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In an interesting turn of events, the Shiba Inu burn rate has received a massive boost in the last day. This is a welcome change to the slow momentum which the burn initiative had recorded over the last week, proving that the SHIB community is coming back to the table to burn more tokens.

Shiba Inu Burn Rate Picks Up

The Shiba Inu burn was an initiative that begun over a year ago as community members worked to reduce the supply of the meme coin. With a large supply of over 500 trillion, it has posed an hindrance to the coin’s growth, making a rally to $1 an impossible feat at this point. So, in an effort to increase its value, SHIB community members began sending tokens to a burn address.

Since the burn began, there have been steady burns carried out almost daily. Sometimes the burns moved into the billions as the initiative surged. In recent times, participation has been less than encouraging as only small amounts of tokens made it to the burn address each day. However, that is beginning to change as Shiba Inu holders ramp up their burns.

According to the Shiba Inu burn tracking website, Shibburn, the total number of SHIB tokens burned in the last day came out to more than 40 million, one of the highest in recent days. This figure represents a 2,076% jump in the burn rate compared to the prior day.

The burns came from a total of eight wallets with the largest burn in one go being 20 million. Other notable burns include a 16.86 million burn, as well as two burns coming in above 1 million. This has now brought the weekly burn rate to 446.9 million.

How Many SHIB Has Been Burned So Far?

Despite the Shiba Inu burn initiative now being in place for more than a year already, there are still more tokens in circulation compared to the burn figure. This also includes the substantial burn carried out by Ethereum founder Vitalik Buterin who burned around 40% of the supply that was sent to his wallet in 2021.

Out of the total 999,982,361,420,479 SHIB supply, 410,726,050,797,386 SHIB has been burned, which accounts for around 41% of the supply. This still leaves a majority circulating supply of 582,878,431,527,615, with 6,395,517,674,998 staked xSHIB.

These figures put in perspective just how slow the Shiba Inu burn has been going and why there would be a need to ramp up the burn rate if there is to be any meaningful shift in the supply, something that could help in the price recovery.

At the time of writing, the SHIB price is trending low at $0.000025 after falling 8% in the last day. This has brought its market cap down to $14.77 billion but it continues to maintain its position as the 11th-largest cryptocurrency in the space.

In a Brooklyn federal court, a crypto-influencer on social media sites such as Instagram, Jebara Igbara, also known as “Jay Mazini,” was sentenced to 84 months for wire fraud, wire fraud conspiracy, and money laundering. 

According to the United States Attorney’s Office for the Eastern District of New York, Igbara’s schemes resulted in substantial financial losses to unsuspecting investors, amounting to millions of dollars. 

Social Media Deception

According to the investigation, operating under the popular Instagram account name “Jay Mazini,” Igbara utilized his social media presence to portray a false image of wealth. 

Igbara posted videos in which he appeared to distribute large sums of cash to various individuals as gifts. However, it was revealed that behind this “facade,” Igbara was running multiple fraudulent operations, defrauding investors of at least $8 million.

Igbara has been ordered to forfeit $10 million as part of the sentencing. The exact amount of restitution owed to the victims will be determined later. Breon Peace, the United States Attorney for the Eastern District of New York, stated: 

The prosecution of Igbara unmasked him as a fraudster who used his social media popularity to con investors out of millions of dollars. Shamefully, he targeted his own religious community, taking advantage of their trust in him so he could spend and gamble their hard-earned money. Hopefully today’s sentence will influence fraudsters, like this defendant, to think twice about the consequences before they victimize investors for their own benefit.

False Promises And Fake Crypto Schemes

Per the investigations conducted by the US Attorney’s Office for the Eastern District of New York, from 2019 to 2021, Igbara maintained a significant social media presence on Instagram, amassing nearly one million followers. 

Presenting himself as a prosperous investor and businessman, he also incorporated elements of his Muslim faith into his posts to portray himself as devout and trustworthy. 

Videos on Igbara’s account showcased him distributing cash to unsuspecting individuals in grocery stores, fast food restaurants, and even to a woman he encountered at the airport who had lost her purse.

Igbara’s fraudulent activities primarily revolved around a company named Halal Capital LLC, through which he perpetrated an investment fraud scheme. 

Igbara promised investments in stocks, electronics resale, and personal protective equipment sales by soliciting funds from members of the Muslim-American community in New York. 

Igbara operated a Ponzi scheme, using most of the funds for personal expenses, luxury vehicles, and gambling. To maintain the illusion of legitimacy and keep investors engaged, he executed a second fraudulent scheme by offering to pay above-market prices for various crypto assets on his social media accounts. 

Victims would then receive manipulated images of wire transfer confirmations, falsely indicating that Igbara had sent payment for the promised crypto when, in fact, he had stolen the funds.

IRS-CI Special Agent-in-Charge Fattorusso described Igbara as a “crypto con man” who not only created a false online persona to deceive victims into investing in his schemes but also exploited his Instagram presence as evidence of his success. 

Fattorusso highlighted that Igbara callously scammed the New York Muslim community out of millions, spending and gambling away their money “without remorse.”

Featured image from Shutterstock, chart from TradingView.com

BONK, a Solana meme token, recently went on a surge that saw it pushing weekly gains above 70% after community members voted in favor of a burn proposal. Recent market dynamics have seen the value of BONK, along with the majority of meme coins falling in April. BONK, in particular, witnessed a 70% plunge in trading volume earlier in the month, a direct consequence of the waning interest at the time.

However, the recent conclusion of the Bitcoin halving event has seen BONK surging in the past week. Interestingly, this surge was intensified after a recent announcement of BONK burns and a listing on Revolut.

BONK Rallies After Burn Votes

According to a social media post by the BONK Decentralized Autonomous Organization (DAO), members of the BONK communities voted in favor of burning 278 billion BONK tokens to mark a historic event for the crypto. As a DAO, anyone who holds BONK tokens can participate in decision-making by voting on proposals. 

The BONK DAO community proposal to BURN 278,393,137,215B BONK has passed via council vote.

With almost 5% of the supply in https://t.co/UN7NfId560 we are excited to integrate Armada and Realms to allow for community governance and voting with that BONK in the future! pic.twitter.com/N3D8fjneEP

— BONK DAO (@bonk_dao) April 24, 2024

The DAO noted that the proposal received over 418 billion votes in favor of the burn, which represented 99.9% of votes received. Interestingly, these tokens presented for burning were from the revenue received by the BONK DAO for BONKBot since its launch.

In another announcement, the BONK team announced on social media the listing of BONK on the Revolut app. This listing meant BONK will now be easily available to Revolut users in the European Union and other eligible countries. Although it is still only a meme coin, more exchange listings are likely on the horizon. Each new exchange brings greater access, visibility, and legitimacy to BONK.

In reaction to the announcement, the BONK price went on a 40% price surge from $0.00002011 to $0.00002829 in less than 24 hours, one of its biggest price increases this year.

What’s Next For BONK?

Looking forward, the overwhelming amount of votes in favor shows the current sentiment among BONK holders. With over 99% of BONK holders voting in favor of a massive coin burn, it’s clear the community has faith in this meme coin’s future. While the voting and Revolut announcement led to a price surge for BONK, the crypto has since reversed and is now on an 8% correction in the past 24 hours. 

At the time of writing, BONK is trading at $0.00002463, meaning the 278 billion tokens slated for burns are worth approximately $6.85 million. The crypto, however, is still up by 78% in the past seven days and is currently leading the meme coin market and Solana-based cryptocurrencies in terms of gains. DOGE, SHIB, PEPE, WIF, and FLOKI are up by 2.5%, 13.1%, 50%, and 20% respectively in the same time frame.

Технический директор американской венчурной компании Andreessen Horowitz сравнил покупку мемных токенов с рискованными играми в казино.

On Wednesday, the Bitcoin industry was rocked by the arrest of Keonne Rodriguez and William Lonergan Hill, the CEO and CTO of the crypto mixer service Samourai Wallet. The US Department of Justice (DOJ) levied serious charges against them, including money laundering and unauthorized money transfers, with allegations pointing to over $2 billion in unlawful transactions processed through Samourai Wallet, including “over $100 million in criminal proceeds.”

This incident has not only stirred concerns within the community but has also sparked an intense discussion on the future of privacy and regulation in the digital currency space.

Why Every Bitcoin User Must Care About The Case

Ari Paul, CIO and Founder of BlockTower Capital, offered an insightful analysis on the broader implications of the case. He described the government’s pursuit of control over financial transactions as an extension of its desire for seigniorage rights—the profits gained from issuing currency.

“States desperately want control over money almost as much as they want seignorage rights. […] Anything that challenges this *at scale* will be backdoored or shut down. If you want to challenge the state on either, [you] have to be ready and able to win a “war.” I.e. real decentralization as a starting point,” Paul explained.

According to Paul, the ongoing situation suggests that states will likely attempt to establish extensive “whitelist” frameworks for managing assets outside their direct control, indicating a foundational strategy shift toward handling decentralized assets.

Edward Snowden, the renowned whistleblower, condemned the DOJ’s actions, suggesting that the case against Samourai Wallet is a broader assault on the right to financial privacy. “The Department of ‘Justice’ has once again criminalized the developers of an app that restores financial privacy,” Snowden stated, emphasizing the necessity of default financial privacy.

“Privacy must never be ‘exceptional,’ or they will make it criminal,” he remarked, highlighting a crucial debate over the intrinsic right to private transactions in a surveillance-prone age.

Ki Young Ju, CEO of CryptoQuant, focused on the legitimacy of crypto mixing technologies, defending their use as a privacy-preserving tool rather than a facilitator of illicit activities. “Privacy stands as a core value of Bitcoin. Mixing itself is not a crime,” Ju asserted, pointing out that even regulated crypto exchanges utilize mixing services to enhance user privacy.

He argued against the criminalization of technology tools based on misuse by individuals, akin to blaming the maker of a knife for a stabbing.

Akin Fernandez, the owner of London-based Bitcoin voucher service Azteco, drew parallels between the Samourai case and historical legal battles that have shaped the digital landscape, such as Bernstein v. United States. Fernandez underscored that at its essence, Bitcoin involves “math being performed in computers” and should be protected as free speech.

He passionately argued for Cryptocurrency Open Patent Alliance (COPA) to intervene, suggesting that failure to defend Samourai Wallet could open “floodgates” for broad misapplication of monetary laws to all Bitcoin operations. “Everything you do in Bitcoin is protected speech,” Fernandez declared, emphasizing the constitutional underpinnings that he believes should protect such technological expressions.

He concluded, “Everything you do in Bitcoin is protected speech. If you believe that this event applies only to ‘mixing’, you are mistaken. The simple act of ‘moving’ Bitcoin from one address you are known to control and are registered with, to another address that is an ‘unregistered Bitcoin address’ could be construed as a criminal act in the future if COPA don’t kill this. And I hope they kill it. With fire.”

Thus, the Samourai Wallet case not only challenges the Bitcoin community but also tests the boundaries of legal frameworks around technology and privacy. It represents a defining moment that could dictate the future of digital rights, privacy in financial technologies, and the balance between innovation and regulation.

At press time, BTC traded at $63,521.

Anticipation and uncertainty intertwine as US issuers brace for potential disappointment in their bid to launch exchange-traded funds (ETFs) linked to the price of Ethereum. Recent interactions with the US Securities and Exchange Commission (SEC) have left these firms with a lingering sense of pessimism, indicating a rocky path ahead for Ether-based financial products, according to a report by Reuters.

Discouraging Meetings With SEC

Meetings between issuers and the SEC have yielded little reassurance, as agency staff refrained from engaging into substantive discussions about proposed Ethereum ETFs. These encounters stand in stark contrast to the detailed dialogues that preceded the approval of spot bitcoin ETFs earlier this year.

Sources familiar with the discussions, who chose to remain anonymous due to the private nature of the talks, revealed a one-sided exchange with the SEC, leaving issuers in a state of apprehension regarding the fate of their applications.

Setback For Ethereum Industry

The looming possibility of SEC rejection casts a shadow over the Ethereum industry, which had pinned hopes on the approval of spot bitcoin ETFs as a precursor to broader acceptance of cryptocurrency-based financial instruments. The setback underscores the challenges faced by the crypto and its peers in gaining mainstream recognition as viable investment assets.

Uncertain Regulatory Landscape

Industry experts speculate that approval for Ethereum ETFs could be delayed significantly, extending well into 2024 or beyond, as regulatory ambiguity clouds the path forward. Despite the gloomy outlook, some issuers remain determined to persevere, indicating their intent to submit additional disclosure paperwork to the SEC in a bid to prolong the dialogue.

Ethereum’s Price Outlook

The anticipation of a negative outcome from the SEC reverberates through Ethereum’s price trajectory, with the cryptocurrency experiencing downward pressure compared to its more prominent counterpart, Bitcoin.

While Ethereum has seen a modest 35% increase in value this year, it struggles to keep pace with Bitcoin’s 48% surge and recent record-breaking performance, reflecting market sentiment regarding the regulatory hurdles it faces.

Legal Challenges On The Horizon

In the event of an SEC rejection, industry insiders suggest the possibility of legal recourse, potentially leading to Ethereum ETFs’ eventual approval through judicial intervention. Such a scenario would mark a pivotal moment in the intersection of cryptocurrency and regulatory oversight, setting precedents for future financial products tied to digital assets.

The wider cryptocurrency community is keeping a close eye on regulatory factors that are continuing to reshape the digital asset investing landscape, even in the middle of the uncertainties surrounding Ethereum ETFs.

Featured image from Pexels, chart from TradingView

25 апреля 1993 года состоялся всероссийский референдум под лозунгом «Да-Да-Нет-Да», проведённый для демонстрации массовой поддержки политики первого президента РФ Бориса Ельцина. А в этот же день в 2007...

American multinational investment bank, Morgan Stanley is reportedly exploring the possibility of allowing its extensive brokers to recommend Spot Bitcoin Exchange Traded Funds (ETFs) to clients.

Morgan Stanley To Recommend Spot Bitcoin ETFs

Morgan Stanley is considering permitting its 15,000 brokers to advocate for customers to invest in Spot Bitcoin ETFs, according to two senior executives acquainted with the company’s plans. This move could mark a pivotal moment between traditional financial institutions and the cryptocurrency industry. 

Historically, the banking sector has repeatedly exhibited caution regarding crypto-related products. However, with Morgan Stanley, one of the biggest financial institutions potentially endorsing Spot Bitcoin ETFs, it may bring in a wealth of opportunities for both sectors. 

The Spot Bitcoin ETF market could see renewed energy and capital inflows from the millions of clients under Morgan Stanley. Currently, this investment company allows its customers to purchase Spot Bitcoin ETFs, albeit solely on an unsolicited basis. This essentially implies that customers interested in these digital assets must initiate discussions with their advisors before investing, rather than advisors actively recommending the products.

While Morgan Stanley is contemplating endorsing Spot Bitcoin ETFs, no details regarding the timeline of this potential development have been disclosed. Furthermore, if Morgan Stanley processes soliciting investments into Spot BTC ETFs, it could become the first investment bank to do so.

This expansion may fuel a massive wave of demand for Spot BTC ETFs, while also bolstering the confidence of other institutional players, including Wells Fargo and Merrill Lynch. Additionally, it may expose the cryptocurrency industry to new investors, paving the way for broader acceptance of digital assets within the traditional finance sector. 

Morgan Stanley To Employ Risk Measures For BTC ETFs

Morgan Stanley has disclosed several guidelines and risk management measures it plans to implement before allowing solicited purchase or investment of Spot Bitcoin ETFs. The American investment bank has revealed plans to establish “guardrails” aimed at managing and minimizing risks associated with Spot BTC ETFs.  

Related Reading: Analyst Says Dogecoin Will Outperform Bitcoin This Cycle, Here’s Why

According to Morgan Stanley, the guard rails will serve as important structural frameworks for brokers when advising clients on investing in Spot Bitcoin ETFs. Some of these guidelines include risk tolerance, trading frequency restrictions and allocation limits. 

These measures strive to safeguard clients and keep them well informed of the necessary information and risks involved in investing in a volatile market. An executive from the bank has also revealed that the introduction of solicited Spot Bitcoin ETFs would be conducted in a careful and controlled manner, ensuring universal access to them.

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