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Lookonchain has revealed insights into what might be new transactions by Justin Sun, founder of the TRON blockchain. Whale transactions are very rampant in the crypto industry.

It is common practice for on-chain analytics platforms and cryptocurrency investors to keep a careful eye on the buying and selling activity of whales, as their movement tends to influence the price of cryptocurrencies. 

Ethereum has particularly been subjected to attention from crypto investors in the past few days, sparked by transaction activity from Justin Sun. Interestingly, Lookonchain has observed what might be another Ethereum whale activity from the crypto pioneer, as 7,402 ETH worth $23.3 million and 95.67 million worth of USDT make their way out of crypto exchange Binance.

Fresh Accumulation From Binance

As noted by Lookonchain, 95.67 million USDT and 7,402 ETH worth approximately $23.3 million were recently withdrawn from Binance today into a new wallet.

Although the identity of the new wallet is unknown, the accumulation pattern is similar to the previous transactions of two other wallets that withdrew large amounts of ETH and stablecoins from Binance in the past few days. 

Just now, #JustinSun bought another 21,547 $ETH ($67.5M)!

He has bought 176,117 $ETH($559.7M) at $3,172 since Apr 8.https://t.co/lxsT5vVe32 pic.twitter.com/GGadHk6rYO

— Lookonchain (@lookonchain) April 25, 2024

Interestingly, the two other wallets can be linked to Justin Sun. Perhaps the crypto executive is now accumulating into a new wallet.

Mysterious whale wallets linked to Sun have recently been accumulating Ethereum and USDT from Binance, the latest being the transfer of 7,128 ETH worth $22.34 million into wallet “0x4359.” Notably, wallet 0x4359 has bought 154,570 ETH worth $492.23 million since April 8.

Demystifying The Nature Of The Transfers

The recent accumulation linked to Sun has come amidst what might be the return of bullish sentiment into Ethereum, especially with the bulls working to push the crypto higher.

In fact, NewsBTC recently reported that investors have been withdrawing large amounts of ETH from centralized exchanges in the past few days.

On-chain data shows that over 260,000 ETH worth $781 million have been withdrawn from exchanges in the past seven days after the recent approval of Spot Ethereum ETFs in Hong Kong.

Ethereum’s price has been consolidating in a range between $2,900 and $3,700 a month now. However, the crypto has reported positively to the accumulation trend in the last few days.

At the time of writing, Ethereum is trading at $3,308, up by almost 5% in the past 24 hours. This price rebound could continue into the coming week, which in turn would push Ethereum into positive gains in the monthly timeframe.

Featured image from Justin Sun/Twitter, chart from TradingView

ZkSNACKs, developer of privacy-preserving Bitcoin wallet Wasabi Wallet, has announced that users from the United States will be blocked from accessing its products and platforms until further notice. This move has sparked interesting discussions and speculations in the crypto community, with many debating its connection to the recent arrest of Samourai Wallet’s founders.

Why Did Wasabi Wallet Block US Users?

On Saturday, April 27, zkSNACKs revealed via a blog post that citizens and residents of the United States will be barred from visiting its websites and using the Wasabi Wallet indefinitely. The software company will also disable other services and products, such as APIs and RPC interfaces.

The statement read: 

“U.S.” refers to “United States” and includes the several states of the United States and related territories. If you are a United States Citizen or United States Resident, you are not allowed to visit any sites aforementioned, download Wasabi Wallet or use the Wasabi Wallet coinjoin feature. This includes if you are a U.S. permanent resident or if you are an individual that holds a U.S. passport.

In the blog post, zkSNACKs highlighted “recent announcements” by the US authorities as its primary reason for this decision. While it is difficult to pinpoint the exact announcement the company was referring to, their exit from the US markets is believed to have been provoked by the recent arrest of founders of privacy-focused Samourai Wallet.

As reported by Bitcoinist, the co-founders of Samourai Wallet, Keonne Rodriguez and William Lonergan Hill, were arrested by US law enforcement for allegedly running an unlicensed money-transmitting business and conspiracy to commit money laundering. The duo were charged for facilitating the laundering of over $100 million in criminal proceeds, including funds from the Silk Road and Hydra Market.

Consensys, creator of the MetaMask wallet, has also faced regulatory scrutiny from the United States Securities and Exchange Commission (SEC) in recent weeks. The financial watchdog seems to be targeting specific wallet features in MetaMask, such as its swap and staking functionalities.

Phoenix Wallet Leaves The US Market

ACINQ’s Phoenix Wallet also recently disclosed its plans to exit the US market by the following month. The wallet provider told users in the United States to remove their assets and drain their wallets before May 3rd, 2023.

ACINQ wrote in a post on X:

Recent announcements from US authorities cast a doubt on whether self-custodial wallet providers, Lightning service providers, or even Lightning nodes could be considered Money Services Businesses and be regulated as such.

The exodus of these self-custody crypto wallets and projects from the United States only further highlights the regulatory challenges and instability surrounding the cryptocurrency industry and privacy-enhancing technologies.

Franklin Templeton’s Ethereum Spot ETF ticker has appeared on the Depository Trust and Clearing Corporation (DTCC) list, indicating a possible signal that the United States Securities and Exchange Commission (SEC) could approve Ethereum ETFs. 

Franklin Templeton’s Spot Ethereum ETF Gets Listed By DTCC

On Friday, April 26, the proposed Ethereum Spot ETF of American multinational investment firm, Franklin Templeton made its debut on DTCC’s official website, under the ticker symbol EZET. 

Franklin Templeton’s new listing on DTCC’s platform comes amidst the ongoing deliberations of the SEC regarding approving Ethereum Spot ETFs. Earlier in January, following the approval and launch of Spot Bitcoin ETFs, many analysts anticipated the emergence of additional cryptocurrency ETFs, with speculations centering on Ethereum being the next in line to receive an ETF after Bitcoin. 

However, despite prominent financial services firms such as BlackRock, Grayscale, VanEck, Fidelity and others submitting applications for an Ethereum Spot ETF, approval from the US SEC has been delayed consistently. 

The regulatory agency disclosed in a recent filing on Tuesday, April 23, that it would be designating a longer period to decide on its appropriate mode of action regarding the Spot Ethereum ETF proposed by Franklin Templeton and Grayscale. The commission had scheduled June 11 as the new deadline to approve or reject the Ethereum Spot ETF proposals.

This move appears to be anticipated by other crypto and financial experts in the industry, as analysts from Standard Chartered as well as VanEck CEO, Jan Van Eck had previously expressed skepticism about the likelihood of the US SEC authorizing Ethereum Spot ETFs soon. 

Is The New Listing A Sign Of An Imminent Approval? 

The recent addition of Franklin Templeton’s proposed Ethereum Spot ETF in the DTCC listing is seen as an initial step in the trading process and does not guarantee approval from the SEC which holds sole authority to green light or reject such investment products. 

Before the approval of Spot Bitcoin ETFs, the DTCC had listed BlackRock’s previously proposed Spot Bitcoin ETF on its platform, fueling speculations and raising hopes of possible approval by the SEC. However, the clearing and settlement company later removed BlackRock’s Bitcoin ETF from its platform, clarifying that the listing did not imply the SEC’s endorsement of Spot Bitcoin ETF applications. 

Amidst the anticipation of an Ethereum Spot ETF approval, the US SEC has remained ambiguous about its position. Senior Bloomberg ETF analyst, Eric Balchunas also revealed earlier in March that their odds for an Ethereum ETF approval was only 25%, reflecting a rather pessimistic outlook. 

Overall, the broader crypto market is still closely monitoring the developments surrounding Franklin Templeton and other financial firm’s Ethereum Spot ETF applications along with the SEC’s final decision, acknowledging a potential approval as a significant step forward in the digital asset sector. 

Featured image from Pexels, chart from TradingView

In a recent X (formerly Twitter) post, Shiba Inu marketing lead, Lucie shared a blog highlighting the date for the upcoming launch of Shibarium’s network hard fork. According to Lucie, the new update will deliver fresh and advanced features for community members and users within the Shibarium ecosystem. 

Shiba Inu’s Shibarium Hard Fork Date Revealed

On Friday, April 25, The Shib Magazine unveiled the dates for the highly anticipated Shibarium network hard fork. Within the Shiba Inu community, the upcoming hard fork has been a subject of discussion, with many SHIB enthusiasts eagerly anticipating the date of the upgrade.

The Shib magazine has disclosed that on Thursday, May 2, the Shibarium network would undergo the hard fork. For more clarity, a hard fork is a significant change or update to an entire blockchain protocol. It creates a new version of the network, introducing new features, benefits and an overall improvement to the network. 

The Shiba Inu team has emphasized that the initiation of the hard fork was in commitment to constantly delivering value to its rapidly growing community. Additionally, it aims to provide a user-centric and accessible ecosystem, where community members can effectively engage with its offerings. 

According to the Shib magazine, the upcoming hard fork effectively aligns with Shiba Inu’s expansion and developmental plans. The hard fork is set to pave a clearer path for SHIB’s ambitious vision, which involves preparing the network “to onboard the next billion users.”

What To Expect From The Shibarium Hard Fork

The Shibarium’s hard fork is expected to bring new changes and improvements to its network and ecosystem.  The Shib magazine has disclosed that the upcoming hard work will significantly enhance network transaction speed and grossly reduce transaction fees. 

The Shiba Inu team has promised that users will benefit from modifications in transaction processing time, which would significantly boost Shibarium’s already efficient network, making it faster and more reliable. Additionally, Shiba Inu will introduce lower fees, making transactions more cost-effective for new and existing users. 

Notably, Shibarium’s current transaction fees are as low as $0.0000219 BONE; however, with the launch of the hard fork, the fees would potentially go even lower. The Shiba Inu team has urged users to stay prepared for the upcoming hard fork, highlighting its potential to issue in the next wave of users while creating more opportunities for improvements in scalability and efficiency in the Shibarium network.

ADA is the native cryptocurrency of the Cardano blockchain network, which is used for transactions, staking, and as a means of participating in the platform’s governance. Recently, the price of ADA has been on a downtrend, and from the look of things the token is not showing any sign of reversing anytime soon. 

ADA On The 4-Hour Chart

As of the time of writing, ADA’s price has dropped by over 30% from its previous high of  $0.8107. The crypto asset is currently trading around $0.4604 and about 0.65% down in the last 24 hours.

Trendline And 100-Day Moving Average (MA): Using the 4-day timeframe, ADA has failed to cross over the trend, allowing the price to move further downward. If the price continues to move downward, it might break out from its previous low of $0.4000 and create a new low.

The price of ADA is also seen trending below the 100-day Simple Moving Average (SMA) after a successful crossing over at $0.5966, suggesting the continuous decline of the price.

Relative Strength Index (RSI): The 4-day RSI also shows that the price is still on a downtrend as the RSI signal line is still trending below the 50% level. Although the RSI signal line is in the oversold zone, there is still a possibility that the price could continue to drop.

Movement On The 1-Day Chart

Trendline And 100-Day MA: The digital asset in the 1-day timeframe continues to trend below the 100-day simple moving average and the trendline, after the failure to break above these lines.

Meanwhile, the RSI also confirms that the price is on a downtrend as the RSI signal line is trending below the 50% level and could continue to move downward for a while.

In conclusion, since ADA failed to break above the 100-day SMA and the trendline, if it continues to move downward and manages to break below its previous low of $0.4255, it might move even further toward its support level of $0.4000. On the contrary, if the price fails to move below these lows, it might start an upward movement toward its previous resistance level of $0.5243, If it manages to break above this level, the price might continue to move upward to start a new trend in the direction.

Samson Mow, CEO of Jan3, a Bitcoin adoption firm, recently reignited discussions on two crucial aspects of the cryptocurrency: user privacy and future price trajectory. In a thought-provoking conversation, Mow referenced Satoshi Nakamoto’s privacy vision from the Bitcoin white paper, emphasizing its continued relevance.

Nakamoto, the pseudonymous creator of Bitcoin, envisioned a system where privacy wouldn’t rely on trusted third parties, like traditional banks. Instead, the pioneering crypto employs a system of anonymous private keys.

While transactions are publicly recorded on the blockchain, the identities of those involved remain concealed. This approach offers a unique solution to the privacy concern that plagues many digital transactions.

Bitcoin: Balancing Transparency And Anonymity

However, the question of privacy in Bitcoin remains a tightrope walk. While anonymity safeguards user information, the public nature of the blockchain raises concerns about transparency. Regulators and law enforcement grapple with the potential for misuse, highlighting the need for a balanced approach.

Mow’s emphasis on privacy reflects ongoing efforts to find this equilibrium and preserve the decentralized spirit of cryptocurrencies.

Privacy can still be maintained by breaking the flow of information in another place: by keeping public keys anonymous. The public can see that someone is sending an amount to someone else, but without information linking the transaction to anyone.

– Satoshi Nakamoto

— Samson Mow (@Excellion) April 26, 2024

Omega Candles: A Glimmer Of Bitcoin’s Million-Dollar Future?

Beyond privacy, Mow examined the ever-volatile world of crypto price predictions. He introduced the concept of “Omega Bitcoin candles,” representing extended periods of intense market activity characterized by high price swings.

The CEO believes the recent halving, which cut block rewards in half, coupled with the demand surge from spot Bitcoin ETFs (exchange-traded funds), could trigger the emergence of these Omega candles.

The theory hinges on the interplay of supply and demand shocks. The halving creates a supply shock by limiting the number of new Bitcoins entering circulation. Simultaneously, spot ETFs are rapidly acquiring significant amounts of the cryptocurrency, creating a corresponding demand shock.

Related Reading: David Vs. Goliath? Crypto Firm Consensys Sues SEC Over Ethereum Regulation

Mow argues that this convergence has the potential to propel the crypto asset towards the highly anticipated price milestone of $1 million.

Caution Urged Amidst Market Volatility

While his Omega candle theory presents an intriguing perspective, it’s crucial to acknowledge the inherent volatility of the cryptocurrency market. Accurately predicting Bitcoin’s price movements remains a formidable challenge.

Featured image from Pexels, chart from TradingView

Crypto analyst Kevin (formerly OG Yomi) has suggested that Dogecoin (DOGE) could record a 2,500% rally in this bull cycle. As part of his analysis, he highlighted key price targets that the meme coin could attain in this bull run. 

Why Dogecoin Could Rally Above $3

Kevin explained in an X (formerly Twitter) post that the foremost meme coin has never failed to “meet or surpass the 1.618 Macro FIB extension measured from previous bull market highs to bear market lows. He further revealed that the current 1.1618 FIB on DOGE’s chart is at $3.80, which means that it could meet and surpass this price level. 

 

The crypto analyst admitted that it could be more difficult for Dogecoin to attain such heights in this bull run than in previous cycles “due to the market cap and capital saturation,” with more meme coins now in the market. However, he noted that it remains a possible outcome based on Dogecoin’s historical performance.

Based on this historical performance, Kevin also outlined $0.95 and $1.35 as other “notable” price targets the meme coin could rise to even if it doesn’t rally to $3. Kevin’s analysis paints a more bullish outlook for Dogecoin, with several other crypto analysts already predicting it could rise to $1 at some point in this cycle. 

Kevin is one of those who have remained bullish on Dogecoin despite its recent price performance. He suggested that the meme coin will soon overcome this downtrend while stating that it still has “multiple weeks of upward price action away from achieving this bull market milestone.”  

The crypto analyst also recently remarked that Dogecoin achieving a monthly close above $0.16 is needed to confirm its bullish continuation. According to him, a close above that level “would confirm a perfect retest of the previous bear market accumulation range” and set the “monthly momentum strongly for more upside.”

A Different View On Dogecoin’s Price Action

Pav Hundal, lead analyst for Australian exchange Swyftx, recently warned that Dogecoin might not end up hitting $1 as many envisage. He explained that the meme coin may face significant selling pressure on its way to that price level from crypto investors who bought DOGE at the peak of the last market cycle when it hit an all-time high (ATH) of $0.73. 

These investors may be looking to break even once Dogecoin hits a new ATH, which could derail its rise to $1. Like Kevin, Hundal also alluded to the saturation in the meme coin market and how Dogecoin might not command the same interest it did in previous cycles.

At the time of writing, Dogecoin is trading at around $0.145, down over 3% in the last 24 hours, according to data from CoinMarketCap. 

Featured image from Pexels, chart from TradingView

Russia is dipping its toes into the world of cryptocurrency with a proposed bill aimed at legalizing and regulating crypto mining within its borders. The bill, submitted to the State Duma, the lower house of parliament, seeks to strike a balance between encouraging this new industry and mitigating potential risks.

Russia Seeks Order In Crypto Frontier

The draft law, championed by Anton Gorelkin, deputy chairman of the State Duma Committee on Information Policy, proposes a licensing system for crypto miners. Only registered businesses and individual entrepreneurs would be allowed to mine, ensuring a level of accountability and oversight.

However, the bill acknowledges the existence of hobbyist miners by allowing individuals who stay below a yet-to-be-determined energy consumption limit to mine without a license.

This tiered approach reflects a pragmatic recognition of the current crypto mining landscape in Russia. While large-scale mining operations require regulation, individual miners with minimal energy consumption pose less of a risk.

Balancing Innovation With Security

The bill prioritizes anti-money laundering (AML) measures. Cryptocurrencies, with their decentralized nature, can be attractive for illicit activities. To combat this, miners would be required to report their activities to authorized bodies, providing details like identifier addresses and obtained digital currency.

This information would be accessible to Rosfinmonitoring, Russia’s financial intelligence agency, allowing them to monitor for suspicious transactions.

The ability to sell mined cryptocurrencies is another key aspect of the bill. While the exact details remain unclear, the possibility of selling on foreign platforms suggests a potential limitation on domestic crypto trading. This could be an attempt to exert greater control over the nascent crypto market within Russia.

Russia’s Geopolitical Gamble With Crypto

Interestingly, Gorelkin emphasizes the role of cryptocurrency in circumventing sanctions placed on Russia. This adds a political dimension to the bill. Legalizing crypto mining could provide Russia with a way to access international financial markets that might otherwise be restricted due to sanctions.

However, the effectiveness of this strategy remains to be seen. Major crypto exchanges, wary of regulatory scrutiny, may be hesitant to facilitate transactions involving sanctioned entities.

Unresolved Questions And The Road Ahead

The bill, while a positive step towards legitimizing crypto mining in Russia, leaves some questions unanswered. The specific energy consumption threshold for unlicensed miners needs clarification. Additionally, the criteria and scope of potential regional mining bans are yet to be defined. These details will likely be the subject of further debate before the bill is finalized.

Overall, the proposed bill represents a cautious embrace of cryptocurrency mining by Russia. It acknowledges the potential of this new technology while outlining measures to address concerns about money laundering, energy consumption, and potential uses to circumvent sanctions.

Featured image from Pexels, chart from TradingView

Custodia Bank has officially expressed its desire to appeal the US District Court ruling in Wyoming, which supported the decision of the Federal Reserve Bank of Kansas City (FRBKC) to deny the crypto bank a master account. This move is part of Custodia’s continued efforts to secure direct access to the Kansas City Fed’s payment systems, which it deems crucial for the growth of its operations.

Custodia’s Legal Struggle With The Federal Reserve

The appeal by Custodia marks the latest development in a prolonged legal battle that began when the Wyoming-based crypto bank first applied for a master account with the Federal Reserve Bank of Kansas City in 2022. This account would enable Custodia to bypass intermediary banks, positioning it directly within the federal financial network.

After experiencing extensive delays, Custodia sued the Federal Reserve Board of Governors and the FRBKC in 2022, arguing that the Kansas City Fed unlawfully postponed the processing of its application. The bank then refiled the lawsuit after the FRBKC officially rejected its master account application in January 2023.

On March 29, 2024, US District Court Judge Scott Skavdahl ruled against Custodia, highlighting the Federal Reserve Banks’ discretionary power in granting or denying master accounts, essential for direct engagement with the U.S. financial system. Judge Skavdhal stated,

Federal laws do not require the Federal Reserve to give every eligible institution a master account.

Furthermore, he highlighted the dangers of a regulatory “race to the bottom,” where states might reduce oversight to attract businesses, potentially leading to “minimally regulated institutions to gain ready access to the central bank’s balances and Federal Reserve services.”

In response, Custodia appears resolute in its desire to obtain a master account with the FRKBC and has now filed a notice to appeal Judge Skavdhal’s decision to the US Tenth Circuit Court of Appeals. Thereafter, the appellate court will reveal the case and request both parties to submit their arguments before making a decision, which could affirm or change the lower court’s ruling.

The Crypto Community Sits Tight

The ongoing court case between Custodia, the Kansas City Fed, and the Federal Reserve Board of Governors is likely to have significant implications for the adoption of cryptocurrency in the global financial scene. While the US regulators worry about the heightened risks digital assets present to users and investors,  Custodia believes that these assets provide value safety, especially in a time of massive advancements in technology.

Custodia states that in this period of “rapidly improving technology,” it offers a banking model that can adequately serve rapidly developing industries and provide a hedge against bank runs, which is common in the traditional finance sector. The crypto bank remains committed to its cause and has begun exploring all legal means against the “Fed’s strong-arm tactics”

As legal proceedings continue, the financial industry and cryptocurrency companies await the implications, which could set significant precedents for integrating digital asset institutions into the US banking system.

Total crypto market cap valued at $2.262 trillion on the daily chart | Source: TOTAL chart on Tradingview.com

Pro-XRP lawyer and crypto advocate John Deaton has filed an amicus brief supporting Coinbase’s motion to certify an interlocutory appeal in the exchange’s ongoing case with the US Securities and Exchange Commission (SEC). In this petition submitted to the US District Court for the Southern District of New York, Deaton also heavily criticized the SEC’s regulatory approach while emphasizing the need for legal clarity in the crypto space.

John Deaton Stands As Amicus Curiae For Coinbase Customers

On April 12, Coinbase submitted a motion seeking an interlocutory appeal in its legal battle with the SEC over charges of violations of US securities law. The largest American exchange approached the court seeking clarification on whether an investment contract can be established solely through transactions that involve no post-sale obligations.

Coinbase has deemed this issue to be a “controlling question of law” following the disparity in opinions between the exchange and the SEC. Furthermore, the defendants also believe the legal interpretation of an investment contract could have a significant impact on the outcome of their case with the SEC.

John Deaton, who is a prominent crypto supporter, has now submitted an amicus brief backing Coinbase’s request for this interlocutory appeal. Deaton, who is also running for the US Senate House against popular crypto critic Sen. Elizabeth Warren, has stated his latest petition represents the interest of 4,701 Coinbase customers.

The popular pro-XRP lawyer believes that customers/investors of Coinbase should be able to express their voice in this court case as they are likely to be an affected party of any eventual ruling. 

John Deaton said:

It is extremely important for end users of the technology to be represented and not allow a biased and politically motivated agency speak for them. But that doesn’t mean they want Coinbase to speak for them either. 

The SEC has unlimited resources, paid for by the taxpayer, and Coinbase is a multibillion dollar company with the best lawyers money can buy. The consumers deserve an advocate and a voice as well.

SEC Regulatory Approach Is Inconsistent, Deaton Says

In his amicus brief submitted in SEC v. Coinbase, John Deaton has also laid into the Commission’s enforcement actions in the crypto space highlighting a concerning level of inconsistency. In particular, he heavily criticizes the argument of only tokens with an ecosystem being classified as a security.

He said: 

Bitcoin is certainly distinguishable from other cryptocurrencies but claiming it’s not a security unlike other tokens because it doesn’t have an ecosystem, is just plain dumb

The US Senatorial candidate also reiterated the need for clear regulations for the US crypto space, stating the current hostile and inconsistent approach by the SEC is harmful to the growth of the nascent industry.

Crypto total market cap valued at $2.265 trillion on the daily chart | Source: TOTAL chart on Tradingview.com

The ongoing saga between the Taiwanese authorities and former executives from crypto exchange ACE continues with a new round of charges pressed against its founder, David Pan, and another 31 individuals linked to the case.

The exchange and its former directors have been under investigation over alleged fraud and money laundering since January 2024. Authorities previously conducted massive raids on ACE’s headquarters and other related addresses and apprehended several individuals.

Crypto Tokens Scheme Sees 32 People Indicted

Local news outlet Taipei Times informed of a recent development in the ongoing investigation of former ACE exchange executives. On Friday, the Taipei District Prosecutors’ Office indicted 32 people related to the ACE case.

Among the accused, Pan, his business partner Lin Keng-hong, and attorney Wang Chen-huan, who served as chairman of the crypto exchange, became the primary suspects.

The prosecutors discovered that, since 2019, the suspects allegedly advised investors to purchase several tokens. The endorsement included NFTC tokens, BitNature (BNAT), and ACE’s MoChange (MOCT).

Pan and Lin promoted the tokens during talks and promised to make ACE exchange “Asia’s most complete blockchain ecosystem for cryptocurrency trading.” Moreover, the defendants wrote whitepapers and other materials to increase legitimacy.

The prosecutor alleged that during the advertisement, the suspects manipulated the tokens’ prices on the exchange to attract new investors.

When the tokens significantly lost value, investors tried to convert their holdings to New Taiwan dollars. After being unable to recover their money, the defrauded investors alerted authorities about the alleged scam.

The investigation revealed that this scheme obtained over NT$2.2 billion, worth around $67.48 million, through the sale of tokens and other blockchain products.

Pan, alongside others involved, hid the money in several locations and even bought real estate to hide the funds. Additionally, NT$43 million, worth around $1.3 million, was transferred to Wang, who then reinjected half of it to the exchange to boost the token’s prices.

Prosecutors Request Over 20 Years Prison Sentence

The investigation revealed that approximately 1,200 people were defrauded through the scam, with an estimated loss of NT$800 million, around $24.56 million. Based on the magnitude of the losses, the prosecutors recommended sentences of at least 20 years for the primary suspects, including Pan and Lin.

Moreover, they suggested a sentence of at least 12 years for Wang, who held a high position in a law firm and seemingly played a significant role in assisting in the scheme.

It’s worth noting that these charges were not the first to be pressed against ACE’s founder since the investigation started.

At the beginning of April, news broke of the indictment of David Pan and six other people for money laundering and fraud. As a result of the investigation, the prosecutors unveiled a “well-organized scheme” run by Pan and Lin.

The scheme involved using the “Alfredo Wallet App,” created by ACE’s investee company Fu Hai Digital Innovation, to engage in “offline and over-the-counter transactions of virtual currencies.”

According to the report, Pan and the other six suspects affected over 162 victims, losing NT$340 million, worth around $10.7 million. The seven defendants were consequently accused of violating the Organized Crime Prevention Ordinance, aggravated fraud, and money laundering.

ACE has previously distanced itself from the suspects, reassuring its users that Pan and the other defendants are no longer involved with the crypto exchange. Additionally, It has stated that they have been collaborating with authorities and that all operating conditions remained normal.

In a joint effort to combat the illicit trafficking of child sexual abuse material (CSAM), US senators Elizabeth Warren and Bill Cassidy have written a letter to the US Department of Justice (DOJ) and Department of Homeland Security (DHS) expressing concern about the alleged use of crypto to facilitate these activities. 

Alleged Link Between Crypto And Child Sexual Abuse

In the letter, the senators highlight the “pseudonymity” provided by cryptocurrencies, which they say has enabled the rapid movement of payments for CSAM into the crypto world.

It was also stated that both Warren and Cassidy are committed to ensuring that Congress and the Administration have the tools necessary to end CSAM and hold those responsible for its distribution accountable.

The legislators’ concerns are based on a January 2024 report from blockchain analytics firm Chainalysis, which identifies cryptocurrency-based sales of CSAM as “a growing problem.” 

The report reveals that virtual currency has become the preferred payment method for buyers and sellers of commercial child sexual abuse content. Additionally, a Financial Trend Analysis by the Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) indicates an increasing trend of perpetrators using convertible virtual currencies to evade detection.

The senators cite troubling findings from FinCEN, which discovered thousands of suspicious activity reports related to online child sexual exploitation and human trafficking offenses involving Bitcoin. 

These reports allegedly identified over 1,800 unique Bitcoin wallet addresses associated with suspected offenses, with CSAM being specifically mentioned in 95% of the cases.

Senators Demand Accountability

The senators further pointed out that Homeland Security investigators played a critical role in the indictment of a South Korean national and numerous users in the United States for operating a dark web pornography site funded by Bitcoin.

However, legislators note that the use of cryptocurrency in CSAM’s illicit trade appears to be increasing.

The Chainalysis review further reveals that while the size of the crypto-based CSAM market has decreased, sellers have become more “sophisticated and resilient” to detection and takedowns. According to the report, Bitcoin remains the most widely used cryptocurrency for purchasing CSAM.

To address these challenges, Senators Warren and Cassidy asked the DOJ and DHS a series of questions, seeking clarification on their current assessment of the alleged cryptocurrency’s role in facilitating CSAM, the sophistication of CSAM sellers, and the “unique challenges” posed by the use of crypto as payment in these crimes. 

They also inquire about the agencies’ steps to combat CSAM sellers’ use of cryptocurrency, privacy coins, and obscurification methods.

Senator Warren’s previous efforts include introducing the Digital Asset Anti-Money Laundering Act, a bipartisan bill to counter illegal activities and misuse of digital currencies. 

The bill seeks to bring the digital asset ecosystem into “greater compliance” with anti-money laundering and counter-terrorism financing frameworks.

Featured image from Shutterstock, chart from TradingView.com

New data has revealed that Bitcoin (BTC) mining might no longer be as lucrative as it used to be. Bloomberg has reported that the profitability of Bitcoin mining is nearing a record low, not seen since the days following the collapse of FTX, posing significant challenges for those securing the network.

The data indicates that the “hashprice,” a metric that gauges the revenue a miner earns daily for each petahash of computing power, has dipped alarmingly close to its all-time low.

This decrease is notable, considering it came after the recent Bitcoin halving event on April 20, which traditionally boosted the cryptocurrency’s value but, this time, failed to counteract the bearish pressures from global economic uncertainties.

Notably, the term “hashprice,” coined by Luxor Technologies, reflects the ‘harsh’ realities facing miners post-Halving. The event, which occurs every four years, reduces the block reward for miners by half, intending to maintain a deflationary schedule for Bitcoin’s issuance.

Understanding Bitcoin Hashprice Dynamics

On April 20, immediately following the halving, the BItocin hash price spiked to $139, but this was short-lived. The surge was primarily due to increased transaction fees related to the Rune protocol activities on Bitcoin’s blockchain.

However, as these fees normalized and mining difficulty increased, hashprice values plummeted to $57, perilously close to the November 2022 low of $55. This value represents miners’ stark decline in profitability, forcing them to depend more on transaction fees and the potential appreciation in Bitcoin’s price.

Reducing mining profitability also signals tough times ahead, particularly for smaller mining operations.

According to Bloomberg, larger mining companies like Marathon Digital Holdings Inc. and Riot Platforms Inc. have proactively invested in extensive mining infrastructure and advanced equipment to withstand the profitability crunch.

Conversely, smaller entities might struggle to remain viable in an industry that is becoming increasingly competitive and capital-intensive.

Marathon Digital’s Strategic Expansion

In response to the challenging environment, Marathon Digital has raised its hash rate growth target for 2024, aiming to adapt to the new mining reward baseline of 3.125 BTC post-halving.

The company started the year with a hash rate capacity of 24.7 exahash per second and planned a 46% increase. Following strategic acquisitions and increased equipment orders, Marathon anticipates reaching a hash rate of 50 EH/s by year’s end.

Fred Thiel, Marathon’s Chairman and CEO, expressed confidence in meeting these growth targets without additional capital infusion, citing the firm’s solid liquidity position. Thiel noted:

Given the amount of capacity we have available following our recent acquisitions and the amount of hash rate we have access to through current machine orders and options, we now believe it is possible for us to double the scale of Marathon’s mining operations in 2024 and achieve 50 exahash by the end of the year.

The company’s advancements in mining technology and efficiency also aim to reach an operational efficiency of 21 joules per terahash, further solidifying its foothold as a leader in the sector.

Featured image from Unsplash, Chart from TradingView

Taking to X on April 26, one analyst notes that there is a high probability of Ethereum spiking in the sessions ahead because of thinning sell-side liquidity across major centralized exchanges like Binance and Coinbase. 

Thin Sell-Side, Big Potential Move For ETH

Thinning sell-side liquidity, as seen on order books across CEXes, means that few sellers are willing to liquidate. With few sellers on the market, a small upsurge in demand could theoretically see prices skyrocket. 

Even so, market makers could fill this imbalance by considering how the market works. At the same time, prices are not guaranteed to rally even if they remain as they are. 

Unlike new meme coins, for instance, Ethereum is extremely liquid; it is the second largest coin by market cap, only trailing Bitcoin. That means billions will be needed to push prices above the immediate resistance levels at $3,300 and $3,700, as clearly shown in the daily chart.

Ethereum has been under pressure for the better part of April following a drop from its all-time high of $4,090. Looking at the development in the daily chart, the coin is down 23% from all-time highs, finding strong rejection from the middle BB–or the 20-day moving average.

Analysts expect buyers to take over and reverse mid-April losses if a comprehensive breakout above $3,300 is marked by expanding volume. If not, ETH risks falling below $2,800, aligning with the April 12 and 13 sell-off. 

Spot Ethereum ETF Launch In Hong Kong, Adoption Fuel Optimism

However, traders are generally bullish, anticipating a price rebound in the months ahead. Several factors could propel ETH prices upwards. A major catalyst is the highly anticipated launch of spot Ethereum exchange-traded funds (ETFs) in Hong Kong. Like the impact of spot Bitcoin ETFs on BTC prices, this product for ETH may prop up the coin, allowing traditional investors to gain exposure to the second world’s most valuable coin. 

In the United States, the largest obstacle preventing the Securities and Exchange Commission (SEC) from approving a similar product is the uncertainty of ETH’s classification. On April 25, ConsenSys sued the regulator, pressing the regulator to classify the coin as a commodity.

Beyond the launch of this product by the end of the month, Ethereum’s core strengths remain. The ongoing adoption of Ethereum and Layer 2 scaling solutions continues. As more protocols choose to deploy on the smart contracts platform, it fosters optimism for Ethereum’s long-term viability and growth.

Data suggests the hype around the new Bitcoin Runes has severely dropped, something that’s not a good sign for miner revenues.

Bitcoin Halving Effect Settles In On Miner Revenue As Runes Interest Drops

A few days back, the much-anticipated Bitcoin Halving went through. Halvings are periodic events coded into the blockchain in which the BTC block rewards are cut exactly in half. They occur every four years, and the newest one was the fourth such event.

The block rewards, which the Halvings drastically affect, are one of the two main ways miners make income. Miners receive these rewards as compensation for solving blocks, which have historically also been their dominant revenue source.

As such, the Halvings can be troublesome for this group’s financials, as their revenue undergoes a significant drop following them. However, shortly after the latest Halving, miner revenues spiked to a record $100 million.

The block rewards were cut in half with the event, but at the same time, their second income stream, the transaction fees, saw an explosion, helping total revenue go up rather than down as may normally be expected.

This spike in fees is due to another major development on the network on Halving Day: the release of the Runes protocol. This protocol provides a way to mint fungible tokens on the Bitcoin blockchain.

Fungible tokens are indistinguishable from each other, just like how individual BTC satoshis (sats) are also generally exactly the same. On the other hand, unique tokens are known as non-fungible tokens (NFTs).

The Runes instantly found popularity among users, and network usage sharply increased. The transaction fee is usually tied to network activity, so it also went up when this new protocol dropped.

This is naturally because in times of high traffic, transfers can get stuck in waiting due to the network’s limited capacity to handle them, so users have no choice but to pay a high fee if they want their moves through quicker.

Data shared by the on-chain analytics firm CryptoQuant shows that the total transaction fees exploded due to the high interest the Runes received upon launch.

The chart also shows that the indicator has cooled off since this extraordinary peak. Thus, while the Runes were quite popular at release, interest in them has already waned.

As a result, Bitcoin mining revenues, which had been extremely high post-Halving, have also fallen.

Bitcoin miner revenue is now down to $50 million, half of the $100 million peak from earlier. Therefore, while the Runes had temporarily placed miners in a comfortable position, that line of support is now gone, and these chain validators are starting to come under pressure.

BTC Price

At the time of writing, Bitcoin is trading at around $63,900, down over 1% in the past seven days.

Global digital currency exchange, Changelly has forecasted a bullish outlook for doggy-themed meme coin, Shiba Inu, predicting a surge to new all-time highs followed by subsequent bearish movements. 

SHIB Expected To Reach New ATH In May

On Wednesday, April 24, Changelly shared a price forecast for Shiba Inu, predicting the future value of the cryptocurrency from May 2024 to the end of 2024. Following its rise to record highs of about $0.00004, Shiba Inu plummeted significantly, dropping by approximately 14.06%, according to CoinMarketCap.

Analysts from Changelly have predicted that a potential price surge to new all-time highs is likely to occur in Shiba Inu next month. They expect the value of the cryptocurrency to steadily increase to an average price of $0.000312 in April before witnessing an exponential surge to a maximum value of $0.000087 by May. 

Changelly has projected that the average and minimum price for Shiba Inu in May will be around $0.000034 and $0.0000061, respectively. According to the analysts, Shiba Inu has been displaying strong price fundamentals in the last few days, surging upwards by about 22.22%. 

The cryptocurrency had witnessed a sharp drop earlier in March, triggered by the diminishing interest and demand for meme coins within the crypto space. Changelly has predicted that Shiba Inu could rise by 11.97% by April 26, 2024.

At the time of writing, the cryptocurrency is trading at $0.000025, reflecting an increase of 1.35% in the past 24 hours and 12.58% over the past seven days, according to CoinMarketCap. Changelly has boldly suggested that if Shiba Inu can succeed in breaking bearish trends to witness a price surge to predicted levels, it could become a “solid asset” within the dynamic cryptocurrency space. 

Price Set To Go Downhill After Bullish Surge

Following its bullish price forecast of Shiba Inu in May, Changelly has projected that the cryptocurrency may enter bearish territory due to price fluctuations. Analysts from the crypto exchange anticipate a downtrend in June of about $0.00005 on average, with a minimum and maximum value of $0.000024 and $0.000075, respectively. 

By July 2024, Shiba Inu is expected to decline further, trading at an average price of $0.000025. Towards the end of the year, from August to October, the price of Shiba Inu is projected to surge, trading around a maximum peak value of above $0.00008. 

Despite the bullish outlook during this period, Changelly has also disclosed that the cryptocurrency may witness a crippling slump in December. The price of Shiba Inu could record new lows, dropping to $0.000014 on average, with a minimum and maximum trading value of $0.000014 and $0.000013, respectively.

The US Securities and Exchange Commission (SEC) has taken legal action against Geosyn Mining, LLC, a Texas-based crypto mining and hosting company, and its co-founders, Caleb Ward and Jeremy McNutt, over allegations of engaging in unregistered and fraudulent activities.

Geosyn’s Alleged Fraud Scheme

According to the SEC, Geosyn, Ward, the company’s CEO, and McNutt, the firm’s then-COO, raised approximately $5.6 million from more than 60 investors between November 2021 and December 2022. 

According to the complaint, Geosyn told investors it would purchase, operate, and distribute crypto assets mined by mining machines, such as Bitcoin (BTC), for an undisclosed fee. 

However, the SEC alleges that the defendants made false claims, failed to disclose material information to investors, and failed to provide the services promised in their offering documents.

The complaint also notes that Geosyn falsely claimed to have favorable contracts with electricity providers, supposedly ensuring the mining machines’ profitable operation. 

Furthermore, the crypto mining company allegedly failed to disclose to new investors that they had not purchased mining machines for some previous investors, and they did not disclose that Geosyn was not fulfilling its stated services, including personalized mining strategies and 24/7 onsite monitoring. 

The SEC also alleges that Ward and McNutt misappropriated approximately $1.2 million for personal use and distributed around $354,500 to investors as purported profit distributions despite Geosyn’s “lack of profitability.”

The SEC has filed the complaint in the US District Court for the Northern District of Texas, charging the defendants with violations of antifraud and securities-registration provisions of federal securities laws. 

Ultimately, the SEC seeks permanent injunctions against all defendants, officer-and-director bars, disgorgement with prejudgment interest, and civil penalties, specifically against Ward and McNutt.

Crypto Users Warned By The FBI

The US Federal Bureau of Investigation (FBI) has issued a warning to American citizens about using unregistered cryptocurrency money-transmitting services. 

In a statement released by the FBI’s Internet Crime Complaint Center (IC3) on Thursday, individuals were cautioned against engaging with services that do not comply with federal law and fail to adhere to anti-money laundering (AML) regulations.

The FBI emphasized the importance of using cryptocurrency money-transmitting services registered as Money Services Businesses (MSBs) and following the necessary protocols to combat alleged illicit financial activities conducted by these companies. 

According to the Bureau’s statement, individuals who use unlicensed crypto money transfer services may experience “disruptions” to their finances during law enforcement actions, particularly if their crypto holdings are commingled with funds acquired through illegal means. The statement concluded with the following warning:

Cryptocurrency money transmitting services that purposely break the law or knowingly facilitate illegal transactions will be investigated by law enforcement. Using a service that does not comply with its legal obligations may put you at risk of losing access to funds after law enforcement operations target those businesses.

Featured image from Shutterstock, chart from TradingView.com 

The direction of where the Bitcoin price could be headed next has been a bone of contention among industry players. Numerous forecasts have been made for the pioneer cryptocurrency, but one crypto analyst maintains that Bitcoin continues to be bullish even through its current choppy movements.

Crypto Analyst Predicts Further Upside For Bitcoin

Crypto analyst Tony “The Bull” Severino took to X (formerly) Twitter to share their analysis for where they believe the price is headed next. The analyst who has been known to be bullish on Bitcoin since the FTX crash rocked the market has maintained his bullishness, believing that Bitcoin can move up from here.

In the chart shared with the post, the analyst outlines different points of the Elliot Wave Theory that could be playing out in the market right now. He explains that the current price movement may be playing out to a valid wave pattern. But nonetheless, shows what could happen if this does happen to be the case.

Using this wave theory, it would seem that the Bitcoin price is still quite bearish in the short term. With the third wave already completed, it puts the market in a position to play out the fourth wave. Usually, this fourth wave results in a price crash, and in this case, such a crash could send the price below $40,000.

I don’t think this is a valid #Bitcoin Elliott Wave count/pattern but this would really shake up bulls, yet still ultimately be very bullish. This would even chop me up pic.twitter.com/QIErb6wP2m

— Tony “The Bull” Severino, CMT (@tonythebullBTC) April 25, 2024

The crypto analyst warns that such a crash would be brutal, saying, “This would really shake up bulls, yet still ultimately be very bullish.” From the current price level, a crash below $40,000 would mean that the Bitcoin price would lose around 40% of its value.

BTC Price Still Set To Outperform

Despite the bearish expectations for the short term, Tony The Bull maintains his bullish outlook for the long term. Following the fourth wave in Elliot’s Wave Theory is the 5th and final wave, which is arguably the most bullish of all the waves

Related Reading: Robinhood Lists Shiba Inu For New York Users, Moves 3 Trillion SHIB

If the Bitcoin price plays out the way the analyst expects, then the bounce back could put the digital asset to six digits. However, it doesn’t stop there, as the analyst expects the price to cross $300,000, reaching a peak of $357,183, as outlined in the chart.

As for the timeline for this, the analyst shows an end time somewhere between 2025 and 2026. This gives it an around two-year window to play out, if it does turn out to be a “valid Elliot Wave count/pattern.”

Yao Qian, a prominent ‘pro-blockchain official’ in China, is under investigation by Chinese authorities for undisclosed “violations of law.”

The Background Of Blockchain Advocacy And The Current Crackdown

Qian, known for his pivotal role in developing China’s Central Bank Digital Currency (CBDC), has been a leading voice in the country’s blockchain initiative.

Qian’s efforts were instrumental in the conceptualization and rollout of the digital yuan, positioning China at the forefront of digital currency technology on a global stage.

The investigation, led by the Discipline Inspection and Supervision Team of the Central Commission for Discipline Inspection and the National Supervision Commission at the China Securities Regulatory Commission, has stirred concerns within the blockchain community.

Yao Qian’s contributions to the Chinese financial technology landscape have been noteworthy, serving in various high-profile government roles, including Director of the Science and Technology Supervision Department and the Information Center of the China Securities Regulatory Commission.

Yao Qian has also been a ‘staunch’ advocate for blockchain and digital currencies, arguing for issuing a state-owned digital currency as early as 2017 to enhance the market position of China’s local currency.

Wu Blockchain said, “He was the creator of China’s CBDC and served as the director of the central bank’s digital currency research institute.” However, Qian is now scrutinized by the same government, which is pushing for technological advancements.

The specifics of the allegations against Qian remain “vague,” with authorities citing “serious violations of discipline and law” without providing further details. The report particularly noted:

Yao Qian, Director of the Science and Technology Supervision Department and Director of the Information Center of the China Securities Regulatory Commission, is suspected of serious violations of discipline and law and is currently under investigation by the Central Committee.

Broader Implications For Blockchain And Crypto In China

Despite the ongoing investigation into one of its key proponents, the blockchain sector in China continues to see interest and development, particularly in areas not directly related to cryptocurrencies.

For instance, at a recent annual gathering of China’s political and industry leaders in Beijing, proposals were made to accelerate the development of blockchain technology to enhance government services, supply chains, and trade.

These developments indicate that while the country may be skeptical about cryptocurrencies, it recognizes the broader applications of blockchain technology.

Furthermore, China’s financial giants, like Harvest Fund and Southern Fund, are venturing into the international cryptocurrency space with applications to launch a new spot Bitcoin ETF through their Hong Kong subsidiaries.

This move is indicative of a nuanced approach to blockchain and digital assets, suggesting a potential softening of stance or at least an acknowledgment of the financial opportunities these technologies present on a global scale.

Featured image from Unsplash, Chart from TradingView

Asset management firm Pantera Capital has emerged as one of the successful bidders in an auction of discounted Solana (SOL) tokens conducted by the liquidators overseeing the bankruptcy of the former FTX cryptocurrency exchange.

The sale, which included approximately 2,000 SOL tokens, signifies Pantera Capital’s continued interest in expanding its Solana portfolio.

FTX Sells Additional Locked Solana Tokens In Private Auction

The auction, whose details have not been publicly disclosed, was confirmed to Bloomberg by a source familiar with the matter who requested anonymity. Neither Pantera Capital nor representatives of the FTX estate provided have commented on the recent sale. 

This recent acquisition follows a deal earlier this month in which the FTX estate sold a substantial portion of its $2.6 billion Solana token holdings at a discounted rate. 

According to knowledgeable individuals, Pantera Capital and Galaxy Digital were among the successful participants in the auction transaction.

The 41 million SOL tokens sold by the FTX estate are currently locked under a pre-agreed vesting period, making them unavailable for immediate trading in the market. These tokens will gradually become available for sale over four years.

Sources familiar with the sale indicate that the tokens were sold at a higher price than the previous auction, which fetched approximately $60 per token. 

Pantera Capital Aims To Launch Pantera Fund V 

According to Bloomberg, Pantera Capital is actively pursuing the launch of a new fund to raise more than $1 billion. The fund, dubbed “Pantera Fund V,” aims to provide investors with increased investment options across the spectrum of blockchain assets, including startup equity, early-stage tokens, and liquid tokens.

Should the fundraising efforts prove successful, the Pantera Fund V would be the largest fund raised since the tumultuous period marked by bankruptcies in the blockchain sector in 2022. 

The new fund is also designed with a minimum investment threshold of $1 million for qualified investors. The first close is slated for April 1, 2025. As Bloomberg notes, limited partners are expected to contribute at least $25 million. 

Insiders familiar with the matter, who preferred to remain anonymous, have indicated that the Pantera Fund V is anticipated to reach a similar size as its predecessor, which amassed approximately $1.25 billion in capital two years ago. 

Solana’s native token, SOL, has shown minimal fluctuations compared to Thursday’s trading and is currently valued at $144 per token at the time of writing. SOL has witnessed a significant surge of over 500% year-to-date, contributing to its market capitalization of $64 billion. 

According to CoinGecko data, this performance has propelled Solana to fifth place among the top 10 largest cryptocurrencies in the market.

Featured image from Shutterstock, chart from TradingView.com