President Donald Trump’s son, Eric Trump, cofounded a crypto mining venture called American Bitcoin Corp last year — and it’s already in deep trouble.

As the Bitcoin community reels from a major downturn — the digital currency has plummeted by over 40 percent year to date — the company’s shares have plummeted right along with it, crashing over a whopping 95 percent compared to their peak.

On Wednesday, its stock price hit an all-time low of well under $6, down from a high of $140 last autumn.

That means Eric Trump’s six percent stake in the company has lost more than $600 million in market value, per Bloomberg‘s calculations, a bruising crypto play that perfectly illustrates the enormous risks of going all-in on extremely volatile digital assets.

After merging with an existing mining company, the company made the questionable decision last year to pivot from building data centers — an extremely lucrative industry that has seen massive interest as of late — to crypto mining, a gambling-like practice that’s far from guaranteed to make a profit.

Since then, the crypto world has had a rude awakening. As prices plunged, the industry made a sharp turn towards leasing all of that hardware to AI companies instead of mining Bitcoin.

However, American Bitcoin stuck to its guns, ultimately going down with the ship. Most of its assets are tied up in crypto-mining hardware and Bitcoin holdings, meaning it didn’t really have anywhere to run.

Eric Trump, meanwhile, is doubling down.

“Thrilled to announce American Bitcoin crossing the 8,000 BTC mark!” he gloated in a July 7 tweet. “The stacking continues.”

He also argued that it would be “beyond catastrophic” to sell its holdings during a recent podcast episode.

Despite Trump’s enthusiasm, American Bitcoin lost well over $100 million in the first quarter of this year. Whether the tide will turn and crypto will see another rise in value is ultimately a question of belief.

“Just hold on guys, just hold,” Eric Trump warned during this year’s Bitcoin Conference in Las Vegas.

The elder Trump appears to have fared far better, reporting last week that he had made more than $1.4 billion in income from his family’s crypto ventures in 2025 — an astronomical conflict of interest, considering we’re talking about the president of the United States.

More on Trump and crypto: Trump Fans Confused by How Their Investments in His Crypto and Stock Are Now Worth a Tiny Fraction While He’s Getting Richer

The post Eric Trump Has Lost $600 Million of Daddy’s Money Betting on Crypto appeared first on Futurism.

The JaredFromSubway Ethereum MEV (Maximal Extractable Value) bot suffered a $15 million loss after an attacker manipulated the opportunity-detection logic by creating fake cryptocurrency trading opportunities. [...]

Cryptocurrency entered public discussion with a reputation for anonymity. Wallet addresses appeared disconnected from real world identities, and

Microsoft says it has detected new self-propagating malware that spreads through USB drives in search of cryptocurrency credentials, which it then sends to attacker-controlled servers.

The company named the worm Crypto Clipper because it monitors the contents of device clipboards for patterns consistent with wallet addresses or seed phrases. When found, the malware also takes five screenshots over a 10-second period. Both the credentials and the screenshots are then sent to the attacker through Tor, a network protocol that provides anonymous routing by sending traffic through redundant nodes so logs can’t capture both the sending and receiving IP addresses. Crypto Clipper establishes the Tor connection by using a SOCKS5 proxy, a network protocol that sends traffic through a proxy server, which then forwards it to its final destination.

A lightweight backdoor

“The execution of this clipper is notable because it does not depend on a traditional installer or exposed IP-based C2 infrastructure,” Microsoft said Thursday. “Instead, it deploys a portable Tor client, routes traffic through a local SOCKS5 proxy, and blends data theft with remote code execution, turning a financially motivated stealer into a lightweight backdoor.”

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Microsoft says it has detected new self-propagating malware that spreads through USB drives in search of cryptocurrency credentials, which it then sends to attacker-controlled servers.

The company named the worm Crypto Clipper because it monitors the contents of device clipboards for patterns consistent with wallet addresses or seed phrases. When found, the malware also takes five screenshots over a 10-second period. Both the credentials and the screenshots are then sent to the attacker through Tor, a network protocol that provides anonymous routing by sending traffic through redundant nodes so logs can’t capture both the sending and receiving IP addresses. Crypto Clipper establishes the Tor connection by using a SOCKS5 proxy, a network protocol that sends traffic through a proxy server, which then forwards it to its final destination.

A lightweight backdoor

“The execution of this clipper is notable because it does not depend on a traditional installer or exposed IP-based C2 infrastructure,” Microsoft said Thursday. “Instead, it deploys a portable Tor client, routes traffic through a local SOCKS5 proxy, and blends data theft with remote code execution, turning a financially motivated stealer into a lightweight backdoor.”

Read full article

Comments

© Getty Images

Threat actors targeting cryptocurrency wallets have been distributing clipboard-stealing malware with self-spreading capabilities and using the Tor network to conceal communication. [...]

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