Hot Crypto Talk on X Today: Scott Melker’s Identity Faked, & More

Among the top crypto discussions on X today are The Wolf of All Streets’ warning about the identity scam, controversy surrounding Decrypt’s article, and the US SEC’s memecoin strategy. 

Here’s our recap of the top 5 posts on Crypto X (Twitter).

1. Scammers Deep-Faked The Wolf of All Street’s Identity

Crypto influencer and podcaster Scott Melker, aka The Wolf of All Streets, warned that scammers used his name and likeness to steal money from several victims.

Melker reports that one victim lost $4 million. A private investigator informed him that a group based in Nigeria used a fake driver's license featuring Melker’s Twitter avatar as proof of identity.

In a later post, Melker shared more details: scammers deep-faked Zoom calls to impersonate him and even spoofed the accounts of his wife and children for added credibility.

“Don’t fall for this,” the influencer warned followers, reiterating that he will never ask anyone for money and does not run any investment group.

2. Coinbase’s Kara Calvert Calls Decrypt’s Article on the Company “Complete FUD”

Kara Calvert, Head of U.S. Policy at Coinbase, criticized crypto news outlet Decrypt over an article claiming the company was trying to block a pro-crypto stablecoin bill. The piece relied on anonymous sources and featured a headline: “Why America’s Biggest Crypto Company Is Trying to Stop a Pro-Crypto Bill From Passing.”

Calvert called out the report for lacking official input from Coinbase, stating:
“Coinbase has never lobbied against stablecoin legislation.”

Based on the article, Coinbase supports a bill that combines stablecoin and market structure rules to ensure the market structure legislation doesn’t get left behind.

Decrypt also cited Kara Calvert, Coinbase’s Head of U.S. Policy. She told the outlet that the company is not working to block the stablecoin bill and will respect whatever decision Congress makes. However, she believes combining both bills would be more effective. “Stablecoin legislation and market structure legislation are two sides of the same coin,” Calvert said.

In a post on X, Calvert added that her full statement was: “It’s up to Congress to determine how to pass a comprehensive crypto regulatory regime into law before the President’s deadline of August.”

3. Coffeezilla Roasts the US SEC Over $TRUMP Coin’s Presidential Dinner Perk

Scams detective Coffeezilla commented on the US SEC’s memecoin strategy, sharing a promotional ad from the TRUMP memecoin’s official website. The ad says that the top 220 $TRUMP holders will have the chance for a private, members-only dinner in Washington. 

In February 2025, the SEC updated its rules on memecoins, declaring that they aren’t securities. This means they don’t require registration under federal securities laws, as they don’t generate yield or promise future profits. 

“Extremely funny to see the SEC change its rules on memecoins to carve out non-utility memecoins as non-securities, making the President's coin fully legal…” Coffeezilla writes in his post. 

4. Tim Beiko Confirms May 7 as Ethereum Pectra's Mainnet Launch Date

Ethereum Foundation’s protocol support lead, Tim Beiko, stated that the Pectra update will go live on the mainnet on May 7, 2025.

Beiko said the update will bring a bunch of improvements. Validators will get a smoother experience thanks to more effective staking balances. Plus, wallets will support smart contract features like batching transactions and setting up social recovery.

5. Peter Schiff Says His Strategic Bitcoin Reserve Surged Over $5,000 

Peter Schiff, a well-known gold advocate and Bitcoin skeptic, announced his Strategic Bitcoin Reserve, which has surpassed $5,000 in value thanks to Bitcoin’s recent price rally.

“To donate to my reserve to help prove me wrong that a Bitcoin reserve is a bad idea, here's the wallet address,” wrote Schiff, including his crypto wallet.

Previously, Schiff criticized Donald Trump and his Strategic Bitcoin Reserve strategy. He launched his own reserve, modelled after the government’s, with no intention of selling—just to test whether it was actually a good move.