GoPlus Security unveiled the latest playbook employed by a well-coordinated scam network targeting unsuspecting crypto users with promises of effortless USDT earnings.
Meanwhile, deepfake AI is progressively becoming a concern. Bad actors leverage authoritative voices in the industry to target unsuspecting victims. These mark an alarming disclosure that mirrors the growing sophistication of crypto fraud.
These projects entice users with the promise of “zero-cost, stable USDT rewards” in exchange for completing simple, low-effort tasks. Once initial contact is established, scammers send small tokens and minimal USDT over several days to establish legitimacy. But it’s all a calculated ruse.
The ultimate goal is to convince users to grant token approval permissions, often to externally owned accounts (EOAs). Once approvals are in place, the scammers continue sending rewards for days or weeks while monitoring wallets.
When a user’s balance crosses a threshold or revocation activity is detected, high-speed front-running bots swoop in and drain funds in seconds. These trading bots are willing to burn gas at any cost.
“This is a long game to catch big fish,” GoPlus warned in its statement.
Against this backdrop, GoPlus Security cautions against granting unlimited token approvals, especially to EOAs. The firm also urges users to adopt proactive on-chain security tools.
“There’s no such thing as free money — don’t trust projects that claim you can easily earn just by participating,” it added.
As BeInCrypto reported, these range from verifying token contracts and approval histories to using tools that limit permissions or automatically revoke dormant approvals.
Deepfake Deception: The Next Frontier of Crypto Fraud
Beyond blockchain, crypto scams are exploiting artificial intelligence at a dangerous scale. Bad actors also weaponize deepfake technology, which creates convincingly fake videos of public figures, to defraud investors.
In a warning earlier this year, Binance co-founder Changpeng Zhao (CZ) revealed AI-generated clips promoting fake investment platforms falsely endorsed by major crypto personalities.
“There are deepfake videos of me on other social media platforms. Please beware,” CZ stated.
A disturbing example recently emerged in Ghana. The country’s Ashesi University denounced a deepfake impersonation of its president, Patrick Awuah Jr. Reportedly, scammers used him to promote a scam called “Crypto Klutz.”
They embedded the video in a fake news article mimicking Graphic Online. The scammers circulated it alongside doctored X screenshots to manufacture credibility.
“…Neither Patrick Awuah nor Ashesi University is associated with this or any similar platform. Please help protect our community by reporting it as fraudulent when encountered and encourage others who see it to do the same,” the university articulated.
It cited too-good-to-be-true promises, fake celebrity endorsements, and non-existent exchanges or wallets. Other red flags include urgency tactics to rush decisions, and demands for private keys or upfront payments.
A Variety report confirmed that deepfake-assisted fraud surpassed $200 million in losses in Q1 2025 alone. This figure highlights how fast scammers scale operations through generative AI and synthetic media.
As on-chain scams become more patient and AI deepfakes more persuasive, the crypto community faces a dual-threat environment unlike anything seen before.
“AI-powered scams are changing the crypto game. With deepfakes, voice cloning, and AI-generated phishing, scammers are raking in millions,” trader Crypto Frontline remarked.
Solana has emerged as a powerful presence in the crypto industry. Since its inception in 2020, the network has dominated the market, demonstrating remarkable levels of user engagement and practical utility, particularly in decentralized finance (DeFi). Many in the industry view it as the next natural contender to receive an ETF approval in the United States.
However, others are more cautious in their evaluations. BeInCrypto spoke with representatives from Gravity, Variant, and OKX to understand the areas where Solana is still lacking. Industry leaders referred to centralization, network reliability, and excessive regulation as points of contention for Solana’s ETF approval.
Bitcoin and Ethereum’s Precedent
The availability of exchange-traded funds (ETFs) for prominent cryptocurrencies has grown over the past year. These funds offer investors diversified investment opportunities and act as a bridge between traditional finance and the increasingly mainstream cryptocurrency market.
Meanwhile, the deadline for some filings, including Grayscale’s, was extended until October. Nonetheless, posts on X and some analytical reports suggest yesterday’s deadline as a date of interest for an initial or consolidated SEC response to several applications.
2025 Predictions and Market Expectations
The tentative approval of a Solana ETF has generated much debate across social media platforms. ETF President Nate Geraci formally predicted that 2025 would be the year of crypto ETFs and that Solana would receive its approval this year.
Per previous reports, former Trump White House Secretary Anthony Scaramucci expressed that, with a Trump reelection, Solana ETFs could gain approval during Q1 of 2025. According to his predictions, Solana would receive the SEC’s green light during the next two weeks.
Meanwhile, the prediction market Polymarket estimates an 82% chance that a Solana ETF will get approved in 2025.
According to a Polymarket poll, Solana has an 82% chance of getting an ETF approval in 2025. Source: Polymarket
Several factors make an imminent Solana ETF approval seem plausible. Less than five years after the network launched, Solana quickly became a major player in the crypto industry, attracting users for its high transaction speeds and low gas fees.
“From a network perspective, Solana’s performance has been remarkable, now driving nearly 50% of all global DEX volume– a dominance that fundamentally reshapes the DeFi landscape. The blockchain is not just handling unprecedented transaction volumes… it’s transforming our understanding of blockchain scalability at scale,” Lennix Lai, Global Chief Commercial Officer at OKX told BeInCrypto.
Solana has established itself as a dynamic force in the crypto industry following a successful 2024.
A Messari report detailed particular growth in Solana’s final quarter across DeFi, liquid staking, NFTs, and institutional involvement. The total value locked (TVL) in Solana’s DeFi sector increased substantially, growing by 64% to $8.6 billion, which placed it behind Ethereum as the second-largest network based on TVL.
Solana’s positive performance, coupled with Donald Trump’s reelection to the US presidency, further amplified the crypto industry’s optimism over an ETF approval.
However, some industry experts have expressed more tempered expectations.
Experts Offer Tempered Expectations
A few days before Trump assumed the presidency, Bloomberg Intelligence analyst James Seyffart said Solana ETFs may not be launched in the US until 2026. He cited the SEC’s precedent of taking a lot of time to review filings as the cause for delay.
In another post, Bloomberg Senior ETF analyst Eric Balchunas said that ETF approvals for other cryptocurrencies were more likely to occur before Solana.
“We expect a wave of cryptocurrency ETFs next year, albeit not all at once. First out is likely the BTC + ETH combo ETFs, then prob Litecoin (bc its fork of btc = commodity), then HBAR (bc not labeled security) and then XRP/Solana (which have been labeled securities in pending lawsuits),” Balchunas said.
Balchunas further explained that complex legal issues around Solana, relating to its status as a security, need to be resolved before it can gain ETF approval. Consequently, he deemed the approval of Litecoin or Hedera ETFs more likely.
Uncertainty over whether Solana classifies as a security is a major driver fueling doubts over its ETF approval.
Security Classification Concerns
Martins Benkitis, co-founder and CEO of Gravity, explained that Solana’s regulatory classification complicates its path to approval.
“It’s no secret there’s currently a lack of precedent for Layer-1 blockchains beyond Bitcoin and Ethereum in the ETF space, this suggests cautious optimism but with higher regulatory hurdles. Bitcoin, being a commodity in the SEC’s eyes, and Ethereum’s gradual transition to PoS had different legal considerations. Solana, on the other hand, faces concerns over potential classification as a security due to its token distribution and foundation’s involvement,” Benkitis told BeInCrypto.
The SEC identified Solana as a security in lawsuits against Binance and Coinbase over the past two years, although these lawsuits have since been dropped. The SEC argued that these tokens could be considered investment contracts under the Howey Test.
While some interpreted the SEC’s lawsuit withdrawal as a softening stance on Solana’s security classification, others quickly challenged this assumption.
“There is no reason to think [the] SEC has decided SOL is a non-security. That they don’t want to do discovery on a dozen tokens in the Binance case appears to be a litigation tactic, not a change in policy,” said Jake Chervinsky, Chief Legal Officer at Variant, following the Binance lawsuit withdrawal in July 2024.
Others believe that a pro-crypto administration should be enough to influence the SEC to consider Solana as a non-security. Lai disagrees.
“The changing political landscape, particularly with Trump’s victory and pro-crypto stance, could create a more constructive environment for innovative blockchain platforms like Solana. However, the technical and market structure considerations will remain crucial regardless of administration changes,” he said.
In the meantime, there are several other requirements Solana must meet.
On his part, Lai added other aspects to the list of considerations.
“While Polymarket shows high odds for 2025 approval, several critical factors suggest a more complex pathway: Solana’s technological architecture presents unique challenges with its PoS mechanism; The absence of CME futures raises liquidity and risk management concerns; Historical network downtime incidents need addressing; Centralization questions relative to BTC and ETH remain unresolved; Institutional interest hasn’t matched BTC and ETH levels despite the network driving 48% of global DEX volume; [and] the temporary nature of trending themes suggests caution in using current volumes as primary indicators,” Lai told BeInCrypto.
Concerns about centralization and scalability have long been discussed regarding Solana, even outside of discussions over an ETF approval.
Since 2021, Solana has suffered over a dozen network outages varying in severity. These outages have jeopardized the network’s reputation as stable and reliable– two strongly considered characteristics during the ETF approval process.
“From a market making standpoint, network reliability is crucial as any downtime or congestion can significantly impact trading operations and order execution,” Benkitis affirmed.
However, Solana has successfully curbed the number of outages it has experienced. Once notorious for the frequency of its shutdowns, the last time Solana experienced one was in February 2024.
Meanwhile, developers designed Solana’s upcoming Firedancer validator client to improve network stability and transaction processing. Its distinct codebase offers greater resilience against widespread outages and will enhance Solana’s performance.
Yet, Solana must also mitigate centralization concerns to improve its chances of obtaining ETF approval.
Centralization Concerns
Solana’s validator node requirements, which demand significant hardware investments, can create barriers to entry. These obstacles can potentially concentrate power within the network among those capable of affording the necessary infrastructure.
In turn, the protocol’s limited number of validators compared to other networks raises concerns over centralization. For context, while Solana currently has around 2,000 active validators, Ethereum passed the one million benchmark last year—the largest number recorded by any blockchain network.
Though Solana’s hardware reliance speeds up the network, it also raises decentralization concerns. Benkitis factored this aspect into his evaluation of an ETF approval.
Its currently underdeveloped futures market infrastructure further complicates Solana’s viability as an ETF candidate.
Its filings were unprecedented because the network did not have a previously established futures market. This factor was crucial in determining an ETF approval for Bitcoin and Ethereum.
“The lack of CME futures and institutional frameworks comparable to BTC/ETH could influence [the SEC’s] evaluation,” Lai said.
He added that the proliferation of meme tokens minted on Solana could present themselves as a potential roadblock.
“Market reactions reflect Solana’s emergence as the primary driver of this cycle, with DEX volumes exceeding $100 billion and dominating major aggregators. However, I believe the temporary nature of trending themes suggests continued volatility. While technological advancement and growing institutional adoption may provide stronger foundations, we need to maintain perspective on the cyclical nature of crypto trends,” Lai said.
This more recent development in Solana’s attraction also brings its set of downsides.
Meme Coin Influence and Regulatory Concerns
The expanding meme coin market on Solana partially explains its popularity. Platforms like Pump.fun allow anyone to launch their tokens, and this design has even led to celebrities launching their tokens on the platform.
More recently, political figures like Donald Trump and Argentine president Javier Milei have also launched meme tokens on Solana platforms. Yet, these activities have proven to be high-risk. In many cases, meme coin investments have caused smaller retailers millions of dollars in losses.
Benkitis said that the SEC might frown upon the speculative nature of these trading activities.
“While an ETF approval could unlock liquidity opportunities, the market’s heavy dependence on speculative sentiment calls for a measured and cautious approach,” he said.
With so many considerations, approving a Solana ETF in 2025 is far from guaranteed. The SEC’s eventual decision will be a defining moment for the network and the broader crypto industry.
Bitcoin (BTC) is up nearly 12% over the past seven days, gaining momentum as it reclaims key technical levels and approaches major resistance zones. The recent price surge has been supported by a slight recovery in the number of Bitcoin whale addresses, hinting at renewed accumulation from large holders.
Technical indicators like the Ichimoku Cloud and EMA lines point to a strong uptrend, with bullish formations suggesting continued buyer control. As BTC flirts with the $100,000 mark again, whale activity and chart signals will determine whether this rally has more room to run.
Subtle Accumulation: What the Rise in BTC Whales Could Mean
The number of Bitcoin whales—wallets holding between 1,000 and 10,000 BTC—has been trying to recover over the past few days, showing subtle but notable movement.
There are 2,006 BTC whale addresses, slightly higher than the 2,000 recorded on April 21. The count briefly rose to 2,005 on April 22 before dipping to 2,002 the next day, and now it’s back above that level.
While these daily fluctuations may seem minor, they often reflect deeper shifts in sentiment and positioning among some of the largest players in the crypto market. The recent stabilization suggests that accumulation might be picking up again after a period of distribution or hesitation.
Tracking whale activity is important because these entities tend to have an outsized influence on market trends. Whether institutional investors, long-term holders, or high-net-worth individuals, whales often act with a level of strategic insight and patience that retail investors can’t always match.
Their behavior can signal confidence or caution in the broader market. The number of whale addresses showing a slight upward trend could indicate renewed interest in accumulating Bitcoin at current levels.
This might not immediately translate to a sharp price move. Still, it does add a layer of underlying support to the market, potentially reducing downside risk and paving the way for more sustained bullish momentum if broader conditions align.
The price trades above the blue conversion line (Tenkan-sen) and the red baseline (Kijun-sen), indicating short-term strength and trend alignment.
These lines have acted as dynamic support levels throughout the recent move, with price bouncing off them multiple times in recent candles. This suggests that buyers remain in control, and any dips have been met with demand.
The green cloud (Kumo) ahead is thick and rising, signaling a strong support zone and a positive trend outlook.
The distance between the red and green boundaries of the cloud also suggests expanding volatility, which tends to support stronger directional moves.
Because the price is well above the cloud and all key Ichimoku components are aligned in bullish formation, the current setup supports the idea of an ongoing uptrend—at least in the short to mid-term—unless price sharply reverses and closes below the blue and red lines.
Will Bitcoin Break Above $100,000 Before May?
Bitcoin recently broke above the $90,000 mark for the first time since early March.
Its EMA lines support the bullish narrative, with all short-term moving averages positioned above the long-term ones and spaced widely apart—often a hallmark of a strong uptrend.
Bitcoin price could challenge key resistance levels at $96,484 and $99,472 if this momentum continues. A break above those could open the door for a push past the psychological $100,000 mark, with the next major target near $102,694—the highest level since early February.
However, there’s still room for caution. It may lose its short-term footing if Bitcoin retests and fails to hold the support level at $92,920.
In that case, price could slide toward $88,839, and if a downtrend takes shape, further losses down to $86,533 become more likely.
