The Blockchain Bulletin May 1st: A Mail-Based Phishing Hits Crypto Users
Hey Folks! Welcome to our latest edition of the Blockchain Bulletin on the International Labour Day. Today we unravel and discover the latest insights that hit the market in the past 24 hours. A new scam, revealed on April 29 by tech analyst Jacob Canfield in a post on X, involves highly professional letters impersonating Ledger. The letter, complete with authentic-looking branding, a unique reference number, and a fabricated “critical security risk” warning, instructs users to scan a QR code leading to a fake website. There, unsuspecting victims are prompted to enter their 24-word recovery phrase—the digital equivalent of handing over your house keys. Ledger quickly responded, reminding users that *they will never ask for recovery phrases by any method*. Ever.
The U.S. Senate, under the guidance of Majority Leader John Thune, is expected to vote on the GENIUS Act (Give Every National Issuer Uniform Safeguards Act) before Memorial Day—May 23 to be exact. This legislation, originally introduced in February by Senator Bill Hagerty and approved by the Senate Banking Committee in March, aims to bring rigorous structure to the world of fiat-backed stablecoins. Under the Act, any stablecoin pegged to the U.S. dollar must be fully backed by reserves, with frequent audits and transparent reporting. Large issuers with over $10 billion in assets would fall under federal oversight, while smaller ones could operate under state regulators if compliance standards align. The bill is touted as a significant step toward legitimizing digital dollars, potentially attracting institutional investors previously spooked by regulatory ambiguity.
On the flip side of this, rather more theatrical digital finance offering, an announcement from Trump Media & Technology Group promises a utility token and digital wallet on Truth+, its streaming platform. Revealed in a shareholder letter by CEO Devin Nunes ahead of the company’s annual meeting, the token would form the backbone of a rewards system, enabling users to pay for subscriptions and possibly unlock further functionality across the Truth ecosystem. While the company stopped short of confirming whether the token would be blockchain-based, the use of terms like “digital wallet” and “utility token” certainly point in that direction. Nunes dubbed the initiative as a new set of tools for “patriotic Americans,” aligning with Trump Media’s broader expansion ambitions.
Speaking of the man behind the MAGA, President Donald Trump, now in his second term, has taken the crypto world by storm with a mix of audacity, unpredictability, and a distinctly pro-digital finance agenda. Within his first 100 days back in office, Trump has shaken up traditional markets, appointed crypto-friendly figures to regulatory posts, and established the Department of Government Efficiency, led—yes—by Elon Musk. From granting clemency to Silk Road founder Ross Ulbricht to signing Executive Order 14178, which laid the groundwork for the Strategic Bitcoin Reserve and a U.S. Digital Asset Stockpile, Trump’s administration seems poised to make digital assets a pillar of U.S. economic strategy. Of course, this comes with a heavy dose of nationalist trade rhetoric, including a 25% tariff slap on Mexican and Canadian imports.
