The popular AI framework Virtuals Protocol will host an in-person meet-up in Hong Kong on Friday, January 17.

May 3 — Analysis from blockchain firm Nominis shows some cryptocurrency wallets tied to Iran that the U.S. Office of Foreign Assets Control (OFAC) recently seized and froze lack typical behavior linked to the Islamic Revolutionary Guard Corps (IRGC), hinting at possible involvement by other national-level actors. Previously, the U.S. Treasury Department announced it had frozen over $340 million in assets as part of “Operation Economic Fury,” pushing total Iranian-related crypto assets frozen to nearly $500 million. Nominis CEO Snir Levi noted IRGC-linked wallets historically distributed funds to multiple addresses, kept low single-wallet balances, avoided long-term holdings, and used complex maneuvers to lower freeze risks. But the newly seized wallets differ sharply in fund structure and behavior. He raised a key question: How much of the $340 million frozen is directly controlled by the IRGC, and how much ties to a broader infrastructure overlapping with other countries’ financ

On May 3, Forbes reported that a U.S. court sentenced Robert Dunlap—the mastermind of the Meta-1 Coin crypto scam—to 23 years in prison. He was charged with defrauding roughly 1,000 investors of more than $20 million via a fake crypto investment scheme spanning 2018 to 2023. The U.S. Department of Justice (DOJ) noted Dunlap claimed his Meta-1 Coin was backed by a $440 billion gold reserve and $1 billion worth of art by Picasso, Dali, and Van Gogh. He promised investors a maximum return of 224,923%—and provided forged audit documents and insurance materials to back the claims. Investigators found the purported gold and art assets did not exist. The “Meta Exchange” website he operated used automated trading bots to fake profit. The tokens were never actually issued on the blockchain, and investor funds were later spent on luxury items—including a Ferrari. Notably, the U.S. Securities and Exchange Commission (SEC) filed a civil fraud lawsuit against Dunlap as early as 2020—but he

**Minneapolis Fed’s Kashkari: War Could Force Rate Hikes in Some Scenarios** Minneapolis Federal Reserve President Neel Kashkari said Wednesday (May 3) that the Fed may need to hike interest rates in certain scenarios as the ongoing war strains supply chains and fuels inflationary pressures. Kashkari noted the longer the conflict drags on, the more acute inflationary pressures will become. Even if the war ends immediately, supply chains could take months to recover, he added. He stressed the Fed’s top current challenge is the “highly uncertain inflation trajectory,” so policymakers must remain flexible on future rate moves. Additionally, Kashkari said he does not view the U.S. government’s debt load as an “imminent crisis.” He also expressed a willingness to collaborate with Fed nominee Kevin Warsh going forward, saying he will seriously consider some of the concerns Warsh has raised.

On May 3rd, U.S. Treasury Secretary Janet Yellen said oil prices are expected to drop sharply after the war. Futures markets are also forecasting lower oil prices, and more vessels transiting the Strait of Hormuz would come as no surprise. Iran’s efforts to impose tolls on vessel passage have met little success. The U.S. is currently hitting record energy exports—its only constraint is infrastructure. The U.S. is a "big winner" in the energy market.

May 3rd — Local time May 3rd, Al Jazeera reports that Iran’s latest negotiation proposal outlines three phases: **Phase One** includes terms such as: - Turning a temporary ceasefire into a full, comprehensive ceasefire within 30 days - Establishing principles for an international mechanism to prevent conflict re-ignition - Securing a region-wide ceasefire with commitments from both sides (including all of Iran’s regional allies and Israel) not to violate the truce - Gradually lifting blockades on Iranian ports in step with the phased opening of the Strait of Hormuz - Iran taking responsibility for mine clearance - Revisiting Iran’s prior proposals on compensation - U.S. withdrawal from Iranian waters and a halt to new troop deployments **Phase Two** covers: - A timeline of up to 15 years for fully halting uranium enrichment - Iran resuming uranium enrichment under the zero-stockpile rule after that period - Opposing the dismantling or destruction of Iran’s nuc

May 3rd — A recent CoinDesk survey of 1,000 registered American voters finds 62% of respondents “distrust” the Trump administration’s ability to effectively regulate the cryptocurrency industry. Additionally, 73% oppose government officials holding personal business interests in or engaging in crypto-related dealings — a sign of growing public concern over potential political-business conflicts of interest and the independence of crypto regulation. At the survey’s release, the U.S. crypto industry is ramping up political lobbying efforts and campaign contributions — including backing the CLARITY Act and seeking to expand its influence ahead of the 2026 midterm election cycle.