Threat group COLDRIVER is using new malware to steal documents from Western targets, according to a May 7 report from Google Threat Intelligence. The malware, called LOSTKEYS, shows the evolution of the group from credential phishing to more sophisticated attacks.

According to the Google report, the new malware is installed through four steps. The process involves a “lure website” with a fake CAPTCHA, a PowerShell script downloaded to the user’s clipboard, some device evasion, and retrieval of the final payload. Lastly, the malware is installed.

LOSTKEYS payload delivery. Source: Google

LOSTKEYS is capable of stealing files from extensions and directories. It can also send system information and running processes back to COLDRIVER. The address from which the parts of the attack come is “165.227.148[.]68” according to Google.

The company says it has already taken steps to mitigate any damage the LOSTKEYS malware will cause, including adding the malicious websites to the company’s “Safe Browsing” feature.

According to Google, COLDRIVER is a Russian-backed threat group that typically engages in phishing attempts at high-profile Western targets, such as former diplomats, and journalists. In January 2024, it started an attack with a malware called “Spica,” which can execute arbitrary shell commands and download or upload software.

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Crypto hack losses hit all-time high in 2025

Crypto hacks have surged in 2025, with total losses reaching $2 billion in the first quarter alone — exceeding all losses recorded in 2024.

According to a report by crypto cybersecurity firm Hacken, operational flaws and weak access controls remain key vulnerabilities — even among major centralized and decentralized players. Attackers are also increasingly using social engineering tactics to gain victims’ trust.

Contributing to last quarter’s losses was the $1.5 billion hack of cryptocurrency exchange Bybit. The February attack was reportedly orchestrated by the Lazarus Group.

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Speaking at a hearing, US Treasury Secretary Scott Bessent toed the party line in suggesting support for two crypto-related bills moving through Congress.

Bessent addressed lawmakers at a May 7 hearing of the House Financial Services Committee, saying that the United States should be the “premier destination for digital assets” in response to a question about American dominance over China in crypto-related innovation. The Treasury Secretary added that “good market structure” and “stablecoin legislation” could help ensure this outcome.

US Treasury Secretary speaking at a May 7 hearing. Source: Scott Bessent

Bessent’s remarks echoed those of other Republican lawmakers and President Donald Trump, who initially claimed he wanted to make the US the “crypto capital of the world” during his 2024 campaign. The Treasury Secretary was likely referring to the draft of a digital asset market structure bill released by House Republicans on May 6 and the GENIUS bill to regulate stablecoins, expected to be taken up for a vote in the Senate on May 8.

The Treasury Secretary, a Trump nominee, has stood by the president for significant announcements in crypto-aligned policy, including an executive order to establish a sovereign wealth fund and as a member of a working group to explore federal regulations for stablecoins and a national crypto stockpile. He suggested during a confirmation hearing that he would oppose the creation of any US-issued central bank digital currency while in office.

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Democrats push back on crypto bills amid memecoin dinner controversy

Even before announcing that he intended to hold an exclusive dinner and VIP tour for some of his top memecoin holders, Trump faced scrutiny from many lawmakers over allegations of conflicts of interest surrounding his crypto ventures. However, the dinner announcement seemed to galvanize some Democrats against any crypto-related legislation.

Representative Maxine Waters, ranking member of the House Financial Services Committee, led a walkout of a hearing addressing the Republican-drafted crypto market structure bill on May 6, citing the need to explore “Trump’s crypto corruption.” A group of nine Democrats in the Senate likewise said they will not support the GENIUS stablecoin bill in its current form, suggesting stronger Anti-Money Laundering, foreign issuer, and national security safeguards.

It’s unclear at the time of publication whether Republicans, who control both chambers, will still have the votes to pass either bill.

Magazine: Trump’s crypto ventures raise conflict of interest, insider trading questions

Strive Asset Management, founded by entrepreneur and former presidential candidate Vivek Ramaswamy, has revealed plans to transition into a Bitcoin treasury company.

According to a May 7 announcement, Strive is going public through a reverse merger and plans to use the combined company’s stock to accumulate Bitcoin (BTC).

The deal will see Strive merging with Asset Entities — a social media marketing company listed on the Nasdaq. The combined entity will operate under the Strive brand and use its access to the public equity markets to finance Bitcoin purchases, the company said. 

Once the deal closes, Strive plans to issue approximately $1 billion in equity and debt and use the proceeds to accumulate BTC. The asset manager “intends to use all available mechanisms to build a Bitcoin war chest […] and build a long-term investment approach designed to outperform Bitcoin,” it said.

Strive plans to allow “Bitcoin holders to contribute Bitcoin in exchange for public stock through a structure that is intended to be tax-free,” it said. As of May 7, the company manages approximately $2 billion in net assets across a variety of funds. 

In December, Strive filed to list an exchange-traded fund (ETF) investing in convertible bonds issued by MicroStrategy and other corporate Bitcoin buyers.

Related: Trump-linked Strive files for ‘Bitcoin Bond’ ETF

Corporate Bitcoin treasuries are increasingly popular. Source: Bitcointreasuries.net

Corporate Bitcoin treasuries

Corporate Bitcoin treasuries have become popular since the approval of Bitcoin exchange-traded funds (ETFs) on Wall Street. Companies pioneering the Bitcoin buyer approach, such as Strategy have seen their share prices surge by 350% in 2024. 

Analysts say adding Bitcoin to corporate treasuries can “potentially be a valuable hedge against growing fiscal deficits, currency debasement, and geopolitical risks,” asset manager Fidelity Digital Assets said in a 2024 report.

Corporate Bitcoin treasuries collectively hold roughly $74 billion worth of BTC as of May 7, according to Bitcointreasuries.net. 

Ramaswamy founded Strive in 2022. Source: Strive

Trump connection

Ramaswamy, an outspoken ally of President-elect Donald Trump, founded Strive in 2022. Its stated goal is to help investors “harness the power of capitalism,” according to Strive’s website. 

In 2023, Ramaswamy — who largely earned his $1 billion net worth from biotechnology startup Roivant Sciences — campaigned against Trump in the Republican presidential primary. He later endorsed the president-elect.

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