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A Nebraska man has been indicted with several criminal charges by the New York authorities for allegedly conducting a $3.5 million crypto scheme. The press release revealed that the accused could face up to 30 years in prison if found guilty.

Man Accused With Fraud And Money Laundering

On Monday, New York authorities announced the indictment of a 45-year-old man for an illegal “cryptojacking” scheme that saw the loss of millions for two cloud computer services providers.

Breon Peace, US Attorney for the Eastern District of New York, members of the Federal Bureau of Investigation (FBI)’s New York Field Office, and a Commissioner of the New York Police Department (NYPD) unveiled their collaboration in the investigation.

The accused, Charles O. Parks III, also known as “CP30”, allegedly ran a “large-scale ‘cryptojacking’ operation” that defrauded two cloud computing providers. According to the press release, the two well-known companies lost over $3.5 million in computing resources due to the scheme.

Authorities have indicted Parks with wire fraud, money laundering, and engaging in unlawful monetary transactions connected to the scheme. The arrest occurred on April 13 in Nebraska, and the detained cryptojacker is scheduled to make his first appearance in the federal court in Omaha on Tuesday, April 16.

If convicted, Parks could face a sentence of up to 20 years in prison due to the charges of wire fraud and money laundering. Additionally, he could face ten years of imprisonment on the charges of unlawful monetary transactions.

Regarding the arrest, NYPD Commissioner Edward A. Caban stated:

This arrest illustrates the power of law enforcement joining forces with the private sector to identify and track down cybercriminals, and to put an end to their sophisticated thievery. While the threat landscape in this space is growing in complexity and depth, the NYPD and our federal partners continue to ably confront malicious actors even as they adopt new tactics.

Cryptojacker Mines $1 Million

Cryptojacking, also known as malicious crypto mining, is a cyberattack where unauthorized parties hijack others’ devices to use their computing resources and power to mine cryptocurrencies without their consent.

Per the announcement, Charles Parks allegedly hijacked two cloud computing providers, stealing millions worth of “powerful computing resources to acquire cryptocurrency.”

The alleged cryptojacking scheme resulted in the accused illegally obtaining $1 million of mined virtual currencies for personal use. The ill-mined cryptocurrencies include Ether (ETH), Litecoin (LTC), and Monero (XMR).

From January through August 2021, Parks created and used various names, corporate affiliations, and email addresses to register numerous accounts in the cloud providers.

The cryptojacker gained access to “massive amounts of computing processing power and storage that he did not pay for.” As part of the scheme, Parks used emails with corporate domains from the companies he operated, MultiMillionaire LLC and CP30 LLC.

Likewise, the accused allegedly tricked the providers into approving improved privileges and benefits for his accounts. These included deferred billing accommodations and elevated levels of cloud computing services.

Seemingly, Parks deflected the providers’ inquiries regarding the “questionable data usage and mounting unpaid subscription balances.”

The proceeds from the hijacking scheme were laundered through several methods. According to the investigation, Parks used crypto exchanges, a Non-Fungible Tokens (NFT) marketplace, online payment providers, and even traditional bank accounts to disguise the money.

Moreover, the now-detained man appears to have structured “various money movements to avoid transaction reporting requirements under federal law.”

Lastly, the report revealed that Parks used the ill-gotten money to make “extravagant” purchases. Luxury cars, jewelry, and first-class traveling accommodations are among the acquisitions made by the defendant.

Asset manager Blackrock has emerged as the frontrunner in the Bitcoin ETF race in terms of inflows with its IBIT ETF, which is increasingly attracting institutions’ attention as a key development showing its success. 

Many fund managers have flocked to invest in BlackRock’s ETF, signaling a growing interest in digital assets among traditional financial institutions. 

Bloomberg ETF expert Eric Balchunas provides insight into the emerging trends, highlighting the current state of ownership and the potential for further growth.

BlackRock’s IBIT ETF Gains Traction With 30 Fund Managers

According to Eric Balchunas, about 30 fund managers, mainly funds and consultants, have already invested in IBIT. While this currently represents only 0.2% of the outstanding shares, Balchunas believes this is just the “tip of the iceberg,” indicating the potential for broader adoption and increased ownership.

Balchunas’ analysis further reveals an intriguing trend in the form of “nibbling” among investors. The small percentage of portfolio numbers associated with the holdings of the IBIT ETF indicates a cautious but persistent interest among institutional investors. 

This suggests a gradual accumulation of shares as fund managers cautiously embrace exposure to Bitcoin through BlackRock’s offering. 

While BlackRock currently leads the Bitcoin ETF race, Fidelity’s FBTC ETF emerges as the runner-up. Balchunas reports that Fidelity’s offering has attracted 11 investors, representing a comparable 0.2% of shares outstanding. 

Market Makers And Bitcoin ETF Flows

Since Friday, most Bitcoin ETFs in the US market have seen zero inflows, which has recently caught the attention of ETF experts who are shedding light on the intricacies of ETF flows. James Seyffart, an ETF expert, provides insight into the dynamics of flows within the Bitcoin ETF landscape. 

With nearly 3,500 ETFs in the United States, Seyffart emphasizes the normalcy of ETFs experiencing zero flows on any given day. He also delves into the concept of creation units. He explains the conditions under which shares are created or redeemed, highlighting the importance of supply and demand dynamics in driving ETF flows.  

Seyffart explains the concept of creation units, blocks of shares in which ETF shares are created and redeemed. Each ETF can have a different size creation unit, and in the case of spot Bitcoin ETFs, creation units range from 5,000 to 50,000 shares. 

It clarifies that shares are created or redeemed when there is a significant mismatch between supply and demand that exceeds the threshold of one creation unit. This mismatch must also justify access to the underlying market and be greater than the size of a creation unit.

In the ETF market, market makers are crucial in facilitating trading and managing flows. Seyffart explains that market makers trade shares similar to stocks when minor supply/demand mismatches occur. 

However, Seyffart notes that for market makers to engage with Authorized Participants (APs) and the underlying market, a one-sided mismatch greater than one creation unit in either direction is required. This ensures that the cost of creating or redeeming shares is lower than that of hedging and making markets using traditional methods.

It is worth noting that on Monday, BlackRock was the only fund with inflows since Friday. Specifically, the IBIT Bitcoin ETF recorded net inflows of $73.4 million on April 15, following a decrease from $111.1 million on Friday. 

In contrast, the eight other ETFs, excluding Grayscale’s GBTC, reported zero flows over the past two days, according to SoSo Value data.  

Currently, BTC is trading at $61,800, down over 4% in the last 24 hours and 10% in the last seven days.

Featured image from Shutterstock, chart from TradingView.com

In the first quarter of 2024, the South Korea Won emerged as the leading currency for cryptocurrency trades globally. According to data from research firm Kaiko, the cumulative trade volume denominated in Korean won reached $456 billion, surpassing the $445 billion traded in US dollars.

This surge in Korean won-denominated trading, as Bloomberg reported, reflects the growing speculative demand for “risky crypto assets” within the country.

The Rise of Korean Won-Denominated Trading

According to Bloomberg, the rise in Korean won-denominated trading can be attributed in part to the fierce competition among local digital currency exchanges in South Korea.

In an effort to attract traders, smaller exchanges such as Bithumb and Korbit have recently offered zero-fee trading promotions, challenging Upbit’s dominance of over 80% of the local spot trading market.

This fee war has incentivized traders to shift their activities to platforms offering more favorable trading conditions, further boosting the volume of trades denominated in Korean won.

The report also disclosed that when it comes to high-risk crypto markets, South Korea stands out as an anomaly, noting:

South Korea is an outlier even in the high-risk crypto sector, with local preferences skewed toward smaller, often more volatile tokens — so-called altcoins — over larger cryptocurrencies like Bitcoin and Ether. On average, trades involving smaller tokens make up more than 80% of all activity in South Korea.

Navigating South Korea’s Crypto Regulatory Maze

South Korea’s regulatory approach to digital currency remains complex, with a mix of interest and strictness. While the country has demonstrated attention in the crypto sector, it has also enacted stringent regulations to combat unlawful activities.

Notably, ongoing legal proceedings against Do Kwon, the founder of TerraForm Labs, illustrate the government’s role in enforcing compliance within the industry. Particularly, recent reports reveal that South Korea is actively pursuing the extradition of the founder.

Additionally, in a move to regulate the crypto sector in the region, South Korea’s Financial Supervisory Service (FSS) Chairman, Lee Bok-hyun, is scheduled to meet with the United States Securities and Exchange Commission (SEC) Chairman, Gary Gensler, in May.

The agenda for this meeting includes discussions on the classification of non-fungible tokens (NFTs) and the approval of spot Bitcoin exchange-traded funds (ETFs). Both South Korean and US financial authorities are contemplating the recognition of blockchain-based digital ownership by NFTs as virtual assets.

Furthermore, South Korea has tightened regulations on its native crypto exchanges, with recent requirements mandating that exchanges maintain a minimum reserve of 3 billion won ($2.3 million).

Featured image from Unpslah, Chart from TradingView

In a significant move to transform its infrastructure, the Bitcoin (BTC) Layer 2 (L2) network Stacks is preparing to launch the Nakamoto upgrade, which is scheduled for release as early as April 16. 

The anticipated upgrade, which has been developing for years, is poised to shake up the Bitcoin L2 sector by increasing the project’s speed. Crypto developer and researcher Sly Odogwu delves into the details of this upgrade, shedding light on what the Stacks community can expect.

Stacks Unveils Nakamoto Upgrade

Stacks, formerly known as BlockStack and rebranded in 2021, serves as a Bitcoin L2 solution that facilitates the development of decentralized applications (DApps) and smart contracts on the Bitcoin blockchain. 

However, Odogwu noted that the Stacks ecosystem has encountered challenges due to its system design. These include slow Bitcoin block production due to cryptographic sorting when choosing a miner to create blocks. 

In addition, Stacks allows for cheap reorganization and faces issues with canonical chain top learning, leading to forks in the Stacks blockchain caused by miners excluding others and running their mining operations.

The Nakamoto upgrade promises to address these issues directly and bring a major change to the Stacks ecosystem, particularly regarding block production speed and Bitcoin finality.

One of the major advancements expected from the Nakamoto Upgrade is fast block production. The upgrade will separate block production from cryptographic sortition, enabling faster block creation. 

Miners will be able to produce more blocks simultaneously, and Stackers will facilitate validation, eliminating the need for sortition. According to the researcher, this change will significantly increase the overall speed of the Stacks blockchain.

Moreover, the Nakamoto Upgrade will increase Bitcoin finality within the Stacks ecosystem. Odogwu stated that reversing a Stack transaction will become as “impossible” as reversing a Bitcoin transaction. Also, forking within the Stacks blockchain will be eliminated, bolstering the immutability and security of the ecosystem.

Attracting Builders And Boosting Potential

Another key aspect of the upgrade is its focus on Bitcoin Miners MEV (Miner Extractable Value) resistance. The sortition algorithm will be altered, ensuring that Bitcoin miners no longer hold an advantage over Stack miners. 

This modification will reportedly promote a level playing field within the Stack ecosystem and reduce the manipulation of MEV.

A noteworthy development stemming from the upgrade is the 1:1 tie between Stack Block production and Bitcoin block production. According to Odogwu, this synchronization will result in faster block creation and increased security, eliminating the need for forks within the Stacks blockchain.

Overall, the upgrade is expected to attract prominent builders to the ecosystem, leading to the emergence of DApps and new projects. The timing of the Nakamoto upgrade to coincide with the Bitcoin halving is seen as a very bullish case for Odogwu, further strengthening its potential.

The Stacks community is awaiting the launch of this upgrade on April 16. This upgrade marks a new chapter for the L2 Bitcoin solution and could have further implications for its native token, STX, which has recently seen significant losses. 

Currently trading at $2.37, STX is down over 13% in the last 24 hours and over 30% in the last fourteen days. 

Featured image from Shutterstock, chart from TradingView.com 

Dogecoin has extended its seven-day losses into the past 24 hours but some holders continue to remain strong. On-chain data has revealed that even though Dogecoin’s value has plummeted by 21% in the last seven days, many long-term holders of the meme coin are still turning a decent profit. Particularly, profitability data from IntoTheBlock shows that 83% of wallet addresses holding DOGE are still in the green despite the recent price downturn.

Dogecoin Profitability Remains High

IntoTheBlock’s “In/Out of the Money” metric has shown an interesting dynamic regarding Dogecoin’s price. The metric measures the number of addresses still making a profit at the current price levels, giving a glimpse into what might be the sentiment among holders. 

At the time of writing, this metric shows that 5.18 million DOGE addresses are still in profit, representing 82.72% of the total addresses. This is in comparison to 870,290 addresses currently in loss, which represent 13.9% of the total addresses. Interestingly, 211,600 addresses, representing 3.38% of total addresses, are currently in the money, meaning they are neither in profit nor loss.

However, it is important to keep in mind that this measure looks at all the addresses. This means that the majority of those in profit are those who bought into Dogecoin very early on, as demonstrated in the picture below. A higher number of addresses who bought during the recent DOGE bull run in March are out of the money.

The “In/Out of the Money Around Price” helps to show the profitability better, especially when considering the shorter term. Interestingly, a majority (55.26%) of addresses who bought between $0.132243 and $0.179879 are still in profit.

What’s Next For DOGE?

At the time of writing, Dogecoin is trading at $0.1587, down by 4.81% in the past 24 hours and 21% in the past seven days. However, the high profitability despite the recent downturn indicates that the majority of DOGE holders are still holding on despite the price downturn, which is a positive indicator.

DOGE whales have upped their activities with large transactions amidst the decline. IntoTheBlock data shows that $744.62 million worth of DOGE has left crypto exchanges in the past seven days, compared to $671.61 million inflows in the same time frame. The higher outflow suggests that there are more investors still accumulating during the price dip than those selling off.

The “In/Out of the Money” metric also reveals the number of addresses that bought in at a given price range, helping to understand support and resistance levels. Currently, this metric shows 111,280 addresses bought in between $0.169 and $0.189, contributing a minor resistance that DOGE bulls can break easily.

Although a break above this selloff could initiate a minor selloff as some buyers look to take profits, the major hurdle is above $0.18. A full bullish reversal and break above $0.18 would give DOGE a clear path back to $0.22, which is the highest it has reached so far in the current bull cycle.

An analyst has explained how a pattern forming in the Bitcoin Market Value to Realized Value (MVRV) could suggest now may be the time to buy.

Bitcoin MVRV Momentum Could Reveal Buying Opportunity For BTC

As analyst Ali explained in a new post on X, the MVRV Momentum has been pointing out buying opportunities for the cryptocurrency since the current bull run started.

The MVRV ratio is a popular Bitcoin on-chain indicator that compares the asset’s market cap against its realized cap. The realized cap refers to a capitalization model for the asset that, in short, keeps track of the actual capital the holders as a whole have used to buy their coins.

As such, one way to look at the MVRV ratio is to compare the value the holders are carrying right now (that is, the market cap) with what they invested in the asset (the realized cap).

When the indicator’s value is greater than 1, the market cap is currently greater than the realized cap. Such a trend implies the average investor is holding profits. On the other hand, the metric being less than this threshold suggests the overall market can be assumed to be underwater.

Naturally, the MVRV ratio being exactly equal to 1 reflects the case where the investors hold as much as they put in. That is, they are just breaking even.

In the context of the current topic, the MVRV ratio itself isn’t of interest, but its comparison against its 90-day moving average (MA) is. The chart below shows the trend in the MVRV Momentum for Bitcoin.

The graph shows that the Bitcoin MVRV ratio has declined recently. This decline is due to the cryptocurrency’s declining price.

With this latest drawdown, the metric has slipped under its 90-day MA, which means that the indicator has negative momentum behind it now. Since the start of this bull run a year and a half ago, the MVRV Momentum has similarly turned red on many occasions.

As the graph shows, the various local bottoms in the cryptocurrency in this window have generally coincided with the metric taking to these values. “When the MVRV dips below the 90-day average, it signals a buying opportunity,” notes the analyst.

Given this pattern, the fact that the Bitcoin MVRV Momentum satisfies this condition again may mean that now could be an ideal point of entry into the asset.

However, the MVRV ratio slipping under the mark doesn’t imply that the decline should end here. BTC has often continued to drop past this line, but the bottom has gotten closer whenever it has slipped under it.

BTC Price

At the time of writing, Bitcoin is trading at around $62,400, down over 11% in the past week.

Dogecoin is once again in the spotlight with speculation that DOGE payments are coming to X (formerly Twitter) as the platform looks to charge users a fee to post and interact on the platform. This was made public by owner Elon Musk, who said that the move was made in an effort to make sure new accounts being registered on the platform belonged to actual people.

X Is Moving To Pay-To-Play

In a bid to combat the growing bot problem on the X (formerly Twitter) social media platform, Elon Musk has proposed that there be a small fee for users. This fee will supposedly make it more expensive for bot operators to create so many accounts at a time, thereby discouraging this concerning practice.

Musk confirmed this plan in an X post reply to X Daily News, which had first broken the news on the platform. According to the X Daily News post, the pay-to-play model would apply to new users on the platform, and they would be unable to reply, like, or bookmark a post unless this fee is paid.

Interestingly, this is not a new phenomenon as the social media platform had already begun to implement the policy in some regions. It is already in place in the Philippines and New Zealand. However, the social media platform is now looking to expand this rule for all new users.

Currently, new X users in the Philippines and New Zealand have to pay a small annual fee of $1 to access the platform. While this amount seems minute, it quickly adds up for bot operators who create thousands of new X accounts daily. The mission is that as it becomes expensive for these operators to carry out their activities, the number of bots being created will reduce drastically.

The regions in which the policy is currently in place were used to test out how effective it was to help reduce spam and improve user experience. With the proposed site-wide rollout, it’s safe to say that the tests were positive.

“Unfortunately, a small fee for new user write access is the only way to curb the relentless onslaught of bots,” Elon Musk said. “Current AI (and troll farms) can pass ‘are you a bot’ with ease.”

Dogecoin Payments To Be Implemented?

For years now, the expectation has been that Elon Musk will finally implement Dogecoin payments on the X platform but that is yet to come to fruition. Nevertheless, the Dogecoin community has not given up hope as X moves forward with its plans to operate as a payments platform, receiving money transmitter licenses from multiple US states.

Interestingly, X already allows cryptocurrencies on its platform, with the likes of Bitcoin being accepted as a method of tipping creators. However, there is yet to be any substantial payment use case for cryptocurrencies such as Dogecoin on the platform for things like payments for subscriptions and ad revenue sharing with creators.

Given that the fee required for new accounts to use X is so small, it is possible that Dogecoin payments will be employed at some point. This is because the cheap fees and the fast transactions of the Dogecoin networks make it an ideal payment cryptocurrency for small transactions.

In recent developments, the US Department of Justice (DOJ) has been reevaluating its choice of law firm to oversee the cryptocurrency exchange Binance as an independent monitor. 

The decision concerns the firm’s previous work for the now-bankrupt FTX exchange. The monitorships were part of the $4.3 billion deal in which Binance pleaded guilty to violating US money-laundering regulations and trade sanctions. 

This development has prompted the DOJ to explore alternative options for the monitorship, while the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) intends to continue engaging with the law firm.

Binance Monitorship In Question 

According to a Bloomberg report, Sullivan & Cromwell was close to winning approval as an independent Binance monitor on behalf of the DOJ and FinCEN in February. However, subsequent criticism of the firm’s association with FTX raised concerns within the DOJ. 

According to insiders familiar with the matter, the agency is now reportedly reviewing other potential candidates for the coveted monitorship. The DOJ and a FinCEN spokesman declined to comment, and Sullivan & Cromwell did not respond to Bloomberg’s requests for comment.

Sullivan & Cromwell represented FTX before and after the exchange’s bankruptcy in November 2022. The firm played a significant role in tracking billions of dollars in assets across real estate portfolios, cryptocurrency wallets, and executives’ bank accounts to aid creditor recoveries. 

While Sullivan & Cromwell has billed over $170 million for its work in the bankruptcy proceedings, it has faced criticism for allegedly failing to detect the fraudulent activities perpetrated by FTX co-founder Sam Bankman-Fried.

Investigation Into Law Firm’s Work

Bankman-Fried, recently sentenced to 25 years in prison for embezzling billions of dollars from FTX customers, has attempted to shift blame onto Sullivan & Cromwell and other outside lawyers as part of his defense strategy. The law firm, however, maintains that its involvement with FTX was limited. 

The exchange’s new management has defended Sullivan & Cromwell, dismissing what they call a “false narrative” propagated by Bankman-Fried and others. In addition to legal challenges from FTX customers, an independent bankruptcy examiner is also investigating the law firm’s work for the exchange.

The ongoing debate surrounding Sullivan & Cromwell has caused delays in the selection process for a monitor to oversee Binance. Both the US government and Binance had initially committed to choosing a monitor within 60 business days following the plea agreement made on November 21. 

The monitor’s role is to ensure Binance’s compliance with the terms of the agreement and to gain access to internal records, facilities, and employees to report the company’s activities to the government. 

Binance has been tasked with identifying and reporting tens of thousands of previously missed alleged suspicious activity transactions.

Currently, the exchange’s native token, BNB, is trading at $537, reflecting a notable price decrease of nearly 7% compared to yesterday. Importantly, this decline in the token’s price has persisted over an extended period, with a recorded drop of 5.2% over the past thirty days.

Featured image from Shutterstock, chart from TradingView.com

Despite the active on-chain accumulation, demand for Bitcoin exchange-traded funds (ETFs) in the United States appears to have stagnated over the past four weeks, according to Ki Young Ju, the founder of CryptoQuant, an on-chain analytics platform. This assessment, the founder notes, is even when excluding ETF settlement transactions. 

Spot Bitcoin ETF Demand Slumps In The United States

Spot Bitcoin ETFs are crypto derivative products allowing investors, primarily regulated institutions and whales, to get exposure to the world’s most valuable coin while being saved the hassle of custody. Leading spot ETF issuers like Bitwise and Proshares use a regulated custodian to secure all BTC backing all minted shares in circulation.

However, as parallel data shows, the demand has been slowing down over the past trading month, with all but one United States-based spot Bitcoin fund, iShares Bitcoin Trust (IBIT) by BlackRock, seeing zero inflows over the past two days.  

According to Farside data, IBIT registered $73.4 million on April 15. However, this figure was a near 30% drop from the $111 million recorded a day earlier on April 14. At the same time, all other eight ETFs, excluding GBTC, which is being unwound and converted into a spot ETF, saw nil inflows over the same period.

On April 15, Lookonchain data shows that GBTC recorded $115 million in outflows while all the nine spot Bitcoin ETFs also decreased roughly $25 million.

BTC Remains Under Immense Selling Pressure

The contraction of inflows into spot Bitcoin ETFs can be attributed to dicey market conditions. At press time, sellers have been pressing lower. From the BTCUSDT daily chart, the coin is down 14% from all-time highs.

Even though prices are within a broad range, with support at $61,000 and resistance at $73,800, sellers have the upper end in the short term. Of note, prices are still boxed within the bear bar of April 13, swinging the trend in favor of sellers from an effort-versus-result perspective.

It is likely that spot Bitcoin ETFs might record outflows if prices plunge below $60,000 in continuation of the end of last week’s price action. If that’s the case, the odds of BTC dropping to as low as $53,000 and even $50,000 won’t be discounted. 

Presently, it remains to be seen whether sentiment will shift. Although Hong Kong regulators approved multiple spot Bitcoin and Ethereum ETFs on April 15, their impact is yet to be seen on the market. Ethereum, like Bitcoin, remains under pressure and continues to slip towards crucial support levels. 

Cross-border payment company, Ripple has sent out an urgent message to XRP members and the broader cryptocurrency community. In its message, the payments firm warns about the risks associated with crypto scams and provides valuable information on how crypto members can identify and avoid these types of risks. 

Ripple Cautions About Scam Activities

In a recent X (formerly Twitter) post, the Ripple team issued an urgent warning to XRP community members, informing them that neither Ripple nor its associated executives and employees will ever ask members to send XRP to them. The team proceeded to deliver a comprehensive article on the dangers of crypto scams, highlighting the common scams investors face and how to protect themselves against scammers.

“Ripple is deeply committed to combating these scams, and we are taking an active and aggressive stance against crypto fraud,” the team stated.

Shedding light on how Ripple is presently helping to curb these XRP scam activities, the team disclosed that they were actively working with third-party experts to scan the web for potential scams. Additionally, they were alerting multiple social media platforms and the Federal Bureau of Investigation (FBI) of any scam activity they came across. 

Ripple has also revealed that they have partnered with leading blockchain companies and organizations to help mitigate scam attacks by coordinating a series of combatance activities. 

Some of the most common scam attempts investors face in the industry include impersonation scams, where attackers mimic a legitimate social media account or person; phishing scams, which usually come in the form of text and email; and rug pulls, which occur when developers of a crypto project abandon it to profit from investors.

How To Spot, Stop, And Avoid Crypto Scams

While spotting crypto scams can be difficult, there are some warning signs that investors should be aware of in order to protect their investments and funds. Some of these signs include inconsistencies in social media profiles, such as a lack of profile picture, odd account names and terminologies. Another red flag is when social media comments are restricted or completely turned off to discourage scam warning comments from followers. 

Additionally, crypto members should be wary of clicking links to fraudulent websites or linking their wallet addresses to these sites. Other important warning signs include giveaway rewards that ask investors to send money first, suspicious wallet activities, grammar and spelling errors on scam-like websites and unexpected communications.  

Investors can avoid these scam attempts by incorporating safety habits and protocols in their daily lives. Ripple has stated that users should always be cautious of sending or receiving unexpected funds. Additionally, they can visit the official sites or social channels of a company to confirm if a given information is legitimate. 

It’s also important to update your browser with built-in support for Google Safe Browsing, which warns users of potential scam websites or downloads.   

Ripple has disclosed that crypto members can stop scam activities by reporting suspicious activities involving cryptocurrency to law enforcement agencies or filing a complaint with the FBI in the United States.  

John Deaton, a vocal advocate for XRP and broader cryptocurrency rights as well as current US Senate candidate, is reportedly considering involvement in Coinbase’s ongoing legal battle with the Securities and Exchange Commission (SEC). This news emerges as Coinbase seeks an interlocutory appeal to the 2nd Circuit Court of Appeals in its high-profile lawsuit against the SEC.

Fox Business reporter Eleanor Terrett highlighted Deaton’s potential involvement on X, stating, “Is US Senate candidate John Deaton planning to get involved in the Coinbase case? Deaton served as amicus counsel in both the Ripple & LBRY cases. I’ll be interviewing John this week to get that question answered.”

Will Pro-XRP Lawyer Deaton Support Coinbase?

Deaton, known for his staunch criticism of the SEC’s approach to crypto regulation, previously expressed his discontent with the regulatory body on X, labeling SEC Chairman Gary Gensler as “a bad faith regulator pursuing a political agenda.”

In a detailed post on X, Deaton criticized Congress and the SEC, underscoring the need for judicial intervention to achieve regulatory clarity for the crypto industry. He emphasized, “Our checks and balances form of government is one example of what separates America from many other nations.”

Prior to running for the US Senate seat in Massachusetts against crypto-critic Elizabeth Warren, approximately 5,000 Coinbase customers had signed up to form a putative class similar to the XRP lawsuit. “The people who joined are users, developers and small investors. They do not want the SEC pretending to speak for them but that doesn’t mean they want Coinbase speaking for them either,” the pro-XRP lawyer stated.

Notably, Deaton has actively sought to amplify the voices of cryptocurrency users and investors who feel misrepresented by both the SEC and large crypto platforms like Coinbase. His involvement in the Ripple case as amicus counsel on behalf of over 75,000 XRP holders demonstrates his commitment to representing the interests of the broader crypto community.

Deaton’s recent posts suggest he is ready to extend his advocacy to Coinbase users, having already established a platform for them to express their concerns regarding the SEC’s actions in June 2023.

He stated, “As I did in the Ripple case, I have a Google form to establish a putative class of customers and crypto account holders who use these platforms. […] Gary Gensler and the SEC have demonstrated that they are not interested in protecting small investors and operate only to serve their political masters.”

He added, “Coinbase and its lawyers must serve the interests of employees and shareholders. The customers, who don’t own shares in COIN, deserve a voice. I will continue to be that voice. If you’re a Coinbase customer and want your voice heard, here you go:”

Remarkably, Terrett has previously demonstrated her keen insight into Deaton’s political maneuvers. Prior to Deaton’s official announcement of his candidacy against Senator Elizabeth Warren for the US Senate seat in Massachusetts, Terrett interpreted a post by Deaton on X as a subtle hint of his impending campaign. Her prediction proved accurate.

This track record lends weight to her current speculations regarding Deaton’s potential involvement with the Coinbase case, suggesting that her instincts may once again be on target.

At press time, XRP traded at $0.48875.

Предпочтение держателей биткоинов рассматривать актив как долгосрочную инвестицию сокращает доступное предложение монет для торговли. В течение ближайших девяти месяцев криптовалютные биржи исчерпают свои запасы ВТС, прогнозируют аналитики CryptoQuant.

Американский платежный оператор PayPal опубликовал уведомление о прекращении защиты транзакций, связанных с покупкой и продажей невзаимозаменяемых токенов.

On-chain data shows the Bitcoin whales have continued to hold onto their coins despite the fact that BTC has gone through bearish action recently.

Bitcoin Whales Have Participated In Net Accumulation Since March 1st

As explained by the on-chain analytics firm Santiment in a post on X, the large BTC holders in the market haven’t been shaken by the recent downturn in the price.

The indicator of interest here is the “Supply Distribution,” which tells us about the total amount of Bitcoin that the various wallet groups in the sector are holding right now.

Addresses are divided into these wallet groups based on the number of coins they currently carry in their balance. The 1-10 coins cohort, for instance, includes all addresses or investors who own at least 1 and at most 10 BTC.

In the context of the current discussion, three cohorts are of relevance: the 100-1,000 BTC, 1,000-10,000 BTC, and 10,000-100,000 BTC. The first of these correlates to the “sharks.”

The sharks make up for one of the key parts of the market, although they aren’t quite as influential as the 1,000-10,000 BTC investors, called the whales. This is naturally due to the difference in the scale of holdings between the two.

The last one, the 10,000 to 100,000 BTC cohort, includes the largest of the entities in the sector, which are bigger than even the usual whales. Sometimes, they are popularly referred to as the “mega whales.”

Now, here is a chart that shows the trend in the Bitcoin Supply Distribution over the last few months:

As displayed in the above graph, the Bitcoin Supply Distribution of all of these key holders has gone up since the start of March, suggesting that they have been participating in some net accumulation.

To be more specific, the sharks have bought 43,489 BTC (equivalent to $2.72 billion at the current exchange rate) inside this period, the whales 80,544 BTC ($5.04 billion), and the mega whales 91,732 BTC ($5.75 billion).

As is visible in the chart, though, the timing of the buys wasn’t quite the same between these cohorts. It would appear that the mega whales participated in some wholesale aggressive accumulation at the start of last month, which led to the rally towards the new all-time high (ATH) price.

The whales sold into this ATH and only bought once the drawdown had finished following this peak, while the sharks consistently bought as the rally towards the ATH took place and then stopped purchasing further.

Given this trend, it would appear possible that the ATH rally was fueled by massive purchases from the mega whales. These humongous investors sold some after the initial price drawdown but have since held tight.

In this same window, the sharks and whales also have more or less seen sideways movement in their holdings. This is despite the fact that bearish price action has continued for Bitcoin.

BTC Price

At the time of writing, Bitcoin is floating around $62,600, down more than 11% over the last seven days.

Key Dogecoin (DOGE) on-chain metrics recently turned bullish, suggesting that the foremost meme coin is well primed for a significant move to the upside. However, that hasn’t been the case, as Dogecoin’s price has declined lately. 

Dogecoin On-Chain Metrics Are Bullish 

Data from the market intelligence platform IntoTheBlock shows that 83% of Dogecoin holders are currently in profit at its current price level. Despite that, these investors have opted against offloading their tokens but have chosen to hold in anticipation of further price gains. This bullish mindset among these investors is evident from further data from IntoTheBlock, which shows that 65% of Dogecoin holders have held the token for over a year. 

Instead of selling, more Dogecoin investors are even moving their holdings to self-custodial wallets for long-term safekeeping. On-chain data shows that more DOGE tokens have been taken off exchanges than deposited into them. Specifically, a particular whale transferred 150 million DOGE tokens ($23.3 million) from Robinhood to an unknown wallet. 

Certain developments also add to Dogecoin’s bullish outlook. DOGE Day is set to take place on April 20, and crypto analyst Myles G predicts that the meme coin could experience a bullish resurgence on that day, rising to as high as $0.26. 

The Bitcoin Halving is also set to take place around that time, undoubtedly adding to Dogecoin’s bullish narrative. Meanwhile, Coinbase will launch Dogecoin futures on April 29 for its institutional clients, a move that will generate more interest in the meme coin. Given such developments, it is not out of place to wonder why DOGE’s price has maintained an unimpressive performance. 

Why DOGE’s Price Is Down

Currently, Dogecoin’s price looks to be reacting to the general bearish sentiment in the broader crypto market. As of April 12, the meme coin’s price was still enjoying a significant move to the upside as it looked to break the $0.20 resistance level. However, its price quickly came crashing down following a wave of sell-offs in the crypto market, which was partly triggered by Iran’s attack on Israel.  

Since then, Dogecoin and other crypto tokens have maintained this downward trend as crypto investors wait on the sidelines to see whether Israel will retaliate against Iran. The market is expected to pick up if Israel decides against heightening the regional conflict. However, things could get worse if Israel chooses violence and decides to escalate things. 

At the time of writing, DOGE is trading at around $0.15, down over 5% in the last 24 hours, according to data from CoinMarketCap. 

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Bitcoin is currently trying to stay afloat amid geopolitical tensions that have triggered a sharp decline in the flagship crypto’s price. At the time of writing, Bitcoin was experiencing a significant drop of nearly 15%, plummeting to a low of $60,660, its lowest level in almost a month.

Amidst this turbulence, prominent Bitcoin advocate and investor, Samson Mow, has emerged as a beacon of optimism for Bitcoin enthusiasts. Mow, known for his unwavering belief in the long-term potential of Bitcoin, remains bullish despite the recent downturn. He believes that the fear stemming from geopolitical uncertainties in the Middle East has led to an overreaction in the market, causing Bitcoin’s price to fluctuate wildly.

Markets are also confused about the #Bitcoin halving. Most probably don’t know it exists. Some that know can’t figure out if it will make prices go up or down. Some are worried miners will go under. So many will sit and wait until it’s clear what comes next.

— Samson Mow (@Excellion) April 16, 2024

Mow’s Perspective On Bitcoin’s Future

In an X post, Mow expressed confidence in Bitcoin’s resilience, stating that the current market turmoil is merely a temporary setback. He acknowledges the short-term volatility but remains steadfast in his belief that Bitcoin will emerge stronger in the long run.

Mow’s optimism is fueled by his anticipation of what he terms “Omega time” for Bitcoin, suggesting a period of significant growth and stability once the current market jitters subside.

The Significance Of The Bitcoin Halving Event

One key factor driving Mow’s optimism is the impending Bitcoin halving event, an event that occurs roughly every four years and involves a reduction in the reward given to Bitcoin miners for validating transactions.

Mow describes the halving event as a “massive supply shock,” emphasizing its potential to create scarcity and drive up demand for Bitcoin. He points to the recent approval of Bitcoin-Ethereum exchange-traded funds in Hong Kong as further evidence of growing institutional interest in cryptocurrencies.

Despite Mow’s optimism, there remains confusion in the market regarding the implications of the halving event. Some investors are unsure whether the reduction in block rewards will push Bitcoin’s price up or down.

Concerns have also been raised about the possibility of miners shutting down their operations due to reduced profitability. Mow acknowledges these concerns but believes that clarity will emerge once the market adjusts to the new supply dynamics.

As Bitcoin continues to navigate through choppy waters, Mow’s steadfast optimism serves as a reminder of the underlying strength and resilience of the world’s leading cryptocurrency.

Featured image from Pixabay, chart from TradingView

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