Key Takeaways:

Pi Network unveils a $100M fund (in Pi and USD) to invest in real-world utility startups.

Focus on sectors like blockchain, AI, fintech, and e-commerce using Pi Coin.

Startups will gain access to Pi’s 19M+ KYC-verified users across 200+ countries.

Pi Network is making its boldest move yet. With the launch of Pi Network Ventures, the protocol is turning ambition into action—backing real-world adoption through a massive $100 million venture fund.

A Game-Changing Investment Initiative

The newly launched Pi Network Ventures will fund promising startups that build practical use cases for Pi Coin. The fund, made up of both Pi and USD, is managed by the Pi Foundation—an ownerless organization designed to sustain and grow the Pi ecosystem.

Funds are allocated from the 10% reserve dedicated to ecosystem development, in line with Pi’s tokenomics model. Unlike traditional crypto VC funds, this initiative emphasizes high-impact, real-world adoption over speculative value.

Strategic Focus: Utility First

Pi Network Ventures targets three core objectives

Boost Pi Utility: Fund businesses that integrate Pi in services and user experiences.

Enable Production on Pi: Invest in platforms that drive economic activity within the Pi ecosystem.

Real-World Use Cases: Back applications that make Pi Coin usable in daily life.

Sectors of interest include:

Blockchain-native startups

Fintech and embedded payments

Generative AI and digital services

Marketplaces, social platforms, and ecommerce

Investments will span early-stage startups to Series B ventures and beyond—empowering both innovation and scalability.

What Sets Pi Network Ventures Apart?

Unlike many ecosystem funds, Pi Network Ventures offers something rare: capital plus community.

Startups won’t just get funding—they’ll gain access to Pi’s global userbase:

Tens of millions of users across 200+ regions

19 million+ KYC-verified accounts

One of the largest active crypto communities in the world

This audience is not just a number—it’s a growth engine. From product feedback to rapid adoption, it enables what traditional VCs can’t: organic, network-driven growth.

Real Currency, Real Stakes

Most investments will be made in Pi Coin—aligning startup incentives directly with the currency they help grow. This circular model reinforces the ecosystem and accelerates adoption.

Though the fund totals $100M, disbursement will depend on the quality and readiness of applicants. The Pi Foundation retains full discretion and may invest over time or pause investments depending on strategic needs.

A Milestone in Pi’s Open Network Era

Following the launch of the Open Network, this initiative marks a shift from theory to implementation. The Pi Foundation is doubling down on real-world value—fueling a decentralized, accessible, and practical ecosystem.

Entrepreneurs interested in joining the program can apply now via the Pi Network website. This could be the beginning of Pi’s leap from a novel project to a mainstream financial layer.

Pi Network Shocks Crypto World with $100M Venture Fund to Power Real-World Utility

Shares of a Chinese investment holding company have been volatile since the firm rolled out an $800 million Bitcoin (BTC) and crypto investment plan earlier this week.

On Thursday, the Shenzhen-based Addentax Group Corp. announced plans to issue shares of its common stock to buy 8,000 BTC and acquire undefined amounts of other crypto assets, including President Donald Trump’s official memecoin (TRUMP).

The firm’s shares, listed on the Nasdaq as ATXG, were priced at $0.72 before the announcement but quickly jumped to a high of $1.68 later that day.

The stock then promptly retraced and dipped even lower than its original price and is now trading at $0.61. ATXG is down nearly 9% in the past 24 hours and more than 20% in the past five days.

Addentax specializes in garment manufacturing, logistics services, property management and subleasing.

The firm notes it has been in discussions “with a number of substantial and influential Bitcoin and other mainstream cryptocurrency holders” to facilitate the upcoming acquisitions.

Addentax chief executive Hong Zhida says the investments are part of the firm’s “broader blockchain strategy.”

“We believe that certain established digital assets may serve as a stable component of the company’s long-term holdings, given their liquidity and increasing institutional interest over recent years.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Shares of Chinese Apparel Firm in Choppy Trading After Announcing $800,000,000 Bitcoin and Crypto Investment Strategy

The U.S. Department of Justice (DOJ) is charging a dozen new defendants under the RICO Act for allegedly taking part in a multimillion-dollar crypto theft.

In a new press release, the DOJ says that it is charging an additional 12 defendants for allegedly participating in a crypto racketeering conspiracy that netted $263 million, bringing the total number of those accused to 14.

While the majority of them have been arrested, two of them remain at large and are suspected to be in Dubai. They are all charged with RICO conspiracy, conspiracy to commit wire fraud, money laundering, and obstruction of justice.

Last September, two California men – Malone Lam and Jeandiel Serrano – were arrested and charged in connection with the plot. Authorities say the men stole 4,100 Bitcoin (BTC) worth about $230 million at the time from an unnamed Washington, D.C., victim and then attempted to obfuscate and launder the funds using advanced techniques.

According to the press release, the duo was not alone and had a team behind them composed of hackers, organizers, money launderers, callers, and residential burglars that targeted hard wallets, who met through online gaming platforms and were in operation since October 2023.

The indictment reveals that the defendants used the stolen funds to purchase expensive luxury items, such as homes, cars, handbags, watches, jewelry, nights out at nightclubs ranging up to $500,000 per evening, as well as private security guards and private jets for members of the enterprise.

If found guilty, the defendants would be handed a sentence determined by the court based on sentencing guidelines.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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A Dozen New Defendants Charged in Alleged RICO Conspiracy Tied to $263,000,000 Crypto Theft

“Big Short” hedge fund manager Michael Burry, known for predicting the 2007 collapse of the housing market, just initiated a major portfolio shakeup.

New SEC filings from Burry’s Scion Asset Management show the firm has taken a substantial bearish stance against Nvidia (NVDA), opening a large position in put options against the chipmaker’s stock.

Scion has also reversed its previously bullish outlook on Chinese equities.

The fund acquired bearish put options on major Chinese companies, including Alibaba (BABA) and Baidu (BIDU).

And here’s the twist – Scion’s only remaining long position is in New York-based Estee Lauder (EL), a bet on the cosmetics giant’s potential recovery.

This solitary bullish stance underscores Burry’s cautious approach on the market, with the makeup industry often believed to be resilient to recession.

This is the second time in recent years that Burry has gutted Scion’s portfolio.

In 2023, Burry drastically reduced Scion’s holdings, only to later admit he was wrong while placing new, targeted bets.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Big Short’s Michael Burry Abruptly Sells Everything – Except for One ‘Recession-Proof’ Asset

Police say a pair of scammers successfully tricked a JPMorgan Chase customer into handing over hundreds of thousands of dollars.

The unnamed 61 year-old female victim received a phone call from someone pretending to be an employee at Chase Bank’s fraud department, reports News12 Long Island.

Between February 27th and April 28th, the thieves convinced her to make multiple withdrawals and hand over a total of $387,000.

An investigation into the theft led to a wild police chase and the arrest of Dominique Jones and Jean Saint Fort, both of Chelsea, Massachusetts.

Police say they found a handgun inside the vehicle and discovered stolen credit cards in Jones’ possession.

Jones now faces charges of attempted grand larceny, two counts of criminal possession of a weapon, two counts of criminal possession of stolen property, resisting arrest and criminal mischief.

Meanwhile, Saint Fort faces charges of attempted grand larceny as well as two counts of criminal possession of a weapon.

The duo was formally charged on May 8th.

At time of publishing, it’s not clear whether the victim’s $387,000 lost in the scam will be recovered or refunded.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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JPMorgan Chase Customer Loses $387,000 in Bank Scam Sparked by a Single Phone Call: Report

The artificial intelligence (AI) research firm Anthropic has secured a $2.5 billion line of credit from a group of banking giants that includes JPMorgan Chase, Goldman Sachs, Morgan Stanley and Citibank.

Krishna Rao, Anthropic’s chief financial officer, announced the new loan on LinkedIn on Friday.

“This credit facility further strengthens our balance sheet and provides us with the flexibility to continue our exponential growth while maintaining our commitment to responsible AI development. The backing of these global financial institutions is a testament to the strength of our business and the resonance of our mission. We continue to be well-positioned to accelerate our research at the frontier of AI, expand our product capabilities, and deliver substantial value to our rapidly growing customer base.

Other banks participating in the five-year revolving credit facility include Barclays, Royal Bank of Canada and Mitsubishi UFJ Financial Group.

Anthropic is the developer behind the large language model Claude. In March, the firm raised $3.5 billion at a $61.5 billion post-money valuation in a Series E funding round.

Kate Jensen, Anthropic’s head of revenue, recently told CNBC that the firm has witnessed an 8x increase in the number of customers spending more than $100,000 annually compared to 2024.

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AI Firm Anthropic Secures $2,500,000,000 Line of Credit From JPMorgan Chase, Citibank, Goldman Sachs and Other Banking Giants

A US judge swatted down a joint motion from the U.S. Securities and Exchange Commission (SEC) and the payments firm Ripple that would have taken steps toward ending their longstanding legal battle.

Ripple and the SEC had filed a joint motion earlier this month for an “indicative ruling” to see whether District Judge Analisa Torres would be open to vacating the firm’s previously assigned $125 million civil penalty and reducing it to $50 million.

The SEC has been walking back numerous crypto enforcement actions since Donald Trump became president and Gary Gensler left as chair.

Torres, however, says both parties “fail to address the heavy burden they must overcome to vacate the injunction and substantially reduce the civil penalty.”

Writes the judge,

“Relief from judgment under Rule 60 is granted ‘only upon a showing of exceptional circumstances’… The parties have made no effort to satisfy that burden here; their request does not even mention the rule.

Accordingly, if jurisdiction were restored to this court, the court would deny the parties’ motion as procedurally improper.”

The SEC first sued the San Francisco-based payments firm in late 2020 for allegedly selling XRP as an unregistered security.

In 2023, Torres ruled that Ripple’s automated, open-market sales of XRP did not constitute security offerings, contrary to what the SEC alleged.

The judge did, however, side with the SEC’s claim that Ripple’s sales of XRP directly to institutional buyers were securities offerings.

Last August, Torres slapped Ripple with a $125 million civil penalty. Both the firm and the SEC appealed that number.

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Judge Denies Joint Bid From Ripple and the SEC To End Their Longstanding Legal Battle Over XRP

One of the largest banks in the US is preparing to pay millions of dollars to settle allegations that it bombarded thousands of people with illegal robocalls.

A federal judge in North Carolina has preliminarily approved a $4.1 million class action settlement between Truist Bank and cellphone users who say they were hit with the unwanted calls, reports The Charlotte Observer.

The lawsuit against Truist was filed by a class of 5,998 people with Kevin Truong, a resident of Texas, serving as the lead plaintiff.

Truong says he received at least 35 robocalls from Truist Bank between September 14th and December 31st of 2021.

According to the complaint, Truong was neither a customer of the Charlotte, North Carolina-based bank, nor had he consented to receiving the calls.

“These calls injured Plaintiff by invading his privacy, interfering with his cellular telephone, and wasting his time.”

The suit alleges the robocalls, which originated from call centers and were intended to locate or collect payments from the bank’s customers, violated the Telephone Consumer Protection Act of 1991.

Among other things, the Act prohibits making robocalls to a “cellular telephone service” or “initiating any call to a residential telephone line using an APV [artificial or prerecorded voice] to deliver a message without the consent of the called party.”

While Truist Bank denies liability in the lawsuit, it has agreed to settle to avoid the expenses and uncertainty associated with a lengthy trial. Class members could each receive approximately $440, per the report.

As of December 31st of 2024, Truist Bank had a little over $523 billion in total assets, according to the Federal Reserve.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Major Bank Handing $4,100,000 To Americans After Allegedly Hammering Thousands of People With Unwanted Phone Calls

The chief global strategist at JPMorgan Chase says the US may avoid a recession, but the bank’s economic outlook is not yet optimistic.

In a new interview on CNBC Television, David Kelly says that tariffs and other economic factors may cause the country’s economy to slow down in the months ahead.

However, he says that the economy may be strong enough to weather the slow growth impacts without falling into an outright recession.

“No, we’re not [seeing impacts now]. At the moment, I’d have to say the tariff pullback and also this big tax bill, which is going to put stimulus into 2026 and a little stimulus in 2025, that takes us from more than likely going to have a recession to less than likely we’re going to have a recession this year. So I think the economy may be resilient enough to avoid a recession, but it’s going to be slow growth for a while.”

Kelly also says that consumer spending is likely to contract given the uncertainty of the economy, as well as potential inflation from tariff impacts in the coming months.

“Consumers are resilient, but there comes a point where you squeeze them enough in terms of tariffs, you’re collecting on the student loans again, and then just the general worry, and, of course, the cutbacks to the government sector, all these things I think are beginning to weigh on consumers. I think it is slowing the economy down, still not willing to say recession.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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JPMorgan Chase Says US May Have Dodged Recession, Warns Sluggish Growth Incoming

Retail giant Marks & Spencer says cybercriminals have obtained sensitive personal information from its customers after a sudden hack.

The British company, valued at $9.67 billion with store locations in over 62 countries, acknowledged the hack to the London Stock Exchange.

In a separate statement, a Marks & Spencer executive in charge of customer service went into more detail about the breach.

“The personal data could include contact details, date of birth and online order history.

However, importantly, the data does not include useable card or payment details, and it also does not include any account passwords.”

M&S also warns customers that they may “receive emails, calls or texts claiming to be from M&S when they are not, so do be cautious.”

The number of customers affected is at least in the thousands, reports The Guardian. Marks & Spencer has at least 9.4 million online customers as of March 30th, 2024.

The incident appears to be connected with a broader operation by a hacking group known as “DragonForce,” which has also claimed responsibility for a breach of the Co-op Food grocery chain, also in the UK.

Hackers from the group recently reached out to the BBC and reportedly gave proof that they had breached Co-op’s IT networks and “stolen huge amounts of customer and employee data.”

The group reportedly showed BBC screenshots from a Microsoft Teams chat where the group told Co-op’s head of cyber security that the company was being extorted.

The screenshots reportedly showed the hackers telling Co-op,

“Hello, we exfiltrated the data from your company. We have customer database, and Co-op member card data.”

Responses to both incidents are still ongoing.

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Thousands of Customers’ Names, Addresses, Birthdays and Other Info Leaked in Cyber Attack on Retail Giant: Report

BitMEX co-founder Arthur Hayes believes Bitcoin (BTC) could nearly double in price from the current level over the coming weeks.

In an interview with crypto personality Anthony Pompliano, Hayes says Bitcoin could explode by roughly between 44% and 92% from the current price.

“This year, I think we get to $250,000 in Bitcoin. Maybe this summer, run to something like $150,000 to $200,000, before we get some sort of pullback.”

According to Hayes, the 90-day pause on tariffs by the Trump administration, first on most countries of the world and later on China, will trigger volatility as the end of the suspension period nears.

“They set these 90-day targets. Obviously, now you have a strike price, a maturity, an expiry. There’s going to be insane volatility around that. Will they or won’t they? What’s the deal going to look like? And obviously, Trump’s going to posture that he’s serious about really inflicting some pain on trade partners. So you could see sort of ‘ditch-the-bride-at-the-altar’ negotiating style…

…we could see some insane volatility around July 4th for everyone except China and then China’s like August 10th, something around there. So I think now we have those dates in mind, I wouldn’t want to be overly long any risky asset…”

Over the longer term, the BitMEX co-founder says Bitcoin could explode by around 860% amid a potential increase in the money supply.

“I think the Trump team is very serious about trying to do their part in rectifying these [trade] imbalances. I think capital controls are the way they’re going to do it, which is a little bit slower burn. But foreigners are going to react by selling assets because now there’s a tax and they don’t want to pay it and so that’s going to require printed money to replace those dollars….

… and that money gets printed and Bitcoin benefits the most out of all the different risky assets that one could own out there. And that’s how we get to $1 million Bitcoin. I think that happens sometime between now and when Trump exits office in 2028.”

Bitcoin is trading at $104,249 at time of writing.

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Here’s How Bitcoin Explodes To Up to $200,000 This Summer, According to BitMEX Founder Arthur Hayes

Key Takeaways:

Saudi Arabia will deploy 18,000 NVIDIA GB200 Blackwell chips in a massive AI infrastructure push.

A $5 billion investment from HUMAIN will create AI factories powered by NVIDIA tech.

The deal positions Saudi Arabia as a future global AI superpower aligned with Vision 2030.

NVIDIA has inked a multi-billion-dollar deal with Saudi Arabia to build sovereign AI infrastructure, marking one of the largest AI investments ever in the Middle East. The partnership will deploy NVIDIA’s cutting-edge Blackwell GPU clusters and Omniverse Cloud systems, aiming to transform the Kingdom into a global AI hub.

Read More: NVIDIA Debuts New AI Tools for Next Generation 6G Wireless Networks

Saudi Arabia Bets Big on Sovereign AI Factories

Saudi Arabia is investing heavily in artificial intelligence infrastructure, targeting a build-out of up to 500 megawatts of AI computing capacity using hundreds of thousands of NVIDIA GPUs. The move is led by HUMAIN, a Public Investment Fund (PIF)-backed entity tasked with turning the country into a digital powerhouse.

The first phase includes the deployment of 18,000 NVIDIA GB200 Grace Blackwell Superchips, the company’s most advanced AI platform to date. These chips are designed for extreme-scale workloads and power AI models like GPT-5 and beyond.

The AI factories will also feature NVIDIA InfiniBand networking to ensure high-throughput performance across distributed computing systems.

“Together with HUMAIN, we are building AI infrastructure for the people and companies of Saudi Arabia to realize the bold vision of the Kingdom,” said NVIDIA CEO Jensen Huang.

Read More: Saudi Arabia Pledges $600B Investment—Crypto Sector Set to Benefit from AI & Infrastructure Surge

National-Scale Training, Digital Twins & Omniverse

The initiative is more than just hardware. It includes:

The Kingdom’s first NVIDIA Omniverse Cloud , enabling AI training through simulations and digital twins.

AI workforce development , with plans to train thousands of scientists, engineers, and developers.

Strategic collaboration with the Saudi Data & AI Authority (SDAIA) to deploy 5,000 additional Blackwell GPUs for government and smart city initiatives.

SDAIA and NVIDIA will also work together to educate local researchers on deploying agentic and physical AI models—AI systems that can act autonomously in real-world environments.

This collaboration shows our dedication to set Saudi Arabia as a worldwide artificial intelligence leader, stated SDAIA President Dr. Abdullah Alghamdi.

Regional AI Race Heats Up

UAE, China, and the U.S. All in the Mix

The Saudi deal with NVIDIA comes amid intensifying AI competition in the Gulf and beyond. The UAE has announced a multilateral AI mega-campus, and Chinese AI chip demand remains high despite U.S. export restrictions.

American technology companies such NVIDIA, AMD, and Palantir are helping this Middle Eastern turn toward artificial intelligence as they all seek long-term expansion in the area.

Especially, Tesla CEO Elon Musk was recently in Saudi Arabia talking about the deployment of Starlink and possible robotaxi networks, which would gain from local AI infrastructure.

NVIDIA’s Middle East agreement, on the other hand, corresponds with relaxed U.S.-China relations, hence increasing market confidence. NVIDIA’s stock surged over 16% this week, helped by both the Saudi announcement and easing chip export rules.

Aramco Digital to Build Robotics Hub on NVIDIA Stack

Another major pillar of the agreement is a partnership between Aramco Digital and NVIDIA to build:

A national-scale AI computing center

AI enterprise platforms and cloud services

A center of excellence in robotics and engineering using NVIDIA tools and technologies.

Focusing on safety, efficiency, and sustainability using artificial intelligence, the cooperation will strengthen capacity in energy, manufacturing, and logistics.

Saudi Arabia is not only getting sophisticated artificial intelligence capabilities with this enormous cooperation; it is trying to vault into the elite tier of AI countries, hence challenging current players like the United States and China. The stakes are high, but the investment signals that the Kingdom sees AI not as an option—but as the infrastructure of the future.

Saudi Arabia to Deploy $5B in NVIDIA AI Chips, Fueling Middle East’s Largest Data Leap

Cryptocurrency analyst and trader Jason Pizzino is leaning bullish on Bitcoin (BTC) over the short to medium term.

In a new strategy session, Pizzino tells his 351,000 YouTube subscribers that traditional assets such as stocks and real estate are in the correction phase of the 18-year property cycle theory popularized by land economist Fred Harrison.

The theory states that the property market rotates between a boom phase that lasts for 14 years and a bust period that lasts four years.

According to Pizzino, Bitcoin could precede the traditional assets in undergoing a major market correction.

“I wouldn’t expect Bitcoin to peak at the same time that the stock market does or even at the same time that the real estate and the economy peaks. And if that peak is due sometime around 2026… let’s call it the first half of 2026…

…so being conservative, I would look for a peak in Bitcoin before that happens. So before the peak sometime in the first half of 2026. If we’re lucky, maybe this thing peaks in the first half, maybe quarter one.”

According to the crypto analyst, Bitcoin is, however, primed to reach a new all-time high before the major market correction occurs.

“If BTC is able to break through this level [around $106,000], then my next target of course, you’ve got the highs here around $108,000 to $109,000… but the 75% of our swing move [from around $74,000] here takes us out to $111,000.

Now if this is going to do a repeat of this 100%, that’ll take you to $117,000…”

Bitcoin is trading at $103,912 at time of writing, down by nearly 5% from the all-time high of just under $109,000 reached in January.

?

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Pi Network Shocks Crypto World with $100M Venture Fund to Power Real-World Utility

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