NC Plans Bitcoin Buy, Mastercard Adds Stablecoins, Ripple Bid

May 6, 2025

Crypto World

Maciej Zerelik

Crypto never sleeps. Neither should you. Each week, StealthEX and CryptoDaily break down the biggest crypto news. Curious what’s happening right now? Our quick updates make crypto easy to follow. You’ll get simple insights into the latest trends. Always stay ahead. No complicated jargon, just clear facts. Ready? Let’s dive in!

North Carolina Moves Closer to Investing State Funds in Bitcoin

North Carolina legislators took a significant step toward adding Bitcoin to the state’s investment portfolio. House Bill 92, known as the Digital Assets Investment Act, recently passed the House of Representatives with a solid 71-44 majority. The next step is Senate approval.

If successful, North Carolina would become the first U.S. state to officially invest public money in Bitcoin through regulated financial instruments. The bill strictly forbids direct cryptocurrency purchases. Instead, the state must use regulated exchange-traded products listed on reliable U.S. exchanges, including NASDAQ or the New York Stock Exchange.

A key safety measure limits the state’s investments to cryptocurrencies valued at $750 billion or higher. Currently, Bitcoin is the only digital asset meeting that criteria. Lawmakers included this requirement to reduce volatility risks.

To further protect state finances, any crypto investments would be secured in cold wallets featuring multi-signature security systems. Independent auditors will conduct monthly checks to guarantee the integrity of holdings.

Additionally, lawmakers inserted a clause requiring a two-thirds legislative vote before Bitcoin investments can be sold. Selling would only be permitted during an officially declared financial emergency, providing another level of financial caution for North Carolina’s historic digital asset venture.

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Mastercard Opens Door to Stablecoin Payments with New Expansion

Mastercard is stepping deeper into digital assets by allowing merchants to receive payments in stablecoins. Businesses can now accept settlements in cryptocurrencies such as Circle’s USDC, through partnerships with Nuvei, Circle, and Paxos. Merchants will benefit by having an extra option to get paid quickly, securely, and without traditional banking delays.

Nuvei CEO Phil Fayer said this development would simplify how businesses process transactions, reflecting growing merchant interest in crypto solutions. Mastercard aims to make stablecoins convenient and practical for everyday purchases, removing complexities typically associated with digital assets.

This update is part of Mastercard’s broader plan to integrate cryptocurrencies into mainstream payment systems. The company already supports crypto-linked cards from major platforms like Binance, Kraken, and Crypto.com, enabling millions of customers to use digital assets at everyday stores.

Recently, Mastercard teamed up with OKX to introduce the OKX Card, enhancing user access to their crypto holdings. Mastercard also developed the Multi-Token Network to streamline real-time payments using blockchain technology. Major banks such as JPMorgan and Standard Chartered have joined this network, boosting Mastercard’s role in bridging crypto and traditional finance sectors.

With these initiatives, Mastercard continues pushing digital currencies closer to widespread acceptance.

Movement Labs Suspends Co-Founder Amid MOVE Token Scandal

Blockchain startup Movement Labs has suspended its co-founder, Rushi Manche, after allegations of questionable market practices emerged involving its MOVE token. The suspension follows serious accusations of market manipulation linked to the token’s debut last December.

The controversy began when a major holder quickly dumped about 66 million MOVE tokens, representing over 5% of the total supply. Binance revealed that the sell-off happened immediately after MOVE was listed on exchanges. The market maker reportedly earned approximately $38 million before Binance froze the funds and banned the entity permanently.

Coinbase also reacted by removing MOVE trading pairs, limiting user transactions amid ongoing investigations. Reports claim Movement Labs had secret deals with a suspicious company called Rentech, allegedly formed to inflate token prices artificially. Leaked documents indicate intentions to push MOVE’s value toward a $5 billion market cap, then sell off holdings.

Rushi Manche publicly acknowledged mistakes, blaming poor decisions and bad advisors. Movement Labs is conducting a third-party review focused on governance and internal oversight.

The foundation behind the MOVE token claims it had no prior knowledge of these suspicious deals, vowing full transparency and cooperation with regulatory bodies. Movement Labs’ future remains uncertain as the investigation into these incidents continues.

Strategy Plans Massive $84 Billion Bitcoin Investment Push

Strategy, the major corporate Bitcoin holder led by Michael Saylor, just announced a huge fundraising goal. The company plans to raise an impressive $84 billion to significantly boost its Bitcoin holdings. Half of this amount, about $42 billion, will come from selling equity, while the other half will be from issuing bonds.

This fundraising isn’t Strategy’s first major Bitcoin bet. Earlier this year, the company raised $21 billion by selling equity, acquiring more than 301,000 Bitcoins. Strategy’s aggressive buying strategy has helped its stock price rise sharply, gaining over 50% recently.

Currently, Strategy owns 553,555 Bitcoins, making it the biggest corporate Bitcoin holder globally, second only to asset giant BlackRock. The average purchase price per Bitcoin stands around $68,459, but the company recently paid over $92,000 per Bitcoin, signaling strong market confidence.

Strategy aims to achieve even better financial performance moving forward. The firm upgraded its Bitcoin yield target to 25% by 2025, forecasting around $15 billion in profits.

The company’s CFO, Andrew Kang, explained they’re using fair-value accounting for Bitcoin holdings, significantly boosting their financial statements. Even with Bitcoin’s recent ups and downs, Strategy remains confident in future growth driven by its massive Bitcoin holdings.

Ripple’s $5 Billion Circle Acquisition Offer Rejected

Ripple recently tried and failed to buy Circle, the issuer of the widely used USDC stablecoin. The proposed deal, reportedly worth around $5 billion, fell apart due to disagreements over price and strategic direction. Circle turned down Ripple’s offer, deciding instead to focus on its own independent growth and plans for an IPO.

Circle viewed Ripple’s offer as too low, given USDC’s current $61.7 billion market cap and its strong global position. Leaders at Circle reportedly felt accepting the deal could have limited their future plans. Circle wants to strengthen USDC’s position as a top stablecoin and prefers remaining independent.

Regulatory worries also influenced Circle’s decision. Combining Ripple and Circle would likely have drawn significant attention from regulators. Ripple’s past legal issues, notably its high-profile SEC case that resulted in a $50 million net penalty, added more concerns for Circle’s leadership.

Circle remains committed to preparing for an IPO and enhancing USDC’s reputation as a trustworthy and regulated stablecoin. Analysts say rejecting Ripple’s acquisition bid underscores Circle’s confidence in its strategy and market potential. Meanwhile, Ripple has not indicated plans to pursue further negotiations.

The failed bid highlights ongoing consolidation pressures within the crypto sector, even as major firms like Circle choose independence over mergers.

Libre Plans $500 Million Tokenization of Telegram Bonds on TON Network

Libre, a tokenization company, announced plans to turn $500 million worth of Telegram-issued corporate bonds into blockchain-based assets. These tokenized bonds will become part of The Open Network (TON), linking traditional finance to decentralized applications (DeFi).

Named the Telegram Bond Fund (TBF), this initiative gives institutional investors blockchain access to Telegram’s debt, currently totaling around $2.4 billion. Investors holding the tokenized bonds can use them for collateral, lending, and generating returns directly through TON’s expanding DeFi infrastructure.

Libre CEO Avtar Sehra explained that investors would purchase blockchain-based units representing actual corporate bonds, offering easier transfers and expanded use cases. TON, associated closely with messaging giant Telegram and its billion-user community, provides an ideal platform for this project.

The move aligns with growing demand for real-world assets (RWAs) in blockchain markets, currently valued at around $18.9 billion. Libre previously tokenized over $200 million worth of assets for institutions like BlackRock and Hamilton Lane and aims to eventually transfer these onto TON as well.

Libre also plans to simplify participation by enabling investors to buy tokenized assets using stablecoins or fiat money through TON crypto wallets. This initiative further integrates traditional financial products with TON’s blockchain ecosystem, enhancing accessibility for institutional investors.

ZachXBT Investigates Massive $330 Million Bitcoin Scam

Prominent crypto investigator ZachXBT is uncovering details about a huge Bitcoin theft totaling $330 million. The scam targeted an elderly investor and involved sophisticated phishing methods. As the investigation advances, ZachXBT and his team managed to freeze roughly $7 million of the stolen Bitcoin, though the majority remains missing.

The fraud occurred in late April, focusing on a single victim who held significant Bitcoin across various exchanges. Attackers used personalized phishing tactics to bypass security measures, stealing about 3,520 BTC. The stolen funds were partly converted into Monero, impacting the asset’s trading volume significantly.

ZachXBT identified two possible suspects involved in the scheme: one operating from a call center in Camden, UK, and another providing technical assistance for the fraudulent site. Both suspects quickly removed their social media accounts after being named.

Binance’s security team also played a crucial role, cooperating closely with ZachXBT to freeze funds. The victim’s identity and how they obtained their considerable Bitcoin holdings remain undisclosed. ZachXBT hinted the victim’s assets originated from unusual methods, without revealing further details.

The investigation continues actively, as authorities and crypto experts attempt to trace the remaining stolen funds. This incident highlights ongoing vulnerabilities and the sophistication of scams targeting large crypto holders.

Loopscale Negotiating with Hacker to Recover $5.8 Million

DeFi platform Loopscale confirmed it’s currently in negotiations with the hacker behind a recent exploit that cost users $5.8 million. The Solana-based protocol suffered an attack on April 26, leading to a theft involving 5.7 million USDC and 1,200 SOL tokens from its yield vaults.

After quickly suspending withdrawals and freezing lending markets, Loopscale initiated contact with the attacker. The team publicly offered the hacker a deal: return the stolen funds in exchange for a 10% reward and legal protection. The hacker responded positively but requested the reward be increased to 20%.

Showing intent to cooperate, the attacker returned about 5,000 wrapped SOL tokens soon after communications started. Loopscale acknowledged this step and continues to negotiate publicly with the attacker to finalize the exact terms of the bounty agreement.

The protocol promised regular updates during the negotiation process. Additionally, Loopscale intends to release a detailed report once the incident concludes, explaining how the breach occurred and how security measures will improve.

Currently, vault withdrawals remain suspended until funds are fully recovered. Loopscale emphasized that this exploit was isolated, specifically targeting its RateX pricing mechanism, and did not affect broader platform security.

This article is not supposed to provide financial advice. Digital assets are risky. Be sure to do your own research and consult your financial advisor before investing.