According to @FoxNews, the U.S. Department of Justice (DOJ) has initiated a civil forfeiture action to seize over $225 million in Tether (USDT) linked to a sophisticated 'pig butchering' scam. The investigation, which received key assistance from the crypto exchange OKX, uncovered a complex money laundering network responsible for approximately $3 billion in transaction volume, according to the DOJ complaint. This scam notably ensnared the former CEO of Heartland Tri-State Bank, whose $47 million embezzlement led to the bank's collapse in 2023; the DOJ complaint stated he was both a perpetrator and a victim. The seized USDT may be allocated to a U.S. government crypto stockpile, a move that could impact the stablecoin's long-term market dynamics. In separate news with significant market implications, American Bitcoin Corp, a mining firm backed by Eric and Donald Trump Jr. and majority-owned by Hut 8 (HUT), has raised $220 million, per an SEC filing. The capital is designated for acquiring more Bitcoin (BTC) for its treasury and upgrading its mining fleet, signaling potential buying pressure on BTC and a bullish outlook for the mining sector. The firm also plans to go public by merging with Gryphon Digital Mining (GRYP), potentially affecting HUT and GRYP stock prices.

According to Michael Lau (@mikelaujr), key industry figures including Eric Trump, cofounder of American Bitcoin, and Charles Hoskinson, founder of Cardano, are at the forefront of major cryptocurrency initiatives as of May 2025. Their involvement brings heightened visibility and investor confidence to Bitcoin and Cardano, directly influencing trading volumes and price action for both assets. Dave Portnoy and Kevin O’Leary's participation signals increased mainstream adoption and institutional attention, which are likely to impact liquidity and market sentiment for leading cryptocurrencies (Source: Michael Lau, Twitter, May 12, 2025).

According to Michael Saylor, Eric Trump and Donald J. Trump Jr. are launching American Bitcoin with the objective of becoming the largest Bitcoin miner and creating a substantial Bitcoin reserve. This strategic move could significantly impact Bitcoin's market dynamics by increasing mining competition and potentially influencing Bitcoin's supply and demand metrics.

According to AltcoinGordon, Hut 8 has launched a new 'American Bitcoin' mining firm with backing from Eric Trump and Donald Trump Jr. This development is significant for traders as it highlights a strategic move to strengthen cryptocurrency infrastructure. While market participants focus on daily price fluctuations, this initiative could signal long-term growth potential in the crypto mining industry.

According to Crypto Rover, Hut 8 has launched a new Bitcoin mining firm named 'American Bitcoin', backed by Eric Trump and Donald Trump Jr. This development is significant for the cryptocurrency mining industry, as it could potentially attract more investors and influence market dynamics due to the involvement of high-profile figures. Such backing might enhance the firm's capital resources and operational capacity, potentially impacting Bitcoin's mining difficulty and network hash rate.