Hackers Target Ledger’s Discord Server with Phishing Attack that Extracts User’s Seed Phrases

ZyCrypto

The Discord server for Ledger, a crypto wallet provider, suffered a security breach with an intruder compromising the moderator’s account, posting scam links, and promoting a third-party website that asked visitors for their crypto seed phrases. Quintin Boatwright, a Ledger spokesperson, said that a contracted moderator had their account compromised, allowing a bot to post scam messages. Boatwright further assured users that the bot had been deleted and the compromised account had been deleted. Ledger also reported the phishing website to the appropriate authorities.

The phishing website asked users for their seed phrase, which is a serious compromise because the website link was posted on the official Ledger Discord channel by an official moderator contracted by the organisation. The seed phrase is an essential series of words that gives a person complete access to the crypto wallet. The compromised moderator account censored anyone warning others about the phishing website. The attacker used a bot to overwhelm the server, disallowing people to speak out against the attack. However, the Ledger team quickly deleted the bot and deactivated the moderator account. The rapid response of Ledger may have prevented any further damage from occurring.

Boatwright assured Ledger users that much work had been done to prevent this attack from happening again. Ledger plans to implement various safeguards and new security features to prevent phishing attacks. Social engineering attacks of this kind have increased lately, with multiple attempts at exploiting crypto wallets. This may be a positive sign for crypto security, indicating that hackers may have exhausted traditional techniques and are now resorting to social engineering instead. Ledger has reiterated its rules for customers never to share their seed phrase and never connect their wallet through a link shared on Discord. Despite the bot being swiftly removed from the server, the damage of this attack could not be ascertained immediately.

In April, scammers conducted a widespread attack against Ledger users, posting letters requesting seed phrases so that addresses could be validated. The letter included an official logo, ID number, business address, and QR code, all vital elements for a successful phishing campaign. The letter asked Ledger customers to follow the QR link and post their seed phrase for validation. The attackers could conduct the phishing request because they had access to the July 2020 Ledger breach, where customer data was exposed.

In 2024, phishing attacks proved to be the most expensive attacks in the industry, costing over $1 billion in losses. Crypto firms are increasing their security to prevent further losses from phishing attempts, including education campaigns to help customers understand the risks of using crypto. The rise of phishing attacks may indicate that hackers have exhausted traditional attack methods. In January 2025, however, a phishing attack on over 9,000 Ethereum users resulted in over $10 million in losses. Crypto users are encouraged to educate themselves on crypto use risks and take extra precautions to protect themselves from phishing attacks. They can use multiple authentication methods to make the hacker’s task even harder. There is a growing need for security experts to work in the crypto industry, to share their expertise, and to make the industry a safer place to trade. Many crypto exchanges have started communicating with other businesses, sharing details about suspicious activity and learning from past mistakes.Q

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David Bailey’s Nakamoto to merge with KindlyMD, raise $710 million to start bitcoin treasury strategy

The Block

Bitcoin-native holding company Nakamoto, founded by Bitcoin Magazine CEO David Bailey, has entered into an agreement to merge with healthcare firm KindlyMD to launch a public bitcoin treasury strategy.

The combined company will aim both to accumulate bitcoin and grow the bitcoin owned on a per share basis, or "Bitcoin Yield," through a variety of equity, debt, and other offerings, according to a statement on Monday. Bailey, a key player in President Trump's newfound pro-bitcoin stance, will lead the combined company as CEO upon closure of the transaction.

The deal includes a $510 million private investment in public equity and $200 million in convertible notes — the largest capital raise to fund a bitcoin treasury company and the biggest PIPE for any public crypto-related transaction, the companies claimed. The PIPE and debt financings are expected to close at the same time as the merger.

"Traditional finance and bitcoin-native markets are converging," Bailey said. "The securitization of bitcoin will redraw the world's economic map. We believe a future is coming where every balance sheet — public or private — holds bitcoin. Nakamoto seeks to be the first publicly traded conglomerate designed to accelerate that."

"The financial institutions who defined their chapter in history have all carried the names of their founders: Medici, Rothschild, Morgan, Goldman. Today, we stake that legacy on Nakamoto," Bailey added.

The combined company will maintain KindlyMD's healthcare operations while accelerating Nakamoto's vision of a Bitcoin-native financial conglomerate supported by BTC Inc's media and advisory network — the firm behind Bitcoin Magazine.

"This merger represents a strategic leap for KindlyMD, allowing us to expand our mission," KindlyMD CEO Tim Pickett said. "Nakamoto brings in a team with deep expertise in bitcoin strategy and unparalleled access to the leading experts in bitcoin treasury management. It's a bold new vision that will drive long-term value for our shareholders."

The combined company's board will include six directors appointed by Nakamoto and one by KindlyMD, with all appointments to be announced before the deal closes. KindlyMD shares will remain listed on Nasdaq under the ticker "KDLY" until the merger is complete, after which the combined company plans to adopt a new name and trading symbol.

The transaction is subject to standard closing conditions and must be approved by KindlyMD shareholders.

There are now more than 70 companies that have adopted some form of bitcoin treasury, with Cantor Fitzgerald, SoftBank, Bitfinex, and Tether recently announcing the planned launch of a $3.6 billion bitcoin venture called Twenty One, joining the likes of Semler Scientific, KULR, and Metaplanet in adopting a bitcoin acquisition model, pioneered by Strategy (formerly MicroStrategy).

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

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Strategy’s Latest Bitcoin Buy Is Worth Over $1.3 Billion: Details

CryptoPotato

Michael Saylor, the bitcoin brain behind Strategy’s BTC plan, announced the latest acquisition earlier today with which the company has made a return to the billions of USD.

More precisely, the NASDAQ-listed firm spent $1.34 billion to acquire 13,390 BTC at an average price of just shy of $100,000. This means that the acquisition was completed sometime in the middle of last week, when BTC last stood within a five-digit price territory.

Strategy has acquired 13,390 BTC for ~$1.34 billion at ~$99,856 per bitcoin and has achieved BTC Yield of 15.5% YTD 2025. As of 5/11/2025, we hodl 568,840 $BTC acquired for ~$39.41 billion at ~$69,287 per bitcoin. $MSTR $STRK $STRF https://t.co/oSXRMwiTkU

— Michael Saylor (@saylor) May 12, 2025

Recall that last week’spurchasewas a lot more modest as the company had allocated $180 million to acquire 1,895 BTC. Now, though, Strategy is back with the billion-dollar buys and its stash has shot up to 568,840 BTC.

It was accumulated at an average price of $69,283 per bitcoin. Given the asset’s price explosion as of late, Strategy’s holdings are now valued at over $59 billion, putting them at an an unrealized profit of approximately $20 billion.

While Saylor’s company continues to accumulate BTC en masse and refuses to sell even a single one, here’s adetailed articleon how these purchases have turned the cryptocurrency into a deflationary asset.

MSTR’s price has been on a roll in the past month, surging by over 33%. It closed on Friday at $416.

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FTX EU creditors can now withdraw money from Backpack exchange

Cointelegraph

Crypto exchange Backpack announced that customers of the defunct crypto exchange FTX EU can begin reclaiming their funds through its service.

According to a May 12 X post, Backpack now allows FTX EU users who selected it as the redistribution platform to claim their euro balance. Users must first complete Know Your Customer (KYC) verification on the exchange before they can withdraw funds.

Backpack’s support page also explains that the KYC details on the platform must match the ones provided to FTX EU:

“If they do not, you will need to contact Backpack EU support at support@eu.backpack.exchange to update your Backpack EU account to reflect the same information used for your FTX EU claim. This ensures a smooth verification process and avoids delays in accessing your distribution.”

FTX EU claims process begins

Backpack opened the claim process for former FTX EU exchange users on April 1. To access their claim through the platform, users had to create an exchange account and go through the aforementioned KYC checks. No deadline has been set for users going through the process.

The support page clarifies that not all European Union-based FTX users are FTX EU users. Those users who signed up to FTX before March 7, 2022, are not FTX EU users unless they later specifically signed up on the FTX EU platform. The documentation states:

“Generally, EU-based users who signed up to FTX on or after March 7, 2022, are FTX EU customers, in which case they should make their claim with FTX EU.“

Still, no rule is set in stone. Backpack explained that some EU-based users signed up to FTX International after March 7, 2022. The exchange recommends checking the terms of service to determine which FTX platform they signed up for.

Backpack’s involvement with FTX EU

Backpack acquired FTX EU in January 2025 to offer crypto derivatives, including perpetual futures, in Europe. The deal came after a lengthy battle to buy the European arm of the bankrupt exchange.

Backpack CEO Armani Ferrante explained at the time that the firm would return FTX EU funds as fast and as safely as possible. Shortly after the acquisition, Backpack clashed with the FTX estate over ownership rights to FTX EU.

The US-based FTX estate claimed at the time that the shares of FTX EU remain under the ownership of FTX Europe AG, a subsidiary of FTX. According to the statement, the previously announced transfer of shares to FTX EU’s co-founders, Patrick Gruhn and Robin Matzke, had not yet occurred.

“As of today, 100% of the share capital of FTX EU is held by FTX Europe AG, an FTX subsidiary,” the FTX estate claimed.

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Strategy stacks another 13,390 bitcoin for $1.3 billion, bringing total holdings to 568,840 BTC

The Block

Bitcoin treasury company Strategy (formerly MicroStrategy) acquired an additional 13,390 BTC for approximately $1.34 billion at an average price of $99,856 per bitcoin between May 5 and May 11, according to an 8-K filing with the Securities and Exchange Commission on Monday.

Strategy now holds a total of 568,840 BTC — worth over $59 billion — bought at an average price of $69,287 per bitcoin for a total cost of around $39.4 billion, including fees and expenses, according to the company's co-founder and executive chairman, Michael Saylor. That's the equivalent of more than 2.7% of bitcoin's total 21 million supply and implies around $20 billion of paper gains — with 303,230 BTC bought in the last six months alone.

The latest acquisitions were made using proceeds from the sale of its class A common stock, MSTR, and perpetual strike preferred stock, STRK. Last week, Strategy sold 3,222,875 MSTR shares for approximately $1.31 billion. As of May 11, $19.69 billion worth of MSTR shares remain available for issuance and sale under that program, the firm said. Strategy also sold 273,987 STRK shares for approximately $25.1 million, with $20.85 billion worth of STRK shares remaining available for issuance and sale under that program.

Strategy's STRK and STRF perpetual preferred stocks are in addition to the firm's "42/42" plan, which targets a total capital raise of $84 billion in equity offerings and convertible notes for bitcoin acquisitions through 2027 — upsized from its initial $42 billion, "21/21" plan, of which the equity side was recently depleted.

Saylor again hinted at the likelihood of another bitcoin acquisition filing ahead of time, sharing an update on Strategy's bitcoin purchase tracker on Sunday, stating, "Connect the dots."

Strategy portfolio tracker. Image: Saylortracker.com.

Strategy previously acquired an additional 1,895 BTC for approximately $180 million at an average price of $95,167 per bitcoin between April 28 and May 4 — taking its total holdings to 555,450 BTC.

Corporate bitcoin accumulation race

There are now more than 70 companies that have adopted some form of bitcoin treasury. Cantor Fitzgerald, SoftBank, Bitfinex and Tether recently announced the planned launch of a $3.6 billion bitcoin venture called Twenty One, joining the likes of Semler Scientific, KULR and Metaplanet in pursuing a bitcoin acquisition model, pioneered by Strategy and Saylor.

Analysts at Bernstein predict that Strategy and its corporate copycats could add $330 billion to their bitcoin treasuries over the next five years, driven by a more pro-crypto regime in the U.S..

Earlier this month, Strategy posted a $4.2 billion net loss for Q1, driven largely by around $6 billion in unrealized losses on its bitcoin holdings during the first quarter under new fair value accounting rules.

Strategy's $113.7 billion market cap trades at a significant premium to its bitcoin net asset value, with some investors continuing to air reservations about the firm's premium to NAV valuation and its increasingly numerous bitcoin acquisition programs. However, analysts argue that with Strategy's relatively low debt levels and no payments due until 2028, the firm's leverage remains manageable.

"Remarkably, the Strategy enterprise value premium to its BTC holdings remains massive, with the company currently trading at a 2x valuation to the value of its BTC," analysts at K33 said last week. "These valuation premiums have remained elevated [since] 2024, peaking at 3.4x in late November. Since that peak, the company has raised over $15 billion via ATM issuance. Despite the considerable dilution, its shares have retained a strong premium, positioning the company to continue aggressive, ATM-funded bitcoin acquisitions in the coming months."

Strategy's class A common stock, MSTR, closed up 0.4% on Friday at $416.03, according to The Block's Strategy price page, following a week that saw bitcoin gain more than 10% to reapproach its all-time high. MSTR is currently up 1.5% in pre-market trading on Monday, per TradingView, and 38.6% year-to-date.

Benchmark recently reiterated its "buy" rating and $650 price target on MSTR, while analysts at Bernstein maintained their "outperform" rating and $600 target for the stock.

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Breaking: Strategy Buys $1.3 Billion Worth of Bitcoin

U.Today

Business intelligence firm Strategy has purchased an additional $1.34 billion worth of Bitcoin, according to a Monday announcement.

The most recent purchase brings the total number of coins held by the company to nearly 569,000 (a staggering $59 billion at current prices). To put this into perspective, this is higher than the entire GDP of some countries like Mozambique.

Strategy's unrealized profits currently stand at more than $19 billion following the latest price surge.

As usual, co-founder Michael Saylor strongly hinted that he was going to announce another major purchase on Friday.

The latest Bitcoin buy has been completely priced in, meaning that there was no market reaction. In fact, the price of the leading cryptocurrency has slipped below $104,000 despite a breakthrough in the trade negotiations between the US and China.

According to Bitwise, a total of 80 publicly traded companies now hold Bitcoin on their balance sheet. Fundstrat's Tom Lee predicted that the leading cryptocurrency is going to become "central" to how companies actually manage their treasuries.

Japanese Strategy copycat Metaplanet also recently completed its largest purchase ever, adding $125 million in one go.

Casa co-founder Jameson Lopp believes that the best way to counter centralization concerns surrounding Strategy's massive Bitcoin purchases is for more companies to actually follow its lead.

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Bitcoin Hits Record Highs in Turkish and Argentine Markets, Is the US Next?

Beincrypto

Bitcoin has reached a new all-time high against both the Turkish Lira (TRY) and the Argentine Peso (ARS), sparking speculation about whether the US market will be next to see a record-breaking surge.

Given BTC’s latest rally, market watchers are increasingly optimistic that the coin will soon reclaim its dollar ATH as well.

Bitcoin Price Breaks Records in Turkey and Argentina as Inflation Accelerates

According to the latest data from Google Finance, the BTC/TRY pair peaked at a record high of 4.09 million TRY (approximately $105,000) in early Asian trading hours. Similarly, in Argentina, the BTC/ARS pair reached an all-time high of 119.1 million ARS (approximately $105,600).

Nonetheless, BTC’s varying “all-time highs” reveal more about these fiat currencies than they do about Bitcoin. This surge comes amid the ongoing devaluation of both TRY and ARS. Inflationary pressures have significantly impacted the currencies.

“Turkey seems to always lead. When fiat is dying faster that’s what happens,” an analyst wrote on X.

Data from Trading Economics indicates that Turkey’s inflation rate has remained a significant concern. As of April 2025, the annual inflation rate stood at 37.8%. For Argentina, the situation isn’t any different.

“The country’s inflation rate remains high, with projections indicating a potential 110% by the end of the quarter,” another analyst added.

When inflation is high, the purchasing power of the local currency declines. This, in turn, prompts people to seek assets that can preserve value, such as Bitcoin. This shift can drive up demand for Bitcoin, pushing its price higher in those specific markets.

This trend was also observed in the BTC/USD pair. The rising inflation concerns and the falling US Dollar Index (DXY) pulled the coin from its Liberation Day lows to over the $100,000 mark.

Moreover, after the US-China tariff deal, Bitcoin also reclaimed the $105,000 mark for the first time since January 31.

At the time of writing, BTC’s price adjusted to $104,277, just 4.0% below its ATH of $108,786.

Will Bitcoin Reclaim Its All-Time High? Analysts Predict Possible Surge

Analysts predict that the current rally can continue, eventually pushing BTC to or above its peak. In a recent X post, crypto analyst Edward Gofsky highlighted the correlation between the global M2 money supply and Bitcoin’s price movements.

He suggested that the recent increase in M2 could signal a rise in Bitcoin’s price, potentially pushing it to new all-time highs.

“Final measured technical target of the current move off the $69,000 backtest is between $140,000 and $150,000,” Gofsky predicted.

Another analyst, Lark Davis, pointed out that retail interest remains low despite BTC’s recent highs. This is evidenced by Google Trends data. Search interest in “Bitcoin” has been declining since November 2024.

“That’s how you know the pump is just getting started,” he stated.

Institutional interest is another catalyst that could fuel BTC’s rise. BeInCrypto reported that Metaplanet spent $126.7 million to increase its holdings by 1,241 BTC. Strategy’s CEO, Michael Saylor, has also hinted at more purchases.

“Michael Saylor about to buy billions worth of Bitcoin. New all-time high is coming!!” Ash Crypto remarked.

Last week, Standard Chartered also forecasted that institutional investments and ETF inflows could push BTC to $120,000 in Q2.

The long-term outlook appears even more bullish. Analyst Josh Mandell foresees BTC reaching $444,000 by Q2 2026. According to Thomas Young, Managing Partner at Rumjog Enterprises, this would mark “a monetary regime shift.”

“This isn’t just a bull run. $444,000 Bitcoin means: A broken trust cycle, the start of post-fiat finance, Bitcoin as global neutral collateral,” Young stated.

He cited several driving factors, including savers and investors abandoning fiat currencies, a potential bond market breakdown, a surge in institutional Bitcoin adoption, global South nations like Brazil adopting Bitcoin, and a retail mania fueled by renewed media attention.

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