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Cases and CountermeasuresIntroduction: Bitcoin mining machines, or ASIC miners, are designed to solve complex cryptographic puzzles to mine Bitcoin. These
Tether, the issuer behind the nearly $150 billion USDT stablecoin, has finalized the purchase of a 70% stake in the
Glasgow-based Synaptec has developed new technology designed to tackle the issue of cable failures on offshore wind farms that can
Roughly half of the SNP’s voters believe nuclear power should be part of Scotland’s mix of clean energy generation, a
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Roughly half of the SNP’s voters believe nuclear power should be part of Scotland’s mix of clean energy generation, a poll suggests, despite the party’s longstanding opposition to it.Polling for the campaign group Britain Remade found 52% of those who voted for the party in 2021 believe nuclear power should be included in Scotland’s energy mix to meet the 2045 net zero target.
Meanwhile, 57% of those who voted for the party in last year’s general election felt the same way, the poll found.
A total of 56% of Scots thought nuclear power should be part of Scotland’s clean energy mix to meet the targets, while 23% disagreed, and 21% said they did not know.
Opinium surveyed 1,000 Scottish adults between April 22 and 25.
Britain Remade describes itself as a grassroots campaign for economic growth.
Founder Sam Richards said: “The message from our polling is clear: when it comes to safe and reliable nuclear power, the SNP is not just out of step with the majority of Scots – they’re at odds with a huge number of their own supporters.
“It’s time for the SNP to stop saying ‘no’ to new nuclear and start listening to the people, the experts, and the communities who know what’s at stake.
“Investing in a new generation of nuclear power is not just critical if Scotland is to hit its 2045 net zero target – it is essential for Scotland’s economy. Grangemouth could be transformed by SMR (small modular reactor) technology, but the SNP’s opposition is standing in the way.”
Scotland nuclear energy
Scotland has one remaining active nuclear reactor, at Torness in East Lothian, which is due to shut down in 2030.
Last week the deactivated Hunterston B power station was declared “nuclear free” as all fuel elements were removed ahead of decommissioning.
Hunterston B nuclear power station in Ayrshire, which was due to be decommissioned in 2016, has had its operational licence extended until 2023Credit: James Williamson
Labour MSP Martin Whitfield said: “If we don’t act soon to end this ideological opposition, Scotland will lose its nuclear energy capacity entirely, damaging jobs and the economy, including East Lothian.
“A Scottish Labour Government will end the block on new nuclear, delivering zero carbon nuclear energy, kickstarting economic growth and bringing significant investment into East Lothian and the rest of Scotland.”
Conservative MP John Lamont said: “It’s absolutely ridiculous for the Nationalists to ignore the majority of Scots who support the use of more nuclear power, especially since it is clean energy that doesn’t harm the environment.”
However the SNP argued nuclear power projects remain too expensive to be a viable alternative to renewable power.
MSP Bill Kidd said: “Our focus is delivering a just transition that supports communities and creates long-term economic opportunities to build a truly sustainable future.
“Nuclear remains one of the most costly forms of energy with projects like Hinkley Point C running billions over budget and years behind schedule.
“In contrast, Scotland’s net zero transition is already delivering thousands of green jobs across energy, construction, innovation, and engineering. This number will continue to grow.
“Simply, renewables are cheaper to produce and develop, create more jobs, and are safer than nuclear as they don’t leave behind radioactive waste that will be deadly for generations.
“While Labour funnels billions into slow, centralised projects, the SNP is focused on creating real, sustainable jobs in Scotland now.”
Glasgow-based Synaptec has developed new technology designed to tackle the issue of cable failures on offshore wind farms that can cost operators millions.The company’s Greenlight provides automated monitoring of the joints and terminations in a cable network, delivering early warnings of emerging faults before they become failures.
The system is based on Synaptec’s Distributed Electrical Sensing (DES) technology, which was Synaptec previously deployed on the latest phase of the Dogger Bank wind farm.
Cable failures are a major issue facing offshore wind farms, with a single fault in transmission networks and offshore wind developments capable of costing up to £1m per day in lost revenue.
Allianz, the insurer for UK offshore wind projects including Dogger Bank and East Anglia Three, warned that damage to cables is the main cause of offshore wind insurance claims, accounting for 53% of claims across its global portfolio from 2014-2020.
Around 70% of these failures originate in the joints and terminations rather than the cables themselves.
The Global Underwater Hub (GUH) recently launched a forum to tackle rising costs and reliability issues facing subsea cable systems on the UK’s offshore wind farms.
Synaptec vice-president of applications, Dr Steven Blair, said: “Greenlight gives operators control over the most unpredictable and expensive aspect of offshore cable operations and maintenance.
“It’s a system designed not just to collect data, but to deliver clear, early, and location-specific insight that finds the early warning signs of failure.
“The return on investment is immediate – it pays for itself the first time it pre-empts an issue that would otherwise shut down a wind farm.”
Synaptec has made the first commercial installations of Greenlight with offshore wind operators and transmission systems internationally. There are plans for further large-scale installations throughout 2025.
The firm previously raised £6.5m in funding last year, with participation from Megger Group, Proserv, and Equity Gap.
The company aims to use the funds to support its expansion, including the development of new manufacturing facilities in Scotland.
The company had previously said that it aims to increase its revenues fourfold in the next two to three years, along with doubling its headcount as it takes advantage of the 24.4GW pipeline of floating offshore wind capacity off Scotland’s shores.
Cases and CountermeasuresIntroduction: Bitcoin mining machines, or ASIC miners, are designed to solve complex cryptographic puzzles to mine Bitcoin. These machines rely on specialized firmware to perform efficiently. However, recent revelations about malicious firmware demonstrate how these miners can be hijacked. Attackers can remotely redirect hashpower to their own pools, without the owner’s consent, often without leaving any obvious trace. This article explores how these attacks work, the confirmed cases of firmware hijacks in Antminers and other ASIC miners, and the countermeasures miners can take to protect themselves.The conversation around firmware-level hijacks is growing. As Scott Offord puts it, “developing auditable open-source bitcoin mining firmware is key”. With a surge in incidents and reports, it’s evident that miners need to be more vigilant about the firmware running on their devices.Confirmed Cases of Firmware Attacks and HijacksBitmain Antminer and Other ASIC MinersOne of the most alarming threats to miners involves malicious firmware that takes over a miner’s hashpower. The most well-known cases of this happening have involved Bitmain Antminers, but the problem is not exclusive to this brand.For example, Antminer L3++ units became notorious for being hijacked by a worm-like malware that redirected hashpower to the attacker’s pool. These infections were persistent, even surviving firmware re-flashes. According to a community report from 2021, infected miners would “show the user’s configured pool” in the web UI, but still mine to an attacker’s pool in the background . The malware was able to spread across the network in a mining farm, once one infected unit was connected to the farm. The infection would propagate and corrupt multiple units within hours, all of them mining for the attacker without the farm operator’s knowledge.George Pate, a security researcher, pointed out that “these firmware exploits are spreading,” indicating that these types of attacks have gone beyond isolated incidents. The attackers could use malicious software to exploit flaws in Bitmain’s firmware, like the AML exploit, which had previously affected older firmware versions. As Pate noted, “I’ve seen it on IOBB as well”, referring to a large Bitcoin mining operation that was also impacted.Marc Fresa, a member of the mining community, discussed the persistence of these attacks, recalling a time when older factory firmware sometimes came with hard-coded settings like “TEST-TEST”. These test versions, used for burn-in processes, would sometimes be left on machines by mistake. Although Marc acknowledged that “we usually try to get our hands on them and dump the binaries,” he also emphasized that “this was not a huge issue anymore.” However, he mentioned that he had “seen these test firmwares spreading.” Marc’s comments shed light on how such mistakes could be weaponized and spread, often leading to severe consequences for unsuspecting miners.The “Night Switcher” Virus and Older AttacksMarc also brought up a historical virus, the “night switcher virus”, which was designed to corrupt firmware so that no new firmware could be flashed onto the miner. “At least it’s a shitty virus,” Marc joked, but the point was clear: this type of attack was extremely dangerous because once infected, the miner was bricked. “The good one from back in the day would basically corrupt it so you can’t flash anything else on it,” Marc explained. This highlights the severity of some firmware-level attacks that not only steal hashpower but also effectively disable the device.Another attack mentioned by Marc involved a malicious firmware that could disable the SD card boot functionality, making it impossible for the miner to recover or flash new firmware. This tactic renders the miner permanently compromised, forcing the operator to either replace the control board or scrap the unit altogether.The Role of Exploits in Modern AttacksMarc also speculated that the AML exploit, which was released publicly by Braiins OS, could be leveraged to create a worm that spreads across networks, infecting miners easily. “It would be really easy to script that to worm,” Marc said, suggesting that this exploit affects all miners running 2024 firmware or older. The AML exploit is one of the most dangerous vulnerabilities because it allows attackers to manipulate mining pools without the miner’s knowledge. This worm-like behavior makes it especially effective in large mining farms where hundreds or even thousands of units could be compromised simultaneously.Marc’s insight into the spread of these attacks is crucial, as it suggests that even well-established miners with clean setups can fall victim if they fail to secure their devices properly. He also mentioned the difficulty of controlling such worms: “That’s why we don’t release our remote install exploits anymore, they get abused,” Marc explained. This highlights a broader concern about the misuse of tools and exploits, even if they were originally intended for legitimate purposes like security testing.The E-Fuse and Persistent Malicious FirmwareMarc also introduced a dangerous method for ensuring persistent malware in miners: burning an e-fuse on the control board. This technique essentially locks the firmware to a malicious version, making it impossible for the miner to run anything else without the attacker’s firmware. He warned, “if you really want to be a dick, you can burn the e-fuse on the CV,” referring to control boards. This process prevents legitimate firmware from being loaded, making it extremely difficult to remove the malware once it’s installed.The e-fuse method is a highly destructive technique, as it renders the miner permanently vulnerable to the attacker’s commands. Marc, however, clarified that his team does not engage in such activities, and it is likely used by malicious actors. This permanent form of control is the ultimate goal for attackers looking to take over mining operations without detection.Technical Forensics: How the Attacks WorkUnderstanding how these attacks operate reveals just how dangerous they are. Attackers can use several methods to hijack an ASIC miner’s firmware, including:Modified Mining Software: Attackers often replace or modify the mining software, like the bmminer binary, to redirect hashpower to their pool. This change may be invisible to the user, who sees the usual pool settings in the web interface but the miner is secretly working for the attacker.Persistence Mechanisms: These attacks often reinstall themselves after a firmware re-flash, often by using hidden files or cron jobs. The malware might live outside the normal file system, making it hard to remove. As George Pate noted, these attacks “are spreading” and evolving, meaning that attackers are constantly refining their methods to survive updates and re-flashes.Malicious Binaries and Rootkits: Some malware is designed to stay hidden in the miner’s system, and even if the user kills the process, it will re-spawn. This behavior is often associated with rootkits—malicious programs that allow attackers to retain control over the miner. As Marc said, these malicious firmware versions can be “easy to script” and can spread across networks if left unchecked.Spreading via Network: Once one miner is infected, the malware can spread across the local network, using default credentials or open ports (like SSH or Telnet). This worm-like behavior allows the malware to propagate rapidly, infecting every miner in the network.Community Reports and InsightsThe mining community has been instrumental in identifying and documenting these firmware exploits. Through forums, Telegram groups, and mining conferences, miners have been able to share their experiences and findings. As Marc Fresaput it, the community often plays a key role in dumping binaries and analyzing infected firmware: “We usually try to get our hands on them and dump the binaries to see if there’s anything useful in them to reverse engineer.” By working together, miners are able to identify the patterns in attacks and help others prevent similar infections.The mining community has also taken proactive steps to mitigate the risks of firmware-based attacks. One of the key strategies shared by many miners is to only use trusted firmware, such as Vnish or official Bitmain firmware. As Marc suggested, flashing Vnish firmware is one of the safest options to ensure the integrity of your miner: “Just put it on [Vnish] to be safe”. The open-source nature of Vnish also allows the community to audit the code for any vulnerabilities, offering an added layer of security.Despite these efforts, George Pate’s observation that these attacks are “spreading” underscores the need for continuous vigilance and proactive security measures. The community’s open-source approach to firmware may provide some relief, but as Marc warned, “these exploits get abused”, and even the best tools can be exploited if they fall into the wrong hands.Countermeasures and Best Practices1. Flashing Clean, Secure FirmwareAlways flash trusted firmware from official or open-source sources like Braiins OS+ or Vnish. Avoid downloading firmware from untrusted sources, as these may carry malware.Verify firmware versions and checksum files to ensure you’re installing legitimate updates.2. Network Segmentation and IsolationSegment your network to isolate infected miners and prevent the malware from spreading. Use VLANs or physical isolation to keep miners from communicating with each other unless necessary.Monitor network traffic for unusual connections to unrecognized IPs or pools.3. Password Rotation and Access ControlsChange default passwords immediately after setting up new miners. Ensure that each miner has a strong, unique password.Use SSH key-based authentication or two-factor authentication where possible to harden access.4. Manual Malware RemovalIf a miner is compromised, SSH into the device and check for unusual processes. Remove any files or binaries that shouldn’t be there.If the miner is difficult to reflash due to firmware corruption, consider SD card flashing or manual recovery methods.5. Community CollaborationParticipate in mining forums and groups to stay informed about new threats and share your experiences with others. “If you see something, say something” can help others identify and mitigate similar attacks.6. Vendor ResponsibilityManufacturers must prioritize security by offering more transparency and security updates. Miners should advocate for open-source firmware that can be independently audited.ConclusionFirmware-level hijacks represent a serious threat to Bitcoin miners, and the cases discussed here demonstrate just how far attackers are willing to go to exploit vulnerabilities in mining hardware. While community efforts like open-source firmware and network segmentation offer some protection, these attacks are evolving and require constant vigilance. As Scott Offord aptly put it, “developing auditable open-source bitcoin mining firmware is key.” Manufacturers must also take responsibility for the security of their products, ensuring that miners can operate without fear of malicious interference. The future of mining security lies in transparency, collaboration, and proactive defense.
Tether, the issuer behind the nearly $150 billion USDT stablecoin, has finalized the purchase of a 70% stake in the Latin American agricultural firm Adecoagro (AGRO), which has a market cap of nearly a billion dollars.
Tether initially invested $100 million in Adecoagro in September 2024 for a 9.8% stake, then offered to increase it to 51% in February, and finally raised it to control 70% in March.
STORY CONTINUES BELOW
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Read more: Tether’s $100M Investment in LatAm Agriculture Firm May Be a Tokenization Play
This majority stake gives Tether control over one of the region’s most prominent food and bioenergy producers. Adecoagro owns sugar mills, rice farms, dairy operations, and renewable energy assets across Brazil, Argentina, and Uruguay.
Tether said it aims to help scale Adecoagro’s output while aligning the company with its mission of fostering “economic freedom” through decentralized finance and investment in underserved markets.
The move might be part of Tether’s ambition to tokenize real-world assets, as it launched its asset tokenization service Hadron last year. The platform was designed to simplify the process of converting a wide range of real-world assets, including bonds, commodities, stocks, other stablecoins, and loyalty points into digital tokens on blockchain rails.
Read more: Tether Unveils New Platform to Simplify Asset Tokenization for Businesses, Nation-States
“By aligning with in Adecoagro’s proven expertise in agriculture and renewable energy, we are taking another concrete step toward bridging traditional industries with the future of decentralized finance and economic empowerment,” said Paolo Ardoino, CEO of Tether.
Following the deal, Adecoagro’s board was also reshuffled. Five members stepped down and were replaced by executives tied to Tether and its strategic goals. Juan Sartori, a Uruguayan businessman with political and agricultural interests, took over as chairman.
In the past year, Tether has launched ventures in bitcoin mining, AI, and encrypted communications. AGRO’s shares were up 2.6% on Wednesday.
Read more: Tether’s $100M Investment in LatAm Agriculture Firm May Be a Tokenization Play
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
Alberta Premier Danielle Smith challenged Mark Carney to strike a better deal for her oil-rich province, saying she would not allow the “status quo” to prevail in its relationship with the federal government.
While congratulating the Liberal prime minister on his election victory, Smith said a large number of Albertans are deeply frustrated that a government that “overtly attacked” her province’s economy has been returned to power.
“I invite the prime minister to immediately commence working with our government to reset the relationship between Ottawa and Alberta with meaningful action rather than hollow rhetoric,” she said in a statement.
“Albertans are proud Canadians that want this nation to be strong, prosperous and united, but we will no longer tolerate having our industries threatened and our resources landlocked by Ottawa.”
Alberta has been in conflict with Canada’s Liberal government since Carney’s predecessor, Justin Trudeau, was elected in 2015 and began rolling out environmental policies, including an emissions cap, new pipeline regulations and a ban on tankers off the northern British Columbia coast. Smith says those measures encroach on the province’s jurisdiction and hamper oil and gas development.
The growing hostility has prompted some Albertans to call for greater autonomy from the federal government, and even fueled a small but simmering secession movement.
The Alberta government will hold a caucus meeting on Friday to discuss the province’s future within a united Canada, Smith said.
‘Pivotal Moment’
Carney said in his victory speech early Tuesday that he intends to govern for all Canadians. He has pledged to turn the country into a “superpower” in both clean and conventional energy, and said it needs to produce more oil while reducing the associated emissions.
“My optimistic view is a Carney win is status quo for a sector that’s dealt with significant challenges over the past 10 years,” Eric Nuttall, senior portfolio manager at Ninepoint Partners in Toronto, said on BNN Bloomberg Television.
He said Carney’s apparent reluctance to repeal the environmental assessment law known as Bill C-69 means “no oil pipelines.”
“So for our Canadian energy sector, at least in the oil sector, they’ll be required to remain as disciplined in returning that free cash flow back to shareholders in the form of share buybacks because there will be nothing left to do with it.”
Lisa Baiton, chief executive officer of the Canadian Association of Petroleum Producers, said she was encouraged by the tone set by the two leading parties throughout the election campaign on the importance of oil and gas to the country’s economy.
“Canada stands at a pivotal moment in its history — caught in a trade war with our closest trading partner and facing direct challenges to our sovereignty from the president of the United States,” she said in a statement.
“Developing our world-class oil and natural gas resources to their full potential by growing our exports to international markets will strengthen our energy security and economic sovereignty.”
Oil settled below $60 a barrel for the first time in three weeks as signs emerged that the Saudi-led OPEC+ alliance may be entering a prolonged period of higher production.
West Texas Intermediate fell as much as 4.2% on Wednesday after Reuters reported that Saudi Arabian officials have been telling allies and industry experts that the kingdom can endure a sustained period of depressed prices. The most-active contract capped its biggest monthly decline since November 2021.
The report added to existing concerns that Saudi Arabia planned to steer OPEC+ to agree on another supply surge next week.
“This confirms the market’s fears that Saudi Arabia’s accelerated unwinds were not temporary, but a long-term strategy shift,” said Rebecca Babin, a senior energy trader at CIBC Private Wealth Group. It raises the question of whether “Saudi is going to repeat the 2020 playbook to dramatically increase production.”
OPEC+ rocked the crude market in early April, with a surprise decision to increase supply in May by 411,000 barrels a day, the equivalent of three monthly tranches from a previous plan. Morgan Stanley has said it expects a “meaningful surplus” to develop over time, while JPMorgan Chase & Co. warned the cartel may accelerate planned production increases at a meeting next week.
Beyond OPEC+, non-cartel nations are also expected to add supplies, including drillers in Canada and Guyana, feeding concerns about a global glut.
At the same time, hopes are fading that there will be quick breakthroughs in US-led trade negotiations, weighing on the outlook for energy demand. The US economy contracted for the first time since 2022 in the first quarter as a result of a surge in pre-tariff imports and softer consumer spending. In China, factory activity slipped into the worst contraction since December 2023, revealing early damage from the trade war.
Trump said in remarks to ABC News that China deserved the steep tariffs he’d imposed on their exports. Hee said later Wednesday that he didn’t want China’s products unless the country is fair.
Oil Prices:
WTI for June delivery fell 3.7% to $58.21 a barrel in New York.
Brent for June settlement, which expires on Wednesday, shed 1.8% to $63.12 a barrel.
The more-active July contract dropped 3.5% to $61.06 a barrel.
Roughly half of the SNP’s voters believe nuclear power should be part of Scotland’s mix of clean energy generation, a poll suggests, despite the party’s longstanding opposition to it.Polling for the campaign group Britain Remade found 52% of those who voted for the party in 2021 believe nuclear power should be included in Scotland’s energy mix to meet the 2045 net zero target.
Meanwhile, 57% of those who voted for the party in last year’s general election felt the same way, the poll found.
A total of 56% of Scots thought nuclear power should be part of Scotland’s clean energy mix to meet the targets, while 23% disagreed, and 21% said they did not know.
Opinium surveyed 1,000 Scottish adults between April 22 and 25.
Britain Remade describes itself as a grassroots campaign for economic growth.
Founder Sam Richards said: “The message from our polling is clear: when it comes to safe and reliable nuclear power, the SNP is not just out of step with the majority of Scots – they’re at odds with a huge number of their own supporters.
“It’s time for the SNP to stop saying ‘no’ to new nuclear and start listening to the people, the experts, and the communities who know what’s at stake.
“Investing in a new generation of nuclear power is not just critical if Scotland is to hit its 2045 net zero target – it is essential for Scotland’s economy. Grangemouth could be transformed by SMR (small modular reactor) technology, but the SNP’s opposition is standing in the way.”
Scotland nuclear energy
Scotland has one remaining active nuclear reactor, at Torness in East Lothian, which is due to shut down in 2030.
Last week the deactivated Hunterston B power station was declared “nuclear free” as all fuel elements were removed ahead of decommissioning.
Hunterston B nuclear power station in Ayrshire, which was due to be decommissioned in 2016, has had its operational licence extended until 2023Credit: James Williamson
Labour MSP Martin Whitfield said: “If we don’t act soon to end this ideological opposition, Scotland will lose its nuclear energy capacity entirely, damaging jobs and the economy, including East Lothian.
“A Scottish Labour Government will end the block on new nuclear, delivering zero carbon nuclear energy, kickstarting economic growth and bringing significant investment into East Lothian and the rest of Scotland.”
Conservative MP John Lamont said: “It’s absolutely ridiculous for the Nationalists to ignore the majority of Scots who support the use of more nuclear power, especially since it is clean energy that doesn’t harm the environment.”
However the SNP argued nuclear power projects remain too expensive to be a viable alternative to renewable power.
MSP Bill Kidd said: “Our focus is delivering a just transition that supports communities and creates long-term economic opportunities to build a truly sustainable future.
“Nuclear remains one of the most costly forms of energy with projects like Hinkley Point C running billions over budget and years behind schedule.
“In contrast, Scotland’s net zero transition is already delivering thousands of green jobs across energy, construction, innovation, and engineering. This number will continue to grow.
“Simply, renewables are cheaper to produce and develop, create more jobs, and are safer than nuclear as they don’t leave behind radioactive waste that will be deadly for generations.
“While Labour funnels billions into slow, centralised projects, the SNP is focused on creating real, sustainable jobs in Scotland now.”
Glasgow-based Synaptec has developed new technology designed to tackle the issue of cable failures on offshore wind farms that can cost operators millions.The company’s Greenlight provides automated monitoring of the joints and terminations in a cable network, delivering early warnings of emerging faults before they become failures.
The system is based on Synaptec’s Distributed Electrical Sensing (DES) technology, which was Synaptec previously deployed on the latest phase of the Dogger Bank wind farm.
Cable failures are a major issue facing offshore wind farms, with a single fault in transmission networks and offshore wind developments capable of costing up to £1m per day in lost revenue.
Allianz, the insurer for UK offshore wind projects including Dogger Bank and East Anglia Three, warned that damage to cables is the main cause of offshore wind insurance claims, accounting for 53% of claims across its global portfolio from 2014-2020.
Around 70% of these failures originate in the joints and terminations rather than the cables themselves.
The Global Underwater Hub (GUH) recently launched a forum to tackle rising costs and reliability issues facing subsea cable systems on the UK’s offshore wind farms.
Synaptec vice-president of applications, Dr Steven Blair, said: “Greenlight gives operators control over the most unpredictable and expensive aspect of offshore cable operations and maintenance.
“It’s a system designed not just to collect data, but to deliver clear, early, and location-specific insight that finds the early warning signs of failure.
“The return on investment is immediate – it pays for itself the first time it pre-empts an issue that would otherwise shut down a wind farm.”
Synaptec has made the first commercial installations of Greenlight with offshore wind operators and transmission systems internationally. There are plans for further large-scale installations throughout 2025.
The firm previously raised £6.5m in funding last year, with participation from Megger Group, Proserv, and Equity Gap.
The company aims to use the funds to support its expansion, including the development of new manufacturing facilities in Scotland.
The company had previously said that it aims to increase its revenues fourfold in the next two to three years, along with doubling its headcount as it takes advantage of the 24.4GW pipeline of floating offshore wind capacity off Scotland’s shores.
Cases and CountermeasuresIntroduction: Bitcoin mining machines, or ASIC miners, are designed to solve complex cryptographic puzzles to mine Bitcoin. These machines rely on specialized firmware to perform efficiently. However, recent revelations about malicious firmware demonstrate how these miners can be hijacked. Attackers can remotely redirect hashpower to their own pools, without the owner’s consent, often without leaving any obvious trace. This article explores how these attacks work, the confirmed cases of firmware hijacks in Antminers and other ASIC miners, and the countermeasures miners can take to protect themselves.The conversation around firmware-level hijacks is growing. As Scott Offord puts it, “developing auditable open-source bitcoin mining firmware is key”. With a surge in incidents and reports, it’s evident that miners need to be more vigilant about the firmware running on their devices.Confirmed Cases of Firmware Attacks and HijacksBitmain Antminer and Other ASIC MinersOne of the most alarming threats to miners involves malicious firmware that takes over a miner’s hashpower. The most well-known cases of this happening have involved Bitmain Antminers, but the problem is not exclusive to this brand.For example, Antminer L3++ units became notorious for being hijacked by a worm-like malware that redirected hashpower to the attacker’s pool. These infections were persistent, even surviving firmware re-flashes. According to a community report from 2021, infected miners would “show the user’s configured pool” in the web UI, but still mine to an attacker’s pool in the background . The malware was able to spread across the network in a mining farm, once one infected unit was connected to the farm. The infection would propagate and corrupt multiple units within hours, all of them mining for the attacker without the farm operator’s knowledge.George Pate, a security researcher, pointed out that “these firmware exploits are spreading,” indicating that these types of attacks have gone beyond isolated incidents. The attackers could use malicious software to exploit flaws in Bitmain’s firmware, like the AML exploit, which had previously affected older firmware versions. As Pate noted, “I’ve seen it on IOBB as well”, referring to a large Bitcoin mining operation that was also impacted.Marc Fresa, a member of the mining community, discussed the persistence of these attacks, recalling a time when older factory firmware sometimes came with hard-coded settings like “TEST-TEST”. These test versions, used for burn-in processes, would sometimes be left on machines by mistake. Although Marc acknowledged that “we usually try to get our hands on them and dump the binaries,” he also emphasized that “this was not a huge issue anymore.” However, he mentioned that he had “seen these test firmwares spreading.” Marc’s comments shed light on how such mistakes could be weaponized and spread, often leading to severe consequences for unsuspecting miners.The “Night Switcher” Virus and Older AttacksMarc also brought up a historical virus, the “night switcher virus”, which was designed to corrupt firmware so that no new firmware could be flashed onto the miner. “At least it’s a shitty virus,” Marc joked, but the point was clear: this type of attack was extremely dangerous because once infected, the miner was bricked. “The good one from back in the day would basically corrupt it so you can’t flash anything else on it,” Marc explained. This highlights the severity of some firmware-level attacks that not only steal hashpower but also effectively disable the device.Another attack mentioned by Marc involved a malicious firmware that could disable the SD card boot functionality, making it impossible for the miner to recover or flash new firmware. This tactic renders the miner permanently compromised, forcing the operator to either replace the control board or scrap the unit altogether.The Role of Exploits in Modern AttacksMarc also speculated that the AML exploit, which was released publicly by Braiins OS, could be leveraged to create a worm that spreads across networks, infecting miners easily. “It would be really easy to script that to worm,” Marc said, suggesting that this exploit affects all miners running 2024 firmware or older. The AML exploit is one of the most dangerous vulnerabilities because it allows attackers to manipulate mining pools without the miner’s knowledge. This worm-like behavior makes it especially effective in large mining farms where hundreds or even thousands of units could be compromised simultaneously.Marc’s insight into the spread of these attacks is crucial, as it suggests that even well-established miners with clean setups can fall victim if they fail to secure their devices properly. He also mentioned the difficulty of controlling such worms: “That’s why we don’t release our remote install exploits anymore, they get abused,” Marc explained. This highlights a broader concern about the misuse of tools and exploits, even if they were originally intended for legitimate purposes like security testing.The E-Fuse and Persistent Malicious FirmwareMarc also introduced a dangerous method for ensuring persistent malware in miners: burning an e-fuse on the control board. This technique essentially locks the firmware to a malicious version, making it impossible for the miner to run anything else without the attacker’s firmware. He warned, “if you really want to be a dick, you can burn the e-fuse on the CV,” referring to control boards. This process prevents legitimate firmware from being loaded, making it extremely difficult to remove the malware once it’s installed.The e-fuse method is a highly destructive technique, as it renders the miner permanently vulnerable to the attacker’s commands. Marc, however, clarified that his team does not engage in such activities, and it is likely used by malicious actors. This permanent form of control is the ultimate goal for attackers looking to take over mining operations without detection.Technical Forensics: How the Attacks WorkUnderstanding how these attacks operate reveals just how dangerous they are. Attackers can use several methods to hijack an ASIC miner’s firmware, including:Modified Mining Software: Attackers often replace or modify the mining software, like the bmminer binary, to redirect hashpower to their pool. This change may be invisible to the user, who sees the usual pool settings in the web interface but the miner is secretly working for the attacker.Persistence Mechanisms: These attacks often reinstall themselves after a firmware re-flash, often by using hidden files or cron jobs. The malware might live outside the normal file system, making it hard to remove. As George Pate noted, these attacks “are spreading” and evolving, meaning that attackers are constantly refining their methods to survive updates and re-flashes.Malicious Binaries and Rootkits: Some malware is designed to stay hidden in the miner’s system, and even if the user kills the process, it will re-spawn. This behavior is often associated with rootkits—malicious programs that allow attackers to retain control over the miner. As Marc said, these malicious firmware versions can be “easy to script” and can spread across networks if left unchecked.Spreading via Network: Once one miner is infected, the malware can spread across the local network, using default credentials or open ports (like SSH or Telnet). This worm-like behavior allows the malware to propagate rapidly, infecting every miner in the network.Community Reports and InsightsThe mining community has been instrumental in identifying and documenting these firmware exploits. Through forums, Telegram groups, and mining conferences, miners have been able to share their experiences and findings. As Marc Fresaput it, the community often plays a key role in dumping binaries and analyzing infected firmware: “We usually try to get our hands on them and dump the binaries to see if there’s anything useful in them to reverse engineer.” By working together, miners are able to identify the patterns in attacks and help others prevent similar infections.The mining community has also taken proactive steps to mitigate the risks of firmware-based attacks. One of the key strategies shared by many miners is to only use trusted firmware, such as Vnish or official Bitmain firmware. As Marc suggested, flashing Vnish firmware is one of the safest options to ensure the integrity of your miner: “Just put it on [Vnish] to be safe”. The open-source nature of Vnish also allows the community to audit the code for any vulnerabilities, offering an added layer of security.Despite these efforts, George Pate’s observation that these attacks are “spreading” underscores the need for continuous vigilance and proactive security measures. The community’s open-source approach to firmware may provide some relief, but as Marc warned, “these exploits get abused”, and even the best tools can be exploited if they fall into the wrong hands.Countermeasures and Best Practices1. Flashing Clean, Secure FirmwareAlways flash trusted firmware from official or open-source sources like Braiins OS+ or Vnish. Avoid downloading firmware from untrusted sources, as these may carry malware.Verify firmware versions and checksum files to ensure you’re installing legitimate updates.2. Network Segmentation and IsolationSegment your network to isolate infected miners and prevent the malware from spreading. Use VLANs or physical isolation to keep miners from communicating with each other unless necessary.Monitor network traffic for unusual connections to unrecognized IPs or pools.3. Password Rotation and Access ControlsChange default passwords immediately after setting up new miners. Ensure that each miner has a strong, unique password.Use SSH key-based authentication or two-factor authentication where possible to harden access.4. Manual Malware RemovalIf a miner is compromised, SSH into the device and check for unusual processes. Remove any files or binaries that shouldn’t be there.If the miner is difficult to reflash due to firmware corruption, consider SD card flashing or manual recovery methods.5. Community CollaborationParticipate in mining forums and groups to stay informed about new threats and share your experiences with others. “If you see something, say something” can help others identify and mitigate similar attacks.6. Vendor ResponsibilityManufacturers must prioritize security by offering more transparency and security updates. Miners should advocate for open-source firmware that can be independently audited.ConclusionFirmware-level hijacks represent a serious threat to Bitcoin miners, and the cases discussed here demonstrate just how far attackers are willing to go to exploit vulnerabilities in mining hardware. While community efforts like open-source firmware and network segmentation offer some protection, these attacks are evolving and require constant vigilance. As Scott Offord aptly put it, “developing auditable open-source bitcoin mining firmware is key.” Manufacturers must also take responsibility for the security of their products, ensuring that miners can operate without fear of malicious interference. The future of mining security lies in transparency, collaboration, and proactive defense.
Tether, the issuer behind the nearly $150 billion USDT stablecoin, has finalized the purchase of a 70% stake in the Latin American agricultural firm Adecoagro (AGRO), which has a market cap of nearly a billion dollars.
Tether initially invested $100 million in Adecoagro in September 2024 for a 9.8% stake, then offered to increase it to 51% in February, and finally raised it to control 70% in March.
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Read more: Tether’s $100M Investment in LatAm Agriculture Firm May Be a Tokenization Play
This majority stake gives Tether control over one of the region’s most prominent food and bioenergy producers. Adecoagro owns sugar mills, rice farms, dairy operations, and renewable energy assets across Brazil, Argentina, and Uruguay.
Tether said it aims to help scale Adecoagro’s output while aligning the company with its mission of fostering “economic freedom” through decentralized finance and investment in underserved markets.
The move might be part of Tether’s ambition to tokenize real-world assets, as it launched its asset tokenization service Hadron last year. The platform was designed to simplify the process of converting a wide range of real-world assets, including bonds, commodities, stocks, other stablecoins, and loyalty points into digital tokens on blockchain rails.
Read more: Tether Unveils New Platform to Simplify Asset Tokenization for Businesses, Nation-States
“By aligning with in Adecoagro’s proven expertise in agriculture and renewable energy, we are taking another concrete step toward bridging traditional industries with the future of decentralized finance and economic empowerment,” said Paolo Ardoino, CEO of Tether.
Following the deal, Adecoagro’s board was also reshuffled. Five members stepped down and were replaced by executives tied to Tether and its strategic goals. Juan Sartori, a Uruguayan businessman with political and agricultural interests, took over as chairman.
In the past year, Tether has launched ventures in bitcoin mining, AI, and encrypted communications. AGRO’s shares were up 2.6% on Wednesday.
Read more: Tether’s $100M Investment in LatAm Agriculture Firm May Be a Tokenization Play
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
Alberta Premier Danielle Smith challenged Mark Carney to strike a better deal for her oil-rich province, saying she would not allow the “status quo” to prevail in its relationship with the federal government.
While congratulating the Liberal prime minister on his election victory, Smith said a large number of Albertans are deeply frustrated that a government that “overtly attacked” her province’s economy has been returned to power.
“I invite the prime minister to immediately commence working with our government to reset the relationship between Ottawa and Alberta with meaningful action rather than hollow rhetoric,” she said in a statement.
“Albertans are proud Canadians that want this nation to be strong, prosperous and united, but we will no longer tolerate having our industries threatened and our resources landlocked by Ottawa.”
Alberta has been in conflict with Canada’s Liberal government since Carney’s predecessor, Justin Trudeau, was elected in 2015 and began rolling out environmental policies, including an emissions cap, new pipeline regulations and a ban on tankers off the northern British Columbia coast. Smith says those measures encroach on the province’s jurisdiction and hamper oil and gas development.
The growing hostility has prompted some Albertans to call for greater autonomy from the federal government, and even fueled a small but simmering secession movement.
The Alberta government will hold a caucus meeting on Friday to discuss the province’s future within a united Canada, Smith said.
‘Pivotal Moment’
Carney said in his victory speech early Tuesday that he intends to govern for all Canadians. He has pledged to turn the country into a “superpower” in both clean and conventional energy, and said it needs to produce more oil while reducing the associated emissions.
“My optimistic view is a Carney win is status quo for a sector that’s dealt with significant challenges over the past 10 years,” Eric Nuttall, senior portfolio manager at Ninepoint Partners in Toronto, said on BNN Bloomberg Television.
He said Carney’s apparent reluctance to repeal the environmental assessment law known as Bill C-69 means “no oil pipelines.”
“So for our Canadian energy sector, at least in the oil sector, they’ll be required to remain as disciplined in returning that free cash flow back to shareholders in the form of share buybacks because there will be nothing left to do with it.”
Lisa Baiton, chief executive officer of the Canadian Association of Petroleum Producers, said she was encouraged by the tone set by the two leading parties throughout the election campaign on the importance of oil and gas to the country’s economy.
“Canada stands at a pivotal moment in its history — caught in a trade war with our closest trading partner and facing direct challenges to our sovereignty from the president of the United States,” she said in a statement.
“Developing our world-class oil and natural gas resources to their full potential by growing our exports to international markets will strengthen our energy security and economic sovereignty.”
Oil settled below $60 a barrel for the first time in three weeks as signs emerged that the Saudi-led OPEC+ alliance may be entering a prolonged period of higher production.
West Texas Intermediate fell as much as 4.2% on Wednesday after Reuters reported that Saudi Arabian officials have been telling allies and industry experts that the kingdom can endure a sustained period of depressed prices. The most-active contract capped its biggest monthly decline since November 2021.
The report added to existing concerns that Saudi Arabia planned to steer OPEC+ to agree on another supply surge next week.
“This confirms the market’s fears that Saudi Arabia’s accelerated unwinds were not temporary, but a long-term strategy shift,” said Rebecca Babin, a senior energy trader at CIBC Private Wealth Group. It raises the question of whether “Saudi is going to repeat the 2020 playbook to dramatically increase production.”
OPEC+ rocked the crude market in early April, with a surprise decision to increase supply in May by 411,000 barrels a day, the equivalent of three monthly tranches from a previous plan. Morgan Stanley has said it expects a “meaningful surplus” to develop over time, while JPMorgan Chase & Co. warned the cartel may accelerate planned production increases at a meeting next week.
Beyond OPEC+, non-cartel nations are also expected to add supplies, including drillers in Canada and Guyana, feeding concerns about a global glut.
At the same time, hopes are fading that there will be quick breakthroughs in US-led trade negotiations, weighing on the outlook for energy demand. The US economy contracted for the first time since 2022 in the first quarter as a result of a surge in pre-tariff imports and softer consumer spending. In China, factory activity slipped into the worst contraction since December 2023, revealing early damage from the trade war.
Trump said in remarks to ABC News that China deserved the steep tariffs he’d imposed on their exports. Hee said later Wednesday that he didn’t want China’s products unless the country is fair.
Oil Prices:
WTI for June delivery fell 3.7% to $58.21 a barrel in New York.
Brent for June settlement, which expires on Wednesday, shed 1.8% to $63.12 a barrel.
The more-active July contract dropped 3.5% to $61.06 a barrel.
Roughly half of the SNP’s voters believe nuclear power should be part of Scotland’s mix of clean energy generation, a poll suggests, despite the party’s longstanding opposition to it.Polling for the campaign group Britain Remade found 52% of those who voted for the party in 2021 believe nuclear power should be included in Scotland’s energy mix to meet the 2045 net zero target.
Meanwhile, 57% of those who voted for the party in last year’s general election felt the same way, the poll found.
A total of 56% of Scots thought nuclear power should be part of Scotland’s clean energy mix to meet the targets, while 23% disagreed, and 21% said they did not know.
Opinium surveyed 1,000 Scottish adults between April 22 and 25.
Britain Remade describes itself as a grassroots campaign for economic growth.
Founder Sam Richards said: “The message from our polling is clear: when it comes to safe and reliable nuclear power, the SNP is not just out of step with the majority of Scots – they’re at odds with a huge number of their own supporters.
“It’s time for the SNP to stop saying ‘no’ to new nuclear and start listening to the people, the experts, and the communities who know what’s at stake.
“Investing in a new generation of nuclear power is not just critical if Scotland is to hit its 2045 net zero target – it is essential for Scotland’s economy. Grangemouth could be transformed by SMR (small modular reactor) technology, but the SNP’s opposition is standing in the way.”
Scotland nuclear energy
Scotland has one remaining active nuclear reactor, at Torness in East Lothian, which is due to shut down in 2030.
Last week the deactivated Hunterston B power station was declared “nuclear free” as all fuel elements were removed ahead of decommissioning.
Hunterston B nuclear power station in Ayrshire, which was due to be decommissioned in 2016, has had its operational licence extended until 2023Credit: James Williamson
Labour MSP Martin Whitfield said: “If we don’t act soon to end this ideological opposition, Scotland will lose its nuclear energy capacity entirely, damaging jobs and the economy, including East Lothian.
“A Scottish Labour Government will end the block on new nuclear, delivering zero carbon nuclear energy, kickstarting economic growth and bringing significant investment into East Lothian and the rest of Scotland.”
Conservative MP John Lamont said: “It’s absolutely ridiculous for the Nationalists to ignore the majority of Scots who support the use of more nuclear power, especially since it is clean energy that doesn’t harm the environment.”
However the SNP argued nuclear power projects remain too expensive to be a viable alternative to renewable power.
MSP Bill Kidd said: “Our focus is delivering a just transition that supports communities and creates long-term economic opportunities to build a truly sustainable future.
“Nuclear remains one of the most costly forms of energy with projects like Hinkley Point C running billions over budget and years behind schedule.
“In contrast, Scotland’s net zero transition is already delivering thousands of green jobs across energy, construction, innovation, and engineering. This number will continue to grow.
“Simply, renewables are cheaper to produce and develop, create more jobs, and are safer than nuclear as they don’t leave behind radioactive waste that will be deadly for generations.
“While Labour funnels billions into slow, centralised projects, the SNP is focused on creating real, sustainable jobs in Scotland now.”
Glasgow-based Synaptec has developed new technology designed to tackle the issue of cable failures on offshore wind farms that can cost operators millions.The company’s Greenlight provides automated monitoring of the joints and terminations in a cable network, delivering early warnings of emerging faults before they become failures.
The system is based on Synaptec’s Distributed Electrical Sensing (DES) technology, which was Synaptec previously deployed on the latest phase of the Dogger Bank wind farm.
Cable failures are a major issue facing offshore wind farms, with a single fault in transmission networks and offshore wind developments capable of costing up to £1m per day in lost revenue.
Allianz, the insurer for UK offshore wind projects including Dogger Bank and East Anglia Three, warned that damage to cables is the main cause of offshore wind insurance claims, accounting for 53% of claims across its global portfolio from 2014-2020.
Around 70% of these failures originate in the joints and terminations rather than the cables themselves.
The Global Underwater Hub (GUH) recently launched a forum to tackle rising costs and reliability issues facing subsea cable systems on the UK’s offshore wind farms.
Synaptec vice-president of applications, Dr Steven Blair, said: “Greenlight gives operators control over the most unpredictable and expensive aspect of offshore cable operations and maintenance.
“It’s a system designed not just to collect data, but to deliver clear, early, and location-specific insight that finds the early warning signs of failure.
“The return on investment is immediate – it pays for itself the first time it pre-empts an issue that would otherwise shut down a wind farm.”
Synaptec has made the first commercial installations of Greenlight with offshore wind operators and transmission systems internationally. There are plans for further large-scale installations throughout 2025.
The firm previously raised £6.5m in funding last year, with participation from Megger Group, Proserv, and Equity Gap.
The company aims to use the funds to support its expansion, including the development of new manufacturing facilities in Scotland.
The company had previously said that it aims to increase its revenues fourfold in the next two to three years, along with doubling its headcount as it takes advantage of the 24.4GW pipeline of floating offshore wind capacity off Scotland’s shores.
Cases and CountermeasuresIntroduction: Bitcoin mining machines, or ASIC miners, are designed to solve complex cryptographic puzzles to mine Bitcoin. These machines rely on specialized firmware to perform efficiently. However, recent revelations about malicious firmware demonstrate how these miners can be hijacked. Attackers can remotely redirect hashpower to their own pools, without the owner’s consent, often without leaving any obvious trace. This article explores how these attacks work, the confirmed cases of firmware hijacks in Antminers and other ASIC miners, and the countermeasures miners can take to protect themselves.The conversation around firmware-level hijacks is growing. As Scott Offord puts it, “developing auditable open-source bitcoin mining firmware is key”. With a surge in incidents and reports, it’s evident that miners need to be more vigilant about the firmware running on their devices.Confirmed Cases of Firmware Attacks and HijacksBitmain Antminer and Other ASIC MinersOne of the most alarming threats to miners involves malicious firmware that takes over a miner’s hashpower. The most well-known cases of this happening have involved Bitmain Antminers, but the problem is not exclusive to this brand.For example, Antminer L3++ units became notorious for being hijacked by a worm-like malware that redirected hashpower to the attacker’s pool. These infections were persistent, even surviving firmware re-flashes. According to a community report from 2021, infected miners would “show the user’s configured pool” in the web UI, but still mine to an attacker’s pool in the background . The malware was able to spread across the network in a mining farm, once one infected unit was connected to the farm. The infection would propagate and corrupt multiple units within hours, all of them mining for the attacker without the farm operator’s knowledge.George Pate, a security researcher, pointed out that “these firmware exploits are spreading,” indicating that these types of attacks have gone beyond isolated incidents. The attackers could use malicious software to exploit flaws in Bitmain’s firmware, like the AML exploit, which had previously affected older firmware versions. As Pate noted, “I’ve seen it on IOBB as well”, referring to a large Bitcoin mining operation that was also impacted.Marc Fresa, a member of the mining community, discussed the persistence of these attacks, recalling a time when older factory firmware sometimes came with hard-coded settings like “TEST-TEST”. These test versions, used for burn-in processes, would sometimes be left on machines by mistake. Although Marc acknowledged that “we usually try to get our hands on them and dump the binaries,” he also emphasized that “this was not a huge issue anymore.” However, he mentioned that he had “seen these test firmwares spreading.” Marc’s comments shed light on how such mistakes could be weaponized and spread, often leading to severe consequences for unsuspecting miners.The “Night Switcher” Virus and Older AttacksMarc also brought up a historical virus, the “night switcher virus”, which was designed to corrupt firmware so that no new firmware could be flashed onto the miner. “At least it’s a shitty virus,” Marc joked, but the point was clear: this type of attack was extremely dangerous because once infected, the miner was bricked. “The good one from back in the day would basically corrupt it so you can’t flash anything else on it,” Marc explained. This highlights the severity of some firmware-level attacks that not only steal hashpower but also effectively disable the device.Another attack mentioned by Marc involved a malicious firmware that could disable the SD card boot functionality, making it impossible for the miner to recover or flash new firmware. This tactic renders the miner permanently compromised, forcing the operator to either replace the control board or scrap the unit altogether.The Role of Exploits in Modern AttacksMarc also speculated that the AML exploit, which was released publicly by Braiins OS, could be leveraged to create a worm that spreads across networks, infecting miners easily. “It would be really easy to script that to worm,” Marc said, suggesting that this exploit affects all miners running 2024 firmware or older. The AML exploit is one of the most dangerous vulnerabilities because it allows attackers to manipulate mining pools without the miner’s knowledge. This worm-like behavior makes it especially effective in large mining farms where hundreds or even thousands of units could be compromised simultaneously.Marc’s insight into the spread of these attacks is crucial, as it suggests that even well-established miners with clean setups can fall victim if they fail to secure their devices properly. He also mentioned the difficulty of controlling such worms: “That’s why we don’t release our remote install exploits anymore, they get abused,” Marc explained. This highlights a broader concern about the misuse of tools and exploits, even if they were originally intended for legitimate purposes like security testing.The E-Fuse and Persistent Malicious FirmwareMarc also introduced a dangerous method for ensuring persistent malware in miners: burning an e-fuse on the control board. This technique essentially locks the firmware to a malicious version, making it impossible for the miner to run anything else without the attacker’s firmware. He warned, “if you really want to be a dick, you can burn the e-fuse on the CV,” referring to control boards. This process prevents legitimate firmware from being loaded, making it extremely difficult to remove the malware once it’s installed.The e-fuse method is a highly destructive technique, as it renders the miner permanently vulnerable to the attacker’s commands. Marc, however, clarified that his team does not engage in such activities, and it is likely used by malicious actors. This permanent form of control is the ultimate goal for attackers looking to take over mining operations without detection.Technical Forensics: How the Attacks WorkUnderstanding how these attacks operate reveals just how dangerous they are. Attackers can use several methods to hijack an ASIC miner’s firmware, including:Modified Mining Software: Attackers often replace or modify the mining software, like the bmminer binary, to redirect hashpower to their pool. This change may be invisible to the user, who sees the usual pool settings in the web interface but the miner is secretly working for the attacker.Persistence Mechanisms: These attacks often reinstall themselves after a firmware re-flash, often by using hidden files or cron jobs. The malware might live outside the normal file system, making it hard to remove. As George Pate noted, these attacks “are spreading” and evolving, meaning that attackers are constantly refining their methods to survive updates and re-flashes.Malicious Binaries and Rootkits: Some malware is designed to stay hidden in the miner’s system, and even if the user kills the process, it will re-spawn. This behavior is often associated with rootkits—malicious programs that allow attackers to retain control over the miner. As Marc said, these malicious firmware versions can be “easy to script” and can spread across networks if left unchecked.Spreading via Network: Once one miner is infected, the malware can spread across the local network, using default credentials or open ports (like SSH or Telnet). This worm-like behavior allows the malware to propagate rapidly, infecting every miner in the network.Community Reports and InsightsThe mining community has been instrumental in identifying and documenting these firmware exploits. Through forums, Telegram groups, and mining conferences, miners have been able to share their experiences and findings. As Marc Fresaput it, the community often plays a key role in dumping binaries and analyzing infected firmware: “We usually try to get our hands on them and dump the binaries to see if there’s anything useful in them to reverse engineer.” By working together, miners are able to identify the patterns in attacks and help others prevent similar infections.The mining community has also taken proactive steps to mitigate the risks of firmware-based attacks. One of the key strategies shared by many miners is to only use trusted firmware, such as Vnish or official Bitmain firmware. As Marc suggested, flashing Vnish firmware is one of the safest options to ensure the integrity of your miner: “Just put it on [Vnish] to be safe”. The open-source nature of Vnish also allows the community to audit the code for any vulnerabilities, offering an added layer of security.Despite these efforts, George Pate’s observation that these attacks are “spreading” underscores the need for continuous vigilance and proactive security measures. The community’s open-source approach to firmware may provide some relief, but as Marc warned, “these exploits get abused”, and even the best tools can be exploited if they fall into the wrong hands.Countermeasures and Best Practices1. Flashing Clean, Secure FirmwareAlways flash trusted firmware from official or open-source sources like Braiins OS+ or Vnish. Avoid downloading firmware from untrusted sources, as these may carry malware.Verify firmware versions and checksum files to ensure you’re installing legitimate updates.2. Network Segmentation and IsolationSegment your network to isolate infected miners and prevent the malware from spreading. Use VLANs or physical isolation to keep miners from communicating with each other unless necessary.Monitor network traffic for unusual connections to unrecognized IPs or pools.3. Password Rotation and Access ControlsChange default passwords immediately after setting up new miners. Ensure that each miner has a strong, unique password.Use SSH key-based authentication or two-factor authentication where possible to harden access.4. Manual Malware RemovalIf a miner is compromised, SSH into the device and check for unusual processes. Remove any files or binaries that shouldn’t be there.If the miner is difficult to reflash due to firmware corruption, consider SD card flashing or manual recovery methods.5. Community CollaborationParticipate in mining forums and groups to stay informed about new threats and share your experiences with others. “If you see something, say something” can help others identify and mitigate similar attacks.6. Vendor ResponsibilityManufacturers must prioritize security by offering more transparency and security updates. Miners should advocate for open-source firmware that can be independently audited.ConclusionFirmware-level hijacks represent a serious threat to Bitcoin miners, and the cases discussed here demonstrate just how far attackers are willing to go to exploit vulnerabilities in mining hardware. While community efforts like open-source firmware and network segmentation offer some protection, these attacks are evolving and require constant vigilance. As Scott Offord aptly put it, “developing auditable open-source bitcoin mining firmware is key.” Manufacturers must also take responsibility for the security of their products, ensuring that miners can operate without fear of malicious interference. The future of mining security lies in transparency, collaboration, and proactive defense.
Tether, the issuer behind the nearly $150 billion USDT stablecoin, has finalized the purchase of a 70% stake in the Latin American agricultural firm Adecoagro (AGRO), which has a market cap of nearly a billion dollars.
Tether initially invested $100 million in Adecoagro in September 2024 for a 9.8% stake, then offered to increase it to 51% in February, and finally raised it to control 70% in March.
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Read more: Tether’s $100M Investment in LatAm Agriculture Firm May Be a Tokenization Play
This majority stake gives Tether control over one of the region’s most prominent food and bioenergy producers. Adecoagro owns sugar mills, rice farms, dairy operations, and renewable energy assets across Brazil, Argentina, and Uruguay.
Tether said it aims to help scale Adecoagro’s output while aligning the company with its mission of fostering “economic freedom” through decentralized finance and investment in underserved markets.
The move might be part of Tether’s ambition to tokenize real-world assets, as it launched its asset tokenization service Hadron last year. The platform was designed to simplify the process of converting a wide range of real-world assets, including bonds, commodities, stocks, other stablecoins, and loyalty points into digital tokens on blockchain rails.
Read more: Tether Unveils New Platform to Simplify Asset Tokenization for Businesses, Nation-States
“By aligning with in Adecoagro’s proven expertise in agriculture and renewable energy, we are taking another concrete step toward bridging traditional industries with the future of decentralized finance and economic empowerment,” said Paolo Ardoino, CEO of Tether.
Following the deal, Adecoagro’s board was also reshuffled. Five members stepped down and were replaced by executives tied to Tether and its strategic goals. Juan Sartori, a Uruguayan businessman with political and agricultural interests, took over as chairman.
In the past year, Tether has launched ventures in bitcoin mining, AI, and encrypted communications. AGRO’s shares were up 2.6% on Wednesday.
Read more: Tether’s $100M Investment in LatAm Agriculture Firm May Be a Tokenization Play
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
Alberta Premier Danielle Smith challenged Mark Carney to strike a better deal for her oil-rich province, saying she would not allow the “status quo” to prevail in its relationship with the federal government.
While congratulating the Liberal prime minister on his election victory, Smith said a large number of Albertans are deeply frustrated that a government that “overtly attacked” her province’s economy has been returned to power.
“I invite the prime minister to immediately commence working with our government to reset the relationship between Ottawa and Alberta with meaningful action rather than hollow rhetoric,” she said in a statement.
“Albertans are proud Canadians that want this nation to be strong, prosperous and united, but we will no longer tolerate having our industries threatened and our resources landlocked by Ottawa.”
Alberta has been in conflict with Canada’s Liberal government since Carney’s predecessor, Justin Trudeau, was elected in 2015 and began rolling out environmental policies, including an emissions cap, new pipeline regulations and a ban on tankers off the northern British Columbia coast. Smith says those measures encroach on the province’s jurisdiction and hamper oil and gas development.
The growing hostility has prompted some Albertans to call for greater autonomy from the federal government, and even fueled a small but simmering secession movement.
The Alberta government will hold a caucus meeting on Friday to discuss the province’s future within a united Canada, Smith said.
‘Pivotal Moment’
Carney said in his victory speech early Tuesday that he intends to govern for all Canadians. He has pledged to turn the country into a “superpower” in both clean and conventional energy, and said it needs to produce more oil while reducing the associated emissions.
“My optimistic view is a Carney win is status quo for a sector that’s dealt with significant challenges over the past 10 years,” Eric Nuttall, senior portfolio manager at Ninepoint Partners in Toronto, said on BNN Bloomberg Television.
He said Carney’s apparent reluctance to repeal the environmental assessment law known as Bill C-69 means “no oil pipelines.”
“So for our Canadian energy sector, at least in the oil sector, they’ll be required to remain as disciplined in returning that free cash flow back to shareholders in the form of share buybacks because there will be nothing left to do with it.”
Lisa Baiton, chief executive officer of the Canadian Association of Petroleum Producers, said she was encouraged by the tone set by the two leading parties throughout the election campaign on the importance of oil and gas to the country’s economy.
“Canada stands at a pivotal moment in its history — caught in a trade war with our closest trading partner and facing direct challenges to our sovereignty from the president of the United States,” she said in a statement.
“Developing our world-class oil and natural gas resources to their full potential by growing our exports to international markets will strengthen our energy security and economic sovereignty.”
Oil settled below $60 a barrel for the first time in three weeks as signs emerged that the Saudi-led OPEC+ alliance may be entering a prolonged period of higher production.
West Texas Intermediate fell as much as 4.2% on Wednesday after Reuters reported that Saudi Arabian officials have been telling allies and industry experts that the kingdom can endure a sustained period of depressed prices. The most-active contract capped its biggest monthly decline since November 2021.
The report added to existing concerns that Saudi Arabia planned to steer OPEC+ to agree on another supply surge next week.
“This confirms the market’s fears that Saudi Arabia’s accelerated unwinds were not temporary, but a long-term strategy shift,” said Rebecca Babin, a senior energy trader at CIBC Private Wealth Group. It raises the question of whether “Saudi is going to repeat the 2020 playbook to dramatically increase production.”
OPEC+ rocked the crude market in early April, with a surprise decision to increase supply in May by 411,000 barrels a day, the equivalent of three monthly tranches from a previous plan. Morgan Stanley has said it expects a “meaningful surplus” to develop over time, while JPMorgan Chase & Co. warned the cartel may accelerate planned production increases at a meeting next week.
Beyond OPEC+, non-cartel nations are also expected to add supplies, including drillers in Canada and Guyana, feeding concerns about a global glut.
At the same time, hopes are fading that there will be quick breakthroughs in US-led trade negotiations, weighing on the outlook for energy demand. The US economy contracted for the first time since 2022 in the first quarter as a result of a surge in pre-tariff imports and softer consumer spending. In China, factory activity slipped into the worst contraction since December 2023, revealing early damage from the trade war.
Trump said in remarks to ABC News that China deserved the steep tariffs he’d imposed on their exports. Hee said later Wednesday that he didn’t want China’s products unless the country is fair.
Oil Prices:
WTI for June delivery fell 3.7% to $58.21 a barrel in New York.
Brent for June settlement, which expires on Wednesday, shed 1.8% to $63.12 a barrel.
The more-active July contract dropped 3.5% to $61.06 a barrel.
Roughly half of the SNP’s voters believe nuclear power should be part of Scotland’s mix of clean energy generation, a poll suggests, despite the party’s longstanding opposition to it.Polling for the campaign group Britain Remade found 52% of those who voted for the party in 2021 believe nuclear power should be included in Scotland’s energy mix to meet the 2045 net zero target.
Meanwhile, 57% of those who voted for the party in last year’s general election felt the same way, the poll found.
A total of 56% of Scots thought nuclear power should be part of Scotland’s clean energy mix to meet the targets, while 23% disagreed, and 21% said they did not know.
Opinium surveyed 1,000 Scottish adults between April 22 and 25.
Britain Remade describes itself as a grassroots campaign for economic growth.
Founder Sam Richards said: “The message from our polling is clear: when it comes to safe and reliable nuclear power, the SNP is not just out of step with the majority of Scots – they’re at odds with a huge number of their own supporters.
“It’s time for the SNP to stop saying ‘no’ to new nuclear and start listening to the people, the experts, and the communities who know what’s at stake.
“Investing in a new generation of nuclear power is not just critical if Scotland is to hit its 2045 net zero target – it is essential for Scotland’s economy. Grangemouth could be transformed by SMR (small modular reactor) technology, but the SNP’s opposition is standing in the way.”
Scotland nuclear energy
Scotland has one remaining active nuclear reactor, at Torness in East Lothian, which is due to shut down in 2030.
Last week the deactivated Hunterston B power station was declared “nuclear free” as all fuel elements were removed ahead of decommissioning.
Hunterston B nuclear power station in Ayrshire, which was due to be decommissioned in 2016, has had its operational licence extended until 2023Credit: James Williamson
Labour MSP Martin Whitfield said: “If we don’t act soon to end this ideological opposition, Scotland will lose its nuclear energy capacity entirely, damaging jobs and the economy, including East Lothian.
“A Scottish Labour Government will end the block on new nuclear, delivering zero carbon nuclear energy, kickstarting economic growth and bringing significant investment into East Lothian and the rest of Scotland.”
Conservative MP John Lamont said: “It’s absolutely ridiculous for the Nationalists to ignore the majority of Scots who support the use of more nuclear power, especially since it is clean energy that doesn’t harm the environment.”
However the SNP argued nuclear power projects remain too expensive to be a viable alternative to renewable power.
MSP Bill Kidd said: “Our focus is delivering a just transition that supports communities and creates long-term economic opportunities to build a truly sustainable future.
“Nuclear remains one of the most costly forms of energy with projects like Hinkley Point C running billions over budget and years behind schedule.
“In contrast, Scotland’s net zero transition is already delivering thousands of green jobs across energy, construction, innovation, and engineering. This number will continue to grow.
“Simply, renewables are cheaper to produce and develop, create more jobs, and are safer than nuclear as they don’t leave behind radioactive waste that will be deadly for generations.
“While Labour funnels billions into slow, centralised projects, the SNP is focused on creating real, sustainable jobs in Scotland now.”
Glasgow-based Synaptec has developed new technology designed to tackle the issue of cable failures on offshore wind farms that can cost operators millions.The company’s Greenlight provides automated monitoring of the joints and terminations in a cable network, delivering early warnings of emerging faults before they become failures.
The system is based on Synaptec’s Distributed Electrical Sensing (DES) technology, which was Synaptec previously deployed on the latest phase of the Dogger Bank wind farm.
Cable failures are a major issue facing offshore wind farms, with a single fault in transmission networks and offshore wind developments capable of costing up to £1m per day in lost revenue.
Allianz, the insurer for UK offshore wind projects including Dogger Bank and East Anglia Three, warned that damage to cables is the main cause of offshore wind insurance claims, accounting for 53% of claims across its global portfolio from 2014-2020.
Around 70% of these failures originate in the joints and terminations rather than the cables themselves.
The Global Underwater Hub (GUH) recently launched a forum to tackle rising costs and reliability issues facing subsea cable systems on the UK’s offshore wind farms.
Synaptec vice-president of applications, Dr Steven Blair, said: “Greenlight gives operators control over the most unpredictable and expensive aspect of offshore cable operations and maintenance.
“It’s a system designed not just to collect data, but to deliver clear, early, and location-specific insight that finds the early warning signs of failure.
“The return on investment is immediate – it pays for itself the first time it pre-empts an issue that would otherwise shut down a wind farm.”
Synaptec has made the first commercial installations of Greenlight with offshore wind operators and transmission systems internationally. There are plans for further large-scale installations throughout 2025.
The firm previously raised £6.5m in funding last year, with participation from Megger Group, Proserv, and Equity Gap.
The company aims to use the funds to support its expansion, including the development of new manufacturing facilities in Scotland.
The company had previously said that it aims to increase its revenues fourfold in the next two to three years, along with doubling its headcount as it takes advantage of the 24.4GW pipeline of floating offshore wind capacity off Scotland’s shores.
Cases and CountermeasuresIntroduction: Bitcoin mining machines, or ASIC miners, are designed to solve complex cryptographic puzzles to mine Bitcoin. These machines rely on specialized firmware to perform efficiently. However, recent revelations about malicious firmware demonstrate how these miners can be hijacked. Attackers can remotely redirect hashpower to their own pools, without the owner’s consent, often without leaving any obvious trace. This article explores how these attacks work, the confirmed cases of firmware hijacks in Antminers and other ASIC miners, and the countermeasures miners can take to protect themselves.The conversation around firmware-level hijacks is growing. As Scott Offord puts it, “developing auditable open-source bitcoin mining firmware is key”. With a surge in incidents and reports, it’s evident that miners need to be more vigilant about the firmware running on their devices.Confirmed Cases of Firmware Attacks and HijacksBitmain Antminer and Other ASIC MinersOne of the most alarming threats to miners involves malicious firmware that takes over a miner’s hashpower. The most well-known cases of this happening have involved Bitmain Antminers, but the problem is not exclusive to this brand.For example, Antminer L3++ units became notorious for being hijacked by a worm-like malware that redirected hashpower to the attacker’s pool. These infections were persistent, even surviving firmware re-flashes. According to a community report from 2021, infected miners would “show the user’s configured pool” in the web UI, but still mine to an attacker’s pool in the background . The malware was able to spread across the network in a mining farm, once one infected unit was connected to the farm. The infection would propagate and corrupt multiple units within hours, all of them mining for the attacker without the farm operator’s knowledge.George Pate, a security researcher, pointed out that “these firmware exploits are spreading,” indicating that these types of attacks have gone beyond isolated incidents. The attackers could use malicious software to exploit flaws in Bitmain’s firmware, like the AML exploit, which had previously affected older firmware versions. As Pate noted, “I’ve seen it on IOBB as well”, referring to a large Bitcoin mining operation that was also impacted.Marc Fresa, a member of the mining community, discussed the persistence of these attacks, recalling a time when older factory firmware sometimes came with hard-coded settings like “TEST-TEST”. These test versions, used for burn-in processes, would sometimes be left on machines by mistake. Although Marc acknowledged that “we usually try to get our hands on them and dump the binaries,” he also emphasized that “this was not a huge issue anymore.” However, he mentioned that he had “seen these test firmwares spreading.” Marc’s comments shed light on how such mistakes could be weaponized and spread, often leading to severe consequences for unsuspecting miners.The “Night Switcher” Virus and Older AttacksMarc also brought up a historical virus, the “night switcher virus”, which was designed to corrupt firmware so that no new firmware could be flashed onto the miner. “At least it’s a shitty virus,” Marc joked, but the point was clear: this type of attack was extremely dangerous because once infected, the miner was bricked. “The good one from back in the day would basically corrupt it so you can’t flash anything else on it,” Marc explained. This highlights the severity of some firmware-level attacks that not only steal hashpower but also effectively disable the device.Another attack mentioned by Marc involved a malicious firmware that could disable the SD card boot functionality, making it impossible for the miner to recover or flash new firmware. This tactic renders the miner permanently compromised, forcing the operator to either replace the control board or scrap the unit altogether.The Role of Exploits in Modern AttacksMarc also speculated that the AML exploit, which was released publicly by Braiins OS, could be leveraged to create a worm that spreads across networks, infecting miners easily. “It would be really easy to script that to worm,” Marc said, suggesting that this exploit affects all miners running 2024 firmware or older. The AML exploit is one of the most dangerous vulnerabilities because it allows attackers to manipulate mining pools without the miner’s knowledge. This worm-like behavior makes it especially effective in large mining farms where hundreds or even thousands of units could be compromised simultaneously.Marc’s insight into the spread of these attacks is crucial, as it suggests that even well-established miners with clean setups can fall victim if they fail to secure their devices properly. He also mentioned the difficulty of controlling such worms: “That’s why we don’t release our remote install exploits anymore, they get abused,” Marc explained. This highlights a broader concern about the misuse of tools and exploits, even if they were originally intended for legitimate purposes like security testing.The E-Fuse and Persistent Malicious FirmwareMarc also introduced a dangerous method for ensuring persistent malware in miners: burning an e-fuse on the control board. This technique essentially locks the firmware to a malicious version, making it impossible for the miner to run anything else without the attacker’s firmware. He warned, “if you really want to be a dick, you can burn the e-fuse on the CV,” referring to control boards. This process prevents legitimate firmware from being loaded, making it extremely difficult to remove the malware once it’s installed.The e-fuse method is a highly destructive technique, as it renders the miner permanently vulnerable to the attacker’s commands. Marc, however, clarified that his team does not engage in such activities, and it is likely used by malicious actors. This permanent form of control is the ultimate goal for attackers looking to take over mining operations without detection.Technical Forensics: How the Attacks WorkUnderstanding how these attacks operate reveals just how dangerous they are. Attackers can use several methods to hijack an ASIC miner’s firmware, including:Modified Mining Software: Attackers often replace or modify the mining software, like the bmminer binary, to redirect hashpower to their pool. This change may be invisible to the user, who sees the usual pool settings in the web interface but the miner is secretly working for the attacker.Persistence Mechanisms: These attacks often reinstall themselves after a firmware re-flash, often by using hidden files or cron jobs. The malware might live outside the normal file system, making it hard to remove. As George Pate noted, these attacks “are spreading” and evolving, meaning that attackers are constantly refining their methods to survive updates and re-flashes.Malicious Binaries and Rootkits: Some malware is designed to stay hidden in the miner’s system, and even if the user kills the process, it will re-spawn. This behavior is often associated with rootkits—malicious programs that allow attackers to retain control over the miner. As Marc said, these malicious firmware versions can be “easy to script” and can spread across networks if left unchecked.Spreading via Network: Once one miner is infected, the malware can spread across the local network, using default credentials or open ports (like SSH or Telnet). This worm-like behavior allows the malware to propagate rapidly, infecting every miner in the network.Community Reports and InsightsThe mining community has been instrumental in identifying and documenting these firmware exploits. Through forums, Telegram groups, and mining conferences, miners have been able to share their experiences and findings. As Marc Fresaput it, the community often plays a key role in dumping binaries and analyzing infected firmware: “We usually try to get our hands on them and dump the binaries to see if there’s anything useful in them to reverse engineer.” By working together, miners are able to identify the patterns in attacks and help others prevent similar infections.The mining community has also taken proactive steps to mitigate the risks of firmware-based attacks. One of the key strategies shared by many miners is to only use trusted firmware, such as Vnish or official Bitmain firmware. As Marc suggested, flashing Vnish firmware is one of the safest options to ensure the integrity of your miner: “Just put it on [Vnish] to be safe”. The open-source nature of Vnish also allows the community to audit the code for any vulnerabilities, offering an added layer of security.Despite these efforts, George Pate’s observation that these attacks are “spreading” underscores the need for continuous vigilance and proactive security measures. The community’s open-source approach to firmware may provide some relief, but as Marc warned, “these exploits get abused”, and even the best tools can be exploited if they fall into the wrong hands.Countermeasures and Best Practices1. Flashing Clean, Secure FirmwareAlways flash trusted firmware from official or open-source sources like Braiins OS+ or Vnish. Avoid downloading firmware from untrusted sources, as these may carry malware.Verify firmware versions and checksum files to ensure you’re installing legitimate updates.2. Network Segmentation and IsolationSegment your network to isolate infected miners and prevent the malware from spreading. Use VLANs or physical isolation to keep miners from communicating with each other unless necessary.Monitor network traffic for unusual connections to unrecognized IPs or pools.3. Password Rotation and Access ControlsChange default passwords immediately after setting up new miners. Ensure that each miner has a strong, unique password.Use SSH key-based authentication or two-factor authentication where possible to harden access.4. Manual Malware RemovalIf a miner is compromised, SSH into the device and check for unusual processes. Remove any files or binaries that shouldn’t be there.If the miner is difficult to reflash due to firmware corruption, consider SD card flashing or manual recovery methods.5. Community CollaborationParticipate in mining forums and groups to stay informed about new threats and share your experiences with others. “If you see something, say something” can help others identify and mitigate similar attacks.6. Vendor ResponsibilityManufacturers must prioritize security by offering more transparency and security updates. Miners should advocate for open-source firmware that can be independently audited.ConclusionFirmware-level hijacks represent a serious threat to Bitcoin miners, and the cases discussed here demonstrate just how far attackers are willing to go to exploit vulnerabilities in mining hardware. While community efforts like open-source firmware and network segmentation offer some protection, these attacks are evolving and require constant vigilance. As Scott Offord aptly put it, “developing auditable open-source bitcoin mining firmware is key.” Manufacturers must also take responsibility for the security of their products, ensuring that miners can operate without fear of malicious interference. The future of mining security lies in transparency, collaboration, and proactive defense.
Tether, the issuer behind the nearly $150 billion USDT stablecoin, has finalized the purchase of a 70% stake in the Latin American agricultural firm Adecoagro (AGRO), which has a market cap of nearly a billion dollars.
Tether initially invested $100 million in Adecoagro in September 2024 for a 9.8% stake, then offered to increase it to 51% in February, and finally raised it to control 70% in March.
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Read more: Tether’s $100M Investment in LatAm Agriculture Firm May Be a Tokenization Play
This majority stake gives Tether control over one of the region’s most prominent food and bioenergy producers. Adecoagro owns sugar mills, rice farms, dairy operations, and renewable energy assets across Brazil, Argentina, and Uruguay.
Tether said it aims to help scale Adecoagro’s output while aligning the company with its mission of fostering “economic freedom” through decentralized finance and investment in underserved markets.
The move might be part of Tether’s ambition to tokenize real-world assets, as it launched its asset tokenization service Hadron last year. The platform was designed to simplify the process of converting a wide range of real-world assets, including bonds, commodities, stocks, other stablecoins, and loyalty points into digital tokens on blockchain rails.
Read more: Tether Unveils New Platform to Simplify Asset Tokenization for Businesses, Nation-States
“By aligning with in Adecoagro’s proven expertise in agriculture and renewable energy, we are taking another concrete step toward bridging traditional industries with the future of decentralized finance and economic empowerment,” said Paolo Ardoino, CEO of Tether.
Following the deal, Adecoagro’s board was also reshuffled. Five members stepped down and were replaced by executives tied to Tether and its strategic goals. Juan Sartori, a Uruguayan businessman with political and agricultural interests, took over as chairman.
In the past year, Tether has launched ventures in bitcoin mining, AI, and encrypted communications. AGRO’s shares were up 2.6% on Wednesday.
Read more: Tether’s $100M Investment in LatAm Agriculture Firm May Be a Tokenization Play
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
Alberta Premier Danielle Smith challenged Mark Carney to strike a better deal for her oil-rich province, saying she would not allow the “status quo” to prevail in its relationship with the federal government.
While congratulating the Liberal prime minister on his election victory, Smith said a large number of Albertans are deeply frustrated that a government that “overtly attacked” her province’s economy has been returned to power.
“I invite the prime minister to immediately commence working with our government to reset the relationship between Ottawa and Alberta with meaningful action rather than hollow rhetoric,” she said in a statement.
“Albertans are proud Canadians that want this nation to be strong, prosperous and united, but we will no longer tolerate having our industries threatened and our resources landlocked by Ottawa.”
Alberta has been in conflict with Canada’s Liberal government since Carney’s predecessor, Justin Trudeau, was elected in 2015 and began rolling out environmental policies, including an emissions cap, new pipeline regulations and a ban on tankers off the northern British Columbia coast. Smith says those measures encroach on the province’s jurisdiction and hamper oil and gas development.
The growing hostility has prompted some Albertans to call for greater autonomy from the federal government, and even fueled a small but simmering secession movement.
The Alberta government will hold a caucus meeting on Friday to discuss the province’s future within a united Canada, Smith said.
‘Pivotal Moment’
Carney said in his victory speech early Tuesday that he intends to govern for all Canadians. He has pledged to turn the country into a “superpower” in both clean and conventional energy, and said it needs to produce more oil while reducing the associated emissions.
“My optimistic view is a Carney win is status quo for a sector that’s dealt with significant challenges over the past 10 years,” Eric Nuttall, senior portfolio manager at Ninepoint Partners in Toronto, said on BNN Bloomberg Television.
He said Carney’s apparent reluctance to repeal the environmental assessment law known as Bill C-69 means “no oil pipelines.”
“So for our Canadian energy sector, at least in the oil sector, they’ll be required to remain as disciplined in returning that free cash flow back to shareholders in the form of share buybacks because there will be nothing left to do with it.”
Lisa Baiton, chief executive officer of the Canadian Association of Petroleum Producers, said she was encouraged by the tone set by the two leading parties throughout the election campaign on the importance of oil and gas to the country’s economy.
“Canada stands at a pivotal moment in its history — caught in a trade war with our closest trading partner and facing direct challenges to our sovereignty from the president of the United States,” she said in a statement.
“Developing our world-class oil and natural gas resources to their full potential by growing our exports to international markets will strengthen our energy security and economic sovereignty.”
Oil settled below $60 a barrel for the first time in three weeks as signs emerged that the Saudi-led OPEC+ alliance may be entering a prolonged period of higher production.
West Texas Intermediate fell as much as 4.2% on Wednesday after Reuters reported that Saudi Arabian officials have been telling allies and industry experts that the kingdom can endure a sustained period of depressed prices. The most-active contract capped its biggest monthly decline since November 2021.
The report added to existing concerns that Saudi Arabia planned to steer OPEC+ to agree on another supply surge next week.
“This confirms the market’s fears that Saudi Arabia’s accelerated unwinds were not temporary, but a long-term strategy shift,” said Rebecca Babin, a senior energy trader at CIBC Private Wealth Group. It raises the question of whether “Saudi is going to repeat the 2020 playbook to dramatically increase production.”
OPEC+ rocked the crude market in early April, with a surprise decision to increase supply in May by 411,000 barrels a day, the equivalent of three monthly tranches from a previous plan. Morgan Stanley has said it expects a “meaningful surplus” to develop over time, while JPMorgan Chase & Co. warned the cartel may accelerate planned production increases at a meeting next week.
Beyond OPEC+, non-cartel nations are also expected to add supplies, including drillers in Canada and Guyana, feeding concerns about a global glut.
At the same time, hopes are fading that there will be quick breakthroughs in US-led trade negotiations, weighing on the outlook for energy demand. The US economy contracted for the first time since 2022 in the first quarter as a result of a surge in pre-tariff imports and softer consumer spending. In China, factory activity slipped into the worst contraction since December 2023, revealing early damage from the trade war.
Trump said in remarks to ABC News that China deserved the steep tariffs he’d imposed on their exports. Hee said later Wednesday that he didn’t want China’s products unless the country is fair.
Oil Prices:
WTI for June delivery fell 3.7% to $58.21 a barrel in New York.
Brent for June settlement, which expires on Wednesday, shed 1.8% to $63.12 a barrel.
The more-active July contract dropped 3.5% to $61.06 a barrel.
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