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A crypto user suffered a staggering loss of nearly $7 million after buying a discounted cold wallet via Douyin, China’s version of TikTok, which was later revealed to be compromised. Blockchain security firm SlowMist reported that the wallet’s private key was tampered with at creation, allowing thieves to drain the funds within hours. The wallet, marketed as a bargain, was a trap, with SlowMist warning against such "factory sealed" or cheap devices often used to ensnare victims. The stolen funds were laundered through Huiwang, a Cambodian conglomerate linked to illicit activities, and recovery seems unlikely despite tracking efforts. SlowMist’s chief information security officer emphasized the danger of risking one’s fortune for minor savings, calling it akin to “throwing your life away.” This incident, alongside other scams involving malware-laden devices like counterfeit smartphones and malicious drivers, underscores the growing cybersecurity risks in the crypto space. Users are urged to purchase wallets only from trusted sources to avoid falling prey to such sophisticated traps orchestrated through third-party platforms.
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Two toy companies, Learning Resources and Hand2Mind, have urged the Supreme Court to expedite their lawsuit challenging President Trump's tariffs, questioning his authority to impose them under the International Economic Emergency Powers Act. The tariffs, linked to a national emergency over illegal immigration and drug trafficking, are contested as unrelated to the stated crisis. While a US Court of International Trade panel ruled against Trump's authority, the tariffs remain active during an appeal at the Federal Circuit. The companies, having secured a limited victory in a district court, seek Supreme Court intervention before the court's summer recess, citing severe economic impacts, including a potential $660 billion annual tax hike and a 2% rise in the Consumer Price Index. The US average tariff rate has surged from 2.5% to 27%, the highest in over a century. Legal experts predict the Supreme Court will ultimately address the tariffs' legality, potentially under the "major questions doctrine" limiting executive actions without explicit Congressional approval. The Trump administration, referencing a successful Nixon-era tariff appeal, remains confident in its legal stance.
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President Trump faces significant challenges as global events disrupt his economic and diplomatic strategies. His aggressive tariff approach and goal of securing trade deals with 15 nations by July 9 are stalled due to his early exit from a key summit in western Canada to address the intensifying Israel-Iran conflict. This war, involving Israeli airstrikes on Iran since June 13 to halt its nuclear program, does not yet directly involve the US but demands Trump's focus. He has issued strong rhetoric, threatening US military involvement and claiming control over Iranian skies, while pushing for diplomatic concessions from Iran. Meanwhile, delayed trade negotiations, worth over $3 trillion, could result in new tariffs of 10% to 50% on US imports, likely raising prices for American consumers soon. Analysts warn that expecting a swift resolution to the Middle East conflict is overly optimistic, highlighting the complexity of the situation. These converging crises test Trump's presidency, potentially derailing his economic plans and forcing tough decisions that could shape his legacy.
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Central bank digital currencies (CBDCs) are poised to disrupt the cryptocurrency landscape, particularly for altcoins focused on payment processing. As major economies edge closer to launching CBDCs, these state-backed digital currencies promise 24/7, fee-free transactions with built-in compliance, challenging the core appeal of many altcoins. The Bahamas’ Sand Dollar, the world’s first retail CBDC, exemplifies this threat by offering near-instant transfers without fees or foreign exchange costs. Similarly, the U.K. and Europe are exploring programmable features for digital currencies, while the U.S. evaluates CBDC impacts, with congressional reports suggesting direct competition with payment-focused cryptocurrencies rather than speculative or DeFi assets. Altcoins like XRP, which emphasize cross-border settlement efficiency, risk losing relevance if CBDCs achieve interoperability across borders—a feature under active testing. While cryptocurrencies with unique capabilities may endure, those merely serving as payment rails could be rendered superfluous. This looming shift raises critical questions for investors about the long-term viability of certain altcoins in a world where government-backed digital currencies could dominate everyday transactions.
