Most pigs in the US are confined to factory farms where they can be afflicted by a nasty respiratory virus that kills piglets. The illness is called porcine reproductive and respiratory syndrome, or PRRS.

A few years ago, a British company called Genus set out to design pigs immune to this germ using CRISPR gene editing. Not only did they succeed, but its pigs are now poised to enter the food chain following approval of the animals this week by the U.S. Food and Drug Administration.

The pigs will join a very short list of gene-modified animals that you can eat. It’s a short list because such animals are expensive to create, face regulatory barriers, and don’t always pay off. For instance, the US took about 20 years to approve a transgenic salmon with an extra gene that let it grow faster. But by early this year its creator, AquaBounty, had sold off all its fish farms and had only four employees—none of them selling fish.

Regulations have eased since then, especially around gene editing, which tinkers with an animal’s own DNA rather than adding to it from another species, as is the case with the salmon and many GMO crops.

What’s certain is that the pig project was technically impressive and scientifically clever. Genus edited pig embryos to remove the receptor that the PRRS virus uses to enter cells. No receptor means no infection.

According to Matt Culbertson, chief operating office of the Pig Improvement Company, a Genus subsidiary, the pigs appear entirely immune to more than 99% of the known versions of the PRRS virus, although there is one rare subtype that may break through the protection.

This project is scientifically similar to the work that led to the infamous CRISPR babies born in China in 2018. In that case a scientist named He Jiankui edited twin girls to be resistant to HIV, also by trying to remove a receptor gene when they were just embryos in a dish.

That experiment on humans was widely decried as misguided. But pigs are a different story. The ethical concerns about experimenting are less serious, and the benefits of changing the genomes can be measured in dollars and cents. It’s going to save a lot of money if pigs are immune to the PRRS virus, which spreads quite easily, causing losses of $300 million a year or more in the US alone.

Globally, people get animal protein mostly from chickens, with pigs and cattle in second and third place. A 2023 report estimated that pigs account for 34% of all meat that’s eaten. Of the billion pigs in the world, about half are in China; the US comes in a distant second, with 80 million.

Recently, there’s been a lot of fairly silly news about genetically modified animals. A company called Colossal Biosciences used gene editing to modify wolves in ways it claimed made them resemble an extinct species, the dire wolf. And then there’s the L.A. Project, an effort run by biohackers who say they’ll make glow-in-the-dark rabbits and have a stretch goal of creating a horse with a horn—that’s right, a unicorn.

Both those projects are more about showmanship than usefulness. But they’re demonstrations of the growing power scientists have to modify mammals, thanks principally to new gene-editing tools combined with DNA sequencing that lets them peer into animals’ DNA.

Stopping viruses is a much better use of CRISPR. And research is ongoing to make pigs—as well as other livestock—invulnerable to other infections, including African swine fever and influenza. While PRRS doesn’t infect humans, pig and bird flus can. But if herds and flocks could be changed to resist those infections, that could cut the chances of the type of spillover that can occasionally cause dangerous pandemics.  

There’s a chance the Genus pigs could turn out to be the most financially valuable genetically modified animal ever created—the first CRISPR hit product to reach the food system. After the approval, the company’s stock value jumped up by a couple of hundred million dollars on the London Stock Exchange.

But there is still a way to go before gene-edited bacon appears on shelves in the US. Before it makes its sales pitch to pig farms, Genus says, it needs to also gain approval in Mexico, Canada, Japan and China which are big export markets for American pork.

Culbertson says gene-edited pork could appear in the US market sometime next year. He says the company does not think pork chops or other meat will need to carry any label identifying it as bioengineered. “We aren’t aware of any labelling requirement,” Culbertson says.

This article is from The Checkup, MIT Technology Review’s weekly health and biotech newsletter. To receive it in your inbox every Thursday, sign up here.

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Kraken details how it spotted North Korean hacker in job interview

US crypto exchange Kraken has detailed a North Korean hacker’s attempt to infiltrate the organization by applying for a job interview.

“What started as a routine hiring process for an engineering role quickly turned into an intelligence-gathering operation,” the company wrote in a May 1 blog post.

Kraken said the applicant’s red flags appeared early on in the process when they joined an interview under a name different from what they applied with and “occasionally switched between voices,” apparently being guided through the interview.

Rather than immediately rejecting the applicant, Kraken decided to advance them through its hiring process to gather information about the tactics used.

International sanctions have effectively cut North Korea off from the rest of the world, and the country’s ruling Kim family dictatorship has long targeted crypto companies and users to top up the country’s coffers. It’s stolen billions worth of crypto so far this year.

Kraken reported that industry partners had tipped them off that North Korean actors were actively applying for jobs at crypto companies. 

“We received a list of email addresses linked to the hacker group, and one of them matched the email the candidate used to apply to Kraken,” it said. 

With this information, the firm’s security team uncovered a network of fake identities used by the hacker to apply to multiple companies. 

Kraken also noted technical inconsistencies, which included the use of remote Mac desktops through VPNs and altered identification documents.

The applicant’s resume was linked to a GitHub profile containing an email address exposed in a past data breach, and the exchange said the candidate’s primary form of ID “appeared to be altered, likely using details stolen in an identity theft case two years prior.”

During final interviews, Kraken chief security officer Nick Percoco conducted trap identity verification tests that the candidate failed, confirming the deception. 

Related: Lazarus Group’s 2024 pause was repositioning for $1.4B Bybit hack

“Don’t trust, verify. This core crypto principle is more relevant than ever in the digital age,” Peroco said. “State-sponsored attacks aren’t just a crypto or US corporate issue — they’re a global threat.”

North Korea pulls off biggest-ever crypto hack

North Korea-affiliated hacking collective Lazarus Group was responsible for February’s $1.4 billion Bybit exchange hack, the largest ever for the crypto industry.

North Korean-linked hackers also stole more than $650 million through multiple crypto heists during 2024, while deploying IT workers to infiltrate blockchain and crypto companies as insider threats, according to a statement released by the US, Japan and South Korea in January. 

In April, a subgroup of Lazarus was found to have set up three shell companies, with two in the US, to deliver malware to unsuspecting users and scam crypto developers. 

Magazine: Japanese porn star’s coin red flags, Alibaba-linked L2 runs at 100K TPS: Asia Express

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Kraken finalizes NinjaTrader buy as Q1 revenue jumps 19%

Crypto exchange Kraken has completed its acquisition of the futures trading platform NinjaTrader and reported its first quarter revenues jumped 19% year-on-year to $471.7 million.

Kraken said in a May 1 report that its NinjaTrader acquisition would give its US customers access to the traditional derivatives market, aligning with its plans to expand its offerings and be the go-to platform for all types of trading.

NinjaTrader is a registered Futures Commission Merchant with the Commodity Futures Trading Commission. Last month, it rolled out trading for over 11,000 stocks and exchange-traded funds to certain US clients.

The deal, which Kraken dubbed the largest ever between a crypto and traditional finance firm, allows NinjaTrader to expand to the UK, continental Europe and Australian markets and comes as Kraken is preparing for an initial public offering in early 2026. The company is exploring a debt package worth between $200 million and $1 billion to facilitate that transaction.

Kraken revenue, trading volume falls on Trump’s return

Kraken’s $471.7 million revenue in Q1 marked a 19% increase from the year-ago quarter but a 6.8% fall from Q4 2024.

The exchange reported that trading volume fell 9.6% quarter-over-quarter to $208.7 billion while the value of its custodied assets fell 18% to $34.9 billion over the same time.

Kraken attributed the drop to a “slowdown in overall market trading activity” as US President Donald Trump’s threats of implementing sweeping tariffs triggered an 18% fall in the crypto market cap over the quarter.

Kraken finalizes NinjaTrader buy as Q1 revenue jumps 19%
Key metrics from Kraken’s Q1 report. Source: Kraken

Kraken is one of several crypto platforms that saw record or near-record highs in trading activity in Q4 as Trump’s November election win sparked larger-than-usual market volatility.

Related: Kraken rolls out ETF and stock access for US crypto traders

Kraken said that despite a “softening market,” its adjusted EBITDA  — earnings before interest, taxes, depreciation and amortization — jumped 1% from the previous quarter to $187.4 million.

The firm also saw the number of funded accounts on its platform increase 10% quarter-on-quarter to 3.9 million, signaling “deeper client engagement.”

Reuters reported on April 18 that Kraken restructured its workforce after Arjun Sethi was appointed as co-CEO last October. Sethi has laid off around 400 employees since.

Magazine: Crypto wanted to overthrow banks, now it’s becoming them in stablecoin fight

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Tether posts $1B in Q1 operating profit, $5.6 billion excess in reserves

Tether, the company behind the world’s largest stablecoin by market capitalization, has released its financials for the first quarter of 2025, disclosing nearly $120 billion in exposure to US Treasurys and over $1 billion in operating profit.

According to Tether’s Q1 2025 financial report, the company’s assets include $98.5 billion in direct US Treasury bills, along with over $23 billion in additional exposure through repurchase agreements and other cash-equivalent assets.

Tether posts $1B in Q1 operating profit, $5.6 billion excess in reserves
Excerpt from Tether’s Q1 2025 financial report. Source: Tether

According to the announcement, Tether holds $5.6 billion in excess of reserves for its USDt (USDT) stablecoin, down from $7.1 billion in excess from the last quarter of 2024. The stablecoin has a market capitalization of $149 billion as of May 1.

“Circulating supply of USDT grew by approximately $7 billion in Q1, with a 46 million increase in user wallets,” it said.

The company’s excess capital continues to fund strategic investments, with more than $2 billion allocated in renewable energy, artificial intelligence, peer-to-peer communications, and data infrastructure. 

The stablecoin market is broadly dominated by tokens pegged to the US dollar, with USDT and Circle’s USDC holding a combined 87% share. According to the US Treasury’s Q1 2025 report, the market cap for dollar-backed stablecoins is poised to reach $2 trillion by 2028.

European Union officials have recently raised concerns about the risks of overreliance on dollar-pegged stablecoins. According to the Bank of Italy, disruptions in the stablecoins market or the underlying bonds could have “repercussions for other parts of the global financial system.”

Magazine: Crypto wanted to overthrow banks, now it’s becoming them in stablecoin fight

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Crypto ‘decoupling’ story ends as stocks follow Bitcoin’s rally

Key takeaways:

  • Despite weak US manufacturing data, Federal Reserve liquidity plans and strong corporate earnings keep equities and crypto afloat.

  • The total crypto market capitalization rose 8.5% since March.

Cryptocurrency traders have frequently zoomed in on the need for crypto to show a clear “decoupling” from the stock market, and over the past 10 days, the intraday movements of Bitcoin (BTC) and major altcoins have closely tracked those of the S&P 500, even as trade war developments have dominated market sentiment.

Crypto ‘decoupling’ story ends as stocks follow Bitcoin’s rally
S&P 500 futures (left) vs. Total crypto cap, USD (right). Source: TradingView/Cointelegraph

A decoupling would validate digital assets as an independent class and address growing concerns about a potential global economic recession. This ongoing correlation has led market participants to question whether the cryptocurrency market is destined to follow the stock market’s lead indefinitely, and what conditions would be necessary for a genuine decoupling to occur.

Stock market shows strength despite trade tensions

The S&P 500 reached its peak on Feb. 19 and has since struggled to reclaim the 5,800 level, a support that had held for four months. Despite persistent pressure from US trade disputes with Canada and Mexico, as well as the imposition of new tariffs affecting nearly every major economic region, equities have demonstrated notable resilience.

Chinese state media recently reported that the United States has quietly initiated trade negotiations. Although China officially maintains a 125% retaliatory tariff on US imports, it has granted waivers for sectors such as ethane, semiconductors, and certain pharmaceuticals. The United States, in turn, has partially exempted automakers from new tariffs. These actions suggest that both sides are gradually making concessions.

There is a reasonable possibility that the S&P 500 established a bottom at 4,835 on April 7, with further gains from the current 5,635 level remaining plausible. The stock market has responded positively to robust first-quarter earnings, as companies adapt to tariffs by relocating production outside China or expanding operations within the United States.

For instance, Microsoft reported a 13.2% year-over-year increase in revenue, with higher margins and strong demand for artificial intelligence. Meta also delivered earnings and revenue that exceeded market expectations on April 30. These results have alleviated concerns about a potential AI bubble or the risk that the trade war could force companies to reduce investment.

The market’s focus shifts to the Federal Reserve

Rather than concentrating on the recent decline in US PMI manufacturing data-which reached a five-month low in April, market participants are closely monitoring the Federal Reserve’s next policy moves. Following a year of balance sheet reduction, the Fed is now considering asset purchases to help ease selling pressure.

An increase in liquidity is typically favorable for risk-oriented assets. Therefore, even if a full decoupling does not occur, cryptocurrencies could still benefit from a more supportive macroeconomic environment.

Crypto ‘decoupling’ story ends as stocks follow Bitcoin’s rally
S&P 500 futures (left) vs. Total crypto cap, USD (right). Source: TradingView/Cointelegraph

Despite the short-term correlation, the cryptocurrency market has outperformed equities in recent months. Since March, the total crypto market capitalization has risen by 8.5%, while the S&P 500 has declined by 5.3%. Over a six-month period, this divergence becomes even more pronounced: the total crypto market cap is up 29%, while the S&P 500 is down 2%. It is therefore inaccurate to suggest that these markets move in perfect synchrony, particularly when viewed over longer timeframes.

Related: Bitcoin to $1M by 2029 fueled by ETF and gov’t demand — Bitwise exec

It is still premature to declare a definitive bottom for the S&P 500 or to conclude that the trade war has been resolved. An economic recession would likely have negative implications for both markets. However, the current strength in equities indicates reduced risk aversion among investors. For the time being, the elevated correlation between cryptocurrencies and stocks may represent the most favorable scenario.

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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The crypto trends Animoca Brands is eyeing this year — Token2049

Animoca Brands is looking at trends in real-world tokenized assets, AI projects, and the gaming sector to invest in and develop, according to Omar Elissar, the company’s managing director for the Middle East and the head of Global Strategic Partnerships.

In an interview with Cointelegraph’s Sam Bourgi at Token2049, Elissar said that stablecoins, real-world asset tokenization, the intersection between AI and crypto, alternative use cases such as decentralized science, and Web3 gaming were all niches the company is exploring.

Gaming is “part of our DNA,” the executive said before reflecting on the current state of the Web3 gaming industry:

“It’s gone quiet for some time in terms of less PR, but there’s been building in the background. Recently, there have been a few games that have come out that have been truly fun to play, which I think has been one of the main negative sentiments about Web3 gaming.”

Animoca Brands is one of the foremost crypto-native venture capital firms in the space and can serve as a barometer of hot or emerging market trends for crypto investors.

Related: VC Roundup: Funding surge targets confidentiality, tokenization and Web3 infrastructure

Animoca Brands inks stablecoin, blockchain deals

In February 2025, Animoca Brands, Standard Chartered Bank, and Hong Kong Telecommunications (HKT) signed a deal to develop a Hong Kong dollar stablecoin that will be overcollateralized and pegged to the Hong Kong dollar at a 1:1 ratio.

The stablecoin must first be approved by the Hong Kong Monetary Authority (HKMA) before it begins trading. Hong Kong’s financial authorities are currently working on establishing comprehensive stablecoin regulations.

On March 27, Animoca Brands inked a deal with Soneium, a layer-1 blockchain network developed by Japanese tech company Sony, to develop a digital identification system that features pictures of anime characters that can be assigned to an onchain user to signify identity.

Venture Capital, Web3, Token2049
Animoca releases financial assets and token reserves for 2024 as part of its overall financial report for the company’s 2024 fiscal year. Source: Animoca Brands

Animoca reported that it recorded 12% year-over-year growth during the 2024 fiscal year in “bookings” — a figure that accounts for the sum of all revenue plus revenue that has been booked but not yet received by the company.

Magazine: Crypto ‘more taboo than OnlyFans,’ says Violetta Zironi, who sold song for 1 BTC

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Amazon’s upgraded digital assistant powered by generative AI, Alexa+, has rolled out to over 100,000 users, CEO Andy Jassy said on the company’s earnings call Thursday. While that’s a far cry from the 600 million Alexa devices out there, the company is making some progress on the rollout of Alexa+, which was first unveiled in […]
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Apple CEO Tim Cook offered the company’s first comments on the impact of President Trump’s tariffs during Thursday’s second-quarter earnings call with investors. While the iPhone maker saw only “limited impact” from tariffs in the March quarter, Cook said Apple couldn’t forecast what that would mean for the coming quarter. However, if things remained the […]
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