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Tesla, an American multinational automotive and clean energy company led by billionaire entrepreneur, Elon Musk, has announced that it will now accept Dogecoin (DOGE) as a form of payment on certain products in the Tesla shop. 

This move comes as an exciting development for Tesla and the broader crypto community as it marks another pivotal instance where major corporations embrace meme-based cryptocurrencies. Additionally, it also raises speculations about whether Musk’s other ventures, particularly X Payments, could follow suit and adopt Dogecoin. 

Tesla Integrates Dogecoin As A Payment Method

Tesla has integrated Dogecoin into its payments system, allowing users to purchase merchandise when they opt for Dogecoin-eligible products. The automotive company made the announcement on its official platform, providing a comprehensive overview of utilizing Dogecoin for payments, including details on associated fees and requirements. 

Related Reading: Is Buying XRP A Profitable Trade? Crypto Analyst Says It’s “Dead”

Tesla disclosed that customers can use Dogecoin to purchase merchandise through the Tesla shop. Additionally, select products will have prices listed in DOGE, making it easier for customers to identify products eligible for DOGE payments. 

The automotive firm has also indicated that Dogecoin payments may take between one minute to six hours to process and confirm during transactions. Moreover, the company has emphasized that it only recognizes and accepts Dogecoin in its digital currency payments, disregarding other cryptocurrencies. 

Following Tesla’s announcement, the price of DOGE has been moving upward by 0.78%, trading at $0.16, as of writing. It also experienced a 15.48% increase over the past few days, according to CoinMarketCap. 

A member of the crypto community, identified as “Kyledoops,” on X (formerly Twitter), disclosed that Dogecoin’s price has surged by more than 40% over the past four days, suggesting that the upward momentum may have been an anticipatory move to Tesla’s impending announcement. 

As the crypto community closely monitors  DOGE’S performance post-Tesla’s announcement, speculations are building concerning X Payments being the next in line for DOGE adoption. 

Is X Payments The Next Stop For DOGE Adoption?

The possibility of Dogecoin being integrated into Musk’s recently launched X Payment platform has been an ongoing debate within the crypto community even before the platform’s release. With Musk endorsing the popular meme-based cryptocurrency by accepting it as a payment method on Tesla, expectations of X Payments being the next stop for DOGE adoption are high. 

The integration of Dogecoin into X Payments could open up new avenues for its everyday use, fostering the adoption of the cryptocurrency and providing community members more flexibility and accessibility when they navigate the social media platform, X. Despite expectations being high, neither Musk nor the X team has disclosed information regarding the potential incorporation of DOGE payments into X’s platform.

So far, the role of stablecoins in global transactions has become a focal point of discussions just as the crypto markets continue to go mainstream. However, with mounting concerns over the reliability of available data, Visa, a long-standing leader in financial services, has stepped forward to clarify the landscape.

Under the guidance of Cuy Sheffield, Visa’s Head of Crypto, the company recently launched an Onchain Analytics Dashboard aimed at cutting through the “noise” and providing a more accurate reflection of stablecoin activities, as highlighted by the report.

Decoding The Noise In Crypto Stablecoin Transactions

The introduction of this dashboard is Visa’s response to the prevalent issue of “misleading data” surrounding stablecoin usage. Despite their growing popularity, distinguishing genuine user transactions from automated bot activities remains challenging.

According to Sheffield’s recent insights on X, the new tool is designed to provide a “clear and accessible” view of the blockchain, focusing initially on stablecoins.

By filtering out noise such as bot transactions, which often inflate volume figures, the dashboard offers a “genuine” snapshot of stablecoin traction.

Visa’s analysis, driven by its innovative dashboard, has uncovered three critical trends that could reshape understanding of stablecoins’ market role.

Firstly, the total supply of stablecoins is nearing record highs, approaching $150 billion. This uptick indicates revived interest and trust in stablecoins despite the fluctuating dynamics of the broader cryptocurrency landscape.

Secondly, there has been a noticeable increase in active stablecoin users. The dashboard records approximately 27.5 million active users across various chains, highlighting the expanding reach of these digital assets.

A significant revelation from Visa’s tool is the stark contrast between reported stablecoin transfer volumes and those adjusted for non-human interactions.

While the unadjusted transfer volume for the past month stood at roughly $2.65 trillion, Visa’s refined metrics brought this number down to $265 billion, shedding light on the actual scale of organic financial activity.

The Real Story Behind Stablecoin Transactions

Furthermore, recent reports from Bloomberg, elaborating data from Visa, suggest that over 90% of stablecoin transaction volumes may not involve genuine users, hinting that adopting these crypto tokens as mainstream payment solutions might be distant.

Citing data from the dashboard Visa just developed in collaboration with Allium Labs, aimed at filtering out bot and large-scale trader activities to highlight transactions by actual users – In April, of the roughly $2.2 trillion processed, only $149 billion represented genuine, or “organic,” payment activities.

Pranav Sood, executive general manager for EMEA at Airwallex, commented on the data, noting that while stablecoins exhibit potential for long-term relevance, their immediate utility as payment instruments is still developing. Sood noted:

That’s not to say that they don’t have long-term potential, because I think they do. But the short-term and the mid-term focus needs to be on making sure that existing rails work much better.

Featured image from Unsplash, Chart from TradingView

On-chain data suggests Litecoin whales have participated in buying recently despite the fact that the asset’s price has been finding struggle.

Litecoin Whales Accumulated 100,000 LTC Recently

As pointed out by an X user using data from the on-chain analytics firm Santiment, the LTC whales have recently bought while the cryptocurrency’s price has declined.

The indicator of relevance here is the “Supply Distribution,” which tells us about the total amount of Litecoin that the different wallet groups in the market are holding right now.

Addresses or investors are divided into these cohorts based on the number of coins they are carrying in their balance currently. The 1-10 coins group, for instance, includes holders owning at least 1 and at most 10 LTC.

In the context of the current topic, the whale cohort is of interest. These entities may be defined as the addresses holding between 10,000 and 100,000 LTC. At the current exchange rate, the lower bound of the range converts to about $820,000, while the upper one to around $8.2 million.

Clearly, these holdings are quite sizeable, due to which the whales are considered influential beings on the network. As such, their behavior may be something to watch for, since it could end up reflecting on the market in some form.

Now, here is a chart that shows the trend in the Supply Distribution of the Litecoin whales over the past month or so:

As is visible in the graph, the Litecoin Supply Distribution for the investors holding between 10,000 and 100,000 LTC has observed an increase recently. More specifically, the metric went up by around 100,000 LTC ($8.2 million) between April 28 and May 4.

This net accumulation spree from the whales seems to have come alongside a decline in the price of the cryptocurrency. A similar trend also occurred last month, where these large investors had participated in significant buying alongside the crash.

Back then, these holders had also first done some selling, potentially paving the way for the price decline in the first place. This time around, though, there wasn’t any notable net distribution from the whales prior to the drawdown.

Interestingly, the whale buying reaction had come at similar sub-$80 prices following both of these drawdowns, so it would appear that these investors believe the cryptocurrency to be a worthy buy at these prices, at least in the long-term.

Naturally, so long as the bullish sentiment among these influential entities remains, Litecoin could be able to see a recovery push. This indicator could be to keep an eye on in the near future, though, as if these investors take to selling instead, then more drawdown could rather follow for the asset.

LTC Price

Litecoin had started a recovery rally in the past day that had taken the coin back above $84, but it would appear that the run has fizzled out as LTC is now back under $82.

As Bitcoin, the world’s first decentralized cryptocurrency, records 15 years since its inception, its blockchain has also achieved a significant milestone. Bitcoin’s blockchain recently surpassed a major transaction benchmark, processing a total of 1 billion transactions on its network, marking a historic moment in the digital asset space.

Bitcoin Transactions Exceed 1 Billion

Since emerging in the financial landscape in 2009, when pseudonymous Bitcoin creator, Satoshi Nakamoto introduced the cryptocurrency’s white paper, Bitcoin has significantly reshaped the financial ecosystem, attracting millions of users who continually engage in decentralized transactions daily. 

On May 5, 2023, Bitcoin’s blockchain hit a historic milestone, achieving more than one billion network transactions. This accomplishment underscores the cryptocurrency’s considerable utility and widespread adoption across various regions and sectors of the world. 

From everyday consumers to retail and institutional investors, BTC has overcome demographic limitations and barriers, offering truly decentralized payment solutions across multiple markets and global organizations. 

According to data from Clark Moody’s Dashboard, a platform which displays the metrics of Bitcoin’s ecosystem, BTC’s total transactions over the last 15 years have reached $1,000,369,716. This means that over 178,000 transactions were processed daily and more than 15.5 million were executed monthly. 

Additionally, mempool, a waiting area for pending and unconfirmed BTC transactions disclosed that the one billionth Bitcoin transaction was mined into the 842,241th block by Foundry Pool.  

Typically, a higher transaction count underscores a network’s substantial user base and increased engagement. While this is advantageous for a thriving blockchain ecosystem, it may also result in elevated transaction fees. 

DeFiLama has reported a total of $1.297 billion in average fees generated by the Bitcoin network over the course of one year. Within a single month, transactional fees reached an astonishing $284.07 million, against the backdrop of a total market capitalization of $1.28 trillion. 

BTC Inches Closer To $70,000 Price Mark

Amidst the surging transaction levels and Bitcoin’s one billion transaction milestone, the price of the cryptocurrency has been rising steadily, breaking key support levels to trade above $65,000. The cryptocurrency is slowly getting closer to the $70,000 price mark, surging by 2.44% in the last 24 hours and 4.61% over the past seven days. 

At the time of writing, Bitcoin is trading at $65,238, with a 24-hour trading volume of more than $20.3 billion. Crypto analyst, Ali Martinez has revealed that based on the Market Value to Realized Value (MVRV) 90-day ratio, BTC is still positioned in a prime buying zone despite its surge from $57,000 to over $64,000.

The world of Shiba Inu (SHIB) is swirling with a mix of excitement and skepticism. Industry personality Del Crxpto ignited a buying frenzy with claims of possessing secret knowledge about future developments that will propel SHIB to new heights.

Shiba Inu Advocate Banks On Inside Information

Del Crxpto, a vocal Shiba Inu supporter, took to social media platforms, declaring he has confidential revelations into upcoming news that will significantly impact SHIB’s value. However, maintaining a shroud of secrecy, he refused to divulge any details, citing the need to preserve his connection with Shiba Inu officials.

I know the future, I know what’s coming for $SHIB …

I will not share this information, as I do not want to tarnish my $SHIB relationships.

However, I will tell you this:

I am accumulating $SHIB.

— Del Crxpto (@DelCrxpto) May 5, 2024

This cryptic stance fueled speculation within the SHIB Army, the cryptocurrency’s dedicated community. Diehard enthusiasts, seemingly emboldened by Del Crxpto’s pronouncements, have doubled down on their SHIB holdings, anticipating a surge in price once the information becomes public.

On-Chain Data Reflects Growing Shiba Inu Army

The trend of accumulation is evident in on-chain data, the public record of cryptocurrency transactions. Santiment, a blockchain analytics firm, reported a steady rise in the number of addresses holding between 10,000 and 10 million SHIB tokens since March.

This signifies a growing investor base, potentially drawn in by the “one cent dream” – the community’s collective aspiration of SHIB reaching $0.01.

Silent Leader Raises Concerns

While excitement about the undisclosed developments simmers, some within the SHIB Army are expressing unease over the silence of Shytoshi Kusama, the anonymous leader of the Shiba Inu ecosystem. Kusama has been noticeably absent from online discussions for weeks, leading to questions about his involvement and commitment to the project.

Del Crxpto Defends Kusama’s Strategy

Del Crxpto stepped in to defend Kusama, assuring the SHIB Army that his silence is a strategic move. He pointed to Kusama’s proven track record of meticulously timing project launches to maximize impact.

“This is always how he has operated,” Del Crxpto emphasized, urging the community to maintain faith in Kusama’s vision and the “one cent dream.”

Shiba Inu’s Future: A Cocktail Of Hype And Reality

The current situation surrounding SHIB is a curious mix of optimism and caution. Del Crxpto’s claims, while generating excitement, lack transparency, raising questions about their legitimacy.

Reaching $0.01, as some dream, would require a monumental market shift, and analysts have previously cast doubt on its feasibility in the near future.

Investors, particularly newcomers, should approach SHIB with a dose of realism. While the prospect of positive developments is enticing, it’s crucial to conduct thorough research and understand the inherent volatility associated with cryptocurrency investments.

The “one cent dream” might remain just that – a dream – but for the true believers in the SHIB Army, the hope burns bright, fueled by cryptic pronouncements and unwavering community spirit.

Featured image from Sam Whitney/Getty Images, chart from TradingView

The XRP Ledger (XRPL) is set to undergo a series of substantial enhancements that promise to expand its functionality and market relevance significantly. These proposed upgrades, outlined by renowned community member Krippenreiter via X, cover a broad spectrum from improving interoperability to bolstering the ledger’s decentralized finance (DeFi) capabilities.

Detailed Overview Of Proposed XRP Ledger Upgrades

Digital Identity (DID): In its final voting stages, DID introduces a mechanism for users to control their digital identities within the ecosystem. The identity data itself remains off-chain, ensuring privacy and security. This feature supports critical use cases like reusable KYC processes and compliance-focused, permissioned decentralized exchanges, which could streamline regulatory processes and increase institutional adoption.

XChainBridge: Also up for a vote, this feature aims to enhance the ledger’s ability to interface with other blockchains, such as those compatible with the Ethereum Virtual Machine (EVM). By enabling asset transfers between XRPL and independent sidechains, XChainBridge would facilitate a seamless exchange of XRP, and potentially other tokenized assets, enhancing the ledger’s utility in a multi-chain ecosystem.

Price Oracles: Currently in the voting phase, this upgrade introduces a native system for integrating off-chain data crucial for the operation of decentralized applications (dApps), decentralized exchanges (DEX), and protocols. This could be particularly transformative for automated market makers (AMM), evolving to version 2 with enhanced pricing accuracy and reduced slippage.

PaychanAndEscrowForTokens: Under discussion, this proposal seeks to extend existing functionalities—previously limited to XRP—to include token balances. This would enable the use of payment channels and escrow for token transactions, potentially unlocking new scalability solutions and use cases like token lock-ups and enhanced transaction throughput.

Dynamic NFTs (dNFTs): Still in the draft stage, dNFTs propose a revolutionary shift from static to dynamic non-fungible tokens. These NFTs could incorporate real-time data updates, ideal for applications in digital collectibles that need to reflect live information or virtual gaming items that evolve with player progress.

XRPL Plugins: This draft proposal introduces a system that would allow developers to interact with transactions using programming languages other than the traditional C++. This could democratize the development process, allowing a broader base of developers to build applications directly interacting with the ledger.

Hooks: Another draft feature, Hooks are designed to embed lightweight, non-EVM-based smart contract functions directly into ledger. This could vastly improve the ledger’s flexibility and utility in automated payments and complex transaction scripting, similar to smart contracts but with potentially greater efficiency and lower cost.

Focus On DeFi And Advanced Financial Instruments

Managed Single Asset Tokenized Pool: Currently a proposed feature, this would extend XRPL’s DeFi offerings by introducing pools that are managed by a delegate account, supporting various functions like lending, yield farming, and staking. This could attract a more diverse range of DeFi participants and liquidity providers.

Options: This proposal aims to integrate traditional financial instruments into the XRPL environment. By offering decentralized options trading, the ledger could tap into the vast market of derivatives, providing users with tools for risk management and speculative opportunities within the decentralized space.

Atomic/Batch Transactions: This feature, still under proposal, would allow the bundling of multiple transactions into a single unit, streamlining processes and enhancing user experience. This could facilitate complex operations like batch payments or grouped trade orders, making the ledger more attractive for business applications.

The XRP Ledger is at a pivotal juncture, with the potential to dramatically extend its capabilities and market penetration. The proposed upgrades, spanning from digital identity management to sophisticated DeFi solutions, highlight the community’s commitment to evolving the ledger into a more versatile and user-friendly platform. As these enhancements undergo voting and implementation, the XRP Ledger is on the verge of transformative changes.

At press time, XRP traded at $0.52844.

Maximilien de Hoop Cartier, heir to the famed jewelry dynasty, was arrested by US authorities for allegedly laundering millions of dollars for a Colombian drug cartel. Cartier, who primarily resides in France but holds Argentine citizenship, now faces a slew of charges related to money laundering and unlicensed money transmission.

A Family Name Tarnished

Cartier, a direct descendant of Louis Cartier, founder of the iconic luxury brand, appears to have strayed far from the family’s reputable business. Prosecutors allege he conspired with a Colombian drug cartel, attempting to launder hundreds of millions of dollars in drug proceeds. Their scheme reportedly involved converting the illicit funds into Tether (USDT), a controversial cryptocurrency pegged to the US dollar.

Over-The-Counter Opulence: USDT And Shell Companies

According to the indictment, Cartier and his associates, including five Colombian nationals, primarily used over-the-counter (OTC) USDT trades to launder the money. OTC transactions bypass traditional exchanges, potentially offering a cloak of anonymity for illicit activities.

The group allegedly set up shell companies disguised as software and technology businesses to further mask their transactions. These shell companies then used their accounts to move the laundered funds in USDT, US dollars, Colombian pesos, and potentially other currencies.

USDT’s Allure For The Underworld

The indictment specifically highlights the features of USDT that may have made it attractive for this alleged money laundering operation. USDT boasts near-instantaneous settlements and operates outside the purview of traditional banking regulations.

This lack of oversight could be appealing to criminal organizations accustomed to the risks associated with bulk cash movement or unreliable wire transfers. While Tether, the company behind USDT, claims to be taking steps to curb illicit activity on its platform, the Cartier case raises questions about the effectiveness of these measures.

Cartier Faces Four Counts Of Criminal Misconduct

Currently detained in Miami, Cartier awaits trial on four separate charges. These include money laundering, conspiracy to commit money laundering, transacting in property derived from illegal activity, and operating as an unlicensed money transmitter. If convicted, Cartier could face significant prison time and hefty fines. His co-conspirators are reportedly being held in Colombian jails.

A Shadow Over Cryptocurrencies

The Cartier case serves as a stark reminder of the potential for cryptocurrencies to be misused for criminal purposes. While cryptocurrencies offer legitimate financial benefits, their anonymity and decentralized nature can attract those seeking to operate outside the law.

This incident is likely to reignite discussions about stricter regulations for the cryptocurrency industry, with a focus on combating money laundering and other illicit activities.

Featured image from The Times, chart from TradingView

In the latest episode of the ongoing regulatory crackdown on the cryptocurrency industry, crypto exchange Robinhood received a Wells Notice from the US Securities and Exchange Commission (SEC) staff. 

Regulatory Turmoil For Robinhood

The notice indicates that the staff will recommend that the Commission pursue an enforcement action against the trading platform. Robinhood expressed disappointment in the SEC’s decision, emphasizing their efforts to seek regulatory clarity and asserting their belief that the assets listed on their platform are not securities.

Robinhood has been actively engaging with the SEC to establish regulatory clarity for its operations, including attempting to register a special-purpose broker-dealer per the agency’s recommendations. 

Despite their efforts, the SEC issued the Wells Notice, raising concerns about Robinhood’s US crypto business. The SEC previously charged Robinhood with misleading customers about revenue sources and failing to meet best execution obligations.

Confident In Regulatory Position

Dan Gallagher, Chief Legal, Compliance, and Corporate Affairs Officer at Robinhood Markets, Inc., expressed disappointment in the SEC’s decision. He stated: 

After years of good faith attempts to work with the SEC for regulatory clarity, including our well-known attempt to ‘come in and register,’ we are disappointed that the agency has decided to issue a Wells Notice related to our US crypto business.

Gallagher further expressed confidence in Robinhood’s position, asserting that the assets listed on their platform are not securities. The company looks forward to engaging with the SEC to demonstrate the weakness of any case against the crypto exchange based on facts and the law.

The exchange also reassured its customers that this development would not affect their accounts or the services provided by the platform. They emphasized that the firm is “here to stay” and will continue to ship products and advocate for regulatory clarity in the industry’s and customers’ best interest.

Following the SEC’s potential enforcement action, the company’s stock plummeted to $16.55, resulting in a 7.80% decline in price, according to Robinhood’s website data. 

Featured image from CNBC, chart from TradingView.com

Tron founder Justin Sun has once again sent ripples through the cryptocurrency world with a hefty deposit into a liquid restaking protocol. This move puts Sun squarely in the center of a booming DeFi niche: liquid staking.

Justin Sun: A Champion For Liquid Staking?

Sun, known for his fondness for Ethereum-based currencies, deposited a staggering 120,000 eETH (around $376 million) into Swell L2, a relatively new player in the liquid restaking arena. This single deposit makes up a whopping 46.6% of all funds Swell L2 has ever received.

While some might see this as a purely financial move, Sun has recently downplayed profit motives. He positions himself as an advisor to these platforms, emphasizing the potential of liquid staking to become a global revenue stream for institutions and a boon for the crypto community as a whole.

Did #JustinSun buy 127,388 $ETH($405.19M) since Apr 8?

The wallet suspected of being #JustinSun has deposited 787M $USDT to #Binance on #Tron since Mar 31.

Also on Mar 31, a mysterious wallet was created on #Ethereum and withdrew $96.8M stablecoins from #Binance. Is this a… pic.twitter.com/OcEovodUrc

— Lookonchain (@lookonchain) April 22, 2024

Sun envisions a future where staking and restaking become mainstream, allowing international companies to reinvest profits and support developers and users. This collaborative ecosystem, he believes, would foster prosperity throughout the crypto space.

Whether Sun was referring specifically to Swell L2 or the entire liquid staking landscape remains unclear. However, his significant deposit suggests he might be putting his money where his mouth is.

Liquid Staking: Riding The DeFi Wave

Ethereum’s staking system, while offering rewards for holding ETH, restricts access to those funds until the network transitions to Proof-of-Stake 2.0. Liquid staking protocols like Swell L2 offer a solution by issuing derivative tokens (eETH in this case) that represent staked assets. These tokens can then be freely traded, allowing users to enjoy staking rewards without locking up their holdings.

This innovation has fueled the rise of liquid staking platforms. Lido and EigenLayer, both built on Ethereum, are prime examples. EigenLayer, launched just recently, has already captured the number two spot among Decentralized Finance (DeFi) protocols with a Total Value Locked (TVL) of nearly $16 billion. Lido, the current leader, boasts a TVL of nearly $30 billion.

Rising Interest In Staking Alternatives

EigenLayer’s meteoric rise underscores the surging interest in staking alternatives. Justin Sun’s sizable deposit in Swell L2 could be a signal of more to come, with big players recognizing the potential of this rapidly evolving DeFi sector.

The hefty deposit made by Justin Sun is undeniably a shot in the arm for Swell L2, propelling the young protocol into the spotlight. However, a closer look reveals some lingering questions.

The narrative surrounding the move often overlooks potential drawbacks inherent to liquid staking. These include the ever-present threat of smart contract exploits and the inherent volatility of derivative tokens like eETH. Both factors can significantly impact investor returns.

Featured image from Pexels, chart from TradingView

Ashley Prosper, an XRP enthusiast deeply invested in the outcome of the legal clash between Ripple and the United States Securities and Exchange Commission (SEC), shared insights on the subject, outlining the possible timeline for a settlement and final ruling of the case.

Potential Settlement And Final Ruling Timeline In The Ripple Case

According to the expert, the SEC’s final response in the remedies phase in its case between Ripple is anticipated to be released tomorrow, on May 7. Following the response, US Judge Analisa Torres is expected to make her final decision on the matter, which Ashley Prosper believes will take place between July and August, or possibly September.

While the XRP enthusiast is confident that an appeal could be filed from both parties after this, she affirms it will not require as much time as people anticipate. Thus, she has urged the community to observe between now and any prospective decision from an appeal court, as a settlement could happen at any time within this timeframe.

The expert further drew attention to US attorney James K. Filan’s post highlighting several crucial dates in the legal dispute between Ripple and the regulatory watchdog. Filan pointed out two important dates in the case which are March 22, for which the SEC filed an opening brief, and May 6, for which the agency will file a reply brief.

It is noteworthy that during the opening brief in March, the SEC argued that the payment had raised its XRP sales since filing the complaint. An astonishing amount of over $729 million in unregistered institutional sales is covered in the Summary Judgment Order, according to the Commission. However, it is insignificant compared to the over-redacted dollar number in XRP sales that Ripple has made since the litigation began, including billions after the Summary Judgement Order, the majority of which appear to be institutional purchases.

Also, the SEC made it clear that Ripple is in a good position to pay a sizable civil penalty. As a result, the Commission requested that the court should forbid the company from offering institutional investors unregistered XRP.

The SEC’s Reply Brief To Take Place Today

Today, May 6, the case is expected to reach a crucial point, as the SEC is scheduled to file a reply brief in response to Ripple’s protests about the significant fines that the commission has suggested. 

The agency is seeking an $876.3 million civil penalty, an additional $876.3 million in disgorgement, and $198.15 million in prejudgment interest, totaling a proposed fine of $1.95 billion. However, the payment company countered the request, claiming the SEC did not demonstrate the need for a disgorgement and that any civil penalty should be limited to a maximum of $10 million.

Though experts believe the SEC will probably stick to its disgorgement position, there are speculations that the court might rule in favor of the firm this time.

Coinbase, a leading cryptocurrency exchange, finds itself embroiled in a multi-front legal war. From disgruntled investors to the watchful eye of the SEC, the company faces challenges that threaten its operations and cast a shadow over the future of crypto regulation.

Coinbase Accused Of Selling Unregistered Securities

A new class-action lawsuit filed in California alleges Coinbase knowingly violated state securities laws by selling unregistered securities. The plaintiffs, a group of investors, target specific tokens like Solana and Uniswap, arguing they should be classified as investments and not mere digital assets.

They point to a possible contradiction within the exchange’s own user agreement, which may define the company as a “Securities Broker.” This lawsuit echoes a similar one already underway, suggesting a growing trend of investor discontent with Coinbase’s crypto offerings.

Coinbase Vs. SEC: A Battle For Regulatory Clarity

The most prominent legal fight involves the US Securities and Exchange Commission (SEC). The SEC accuses Coinbase of acting as an unregistered securities exchange and broker by offering unregistered tokens. The company vehemently denies these charges and has filed an appeal against the initial ruling.

This clash highlights the core issue: the lack of clear regulations governing cryptocurrency. Coinbase, along with many in the industry, views this lawsuit as an overreach by the SEC, pushing for a more defined regulatory framework that fosters innovation without stifling growth.

John Deaton Joins The Fray

Adding another layer of intrigue is the involvement of John Deaton, a prominent crypto lawyer known for his advocacy against regulatory overreach. Deaton has filed an amicus brief in support of Coinbase in the SEC battle.

This move signifies the industry’s unified front against what they perceive as stifling regulations. Deaton’s pro bono work highlights the high stakes involved, not just for the crypto exchange, but for the entire crypto ecosystem.

Beyond The SEC: GYEN And Staking Programs Face Scrutiny

Coinbase’s legal woes extend beyond the SEC lawsuit. A separate case accuses the exchange of mishandling the GYEN stablecoin, a cryptocurrency pegged to the Japanese Yen. Plaintiffs allege that the firm promoted and traded GYEN despite knowing of its volatility, leading to significant investor losses.

Additionally, the company’s staking program, which allows users to earn rewards by holding crypto, has drawn the attention of regulators. The SEC views staking as an unregistered security, while several US states have joined the case, further complicating the legal landscape for Coinbase.

Featured image from Salt&Light, chart from TradingView

Richard Byworth, Managing Partner at SyzCapital, has ignited rumors suggesting that Bitcoin ETFs listed in Hong Kong could soon be accessible to investors from mainland China. Byworth’s remarks on X, formerly known as Twitter, highlight the ongoing discussions about the possibility of the integration of these ETFs into the Stock Connect system. This integration could pave the way for a massive wave of capital inflow from the mainland into these digital asset funds.

Byworth stated, “I just got back from Hong Kong. There is talk that the ETF could be added to stock connect. The implications for this are absolutely enormous (basically means mainland money can buy it)”. This statement followed a dialogue initiated by Samson Mow, who commented on the impressive initial performance of the ChinaAMC Bitcoin ETF, which gathered $121 million on its first trading day.

Bitcoin ETF In Hong Kong To Open For Mainland Chinese?

Mow’s statement, “I think you guys should be a little more bullish,” reflects an optimistic outlook on the future of Bitcoin ETFs in Hong Kong. Adding depth to the discussion, Brian HoonJong Paik, Co-founder & COO at SmashFi, expressed his views on the financial and socio-economic motivations that could drive mainland Chinese interest towards Hong Kong’s Bitcoin ETFs.

He highlighted the vast amount of Chinese wealth locked in real estate, with approximately 100 million empty homes, pointing to a dire need for alternative investment opportunities to stabilize the socio-economic landscape. “It’s just a matter of time. The CCP needs an alternative asset to mitigate social unrest,” Paik stated.

Paik also tackled the widespread misconception that investors from mainland China are currently restricted from investing in ETFs available on the Hong Kong Stock Exchange. He explained that several existing financial arrangements already facilitate a robust flow of mainland capital into Hong Kong’s markets.

The Shanghai-Hong Kong Stock Connect and the Shenzhen-Hong Kong Stock Connect are prominent examples, allowing investors to trade stocks across the border, albeit regulated by a daily transaction quota.

Further, the Qualified Domestic Institutional Investor (QDII) scheme permits Chinese institutional investors to participate in overseas markets, including those in Hong Kong. Additionally, Chinese residents have the option to invest through brokerage firms that operate legally in both territories, navigating the complex regulatory landscape that governs foreign investments.

Another critical framework, the Mutual Recognition of Funds (MRF) between Hong Kong and Mainland China, facilitates the distribution of eligible mutual funds in each other’s markets through a streamlined approval process. According to Paik, excluding Bitcoin ETFs from these arrangements would likely provoke significant discontent and could disrupt the investment landscape in both regions.

“These mechanisms make the Hong Kong stock market one of the most accessible foreign markets for Chinese investors, promoting financial integration between the Mainland and Hong Kong. Excluding only the Bitcoin ETF would likely cause significant repercussions among both institutional and retail investors in both China and Hong Kong,” he stated.

Notably, Singapore-based Matrixport already projected in mid-April that the approval and subsequent inclusion of Hong Kong-listed Bitcoin Spot ETFs into the Southbound Stock Connect could attract $25 billion of capital. This program facilitates up to 500 billion RMB ($70 billion) per year in transactions.

At press time, BTC traded at $64,172.

Michael Saylor, the tech entrepreneur who steered MicroStrategy into a Bitcoin behemoth, is back in the headlines. This time, he’s not championing the orange coin, but rather aiming his laser focus at its altcoin rivals.

At the recent Bitcoin For Corporations conference, Saylor unleashed a flurry of predictions, painting a picture of a future where the SEC cracks down on leading altcoins like Ethereum (ETH), Binance Coin (BNB), Solana (SOL), Ripple (XRP), and Cardano (ADA).

Bitcoin’s Lone Wolf? Saylor Casts Doubt On Altcoin Legitimacy

Saylor’s stance on altcoins is about as subtle as a Bitcoin mining rig – there simply isn’t room for another top dog. He boldly claimed that the SEC will reject all applications for spot ETH ETFs, effectively throwing cold water on the hopes of investors eagerly awaiting such a product.

#Bitcoin – There is No Second Best pic.twitter.com/PLDgwGwF9J

— Michael Saylor (@saylor) May 2, 2024

But it doesn’t stop there. Saylor predicts the SEC will reclassify these altcoins as securities, yanking them away from their current status as commodities under the Commodity Futures Trading Commission (CFTC). This regulatory shift would significantly impact how these altcoins are traded and viewed by institutions.

“None of these tokens will ever be a part of a spot ETF, none of them will be embraced by Wall Street, and none of them will find favor with mainstream institutional investors as crypto assets,” declared Saylor.

His comments come at a crucial time, with the entire crypto market holding its breath as the SEC mulls over applications for Ethereum ETFs from investment giants like VanEck and Ark Invest. The deadlines for these decisions fall on May 23rd and 24th, respectively, making the next few weeks a potential turning point for the altcoin landscape.

SEC’s Past Hints At Saylor’s Prophetic Potential?

While Saylor’s predictions carry the weight of his industry expertise, it’s important to acknowledge his inherent bias as a Bitcoin maximalist. However, a look at the SEC’s recent history suggests there might be some truth to his warnings.

In 2023, the regulatory body came down hard on major crypto exchanges like Binance and Coinbase. The former’s case concluded with a hefty fine and imprisonment for its CEO, Changpeng Zhao, while the legal battle with Coinbase continues to unfold. These actions by the SEC demonstrate a growing focus on regulating the crypto space, and Saylor’s predictions might be a glimpse into the future of altcoin oversight.

Brace For Impact Or Business As Usual?

Saylor’s pronouncements have sent ripples through the altcoin community. Some fear a domino effect, with the SEC’s potential crackdown on ETH impacting the entire altcoin market. Others remain cautiously optimistic, believing the SEC’s focus might be on unregistered securities masquerading as altcoins, not established players like ETH or ADA.

The coming weeks will be crucial in determining the validity of Saylor’s prophecies. If the SEC denies the applications for spot ETH ETFs and moves towards classifying leading altcoins as securities, it could significantly reshape the cryptocurrency landscape.

However, if the SEC takes a more measured approach, focusing on weeding out bad actors while allowing compliant altcoins to flourish, then Saylor’s pronouncements might fade into the background noise of the ever-evolving crypto world.

Featured image from Joe Raedle/Getty Images News, chart from TradingView

Co-founder of crypto exchange BTC-e, Alexander Vinnik, has pleaded guilty to charges of conspiracy to commit money laundering. In a public release by the US Department of Justice (DOJ) on May 3, the Russian national has admitted to his role as one of the operators of BTC-e, facilitating $9 billion worth of illicit transactions between 2011 to 2017 on the crypto trading platform.

Vinnik’s Role In BTC-e’s “Criminal” Operations – US DOJ

According to the DOJ, before its closure in 2017, BTC-e was one of the major money-transmitting platforms for cybercriminals across the world. The US authorities claimed the crypto exchange processed funds from several forms of bad actors including hackers, scammers, corrupt civil servants, and drug dealers.

The DOJ stated that as an operator of BTC-e, Vinnik was an ally of these criminals resulting in the loss of $121 million. They stated that to facilitate shady transactions, BTC-e lacked any anti-money laundering (AML) protocols and was not registered as a money transmitter platform with the US Financial Crimes Enforcement Network (FinCEN), despite having a significant portion of US citizens in its customer base.

The US prosecutors also highlighted that the crypto exchange worked with several unregistered shell companies with no KYC policies or AML measures in transferring funds for its million customers. In particular, they claim that Vinnik was responsible for establishing many of these shell companies which aided the operations of the BTC-e exchange. 

Commenting on Vinnik’s guilty plea, Deputy Attorney General Lisa Monaco commended the DOJ’s efforts in fighting against crimes involving the use of digital assets.

Monaco said: 

Today’s result shows how the Justice Department, working with international partners, reaches across the globe to combat crypto crime. This guilty plea reflects the Department’s ongoing commitment to use all tools to fight money laundering, police crypto markets, and recover restitution for victims.

What Next For Vinnik?

Vinnik was first apprehended by Greek authorities in 2017 on allegations of money laundering based on a US arrest warrant. In 2020, the BTC-e co-founder was extradited to France where he was acquitted of charges of crypto-ransomware but found guilty of money laundering, leading to a five-year jail sentence.

After a two-year service in French prison, Alexander Vinnik was finally transferred to the United States. During his time in North America, Vinnik attempted to undergo a prisoner trade swap involving the US and the Russian Federation. 

However, following Vinnik’s admission of conspiracy to commit money laundering through the BTC-e exchange, the Russian citizen shall now await judgment following a US federal district court judge in line with constitutional guidelines and other legislative principles.

Total crypto market cap valued at $2.267 trillion on the daily chart | Source: TOTAL chart on Tradingview.com

In a rather shocking development, Grayscale Bitcoin Trust (GBTC) has recorded its first-ever inflow after witnessing significant daily outflows since its launch. 

Grayscale Bitcoin ETF Records Over $60 Million In Inflows

Grayscale’s Spot Bitcoin ETF has finally broken its 82-day streak of outflows since its launch on January 11, 2024. GBTC saw its first day of inflows on May 3, after witnessing approximately $17.46 billion in outflows. 

According to data from Farside, an investment management firm, Grayscale’s Spot Bitcoin ETF had amassed inflows of about $63 million, alongside other Bitcoin ETFs like BlackRock’s iShares Bitcoin Trust (IBIT) which had inflows of $12.7 million. 

The total inflows recorded in that single day amounted to approximately $378.3 million, with Franklin Templeton’s Spot Bitcoin ETF, EZBC, leading the pack with the highest inflows of $102.6 million. 

Expressing disbelief at Grayscale’s turnaround, Bloomberg senior analyst and ETF expert, Eric Balchunas remarked that he had to make thorough verifications to confirm the unexpected development. 

Moreover, the surprising influx comes after a recent occurrence which saw 10 US Spot Bitcoin ETFs, including BlackRock’s IBIT, collectively recording enormous outflows worth over $563.7 million in a single day. These outflows were possibly triggered by the Federal Reserve’s (FED) decision to keep rates unaltered, resulting in a broader downturn in the crypto market. 

BTC had also experienced significant declines around the same time, however, currently the cryptocurrency is up by 6.36% in the past 24 hours, jumping above $60,000 support levels to trade at $63,175, according to CoinMarketCap. 

Factors Behind GBTC’s Massive Outflows

Grayscale saw its first recorded inflow after experiencing hundreds of millions worth of daily outflows since its inception. The asset management firm’s Spot Bitcoin ETF had also experienced its highest outflow of approximately $589.9 million on February 29. 

Various factors have contributed to GBTC’s daily outflows, including its exorbitant annual management fee of 1.5%. Compared to all 12 Spot Bitcoin ETFs in the United States (US), Grayscale has the most expensive Spot Bitcoin ETF fee, exceeding even BlackRock, the second largest BTC ETF provider, which has an average annual management fee of 0.25%. 

Some of Grayscale’s outflows were also a result of a reported selling connection with insolvent crypto exchange, FTX and other defunct cryptocurrency companies. FTX had sold about $1 billion worth of GBTC while Genesis, a cryptocurrency brokerage for institutional investors had sold almost 36 million shares in GBTC to purchase 32,041 BTC worth more than $2.1 billion. 

Shiba Inu has scored another major listing as PayPal users within the United States can now buy the dog-themed cryptocurrency through MoonPay, opening up new avenues for adoption and potentially fueling a price increase. 

PayPal Teams Up With MoonPay For Shiba Inu Access

American multinational financial technology company PayPal has made a strategic partnership with MoonPay, a crypto payment platform, allowing US users to access cryptocurrency assets like Shiba Inu. MoonPay made the exciting announcement on X (formerly Twitter), revealing that PayPal can now offer seamless fiat-to-crypto transactions within the US. 

The integration of MoonPay’s services into PayPal marks a significant milestone in the democratization of cryptocurrencies in the US. MoonPay has disclosed that it will allow PayPal users to purchase over 110 cryptocurrencies, including doggy-themed cryptocurrency, Shiba Inu. 

Through the collaboration, millions of users in all 50 states of the US will be exposed to Shiba Inu tokens, presenting a step forward in the cryptocurrency’s vision for mainstream adoption. This could in turn potentially drive up the price of the cryptocurrency as it attracts new investors from different parts of the country. 

Moreover, after the announcement of the partnership, the price of Shiba Inu surged considerably. The cryptocurrency jumped from $0.000022 to $0.000024 in just a day, increasing by 7.72% over the past 24 hours, according to CoinMarketCap. 

MoonPay has outlined the process for users to access its extensive library of cryptocurrencies via PayPal, disclosing that new MoonPay users with a PayPal account can seamlessly conduct online cryptocurrency transactions.

The crypto payment platform disclosed that PayPal users can fund their crypto accounts through different channels including direct bank withdrawal, PayPal balance, and debit card. 

Welcoming the pivotal partnership, MoonPay’s co-founder and Chief Executive Officer (CEO), Ivan Soto-Wright, emphasized the importance of the alliance, aimed at facilitating broader cryptocurrency adoption within familiar ecosystems.

He disclosed that MoonPay’s integration into PayPal underscores the crypto platform’s deep commitment to expanding access to cryptocurrencies through trusted networks.

MoonPay Set To Transform PayPal Crypto Access

Including Shiba Inu, MoonPay will also grant PayPal users within the US access to top cryptocurrencies like Solana (SOL), Ethereum (ETH), Dogecoin (DOGE), Bitcoin (BTC), and others. Additionally, the crypto service platform has revealed that other crypto assets initially available on its platform such as Pepe (PEPE), Cosmos (ATOM), Toncoin (TON), Binance Coin (BNB) and a few more, will not be accessible to US users. 

MoonPay has also revealed key benefits it will be offering PayPal through its crypto services, including flexible payment methods, an extensive variety of cryptocurrencies, seamless onboarding, transactional speed, and other user-friendly features.

Furthermore, the crypto platform has hinted that in the third quarter (Q3) of 2024, it plans to integrate PayPal into its partner networks, expanding opportunities for the adoption of cryptocurrencies like Shiba Inu, which could potentially boost the token’s value. 

Featured image from Pexels, chart from TradingView

The foremost meme coins, Dogecoin (DOGE) and Shiba Inu (SHIB) have recorded significant price gains in the last 24 hours. This upward trend is due to several metrics that signal a bullish outlook for the respective meme coins. 

Dogecoin Sees Increased Interest From Investors

Data from the on-chain analytics platform IntoTheBlock shows that the number of new and active Dogecoin addresses has increased by over 74% and 21% in the last seven days, respectively.

IntoTheBlock further revealed in an X (formerly Twitter) post that over 28,000 new Dogecoin addresses were created on May 2, a 102% increase from its monthly low, set on April 29. 

Market intelligence platform Santiment also highlighted Dogecoin’s network growth in a recent X post, noting that it has seen the second-largest growth in the last six months (only behind Bitcoin). The platform revealed that Dogecoin has seen its number of non-empty wallets increase by 27% to 6.6 million during this period. 

Meanwhile, data from Coinglass shows that trading activity in Dogecoin’s derivatives market has also increased. Specifically, the meme coin’s open interest (OI) funding rate is positive again, currently at 0.0021%. This indicates that the bulls are back and that there is a bullish sentiment towards Dogecoin. 

Further data from Coinglass shows that Dogecoin’s spot trading volume has increased in the last 24 hours. This indicates more investors are accumulating the meme coin ahead of a more parabolic price surge.

This was to be expected as Bitcoinist recently reported that Dogecoin had entered a major accumulation zone, which presented an excellent opportunity to buy the dip.

Shiba Inu’s On-chain Metrics Turn Bullish

Data from IntoTheBlock shows that most of Shiba Inu’s on-chain metrics are bullish again which explains why the meme coin’s price has recently surged.

One of these metrics is large Shiba transactions, which have increased by 3.40% these past few days. This suggests that Shiba Inu whales are currently accumulating the meme coin. These whales play a crucial role and can help drive Shiba Inu’s price higher. 

Shiba Inu’s price also looks to be finally reacting to its fundamentals, which paint a bullish outlook for the meme coin. Bitcoinist recently reported that Shiba Inu’s decentralized exchange (DEX) would now operate on Shibarium (and Ethereum), a development that could fuel leaps in the meme coin’s price. 

From a technical analysis perspective, Shiba Inu also looked well primed for these price gains as crypto analyst Ali Martinez revealed a bull flag that had formed on the meme coin’s chart. The analyst noted that Shiba Inu could experience a breakout, sending its price to $0.000072323.

At the time of writing, Dogecoin and Shiba Inu are trading around $0.1497 and $0.00002473, up over 12% and 7%, respectively, in the last 24 hours, according to data from CoinMarketCap. 

Featured image from  @YOKOKIKUCHI_KS / CATERS NEWS, chart from TradingView

On Wednesday, ETH, the native coin of the Ethereum blockchain experienced a significant rejection at the resistance level of $2,871. Since this rejection, the price of Ethereum has gained a significant upward movement of over 9% and showing signs of even moving further.

At the time of writing, the price is still showing strong signs of moving upward toward the 100-day Simple Moving Average (SMA) and the trendline, both in the 4-hour and the 1-day timeframe. The price of ETH is currently trading around $3,116 and about 0.47% up in the last 24 hours.

A Further Look At The Ethereum Chart With The Following Technical Indicators

100-Day Moving Average and Trendline: As seen in the image below, although the price of ETH is currently moving toward the 100-day simple moving average and the trendline, it is still trading below these two indicators. This means at a certain point, the price of Ethereum could make a possible reversal and continue in its movement toward the downside.

The RSI Indicator: Also observing the chart with the help of the Relative Strength Index Indication (RSI), it shows that the RSI signal line is trending above the 50 line which strongly indicates that the price might still move upward, as seen in the chart.

The 4-Hour MACD Indicator: After a close look at the MACD indicator in the 4-hour timeframe, it can be seen that the MACD histogram has moved above the zero line. Also, the MACD line and the signal line have crossed and are heading toward the zero line. This suggests there may be sustained upward price movement until a potential reversal.

Final Thought On ETH Movement

Based on Ethereum’s previous movement, there are two resistance levels of $3,250 and $3,355, and a support level of $2,819. As the price of Ethereum is moving upward, if it manages to break above the resistance level of $3,250, it might continue to move even further toward the $3,355 resistance level. 

On the contrary, if Ethereum fails to break its previous resistance level, it might reserve and start a move downward toward its previous support level of  $2,819. Should ETH succeed in breaching this level of support, it may descend even further to establish a new low.

Friend.tech, a social media platform built on the Ethereum blockchain, aimed to celebrate the launch of its version 2 protocol with an airdrop of its native token, FRIEND. However, the well-intentioned initiative turned into a cautionary tale, with the token’s price experiencing a dramatic nosedive and user frustration reaching a fever pitch.

Friend.tech: Building A Social Network On Blockchain

Launched in 2023, Friend.tech positions itself as a Web3 social media platform that leverages blockchain technology to foster a more “authentic” and “decentralized” online experience.

The platform utilizes a unique “key” system, where users gain access through exclusive invites. These “keys” are essentially social tokens built on the ERC-20 standard, allowing communities within Friend.tech to establish their own governance and economic structures.

FRIENDly Faux Pas: Airdrop Chaos And Price Plunge

On May 3rd, Friend.tech airdropped FRIEND tokens to its user base in conjunction with the version 2 protocol rollout. Initial excitement was quickly dampened as the token’s price exhibited a dizzying rollercoaster ride. Soaring to a high of $167 shortly after launch, FRIEND then plummeted to a value under $2 within a matter of hours.

“It’s free money bro why is CT upset”

Um, it wasn’t? Users paid $60 million in fees, and $30 million(!!!) of that was extracted by Friendtech.

So collectively, users paid $30m in farming costs for a token that has a liquidity pool of only $3m ETH liquidity… pic.twitter.com/aCrpmVUaNQ

— Average Joe’s Crypto (@AvgJoesCrypto) May 3, 2024

Analysts point to two primary culprits behind the crash: liquidity issues and a sell-off frenzy. Friend.tech’s initial liquidity pool, the readily available funds for buying and selling tokens, appears to have been insufficient to handle the trading volume.

This lack of liquidity meant that even small sell orders had an outsized impact on the price, pushing it down rapidly. Further exacerbating the situation, a significant number of users who received airdropped tokens opted to sell them immediately, likely capitalizing on the initial price spike. This mass sell-off further depressed the price, creating a vicious cycle.

pic.twitter.com/6ejMbaCLXf

— MaxBid24 (@MaxBid24) May 3, 2024

Claiming Challenges Add Fuel To The Fire

Adding insult to injury, the process for claiming airdropped FRIEND tokens reportedly proved cumbersome for many users. Technical glitches and an unintuitive interface hampered the claiming process, leading to user frustration and accusations of a poorly designed launch.

Related Reading: Bitcoin Back In The Bullpen: Whales Spark Rebound With $2.8 Billion Purchase

A Silver Lining, Or A Statistical Mirage?

Despite the initial chaos, there have been some signs of life for FRIEND. Liquidity has improved somewhat, and the number of token holders continues to grow. However, this growth might be misleading.

With the token price so low, the barrier to entry is minimal, potentially attracting new holders who are simply curious or hoping for a rebound. More importantly, the number of sellers continues to outpace buyers, indicating a lack of long-term confidence in the token’s value.

Featured image from Pexels, chart from TradingView

In a concerning turn of events, an anonymous crypto trader has lost approximately $71 million worth of assets in an address poisoning scam. This incident has roused much tension in the crypto ecosystem, underlining the need for improved safety measures.

Trader Loses 1,155 WBTC To Address Poisoning Attack 

According to multiple reports, an unknown trader fell victim to an address-poisoning scam on Friday in which they lost 1,155 Wrapped BTC (WBTC) valued at $71 million wiping off 97% of the victim’s wallet balance.

For context, address poisoning occurs when malicious actors deceive unsuspecting and innocent traders into transferring their cryptocurrencies to a fraudulent address. Usually, these fake addresses are designed via address mining to resemble the original intended address.

Back in August 2023, former Binance CEO Changpeng “CZ” Zhao raised an alert on this type of attack following an attempt to steal $20 million from one of the exchange’s users. CZ explains that these scammers usually commenced an attack by sending our dust transaction and inserting the fake address into the target’s transfer history.

The ex-Binance boss stated that this address manipulation took advantage of the fact that most wallets’ user interface only shows the beginning and end of addresses hiding the middle part. 

In relation to the recent address poisoning incident, Meir Dolev, Founder of blockchain security firm Cyvers, has confirmed that the scammers’ address had the same six characters at the beginning and the end as the original address. 

He also stated that the attackers have now exchanged the stolen WBTC for 22,956 ETH which has been distributed to 10 different wallets. Meanwhile, the scammers’ main address has been branded as “fake” or “phishing” on the Etherscan Explorer to avoid further attacks.

Crypto Losses Fall To $53 Million In April

According to a report by security firm Immunefi, total crypto losses in April 2024 were estimated at $53 million. Of these figures, about $50 million were lost to hacks, while fraud and scams accounted for only $3.03 million. 

Interestingly, While the reported losses for April 2024 are quite weighty, they represent a decline of 60% from the values recorded in March 2024, and importantly a 46% decrease from April 2023.

Nevertheless, the recent address poisoning attack has indicated the need for constant vigilance from investors alongside continuous innovation in terms of blockchain network security. 

Total crypto market valued at $2.261 trillion on the daily chart | Source: TOTAL chart on Tradingview.com