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Генеральный директор торговой платформы eToro Йони Эйша считает, что перевод физических активов на блокчейн позволит капитализации криптовалютного рынка превысить $100 трлн.

The Ultimate Fighting Championship (UFC) has landed a heavyweight deal with VeChain, a blockchain logistics firm, in a five-year partnership to the tune of $100 million. This history-making agreement marks UFC’s first-ever top-level blockchain partnership, while VeChain gains a powerful platform to reach fight fans around the world.

UFC Flexes Financial Muscle

This strategic alliance injects a significant revenue boost for UFC, exceeding their previous sponsorship records according to UFC’s senior vice president of global partnerships, Paul Asencio. The deal also positions the MMA giant at the forefront of a burgeoning trend, as the cryptocurrency and blockchain industry continues its meteoric rise.

VeChain Poised For Global Exposure

For VeChain, the partnership presents a golden opportunity. Their brand will be thrust into the global spotlight, reaching an estimated 900 million television households across 175 countries.

This unprecedented exposure will be amplified through prominent placement within UFC events, including branding on the iconic Octagon canvas and digital displays. The blockchain firm will also co-create content with UFC for their digital platforms, further solidifying their presence in the combat sports landscape.

A Deeper Dive Into The Partnership

This partnership goes beyond simple logo placements. VeChain’s branding will be woven into the very fabric of UFC events. The “official blockchain partner” will see their logo displayed prominently within the Octagon, the center stage for all UFC fights. This constant visual reminder will serve as a powerful marketing tool for VeChain, keeping their name at the forefront of fight fans’ minds.

The partnership extends beyond branding and content creation. An annual “Brand Ambassador Fund” will offer paid opportunities for UFC athletes to participate in VeChain marketing initiatives. This innovative approach leverages the immense popularity of UFC fighters to further amplify the company’s reach and connect with a passionate fanbase.

Not UFC’s First Crypto Dance

This isn’t UFC’s first foray into the world of cryptocurrency. They previously partnered with Crypto.com, a leading crypto exchange, which resulted in fan bonuses being awarded in Bitcoin. Additionally, UFC collaborated with NFT creator Dapper Labs to release a series of officially licensed non-fungible tokens (NFTs).

These ventures demonstrate UFC’s willingness to embrace innovative technologies and explore new revenue streams within the ever-evolving financial landscape.

The partnership signifies a pivotal moment in the convergence of professional sports and blockchain technology. As VeChain leverages UFC’s massive global audience, this deal has the potential to not only propel VeChain’s brand recognition but also educate fight fans about the possibilities of blockchain technology.

Featured image from UFC, chart from TradingView

Депутат Госдумы РФ от фракции СПРАВЕДЛИВАЯ РОССИЯ - ЗА ПРАВДУ, экономист Михаил Делягин отвечает на вопросы подписчиков Ведущий: Роман Шахов Радио АВРОРА на Boosty: https://boosty.to/radio_aurora ...

After orchestrating a series of hacks on two decentralized cryptocurrency exchanges (DEXs) that stole more than $12 million worth of crypto, former security engineer Shakeeb Ahmed was sentenced today to three years in prison, this is the first-ever smart contract hacking conviction in the US. 

Ahmed was also ordered to forfeit the stolen crypto and pay restitution to the affected exchanges.

Engineer Exploits Crypto Vulnerabilities In $12 Million Hacks

According to charging documents and court filings, Ahmed conducted two separate attacks on decentralized exchanges. In the first incident, which took place on July 2 and 3, 2022, he manipulated fake pricing data to generate approximately $9 million in inflated fees. Subsequently, Ahmed withdrew these fees in the form of cryptocurrency. 

Following the theft, Ahmed communicated with the exchange, offering to return the stolen funds, except $1.5 million, if the exchange did not involve law enforcement.

Shortly after, on July 28, 2022, Ahmed targeted another decentralized exchange called Nirvana Finance. Exploiting a vulnerability in Nirvana’s smart contracts, he purchased crypto assets at a lower price than intended and promptly resold them back to Nirvana at a higher price. 

Despite Nirvana offering a substantial “bug bounty” of up to $600,000 for the return of the stolen funds, Ahmed demanded $1.4 million. This led to the collapse of the exchange, which had lost all its possessed funds, approximately $3.6 million, due to Ahmed’s attack.

From Security Expert To Cybercriminal

The investigation revealed that Ahmed used “advanced money laundering techniques” to conceal the source and ownership of the stolen funds. 

These included token swap transactions, transferring fraud proceeds from the Solana (SOL) blockchain to the Ethereum (ETH) blockchain through “bridging,” converting the funds to Monero, and then using overseas exchanges and cryptocurrency mixers such as Samourai Whirlpool.

Ahmed, a US citizen, held a senior security engineer position at an international technology company at the time of the attacks. His resume showcased expertise in reverse engineering smart contracts and conducting blockchain audits, skills that he utilized to execute the hacks. 

In addition to the three-year prison term, Ahmed was sentenced to three years of supervised release. He must forfeit approximately $12.3 million, including a significant amount of cryptocurrency, and pay the affected exchanges over $5 million in restitution. Commenting on Shakeeb Ahmed’s sentencing, US Attorney Damian Williams said 

Today, Shakeeb Ahmed was sentenced to prison in the first-ever conviction for the hack of a smart contract and ordered to forfeit all of the stolen crypto.  No matter how novel or sophisticated the hack, this Office and our law enforcement partners are committed to following the money and bringing hackers to justice.  And as today’s sentence shows, time in prison — and forfeiture of all the stolen crypto — is the inevitable consequence of such destructive hacks.

Featured image from Shutterstock, chart from TradingView.com

According to local reports, the Australian Securities and Investment Commission (ASIC) has started legal procedures against two crypto companies and their directors for operating unlicensed in the country. Allegedly, the companies participated in an elaborate scheme that resulted in the loss of AU$ 160 million, worth $104 million, from investors.

ASIC After Unlicensed Mining Companies

The Australian regulator commenced civil procedures against the NGS Group companies and their directors, Brett Mendham, Ryan brown, and Mark Ten Caten. The NGS Blockchain crypto mining companies include NGS Crypto, NGS Digital, and NGS Group.

ASIC alleges that the NGS companies targeted Australian investors to acquire blockchain mining packages with a fixed-rate return. The regulator also accuses the companies of allegedly encouraging investors to use self-managed super funds (SMSFs) and convert the money into crypto.

According to the NGS Crypto website, the company was formed in 2018 as a blockchain firm. As part of the NGS Group, the firm “aims to help members generate consistent returns.”

The Australian regulator stated in their press release that these financial services are being provided without the proper licensing. Due to this, ASIC is seeking “interim and final injunctions against the NGS Companies.”

 ASIC Chair Joe Longo urged Australian users to consider the risks involving self-managing the SMSFs before using the funds to invest in crypto-related investment products like those offered by the NGS Group.

Moreover, ASIC’s Chair warned the industry about the regulator’s standard to scrutinize crypto products:

These proceedings should also send a message to the crypto industry that products will continue to be scrutinised by ASIC to ensure they comply with regulatory obligations in order to protect consumers.

The Australian regulator applied to the Federal Court to designate liquidators responsible for the companies’ digital assets. The request was made because the regulator believed the investor’s assets were “at risk of dissipation.”

On Wednesday, the court approved the request and prevented Mendham from leaving the country. The preliminary investigations revealed that over 450 Australians invested AU$62 million, approximately $41 million, through the NGS Companies.

Crypto Funds Busted For Irregularities

Similarly, over 100 investors are owed over AUD$ 100 million, around $64.6 million, by the now-collapsing DCA Capital, Digital Commodity Assets, and the Digital Commodity Assets Fund.

Recently, investigations started after investors denounced the crypto funds operated by Ash Balanian, an alleged former NASA mission scientist. As a result, liquidators were appointed to the three companies managed by Balanian.

Per the report, the fund was geared at wealthy investors, requiring a minimum deposit of AU$ 50,000. Investors discovered irregularities in the fund’s management, which resulted in the authorities’ involvement.

Numerous investors were concerned as they considered that the funds failed to hold the required licenses and “breached managed investment scheme requirements.”

On Wednesday, the Australian Federal Court ordered the freezing of Balanian’s assets, worth AU$55 million, and the crypto fund manager to hand over his passport.

On-chain data shows that Litecoin’s long-term holders have achieved a new record: 62.5% of all LTC investors now qualify as these HODLers.

There Are Now More Than Five Million Litecoin Long-Term Holders

According to data from the market intelligence platform IntoTheBlock, the LTC network recently reached a new milestone in terms of its long-term holder count.

The “long-term holders” (LTHs) here refer to Bitcoin investors who have held their coins for more than a year without moving or selling them. Note that IntoTheBlock chose this cutoff; other analytics firms have an LTH threshold between 5 and 6 months.

Statistically, the longer an investor holds onto their coins, the less likely they become to sell at any point. As such, the LTHs, who hold for relatively long periods, are considered to carry a strong resolve.

Historically, the LTHs rarely show selling activity, regardless of whatever happens in the rest of the market. The fickle-minded part of the sector that holds for relatively low timespans is called the short-term holder (STH) group.

Participating STHs in selloffs isn’t uncommon; it happens whenever significant volatility emerges, whether in the form of a rally or crash. On the other hand, it can be a notable event when the LTHs sell.

One way to track the behavior of the LTHs is through the total number of addresses that qualify for the cohort. Below is the chart shared by the analytics firm that reveals the trend in this metric for Litecoin since the start of the year.

As displayed in the above graph, the number of Litecoin LTH addresses has grown significantly over the last few months and has now reached the 5 million mark.

This means that more than five million LTC wallets haven’t made any move since at least a year ago. This corresponds to 62.5% of all addresses on the blockchain currently carrying some non-zero balance.

This is a significant amount and suggests that most of the holder base has been interested in HODLing the cryptocurrency. Naturally, supply staying locked in the wallets of these diamond hands can be bullish due to how supply-demand dynamics tend to play out.

Remember that any increases in the LTH addresses don’t imply that HODLers are currently buying Litecoin. Rather, it suggests that some investors acquired coins a year ago, and they have only now been able to qualify for the group.

Thus, the metric has a delay of 1 year attached between when accumulation happened and when it registers an increase. Selling doesn’t carry the same restriction, as investors are immediately ejected from the cohort if they transfer their coins on the network.

LTC Price

Litecoin has continued to trade inside a range recently, as its price is currently floating around $95.

The Ethereum (ETH) community has continued to eagerly await news on approving a spot Ethereum Exchange-Traded Fund (ETF) slated to occur by May.

However, as the US Securities and Exchange Commission (SEC) maintains a conspicuous silence on the matter, speculation has risen on the likelihood of the approval.

This speculation is further fuelled by the scarcity of concrete details regarding the approval process, leaving investors and enthusiasts worried and anticipating.

Bitcoin Maxi Weighs In Ethereum Spot ETF Approval

In the spot Ethereum ETF debate, notable voices from the cryptocurrency space have offered their perspectives.

Renowned Bitcoin maximalist and advisor to the president of El Salvador, Max Keiser, has recently expressed skepticism regarding the SEC’s cautious approach to approving an Ethereum ETF.

Keiser, known for his staunch advocacy of Bitcoin and skepticism towards alternative cryptocurrencies, dismissed Ethereum as a “proof-of-stake scam,” suggesting it lacks the regulatory backing necessary for SEC approval.

The SEC is right not to approve an Ethereum (ETH) ETF

It’s a proof-of-stake scam that fails on all requirements the SEC would look for. https://t.co/nLz8boTGtW

— Max Keiser (@maxkeiser) April 11, 2024

Keiser’s sentiment echoes that of Bloomberg’s Senior ETF Analyst, Eric Balchunas, who also recently shared a conservative outlook on the likelihood of an ETH spot ETF receiving regulatory approval.

Balchunas estimated the chances of approval at a mere 25%, further fueling uncertainty surrounding the prospect of an Ethereum ETF.

Re Eth ETF approval, we are holding the line at 25% odds altho tbh it is a very pessimistic 25%. The lack of engagement seems to be purposeful vs procrastination. No positive signs/intel anywhere you look. Personally hope they do approve it but it just ain’t looking good. https://t.co/nuBdCDE18L

— Eric Balchunas (@EricBalchunas) March 25, 2024

Additionally, VanEck CEO Jan Van Eck expressed anticipation of a potential rejection of their Ethereum ETF application, citing prolonged regulatory reviews and lack of clarity from the SEC.

Spot ETH ETF Gains Regulatory Interest Overseas

Amidst the uncertainty surrounding the US SEC’s stance on Ethereum ETFs, reports suggest a contrasting regulatory environment in Hong Kong.

According to Bloomberg, Hong Kong regulators may soon approve exchange-traded funds investing directly in Bitcoin and Ethereum, signaling a potential shift in global regulatory attitudes towards cryptocurrency investment products.

If approved, these ETFs could offer investors new avenues for exposure to the digital asset market. Several firms are poised to launch ETFs pending regulatory clearance from the Securities and Futures Commission.

Among the prospective issuers awaiting approval are international arms of Chinese asset manager Harvest Fund Management Co. and a partnership between Bosera Asset Management (International) Co. and HashKey Capital.

Upon receiving regulatory approval, these firms have indicated their intent to launch ETFs investing in BTC and ETH, highlighting the growing demand for cryptocurrency investment products in global markets.

Featured image from Unsplash, Chart from TradingView

John Deaton, a pro-XRP lawyer and crypto advocate, is running for a seat in the US Senate against Elizabeth Warren, known for her skepticism on cryptocurrencies, when US regulators are stepping up their enforcement actions and crackdowns on the crypto industry.

Notably, Deaton’s campaign has gained significant support from industry leaders, indicating a growing demand for change in crypto regulation frameworks and a shift in approach towards the industry.

Crypto Industry Backs Pro-XRP Lawyer’s Senate Campaign

According to a local report from Boston, Deaton, running as a Republican candidate, has personally loaned his campaign $1 million, showcasing his commitment to his uphill battle against Senator Warren. 

Since announcing his candidacy in mid-February, Deaton has also raised $360,690 from individual contributors, leaving him with nearly $1.4 million cash on hand. 

According to the Federal Election Commission, Deaton outraised Warren in the race’s first quarter, with Deaton raising a total of $1.36 million to Warren’s $1.1 million.   

Notable donations have come from influential figures such as Charles Hoskinson, co-founder of Ethereum; Anthony Scaramucci, former communications director for Donald Trump and vocal crypto investor; and Cameron and Tyler Winklevoss, co-founders of Gemini exchange.

Ripple CEO Brad Garlinghouse and the company’s executive chairman and co-founder, Chris Larsen, also contributed the maximum $6,600 each, split between the primary and general election campaigns, underscoring Deaton’s support from key industry players. 

However, it should be noted that Deaton faces a challenging campaign against Warren, who has a significant financial advantage with $4.4 million in her campaign war chest. This solidifies her position as the “heavy favorite” to win the Senate battle against the pro-XRP attorney in what is considered a “reliably blue state.”

High-Stakes Senate Race

A spokesperson for Warren emphasized that her campaign is powered by “small-dollar donations,” emphasizing grassroots support rather than “special interests attempting to elevate candidates.” 

Nevertheless, Deaton’s challenge against Warren extends beyond a political rivalry, representing the ongoing debate surrounding the role of cryptocurrencies and their regulation in the United States. 

Deaton has previously stated, “Regular people are sick and tired of different rules being applied to Washington insiders. We need real leadership in Washington, DC.”

Deaton, an ex-US Naval officer from Detroit who attended Eastern Michigan University and New England Law Boston, moved to Massachusetts from Rhode Island in late January, shortly before he announced his Senate candidacy. 

While Warren’s record of service and establishment support pose significant challenges, the crypto industry’s endorsement and call for change, coupled with the growing adoption of cryptocurrencies, gives Deaton significant leverage in his campaign. 

The outcome of this high-profile race will not only determine a political representative but also shape the future of cryptocurrency regulation in the United States.

As of this writing, XRP is trading at $0.59, marking a significant drop in value over the past month. The cryptocurrency has seen losses of up to 12.4% over the past 30 days.

Featured image from iStock, chart from TradingView.com

The Dogecoin price has continued to trend around the $0.19-$0.2 level after encountering significant resistance from the bears at this level. This has caused a suppressed price action over the last week, stopping the meme coin’s advancement in its tracks. However, the outlook still remains bullish for the DOGE price, with crypto analysts expecting the rally to continue soon and the price to double.

Dogecoin Forms Bull Flag Pattern

The Dogecoin performance over the past month has been quite encouraging, and despite hitting a roadblock with its rally, it has continued to show bullish tendencies. The most recent of the bullish moves which the meme coin has pulled is the formation of a bull flag pattern on its chart.

Crypto analyst Trader Tardigrade revealed in an X (formerly Twitter) post that the cryptocurrency’s chart had showed something interesting on the daily chart. According to the analysis, the movements that Dogecoin has made over the last few weeks has led to a bull flag formation on the daily chart.

Now, the main driver of the rally that is supposed to follow this formation is the DOGE price breaking out from the bull flag, which is yet to happen. But as the crypto analyst explains, a breakout from here would send Dogecoin’s price at least 2x higher than its current level.

A successful break above the $0.205 level would confirm this bullish formation. However, DOGE has been unable to achieve this, still trading below $0.2 at the time of writing. This could also be a hard-won battle for the meme coin as Bitcoin’s uncertain moves continue to drag the crypto market down.

When Will DOGE Make This Move?

The month of April is expected to be bullish for the Dogecoin price, and the crypto analyst’s price shows this. The expected timeframe for the bullish breakout is sometime this month, which would put it in the next few weeks. Trader Tardigrade’s target shows an over 100% increase from the current price level, reaching as high as $0.4 in the short term.

This move could be spurred on by the Bitcoin halving happening this month, which is expected to propel bullish sentiment. Expectations for the Bitcoin price are that it will reach $80,000, and this move would no doubt pull up the rest of the crypto market, causing coins like Dogecoin to surge.

At the time of writing, the DOGE price was trending at $0.19, with a 1.61% decrease in the last 24 hours. However, on the weekly time frame, its price is up 14%, coming in second to Toncoin (TON) for the best performer in the top 10.

A recent financial report from Streami, the parent company of Gopax, revealed that the South Korean cryptocurrency exchange experienced significant revenue growth and a notable reduction in net losses in 2023.

Gopax’s Revenue Surge And Net Loss Reduction

Despite challenges related to liquidity issues and regulatory scrutiny, Gopax narrowed its net loss to 51.3 billion Korean won ($37 million) last year, compared to 90.6 billion won in the previous year.

The financial report further showcased Gopax’s notable performance in 2023, with a roughly 97% year-over-year growth in revenue, reaching 3.1 billion won. Additionally, the exchange reduced its net operating loss by 78% to approximately 17 billion won.

As reported, these positive results were largely attributed to the resurgence of bullish sentiment in the South Korean crypto market, which emerged as one of the “most active” crypto markets globally in 2023.

Despite its revenue growth, Gopax encountered notable hurdles, particularly regarding its association with Genesis Global Capital, which had a subsequent halt of withdrawals stemming from a liquidity crisis associated with its involvement in FTX in 2022.

The situation resulted in substantial losses for Gopax, with funds from its GoFi-linked debt stuck in Genesis Global Capital, totaling 63.7 billion won. However, Binance, Gopax’s major shareholder, stepped in to address liquidity issues and “acquired” the exchange in February 2023, aiming to penetrate the South Korean market.

According to the report, Binance’s acquisition positioned the global exchange as the largest shareholder in Gopax, holding a 67.45% stake.

Binance’s Global Challenges And Resilience

However, Binance itself has been navigating regulatory challenges from several corners globally. Among these challenges is the $4.3 billion fine settlement with the US Department of Justice and even the crackdown from the Nigerian government.

Additionally, the crypto exchange has recently faced a ban from the Philippines Securities and Exchange Commission (SEC). As reported, the SEC’s decision was based on Binance’s failure to obtain the necessary license from the commission to operate as an investment and trading platform in the region.

SEC Chairman Emilio Aquino noted:

The SEC has identified the aforementioned [Binance] platform and concluded that the public’s continued access to these websites/apps poses a threat to the security of the funds of investing  Filipinos.

In response to these regulatory hurdles globally, Binance’s CEO, Richard Teng, recently outlined a new strategy focused on addressing “cultural issues” and “enhancing compliance efforts.”

Notably, despite all of these challenges Binance has faced recently, the exchange’s native token, BNB, has maintained its trading value above $600, boasting green days up by 6.6% in the past 7 days and 2.2% in the past 24 hours with a current market price of $612.

Featured image from Unsplash, Chart from TradingView

Since the Spot Bitcoin Exchange-Traded Funds (ETFs) were approved, market experts have continued to give their opinions on the possibility of other crypto ETFs, such as an XRP ETF launching soon. Ripple’s CEO Brad Garlinghouse has now joined the conversation, as he recently commented on whether or not the market could witness other crypto funds soon enough. 

“There Will Be Other ETFs”

Garlinghouse mentioned during an appearance at the Paris Blockchain Week that he “thinks there will be other ETFs.” However, he added that this will take “a little bit of time” because of the Securities and Exchange Commission’s (SEC) reservations about crypto assets. The Commission is known for its enforcement actions against several crypto projects, including Ripple.

Meanwhile, Garlinghouse further suggested that XRP would be among those crypto assets with its ETF when the time comes, as he noted that XRP and Bitcoin were the only crypto tokens with regulatory clarity. XRP achieved this status following Judge Analisa Torres’s ruling that the crypto token wasn’t a security. 

Unlike Garlinghouse, some other market experts haven’t sounded optimistic about whether an XRP ETF could come soon. Van Buren Capital’s general partner, Scott Johnsson, mentioned that the SEC’s likelihood of approving an XRP ETF is “very slim.” He further opined that Gary Gensler will need to be replaced before the SEC can approve an XRP ETF.

Ark Invest’s CEO Cathie Wood also once predicted that there would only likely be Bitcoin and Ethereum Spot ETFs in the US, thereby shoving aside the idea of an XRP ETF. Back then, she mentioned that it would be surprising to see “anything but Bitcoin and Ether being approved by the SEC,” possibly due to the SEC’s non-recognition of other crypto assets besides those two.

What Needs To Happen Before An XRP ETF Can Launch

In addition to the SEC’s reservations about the XRP token, Bloomberg analyst James Seyffart highlighted another factor that could impede the launch of an XRP ETF. He stated that the absence of XRP on a regulated market like the Chicago Mercantile Exchange (CME) makes it more unlikely for the SEC to approve an XRP ETF. 

His comment relates to the fact that the SEC previously rejected the applications for a Spot Bitcoin ETF on the grounds that they were susceptible to market manipulation. However, in the Grayscale case, the court ruled that the spot and futures markets were correlated. This paved the way for the subsequent approval of these funds since Bitcoin futures were already listed on the CME.

Therefore, the potential listing of XRP futures on the CME could also pave the way for XRP ETFs since issuers can argue that the CME, being a regulated market, can help prevent market manipulation. 

In a significant development, HashKey Group, the operator of one of the two licensed cryptocurrency exchanges in Hong Kong, has announced a collaboration with The Open Network (TON), the blockchain operator created by Telegram Messenger. 

According to a South China Morning Post report, the partnership aims to allow users in the Asia-Pacific region to exchange their Toncoin for cash, creating an on-ramp and off-ramp for the cryptocurrency. 

The agreement also encompasses the joint exploration of new ecosystem projects, mentorship opportunities, networking, and other incubation activities, as the Open Network Foundation announced.

TON Foundation Prioritizes Compliance 

The Foundation was established following Telegram’s decision to abandon its TON blockchain due to a settlement with the US Securities and Exchange Commission (SEC) in 2020. 

Despite this setback, the foundation has continued to develop the blockchain and integrated it into Telegram through a mini app and business arrangements. 

Although the Foundation aims to maintain a separate identity from Telegram, its blockchain’s primary utility remains closely linked to the popular messaging app, which boasts over 900 million global users.

The collaboration with HashKey is viewed as a significant opportunity by the TON Foundation. HashKey’s regulatory compliance measures, particularly in adhering to know-your-customer (KYC) rules, are expected to facilitate the integration of Toncoin into the Telegram ecosystem. 

The Open Network Foundation President Steve Yun emphasized the importance of compliance and expressed confidence in “strategically” following the requirements to ensure regulatory adherence.

The Foundation views Telegram’s “mini app ecosystem” as a crucial driver for adopting its blockchain. Moreover, the blockchain has secured premium real estate within the Telegram app, making its blockchain the default wallet option in the sidebar. 

However, the network faces regulatory challenges, restricting the use of the cryptocurrency function within Telegram for individuals in certain jurisdictions, including the US, China, and Hong Kong.

Asia’s ‘Super App’ Market For Toncoin Adoption

According to the report, TON recognizes Asia as a natural fit for its expansion due to the region’s familiarity with the concept of “super apps.” The partnership with HashKey aims to leverage the existing “super app” culture prevalent in Asia-Pacific, with renowned platforms such as Line, Kakao, and WeChat. 

HashKey recently launched a global crypto exchange and received an upgraded license from Hong Kong’s Securities and Futures Commission, enabling it to sell crypto-related investment products to retail investors. 

Notably, HashKey aims to surpass Coinbase’s trading volume by 2030, positioning itself as a formidable competitor in the crypto exchange landscape.

Ultimately, the partnership between HashKey Group and the Open Network Foundation opens new avenues for Toncoin adoption and cash conversion in the Asia-Pacific region. 

By integrating Toncoin into the Telegram ecosystem, both organizations aim to cater to millions of potential Asian users who are already familiar with the “super app” concept. 

Currently, the native token of the blockchain, TON, is trading at $7.14, reflecting a slight decline of nearly 3% within the last 24 hours. However, an analysis of the 1-day TON/USD chart reveals a noteworthy upward trend spanning the past 30 days. The token has exhibited substantial gains during this period, amounting to 63%. 

Featured image from Shutterstock, chart from TradingView.com 

Dogecoin developer and contributor, Mishaboar has warned the Dogecoin community of the risks involved in engaging the cryptocurrency leverages and derivatives market. He explains that the current market is too volatile and unpredictable for investors, cautioning that investors could end up losing badly. 

Mishaboar Says “Stay Away” From Crypto Derivatives

In a recent X (formerly Twitter) post, Mishaboar firmly advised Dogecoin investors and traders to stay away from leverage and derivatives in crypto. The developer’s warning comes amidst the growing anticipation within the Dogecoin community, spurred by Coinbase’s recent announcement of a potential listing for Dogecoin futures this April. 

Mishaboar has warned DOGE investors to avoid the leverages and derivatives market at all times, but more so in the coming weeks. Responding to an inquiry from community members seeking clarification for his statements, Mishaboar elaborated that cryptocurrency trading is inherently a risky business; however, the leverages and derivatives market had a higher risk level, to the point of it being unacceptable. 

“The unfairness and risk you expose yourself to is not worth it in a market where assets are already so volatile,” Mishaboar wrote. 

He likened trading in this crypto market to playing in a gambling house where the odds are stacked against traders, highlighting that traders would be essentially playing against the owners of the casino as well as market makers with access to liquidity and other advantages on their side. 

Additionally, Mishaboar explained his reasoning for advising traders to steer clear away of the derivatives market during this period. The Dogecoin developer highlighted the upcoming Bitcoin halving event as a catalyst for potential market turbulence, stressing that unpredictability and volatility would significantly elevate risks. 

He disclosed that the large influx of liquidity from new markets and conflict of interest from exchanges would also add another layer of complexity in predicting market movements. Moreover, since many players within this market are aiming to utilize Dogecoin to initiate trades, they could be exposed to significant risks that result in them losing all their funds. 

Coinbase To List Dogecoin And Pepe Futures This April

In a recent blog post, Coinbase, an American crypto exchange, announced that it was gearing up to list Dogecoin futures in the later stages of April. This development was made in alignment with Coinbase’s expansion strategy to extend their futures contracts to meet the needs of their growing network of traders. 

Additionally, the announcement comes at a time when Coinbase launched their new Bitcoin Cash and Litecoin futures contracts. The exchange revealed that expanding its offerings to these cryptocurrencies would improve access to digital asset trading and enable traders to participate with reduced capital within a regulated framework.  

In addition to its upcoming Dogecoin futures listing, Coinbase revealed in an X post published on Thursday that it would be adding support for the popular frog-themed meme coin, Pepe (PEPE), in its perpetual futures offerings. These futures labeled 1000PEPE-PERP will be available for trading on April 18 on Coinbase International Exchange and Coinbase Advanced.

On-chain data shows the Bitcoin exchange inflows have remained low recently, a sign that the whales have been disinterested in selling.

Bitcoin Inflows For Binance & OKX Have Stayed Low Recently

As pointed out by CryptoQuant founder and CEO Ki Young Ju in a post on X, the BTC deposits for cryptocurrency exchanges Binance and OKX have been low recently.

The on-chain indicator of interest here is the “exchange inflow,” which keeps track of the total amount of Bitcoin that’s being transferred to the wallets attached to centralized exchanges.

When the value of this metric is high, it means that the investors are depositing a large number of tokens to these platforms right now. As one of the main reasons why holders would transfer to the exchanges is for selling-purposes, this kind of trend can have bearish implications for the asset.

On the other hand, the indicator being low implies these platforms aren’t observing that many deposits currently. Depending on the trend in the opposite metric, the exchange outflow, such a value may be either bullish or neutral for the cryptocurrency’s price.

Now, here is a chart that shows the trend in the Bitcoin exchange inflow for Binance and OKX over the past few years:

Binance is the largest exchange in the world on the basis of trading volume, while OKX is generally number two behind it in the same metric. While these two platforms certainly don’t make up for the entire cryptocurrency market, the user behavior on them would still provide an estimation about the wider pattern.

As is visible in the chart, the exchange inflow for Binance and OKX has been at relatively low levels for quite a while now. When BTC observed its rally towards a new all-time high (ATH) earlier in the year, the deposits saw a slight uptrend, but recently, the inflows slumped back to low values.

This would suggest that the appetite for selling, particularly from the whales, just hasn’t been there for the cryptocurrency. Even the ATH break could only entice a few large users of the platforms to push towards selling.

The behavior is in contrast to, for example, the second half of the 2021 bull run, which can be seen in the chart. The rally back then had not only observed some exceptional inflow spikes, but the baseline inflows had also generally been higher than recent levels.

Interestingly, the two major tops of the rally had also coincided pretty well with extremely large inflows, so going by this pattern, the current rally may not be near a top yet.

Though, it remains to be seen whether this same trend would continue to hold for this cycle, given the fresh emergence of the spot exchange-traded funds (ETFs).

The ETFs have provided an alternate means to gain exposure to the asset, meaning that cryptocurrency exchanges may not carry the same relevance in the market anymore.

BTC Price

At the time of writing, Bitcoin is floating around $70,400, up more than 5% over the last seven days.

Hong Kong is on the cusp of approving its first spot Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds (ETFs) with potential final approvals as early as Monday, according to Bloomberg, citing two people familiar with the matter. This move positions Hong Kong as a pivotal player in the Asian cryptocurrency market and underscores its ambition to become a leading digital-asset hub.

Approval For The Spot Bitcoin, ETH ETFs On Monday?

The Securities and Futures Commission (SFC) of Hong Kong is reportedly finalizing the approval process, with Harvest Global Investments and a partnership between Bosera Asset Management (International) Co. and HashKey Capital poised to receive the first set of approvals. These approvals are contingent upon completing the necessary listing arrangements with Hong Kong Exchanges & Clearing Ltd. (HKEX), aiming for a product launch by the end of April.

Unlike the futures-based crypto ETFs currently available in Hong Kong, these spot-crypto ETFs will allow for direct investment in the actual cryptocurrencies, Bitcoin and Ether. This method could offer a more tangible asset base for investors, contrasting with derivatives-based investments. The introduction of similar ETFs in the United States on January 11 this year has been linked to increased market activity and significant capital inflows into the sector.

Notably, the upcoming Hong Kong ETFs will utilize an “in-kind creation model,” as reported earlier by Bitcoinist. This model facilitates the actual exchange of cryptocurrencies in the creation and redemption processes, which could reduce costs and improve liquidity—a notable advancement over traditional ETF structures and the US peers.

Moreover, the rollout of these ETFs is strategically timed, as the global crypto community anticipates the upcoming Bitcoin Halving event in just eight days, which historically influenced market dynamics. This strategic launch could attract substantial new investments not only by Hong Kongers but also from the wider Chinese and Asian market.

This development follows a series of regulatory advancements in Hong Kong, including the implementation of a regulatory regime for virtual asset service providers and the approval of virtual asset management funds. The introduction of these spot ETFs is seen as a continuation of these efforts to foster a regulated and stable environment for digital assets, enhancing investor protection and integrating digital assets more closely with traditional financial sectors.

According to Singapore-based Matrixport, the investment vehicle could unlock up to $25 billion in demand from Chinese investors through the Southbound Stock Connect program.

At press time, BTC price did not show any major reaction to the news and traded at $70,656.

Grayscale’s Chief Executive Officer (CEO) Michael Sonnenshein recently revealed when his company will reduce fund fees for the Grayscale Bitcoin Trust (GBTC). His statement comes amid concerns about outflows from the fund, which have continued to overwhelm the Bitcoin ecosystem. 

GBTC Fees Will Drop When This Happens

According to a Cointelegraph report, Sonnenshein mentioned during an interview at Canaccord Genuity’s Digital Assets Symposium that GBTC fees will only drop when the Spot Bitcoin ETFs “start to mature.” GBTC has the highest fees among all the Spot Bitcoin ETFs with a management fee of 1.5%, compared to the others, which have fees that range between 0.19% to 0.39%.

However, Grayscale’s CEO doesn’t look so concerned. He said he is happy to wait despite GBTC boasting the most outflows among its competition, an occurrence which could be partly due to its high fees. 

Meanwhile, Sonnenshein elaborated on what it means for Spot Bitcoin ETFs to mature. He remarked that the market will consolidate once this happens, and investors will shift their attention to only a few of these ETFs. For now, he believes that these products are still in the first wave of adoption, and investors are still underinvested in them. 

“Those things really haven’t started happening yet,” Sonnenshein claimed while suggesting there will be so much room for growth for these Spot Bitcoin ETFs. Once this first wave of adoption, he stated that fees would come down over time, which would also cause them to reduce fees on GBTC. He further suggested that this next phase of adoption. 

Grayscale Spot Bitcoin ETF Outflows On The Rise

Grayscale’s GBTC outflows are again on the rise, having slowed at some point last month. Data from Farside Investors shows that the fund has recorded net outflows this week. Its largest outflow this week came on April 8, with $303.3 million flowing out of the fund. Meanwhile, it recorded an outflow of $154.9 million, $17.5 million, and $124.9 million on April 9, 10, and 11, respectively. 

The rise in GBTC’s outflows follows Michael Sonnenshein’s recent interview, in which he shared his belief that the fund has begun to reach an equilibrium. He stated that some of the anticipated outflows are largely behind them now. 

Since converting to a Spot Bitcoin ETF, GBTC has experienced over $15 billion in outflows, negatively impacting Bitcoin’s price at different times. Grayscale has had to offload some of its Bitcoin holdings to fulfill these redemptions, adding significant selling pressure on the flagship crypto. 

Interestingly, Grayscale still holds the most BTC (319,252 BTC) among all the Spot Bitcoin ETF issuers. This is because it had a first-mover advantage, having operated as a close-end fund before the Spot Bitcoin ETFs were approved on January 11.  

In a noteworthy shift in the financial regulatory legal field, Ripple Chief Legal Officer (CLO) Stuart Alderoty has announced a crucial ruling by the Second Circuit Court of Appeals regarding the United States Securities and Exchange Commission (SEC) and Govil case. Particularly, this decision concerns the power of the regulatory watchdog to request disgorgement, an important tool for enforcement, in situations involving securities offenses.

Ripple CLO Highlights Setback For US SEC

Ripple CLO Stuart Alderoty, reported that the Commission keeps suffering legal defeats in the Govil case. According to Aldeorty, the agency experienced another setback after the Second Circuit Court of Appeals declined to reexamine its ruling in Govil, which maintained that the SEC is not entitled to disgorgement from the seller if there is no financial harm to the buyer.

The filing read:

Appellee, Securities and Exchange Commission, filed a petition for panel rehearing, or, in the alternative, for rehearing en banc. The panel that determined the appeal has considered the request for panel rehearing, and the active members of the Court have considered the request for rehearing en banc. It is hereby ordered that the petition is denied.

Notably, the agency previously suffered a setback, which Alderoty drew the community’s attention to in his X post. In November last year, the SEC accused Govil of inducing his former company, Cemtrex, to issue securities under pretenses, promising investors that the $7.3 million they contributed would be used for business expenses. 

Meanwhile, they were utilized to support other business endeavors and the defendant’s personal fees. As part of a settlement, Govil offered all of its shares in the company, which both entities estimated to be worth roughly $5.6 million. It also gave Cemtrex an extra $1.5 million in the form of a secured promissory note.

Consequently, the SEC demanded $5.8 million in disgorgement minus the promissory note’s face value. However, the Court ruled that the SEC cannot request a crushing disgorgement award without first demonstrating that “investors” had sustained financial harm. This is because there will be no penalties without concrete proof of harm.

Alderoty reporting of this verdict highlights its ramifications for the cryptocurrency sector as a whole, as well as regulatory enforcement tactics. Furthermore, it underlines the ongoing legal disputes and regulatory uncertainty that firms like Ripple must deal with in the context of changing regulatory frameworks.

What This Could Mean For The Regulatory Body

These negative developments do not look good for the Commission, as they could be viewed as inaccurate decisions from the body. Additionally, it can also be considered an abuse of authority since there are already speculations that the SEC enforcement actions are exceeding its jurisdiction.

With the Commission’s recent legal misfortune, Ripple and its devoted community are commemorating the major win. This is because it could result in a better outcome for their continuing dispute with the SEC.

A recent poll conducted by Christine Kim, a researcher at Galaxy Digital, has revealed significant misconceptions within the Ethereum community regarding the blockchain’s economic security. The poll, which asked the crypto community to assess the security threshold of ETH staked in securing the blockchain, indicated a lack of awareness about the actual risks of an attack.

Respondents to the poll displayed the following beliefs about Ethereum’s security:

• 44.9% believed that securing Ethereum requires 100% of all ETH staked, amounting to $110 billion, 31.4 million ETH.
• 20.4% thought 66.6% of staked ETH was sufficient, equivalent to $73.4 billion, 20.9 million ETH.
• 34.7% felt that only 33.3% of staked ETH, or $36.7 billion, 10.4 million ETH, was required for security.

How Vulnerable Is Ethereum?

Addressing these misconceptions, Christine Kim emphasized the actual vulnerabilities of Ethereum’s Proof-of-Stake (PoS) mechanism in a detailed follow-up on X. Kim highlighted, “You don’t need 100% of ETH staked to attack Ethereum. 33% is enough to disrupt finality, 50% to prolong a chain split, and 66% to double spend.”

She added, “Security primarily depends on the network’s ability to penalize stakers by burning large amounts of the value they’ve locked. The worse the attack, the more value stakers stand to lose. It’s important to understand what’s really at stake here (pun fully intended).”

Further elaboration from the Ethereum Foundation explains the technical underpinnings of these vulnerabilities. An article by the foundation, referenced by Kim, states, “Attackers using >= 33% of the total stake make all of the attacks mentioned previously more likely to succeed… 33% of the staked ether is a benchmark for an attacker because with anything greater than this amount they have the ability to prevent the chain from finalizing without having to finely control the actions of the other validators.”

For attacks involving 34% of the total stake, the article detailed a possible scenario of “double finality” where an attacker can manipulate the validation of two conflicting blockchain forks simultaneously. This form of attack is characterized by significant coordination and control over the timing of messages within the network, posing a high risk due to potential slashing of the attacker’s entire staked amount.

Higher levels of controlled staking, such as 50% and 66%, increase the potential for more severe disruptions, including sustained chain splits and transaction censorship or reversal. The foundation’s article elaborates, “At >50% of the total stake the attacker could dominate the fork choice algorithm… enabling the attacker to censor certain transactions, do short-range reorgs and extract maximum MEV by reordering blocks in their favor.”

The defense against these threats includes the “inactivity leak,” a mechanism that gradually reduces the staked ether of non-participating or malicious validators, and the social layer of consensus among the Ethereum community on which chain to continue should a split occur.

These revelations underscore the importance of community awareness and technical safeguards in maintaining the security and integrity of the Ethereum network. They highlight that while Ethereum’s PoS system offers several security advantages, it also requires vigilant monitoring and readiness to act against potential attacks.

3 Trends In ETH Staking

As the Ethereum staking landscape evolves, several key trends have emerged this, reshaping how stakeholders interact with and benefit from the staking process.

Tom Wan, researcher at 21.co, highlighted these in a recent post on X:

1. Increase in Re-staking Popularity: Since 2024, there has been a significant shift towards re-staking in the Ethereum ecosystem. Re-staking contributions have grown from 10% to 60% of the total staked ETH. Eigenlayer, in particular, has risen to prominence as the second-largest DeFi protocol on Ethereum, holding a $15 billion Total Value Locked (TVL), which represents 13% of all staked ETH.
2. Decline in Lido’s Market Share: The rise of liquid restaking protocols has noticeably impacted Lido’s dominance in the Ethereum staking market. Lido’s share has fallen below 30%, influenced by the growth of new platforms like Etherfi, which has become the second-largest withdrawer of stETH since 2024, totaling withdrawals of 108k stETH.
3. Centralized Exchange (CEX) Staking Decline: The dominance of centralized exchanges in ETH staking has seen a downturn, decreasing from 29.7% to 25.8% since 2024. Kiln Finance recently surpassed Binance to become the third-largest ETH staking entity. Ether.fi is also gaining ground and is positioned to further challenge Binance’s former dominance in the near future.

At press time, ETH traded at $3,526.