Blockchain
How the Ukrainian War Pushed Up The Price of Cryptocurrencies by Doctor Troller aka Andrew Brown
In the month following the outbreak of war in Ukraine, Bitcoin rose 25% and Ethereum around 34%.
Following the sanctions imposed on Russia and its businesses the ruble collapsed and crypto exchanges saw a substantial rise in transactions from rubles into crypto.
These transactions weren’t just from wealthy oligarchs trying to save assets from confiscation overseas, but also regular Russian citizens trying to save their cash assets from being devalued in early March when the ruble fell off a cliff.
The worry was that many Russian oligarchs would escape financial sanctions via crypto, but crypto entrepreneur Doctor Troller, aka Andew Brown says this isn’t that easy to do.
He said: “Crypto transactions can all be tracked, so large movements of assets would be spotted by exchanges and authorities. Big exchanges will insist on doing KYC (Know Your Customer) due diligence on transactions and will have global watchlists for banned Russian oligarchs and can block transactions from IP addresses belonging to sanctioned individuals or entities.
“That’s not to say that they can’t get third-parties to attempt transactions for them but they would be wary of trusting others with their assets in such a way.”
Brown thinks the surge in prices at the start of the war came from large numbers of regular Russians try to sell off their rubles for less volatile crypto-currrency like Tether, a stablecoin which is tied to the price of the US Dollar. At the time of going to press (19th April 2022) there were no laws preventing exchanges taking rubles from ordinary Russians trying to use crypto as a lifeline to protect their assets.
Brown said: “The volume of trade in Tether went up considerably in early March when sanctions started to bite and the ruble halved in value in a week.”
Since the start of the war the huge increases on cryptocurrencies have levelled out and are now just above what they were at the start of the war, although the volume of trade in Tether is still up 12% on pre-war levels. There are still volatile movements in the market for other digital currencies, which means that crypto is still a risky investment even in times of war.
It’s not just Russians that have been using cryptocurrency since the war started at the end of February. The Ukrainian government has received over £100 million in cryptocurrency donations for their war effort from well-wishers around the world.
Brown said: “Ukrainian officials posted addresses for two crypto wallets on their twitter account which attracted more than $10m in four days and now over 10 times that amount in the past month. The authorities in Ukraine have said it will be spent on daily rations and bullet-proof vests and helmets, and they are keen to use blockchain technology to help rebuild their country after the war is over. So hopefully crypto currencies can be instrumental in helping those who have lost so much in the past month.”
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Blockchain
Blocks & Headlines: Today in Blockchain – May 26, 2025 (Lightchain AI, Cetus Hack, Bilal Bin Saqib, The Blockchain Group)
In an era defined by rapid innovation and heightened security scrutiny, today’s blockchain headlines span breakthroughs in decentralized AI, hard lessons from a major DeFi exploit, strategic government appointments, and enhanced governance mechanisms at a leading Bitcoin-focused firm. This op-ed–style briefing analyzes five key developments, offering insights into their broader impact on blockchain, cryptocurrency, Web3, DeFi, and NFTs.
1. Lightchain AI: A Decentralized “Brain” Takes Shape
Source: Bitcoin.com News
What Happened:
Lightchain AI, positioning itself as an Ethereum challenger, is preparing to launch a fully decentralized AI compute network—what its creators dub a “blockchain brain.” By distributing inference and training tasks across a peer-to-peer network, Lightchain aims to eliminate single-entity control, democratize access to AI, and reduce bias introduced by centralized data silos.
Why It Matters:
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Decentralization at Scale: If successful, Lightchain’s model could shift AI development from corporate labs to open networks, mirroring blockchain’s initial ethos.
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Incentivized Participation: Token-based rewards for node operators may drive robust network security and uptime.
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Interoperability Potential: As an EVM-compatible layer, Lightchain could integrate seamlessly with existing DeFi and NFT protocols.
Opinion: Decentralized AI addresses growing concerns over data monopolies and opaque algorithms. Yet technical challenges—latency, model consistency, and economic sustainability—remain formidable. The blockchain community will watch closely to see if Lightchain can harmonize on-chain governance with rigorous AI‐safety standards.
2. Cetus Protocol Hack: Overflow Flaw Exposes $223M Loss
Source: Cointelegraph; Crypto.news
What Happened:
Blockchain security firm Dedaub released a detailed post-mortem of the Cetus AMM hack, attributing the $223 million user loss to an unchecked integer overflow in its liquidity-parameter calculations. Attackers manipulated swap parameters to drain funds before on-chain checks could intervene.
Why It Matters:
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Smart-Contract Audits Aren’t Enough: Even audited code can harbor edge-case bugs; continuous monitoring and formal verification are critical.
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Economic Risks: Large losses erode user trust and can precipitate token price crashes across interconnected DeFi protocols.
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Evolving Attack Vectors: Overflow exploits highlight that attackers still exploit fundamental coding oversights, not just novel zero-days.
Opinion: The Cetus incident underscores the precarious balance between rapid DeFi innovation and rigorous security. Protocol developers must adopt layered defenses—automated fuzzing, invariant checks, and circuit breakers—to safeguard user assets and maintain ecosystem integrity.
3. Pakistan Appoints Bilal Bin Saqib as SAPM on Blockchain & Crypto
Source: Dunya News; The Express Tribune
What Happened:
Prime Minister Shehbaz Sharif has named Bilal Bin Saqib—already CEO and Chief Advisor of the Pakistan Crypto Council—as Special Assistant to the PM (SAPM) on blockchain and cryptocurrency, with state-minister status. His remit includes crafting a FATF-compliant regulatory framework, overseeing virtual asset service providers, and spearheading Bitcoin-mining initiatives.
Why It Matters:
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Policy Leadership: A dedicated SAPM accelerates Pakistan’s efforts to balance innovation with investor protection and anti-money-laundering compliance.
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Economic Potential: Formalizing crypto policy could attract foreign investment and foster homegrown blockchain startups.
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Talent Development: Saqib’s role may amplify educational programs and public–private partnerships to upskill the workforce in Web3 technologies.
Opinion: Elevating blockchain policy to a ministerial level signals Pakistan’s commitment to a forward-looking digital economy. Success will hinge on clear, consistent regulations that protect stakeholders without stifling experimentation.
4. The Blockchain Group Enables Online Voting for June 10 AGM
Source: ActusNews; Webdisclosure
What Happened:
Europe’s first Bitcoin Treasury Company, The Blockchain Group (Euronext Growth Paris), has opened online voting for its Combined General Meeting on June 10, 2025. Shareholders will vote on the 2024 financial statements and a proposal to increase the company’s capital-raising capacity to €10 billion, supporting its aggressive Bitcoin-accumulation strategy.
Why It Matters:
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Enhanced Governance: Online voting increases shareholder engagement and transparency—critical in a sector often criticized for opaque decision-making.
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Capital Flexibility: A €10 billion envelope equips the company to scale Bitcoin holdings or pursue strategic acquisitions rapidly.
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Market Signaling: By involving retail and institutional investors directly, The Blockchain Group underscores its vision of community-driven growth.
Opinion: This move exemplifies how blockchain firms can leverage digital tools to align corporate governance with on-chain principles of decentralization and stakeholder empowerment. As other public crypto companies observe, robust e-voting frameworks could become a competitive differentiator.
5. Bilal Bin Saqib’s Dual Role: Bridging Policy and Industry
Source: Geo.tv; Dawn.com
What Happened:
Beyond his SAPM appointment, Bilal Bin Saqib continues as CEO of the Pakistan Crypto Council (PCC), advising the Finance Minister. His portfolio spans licensing and oversight of Virtual Asset Service Providers (VASPs), FATF-aligned regulations, and launching Bitcoin-mining corridors to utilize surplus energy.
Why It Matters:
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Policy-Industry Synergy: Saqib’s dual hats ensure real-time feedback between nascent regulations and market realities—potentially avoiding mismatches that stifle growth.
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Energy Strategy: Harnessing Pakistan’s energy grid for mining could diversify exports but demands strict environmental and grid-stability measures.
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Global Engagement: His Forbes “30 Under 30” profile and international advisory roles position Pakistan to engage with global standard-setters and investors.
Opinion: The combination of regulatory authority and industry insight in one office is rare globally. If managed transparently, this approach could fast-track Pakistan’s emergence as a hub for compliant, scalable blockchain initiatives.
Key Trends & Takeaways
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Decentralized AI & Blockchain Convergence:
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Projects like Lightchain AI hint at a future where smart-contract networks power not just finance but compute-intensive AI workloads.
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Security Remains Paramount in DeFi:
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As Cetus illustrates, fundamental coding errors can cause systemic shocks—mandating continuous, multi-layered defense.
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Governmental Embrace of Crypto:
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Assigning a SAPM for blockchain in Pakistan mirrors similar moves in other jurisdictions, recognizing crypto’s economic and strategic value.
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Governance Innovation:
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Digital shareholder voting at The Blockchain Group sets new standards for transparency and community engagement in public crypto firms.
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Policy-Industry Integration:
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Leaders who straddle regulatory and commercial spheres may accelerate balanced frameworks, but must safeguard against conflicts of interest.
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Conclusion
May 26, 2025’s “Blocks & Headlines” underscores blockchain’s dynamic interplay of technological breakthroughs, security imperatives, policy evolution, and governance innovation. From the promise of decentralized AI compute to hard-earned lessons in smart-contract safety, today’s developments reaffirm that progress in blockchain hinges on marrying visionary projects with rigorous oversight and inclusive stakeholder engagement. As the industry matures, success will favor those who navigate technical complexity, regulatory nuance, and community empowerment in equal measure.
The post Blocks & Headlines: Today in Blockchain – May 26, 2025 (Lightchain AI, Cetus Hack, Bilal Bin Saqib, The Blockchain Group) appeared first on News, Events, Advertising Options.
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