Ukraine has begun formal steps to legalize the crypto industry, shifting from a largely unregulated market to one with a defined legal status.

On Sept. 3, Ukrainian lawmaker Yaroslav Zhelezniak revealed that he and his colleagues approved a bill that legalizes and taxes the use of digital assets in the country.

According to him, the draft bill introduces a tax framework that makes transactions subject to an 18% income levy and a 5% military contribution.

To encourage compliance, the bill offers a one-year window during which withdrawals converted to fiat currency would be taxed at just 5%.

He added that regulators for the space have yet to be named, with both the National Bank of Ukraine and the National Securities and Stock Market Commission being considered.

Meanwhile, he pointed out that new revisions would be made to the bill before the second reading.

Ukraine’s crypto industry

The legislative move comes as Ukraine faces mounting pressure to bring its crypto sector under tighter oversight.

A recent study by the Royal United Services Institute (RUSI) suggested the country could recover up to $10 billion by building a more robust regulatory system.

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According to the report, the country’s thriving over-the-counter markets have become a focal point for illicit financial flows, including purchasing restricted military components, using money-mule networks, and gaps in donor verification rules.

The report linked these weaknesses to broader geopolitical risks, warning that they create opportunities for foreign actors to launder money into politics and undermine democratic systems.

Experts at the institute also cautioned that Russian intelligence may be exploiting Ukraine’s wartime distractions to channel illicit funds through local intermediaries.

Considering this, the report argued that Ukraine risks being perceived as a hub for crypto-based money laundering without stronger oversight, which would damage its financial stability and international partnerships.

The report comes at an exciting time, as Ukraine ranks among the world’s most active crypto users. Data from Chainalysis placed the country in the global top ten for adoption and first in Eastern Europe.

That high level of retail and institutional activity has given lawmakers added urgency, as crypto regulation is now seen as necessary to capture tax revenue and shield the economy from illicit activity.

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Cardano’s first full‐cycle ecosystem budget has reached its finish line. On August 19, 2025, Intersect—Cardano’s member-based organization that facilitated the process—announced: “Our ecosystem budget and withdrawal process has now reached its conclusion… DReps have approved ₳264m in ecosystem funding.” In the same statement, Intersect said the pipeline began with 194 proposals submitted through GovTool and the Ekklesia poll, was refined off-chain to 40, and ultimately produced 39 on-chain treasury withdrawals—37 of which cleared the required thresholds.

First Cardano Budget Cycle Closes

Intersect added that “more than 30 vendors have now signed contracts,” with those agreements being published for public review. The live “Intersect Administered Contracts” ledger confirms a growing roster of counterparties and amounts—ranging from the ₳64.3 million “Catalyst 2025” program to infrastructure and tooling efforts such as a ZK bridge and maintenance of key developer libraries. Intersect says additional contracts will be posted in the days ahead “together with the funding of related smart contracts.”

The conclusion caps a months-long governance sequence that combined off-chain deliberation and on-chain ratification. In July, Intersect submitted 39 Treasury Withdrawal governance actions for DRep and Constitutional Committee scrutiny; throughout late July and early August, proposals began surpassing the 67% DRep supermajority threshold that marks passage under CIP-1694’s current regime. Intersect’s development updates documented the first wave of supermajorities and directed participants to follow each proposal’s progression epoch by epoch.

With votes cast and thresholds met, Intersect has outlined what happens next. After a proposal passes, it is ratified at the epoch boundary, then enacted one epoch later, moving funds from the Treasury to designated smart-contract holding addresses. Intersect’s administration team finalizes legal agreements, deploys vendor-specific contracts with milestone schedules, and co-signs them alongside an oversight committee. Intersect’s August guidance emphasized the three-stage sequence—ratification, enactment, administration—and pledged status updates as each vendor’s contract goes live on-chain.

The mechanics behind those disbursements have been built for transparency. Intersect’s knowledge base details an end-to-end flow: withdrawals fund partitioned “Treasury Contracts”; vendors sign written agreements; “Vendor Contracts” encode milestones and payment dates; the oversight committee holds keys to provide checks and balances; and vendors withdraw only as milestones mature. Funds sit effectively in escrow, are auditable on-chain, and unclaimed balances time out back to the Treasury.

To monitor the delivery phase, Intersect points the community to two public dashboards. A Smart Contract dashboard exposes milestone breakdowns, dates, and payment events for each funded project, while a Cardano Treasury dashboard tracks flows from the Treasury into the reserve and project contracts.

The now-published contract catalog provides a first look at how the approved ₳264 million will be administered across core infrastructure, governance tooling, developer experience, and ecosystem programs. Entries include continued development for the AdaStat explorer, ongoing maintenance of PyCardano, and a ZK bridge prototype—illustrating the mix of large-scale programs and targeted technical workstreams that made it through the final on-chain filters.

IOG Takes The Lead

Cardano’s single largest allocation goes to Input Output’s core protocol program. Intersect’s contract ledger lists ₳96,817,080 for the “2025 Input Output Engineering Core Development” proposal, dedicated to “engineering, maintenance, and development services to enhance and secure the Cardano protocol and its core infrastructure,” explicitly framed as delivery of the community-endorsed technical roadmap. A companion research track, “Input Output Research (IOR): Cardano Vision – Work Program 2025,” adds ₳26,840,000 for multi-year research and technology validation.

Intersect also shows two further IOG-administered items—₳5,159,000 to overhaul Project Catalyst’s technical stack and ₳1,300,000 to decentralize the Blockfrost API via a gateway and “Icebreaker” network—bringing Input Output–family contracts to roughly ₳130.1 million, just under half of the approved ₳264 million budget.

Input Output characterizes the engineering mandate as the first community-authorized core development program in Cardano’s history, approved with 73.93% support. In its newsroom statement, IOE says the funded roadmap will advance scalability, developer experience, and interoperability through initiatives including Ouroboros Leios, Hydra, Mithril enhancements, nested transactions, and Project Acropolis—a modular re-architecture of the node—with “faster sync times, lower RAM usage, and reduced operational costs for stake pool operators.”

At press time, ADA traded at $0.92.

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Tim Alper

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Tim Alper

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Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked…

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August 13, 2025

South Korea’s government is set to fast-track pro-business crypto reforms, including stablecoin regulations.

The South Korean newspaper Metro Seoul reported that the Presidential Committee on State Affairs announced its plans at a public briefing on August 13.

South Korea Crypto Reform Taking Shape

The committee spoke of a five-year plan for state administration, naming 123 state affairs-related tasks.

Among these tasks named were “the construction of a digital asset ecosystem” and “developing the domestic cryptoasset market.”

Both were identified as “key national tasks” for the administration, which took office in early June this year following the election of President Lee Jae-myung.

Lee has spoken repeatedly about his intention to build up the domestic crypto sector, with deregulation and stablecoin regulation high on his agenda.

The President appears keen to let domestic firms issue won-pegged stablecoins. Leading banks and IT companies have reacted by registering scores of stablecoin-related trademarks.

Others are hurriedly rolling out crypto-related business plans, aware that this may allow non-financial firms to develop advanced payment platforms.

However, one of President Lee’s key campaign pledges was left off the five-year plan, namely the dissolution of the Financial Services Commission (FSC).

The FSC is the nation’s top financial regulator. Its Financial Intelligence Unit (FIU) polices the country’s crypto exchanges, issuing operating permits and conducting periodic on-site inspections.

It also enforces anti-money laundering and terrorist financing protocols at the trading platforms.

FSC: Vociferous Critic No More?

In previous years, the FSC has been a vociferous critic of the crypto sector. But in recent years, as governments have relaxed their hardline stance to the industry, it has spoken in favor of reform.

Under the proposal, FSC’s supervisory duties were to transfer to the Financial Supervisory Service.

The FSC’s policy-related tasks were due to transfer to the Ministry of Strategy and Finance.

But Lee’s plan to scrap the FSC proved controversial, even among senior ministers. While his offices have yet to confirm that the President has shelved the policy, the five-year plan appeared to suggest the proposal may have moved to the back burner.

There was no mention of the regulatory reorganization move on the plan. And seven of the 123 tasks were assigned to the FSC.

The newspaper added that crypto reforms are a “key focus” for both the government and the National Assembly this year.

As such, reforms are “expected to gain momentum” in the weeks ahead, Metro Seoul wrote.

‘Time to Play Catch-up’

Political leaders are concerned that South Korea is being left behind. They note that over the past two years, the global crypto market has expanded by about 262%.

While crypto investment has spiked in the US, the European Union, and Japan, driven by institutionalization drives, the same cannot be said for Seoul. The outlet wrote:

“Delayed institutional reforms and a lack of legislation in South Korea have left the domestic cryptoasset market significantly lagging in terms of competitiveness.”

The FSC has prioritized its plan to allow corporations to buy and sell crypto. It also wants to tak a “more relaxed approach” to regulations.

The regulator has previously spoken of its intention to roll out crypto-related regulations before the end of this year.

However, skeptics say that a final decision on the fate of the FSC is yet to be taken. Talks to abolish the regulator “may resume in the future,” the newspaper explained.

Unnamed financial sector officials opined that the debate over the reorganization of the financial regulators would “continue until the end of the year.”

Earlier this month, the Seoul district of Gangnam announced it had recouped $144,057 in unpaid taxes in the first half of this year by seizing coins from tax evaders.

The US has seized servers, domain names, and around $1 million in crypto assets from the ransomware group BlackSuit.

The Justice Department said on Monday that multiple US and international law enforcement agencies conducted an operation against the BlackSuit ransomware groups in late July.

The operation included the unsealing of a warrant for the seizure of cryptocurrency valued at just over $1 million, at the time of the seizure, it reported. 

“Disrupting ransomware infrastructure is not only about taking down servers, it’s about dismantling the entire ecosystem that enables cybercriminals to operate with impunity,” added Michael Prado, Deputy Assistant Director at the Homeland Security Investigations Cyber Crimes Center.

Blacksuit is a spinoff of the Royal ransomware gang and has operated since at least 2023, with the latest seizure coming amid other actions the US has taken against ransomware groups, such as sanctioning the ransomware hosting provider Aeza Group in July.

The Justice Department said the takedown was led by the US Department of Homeland Security’s Homeland Security Investigations with help from the Secret Service, the IRS and the FBI, along with law enforcement from the UK, Germany, Ireland, France, Canada, Ukraine, and Lithuania.

Coordinated ransomware attacks 

The Justice Department said the ransomware group persistently targeted critical infrastructure across sectors, including healthcare, government facilities, manufacturing, and commercial facilities. Victims are typically forced to pay ransoms in Bitcoin (BTC) through darknet websites.

Since 2022, BlackSuit has compromised over 450 known victims in the US and has received more than $370 million in ransom payments, it added.

The ransomware schemes used double-extortion tactics such as encrypting victims’ systems while threatening to leak stolen data to further coerce payment, the DOJ stated. 

“The BlackSuit ransomware gang’s persistent targeting of US critical infrastructure represents a serious threat to US public safety,” said Assistant Attorney General for National Security John Eisenberg.

Bitcoin ransom seized 

In 2023, a victim paid a ransom of 49.3 BTC, worth around $1.4 million at the time, to decrypt their data. 

A portion of the ransom payment, the seized $1 million, was repeatedly deposited and withdrawn from a crypto exchange account until the funds were frozen by the exchange in early 2024, it reported, though it did not name the exchange. 

Related: US sanctions crypto wallet tied to ransomware, infostealer host

Ransom demands have typically ranged from approximately $1 million to $10 million in BTC, and the largest ransom demanded by BlackSuit actors was $60 million, according to the Cybersecurity and Infrastructure Security Agency.

Crypto ransomware successors crop up

In July, the Dallas, Texas, FBI announced the seizure of 20 BTC valued at around $2.4 million from a cryptocurrency address belonging to a prominent member of the Chaos ransomware group.

Last week, analysts at TRM Labs investigated how a new ransomware group called Embargo may have emerged as a successor operation to BlackCat, which launders proceeds through crypto accounts. Approximately $18.8 million worth remains dormant in unattributed wallets, it revealed. 

Magazine: Scottie Pippen says Michael Saylor warned him about Satoshi chatter

]]> https://earlybirdsinvest.com/us-takes-down-sites-seizes-1m-from-crypto-ransomware-gang-blacksuit/feed/ 0 52931 https://earlybirdsinvest.com/sec-takes-crypto-roundtables-nationwide-opens-with-aug-4-stop-in-berkeley/ https://earlybirdsinvest.com/sec-takes-crypto-roundtables-nationwide-opens-with-aug-4-stop-in-berkeley/#respond Sat, 02 Aug 2025 11:41:22 +0000 https://earlybirdsinvest.com/sec-takes-crypto-roundtables-nationwide-opens-with-aug-4-stop-in-berkeley/

The US Securities and Exchange Commission (SEC) will expand its series of crypto roundtables and take its crypto policy outreach on the road beginning Aug. 4 in Berkeley, California.

According to an Aug. 1 statement, the tour is meant to give founders and developers, especially teams with 10 or fewer employees and less than two years old, face time with the Commission outside Washington, D.C. 

Crypto Task Force lead Hester Peirce stated the agency wants to hear from stakeholders who could not attend prior sessions, adding:

“The Crypto Task Force is acutely aware that any regulatory framework will have far-reaching effects, and we want to ensure that our outreach is as comprehensive as possible.”

Teams can request a slot by emailing [email protected] with the subject line “Crypto on the Road,” naming the city of interest and including one or two attendee names along with a brief description of the project and team. 

To promote transparency, the Task Force plans to publish a list of participating projects.

The new “Crypto on the Road” schedule runs through December. The Task Force plans to visit Berkeley on Aug. 4, Boston on Aug. 19, Dallas on Sept. 4, Chicago on Sept. 15, New York City on Sept. 25, Irvine on Oct. 3, Cleveland on Oct. 24, Scottsdale on Oct. 29, New York City again on Nov. 12, and Ann Arbor on Dec. 5. 

Dates are tentative and may shift as logistics are finalized.

Expanding efforts

The roadshow builds on the SEC’s spring engagement with industry players. The Commission held its first Crypto Task Force roundtable on March 21 in Washington.

Panelists ranging from advocates to skeptics concurred that there is a pressing need for regulatory clarity for digital assets, despite the diverging opinions on how to establish it.

Much of the debate centered on token classification and whether existing securities laws adequately address decentralized systems. 

Advocates pointed to decentralization as a key gauge for determining when a token should fall outside securities laws. At the same time, skeptics argued the Howey test remains workable, noting the SEC’s track record in recent motions. 

Following the first roundtable, the SEC decided to host four additional events, ranging from regulation clarity to decentralized finance’s role in US innovation.

By moving conversations into local hubs, the Commission is seeking a wider sample of real-world experience, from smart contract developers and tokenization teams to early-stage consumer apps, before it advances proposals that could define how crypto fits under federal securities law.

Mentioned in this article

Ethereum has been gaining ground in recent times, especially among institutional investors, as they believe that the leading altcoin is set to outperform Bitcoin. This is evidenced by the large buys that have dominated ETH as Ethereum treasury companies become a major player in the space. Amid this, billionaire and CEO of Galaxy Digital Investments, Mike Novogratz, has revealed the important level for Ethereum to beat to enter price discovery.

Ethereum Price Needs To Cross $4,000

În an interview with SquawkBox, Novogratz points to the recent strength of Ethereum amid rapid accumulation as a reason for it being a better bet than Bitcoin. The major reason outlined for why ETH was a better bet than BTC at this point is the fact that Ethereum treasury companies are now becoming a staple, with two ETH treasury companies, such as SharpLink and GameSquare Holdings, among others, already established and more on the way.

Related Reading

As these companies continue to accumulate ETH, the billionaire explains that with not much supply, the Ethereum price is likely to rise. He also brings up the fact that Ethereum has a very powerful narrative, and the market reaching record short levels has also aided its bullishness.

Given these, Novogratz explained that the Ethereum price is at least destined to knock on the $4,000 level a few times. Also, once the altcoin is able to take out $4,000, then the billionaire believes that the ETH price will enter into price discovery, which could drive it higher.

As Ethereum continues to look like the better bet, he also believes that the altcoin could end up outperforming the Bitcoin price over the next 3-6 months. This gives a short timeframe, especially as Bitcoin has already hit multiple new all-time highs over the past year, and Ethereum is yet to beat its highs from 2021.

ETH Is Already Outperforming Bitcoin

So far, in the month of July, the Ethereum price has greatly outperformed that of Bitcoin in terms of gains, lending credence to Novogratz’s expectations that the altcoin will outperform the pioneer cryptocurrency. According to data from CryptoRank, ETH is up more than 45% this month already compared to the less than 8% on record for Bitcoin.

Related Reading

Over the last 90 days, as well, the Ethereum price has doubled to put in more than 100% in gains. Meanwhile, Bitcoin’s gains still sit just above 22% for the same time period. Nevertheless, Bitcoin continues to dominate the market, with BTC dominance sitting above 61% and holding altcoin season at bay.

Featured image from Dall.E, chart from TradingView.com