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Today's Top Crypto Headlines:
Hoskinson Denies $600M Theft | Bitcoin Malware via Printers | Strategy Buys More BTC and more...
King Fatrick Gil Añasco
May 20, 2025
Good Morning Crypto Enthusiasts!
Glad to have you back for another edition of the UseTheBitcoin.com newsletter.
Hoskinson Denies ADA Theft: Charles Hoskinson refuted claims of stealing $600M in ADA, calling them baseless and harmful.
Bitcoin Malware via Printer Drivers: Procolored, a Chinese printer company, is accused of spreading Bitcoin-stealing malware via infected USB drivers.
💡Feature of the Day - Strategy Adds $765M in Bitcoin: Strategy (formerly MicroStrategy) bought 7,390 BTC worth $765M, bringing its holdings to 576,230 BTC.
All this and more in today’s headlines!
📰 News Highlights:
Cardano founder Charles Hoskinson has denied allegations that he misappropriated $600 million in ADA tokens, calling the claims deeply hurtful.
In 2021, Charles Hoskinson unilaterally used his genesis keys to REWRITE the Cardano ledger and take control of ₳318m ($619m)
By comparison, when the DAO hack happened in 2016, the Ethereum community forked over $60m.
One of the largest ledger reorgs in blockchain history: 🧵
— masato_alexander (@masatoalexander)
3:40 PM • May 7, 2025
The controversy was sparked by accusations from NFT artist Masato Alexander, who alleged that Hoskinson used a "genesis key" during the 2021 Allegra hard fork to manipulate the ledger and take control of 619 million ADA.
IOG took 350m ADA (+25m f/staking) using genesis keys.
charles has recently stated that this was used to fund intersect.
intersect spent <10m USD last year in its first year of operations, and is now asking for more.
not using formal methods, but something doesn't add up.
— masato_alexander (@masatoalexander)
12:59 PM • May 6, 2025
A related transaction in October 2021 involving over 318 million ADA was cited, but Hoskinson explained that the tokens were mostly redeemed by rightful owners over seven years, with unclaimed tokens donated to Intersect.
@masatoalexander IOG never gave itself 350 million unclaimed ada. This is a lie. The vast majority was claimed and the remaining that was forfeited after seven years of waiting was donated to Intersect. Intersect was funded the same way and by the same TGE that funded the CF.
No matter how many
— Charles Hoskinson (@IOHK_Charles)
6:57 PM • May 6, 2025
In response to the backlash, the Cardano Foundation is preparing to release an audit report to clarify the issue.
Let’s put this in perspective. Yes, IOG initially received 350M ADA (+25M from staking rewards) from the genesis allocation — nearly 5 years ago. Since then:
Intersect is just one piece of the infrastructure (costing <$10M last year), but the broader Cardano ecosystem has
— Robert (@Graycaption)
2:56 PM • May 6, 2025
Hoskinson expressed disappointment over the lack of trust from the community and mentioned he may step back from personally managing his X (formerly Twitter) account.
The one advantage in a crisis or an event that tests people is that you rapidly get to see who your friends truly are and who's fairweather. I'd like to thank all the support and kind words both privately and publicly.
The downside is that I believe there will be a cold
— Charles Hoskinson (@IOHK_Charles)
6:52 PM • May 18, 2025
🎁Freebie:
Download your free ebook now and take the first step toward mastering CRYPTO IN UNDER 60 MINS!
Chinese printer manufacturer Procolored has come under fire for allegedly distributing Bitcoin-stealing malware through its official drivers.
🚨 The official driver provided by this printer carries a backdoor program. It will hijack the wallet address in the user's clipboard and replace it with the attacker's address: 1BQZKqdp2CV3QV5nUEsqSg1ygegLmqRygj
🕵️ According to @MistTrack_io, the attacker has stolen 9.3086
— MistTrack🕵️ (@MistTrack_io)
10:28 AM • May 19, 2025
Reports indicate that compromised USB drivers uploaded to cloud storage contained malware that hijacked copied Bitcoin wallet addresses and replaced them with the attacker’s address, resulting in over $950,000 in stolen funds.
中国深圳打印机公司天生 (#Procolored) 被发现提供的官方驱动程序携带后门程序用来盗取加密货币，数据显示黑客盗取的比特币数量达 9.3 个。
至于感染原因则是天生使用 U 盘传输这些驱动程序，被感染后门程序后天生又将其上传到网盘供全球用户下载。
查看全文：ourl.co/108992
— 蓝点网 (@landiantech)
7:24 AM • May 19, 2025
Cybersecurity firm Slow Mist confirmed the presence of a backdoor in the driver software, which altered clipboard content undetected.
The malware was first flagged by YouTuber Cameron Coward and later confirmed by cybersecurity firm G-Data.
💡 Feature of the Day:
Strategy, formerly MicroStrategy, acquired 7,390 Bitcoin worth $765 million last week amid Bitcoin’s price surge beyond $100K.
Strategy has acquired 7,390 BTC for ~$764.9 million at ~$103,498 per bitcoin and has achieved BTC Yield of 16.3% YTD 2025. As of 5/18/2025, we hodl 576,230 $BTC acquired for ~$40.18 billion at ~$69,726 per bitcoin. $MSTR $STRK $STRF
— Strategy (@Strategy)
12:03 PM • May 19, 2025
This brings the company’s total holdings to 576,230 BTC, valued at over $59 billion—an unrealized gain of $19.2 billion.
the lawsuit seems to be people complaining that microstrategy understated how much money it could lose if BTC went down
but if you're buying a company that is self-labelled as "leverage on bitcoin", what do you expect? it's pretty clear what will happen if btc goes down
— 0xngmi (@0xngmi)
12:34 PM • May 19, 2025
While the acquisition was expected from Bitcoin bull Michael Saylor, it came alongside news that Strategy is facing a class-action lawsuit for allegedly misleading investors about the risks of their Bitcoin strategy.
$MSTR - MICROSTRATEGY INC - CLASS ACTION LAWSUIT FILED AGAINST MICROSTRATEGY AND EXECUTIVES - SEC FILING
MICROSTRATEGY INC - LAWSUIT ALLEGES MISLEADING STATEMENTS ON BITCOIN STRATEGY - SEC FILING
— *Walter Bloomberg (@DeItaone)
12:02 PM • May 19, 2025
The lawsuit claims Strategy's executives, including Saylor, failed to fully disclose the volatility and risk tied to Bitcoin investments, violating multiple securities laws.
😂 Crypto Meme of the Day:
Meme of the day provided by @thebitcoinmanual
And that’s it for this today.
See you all tomorrow’s edition!
Jonathan Gibson
UseTheBitcoin.com