Decentral Block Post

Telegram co-founder Pavel Durov will not be physically attending the Oslo Freedom Forum in Oslo, Norway, after French courts denied his request to travel to the Scandinavian country.

According to an announcement from the Human Rights Foundation (HRF) — a non-profit organization that advocates for universal human rights and individual liberty, and the host of the Oslo Freedom Forum — Durov will still deliver his keynote address remotely over a livestream.

“It is unfortunate that French courts would block Mr. Durov from participating in an event where his voice is so needed,” HRF founder and CEO Thor Halvorssen said.

Durov continues to be a vocal advocate for free speech and individual liberty. Tech and crypto industry executives closely monitor developments related to Pavel Durov and the implications for individual freedom from his ongoing legal battle in France.

Source: Pavel Durov

Related: Pavel Durov rejects EU pressure to censor Romanian election content

Scammers posing as Ledger, a hardware wallet manufacturer, are sending physical letters to crypto users instructing them to "validate" their wallets or risk losing access to funds, in the latest phishing attack to impact the industry.

BitGo CEO Mike Belshe shared a picture of the scam letter, which featured a QR code, presumably linked to a malicious phishing site. The letter was sent through the United States Postal Service (USPS), according to the executive.

"These are all scams do not fall for any of these," Troy Lindsey wrote after receiving a copy of the phishing letter.

A copy of the scam Phishing letter. Source: Mike Belshe

Cointelegraph reached out to Ledger for comment but was unable to obtain a response by the time of publication.

This phishing attempt highlights the ever-evolving complexity and tactics of social engineering scams designed to steal crypto private keys, user funds, and other sensitive data from unsuspecting victims.

Key takeaways:

Spot Bitcoin ETFs have already surpassed gold ETFs in early growth, with projections of $100 billion in annual inflows by 2027.

Publicly listed companies and nation-states currently hold nearly 1.7 million BTC, pointing to long-term confidence.

Bitwise projects $120 billion in Bitcoin inflows by 2025 and $300 billion by 2026.

Bitcoin (BTC) demand from a diverse range of investors—including publicly listed companies building Bitcoin treasuries, sovereign wealth funds, exchange-traded funds (ETFs), and nation-states—is projected to drive substantial capital inflows to the asset in the coming years. According to crypto index fund management firm Bitwise, inflows to Bitcoin could reach $120 billion by the end of 2025, with an additional $300 billion anticipated in 2026.

Decentralizing telecommunication networks financially benefits small businesses and telecom corporations alike, according to Frank Mong, the chief operating officer (COO) of Nova Labs, the founding team behind the Helium wireless decentralized physical infrastructure (DePIN) network.

In an interview with Cointelegraph at Consensus 2025 in Toronto, Canada, Mong said that small businesses including bars, restaurants, convenience stores, and other local operators can generate revenue by hosting wireless hotspots and expanding network coverage.

Large telecommunication companies and service providers can also tap into the Helium Network's telemetry to reduce operational costs and expand network coverage in dead zones.

Pictured from left to right at Consensus 2025, the Realest.Com founder DJ Skee Keeney, Nova Labs COO Frank Mong, CEO of KYD Labs Ahmed Nimale, and CoinDesk senior anchor Jennifer Sanasie. Source: Cointelegraph

"It costs about $300,000 for a telecom company to stand up one tower; you need one per block for 5G to work effectively," Mong told Cointelegraph, The executive added:

"Instead of doing that and making phone plans more expensive, what if anyone with a useful Wi-Fi network shares that Wi-Fi and allows, not just anyone to use it securely, but allows large companies like AT&T to see the telemetry of that network."

Decentralized physical infrastructure networks continue to be an example of how blockchain technologies can provide real-world value and make existing infrastructure more resilient to outages, disruptions, censorship, and critical failure.

Opinion by: Scott Lehr, adviser to Alteri.io

In the world of cryptocurrency, knowledge isn't just power — it's a weapon. The recent collapse of Mantra's OM token, which saw a 90% drop in value within hours, underscores how wallet intelligence can be leveraged with devastating effects.

Wallet intelligence is the real-time analysis of blockchain data to extract insights from wallet behaviors, transaction patterns, and asset flows. Firms like Chainalysis and Arkham Intelligence have turned raw onchain activity into high-resolution surveillance, enabling everything from compliance monitoring to predictive trading. This level of insight gives a strategic advantage to those who can access it.

Power like this, however, has consequences. There is a new battlefield on the blockchain, and you might be in danger.

The downside of transparency

As blockchain transparency advances, the pseudonymity that once protected users rapidly dissolves. Every transaction leaves a breadcrumb trail — one that sophisticated actors can follow. Wallet intelligence is increasingly used by regulators, exchanges, and analytics firms to enforce compliance and track illicit activity. It also opens the door to abuse: centralized surveillance, profiling, and preemptive censorship.

This past week, Coinbase joined the S&P 500, one of the world’s most elite stock indexes — a triumph for the crypto firm, which spent much of the 2020s battling US government agencies like the SEC and Commodity Futures Trading Commission for its survival. 

But this attainment is not about one company alone. 

“This is more than an achievement for Coinbase; it’s a landmark for the broader crypto and blockchain industry,” said Meryem Habibi, chief revenue officer of Bitpace. Coinbase joining the S&P 500 doesn’t just boost the owner of the largest US cryptocurrency exchange. “It cements the legitimacy of an entire asset class,” she told Cointelegraph. 

Jason Kennard, head of business development at ARK Invest Europe, told Cointelegraph that for the first time, a crypto-native firm had met the stringent profitability, liquidity and market cap requirements of “the most iconic benchmark index” in global markets, adding:

It sends a strong signal to institutional investors: Crypto infrastructure has matured into a credible, systemic part of the financial ecosystem.

It is a milestone event, Steve Sosnick, chief strategist at Interactive Brokers, told Cointelegraph, “because whether they want it or not, or know it or not, equity investors who buy S&P 500 index funds will now have crypto exposure via COIN.” Indeed, Coinbase could now get billions of dollars in passive investor flows just from becoming part of the S&P 500. 

Well-known Hyperliquid trader James Wynn has increased his 40x leverage long Bitcoin bet to $1.25 billion after closing his $PEPE position for a $25.2 million profit.

On May 24, Lookonchain reported that Wynn entered an 11,588 BTC position with an average entry price of $108,243 and a liquidation level of $105,180.

The move came hours after Wynn exited his Ether (ETH) and Sui (SUI) longs at a $5.3 million loss. At the time, he used the proceedings to double down on Bitcoin (BTC), increasing his position to 11,070 BTC.

Wynn began his Bitcoin long position with $830 million on May 21, trimming $400 million in profits the same day. By May 22, he ramped the position back up to $1.1 billion, holding high leverage as BTC crossed $110,000 and gained $39 million on paper. He later sold 540 BTC for $60 million, securing a $1.5 million profit.

James Wynn’s Bitcoin long bet. Source: James Wynn

Related: Bitcoin continues rally to surpass $110K for the first time

President Donald Trump is facing scrutiny after speaking at a private event for top investors in his $TRUMP memecoin while standing behind a lectern emblazoned with the official presidential seal — a move that may violate federal law.

The event took place Thursday at Trump National Golf Club in Virginia, where Trump addressed 220 investors in his cryptocurrency project.

According to US law, the presidential seal cannot be used in any manner that could imply government approval or sponsorship. Violators can face fines or up to six months in prison.

Trump, who arrived at the club aboard a military helicopter, praised attendees and took aim at the Biden administration’s crypto stance.

When asked about potential conflicts of interest, White House Press Secretary Karoline Leavitt said the president’s involvement was personal. “It is not a White House dinner,” she told reporters. “It’s not taking place here at the White House.”

Moon Inc. head of Bitcoin strategy Jesse Myers says that Bitcoin holders are underestimating the significant amount of Bitcoin that corporations will accumulate by 2045.

“Bitcoin Treasury Companies will hold 50% of all BTC, way more than most Bitcoiners are prepared for,” Jesse Myers said in a May 23 X thread.

Strategy will own $70T of Bitcoin by 2025, says Myers

Myers further forecasted that Michael Saylor’s Strategy will own $70 trillion worth of Bitcoin (BTC) by 2045, “making it by far the most valuable company in the history of the world.” At the time of publication, Strategy holds 576,320 Bitcoin, worth approximately $62.24 billion, according to Saylor Tracker.

Source: Jesse Myers

Myers said, “To set the stage, there is $1,000T of asset value in the world.” He added that Bitcoin represents just 0.2% of that total amount. He explained that, since half of all capital in the world is essentially seeking the best store of value, more capital will “osmotically flow” into Bitcoin over time.

“Over the last 2 years, an exodus from fiat assets (bonds and money) has already begun. Hard money assets (Bitcoin and gold) are where things are shifting,” he said.

A US federal judge has vacated key fraud and manipulation convictions against Avraham Eisenberg, the trader at the center of the case involving a $110 million exploit of the decentralized exchange Mango Markets.

On Friday, US District Judge Arun Subramanian ruled that the evidence presented at trial failed to support the jury’s conclusion that Eisenberg made materially false representations to Mango Markets.

The decision vacates Eisenberg’s convictions for commodities fraud and market manipulation and acquits him of a third charge, significantly weakening the government’s case.

Eisenberg, a self-proclaimed “applied game theorist,” was convicted in 2024 for artificially inflating the price of Mango’s MNGO token by over 1,300% in a matter of minutes and using the resulting gains as collateral to withdraw $110 million in crypto assets from the platform.

Related: US DOJ seizes $24M in crypto from accused Qakbot malware developer

US-based spot Bitcoin exchange-traded-funds (ETFs) have recorded a total of $2.75 billion in inflows this week amid Bitcoin surpassing its January all-time high of $109,000.

The $2.75 billion inflow total was nearly 4.5 times larger than the spot Bitcoin (BTC) ETF’s previous week’s $608 million in inflows, according to Farside data.

BlackRock Bitcoin ETF continues inflow streak

On May 23, the final day of the trading week, spot Bitcoin ETFs recorded $211.7 million in inflows. However, BlackRock’s IBIT was the only fund to post gains in the trading day, adding $430.8 million and extending its inflow streak to eight consecutive days.

Grayscale’s GBTC led outflows with $89.2 million, followed by ARK 21Shares’ ARKB with $73.9 million.

Just two days before, on May 21, the Bitcoin ETFs saw $607.1 million in inflows, the same day Bitcoin surpassed its $109,000 all-time high. The following day, Bitcoin recorded a new all-time high of $111,970.

Mihailo Bjelic, co-founder of Ethereum layer-2 scaling solution Polygon, has stepped down from his role at Polygon but suggests he will stay active in the crypto industry in some capacity.

His resignation drew reactions across Polygon and the wider crypto community, with several seeing it as a loss for Polygon, which has been tied to several major developments in recent months.

Bjelic winds down ‘day-to-day involvement’

“After much thought and reflection, I’ve decided to step down from the board of the Polygon Foundation and wind down my day-to-day involvement with Polygon Labs,” Bjelic said in a May 23 X post.

“I’ll always be cheering from the sidelines and supporting however and whenever I can,” Bjelic added.

“As projects evolve and mature, it is natural for visions to evolve, and sometimes diverge. With this in mind, I can no longer contribute to Polygon to the best of my abilities.”

Fellow Polygon co-founder, Sandeep Nailwal, commended Bjelic’s contributions over the years, adding that Bjelic has always been “a force behind so much of what makes Polygon what it is today.”

Key takeaways:

Bitcoin bulls aim to push BTC above $110,000 by May 30 to capitalize on $4.8 billion in call options.

Spot BTC ETF inflows and weak put positioning give bulls a strong edge in the monthly expiry.

Bitcoin (BTC) is approaching its largest monthly options expiry of 2025, with total exposure reaching $13.8 billion. This event gives bulls a chance to secure Bitcoin’s price above $110,000, as bears were caught off guard by a 25% rally over the past 30 days.

May 30 Bitcoin options open interest, USD. Source: Laevitas.ch

The open interest in Bitcoin put (sell) options stands at $6.5 billion, but 95% of these positions are set below $109,000. Therefore, if Bitcoin’s price holds near current levels, less than $350 million worth of put options will remain relevant at expiry.

The current structure of capital markets is failing to serve a broad base of investors, according to Akshay BD, non-chief marketing officer at the Solana Foundation. During a panel at the Accelerate 2025 conference, Akshay argued that blockchain technology could help address these shortcomings, claiming that Solana could “make everyone an investor or a dreamer over time.”

Akshay noted growing uncertainty among investors, citing concerns from investment managers who report heightened anxiety among clients. “You have low bond yields, you have asset price bubbles, and people don't really know how the traditional asset allocation model works anymore,” he said. The 60-40 portfolio hasn’t delivered consistent returns in a long time.”

He attributed some of this tension to a widening gap between income earned through wages and wealth accumulated through asset ownership. Retail investors, he added, are often locked out of private markets, which are typically accessible only to accredited investors — a dynamic that may be contributing to overheated public markets.

Akshay BD at Accelerate. Source: Cointelegraph

Akshay warned that the rapid advancement of artificial intelligence could further deepen existing economic divides. “The question is, which way do we go?” he asked. “Is it […] universal basic income, where we're essentially creating a welfare economy to support those unable to keep jobs or own assets? Or is it what we propose, universal basic ownership, where everybody with a mobile phone can own assets?”

He outlined a vision in which crypto infrastructure enables broader asset ownership, allowing individuals to invest in everything from energy companies to local coffee shops through tokenization. In this model, acquiring an ownership stake could be as easy as scanning a QR code.

Blockchain privacy tools such as zero-knowledge (ZK) proofs will become increasingly necessary to protect online user data in the age of artificial intelligence, according to Eran Barak, CEO of Shielded Technologies, the developer behind the Midnight privacy chain.

In an interview with Cointelegraph at Consensus 2025, Barak said corporate service providers and centralized servers are expected to become honeypots for AI-assisted hackers and malicious actors looking to steal valuable data, including private keys, financial metadata, medical records, and government documents.

Hackers targeting centralized entities have a "massive" return on investment (ROI) and are incentivized to hack centralized targets that contain millions of valuable records, the CEO told Cointelegraph. Barak added that ZK-proofs, a way of verifying onchain data without revealing it, solve this problem:

"Blockchain is going to improve cybersecurity around the world, because, for a hacker to get to actual data, they need to hack individual wallets, but their ROI would be one record instead of millions — not worth it. They are going to go elsewhere."

Privacy solutions have become a major focus for many Web3 developers, as the need to shield metadata from AI algorithms grows and large institutions demand privacy tools to protect sensitive data as a prerequisite to bringing their business operations onchain.

Midnight generates shielded assets that provide users with onchain privacy while maintaining compliance. Source: Midnight

Related: EU to ban anonymous crypto accounts and privacy coins by 2027

Semler Scientific, a medical device company, purchased of $50 million worth of Bitcoin between May 13 and May 22, bringing the market value of the company’s Bitcoin (BTC) holdings to $474.4 million, keeping it within the top 13 of BTC Treasury companies.

According to a May 23 disclosure, Semler bought a total of 455 BTC for an average purchase price of $109,801. To buy the Bitcoin, Semler Scientific used proceeds from an at-the-market stock offering program. So far, the company has sold roughly 3 million shares of common stock for net proceeds of $115 million.

Semler Scientific’s shares have fallen 1.36% on the same day as the disclosure, though the decrease in its share price is largely in line with the Nasdaq’s performance. That index, which follows top tech stocks, is down 1% on the day.

Semler Scientific share price. Source: Google Finance

In its Q1 2025 earnings report released on May 13, the company revealed a 44% drop in revenue year-over-year. Despite the claimed success of its Bitcoin treasury plan, Semler Scientific’s shares have dropped 18% in 2025, according to Google Finance.

Bitcoin treasury companies, or companies that traditionally sell equity or issue debt to buy BTC, had been drawing the interest of investors looking for exposure to Bitcoin price fluctuations.

Texas Governor Greg Abbott has signaled support for a bill recently passed by the state House of Representatives that would establish a strategic cryptocurrency reserve.

In a May 22 X post, Abbott posted a Techstory article about Texas state lawmakers’ efforts to create a Bitcoin (BTC) reserve. The story pointed out that the decision for the passage of SB 21, the bill in question, now rests on Abbott’s shoulders, roughly three months after it was introduced. 

Since taking office, Abbott referred to himself as a “crypto law proposal supporter” in 2021 and suggested that he would support policies to establish Texas as a “crypto capital” in 2024. Texas was one of a handful of state-level governments that proposed setting up a strategic crypto reserve after the 2024 federal elections.   

Related: Ukraine strategic Bitcoin reserve bill reportedly in final stages

On May 6, New Hampshire Governor Kelly Ayotte was the first to sign a Bitcoin reserve bill into law. Arizona Governor Katie Hobbs later approved a law allowing the state to claim ownership of unclaimed crypto. Some jurisdictions have rebuffed efforts to pass similar legislation, with roughly half of the 50 state governments considering a Bitcoin reserve.

When Venezuela was experiencing hyperinflation, Ledn co-founder Mauricio di Bartolomeo hedged against the collapsing local currency by shorting it in favor of the more stable US dollar. Today, he’s using a similar strategy — this time borrowing against his Bitcoin (BTC) to hedge against the crumbling US dollar.

Di Bartolomeo connected with me during Canada Crypto Week in Toronto, where he talked about the advantages of Bitcoin-backed loans and the rapid growth of collateralized BTC lending. In our interview, he made a compelling case for continuing to stack sats, even as Bitcoin’s price keeps rising.

This week’s Crypto Biz dives into our conversation with the Ledn co-founder and covers the latest business news from the blockchain world.

A lesson from hyperinflation

Before Bitcoin, di Bartolomeo’s most successful investment was shorting the Bolivar with US dollars, referring to his experience in Venezuela during the hyperinflationary 2010s. 

“I was borrowing Bolivars and buying dollars with them, holding the hard dollars and having a borrow [position] on the weaker currency,” he said.

Members of the US House of Representatives called for the Justice Department to investigate Donald Trump’s May 22 dinner for his top memecoin investors, citing concerns about “foreign influence over US policy decisions” and “potential corruption and emoluments clause violations.”

In a May 22 letter to the Justice Department, 35 House members asked the public integrity section acting chief, Edward Sullivan, to launch an inquiry over the memecoin dinner to determine whether it violated the federal bribery statute or the foreign emoluments clause of the US Constitution. 

Under the emoluments clause, a US president is barred from accepting any gift from a foreign state without the approval of Congress. Bloomberg reported that a majority of the attendees at the memecoin dinner were likely foreign nationals based on their connections to crypto exchanges. 

“US law prohibits foreign persons from contributing to US political campaigns,” said the letter. “However, the $TRUMP memecoin, including the promotion of a dinner promising exclusive access to the President, opens the door for foreign governments to buy influence with the President, all without disclosing their identities.”

May 22 letter to DOJ official calling for investigation into Trump memecoin dinner. Source: Representative Sean Casten

The call for an investigation and a press conference asking Trump to “release the guest list” for the dinner both occurred hours before the event, which was held at the Trump National Golf Club outside Washington, DC. A group of protesters, joined by Senator Jeff Merkley, gathered outside the venue with signs stating “illegal crypto party” and “democracy is not for sale.”

Key takeaways:

Short-term Bitcoin holders realized $11.6 billion in profit over the past 30 days, suggesting a potential pause or local top in the market.

Technical indicators show cooling momentum as retail investor sentiment falls to a 90-day low and liquidity data points to price volatility.

Bitcoin (BTC) price recently hit a new all-time high of $111,800, but the bullish momentum may slow down as onchain data from Glassnode reveals significant profit-taking by short-term holders (STHs), potentially signaling a market "breather."

Glassnode analysis shows that STHs, often considered traders rather than long-term investors, have realized a staggering $11.6 billion in profits over the last 30 days. This follows a sharp rebound in Bitcoin’s price, pushing past the STH cost-basis of $93,000. The profit-taking peaked at $747 million daily, a rapid increase from the $1.2 billion realized in the last 30-day period, highlighting a shift in new investor sentiment.