Dems seek suspicious activity reports linked to Trump crypto ventures

US Democrat lawmakers have sent a letter to the US Treasury demanding access to suspicious activity reports (SARs) on several Trump-backed crypto projects as part of the latest probe into the president’s digital ventures. 

Penned by representatives Gerald Connolly, Joseph Morelle, and Jamie Raskin, the May 14 letter asks Treasury Secretary Scott Bessent for all SARS filed since 2023 related to World Liberty Financial (WLF) and the Official Trump (TRUMP) token. 

Financial institutions in the US must file SARs with the Financial Crimes Enforcement Network, a bureau within the Department of the Treasury, when they detect suspicious activity, including potential money laundering or fraud. 

Dems seek suspicious activity reports linked to Trump crypto ventures
Source: Oversight Committee Democrats

The sweeping probe asks for any SARs mentioning WinRed, America PAC, Elon Musk, political action committee, PAC, Trump, World Liberty Financial, WLF, TRUMP, MELANIA and Justin Sun, no later than May 30. 

The Democratic lawmakers say their probe is to “determine whether legislation is necessary to prevent violations of campaign finance, consumer protection, bribery, securities fraud, and other anti-corruption laws” and to guard against “financial misconduct connected to prospective or current federal officials.” 

Democrats argue WLF and Trump coin could be misused

As part of the letter, the lawmakers argue WLF could be misused as a “vehicle for foreign influence peddling” because it served part of its token sale for foreign investors, who are “generally subject to less stringent regulation than US investors.” 

Justin Sun’s investment in WLF and the subsequent pause of the SEC’s lawsuit that alleged the crypto entrepreneur broke securities laws has also been flagged as a concern. 

Trump’s token has come under fire as well because the lawmakers argue in their letter that the identities of the coin purchasers are not publicly disclosed, which could open the door for bad actors to “curry favor with Trump” by purchasing the coin. 

At the same time, SARS related to Republican digital fundraising WinRed, Elon Musk’s super PAC, which poured $250 million into Trump’s election campaign, and two other PACs are being sought. 

Related: Trump-owned Truth Social denies it is launching a memecoin

This effort is the latest Democrat-led salvo against Trump’s crypto ventures.  

A group of Democratic senators reportedly sent a letter to leadership at the US Department of Justice and the Treasury Department expressing concerns about Trump’s ties to crypto exchange Binance and potential conflicts of interest in regulating the industry, according to a May 9 Bloomberg report. 

US Democratic lawmakers also launched a multi-angle attack on May 6, targeting Trump’s ability to profit from his crypto initiatives with two bills and a subcommittee inquiry. 

Magazine: Trump’s crypto ventures raise conflict of interest, insider trading questions

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eToro jumps 30% on Nasdaq debut after upsized IPO

Update (May 15, 2:12 am UTC): This article has been updated to add a comment from eToro Australia’s Robert Francis.

Crypto and stock trading platform eToro has seen its share price gain nearly 30% during its debut on the Nasdaq after the company made a last-minute boost to its initial public offering.

Shares in eToro Group Ltd (ETOR) closed May 14 trading at $67, up 28.9% from its initial offering price of $52, according to Yahoo Finance. It brings the company’s market value to over $5.5 billion.

Its stock price shot to a high of $74.26 during the trading day before cooling and has also slightly dipped by 0.7% after the bell to $66.53.

eToro jumps 30% on Nasdaq debut after upsized IPO
EToro shares shot up and then traded sideways on the company’s debut US offering. Source: Yahoo Finance

The day before, on May 13, eToro boosted its IPO to $620 million after pricing its shares above its previously suggested range of between $46 to $50 each. 

Initially, the firm aimed to raise $500 million by offering 10 million shares, but the company and its backers sold over 11.92 million shares at its IPO, split evenly between eToro and some existing shareholders.

Some BlackRock-managed funds and accounts had signalled interest in buying up to $100 million worth of shares at IPO, eToro said in a May 5 filing with the Securities and Exchange Commission.

In a note to Cointelegraph, eToro Australia managing director Robert Francis said the company’s IPO is “a clear sign that retail investing is not a fad, but a long-term trend.”

Robinhood Markets Inc. (HOOD), a rival to eToro that went public in 2021, saw its share price sink 1.9% to $61.39, with its losses extending by 1.63% after-hours to $60.39, Yahoo Finance shows.

In its regulatory filing, eToro reported its total 2024 crypto revenue, from sources such as trading fees and withdrawals, was $12.1 billion, up from $3.4 billion in 2023. It also expected crypto to account for 37% of its commission from trading activity in the first quarter of 2025, down from 43% in Q1 2024.

The offering was led by Goldman Sachs, Jefferies, UBS Investment Bank and Citigroup.

IPOs rebound after tariff turmoil 

EToro’s public debut marks a rebound for public offerings in the US after many firms put their plans on hold as US President Donald Trump’s sweeping tariffs tanked global markets.

EToro made confidential filings with the SEC in January for a public offering and publicly announced the plans on March 24, but delayed its IPO after Trump’s April 2 “Liberation Day” tariff plans, which put a stop to many in-the-works public offerings.

Related: 8 major crypto firms announce US expansion this year 

The stock and crypto trading house was founded in 2007 and previously bid to go public in 2021 via a merger with a special purpose acquisition company at a valuation of $10 billion.

It canned that plan a year later, in 2022, after stock and crypto markets took a massive hit due to the COVID-19 pandemic and sticky inflation that caused central banks to quickly hike interest rates.

Crypto exchange Kraken is considering going public this year, as is stablecoin issuer Circle, which filed with the SEC on April 1 but paused its plan a day later due to Trump’s tariffs.

Crypto fund manager Bitwise predicted in December that, alongside Kraken and Circle, crypto exchange Figure, crypto bank Anchorage Digital and blockchain analytics firm Chainalysis would also go public this year.

Trade Secrets: Metric signals $250K Bitcoin is ‘best case,’ SOL, HYPE tipped for gains 

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Crypto startups scaring away VCs with 80x valuations: 10T Holdings

Too many crypto startups are pricing themselves out of venture capital funding by chasing valuations far exceeding their revenues, according to Dan Tapeiro, the CEO of crypto-focused venture capital firm 10T Holdings.

“For some reason, founders and CEOs think that they should be raising capital at 50 to 80 times revenue. So that makes it very hard for us to make a return for our liquidity providers,” Tapeiro said while speaking in a panel discussion at the Consensus conference in Toronto on May 14.

“So a lot of those deals we just pass almost automatically, even businesses that we really like, we won’t invest in if the price isn’t reasonable in the beginning.”

10T Holdings has passed on over 200 companies for similar reasons, including the now-bankrupt FTX, BlockFi and Celsius, Tapeiro said. 

Tapeiro said 10T Holdings looks for crypto projects that have valuations above the $400 million to $500 million range with a valuation-to-revenue ratio of 10x or less.

Crypto startups scaring away VCs with 80x valuations: 10T Holdings
Host of Crypto In America Eleanor Terrett (left) moderating a discussion with Pantera Capital CEO Dan Morehead (middle) and Dan Tapeiro (right) at the Consensus conference. Source: Cointelegraph

VCs often prefer lower valuations because they offer more upside potential with less risk.

Realistic valuations often make follow-on funding rounds more attractive to investors while also simplifying the exit process.

“Valuation is very important,” Tapeiro said.

Despite Tapeiro’s comments, it appears that crypto startups have had no problem attracting VC funds, as PitchBook reported on May 13 that the total value of crypto venture capital deals rose over 100% quarter-on-quarter to $6 billion in Q1 2025, while the number of deals only increased by 8.8%.

VCs should diversify their bags

Also speaking alongside Tapeiro was Pantera Capital CEO Dan Morehead, who said more VCs should opt to receive a mix of private equity and tokens when investing in crypto startups.

“Each one has their pros and cons, and then they go in these wild pendulum swings where sometimes tokens are really expensive and ventures cheap. Sometimes it’s the opposite.”

Related: Crypto VC deals drop in Q1, but funding more than doubles: PitchBook

“So as an investor, I always advocate people investing in a wide spectrum of tokens and ventures.”

Morehead’s Pantera has taken a more aggressive approach than 10T Holdings over the years and seen considerable success, making a return on 86% of the startups it invested in, with 22 of those reaching unicorn status (companies reaching $1 billion valuations).

Magazine: Danger signs for Bitcoin as retail abandons it to institutions: Sky Wee

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Google search volume for Bitcoin flat as BTC nears new highs — Where are retail investors?

Key takeaways:

  • Google search data and app rankings show retail Bitcoin investor demand near 6-month lows.

  • Retail investor interest typically peaks 1 week after BTC breaks all-time highs.

Bitcoin (BTC) retail traders are known for entering the market during periods of euphoria, typically after strong monthly gains or a new all-time high. This time is no different, with Bitcoin approaching $104,000 on May 14 while general public interest and retail activity continue to lag.

Analysts estimate that in 2025, retail investors were the largest net sellers of BTC, while institutions were the main buyers. But if historical patterns hold, a surge in retail appetite is likely to occur about one week after Bitcoin surpasses the $109,350 mark.

Google search volume for Bitcoin flat as BTC nears new highs — Where are retail investors?
Source: X/River

According to River’s estimates, individual investors sold a total of 247,000 BTC throughout 2025, equivalent to $23 billion based on the average price during the period. Meanwhile, Michael Saylor’s Strategy accounted for 77% of the 157,000 BTC acquired by businesses that year.

Retail interest for Bitcoin nears 6-month lows

Current search trends for the term “Bitcoin” match levels last seen in June 2024, when BTC was trading around $66,000 after three months of failing to break above $73,000.

Google search volume for Bitcoin flat as BTC nears new highs — Where are retail investors?
Search trends for Bitcoin. Source: Google

Likewise, the Coinbase app now ranks 15th in the US App Store within the finance category—comparable to its 20th-place ranking in June 2024, based on data from The Block.

Google search volume for Bitcoin flat as BTC nears new highs — Where are retail investors?
Coinbase app ranking in US App Store – Finances. Source: TheBlock

If mobile app rankings and Google search trends for “Bitcoin” can serve as proxies for retail interest, demand last peaked on Nov. 15, 2024, when the Coinbase app jumped from the 40th to the 5th position in under two weeks. At the same time, search activity spiked to its highest level in over two years.

Google search volume for Bitcoin flat as BTC nears new highs — Where are retail investors?
Bitcoin/USD performance in November 2024. Source: TradingView / Cointelegraph

The retail excitement coincided with Bitcoin breaking its previous all-time high of $73,757 on Nov. 6, 2024, with excitement peaking nine days later. Although retail traders missed most of the gains from the $67,000 level a month earlier, the bullish trend persisted as Bitcoin surged to $107,000 by mid-December 2024.

Related: Bitcoin bulls aim for new all-time highs by next week as capital inflows soar

Buying Bitcoin near an all-time high is a sub-optimal strategy

A comparable spike in retail demand occurred on March 9, 2024, when the Coinbase app rose to the fourth most downloaded in the US finance category, up from 35th place just two weeks earlier. At the same time, Google search interest for “Bitcoin” hit its highest level in 20 months, roughly six days after Bitcoin surpassed its prior record daily close of $68,000 from November 2021.

The retail interest jump in March 2024 followed a 56% price increase in just 30 days, with BTC climbing from $43,100 to $68,100. In contrast to the November 2024 breakout, the following seven months saw erratic price movements, with Bitcoin struggling to maintain levels above $70,000. Retail traders tend to react to previous all-time highs, but this often means they miss out on most of the upside.

The net outflows from retail investors while Bitcoin trades 5.5% below all-time high reinforce the “Bitcoin” search trends and Coinbase app rankings, supporting the idea that retail demand emerges roughly one week after a previous all-time high is surpassed.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

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Google DeepMind has once again used large language models to discover new solutions to long-standing problems in math and computer science. This time the firm has shown that its approach can not only tackle unsolved theoretical puzzles, but improve a range of important real-world processes as well.

Google DeepMind’s new tool, called AlphaEvolve, uses the Gemini 2.0 family of large language models (LLMs) to produce code for a wide range of different tasks. LLMs are known to be hit and miss at coding. The twist here is that AlphaEvolve scores each of Gemini’s suggestions, throwing out the bad and tweaking the good, in an iterative process, until it has produced the best algorithm it can. In many cases, the results are more efficient or more accurate than the best existing (human-written) solutions.

“You can see it as a sort of super coding agent,” says Pushmeet Kohli, a vice president at Google DeepMind who leads its AI for Science teams. “It doesn’t just propose a piece of code or an edit, it actually produces a result that maybe nobody was aware of.”

In particular, AlphaEvolve came up with a way to improve the software Google uses to allocate jobs to its many millions of servers around the world. Google DeepMind claims the company has been using this new software across all of its data centers for more than a year, freeing up 0.7% of Google’s total computing resources. That might not sound like much, but at Google’s scale it’s huge.

Jakob Moosbauer, a mathematician at the University of Warwick in the UK, is impressed. He says the way AlphaEvolve searches for algorithms that produce specific solutions—rather than searching for the solutions themselves—makes it especially powerful. “It makes the approach applicable to such a wide range of problems,” he says. “AI is becoming a tool that will be essential in mathematics and computer science.”

AlphaEvolve continues a line of work that Google DeepMind has been pursuing for years. Its vision is that AI can help to advance human knowledge across math and science. In 2022, it developed AlphaTensor, a model that found a faster way to solve matrix multiplications—a fundamental problem in computer science—beating a record that had stood for more than 50 years. In 2023, it revealed AlphaDev, which discovered faster ways to perform a number of basic calculations performed by computers trillions of times a day. AlphaTensor and AlphaDev both turn math problems into a kind of game, then search for a winning series of moves.

FunSearch, which arrived in late 2023, swapped out game-playing AI and replaced it with LLMs that can generate code. Because LLMs can carry out a range of tasks, FunSearch can take on a wider variety of problems than its predecessors, which were trained to play just one type of game. The tool was used to crack a famous unsolved problem in pure mathematics.

AlphaEvolve is the next generation of FunSearch. Instead of coming up with short snippets of code to solve a specific problem, as FunSearch did, it can produce programs that are hundreds of lines long. This makes it applicable to a much wider variety of problems.    

In theory, AlphaEvolve could be applied to any problem that can be described in code and that has solutions that can be evaluated by a computer. “Algorithms run the world around us, so the impact of that is huge,” says Matej Balog, a researcher at Google DeepMind who leads the algorithm discovery team.

Survival of the fittest

Here’s how it works: AlphaEvolve can be prompted like any LLM. Give it a description of the problem and any extra hints you want, such as previous solutions, and AlphaEvolve will get Gemini 2.0 Flash (the smallest, fastest version of Google DeepMind’s flagship LLM) to generate multiple blocks of code to solve the problem.

It then takes these candidate solutions, runs them to see how accurate or efficient they are, and scores them according to a range of relevant metrics. Does this code produce the correct result? Does it run faster than previous solutions? And so on.

AlphaEvolve then takes the best of the current batch of solutions and asks Gemini to improve them. Sometimes AlphaEvolve will throw a previous solution back into the mix to prevent Gemini from hitting a dead end.

When it gets stuck, AlphaEvolve can also call on Gemini 2.0 Pro, the most powerful of Google DeepMind’s LLMs. The idea is to generate many solutions with the faster Flash but add solutions from the slower Pro when needed.

These rounds of generation, scoring, and regeneration continue until Gemini fails to come up with anything better than what it already has.

Number games

The team tested AlphaEvolve on a range of different problems. For example, they looked at matrix multiplication again to see how a general-purpose tool like AlphaEvolve compared to the specialized AlphaTensor. Matrices are grids of numbers. Matrix multiplication is a basic computation that underpins many applications, from AI to computer graphics, yet nobody knows the fastest way to do it. “It’s kind of unbelievable that it’s still an open question,” says Balog.

The team gave AlphaEvolve a description of the problem and an example of a standard algorithm for solving it. The tool not only produced new algorithms that could calculate 14 different sizes of matrix faster than any existing approach, it also improved on AlphaTensor’s record-beating result for multipying two four-by-four matrices.

AlphaEvolve scored 16,000 candidates suggested by Gemini to find the winning solution, but that’s still more efficient than AlphaTensor, says Balog. AlphaTensor’s solution also only worked when a matrix was filled with 0s and 1s. AlphaEvolve solves the problem with other numbers too.

“The result on matrix multiplication is very impressive,” says Moosbauer. “This new algorithm has the potential to speed up computations in practice.”

Manuel Kauers, a mathematician at Johannes Kepler University in Linz, Austria, agrees: “The improvement for matrices is likely to have practical relevance.”

By coincidence, Kauers and a colleague have just used a different computational technique to find some of the speedups AlphaEvolve came up with. The pair posted a paper online reporting their results last week.

“It is great to see that we are moving forward with the understanding of matrix multiplication,” says Kauers. “Every technique that helps is a welcome contribution to this effort.”

Real-world problems

Matrix multiplication was just one breakthrough. In total, Google DeepMind tested AlphaEvolve on more than 50 different types of well-known math puzzles, including problems in Fourier analysis (the math behind data compression, essential to applications such as video streaming), the minimum overlap problem (an open problem in number theory proposed by mathematician Paul Erdős in 1955), and kissing numbers (a problem introduced by Isaac Newton that has applications in materials science, chemistry, and cryptography). AlphaEvolve matched the best existing solutions in 75% of cases and found better solutions in 20% of cases.  

Google DeepMind then applied AlphaEvolve to a handful of real-world problems. As well as coming up with a more efficient algorithm for managing computational resources across data centers, the tool found a way to reduce the power consumption of Google’s specialized tensor processing unit chips.

AlphaEvolve even found a way to speed up the training of Gemini itself, by producing a more efficient algorithm for managing a certain type of computation used in the training process.

Google DeepMind plans to continue exploring potential applications of its tool. One limitation is that AlphaEvolve can’t be used for problems with solutions that need to be scored by a person, such as lab experiments that are subject to interpretation.   

Moosbauer also points out that while AlphaEvolve may produce impressive new results across a wide range of problems, it gives little theoretical insight into how it arrived at those solutions. That’s a drawback when it comes to advancing human understanding.  

Even so, tools like AlphaEvolve are set to change the way researchers work. “I don’t think we are finished,” says Kohli. “There is much further that we can go in terms of how powerful this type of approach is.”

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