USDT

Tether

Drift's latest recovery proposal has sparked criticism after the protocol moved to convert remaining exploit-linked assets into a USDT-backed settlement pool.

A federal grand jury in Miami has charged a 19-year-old Canadian national and his partner for running a cryptocurrency fraud and money laundering operation that stole more than $13 million from their victims. The charges were announced yesterday, May 11, after a lengthy investigation into their operations. According to the DOJ press release , one of the accused, Trenton Richard David Johnston, allegedly impersonated customer support representatives from major search engines and crypto companies to gain access to victims’ digital wallets and accounts. After gaining access, Johnston and unnamed co-conspirators transferred their assets to personal accounts. Canadian on expired visa implicated in $13M crypto scam The indictment named Johnston alongside 28-year-old Brandon Michael Tardibone, a resident of Miami. Prosecutors accused Tardibone of knowingly housing Johnston at a luxury Miami-area residence to help him avoid immigration authorities. Both men also stand accused of laundering fraud proceeds through multiple financial transactions to hide where the money came from. Apparently, the pair spent more than $1 million in stolen funds on leasing high-end vehicles, buying expensive jewelry, and funding their lavish nightlife, according to the DOJ filing. Investigators say more victims are still being identified. Johnston faces charges of conspiracy to commit wire fraud and conspiracy to commit money laundering, each carrying up to 20 years in prison. On the other hand, Tardibone faces the money laundering conspiracy charge (up to 20 years) and a separate charge of harboring an undocumented person in the U.S., which is a 10-year offense. Is Miami a hotspot for crypto scams? The case joins a wave of social engineering crypto prosecutions originating from the Miami area. Popular blockchain investigator ZachXBT brought up the indictment on social media, claiming that Johnston helped criminals launder money through a Miami luxury car rental business. >meanwhile Yelo was just charged of laundering for threat actors via his Miami luxury car rental business and is facing up to 30 yrs pic.twitter.com/jNxyasjTaP — ZachXBT (@zachxbt) May 12, 2026 Meanwhile, the Southern Florida district has been busy. In April 2026, a Californian man named Evan Tangeman was sentenced to 70 months in federal custody for laundering proceeds from a $263 million crypto theft ring led by Malone Lam, a 21-year-old Singaporean. According to the DOJ , the criminals lived an incredibly flashy lifestyle with the stolen funds, spending over $500,000 in a single night at clubs and renting luxury mansions for as much as $80,000 per month. Tangeman’s sentencing was the ninth guilty plea in that investigation. The leader of the group, Malone Lam , was caught in Miami back in September 2024 after allegedly carrying out the biggest single-victim crypto robbery ever recorded, stealing more than 4,100 Bitcoins from one person, according to court documents . What next in the trial? Homeland Security Investigations is currently leading the Johnston probe with support from the FDIC Office of Inspector General, the IRS Criminal Investigation division, U.S. Customs and Border Protection, and the Golden Beach Police Department. The chief prosecutors are Assistant U.S. Attorneys Jackson K. Dering V and Robert F. Moore. The DOJ clarified that these charges are still allegations and that both defendants are considered innocent until proven guilty. Court documents are also available via the Southern District of Florida under case number 26-cr-20181. If you're reading this, you’re already ahead. Stay there with our newsletter .

Bitunix exchange has announced a new trading campaign called “TradFi vs Crypto: The Ultimate Showdown,” offering a total prize pool of 630,000 USDT for eligible participants. The campaign will run from May 12, 2026, at 10:00 UTC until May 25, 2026, at 23:59 UTC. The event is open only to invited users who successfully register. Users only need to register once to join both competitions: The TradFi Trading Competition, with rewards of up to 180,000 USDT The Crypto Trading Competition, with rewards of up to 450,000 USDT To qualify for rewards, users must reach at least 50,000 USDT in valid trading volume in either competition. Bitunix said only futures trading volume with actual trading fees paid will count toward the competition. Both opening and closing trades are included. Trading done using fee discount vouchers or futures bonuses will only count partially based on the actual fees paid. Leaderboard rankings and trading volume data will be updated every 15 minutes during the event. Rewards will be distributed within seven business days after the campaign ends, and they will be issued as futures bonuses. Bitunix also stated that users who engage in unfair activity, including wash trading, volume manipulation, or registering multiple accounts, may be disqualified from the event. The campaign comes as Bitunix exchange continues expanding its TradFi offering, which includes trading access to assets linked to traditional financial markets. The exchange said user interest in these products has continued to grow in recent months. Bitunix keeps extending its product lineup and trading infrastructure as the platform continues growing its global user base. The exchange is focused on derivatives trading but also offers spot trading. More information about the campaign is available on the official website of Bitunix . About Bitunix Bitunix is a global cryptocurrency derivatives exchange trusted by over 5 million users across more than 150 countries. Guided by its core principle of better liquidity, better trading, the platform is built for traders who expect more, committed to providing Ultra Trust, Ultra Products, and Ultra Experience. Bitunix offers a fast registration process and a user-friendly verification system supported by mandatory KYC to ensure safety and compliance. With global standards of protection through Proof of Reserves (POR) and the Bitunix Care Fund , the exchange prioritizes user trust and fund security. Industry-first innovations like Fixed Risk, TradingView-powered chart suite, along with indicator alerts, cloud-synced templates, provide both beginners and advanced traders with a seamless experience. Making Bitunix one of the most dynamic platforms on the market. Bitunix Global Accounts X | Telegram Announcements | Telegram Global | CoinMarketCap | Instagram | Facebook | LinkedIn | Reddit | Medium Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

BitcoinWorld South Korea uncovers $7.4 billion in illegal forex trades using Tether stablecoin South Korean customs authorities have uncovered illegal foreign exchange transactions linked to cryptocurrencies totaling over 10 trillion won (approximately $7.4 billion) over the past five years, with the stablecoin Tether (USDT) playing a central role in the illicit activity, according to a report from the Korean economic daily Hankyung. Rapid escalation in scale and frequency The value of detected illegal transactions has surged dramatically since 2021. Customs data shows that the total rose from 823.8 billion won in 2021 to 4.7566 trillion won in 2022, representing a more than fivefold increase in just one year. The number of reported cases also grew, from 10 in 2021 to 16 in 2025, indicating not only a rise in the volume of illicit flows but also an expanding pattern of abuse. Tether, a stablecoin designed to maintain a 1:1 peg with the U.S. dollar, has become a preferred instrument for these schemes due to its stability, liquidity, and relative ease of transfer across borders without traditional banking oversight. Authorities note that the pseudonymous nature of blockchain transactions, combined with the stable value of USDT, makes it an attractive tool for circumventing South Korea’s strict foreign exchange controls. Implications for cryptocurrency regulation The revelations come at a time when South Korea is tightening its regulatory framework for digital assets. The country’s Financial Services Commission has been pushing for clearer guidelines on crypto exchanges and transaction monitoring, partly in response to concerns over money laundering and capital flight. Industry experts point out that while stablecoins like Tether offer legitimate utility for trading and remittances, their misuse in illegal forex activities underscores the need for more robust compliance measures. Customs officials have indicated they are enhancing data-sharing agreements with crypto exchanges and employing advanced blockchain analytics to trace suspicious transactions. Why this matters to readers For South Korean investors and the broader crypto community, this development signals increased regulatory scrutiny ahead. It also highlights the dual-use nature of stablecoins, which can facilitate both lawful financial innovation and illicit financial flows. The growing scale of detected violations suggests that enforcement agencies are becoming more effective at identifying abuse, but it also raises questions about whether current regulations are sufficient to deter future misconduct. Conclusion The scale of illegal forex transactions linked to Tether in South Korea represents a significant challenge for regulators and law enforcement. With the total value of detected cases now exceeding $7.4 billion, the trend points to an urgent need for coordinated international oversight of stablecoin usage in cross-border finance. As authorities refine their investigative tools, market participants should expect heightened compliance requirements and closer monitoring of crypto-fiat corridors. FAQs Q1: Why is Tether specifically used in illegal forex transactions? Tether (USDT) is a stablecoin pegged to the U.S. dollar, meaning its value remains stable. This stability, combined with its wide availability on exchanges and relatively fast, low-cost transfers, makes it a convenient tool for moving value across borders without traditional banking oversight, which can be exploited for illicit purposes. Q2: What actions are South Korean authorities taking? South Korean customs and financial regulators are increasing data-sharing agreements with cryptocurrency exchanges, deploying advanced blockchain analytics tools, and pushing for stricter regulatory frameworks to monitor and prevent the misuse of digital assets in foreign exchange violations. Q3: Could this lead to stricter crypto regulations in South Korea? Yes, the surge in detected illegal transactions is likely to accelerate regulatory efforts. South Korea’s Financial Services Commission has already been working on comprehensive digital asset legislation, and this case provides further impetus for tighter controls on stablecoins and cross-border crypto transactions. This post South Korea uncovers $7.4 billion in illegal forex trades using Tether stablecoin first appeared on BitcoinWorld .

Singapore, Singapore, May 12th, 2026, Chainwire After two years, Ourbit has gone from a Memecoin-native upstart to a global Top 30 SuperCEX. As the centralized exchange (CEX) sector continues to mature with a relatively established group of leading platforms, Ourbit’s two-year growth trajectory provides a notable example within the industry. Marking its second anniversary, the platform introduced its next phase of development under the theme “Trade Everything,” outlining plans to expand its offering beyond digital assets to include tokenized stocks, commodities, pre-IPO allocations, and prediction markets within a single application. To mark the milestone, Ourbit is launching "Predict the Future," a themed campaign with a 520,000 USDT prize pool. I. Two Years of Growth: From Memecoin Entry to Global Top 30 Ourbit's rise stems from a deliberate positioning choice — entering through Memecoin, a segment major venues had yet to systematically serve, with differentiation built on listing speed, liquidity depth, and asset coverage. Top projects like NEIROCTO, GOAT, ACT, KTA, and SPX6900 went live at near-launch speed, and the platform has cumulatively produced 272 tokens with 10x returns and 20 with 100x. Combined with zero-fee spot trading and up to 400x crypto futures leverage, Ourbit has earned a reputation as the fastest at listings, the deepest in liquidity, and the strongest in Memecoin wealth effect — further cemented when its official memecoin, $BITCH, posted a 4,500% debut-day gain. Per CoinGecko and CoinMarketCap: CoinGecko spot rank #29, Trust Score 8/10 CoinMarketCap spot rank #30, derivatives rank #23 Spot 24h volume in the $1B+ range; derivatives daily volume in the tens of billions Over 1 million registered users across 100+ countries 400+ listed crypto assets; up to 400x crypto futures leverage and 500x TradFi leverage On the brand and ecosystem side, Ourbit has maintained equally intensive investment over the past two years. One flagship campaign with a multi-million-dollar prize pool per quarter has become its signature rhythm — placing it at the front of the industry in campaign scale, intensity, and gameplay innovation, and repeatedly setting trends top-tier exchanges have followed. Offline, Ourbit was the title sponsor of Taipei Blockchain Week 2025 and has worked with cross-cultural figures including Lil Pump, Iggy Azalea, Fujimoto, and Machi Big Brother — alongside more than 100 project partners. In core regional markets, differentiated KOL support is widely seen as a key driver of regional user growth. II. What's Next — "Trade Everything": One App, Every Asset If the past two years answered "can Ourbit build a competitive SuperCEX," the next chapter sets a larger question: as more assets become tokenised and tradable 24/7, where do the boundaries of a crypto exchange end? This is the backdrop for Ourbit's "Trade Everything" strategy. 1) Continuous Expansion of Asset Dimensions "Trade Everything" is a strategy already shipping. From crypto spot and futures, to tokenised U.S. equities, ETFs, commodities, and forex, and on to Tap Trading, Pre-IPO, and prediction markets, Ourbit is continuously expanding both its tradable universe and its trading mechanics — letting users trade crypto and traditional assets seamlessly within a single account, with no separate TradFi account required. The lineup will continue to grow. Tokenised U.S. Equities: Tesla (TSLAON), Apple (AAPLON), NVIDIA (NVDAON), and other premium names tradable directly with USDT, in both spot and futures. Commodities: Gold (XAUT, PAXG), Silver (SLVON), and Crude Oil (USOON) trade 24/7, with TradFi leverage up to 500x. Tap Trading: A streamlined trading mode — take long or short positions in a single tap, substantially lowering the entry barrier for new users. Super IPO Zone: The inaugural offering, SpaceX (SPAX), has completed at the lowest price across the market, giving crypto users direct access to top-tier global primary-market allocations. Prediction Market: Launching soon, and the most noteworthy product move of this phase. Together, these introductions take Ourbit beyond the traditional crypto-CEX category. The company describes itself as "a SuperCEX that unifies CEX x DEX x TradFi within a single app" — the most direct product footnote to "Trade Everything." 2) Security and Compliance: The SuperCEX Baseline Expanding asset categories raises the bar for security and risk management. Ourbit has completed Hacken's penetration testing and security audit, provides 1:1 Proof of Reserves with public verification, and finalised CODE Travel Rule integration — aligning with Korean regulatory requirements and FATF global AML standards. Layered with cold-wallet storage, 2FA, and anti-phishing codes, Ourbit maintains a CoinGecko Trust Score of 8/10. As "Trade Everything" rolls out, Ourbit will further reinforce risk management, custody, and compliance. 3) User Experience: Campaign Intensity as Differentiator Beyond products, Ourbit treats campaign design as a second path to users. Over two years, it has held one large-scale campaign per quarter with a multi-million-dollar prize pool — placing it at the front of the global Top exchange cohort. The next phase will bring more thematic, more reward-driven, more mechanically inventive campaigns, with the goal of being "the exchange with the strongest campaign intensity and the most user-friendly offering in its tier." This anniversary campaign is another concentrated rehearsal of that strategy. III. Anniversary Campaign: " Predict the Future " — 520,000 USDT Prize Pool Event Period: May 12, 2026, 04:00 — June 9, 2026, 04:00 (UTC) Event 1 — Prediction Market (520,000 USDT): The Prediction Market carries the entire prize pool, split between the Rewards Mall (280,000 USDT) — where Gems redeem prizes including the DJI Mavic 4 Pro, Sony PlayStation 5 Pro, Apple AirPods 4, and USDT, with 10,000 USDT inventory refreshed daily — and the Forecaster Leaderboard (240,000 USDT), where the top 50 users in each of four 7-day rounds share 60,000 USDT (eligibility: about 50,000 USDT futures volume per round). Events 2 & 3: The USDT Earn Bonanza stacks APR boosts across holdings, net deposits, and futures volume for a maximum personal APR of 51%. The OUTI Trading Personality Test offers share rewards and exclusive vouchers to existing and new users. Full rules on Ourbit's official campaign page. In an industry now broadly searching for its second growth curve, "Trade Everything" is Ourbit's answer — and the next-phase narrative this SuperCEX is bringing to the industry at its two-year mark. About Ourbit Ourbit is the SuperCEX redefining the edge between crypto and TradFi. Built by degens, for degens, we unlock 24/7 markets across crypto, stocks, ETFs, commodities, and forex — all in one place. Trade with the lowest fees in the industry, including 0 fees on spot and select perpetual pairs. Backed by deep liquidity and high-leverage execution, Ourbit is building a seamless, all-in-one ecosystem that empowers users to capture opportunities across every market. ContactBrand ManagerJason LeeOurbitjason.lee@ourbit.com Disclaimer: This is a sponsored press release and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.

✨ Tether unveiled a $5.38 million AI developer fund with rewards in USDT or BTC. Developers can earn up to $4,000 per project for building privacy-focused, local AI solutions. Continue Reading: Tether launches $5.38 million AI fund for USDT and BTC rewards The post Tether launches $5.38 million AI fund for USDT and BTC rewards appeared first on COINTURK NEWS .

S&P 500 payments business Corpay has today announced it is integrating stablecoin wallets and settlement into its global platform. This will give its +800,000 business clients payment rails that are open 24 hours a day, seven days a week, excluding bank holidays and weekend cutoffs. The integration comes via a partnership with BVNK, a stablecoin infrastructure provider. Corpay customers will be able to keep stablecoin balances alongside their fiat currencies. They’ll be able to send, receive, store and convert stablecoins, all without ever leaving the Corpay interface, according to the release. Corpay (NYSE: CPAY) processes +$12 billion in corporate payments each month. It also handles ~$26 billion in foreign exchange volume across over 145 currencies. The Canadian company plans to wire stablecoin rails into its own treasury operations too. This will cut its dependence on pre-funded accounts and speed up fund movement across its global network. “At our scale, the ability to move liquidity quickly and reliably is critical,” said Mark Frey, Group President of Corpay Cross-Border Solutions. “Stablecoins introduce a 24/7 settlement capability that strengthens our existing infrastructure. BVNK provides the technology and compliance framework we need to deliver this securely and at scale.” Jesse Hemson-Struthers, BVNK’s CEO, said Corpay’s reach makes the company a strong partner for pushing stablecoin payments into broader corporate adoption. He added, “Together, we’re enabling faster, more efficient ways for businesses to move and manage money across borders.” BVNK attracts Mastercard, Visa, and Citi Mastercard announced plans to acquire the company in a deal that could reach $1.8 billion by the time it closes at the end of 2026. Mastercard CEO Michael Miebach cited BVNK’s network of stablecoin stakeholders, liquidity providers, and hard-to-get licenses as the primary reasons for the purchase. He discussed the acquisition during the company’s Q1 2026 earnings call. Visa Ventures, the investment arm of Visa, has invested in BVNK. Citigroup started backing BVNK in October 2025, according to Cryptopolitan . Arvind Purushotham, head of Citi Ventures, said that stablecoins are becoming more popular as a way to settle on-chain and crypto deals. He called out BVNK’s enterprise-grade infrastructure as a draw. BVNK co-founder Chris Harmse said that the demand for stablecoin infrastructure has surged. The U.S. represents the company’s fastest-growing market. He pointed to the passage of the GENIUS Act as a catalyst for institutional confidence. Stablecoins expand corporate payments integration The Corpay deal lands as stablecoins continue to expand beyond crypto native use cases. Dollar pegged stablecoin supply has reached $301 billion, according to data from CoinGecko. Tether’s USDT accounts for $189.6 billion of that total. Circle’s USDC sits at ~$77 billion. Visa recorded a $7 billion annual run rate in stablecoin settlement volume during its most recent earnings call. That figure jumped +50% quarter over quarter. The card network now has +160 stablecoin card programs running globally with partners including Rain, Reap, and Bridge. Citi raised its stablecoin market forecast in September. The bank projected the sector could hit $4 trillion by 2030 under a bullish scenario, up from earlier estimates of $1.6 trillion and $3.7 trillion, per Cryptopolitan. The smartest crypto minds already read our newsletter. Want in? Join them .

⚡️ US banks warn $1.7 trillion surge possible in stablecoins if the Clarity Act passes. The ABA urges stricter Senate rules, fearing massive shift from traditional deposits to $USDT. 🕐 Critical data: Lawmakers have only 10 weeks before elections to finalize crypto regulation. Continue Reading: US banks warn Clarity Act may boost stablecoins by $1.7 trillion The post US banks warn Clarity Act may boost stablecoins by $1.7 trillion appeared first on COINTURK NEWS .

Tether, the issuer of USDT, the largest stablecoin in the world, has set its sights on artificial intelligence, investing millions of dollars into technology that does not require the cloud to function. Paolo Ardoino, Tether’s CEO, shared how he migrated from cloud-based AI to a local and self-sovereign AI system, warning about the risks of new AI Agent systems. Tether is paying developers to build local AI systems Tether has launched an unlimited developer grants program to fund local-first AI and payments infrastructure. Prior to this, Tether’s AI research group released medical language models that run on standard smartphones and outperform Google’s (NASDAQ: GOOGL) significantly larger systems. Tether joins a lane that Ethereum (ETH) co-founder Vitalik Buterin is already on. Vitalik published an extensive personal blog post on April 2 detailing his complete migration away from cloud-based AI. Cryptopolitan reported that Buterin says he now runs everything on his own machines and wants others to do the same, especially with the introduction of new “agent” systems that present considerable security threats. Buterin highlighted the research done on OpenClaw, which reached 280,000 stars in early 2026. The tool allows AI agents to control computers directly, and security researchers have demonstrated that OpenClaw agents can modify critical system settings, download and execute malicious scripts from web pages without user awareness, and exfiltrate data through silent network calls. Cryptopolitan reported that approximately 15% of the “skills” these agents use contain hidden commands that quietly send user data to outside servers. “If you can build something that runs locally, holds value directly, and doesn’t rely on external providers, we’ll fund it.” Tether’s CEO Paolo Ardoino said. Tether’s grants program pays individuals $1,500 to $4,000 per task, in either USDT or Bitcoin (BTC), with no cap on total program payouts. However, developers are only paid once specific technical deliverables are completed. Tether is directing the program toward building core libraries for its local AI platform QVAC , producing technical documentation, developing applications on top of Tether’s open stack, and researching decentralization and edge AI. A major focus is the Wallet Development Kit (WDK), which lets developers embed self-custodial wallets directly into applications while also allowing users to manage their accounts and complete transactions without relying on custodial services or hosted APIs. Tether previously awarded $100,000 in grants to the BTC Pay Server Foundation in consecutive years and donated $250,000 to OpenSats for Bitcoin development. Tether has distributed over 500 student education grants and committed up to approximately $5.38 million (CHF 5 million) toward the program’s next phase through 2030. Can smaller AI models outperform larger ones? Tether’s AI Research Group recently released QVAC MedPsy, a pair of medical language models designed to run directly on smartphones and wearables without any internet connection. The results challenge the assumption that better performance requires larger models. The smaller model, QVAC MedPsy-1.7B (1.7 billion parameters), scored 62.62 across seven closed-ended medical benchmarks, outperforming Google’s MedGemma-1.5-4B-it by 11.42 points despite being less than half the size. The larger QVAC MedPsy-4B (4 billion parameters) scored 70.54 on the same benchmarks, exceeding Google’s MedGemma-27B-text-it, a model nearly seven times larger containing approximately 27 billion parameters. The performance gap widened when the models were tested in real-world clinical scenarios. On HealthBench Hard, a test designed to measure applied medical reasoning, QVAC MedPsy-4B scored 58.00 compared to MedGemma-27B’s 42.00. The models also use significantly up to 3.2 times fewer tokens than comparable systems, which translates directly into faster response times and lower computational demands. Tether, Vitalik and other proponents of running smaller, local AI models will be pointing to these results as evidence that users don’t need to risk sending their data into the cloud to run efficient systems. Don’t just read crypto news. Understand it. Subscribe to our newsletter. It's free .