This week in crypto revealed both the vulnerabilities and growing demand surrounding digital assets. From extortion attempts targeting a major exchange to billion-dollar Bitcoin acquisitions, the industry continues to navigate a landscape where risk and institutional interest collide. Bitcoin held above 100,000 US dollars throughout the week, reinforcing confidence among traders even as security concerns resurfaced. Regulatory changes and Web3 innovations added more momentum to a fast-moving market that shows no signs of slowing down.

Coinbase, one of the world’s largest and most influential crypto exchanges, disclosed it was the target of a twenty million dollar extortion attempt. Cybercriminals reportedly recruited overseas support agents to leak user data in a phishing scheme. The attackers demanded a ransom, which Coinbase refused to pay. While less than one percent of monthly users were affected, the company expects up to four hundred million dollars in remediation costs. Several customer support agents involved in the breach have since been terminated. The incident underscores the risks of third-party access and the growing complexity of cybersecurity in centralised finance.

Meanwhile, Bitcoin accumulation is picking up pace around the world. Speaking at a crypto event in Toronto, Eric Trump claimed that everyone from families to government funds is trying to hoard Bitcoin. That sentiment is backed by on-chain data, with Coinbase recording its largest daily Bitcoin outflow of the year on 9 May. Institutional demand remains strong. Strategy, the company formerly known as MicroStrategy, added more than thirteen thousand Bitcoin in a single purchase worth 1.34 billion US dollars. Japanese investment firm Metaplanet now holds 6,796 Bitcoin, valued at over seven hundred million dollars, surpassing El Salvador’s national holdings. These moves reflect a growing belief that Bitcoin is becoming a long-term store of value in an increasingly uncertain global economy.

In Australia, the crypto industry welcomed the appointment of Andrew Charlton as assistant minister for the digital economy, artificial intelligence and emerging technologies. Prime Minister Anthony Albanese confirmed Charlton’s new role, which will see him work alongside Minister for Industry and Innovation Tim Ayres. Charlton has been a vocal supporter of the digital asset industry, previously calling for balanced regulation that encourages innovation. His appointment is seen as a strong signal of support for responsible growth and development within the local blockchain ecosystem.

Web3 and decentralised platforms continued to make headlines this week, with Yuga Labs finalising the sale of the CryptoPunks intellectual property to the Infinite Node Foundation, handing over one of the most recognisable NFT collections to a community-driven organisation. Meanwhile, Brave browser expanded its Web3 integration by adding support for the Cardano blockchain, allowing users to interact with Cardano-based decentralised applications directly from their browser. These developments highlight ongoing progress in the decentralised space as key platforms continue to broaden access and support for blockchain ecosystems.

This week showed how the crypto sector continues to advance, even as it confronts serious challenges. The Coinbase breach was a reminder of how fragile trust can be, but the surge in institutional Bitcoin investment reflects a long-term belief in the future of digital assets. Regulatory support in Australia and continued development in Web3 applications point to a maturing market. As global interest in Bitcoin grows and policymakers take a more active role, the coming weeks are likely to bring further developments that could shape the next phase of crypto’s evolution.

More news stories circulating the block: 

• Tron set to surpass Ethereum’s USDT supply with $1B mint

• Dogecoin sees jump in wallet activity

• VanEck launches ‘Onchain Economy’ ETF

• SEC pushes back decision on Solana ETF

• Trump-owned Truth Social denies it is launching a memecoin

• Crypto execs rally in DC for Senate stablecoin bill

• Ukraine finalises bill for Bitcoin reserves