🇺🇸 DOJ Counters Motion to Dismiss Charges Against Tornado Cash Developer
The government’s submission to the Southern District of New York opposes dismissing the charges against Roman Semenov, who, along with Roman Storm, is accused of operating Tornado Cash as a mechanism for cybercriminals to launder more than $1 billion, including monies linked to North Korea’s armament programs. The document specifies that from September 2020 to August 2022, Tornado Cash reportedly engaged in extensive laundering activities, using blockchain anonymity technology to conceal the origins of illegal funds.
Source
https://www.tg-me.com/CryptoMarketTime
The government’s submission to the Southern District of New York opposes dismissing the charges against Roman Semenov, who, along with Roman Storm, is accused of operating Tornado Cash as a mechanism for cybercriminals to launder more than $1 billion, including monies linked to North Korea’s armament programs. The document specifies that from September 2020 to August 2022, Tornado Cash reportedly engaged in extensive laundering activities, using blockchain anonymity technology to conceal the origins of illegal funds.
Source
https://www.tg-me.com/CryptoMarketTime
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Stablecoin issuer Tether has invested $200 million in Blackrock Neurotech, a biotech company that builds tools to help people afflicted with paralysis, lost function, and neurological disorders. The investment was made through Tether's newly formed venture division Tether Evo. With the investment, Tether is now the majority stakeholder in Blackrock Neurotech, the stablecoin issuer said Monday.
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https://www.tg-me.com/CryptoMarketTime
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Ethereum developer Consensys brought the U.S. Securities and Exchange Commission to court, seeking a declaration that ether is not a security. This legal battle will be a prolonged affair, according to investment bank TD Cowen. As a result, the bank reiterated that spot Ethereum exchange-traded funds are unlikely to gain approval before 2025. SEC Chairman Gary Gensler is "okay" with the court deciding whether ETH is a security or commodity, according to TD Cowen.
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https://www.tg-me.com/CryptoMarketTime
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According to The Block's Data Dashboard, implied volatility (IV) for ether ATM options has dropped from over 88% to a current IV of around 60% for one week, one month and multi-month expires. IV for bitcoin ATM options for the same expiry ranges has also fallen, from a mid-month high of over 77% to a current reading of below 51%.
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https://www.tg-me.com/CryptoMarketTime
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Celsius Network burned its CEL holdings, representing the majority of the token supply, on April 30. Etherscan indicates the company burned 652.2 million CEL by sending it to a null address. The burned amount represents 94% of the previous total supply, which amounted to 692.8 million CEL, valued at roughly $83.2 million at current market price. The transaction originated from a wallet controlled by Celsius, based on Arkham Intelligence data.
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https://www.tg-me.com/CryptoMarketTime
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Binance co-founder Changpeng Zhao, commonly known as CZ, expressed his thanks to his supporters following his sentencing to four months in prison over breaking compliance rules. Zhao was sentenced in Seattle on Tuesday after pleading guilty to anti-money laundering violations. He has also agreed to pay a $50 million fine. The former Binance CEO said that he plans to spend the next chapter of his life on education, where he has started a project called Giggle Academy.
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https://www.tg-me.com/CryptoMarketTime
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🇬🇧 UK sharpens focus on crypto regulation in latest anti-money laundering report
The UK Financial Conduct Authority (FCA)’s recent anti-money laundering and counter-terrorist funding (AML/CTF) efforts have focused heavily on crypto. The UK Treasury said in a May 1 report that the FCA considers crypto firms — like retail and wholesale banks and wealth management firms — to be “particularly vulnerable” to financial crime and at the highest risk for exploitation through money laundering.
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https://www.tg-me.com/CryptoMarketTime
The UK Financial Conduct Authority (FCA)’s recent anti-money laundering and counter-terrorist funding (AML/CTF) efforts have focused heavily on crypto. The UK Treasury said in a May 1 report that the FCA considers crypto firms — like retail and wholesale banks and wealth management firms — to be “particularly vulnerable” to financial crime and at the highest risk for exploitation through money laundering.
Source
https://www.tg-me.com/CryptoMarketTime
Liquid staking and MEV infrastructure project Jito has become the largest protocol on Solana, with $1.4 billion in total value locked. At the equivalent of around 10 million SOL, Jito accounts for some 38% of the Solana ecosystem’s $3.7 billion TVL, according to DeFiLlama data. Staking protocol Marinade is second with $1.37 billion in TVL, followed by Kamino, Raydium, and Marginfi at $1 billion, $613 million, and $424 million, respectively.
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https://www.tg-me.com/CryptoMarketTime
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🇮🇷 Elizabeth Warren raises concerns over Iran’s crypto mining operations
Senators Elizabeth Warren and Angus S. King, Jr. have formally addressed top Biden administration officials in a letter concerning US efforts to combat Iran’s utilization of crypto mining as a means to evade international sanctions. Addressed to Secretary of Defense Lloyd Austin, National Security Advisor Jake Sullivan, and Treasury Secretary Janet Yellen, the letter details concerns over Iran’s increasing capabilities in the sector since it legalized crypto mining in 2019.
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https://www.tg-me.com/CryptoMarketTime
Senators Elizabeth Warren and Angus S. King, Jr. have formally addressed top Biden administration officials in a letter concerning US efforts to combat Iran’s utilization of crypto mining as a means to evade international sanctions. Addressed to Secretary of Defense Lloyd Austin, National Security Advisor Jake Sullivan, and Treasury Secretary Janet Yellen, the letter details concerns over Iran’s increasing capabilities in the sector since it legalized crypto mining in 2019.
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https://www.tg-me.com/CryptoMarketTime
Marathon has once again set a milestone by mining the largest block ever recorded on the Bitcoin blockchain. Namely, block 841,886, showcased a manifesto of a decentralized technology initiative called Logos, featuring just four transactions with the manifesto. For their efforts, Marathon’s mining pool earned a reward of 3.16977148 BTC, including 0.04477148 BTC, or $2,654.55, collected in transaction fees.
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📣 Crypto trader loses $70.5 million in address poisoning scam, highest recorded yet
Blockchain security firm Cyvers Alert reported that an unnamed crypto trader lost 1,155 Wrapped Bitcoin (WBTC), equivalent to $70.5 million worth, to address poisoning. Meir Dolev, the founder and CTO of Cyvers, added that this was “probably the highest value lost due to an address-poisoning scam.” Address poisoning is one tactic malicious entities employ to exploit crypto traders. This nefarious act typically ensnares victims by luring them into transferring digital assets to fraudulent addresses owned by scammers.
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https://www.tg-me.com/CryptoMarketTime
Blockchain security firm Cyvers Alert reported that an unnamed crypto trader lost 1,155 Wrapped Bitcoin (WBTC), equivalent to $70.5 million worth, to address poisoning. Meir Dolev, the founder and CTO of Cyvers, added that this was “probably the highest value lost due to an address-poisoning scam.” Address poisoning is one tactic malicious entities employ to exploit crypto traders. This nefarious act typically ensnares victims by luring them into transferring digital assets to fraudulent addresses owned by scammers.
Source
https://www.tg-me.com/CryptoMarketTime
Alexander Vinnik, a Russian national who operated the crypto exchange BTC-e, pled guilty to charges of money laundering conspiracy in the US on May 3, according to a Bloomberg report. BTC-e was one of the world’s largest crypto exchanges between 2011 and 2017. According to the prosecutors, it processed transactions worth $9 billion and had a customer base of over 1 million worldwide. The prosecutors added that BTC-e was used by cyber criminals to transfer, launder, and store criminal proceeds from illegal activities.
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🇳🇬 Nigeria Weighs Tighter Rules on Crypto Market, Calls Meeting
The Nigeria crypto market is drawing scrutiny from the government amid worries over unlawful activities and currency manipulation. The country saw a massive $56.7 billion in crypto transactions between July 2022 and June 2023, according to blockchain analysis firm Chainalysis. According to sources, the government may temporarily prohibit peer-to-peer (P2P) cryptocurrency trading to allow for the development of a comprehensive regulatory framework.
Source
https://www.tg-me.com/CryptoMarketTime
The Nigeria crypto market is drawing scrutiny from the government amid worries over unlawful activities and currency manipulation. The country saw a massive $56.7 billion in crypto transactions between July 2022 and June 2023, according to blockchain analysis firm Chainalysis. According to sources, the government may temporarily prohibit peer-to-peer (P2P) cryptocurrency trading to allow for the development of a comprehensive regulatory framework.
Source
https://www.tg-me.com/CryptoMarketTime
Analysts at investment research firm Bernstein have reaffirmed their prediction that bitcoin (BTC) would hit $150,000 in this bull cycle despite the asset’s retracement in recent weeks. According to a recent report, Bernstein analysts Gautam Chhugani and Mahika Sapra said Bitcoin metrics show the network is in a healthy cycle still in its early stages. Notwithstanding the latest dip, the leading cryptocurrency is far from done.
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https://www.tg-me.com/CryptoMarketTime
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Bitcoin (BTC) has significant upside potential this month thanks to two big catalysts and Michael Saylor's MicroStrategy (MSTR) stock could surge, too, on its way toward getting "meaningfully higher" by the end of the year, TD Cowen analyst Lance Vitanza said in a note Monday. MicroStrategy reported a net operating loss of $53.1 million for the first quarter of 2024 after taking a digital asset impairment charge of $191.6 million.
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Bitcoin faced massive selling pressure in April 2024, recording its most significant monthly decline of 15% since November 2022, when it dropped over 16%. CryptoSlate previously analyzed the factors contributing to the dip, finding that the conclusion of the US tax season, compounded by various economic factors, prompted the sell-off. However, Bitcoin rebounded most of its losses in April and May.
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A proposal to list and trade shares of Grayscale's ether futures exchange-traded fund has been withdrawn, according to a new document filed on Tuesday. The application for the Grayscale Ethereum Futures Trust ETF, which was filed by NYSE Arca, Inc., in September last year, was withdrawn on May 3, according to a Securities and Exchange Commission filing.
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Ethereum co-founder Vitalik Buterin, together with co-authors Sam Wilson, Ansgar Dietrichs, and Matt Garnett, have proposed Ethereum Improvement Proposal (EIP) 7702 as an alternative to EIP-3074, aiming to refine account abstraction on the Ethereum network. EIP-7702 suggests a novel transaction type that enables externally owned accounts (EOAs) – normal Ethereum account addresses – to temporarily function as smart contract wallets during a transaction, with their original state restored afterward.
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Robinhood (HOOD) saw a first-quarter notional crypto trading volume of $36 billion, up 224% from year-ago levels. That led to a 232% increase in crypto-related a revenue to $126 million, a primary factor, said the company, in driving overall first quarter transaction-based revenue up 59% year-over-year to $329 million.
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