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After months of political back-and-forth, the U.S. Senate has invoked cloture and is moving forward with the GENIUS Act , officially titled the Guiding and Establishing National Innovation for U.S. Stablecoins Act of 2025. This marks one of the pivotal moments for crypto regulation in U.S. history . But what exactly is the GENIUS Act, and why is it sending ripples through the digital asset ecosystem? The GENIUS Act aims to establish a federal framework for stablecoins, crypto tokens pegged to fiat currencies like the U.S. dollar. It outlines who can issue stablecoins, how they must be backed, and what protections must be in place for consumers and the financial system. With a clear regulatory path, big financial players like JPMorgan, PayPal, or even tech firms like Stripe and Square could finally go all-in on U.S. dollar–backed stablecoins. This legitimizes stablecoins as reliable tools for payments, remittances, and on-chain finance. The GENIUS Act emphasizes transparency and reserves. That could drastically reduce the risk of collapses like Terra’s UST or fears around Tether’s reserves . With federal clarity, stablecoins could become embedded in everything from retail payments to international trade and DeFi protocols. It may also unlock trillions in sidelined institutional capital. While the GENIUS Act focuses on stablecoins, its implications go far beyond: Altcoins and utility tokens may benefit from the increased trust and regulatory clarity that spills into the broader market. Global regulators could follow suit, adopting their own versions of the Act—creating a harmonized global framework for digital assets. Tokenized assets (RWA) like real estate, commodities, and equities will gain a regulatory model for interacting with stablecoins as their settlement layer. DeFi and Web3 apps can start integrating stablecoins in compliance with a known standard—removing uncertainty for developers, users, and regulators. The Senate has set the stage, with the final vote likely taking place by June 13. After that: In a space long haunted by regulatory ambiguity, the GENIUS Act feels like a breath of fresh air. Whether you’re a trader, a protocol builder, a fintech innovator, or a stablecoin issuer, this bill—if signed into law—will finally provide the playbook. Crypto isn’t just entering the next phase—it’s maturing. And the GENIUS Act might be the catalyst. 🔗 Explore More: Bitget Stablecoin Markets Learn About Stablecoins Track Token Prices $USDT, $USDC, $BTC, $ETH, $PYUSD, $FDUSD, $DAI, $TUSD, $FRAX, $LUSD After months of political back-and-forth, the U.S. Senate has invoked cloture and is moving forward with the GENIUS Act , officially titled the Guiding and Establishing National Innovation for U.S. Stablecoins Act of 2025. This marks one of the pivotal moments for crypto regulation in U.S. history . But what exactly is the GENIUS Act, and why is it sending ripples through the digital asset ecosystem? The GENIUS Act aims to establish a federal framework for stablecoins, crypto tokens pegged to fiat currencies like the U.S. dollar. It outlines who can issue stablecoins, how they must be backed, and what protections must be in place for consumers and the financial system. With a clear regulatory path, big financial players like JPMorgan, PayPal, or even tech firms like Stripe and Square could finally go all-in on U.S. dollar–backed stablecoins. This legitimizes stablecoins as reliable tools for payments, remittances, and on-chain finance. The GENIUS Act emphasizes transparency and reserves. That could drastically reduce the risk of collapses like Terra’s UST or fears around Tether’s reserves . With federal clarity, stablecoins could become embedded in everything from retail payments to international trade and DeFi protocols. It may also unlock trillions in sidelined institutional capital. While the GENIUS Act focuses on stablecoins, its implications go far beyond: Altcoins and utility tokens may benefit from the increased trust and regulatory clarity that spills into the broader market. Global regulators could follow suit, adopting their own versions of the Act—creating a harmonized global framework for digital assets. Tokenized assets (RWA) like real estate, commodities, and equities will gain a regulatory model for interacting with stablecoins as their settlement layer. DeFi and Web3 apps can start integrating stablecoins in compliance with a known standard—removing uncertainty for developers, users, and regulators. The Senate has set the stage, with the final vote likely taking place by June 13. After that: In a space long haunted by regulatory ambiguity, the GENIUS Act feels like a breath of fresh air. Whether you’re a trader, a protocol builder, a fintech innovator, or a stablecoin issuer, this bill—if signed into law—will finally provide the playbook. Crypto isn’t just entering the next phase—it’s maturing. And the GENIUS Act might be the catalyst. 🔗 Explore More: Bitget Stablecoin Markets Learn About Stablecoins Track Token Prices $USDT, $USDC, $BTC, $ETH, $PYUSD, $FDUSD, $DAI, $TUSD, $FRAX, $LUSD

A crypto wallet linked to the $23 million Bitrue exchange hack of April 2023 has resurfaced after months of dormancy, with new on-chain movements showing a calculated effort to launder the stolen funds. According to data shared by blockchain analyst @EmberCN, the attacker is actively converting assets into Ethereum (ETH) and funneling them through Tornado Cash, a well-known crypto mixer. The laundering activity marks the latest chapter in a long-running saga that began when various assets, including ETH, QNT, GALA, and SHIB, were stolen from the exchange. Related: From SHIB to ETH to Tornado: How Bitrue’s stolen crypto is finally on the move The breach in April 2023 led to the theft of various assets, including ETH, QNT, GALA, SHIB, HOT, and MATIC. At the time, the total value of the stolen tokens was estimated at $23 million. Shortly after the incident, the attacker converted most of the compromised assets into ETH directly on-chain. The address remained largely dormant until March 2024, when it sold 4,207 ETH at a market price of $3,885 per coin. That transaction yielded 16.345 million DAI. However, the assets remained untouched until June 2025, when renewed on-chain activity confirmed movement of both ETH and DAI to a new wallet. Recent activity shows that the hacker has spent 8.304 million DAI to purchase 3,000 ETH. Shortly after, 4,600 ETH, equivalent to $12.65 million at the time of the transaction, was sent through Tornado Cash. The laundering process is still ongoing, with the wallet holding an additional 8.04 million DAI and 3,510 ETH as of the latest update. Related: Notorious Bitrue Drainer Strikes Again, Liquidating $16.34 Million of ETH These operations are part of a structured effort to cover up the origins of the funds through Tornado Cash. On-chain records show that before initiating these latest transactions, the hacker also sold off remaining SHIB and HOT tokens. The SHIB liquidation involved 150 billion tokens, generating 1,090.4 ETH valued at $1.97 million. Meanwhile, the sale of 1.35 billion HOT tokens netted 76.5 ETH, or roughly $140,000. The coordinated sale, exchange, and laundering of stolen assets over multiple stages shows a calculated strategy to exit holdings with minimal traceability. Analysts continue to track the wallet, which remains active. Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

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Hackers have converted all $23 million stolen from Bitrue into ETH According to on-chain analyst Ember, over a period of two years, the hacker exchanged all the $23 million stolen from Bitrue into ETH and laundered it through Tornado. Not only is the value $9.36 million higher than when it was first stolen, but the hacker also made a profit of $4.72 million by selling high and buying low on ETH. In April 2023, the hacker stole various tokens worth $23 million from the Bitrue exchange, and then exchanged these assets for ETH; in March 2024, he sold 4,207 ETH at $3,885 for 16.345 million DAI; in April 2025, he washed 1,050 ETH through Tornado; today (2025/6/12), he transferred 5,111.5 ETH and 16.345 million DAI to a new address, and then bought 16.345 million DAI for 5,917.8 ETH at a price of $2,762. Then he washed all 11,029.3 ETH ($30.46M) through Tornado. In other words, the $23 million in assets stolen from Bitrue by hackers were eventually exchanged for 12,079 ETH and transferred through Tornado. At this time, the value became $32.36 million, an increase of $9.36 million from the initial value.

The Bitrue hacker exchanged 16.345 million DAI into ETH and then transferred it to Tornado Cash.