder Justin Sun, who is also an investor in the Trump family’s World Liberty Financial project. The businessman, who topped a publicly posted leaderboard with a $18.5 million stash, flaunted clips of himself at the event, even claiming he had received a Trump Golden Tourbillon watch from the president. This raised eyebrows, given that the SEC is investigating him over allegations of fraud, although the matter was paused abruptly in February. While former NBA star Lamar Odom made no secret of his presence at the Trump National Golf Club, most attendees remained anonymous, using nicknames on the leaderboard. Protestors reportedly lined up at the venue’s entrance, waving signs that read “Crypto corruption” and “America is not for sale.” Blockchain data shared by Bloomberg shows that more than half of the guests likely live outside the United States, with many buying their tokens from offshore crypto exchanges that claim to exclude American users. This detail alone raised concerns that foreign actors could exploit crypto to circumvent U.S. campaign finance laws. In response, 35 members of Congress have signed a letter calling for an investigation by the Department of Justice, citing possible violations of the emoluments clause in the Constitution. Meanwhile, Representative Maxine Waters has rolled out the “Stop TRUMP in Crypto Act,” which aims to bar officials from profiting from digital assets. Massachusetts senator and renowned crypto critic Elizabeth Warren didn’t mince words either, calling the dinner an “orgy of corruption” at a Thursday press conference . Fellow lawmaker Richard Blumenthal claimed it put a “for sale” sign on the White House. Both called for transparency on who attended the event and how access was monetized through the TRUMP token’s structure, with on-chain records indicating that the top 25 investors alone bought at least $111 million worth of the meme cryptocurrency. Despite claims from the White House that Trump attended in a personal capacity, reports indicate that the president delivered brief remarks behind a lectern bearing the seal of his office. He is said to have made no new crypto policy announcements, instead reiterating support for a national Bitcoin (BTC) reserve , before promptly jumping on his helicopter and flying out of the venue. The ensuing criticism doesn’t seem to have bothered the commander-in-chief, with the politician posting on his official Truth Social account, “The U.S.A. is DOMINATING in Crypto, Bitcoin, etc., and we are going to keep it that way!”