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US DOJ Moves to Recover $12M in USDT Tied to Crypto Scam

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In brief

  • Federal prosecutors have filed a complaint to forfeit USDT funds traced to a spoofed trading platform.
  • Victims were recruited through text messages and directed into fake investment accounts.
  • Civil forfeiture is being used as a tool to disrupt scams and recover funds for victims, Decrypt was told.

Federal prosecutors in Albany have filed a civil forfeiture complaint seeking to recover more than $12 million in Tether’s USDT stablecoin linked to an investment fraud scheme.

Filed last Friday, the complaint targets balances traced to wallets used by a spoofed trading platform and details how victims were steered into off-platform deposits, according to a Justice Department statement released Tuesday.

United States Files Forfeiture Action Against More Than $12 Million in Funds Involved in Cryptocurrency Investment Fraud and Money Laundering https://t.co/vJZgiumKg9

— U.S. Attorney NDNY (@NDNYnews) September 10, 2025

Crypto investment scams are “the latest vehicle for con artists from all over the world to victimize Americans right here in our backyards,” Acting United States Attorney Sarcone said in a statement.

Ten Mandarin-speaking victims were approached through unsolicited text messages which later spiraled into conversations about investment opportunities. The victims were then directed to ShakepayEX, a site designed to resemble a legitimate Canadian exchange, the DOJ detailed, citing findings from the FBI.

Once deposits were made, the platform blocked withdrawals by inventing fees and new requirements, while scammers continued to pressure victims to send more funds. Losses totaled more than $10 million, according to prosecutors.

Civil forfeiture an “important tool”

The case comes as U.S. authorities increasingly rely on civil forfeiture to intercept funds on stablecoin networks, demonstrating coordination between prosecutors and issuers to freeze assets before they slip into harder-to-trace channels.

In June, the Department of Justice initiated a civil forfeiture action targeting $225 million in USDT tied to so-called “pig butchering” scams, describing it as the largest crypto-linked seizure of its kind.

“Civil forfeiture has become one of the most important tools in crypto investigations because it not only disrupts illicit activity but also allows prosecutors to actually get funds back to victims,” Ari Redbord, global head of policy at blockchain intelligence firm TRM Labs, told Decrypt.

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Civil forfeiture’s dual function has become “a critical point” such that regulators no longer just weigh asset seizure, but also consider restitution for victims, Redbord explained.

“We’ve seen a growing number of cases where prosecutors, working with issuers and exchanges, have used civil forfeiture actions to freeze funds quickly and return them, even when arrests are difficult in non-cooperative jurisdictions,” he added.

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Ransomware kits built with AI are behind a 70% surge in attacks
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Ransomware kits built with AI are behind a 70% surge in attacks

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Attackers are increasingly deploying AI tools to execute ransomware attacks at scale

Summary

  • Scammers are using AI to scale their ransomware operations
  • Bad actors are creating ready-made kits for ransomware attacks
  • The number of verified victims rose 70% in the first half of 2025

With the increased availability of AI tools, scammers are deploying ransomware at scale. According to a report by OutreachX, automation and AI are contributing to a significant increase in attacks as scammers deploy “ransomware-as-a-service” kits.

The use of these tools has coincided with a significant increase in ransomware cases. According to an Acronis report, the number of verifiable ransomware victims rose 70% in the first half of 2025. Part of this increase could be because scammers can deploy their attacks on a greater scale.

Moreover, these attacks increasingly exploit human error through the use of AI. Attackers use LLMs such as ChatGPT to write phishing emails, extortion notes, and other content designed to pressure victims. They subsequently sell these as kits that can be used in other attacks.

“We’re watching ransomware move from code to content. It’s not just malware, it’s narratives, campaigns, and pressure scripts, sold as plug-and-play,” said Anirudh Agarwal, CEO of OutreachX.

Ransomware attacks on the rise

Crypto continues to play a central role in ransomware attacks, remaining the preferred payout method for attackers. However, despite an increase in the number of victims, the total volume of ransom payments fell fell 35% in 2024, according to a report by Chainalysis.

Improved investigative practices, asset seizures, and on-chain sanctions helped reduce ransom gains, especially in the second half of 2024. Moreover, restrictions on many Russian-based crypto platforms significantly reduced the ability of attackers to launder their funds.



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India Delays Full Crypto Framework Over Systemic Concerns: Reuters
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India Delays Full Crypto Framework Over Systemic Concerns: Reuters

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India is choosing not to create a full legal framework for cryptocurrencies. Instead, the government plans to keep partial oversight, fearing that fully integrating crypto into the financial system could create major risks, according to a recent government document seen by Reuters.

As per the report, the government document that says regulating cryptocurrencies would effectively give them legitimacy. This could make them more mainstream and potentially bring “systemic risks.” However, banning crypto completely also has limitations. It cannot stop peer-to-peer transfers or trades happening on decentralized exchanges.

Current Oversight and Risks

As per the document, India already permits global crypto exchanges to trade if they register domestically and comply with anti-money laundering due diligence. The government has also levied high taxes on crypto profits, deterring speculative trading and deterring mainstream involvement.

These measures, combined with current financial legislation, serve as a safeguard against fraud and criminality. The Reserve Bank of India (RBI) still warns about crypto, issuing warnings related to difficulty in containing risks despite regulations.

The government noted that the current limited regulatory clarity has actually helped contain risks within the formal financial system. Tax rules and other existing laws act as a strong deterrent against speculative trading, while also penalizing fraud and illegal activities.

The document also mentions concerns regarding stablecoins, which are cryptocurrencies pegged to fiat currencies such as the U.S. dollar. Widespread adoption of stablecoins in India would undermine the country’s national digital payment systems, such as the Unified Payments Interface (UPI) and inter-bank transfers. 

Global Context and India’s Position

Globally, approaches to crypto regulation differ widely. The U.S. has passed laws supporting stablecoins, and countries like Japan and Australia are slowly creating crypto regulations, India is taking a cautious approach. China continues its ban on private cryptocurrencies but is exploring a digital yuan. India, in contrast, remains careful, choosing not to promote the sector aggressively, while still allowing some operations under strict rules.

Currently, Indians have approximately $4.5 billion of crypto assets. The government cites that the amount is comparatively low and does not represent a systemic risk to financial stability at present.

Also Read: Mudrex Survey: 93% of Indian Investors Support Crypto Regulation



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XRP ETF in Canada Sets New Record as Demand Soars
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XRP ETF in Canada Sets New Record as Demand Soars

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Demand for regulated XRP products continues to rise, as Canada’s 3iQ XRP ETF sets a new record. In a recent tweet, Canadian investment fund manager 3iQ shared that investor demand has seen the 3iQ XRP ETF, called XRPQ, exceed CAD 150 million in AUM, the largest in its category.

XRPQ launched in June this year with a 0% management fee for its first six months, and it quickly established itself among Canadian peers. Ripple also stood out as an early investor in the fund, boosting investor confidence, which helped accelerate adoption across investors, including individuals, wealth advisors, institutions and family offices.

RippleX highlighted this milestone in a recent tweet, noting increased demand for regulated XRP products in Canada.

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In a similar milestone, in late August, the CME Group reported that its crypto futures suite had surpassed $30 billion in notional open interest for the first time, with XRP futures becoming the fastest ever contract in its history to cross $1 billion in open interest (OI), doing so in just over three months.

Optimism soars amid increased demand

The recent milestone suggests rising demand for XRP products as the crypto asset gains increased interest on the market.

According to Bloomberg analysts, the next 12 to 18 months might see hundreds of crypto-related ETP launches, with currently over 90 crypto ETF filings with the SEC.

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Several asset managers have filed for spot XRP ETFs with the SEC, including 21Shares, Bitwise, Canary Capital and Grayscale.

According to Nova Dius Wealth President Nate Geraci, while the XRP ETF approval odds in 2025 are at 87% on Polymarket, he personally thinks it is closer to 100%.

In an update on the XRP Ledger, version 2.5.1 of rippled, the reference server implementation of the XRP Ledger protocol, is now available. This release was rolled back from version 2.6.0 after issues were discovered, but it retains an important fix for stalled consensus rounds.



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CoinShares BTC Mining ETF Hits Record High as AI Stocks Extend Rally

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The CoinShares Bitcoin Mining ETF (WGMI) rose 12% to a record $33.13 on Tuesday as Nebius Group’s $17.4 billion agreement to supply GPUs to Microsoft boosted crypto mining and AI-related stocks across the board

The exchange-traded fund is now 44% higher year-to-date and has surpassed its market debut level of around $30.

The top two holdings have been standout performers year-to-date:

  • IREN (IREN) has surged 188%
  • Cipher Mining (CIFR) has climbed 90%

WGMI manages $175.7 million in total assets with an expense ratio of 0.75%.

AI momentum

The Nebius-Microsoft deal sparked a rally in AI-focused mining stocks on Tuesday, adding to momentum from the broader AI movement.

AI euphoria also boosted Oracle (ORCL), which surged 30% in pre-market trading on Wednesday. The company, a database software developer that has pivoted to cloud computing, raised its cloud revenue growth forecast to 77% on soaring AI demand, according to Financial Times. Its backlog surged 359% to $455 billion, fueled by massive AI-driven cloud contracts.



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Next Crypto to Explode Live News Today: Timely Insights for Chart Sniffers (September 10)
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First Solana Treasury Is Live on Nasdaq, BitMine Buys $45M Ethereum, and More…

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Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Stay Ahead with Our Timely Insights of Today’s Next Crypto to Explode

Check out our Live Next Crypto to Explode Updates for September 10, 2025!

Crypto is so unthinkably huge at the moment, a nearly $4 trillion industry that’s aiming for world domination.

Recent headlines talk of Circle and Mastercard planning to add USDC to global payment systems, Ethereum and Bitcoin treasuries in the billions of dollars, and Google building its own blockchain.

Bitcoin has an all-time growth of over 180,000,000%, Dogecoin over 43,000%, and some of the newest presale coins often pump 10x, 100x, or even 1,000x on rare occasions.

Explosive potential is probably the single best description for what we’re seeing today in crypto.

Quick Picks for Coins with Explosive Potential

If you’re looking for the most recent insights on the next crypto to explode, stay tuned. We update this page frequently throughout the day, as we get the latest and greatest insider insights for chart sniffers and traders looking for the next coin to explode.

Disclaimer: Crypto is a high-risk investment, and you may lose your capital. Our content is informational only, and it does not constitute financial advice. We may earn affiliate commissions at no extra cost to you.

SOL Strategies Lands on Nasdaq – Is Solana Meme Coin $SNORT the Next Crypto to Explode?

September 10, 2025 • 10:00 UTC

SOL Strategies made its debut on Nasdaq on Tuesday, catalyzing the Solana rally that has already touched $220.

But it’s not just $SOL benefiting from the news. Solana meme coins like $BONK, $PENGU, and $WIF surged as the crypto community welcomed the news.

If early-stage investment traffic is any sign, Snorter Token ($SNORT) is expected to follow suit in the coming weeks, as $SOL aims for another all-time high.

With multiple factors aligning, including Forward Industries’ $1.65B successful PIPE for Solana DeFi and Galaxy Digital’s move to tokenize SEC-registered shares on Solana, the recent rally is likely just the beginning.

That strengthens $SNORT’s price prediction, which has already raised $4M in its viral presale. Beyond the aardvark theme, its upcoming Telegram crypto trading bot has captivated early backers.

To learn more about Snorter Token and why it could be the next crypto to explode, read on.

BitMine Buys $45M-Worth of Ethereum to Feed Its $9B Treasury and Fuel Maxi Doge’s Frenzied Presale

September 10, 2025 • 10:00 UTC

BitMine bought a stack of 10,320 $ETH, valued at over $44M to expand its Ethereum treasury to over 2.079M tokens for a total value of $8.94B.

BitMine is currently the largest Ethereum holder in the world, owning over 1.7% of the total $ETH supply, according to data from CoinGecko.

This latest purchase reinforces BitMine’s plan to follow Strategy’s crypto hoarding strategy, which can fire up projects like Maxi Doge ($MAXI).

Maxi Doge’s presale is already at almost $2M, drawing in degen traders who have goals like: never sleep, retire at 22, and keep restocking the Red Bull reserve.

If you want to invest, read our price prediction for $MAXI here.

Authored by Bogdan Patru, Bitcoinist — https://bitcoinist.com/next-crypto-to-explode-live-news-september-10-2025/

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.



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DOGE ETF To Launch as First US Fund to Hold Asset With ‘No Utility’

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In brief

  • Bloomberg analyst Eric Balchunas calls Rex-Osprey DOJE the first US ETF to hold an asset with “no utility on purpose.”
  • ETF filed under the Investment Company Act of 1940 instead of the Securities Act of 193, like other crypto ETF filings.
  • Initial institutional adoption is initially, but market cap growth could attract attention, Decrypt was told.

A first-of-its-kind Dogecoin exchange-traded fund is set to hit U.S. markets on Thursday, with Bloomberg’s Eric Balchunas flagging the Rex-Osprey Doge ETF (ticker: DOJE) as the launch vehicle.

“Pretty sure this is first-ever U.S. ETF to hold something that has no utility on purpose,” Balchunas tweeted Tuesday, announcing the fund’s debut. 

The fund is expected to list using the Investment Company Act of 1940 framework that REX-Osprey previously used for its SOL + Staking ETF (SSK), rather than the Securities Act of 1933 path used by commodity-style grantor trusts.

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Ganesh Mahidhar, investment professional at Further Ventures, told Decrypt that “ETFs under the Investment Company Act of 1940 have mandates around diversification and more governance requirements broadly, as compared to those launched under the 1933 securities act.” 

“In a way, regulating it under the 1940 act provides more investor protection and imposes a registered investment structure on the SPV offering it,” he added. 

He explained this framework “demarcates the ETF as being more similar to stock and bond ETFs as compared to the BTC ETF, which resembles a commodity ETF.”

However, the meme coin classification raises questions about whether similar approvals await other similar cryptos. 

Dogecoin “follows the proof of work consensus, same as BTC,” and “has a floor in terms of the power being consumed to produce it,” Mahidhar noted.

“This separates Dogecoin from Shiba Inu and Pepe, which run on proof of stake and ‘don’t have the same baseline,’ making them more vulnerable due to ‘lack of utility,’ though Mahidhar noted app-chain and layer-2 projects could still push gaming or gambling use cases.”

Institutional portfolios are “unlikely to touch the ETFs at this stage,” but if their market cap becomes significant, “there is a possibility that some attention goes to them,” he said.

“What matters more is their price action and volatility in this case, and an eventual utility if such does happen,” the investment professional added.

The listing comes as over 90 crypto ETF proposals await SEC decisions, including pending applications for Solana and XRP funds with deadlines extending into October. 

REX Shares has also filed for multiple crypto ETFs in January, including Trump, BONK, and additional Dogecoin products, just days after Gary Gensler departed from the SEC.

On the crowded SEC docket, Mahidhar added he’s a “firm believer” that ETFs are the universal wrapper and sees no reason “any such ETF should not be accepted” as markets migrate from cash-flow to liquidity-based value concepts.

DOGE is changing hands for around $0.24, up 1.4% on the day and 11.7% on the week, according to CoinGecko.

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SEC delays decisions on Bitwise Dogecoin and Grayscale Hedera altcoin ETFs
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SEC delays decisions on Bitwise Dogecoin and Grayscale Hedera altcoin ETFs

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The U.S. SEC has extended its review of the Bitwise Dogecoin and Grayscale Hedera ETF applications, pushing both deadlines to Nov. 12 amid a growing backlog of altcoin ETF filings.

Summary

  • The SEC delayed NYSE Arca’s Bitwise Dogecoin ETF and Grayscale’s Hedera ETF to Nov. 12.
  • The agency has repeatedly extended deadlines for multiple altcoin ETFs, including Solana and XRP products.
  • Bloomberg data shows 92 altcoin ETF applications are now pending, with Solana and XRP drawing the most institutional demand.

The U.S. Securities and Exchange Commission has postponed its decisions on two proposed altcoin ETFs, extending the review period until Nov. 12.

The agency said on Tuesday that it is delaying action on NYSE Arca’s application to list the Bitwise Dogecoin (DOGE) ETF, originally filed in March. On the same day, the SEC also extended its review of Grayscale’s Hedera (HBAR) ETF filing, giving the product the same November deadline.

The delays continue a pattern in which the SEC has opted to use the maximum time allowed under statutory review windows. The SEC has already delayed multiple decisions in recent weeks, including filings tied to Solana (SOL), Ripple (XRP), and other altcoin ETFs.

The current altcoin ETF landscape

The backlog of pending altcoin ETF applications continues to grow. According to Bloomberg Intelligence analyst James Seyffart, there are now 92 crypto-related exchange-traded products awaiting regulatory decisions. Among them, SOL and XRP are drawing the strongest institutional demand, with eight and seven ETF applications pending, respectively.

Meanwhile, momentum is building for new products. On Sept. 8, the agency acknowledged a filing for the Canary Staked SEI ETF, officially starting the review process for what would be the first U.S.-listed SEI fund.

NEW: Here is a list of all the filings and/or applications I’m tracking for Crypto ETPs here in the US. There are 92 line items in this spreadsheet. You will almost certainly have to squint and zoom to see but best I can do on here pic.twitter.com/lDhRGEQBoW

— James Seyffart (@JSeyff) August 28, 2025





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Mudrex Survey 93% Of Indian Investors Support Crypto Regulation
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93% of Indian Investors Support Crypto Regulation

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Mudrex, one of India’s biggest crypto investment platforms, has come out with a new survey on how Indians see regulation, taxation and the future of digital assets. The survey is titled “What India Thinks: Crypto Regulation, Taxation & Investment Trends.” It is based on the views of more than 9,000 people from different regions, professions, and income groups. 

The most significant finding is that 93% of respondents support crypto regulation. Of these, 56% asked for a full framework with investor protection, 24% said lighter oversight would be better for innovation, and 13% wanted regulation to be limited to taxation. Half of those surveyed also supported the idea of a separate regulator for crypto.

1/5 India is already the global leader in #crypto adoption 🌏

But beyond headlines, what do everyday investors really think?

We conducted one of the country’s largest surveys to capture investor voices, across age, income and profession, on:

⚖️ Regulation
📈 Behaviour & Trends… pic.twitter.com/qkpv01Z74X

— Mudrex (@officialmudrex) September 9, 2025

Edul Patel, CEO and Co-Founder of Mudrex, noted that India is already leading global crypto adoption with the talent, appetite, and scale to shape the digital asset economy. However, he emphasized that achieving this potential requires clear regulation. According to him, the survey highlights that investors are not opposed to rules, but to the uncertainty surrounding them.

Taxes Remain the Biggest Pain Point

Taxation came out as the biggest roadblock. About 84% of participants called the current system unfair compared to other assets. Two-thirds said the 30% tax on gains was the biggest deterrent. Other issues included not being able to offset losses (12%), fraud concerns (12%), 1% TDS (7%), and exchange fees (3%).

Nearly nine in 10 investors said they would put more money into crypto if government policies were clearer. Out of these, 55% strongly backed the idea, while 35% said they would be encouraged if taxes were brought down.

Long-Term Outlook

Most respondents see crypto as more than a quick trade. About 64% said they view it as a tool for long-term wealth creation. Curiosity drives 14% of investors, 12% look at it for short-term profits, and 6% treat it as a safeguard against inflation. Just 4% are still unsure.

Where Investors Learn About Crypto

For most, YouTube is the go-to source, with 43% depending on it for updates. News outlets follow at 19%, then friends and family at 15%, and platforms like X at 14%. Education is also on the wish list, with 77% wanting blockchain and crypto to be part of college courses in India.

Politics and Policy Outlook

Crypto has entered the political space as well. About 67% of investors said they are very likely to back a party that supports digital assets, while 24% are somewhat likely. Only 9% said policy would not affect their vote.

At the same time, 78% believe India is already late in embracing crypto and Web3. With the government preparing a discussion paper, the survey offers a clear message: investors want clarity, fair taxation, and practical rules to match India’s growing role in global adoption.

Also Read: Indian Crypto Exchanges See 70–80% Volume From Perp Futures





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Massive 300 Million XRP Injection, Bitcoin's 'Quantum Hack' Theory, Shiba Inu (SHIB) 2025 Breakout Setup: Crypto News Digest
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Massive 300 Million XRP Injection, Bitcoin’s ‘Quantum Hack’ Theory, Shiba Inu (SHIB) 2025 Breakout Setup: Crypto News Digest

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XRP exchange reserves jump by 300 million tokens in 24 hours

XRP is back in the news after 300 million tokens, worth almost $885 million, were moved into crypto exchanges in just 24 hours. The surge lifted exchange reserves above $10.3 billion and set the stage for what may be a major price swing for the popular cryptocurrency.

Scale of inflows: 300,000,000 XRP entered exchanges in 24 hours, raising liquidity to multi-month highs.

Price reaction: XRP rebounded from $2.77 to $2.95 but has yet to break the $3.07 resistance.

Risk ahead: Extra supply on exchanges could tilt the balance toward selling pressure.

XRP’s position at the moment is tricky, to say the least. On the one hand, bouncing back from $2.77 and holding the 100-day EMA suggests that bulls are still in charge. But if there is fresh supply coming into exchanges, it might increase the risk of sell pressure if whales decide to offload.

What to watch out for next is the $3.07 barrier, which lines up with the 50-day EMA. Should it break, the path toward the $3.30-$3.50 region will open, and that is where selling picked up during previous rallies. If XRP does not clear that line, though, it risks falling back to $2.77, with the 200-day EMA at $2.53 acting as a deeper support “cushion.”

For now, with relative strength holding near the midline and trading volumes low, the market is waiting for confirmation of direction. It is pretty likely that there will be some volatility, but the endgame will depend on whether the reserves are used to aggressively sell or to keep as strategic liquidity.

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Bitcoin faces “quantum threat” again, but it’s still only theory

The “FUD of the week” award goes to Josh Mandell, a former Wall Street trader, who caused a big stir in the crypto community, by saying that quantum computing is already being used to steal coins from old Bitcoin wallets.

Mandell’s claim: Quantum tech has apparently let a “big player” drain some long-dormant wallets.

Community reaction: Bitcoin analysts dismissed the idea as unrealistic and mocked the theory online.

Reality check: Breaking Bitcoin security still requires technology decades away.

What happened is that Mandell argued on X that stolen Bitcoin is being quietly accumulated off-market, with on-chain analysis as the only safeguard. However, experts immediately pushed back, stressing that the millions of qubits needed to break Bitcoin simply do not exist today.

In particular, security researchers like Harry Beckwith and Matthew Pines labeled the suggestion false, while other commentators openly ridiculed it.

There are some concerns in place as quantum computing is advancing — Microsoft and Google recently unveiled new chips — but specialists agree it will take decades before such machines could threaten Bitcoin’s encryption.

Some, like cypherpunk Jameson Lopp, still urge long-term preparation in case quantum attacks become feasible, but even he points to the distant horizon, not the present. For now, Bitcoin’s cryptography remains safe, according to common knowledge.

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Shiba Inu’s (SHIB) 2025 breakout setup comes into focus

Being the biggest meme coin on Ethereum means always headlining the news, and Shiba Inu (SHIB) delivers. In today’s digest, the highlight is the fact that the meme cryptocurrency’s price is tightening inside a symmetrical triangle pattern, preparing for one of its biggest moves of the year.

Key resistance: The upside targets are defined by $0.00001297 (100-day EMA) and $0.00001388 (200-day EMA).

Support levels: The base is still at $0.00001200, but if SHIB loses that, it could be exposed to $0.00001150 and $0.00000950.

Indicators: The RSI is at 47 and falling, and there has been a bit of indecision before a breakout.

The way things are set up right now puts SHIB in a bit of a tricky position, just like XRP. The bullish scenario is that a breakout above $0.00001297 backed by strong volume drives Shiba Inu toward $0.00001450-$0.00001500, the same region where sellers capped the July rally. Clearing that ceiling shifts the broader picture back toward bullish control for the Shiba Inu coin.

Failure to defend $0.00001200, however, turns the structure bearish, exposing $0.00001150 per SHIB as the next stop and reopening the path down to $0.00000950, last touched in early summer. With RSI neutral and volume thinning, the pattern is nearly at its peak, and the outcome promises to be SHIB’s most significant move of 2025. Call it the potential Breakout of the Year.

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