Tag: cryptocurrency

California Passes Bill To Accept Crypto For State Payments

California has taken a step closer toward embracing crypto after a bill allowing state departments to accept digital currencies sailed through the state’s lower house with a unanimous vote and is now headed for the Senate.

Assembly Bill 1180 (AB 1180), which passed the California State Assembly on June 2 with a 68-0 vote on its third reading, would require the Department of Financial Protection and Innovation (DFPI) to develop rules permitting state fees and transactions under the Digital Financial Assets Law (DFAL) to be payable in crypto.

The DFPI is California’s regulatory agency tasked with overseeing financial services and protecting consumers while promoting responsible innovation. Individuals and entities conducting crypto business activities in the state must obtain a license from the DFPI.

If AB 1180 clears the Senate and is signed into law by Governor Gavin Newsom, the bill would become effective on July 1, 2026.

According to the bill’s sponsor, Democratic Assemblymember Avelino Valencia, a pilot program would run until Jan. 1, 2031, when it would become fully operational.

If AB 1180 is passed, California could join the likes of Florida, Colorado and Louisiana that have accepted crypto payments for certain obligations in recent years.

California’s bill would require the DFPI to submit a report by Jan. 1, 2028, detailing all crypto transactions processed, in addition to any technical and regulatory challenges encountered.

Crypto transactions under DFAL are defined as any digital representation of value that is used as a medium of exchange, but is not legal tender.

AB 1180 saw four amendments before being passed by the California Assembly on June 2.

The most notable exclusion concerned a section that sought to define terms related to ride-sharing companies and personal vehicles used for transportation services.

Keep reading

The Rise And Fall Of Two Crypto Traders Who Tortured A Bitcoin Millionaire For His Password

A shocking crypto kidnapping case involving two self-styled traders has rocked New York. On May 23, Italian crypto millionaire Michael Valentino Teofrasto Carturan escaped from a luxury townhouse in New York’s upscale SoHo neighbourhood, running barefoot onto a city street and flagging down a traffic officer, according to The New York Post. Carturan told police he had been kidnapped and held captive for nearly three weeks by John Woeltz and William Duplessie.

Prosecutors alleged that during his captivity, Carturan was tortured with a chainsaw and tased while standing in water, and at one point was hung off a roof ledge in a bid to force him to reveal the password to his Bitcoin wallet, reportedly worth $30 million.

According to ABC News, prosecutors said Woeltz and Duplessie lured Carturan to New York by threatening to have his family killed. Once he arrived, they allegedly stripped him of his passport and electronics, bound his wrists, beat him, shocked his feet, struck him in the head with a gun, cut his leg with a saw, urinated on him, and forcibly made him smoke crack cocaine.

Prosecutors said Carturan eventually escaped after convincing his captors to retrieve his laptop so he could access his Bitcoin wallet. When Woeltz left to get the laptop, Carturan ran out and sought help.

Keep reading

President Trump’s Crypto Czar, David Sacks, Says Elizabeth Warren Behind Biden Regime Anti-Crypto Agenda… ‘Controlled Autopen’

In a fiery Fox Business interview on Tuesday, President Trump’s newly appointed Crypto and AI Czar, David Sacks, pulled no punches — directly accusing radical leftist Senator Elizabeth Warren of running the Biden White House’s infamous autopen and using it as a weapon to “terrorize” the crypto community.

Sacks, the Silicon Valley entrepreneur turned pro-Trump policymaker, didn’t mince words during the interview.

He accused “Pocahontas” Warren of waging a personal war against digital finance, calling her actions a “pathological hatred” of crypto.

Sacks: “This is the financial system of the future, Jessie, and we have to encourage it. What the Biden administration was doing—and let’s face it, it wasn’t Biden—Elizabeth Warren controlled the autopen during that administration.

She, for some reason, has this pathological hatred of the crypto community. She wants to drive this community offshore; she doesn’t want it happening in the United States. That’s the wrong policy for the United States.

We want all the innovation happening here. This is a financial system of the future. It’s cheaper, it’s more efficient—we want it happening here, Jessie. And I think people are thrilled that President Trump is making that possible.”

Keep reading

Crypto investor allegedly tortured captive Italian businessman with a chainsaw for weeks in luxe NYC pad in sadistic scheme to gain password: sources

A cryptocurrency investor from Kentucky is suspected of torturing an Italian businessman with a chainsaw in a sadistic, weeks-long extortion attempt to gain the password for his accounts at a ritzy Manhattan apartment – before the captive made a daring escape, police sources said.

John Woeltz, 37, was arrested after the bloodied and bruised businessman – a 28 year-old man – broke out of the SoHo house of horrors Friday morning, ran to a police officer and said he’d been held prisoner for more than two weeks, the sources said.

Cops rushed to the luxurious Prince Street pad – which Woeltz was allegedly renting for roughly $30,000 to $40,000 a month – and discovered multiple Polaroid photos showing the businessman being tied up with electrical wire and tortured, including one of him bound to a chair with a gun pointed at his head, according to the sources.

Since being taken captive, the businessman had been bound with an electric cord, Tased while his feet were put in water, pistol-whipped, forced to take cocaine and threatened to have his limbs cut off with an electric chainsaw, the sources said.

The nightmare erupted from a dispute over cryptocurrency, in which the suspect allegedly tried to extort millions of dollars from the man by unleashing a litany of horrific tortures, according to sources.

The man was rushed to Bellevue Hospital for treatment, while cops arrested Woeltz, who was expected to face an assault charge, the sources said.

Woeltz was charged Friday night with two counts of second-degree assault, first-degree kidnapping, first-degree, first degree unlawful imprisonment and criminal possession of a weapon.

A second person — 24-year-old Beatrice Folchi of Manhattan — was also arrested and charged with first-degree kidnapping and first-degree unlawful imprisonment.

Keep reading

Coinbase Customers’ Personal Data Stolen in Hack, Stock Drops

The cryptocurrency exchange Coinbase was recently targeted in a hacking incident that led to the personal data of thousands of customers being stolen, the company said in a May 15 statement.

According to a March 31 filing with the Securities and Exchange Commission (SEC), Coinbase had 9.7 million monthly transaction users (MTU) by the end of that month.

Since the company claims that less than 1 percent of MTUs have been impacted by the hack, the number of affected individuals could be around 97,000.

Hackers got access to names, addresses, phone numbers, emails, last four digits of Social Security numbers, masked bank account numbers and identifiers, government ID images such as driver’s licenses and passports, and account data such as balance snapshots and transaction history.

Hackers did not get access to login credentials or 2FA codes, private keys, customer funds and the ability to move these funds, Coinbase Prime accounts, Coinbase or Coinbase customer hot or cold wallets.

Following the revelation, Coinbase shares crashed by 7.2 percent on Thursday.

Keep reading

Crypto CEO’s daughter, toddler horrifically assaulted in kidnap attempt on Paris streets — just steps away from Kim Kardashian

The daughter of a cryptocurrency CEO  and her 2-year-old child were attacked by a group of knife-wielding kidnappers in the center of Paris on Tuesday, harrowing video shows.

The scene unfolded on the same morning Kim Kardashian arrived at a Paris court to testify in a jewelry heist trial wearing a $3 million diamond necklace — less than two miles away.

Footage of the attack shows the moment the masked men violently try to force the woman, 34, into their van with her 2-year-old daughter as she screams for help.

The men try to force the woman into a Chronopost delivery van before they’re scared off by a heroic passerby who chases them with a fire extinguisher, hurling it at them as the suspects run away.

The victims were also saved by the child’s father, 30, who shielded them with his body and suffered multiple blows and a possible stab wound from the would-be kidnappers, Le Parisien reported.

The victims in Tuesday’s attack were identified only as the family of a CEO of a cryptocurrency purchasing platform, according to local media. 

The suspects remain on the run after their vehicle was found in the same borough near Rue Pache in the 11th arrondissement

Keep reading

Crypto Casino Founder Richard Kim Arrested After Gambling Away Investor Funds

Richard Kim, the founder of crypto casino Zero Edge, was arrested on Tuesday following allegations that he had gambled away investors’ funds.

According to an FBI complaint filed on Tuesday in the Southern District of New York, Kim “fraudulently induced investors to invest in Zero Edge, a cryptocurrency technology company he founded, and then misappropriated millions of dollars in those investors’ funds.”

The FBI said Kim lost “nearly all” of the $7 million he raised from investors and charged him with securities fraud and wire fraud. According to court records, Kim posted a secured bond of $250,000 and put up $100,000 in “cash or real property” to secure it.

CoinDesk was first to report on the Zero Edge incident in July of last year. In an interview at the time, Kim revealed to CoinDesk that he had gambled away more than $3.67 million of his investors’ funds through a series of high-risk leveraged crypto trades.

“The downfall began with a careless mistake — a phishing site that cost $80k,” Kim said in his own recollection of what went wrong, which he shared with CoinDesk in a written statement that he later published as a public apology. “This triggered my old demons, the need to ‘make it back’ to preserve my reputation.”

According to Kim, he “started down a negative spiral of leverage trading, raising more capital, and hiding the truth.”

After losing most of the $7 million he had raised for Zero Edge, Kim told CoinDesk he reported himself to the U.S. Securities and Exchange Commission’s public tip line.

“Part of my rationale in reaching out proactively to the SEC was to say, OK guys, I really f—d up. I lost this money. It was grossly negligent. But I didn’t intend to go run away with this money,” he told CoinDesk in an interview.

According to the FBI complaint, Kim’s previous accounts “misleadingly described where investors’ funds had gone, and why, and omitted to inform investors that certain funds had been transferred to Shuffle.com, the gambling website.”

Keep reading

Rhode Island Bill Would Allow State Residents To Spend $10,000 Monthly In Bitcoin Tax Free

A bill introduced to the Rhode Island Senate would enable the state’s residents to spend or sell just under $1,000 in bitcoin 10 times per month without incurring state capital gains taxes.

Bill S. 0451, which was introduced to the Rhode Island Senate last month, permits the state’s residents and businesses to make up to 10 payments in bitcoin valued at less than $1,000 per month (or sell the equivalent amount) without being subject to state capital gains taxes.

The bill is an amendment to existing state income tax laws, and the exact language in the proposed legislation is as follows:

“Any sale of [b]itcoin by an individual or business in Rhode Island shall be exempt from state taxation if the total value of sales is less than one thousand dollars ($1,000) per diem. The limit of the state tax exempt [b]itcoin transaction shall not exceed ten (10) sales per a thirty (30) day cycle.”

And the bill defines a “sale of [b]itcoin” as “any transaction in which [b]itcoin is sold or exchanged for another form of value, such as fiat currency or other physical or digital assets.”

The bill also clarifies that this exemption only applies at the state level and that it doesn’t affect federal tax obligations.

Under the bill, individuals and businesses who engage with these types of tax-exempt bitcoin transactions are responsible for keeping records of these transactions, including the total value of sales per day, and should be prepared to provide these records to the Rhode Island’s department of revenue for audit or compliance purposes.

Keep reading

The Stablecoin Trap: The Backdoor To Total Financial Control

The walls are closing in on your financial freedom—but not in the way most Americans believe.

While the debate rages over the future threat of Central Bank Digital Currencies (CBDCs), a far more insidious reality has already taken hold: our existing financial system already functions as a digital control grid, monitoring transactions, restricting choices, and enforcing compliance through programmable money.

For over two years, my wife and I have traveled across 22 states warning about the rapid expansion of financial surveillance. What began as research into cryptocurrency crackdowns revealed something far more alarming: the United States already operates under what amounts to a CBDC.

  • 92% of all US dollars exist only as entries in databases.
  • Your transactions are monitored by government agencies—without warrants.
  • Your access to money can be revoked at any time with a keystroke.

The Federal Reserve processes over $4 trillion daily through its Oracle database system, while commercial banks impose programmable restrictions on what you can buy and how you can spend your own money. The IRS, NSA, and Treasury Department collect and analyze financial data without meaningful oversight, weaponizing money as a tool of control. This isn’t speculation—it’s documented reality.

Now, as President Trump’s Executive Order 14178 ostensibly “bans” CBDCs, his administration is quietly advancing stablecoin legislation that would hand digital currency control to the same banking cartel that owns the Federal Reserve. The STABLE Act and GENIUS Act don’t protect financial privacy—they enshrine financial surveillance into law, requiring strict KYC tracking on every transaction.

This isn’t defeating digital tyranny—it’s rebranding it.

Keep reading

Congressional Hearing Reveals Stablecoins And CBDCs Share The Same Financial Control Risks

A congressional hearing on digital currencies rarely makes headlines. Yet, this week’s debate over stablecoins and central bank digital currencies (CBDCs) revealed more than technical disagreements; it exposed deeper anxiety about financial power, privacy, and control in an increasingly digital world.

The conversation unfolded along predictable lines. Those skeptical of CBDCs warned of creeping surveillance and government overreach. Advocates, meanwhile, framed it as a necessity, a matter of American competitiveness in a world where China and Europe are already moving ahead. Yet what emerged, almost inadvertently, was a realization that the supposedly safer alternative, privately issued stablecoins, carries many of the same risks.

While CBDC opponents championed stablecoins as the free-market alternative, testimony from industry leaders revealed that stablecoins — despite their branding as decentralized, private-sector solutions — already carry many of the same risks. The ability to freeze assets, enforce government mandates, and track transactions is a present reality, especially when combined with Know Your Customer (KYC) laws which eradicate privacy.

The core argument against CBDCs is simple: they give the federal government unprecedented control over personal finances. Randall Guynn, Chairman of the Financial Institutions Group at Davis Polk & Wardwell, issued a stark warning.

“A CBDC would give the Federal Reserve staff a direct window into virtually every transaction every person in America makes,” he said. “And at least one of them won’t be able to resist the temptation to use that information to promote what they consider to be worthy political goals.”

His comments echoed a broader concern: a US CBDC could function as a financial surveillance tool, much like China’s digital yuan. In China, authorities can track purchases in real-time and even restrict how certain funds are spent. Many fear the US government could use a CBDC to implement similar controls — whether to enforce political objectives, regulate behavior, or even deplatform individuals from the financial system.

Keep reading