Maldives unveils $8.8B plan for crypto future

Maldives plots $8.8B crypto makeover

MBS Global Investments, a Dubai-based family office managing assets for a Qatari royal, has announced plans to invest $8.8 billion into turning the Maldives into a regional blockchain hub. That figure exceeds the island nation’s entire GDP, which stood at around $7 billion in 2023.

The plan includes building a vast International Financial Centre, expected to generate 16,000 jobs and house 6,500 residents. The goal: shift the economy away from dependence on tourism and tackle the country’s rising debt, which includes nearly $1 billion due by 2026.

MBS Global says it has already secured more than $4 billion for the initiative, which includes bringing digital asset infrastructure to a country with virtually no existing crypto presence.

The project reflects growing interest from Middle Eastern investors in blockchain investments and highlights how traditional wealth is being redirected into digital finance.

Warren slams Trump-linked stablecoin over UAE deal

Senator Elizabeth Warren has escalated her criticism of President Trump’s family ties to cryptocurrency, calling out a “shady” $2 billion deal involving USD1, a stablecoin co-founded by Eric Trump and investor Zach Witkoff.

USD1, now the seventh-largest stablecoin, is backed by U.S. Treasury bills. But Warren highlighted its use in a $2 billion Binance investment by MGX, a UAE firm tied to Abu Dhabi’s sovereign wealth fund. “The Trump family stablecoin surged to 7th largest in the world because of a shady crypto deal with the United Arab Emirates,” she wrote.

The controversy surfaces as the Senate prepares to vote on the GENIUS Act – a Republican-backed stablecoin bill. Nine Senate Democrats now say they’ll oppose the bill unless stronger safeguards are added, particularly around foreign-backed stablecoins.

Warren’s failed amendments aimed to bar coins used in crime and tighten oversight of foreign issuers. She warned the current bill could allow a sitting president to profit from foreign financial instruments.

President Trump defended the crypto push, claiming China would lead the space if the U.S. hesitated. The clash reveals growing tension between crypto innovation and national security politics.

Ethereum may get a 100x speed boost

Ethereum co-founder Vitalik Buterin has proposed replacing the Ethereum Virtual Machine (EVM) with a simpler, faster framework based on RISC-V, an open-source processor standard. In a blog post, Buterin said the upgrade could make Ethereum “close to as simple as Bitcoin” and boost execution speed by up to 100x.

The proposal aims to reduce complexity, cut maintenance costs, and lower the risk of bugs. It would also allow applications to run more efficiently, benefiting developers and users alike.

However, experts say adoption won’t be easy. Critics warn it may break compatibility with existing tools and demand major developer retraining. But Buterin insists the long-term gains justify the disruption: “Keeping protocols simple helps make them credibly neutral and globally trusted.”

Galaxy researcher Thad Pinakiewicz added that Ethereum’s progress shouldn’t be judged by price alone: “Ethereum isn’t failing because the price is flat. It’s succeeding because it’s laying down infrastructure others are copying.”

Crypto-linked kidnapping in France

French police have rescued the father of a crypto millionaire after he was kidnapped for ransom and tortured in a brutal extortion attempt.

The man was abducted in Paris last Thursday by masked attackers, who reportedly cut off one of his fingers while demanding €5-7 million in cryptocurrency. He was rescued in a Saturday night raid. Police arrested five suspects in their twenties during the operation.

This is the third crypto-related kidnapping in France this year, part of a troubling rise in physical attacks targeting crypto holders. Jameson Lopp, CTO of Bitcoin security firm Casa, has documented 21 such attacks globally in 2024 alone.

As crypto wealth grows more visible, security experts are urging investors to protect not just their wallets, but their physical safety as well.

Arizona governor vetoes Bitcoin reserve bill

Governor Katie Hobbs has vetoed a bill that would have allowed Arizona to invest up to 10% of public funds into Bitcoin.

The “Strategic Bitcoin Reserve Act” had passed both chambers and would’ve allowed the state to store crypto in anticipation of a future federal reserve program. Hobbs called it an unnecessary risk, saying Arizona’s retirement funds should not be used to experiment with “untested assets.”

This makes Arizona the sixth U.S. state to reject such a proposal. However, a companion bill that allows the state to hold seized crypto assets still awaits the governor’s decision.

The veto reflects broader national divides between pro-Bitcoin policymakers and more cautious officials wary of exposing taxpayers to volatility.

A defining moment for crypto’s future

Today’s headlines expose the multifaceted evolution of crypto – from political battles and technological breakthroughs to physical danger and sovereign investment.

As Ethereum eyes a historic protocol overhaul and Middle Eastern investors reimagine nations with blockchain foundations, the industry finds itself at a turning point. But stories like France’s wrench attack and the Trump-linked stablecoin controversy reveal that crypto’s real-world consequences are growing just as fast as its market cap.