A $1.4 billion state-level deal between the IMF and El Salvador is pending approval by the board of executives. No more state-funded Bitcoin buildup is one of the requirements.
The IMF and El Salvador have recently signed a tentative agreement for an extended loan package worth $1.4 billion, subject to certain restrictions. The IMF remains opposed to Bitcoin and has made it clear that access to a financing capacity of up to $3.5 billion is contingent upon this. Additionally, it has requested that the government of El Salvador stop allowing the public to access Chevro wallets by July 1, 2025. Will Nayib Bukele stop being obsessed with Bitcoin?
El Salvador gets IMF nod for $120M payment, more under consideration
El Salvador will receive $120 million from the IMF as part of a $1.4 billion extended loan program, pending clearance, according to a press statement. After months of talks, the financial agency reportedly achieved a staff-level deal with the Central American country. In a statement, Iván Luis Torres, the Mission Chief for El Salvador, and Luis Cubeddu, the Deputy Director of the Western Hemisphere Department, said,
IMF staff have reached staff-level agreement with the Salvadoran authorities on the first review under the 40-month EFF arrangement. The agreement is subject to approval by the IMF’s Executive Board, and contingent on the implementation of the agreed prior actions.
Notably, this deal has restrictions, such as preventing the government from being involved in the Chivo wallet by the end of July and limiting future engagement in Bitcoin. The nation must also guarantee that the overall quantity of Bitcoin stored in all government-owned wallets stays constant. “Efforts will continue to ensure that the total amount of Bitcoin held across all government-owned wallets remains unchanged,” the IMF said.
IMF maintains No Bitcoin policy in return for $3.5B
As previously reported, El Salvador has persisted in its Bitcoin buying binge in defiance of the financial agency’s prohibitions on the country’s BTC accumulation. The nation has purchased 30 BTC in the last month, bringing its reserve to 6,190.18 BTC, or almost $675 million. The increase in the cryptocurrency this year has resulted in unrealized gains of almost $350 million in the government’s holdings of BTC. As part of the Bitcoin treasury plan, President Nayib Bukele affirmed that the nation will continue to purchase Bitcoin. He observed,
“No, it’s not stopping. If it didn’t stop when the world ostracized us and most “bitcoiners” abandoned us, it won’t stop now, and it won’t stop in the future.”
The most recent IMF agreement represents a practical change. It enforces more general economic discipline while permitting the nation to have limited exposure to cryptocurrency. Subject to IMF executive board approval, El Salvador needs to conduct public service and pension reforms, increase bank liquidity, and carry out fiscal reforms in order to be eligible for the next $120 million funding tranche.
El Salvador is in a very tough position because of the $1.4 billion from the IMF and the additional $2.1 billion from other creditors involved. According to the press release, El Salvador must cease using state funds to buy more Bitcoin and restrict public access to its Chevro wallet by July 1st.
The press release, reads, quote,
“The EFF was approved by the IMF Executive Board on February 26, 2025, with total access of SDR 1033.92 million (about US$1.4 billion or 360 percent of quota), and initial disbursement of SDR 86.16 million. Other official creditors committed to provide additional financial support for a combined total of roughly US$3.5 billion.”
Coinbase scam busted: Fake sites stole $20M
Coinbase disclosed on Tuesday that a highly skilled spoofing operation has used the company’s reputation to steal more than $20 million in cryptocurrency.
However, the organization was disassembled utilizing blockchain forensics with the assistance of US law enforcement.
Coinbase helps takedown $20M crypto spoofing scheme
Chirag Tomar was arrested and convicted as a result of the takedown, which was spearheaded by the US Secret Service with support from Coinbase’s internal security and legal teams.
According to reports, Tomar operated a global fraud that used phony Coinbase websites to take advantage of unwary individuals. In a post on X (Twitter), the official Coinbase Support account verified this event.
Fake “Coinbase” sites stole $20M in crypto. We traced the funds and helped the Secret Service arrest the ringleader. Blockchain transparency stops spoofers—see how: https://t.co/N6zXIeNTny
— Coinbase Support (@CoinbaseSupport) May 28, 2025
Paul Grewal, the Chief Legal Officer at Coinbase, claims that Tomar and his accomplices ran phishing websites like CoinbasePro.com. They persuaded consumers to provide two-factor authentication (2FA) codes and login passwords.
In certain instances, the scammers used remote access tools to get access to legitimate accounts while impersonating Coinbase customer support. One victim reportedly lost over $240,000 in a single attack using this technique, which allowed them to siphon off cryptocurrency balances in a matter of minutes.
Grewal praised blockchain forensics and called the operation one of the most significant takedowns Coinbase has ever assisted.
“Unlike cash, which remains the #1 tool for illicit finance worldwide, crypto leaves a permanent, traceable trail,” Grewal wrote in the company blog.
Coinbase was involved in victim identification, forensic evidence preservation, and blockchain analytics-based money tracking.
The US-based exchange highlighted its continued collaborations with federal agencies like the FBI and Secret Service, as well as its commitment in real-time fraud detection.
Legal setbacks and data breaches undermine Coinbase’s momentum
However, Coinbase is going through a difficult moment right now due to the arrest news. A day ago, investors filed a class-action lawsuit against the corporation.
According to reports, the issue was a recent drop in stock value linked to a well-publicized data breach and a $4.5 million punishment imposed by the Financial Conduct Authority (FCA) of the United Kingdom.
According to the lawsuit, Coinbase concealed significant dangers associated with a user data leak that exposed private client data. An insider leak is said to have caused that breach, which sparked public outrage two weeks ago.
Later, Coinbase acknowledged that it had turned down the $20 million ransom demand from the criminals. Rather than engage in negotiations with cybercriminals, it collaborated with government enforcement.
The exchange’s contradictory constraints are shown by the contrast between Coinbase’s recent security concerns and its proactive engagement in removing a spoofing scheme. The platform is defended on the one hand. However, in the face of increased scrutiny, it works to maintain consumer trust.
The Tomar arrest provides Coinbase with a much-needed victory in the fight for consumer protection. But it does so in the midst of growing legal issues and internal violations.
Hyperliquid whale James Wynn offloads all of his Pepe Coin holdings
James Wynn, a well-known cryptocurrency trader, moved 443.73 billion PEPE tokens to Binance in three hours while holding an all-long position in Bitcoin.
In the previous three hours, cryptocurrency trader James Wyn, who is well-known for placing high-leverage wagers on the decentralized platform Hyperliquid, has deposited an astounding 443 billion PEPE holdings on the cryptocurrency exchange Binance. As Wynn puts all of his money into his Bitcoin wager, market analysts predict that he may sell all of his meme coin holdings.
James Wynn deposits 443.73B of Pepe Coin to Binance
According to Arkham Intelligence data, prominent cryptocurrency trader James Wynn has moved 443.73 billion PEPE tokens—worth roughly $4.41 million—to the cryptocurrency market Binance in the last three hours.
Wynn has made these deposits in two installments, first with a 240 billion PEPE deposit and then with a more recent 203.73 billion PEPE deposit, which is worth $2.82 million. According to market observers, Wynn is taking this action in order to finance his upcoming long position in Bitcoin. The cryptocurrency trader has been increasing the size of his long position in Bitcoin by 40 times.
Discussion of the possible effects on the PEPE price, which is down 2% today but is still stable with 53% gains on the monthly chart, has been further triggered by this.
Is James Wynn wrong again?
As previously said, Wynn has made a number of losing wagers, thus his recent trades have not been spot on. After being up $80 million in unrealized profits, he has lost about $60 million in the last seven days. Many observers are now doubting his actions in light of this.
Other whales came in and amassed a sizable amount of the memecoin after James Wynn’s 10x long position on PEPE earlier this week. A noteworthy transaction involving the meme coin PEPE was recently reported by the well-known blockchain watcher Whale Alert. The Bybit cryptocurrency exchange had over 2 trillion PEPE tokens, worth $27.89 million, transferred to an unidentified wallet.
🚨 🚨 2,000,000,000,000 #PEPE (27,887,373 USD) transferred from #Bybit to unknown wallethttps://t.co/F3Rf8f60yJ
— Whale Alert (@whale_alert) May 27, 2025
Given that the price of PEPE has increased by 50% in the last month, his Pepe coin transfer coincides with increased bullish activity surrounding the memecoin. This is not the meme coin’s first noteworthy movement. The price rose to $0.00001606 between May 21 and May 23 before retracing over 19% to a low of $0.00001303 and then rising again.
The PEPE futures open interest has increased 5.89% to above $600 million, according to Coinglass statistics, indicating that traders are quite positive. The bull fractal signal, according to the report, forecasts a 103% PEPE price increase in the upcoming weeks. Data appears to be very bullish, even though James Wynn appears to be selling his Pepe coin holdings. Will this be another trade that he loses money on?
