The SEC has yet again cracked down on crypto fraud. The agency has charged the man behind PGI Global, Ramil Palafox, for running a massive $198 million scam through his company, PGI Global, which falsely claimed to be a crypto and forex trading platform.
As per the SEC’s press release, from January 2020 through October 2021, Palafox promised investors massive returns through ‘membership packages’ and also offered them multi-level marketing-like referral incentives in order to encourage them to recruit new investors.
Over $57 Million Investor Funds Misused
Palafox misappropriated over $57 million in investor funds to fund his lavish lifestyle like buying Lamborghinis, items from luxury retailers and for other personal expenses. Further, he also used up the left investor money to pay other investors their returns and referral bonuses, like a classic Ponzi scheme, until it collapsed in 2021.
“As alleged in our complaint, Palafox attracted investors with the allure of guaranteed profits from sophisticated crypto asset and foreign exchange trading, but instead of trading, Palafox bought himself and his family cars, watches, and homes using millions of dollars of investor funds,” said Scott Thompson, Associate Director of the SEC’s Philadelphia Regional Office.
Laura D’Allaird, Chief of the Commission’s new Cyber and Emerging Technologies Unit added that Palafox fooled investors by pretending to be a crypto expert with advanced AI trading technology.
SEC Seeks Penalties and Recovery of Funds
The SEC has charged Palafox with violating anti-fraud and securities laws, seeking permanent bans, the return of ill-gotten gains, and civil penalties. Palafox also faces criminal charges filed by the U.S. Attorney’s Office for the Eastern District of Virginia.
These actions show the SEC’s ongoing efforts to hold individuals and companies accountable for fraudulent activities in the crypto sector. Regulators are increasingly targeting deceptive practices, from Ponzi schemes to illegal staking services, indicating that the crypto space will be held to the same legal standards as traditional financial markets.
The Solana-based memecoin MELANIA, named after US First Lady Melania Trump, is under growing scrutiny after a series of large token sales linked to the project’s team.
On May 3, blockchain researcher EmberCN revealed that project-linked wallets offloaded nearly 10 million MELANIA tokens in just eight days.
MELANIA-Linked Wallets Offload $23 Million in Tokens Since March
These sales amounted to nearly $4.6 million, raising strong concerns over the project’s long-term viability and team motives.
According to EmberCN, the sales followed a Dollar-Cost Averaging (DCA) strategy alongside unilateral liquidity provision. These techniques allowed the project to reduce price impact while quietly exiting large positions.
Notably, this is not the first time the project has utilized this approach. In April, the same wallets sold 3 million tokens in exchange for about 9,009 SOL—roughly $1.2 million at the time—employing a similar liquidation approach.
Meanwhile, these selling activities have been ongoing for a long time. Since mid-March, the wallets have quietly liquidated around 41.67 million MELANIA tokens for around 170,000 SOL, worth approximately $23 million.
EmberCN pointed out that most of these proceeds appear to have been converted to USDC and withdrawn. This suggests an ongoing effort by the project’s team to exit their significant positions in the token.
The repeated and large-scale token sales by wallets tied to the project have fueled suspicions among holders.
Many now question whether the meme coin was ever designed for long-term utility or merely crafted to capitalize on the name recognition of the US first lady.
MELANIA launched in January 2025 amid media buzz, spurred by its branding and the timing of President Donald Trump’s inauguration. However, that early momentum has rapidly faded amid a broader market lull that significantly impacted meme coins.
According to BeInCrypto data, the token trades at roughly $0.38, down more than 6% over the past day and 31% in the last seven days.
As we enter Q2 of 2025, the global crypto market finds itself steering a complex intersection of macroeconomic and geopolitical pressures.
BeInCrypto spoke with analysts Leena ElDeeb of 21Shares and Max Shannon of CoinShares, who offer distinct but insightful perspectives on the crypto space’s outlook for the new quarter.
Bitcoin’s Future: Bullish or Bearish?
The two analysts share a bullish outlook on Bitcoin, albeit with differing views on its short-term fluctuations. Leena ElDeeb sees the potential for Bitcoin to surpass $90,000, driven by macroeconomic factors such as a possible rate cut by the US Federal Reserve.
“February’s softer-than-expected CPI print boosted rate cut expectations. If rate cuts materialize, a wave of liquidity could reignite bullish momentum, pushing equities and Bitcoin past key resistance levels,” she told BeInCrypto.
In her view, Bitcoin could eventually hit a range between $150,000 and $200,000 by the year’s end, bolstered by growing regulatory clarity and political support, such as President Trump’s proposal for a strategic crypto reserve.
Max Shannon, on the other hand, remains more cautious about Bitcoin’s immediate future. He predicts that Bitcoin will continue to trade within a wide range of $70,000 to $90,000 in Q2, constrained by persistent tariff issues.
“The moment they [tariffs] get lifted will likely be a massive boon for the equities and crypto market,” he notes, indicating that a resolution could pave the way for Bitcoin’s next big move.
Both analysts acknowledge Ethereum’s struggles, particularly its nearly 40% drop in Q1. However, they also highlight key developments that could support a recovery in the next quarter.
ElDeeb points to Ethereum’s upcoming upgrade, the Pectra upgrade, which is expected to improve staking and network scalability.
“Ethereum’s staking is also about to be improved with the launch of Pectra. These changes are expected to boost the appeal of staking-enabled products,” she explained.
Additionally, she sees growing competition from other blockchain platforms like Solana and Sui, which are attracting retail users with faster and cheaper transactions. Despite this, ElDeeb remains optimistic about Ethereum’s long-term potential, particularly as scalability solutions begin to take effect.
Shannon is more skeptical of Ethereum’s future, specifically with its ongoing challenges in both the monetary and smart contract spaces.
“Ethereum is attempting to function both as a monetary asset, where it struggles to compete with Bitcoin, and as a smart contract platform, where it faces strong competition from Solana,” the CoinShares analyst stated.
Shannon also highlights Ethereum’s changing monetary policy and the increasing technical debt as concerns that could limit its growth in the short term.
The rise and fall of celebrity meme coins like TRUMP, MELANIA, and LIBRA were hot topics in Q1 2025. Both analysts agree that the hype around this category of tokens is unlikely to be sustained in the long run.
“The forthcoming cryptocurrency market rally is anticipated to be driven by significant advancements in decentralized finance (DeFi), particularly through innovative mechanisms that enhance token holder engagement,” she notes, citing Aave’s recent proposal to share revenue with AAVE token holders as a prime example of this trend.
On the flip side, Shannon suggests that the decline in meme coins and altcoins could be a sign of broader challenges in the altcoin market.
“The Melei controversy, pump.fun decline, and declining centralized and decentralized exchange volumes show altcoins could have a very hard time this year in my opinion,” he cautions.
As trading volumes continue to drop, Shannon forecasts that altcoins may continue to underperform.
“Even in a BTC bull run altcoins could underperform,” the analyst added.
The Road Ahead
Looking ahead to Q2 2025, both ElDeeb and Shannon anticipate continued market volatility. External macroeconomic conditions like US tariffs, interest rate decisions, and geopolitical factors will largely shape the market.
While ElDeeb maintains a generally optimistic view, predicting a recovery for both Bitcoin and Ethereum, Shannon advises caution, particularly with altcoins.
For investors, diversification remains key. ElDeeb emphasizes the value of Bitcoin’s fixed supply and decentralization, which have historically helped it recover from turbulent periods.
“We consider these market corrections as great market entry points,” she says.
Shannon, meanwhile, stressed the importance of caution in navigating the altcoin space. He added that Bitcoin could be the best bet for those seeking stability.
The crypto market is witnessing corrections as Bitcoin faces downward pressure. Meanwhile, the Made in USA market cap has reached $439 billion. If Trump announces tax relief for USA coins, certain assets could experience significant price movement. Filecoin (FIL), Sui (SUI), and Aptos (APT) are among those that could benefit.
USA coin: Filecoin (FIL)
Filecoin (FIL) price is trading at $3.16 after a 3% daily increase. Its 24-hour trading volume stands at $205.73 million, marking a 48% rise. The market cap has climbed to $2.03 billion, reflecting a 3% growth.
Analysts suggest FIL is holding key support, with a potential target of $16. A strong rebound could push prices higher. This development comes as speculation grows that USA coins may benefit from potential tax relief if announced by former President Donald Trump.
Sui (SUI)
Sui (SUI), a layer-1 blockchain, has seen notable growth, rising nearly 4% over the past week despite market fluctuations. Increased institutional interest and expanding partnerships have positioned SUI for further price gains. At the time of writing the SUI price has $2.67, with 2% decrease.
In a major development, the Sui price has partnered with World Liberty Finance (WLFI), a decentralized finance protocol inspired by Donald J. Trump’s vision of financial transparency. Additionally, both entities have begun exploring joint product development opportunities, reinforcing Sui’s expanding presence in the blockchain ecosystem.
BREAKING — we’re extremely excited to announce a partnership with @worldlibertyfi, a Donald J. Trump-inspired pioneering DeFi protocol, rooted in a shared vision for a more open and transparent financial world.
Aptos (APT) is showing strong momentum as it consolidates within a horizontal channel on the 4-hour chart. This pattern suggests an imminent breakout. If market conditions allow, traders may look for entries near the lower boundary to catch any potential dips.
A sustained bullish push could drive APT beyond the $10 mark in the near term. Currently, Aptos is trading at $6.27, rising 5.16% in the past 24 hours despite broader crypto market corrections.
With speculation growing over possible tax relief for USA-based cryptocurrencies, Aptos is gaining attention as one of the top-performing assets in the sector.
The speculation surrounding tax relief for Made in USA cryptocurrencies is gaining traction. USA coins such as Filecoin, Sui, and Aptos are in focus as investors evaluate possible impacts. While market trends remain uncertain, any favorable policy shift could bring substantial changes.
BREAKING — we’re extremely excited to announce a partnership with 
WLFI will include SUI in their… 