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Darknet ICO, Bitmain Infighting, Calls for Cotten to Be Exhumed: Hodler’s Digest, Dec. 9–15

Interlay Receives Web3 Foundation Grant for Bridging Bitcoin to Polkadot

PANews, June 20 – Binance founder CZ recently said in an interview with Galaxy that Bitcoin has pulled back roughly 50% from its last all-time high of around $125,000. CZ noted that this is much better than the massive 80% drawdowns often seen in previous cycles. Compared with four years ago (the Luna collapse in 2022 and the bottom of around $16,000 touched when FTX went bankrupt in November of the same year), the current price is still about 4 to 5 times higher.

The biggest difference from four years ago is the U.S. government’s dramatic U-turn, shifting from waging a “war” on crypto to supporting it and taking the lead globally in establishing a regulatory framework, prompting other countries to follow suit. In addition, institutional participation is unprecedented (e.g., BlackRock, ETF listings). Because the previous SEC cracked down on projects, capital poured into Memecoins, but now developers are returning to the U.S. in large numbers, and the industry is welcoming more real-world applications (such as stablecoin adoption, real-world assets (RWA), and buying pre-market tokens for SpaceX on platforms like Binance).

CZ believes that previous all-time highs (such as $60,000) will become future bottom support levels. Those who previously bought at $60,000, after experiencing the price rising to $120,000 and then falling back to $60,000, often choose to add to their positions rather than cut losses. Moreover, no platform or lending company has collapsed in the past six months, indicating that the industry has made progress in controlling leverage risk. Although there is some circular lending in a small number of high-yield stablecoins, it is extremely small relative to the industry’s current size, and there is no dangerous leverage in the system that could trigger systemic bankruptcies.

Regarding YZI Labs’ investment direction, CZ said the capital allocation is roughly divided into 70% crypto, 20% AI, and 10% biotech. The core philosophy is to invest in projects that have a profound impact on human civilization, even if they may be financially unprofitable.

There are a number of known cryptocurrency and Bitcoin detractors so when one makes a bullish statement it is time to pay attention. Gold investor Peter Schiff is one that regularly argues up his own investments and down digital ones but maybe he is finally warming to crypto.

A Plug For Libra? In a recent tweet the renowned gold investor stated a case for cryptocurrency over fiat. His arguments are usually anti-establishment but he has rarely sided with digital assets. According to Schiff there is a lot of room for improvement over the current system.

“Privately issued crypto currencies, backed by real assets, would represent a major improvement over our current system of national fiat currencies. Consumers are best served by competition. Let capitalism restore the freedom, privacy and stability governments have destroyed!”

Privately issued crypto currencies, backed by real assets, would represent a major improvement over our current system of national fiat currencies. Consumers are best served by competition. Let capitalism restore the freedom, privacy and stability governments have destroyed!

— Peter Schiff (@PeterSchiff) October 23, 2019

Reading that closely it appears that Schiff is referring to Libra, which is after all a privately issued cryptocurrency, or will be if it ever gets off the ground.

Following an incessant torrent of criticism from politicians and lawmakers around the world the social media giant had to change its plans for the Libra project. Instead of being backed by a ‘basket’ of different currencies, Zuckerberg et al now want to create a range of different stablecoins pegged to various fiat currencies.

Capitalism restoring freedom would be giving the social media giant control over a large chunk of the world’s finances which in reality would probably be worse than the current central bank system.

The comment maybe directed at cryptocurrency in general and there are plenty of them to choose from. However, not many of the current altcoins out there are backed by real assets. Being a goldbug he could be referring to DigixDAO which is back by the precious yellow metal.

Either way the comment is bullish from a man that usually decries digital assets.

Warming to Cryptocurrency This is not the first time Peter Schiff has changed his stance on crypto. Just last week he posted a tirade about the current state of the US economy, blaming the Trump administration for much of it.

“The U.S. National Debt now exceeds $22.9 trillion, up close to $3 trillion since Trump took office. My guess is that after 3 full years in office the national debt will have risen by $3.5 trillion, and that by the end of Trump’s term it will have risen by well over $5 Trillion.”

This would usually be a run of the mill statement from the gold guru if he didn’t follow up with this: ‘Bitcoin fixes this’. In the rare response Schiff added that this because you can’t print Bitcoin to fund warfare and welfare programs.

It appears that even the ardent detractors are now finally warming to the premise of digital assets and acknowledging that cryptocurrencies are here to stay.

It has been another day of declines on crypto markets with total capitalization slipping below $200 billion again. There are very few survivors that are escaping the bears but Chainlink is among them.

Crypto Cap Crushed Again The selloff that began on Monday has accelerated by mid-week as total market capitalization dumps another $4 billion. Since the weekly high of $206 billion markets have slumped $10 billion as a sea of red envelops the top digital assets today.

Bitcoin has led the declines with a slide of 2.7% to bottom out at $7,150 during late trading yesterday according to Tradingview.com. Things have picked up a little since then but overall the scene is increasingly bearish.

There are very few survivors at the moment but one green beacon of bullishness is blinking on Chainlink at the moment. The token has soared almost 14% over the past day or so.

LINK Lifting Off LINK has lifted off from a low of just over $2 to top out at $2.30 an hour or so ago making it one of the day’s top performing altcoins. Market cap has surpassed $800 million and volume has soared to $227 million.

Chainlink has now reached sixteenth spot in the crypto market cap charts and has eyes on LEO for the next flippening. The decentralized oracle network token is one of 2019’s top performing digital assets with an epic pump of almost 700% since the beginning of January.

Momentum appears to be driven by an exchange listing which is a surprise since such announcements have had very little impact elsewhere over the past year or so. In a recent medium post Bittrex announced that it would soon be listing Chainlink.

Coming Soon to #Bittrex: Chainlink ($LINK): https://t.co/iucFoFIVnI

— BittrexUS (@BittrexUS) December 10, 2019

Bittrex is not one of the top exchanges but it does have a US platform which is good news for LINK holders today.

Other Movers Today LINK is not the only token on the move at the moment but it is making the best gains in the top fifty according to Coinmarketcap figures.

Other altcoins staying afloat in the sea of red today include Tezos which has notched up a solid 10% to reach $1.55. The move has been driven by hard wallet maker Ledger which has recently adding support for XTZ and Tezos staking on the latest version of its Ledger Live application.

Gold backed DigixDAO is also on a run at the moment with an impressive 12% run to top out just under $20. Bullish gold markets this year may have been behind the DGD momentum.

Image from Shutterstock

Bitcoin is on the move again, heading north. The largest cryptocurrency is recording impressive gains over the last 24 hours, and it even touched $8,000 before retracing to the current level of $7,900.

Just yesterday, BTC was trading around $7,300, and, in a few positive candles, surged with almost 10%. However, as Cryptopotato reported, the $8,000 mark served as a significant resistance line, which also contains the 100-days moving average, and BTC couldn’t break it, yet.

BTCUSD 4h Bitstamp. Source: TradingView The recent price increase is spreading among most of the altcoins as well. This reduced Bitcoin’s market dominance slightly, and it now stands at 68.1%. Ethereum has been mostly in the green since the start of this year and is at $145 now.

Ripple, being listed on Binance Futures, is the biggest gainer within the top 10. Bitcoin Cash, Litecoin, EOS, and Monero record similar gains of around 2.5%, while TRON and Cardano are up by 5% and 6%, respectively. The recent move up brought the total market cap to be over $211 billion.

Total Market Capitalization: $211 B | Bitcoin Market Capitalization: $144 B | Bitcoin Dominance: 68.1%

Major Crypto Headlines Qatar Blocks Cryptocurrency Services Throughout The Gulf. Qatar’s Financial Center, serving as the country’s regulatory authority, has recently issued a blanket ban on cryptocurrency-related services within its borders. Additionally, it affects “anything of value” that could substitute fiat currencies.

South Korean Commission: Korean Firms Should Be Allowed To Launch Bitcoin Derivatives. A new document coming from South Korea says that the government is considering to list Bitcoin directly on the Korea Exchange (KRX), which could lead to Bitcoin derivatives in the near future.

You may also like: Brutal Bitcoin Liquidation Cascade Imminent Below $59K, Warns Analyst Bitcoin Price Crashes Below $60K as Strategy’s MSTR Plunges 10% Bitcoin’s Network Is Booming Even as Prices Remain Below Record Highs Ripple Surges 10% As Binance Futures Adds XRP/USDT Perpetual Contracts. As of yesterday, Binance Futures added the third-largest cryptocurrency in its portfolio of perpetual contract trading pairs. As a result, XRP has pumped with over 10% within the last 24 hours.

Significant Daily Gainers and Losers Centrality (26.56%) In a predominantly green market today, CENNZ rises above all coins in the top 100 at the moment. It surges with over 26% to just shy of $0.1 against the dollar and with 21% against BTC to 1251 SAT. In a series of videos, the company’s tech executives have recently been talking about Centrality’s developments.

DigixDAO (10.87%) DigixDAO is next as the second most impressive gainer in the last 24 hours, with almost 11% to $20.36 at the time of this writing. The price records a 6% incline against the largest cryptocurrency to 0.0026 SAT. The company recently published a new incentive, saying that if investors hold 10 DGX for ten days, they will receive 0.44 as a reward.

Synthetix Network Token (-16.75%) SNX stands today on the other way of the scale with a severe 17% drop against the dollar to $0.90. The decrease against Bitcoin is even more significant at over 20%, and SNX/BTC trades at 11468 SAT. Interestingly enough, the popular U.S.-based cryptocurrency exchange, Coinbase, recently published a report regarding DeFi that included Synthetix, as well.

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Analyst: Central Banks Pushing Money into the Markets Behind Bitcoin Bull Rally

August was a Red Month for Entire Crypto Market Except for 5 Altcoins

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Blockchain firm Tron has taken another step to encourage cryptocurrency adoption. This time, it has partnered with Digital money transfer company Metal Pay to enable instant buying of TRX in the United States.

Henceforth, U.S based TRX fans can easily buy the token on the Metal Pay mobile app using their Visa debit cards or checking account. TRX can also be used to exchange the over 20 cryptocurrencies that are supported on the app.

Metal Pay provides cutting edge technology for its users to instantly send money to friends and family using their phone number. The app rewards users with the Metal native token, MTL which can be easily converted to the U.S Dollars when they carry out eligible transactions. Henceforth, Tron users in the U.S will also get 5% cashback in MTL tokens on eligible transactions as an incentive when they send and receive USD with the app.

The simple user interface and ease of sending and receiving money allow even users with the least experience in the use of cryptocurrencies to seamlessly use the app to buy and exchange TRX.

Metal Pay currently supports major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) which can be used to trade TRX all within the app. This provides the convenience that the Tron ecosystem seeks to bring to its users and developers as confirmed by the platform’s founder and CEO, Justin Sun. In his words, he said:

 

“Whether it be for users or developers, we care about convenience before everything. We will always serve our community by providing users with secure, fast, and simple access to TRX. With Metal Pay, we have created the fastest TRX transaction infrastructure while maintaining world-class security.”

The Founder and CEO of Metal Pay, Marshall Hayner in his own statement said Tron’s huge potential as a blockchain company is what drives Metal Pay to collaborate with it to build a better ecosystem for the future.

”I believe that TRON shows incredible promise for blockchain technology and decentralized systems, and I’m excited for the chance to work with them as we build the future,” he said.

At a time when contactless payment is being encouraged by the World Health Organisation to curb the spread of the dreaded COVID-19 pandemic, this partnership couldn’t have come at a better time for TRX users.

Also, it will further widen the reach of cryptocurrency in the U.S and in general as more people get to interact with digital assets. Tron has a mission to decentralize the web and make digital currencies available for all to access and this is a great step towards achieving this goal.

21.06.2024 - 10:08

Update: 21.06.2024 - 10:08

Binance has announced support for the upcoming Metal DAO (MTL) mainnet exchange. To facilitate this transition, all deposits and withdrawals of legacy MTL tokens will be suspended starting at 05:00 on June 24, 2024.

Binance Metal to Support DAO (MTL) Mainnet Exchange Users are advised to ensure that their old MTL token transactions are fully processed before this suspension.

Spot trading, margin trading, futures trading and Binance Earn services will not be affected during the mainnet switch. Binance will manage all technical requirements for the mainnet exchange on behalf of its users.

The swap will convert all old MTL tokens into new MTL tokens at a 1:1 ratio. After the swap, deposits and withdrawals of legacy MTL tokens will no longer be supported.

Once the swap is complete, Binance will publish a separate announcement informing users about when the new MTL tokens can be deposited and withdrawn. Users can refer to the project team's official announcement for additional details.

This mainnet swap represents a significant upgrade for Metal DAO, and Binance's support ensures a smooth transition for all users involved.

*This is not investment advice.

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PANews reported on February 21 that on-chain analyst Specter published an article on the X platform stating that IoTeX may have suffered a private key breach, with its token safe assets being completely transferred out by attackers, resulting in a total loss of approximately $4.3 million.

On-chain data shows that the attackers transferred multiple contract assets, including USDC, USDT, IOTX, PAYG, WBTC, and BUSD. The stolen assets were subsequently converted into ETH, with approximately 45 ETH transferred across the blockchain to the Bitcoin network. The incident is still under further investigation.

The attacker's addresses that have been disclosed so far are as follows:

0x6487B5006904f3Db3C4a3654409AE92b87eD442f

1PN2BoHU4buDQWcrNHk9T9NBA2qX8oyYEc

135oSa2fobTxtHtm5dwTREDyRY2o1DG1Aw

Ether falls harder than Bitcoin in a market-wide risk-off move, while Aave bucks the selloff on V4 and Grayscale tailwinds; total DeFi value drops to about $69 billion

Bitcoin slid below $60,000 and Ether fell harder still on Wednesday, as a selloff in AI and semiconductor stocks and rising bets on a Federal Reserve rate hike pushed investors out of risk assets across the board.

Bitcoin dropped about 4% over the prior 24 hours, slipping under the $60,000 level for the first time in roughly two weeks, while Ether fell about 5%, according to data from CoinGecko. The broad crypto market followed equities lower: total value locked in DeFi protocols fell to about $69.3 billion from roughly $73.2 billion a day earlier, a one-day drop of about 5%, DefiLlama data show.

A Macro-Led SelloffThe immediate trigger sat in equity markets. The Nasdaq Composite closed the prior session down about 2.2%, dragged lower by a sharp drop in semiconductor and AI-linked shares, with a closely watched chip index falling roughly 8%.

Compounding the equity weakness, traders sharply raised the odds of a Federal Reserve rate hike this year after the central bank held its target range at 3.50% to 3.75% but dropped its easing bias. Higher rates lift the dollar and raise the opportunity cost of holding non-yielding assets, a headwind for Bitcoin and Ether alike. The U.S. Dollar Index climbed to its highest level in more than a year.

Institutional flows have reinforced the pressure. U.S. spot Bitcoin ETFs have logged their largest 30-day outflow on record, with redemptions running for five straight weeks, according to figures circulated by The Kobeissi Letter. ETF redemptions force authorized participants to sell spot Bitcoin into the market, adding mechanical selling pressure on top of the macro move.

Aave Bucks the TrendAgainst a sea of red, Aave was the standout gainer among large-cap tokens, with its AAVE governance token rising about 4% over 24 hours even as the rest of the market fell, CoinGecko data show. Aave, one of the largest decentralized lending protocols with roughly $12 billion in deposits, has drawn a cluster of bullish catalysts this month.

Standard Chartered initiated coverage of Aave on Tuesday with a price target of $3,500 by end-2030, up 50x from roughly $70 today. The same week, Aave published a security audit tied to its V4 upgrade and founder Stani Kulechov outlined a proposal to bring traditional securities-finance markets onchain.

The LaggardsThe sell-off hit higher-beta large caps the hardest. Cardano's ADA token slid about 6% over 24 hours, the worst performer among major tokens, while Dogecoin's DOGE fell about 6% and Chainlink's LINK dropped roughly 5%, all underperforming Bitcoin's 4% decline, per CoinGecko. Solana's SOL and XRP each fell about 4%, roughly in line with Bitcoin, while BNB slipped about 4%.

Tron's TRX held up best among majors, falling less than 1%, and Hyperliquid's HYPE fell about 3%. None of the laggards showed a token-specific catalyst on the day; the moves tracked the broad risk-off flush rather than any protocol-level development.

LiquidationsThe decline looks orderly rather than disorderly. Liquidations across the market totaled more than $700 million over 24 hours, with the large majority hitting long positions — a sign that leverage is being flushed rather than fresh capital fleeing in panic. That leverage reset can reduce the risk of a sudden cascade lower.

The next catalysts are macro, not onchain. Traders are watching upcoming U.S. inflation data, which could reset rate-hike expectations, and any stabilization in ETF flows that would signal institutional demand returning.

The broader cryptocurrency market remains under intense selling pressure, with Bitcoin (BTC) back at $60,000 for the third time this year. On-chain data shows selling pressure from large-wallet investors, commonly referred to as whales, while total liquidations hit nearly $1 billion in 24 hours. Although sellers remain dominant, DeFi tokens such as Aave (AAVE) and Jupiter (JUP) show resilience and emerge as top performers in the same time period.

Crushing pressure on the crypto market​The total crypto market cap has fallen by 54% from its October 2025 peak, erasing roughly $2.2 trillion in value over that period, as previously reported by FXStreet. Amid the declining period, total liquidations of $984 million over the last 24 hours, driven by $799 million in long liquidations, indicate firm sell-side dominance among investors.

Adding to the selling pressure, Santiment data shows the whales holding 10 to 10,000 BTC have offloaded 45,074 BTC over the past 8 days. Typically, outflows from such large wallets weigh on crypto, leading to an extended decline.

Crypto liquidation data. Source: CoinGlass

Bitcoin whales holding data. Source: SantimentBitcoin defends a key psychological supportBitcoin hovers above $60,000 at press time on Thursday, holding just above the key horizontal floor. The King Crypto maintains a bearish near-term bias while remaining capped well below the 50-day Exponential Moving Average (EMA) at $68,229 and the 200-day EMA at $78,198.

That said, the Moving Average Convergence Divergence (MACD) risks crossing below its signal line, hinting at a renewal of bearish momentum. At the same time, the Relative Strength Index (RSI) near 33 still reflects weak demand after the recent slide.

On the downside, immediate support is located at the $60,000 area, where a clear break would expose deeper losses and signal a continuation of the broader correction.

BTC/USDT daily price chart.On the topside, initial resistance appears at the 50-day EMA around $68,229, followed by the former rising trendline break near $73,636 and then the 200-day EMA at $78,198; only a sustained recovery above this layered resistance zone would ease the current downside pressure.

DeFi tokens emerge as resilient cryptoAAVE hovers above its 50-day EMA at $79.45 at press time on Thursday, following its 10% rise the previous day. From a technical perspective, the DeFi token extends a positive rebound in a falling channel pattern, maintaining its near‑term constructive bias. That said, the overhead resistance trendline near the $100 mark, followed by the 200-day EMA at $118, caps the short-term recovery phase. This configuration suggests price is building a short-term base above dynamic support but remains embedded in a broader corrective phase.

Momentum supports the recovery tone, with the RSI near 61 and MACD holding above its signal line, both hinting that buyers retain the upper hand as long as the 50-day EMA holds.

On the topside, initial resistance aligns with the long-standing downward trendline near $100, and above that, the 200-day EMA at $118 acts as a more strategic barrier, limiting any medium-term bullish extension.

AAVE/USDT daily price chart.On the downside, the 50-day EMA at $79.45 is the first meaningful support; a daily close back below this level would undermine the nascent bullish structure and expose the pair to a deeper pullback, while holding above it would keep the recovery path open toward the $100 area.

Jupiter hovers above its 200-day EMA at $0.2198, with the 50-day EMA at $0.1910 underpinning support. The DeFi token maintains a neutral-to-slightly constructive bias as price tests the longer-term average. A rising RSI near 63, a positive MACD line above zero, and a constructive histogram suggest buyers retain the initiative while this squeeze between key EMAs persists.

On the topside, immediate resistance is at the 200-day EMA around $0.2198, with a subsequent hurdle near the downtrend resistance line projected from prior highs at around $0.2498, where a decisive break would signal a more convincing bullish reversal.

JUP/USDT daily price chart.On the downside, initial support is seen at the 50-day EMA at $0.1910, and a daily close back below this level would weaken the current recovery structure and expose the recent range lows.

(The technical analysis of this story was written with the help of an AI tool.)

DeFi Total Value Locked Slides Every Month in 2026 to $70 Billion

Bitcoin Whale: Miners Still Overleveraged; Waiting for the ‘Delayed Supply Reentry Shock'

Top five browser, Opera, has today announced a partnership with Unstoppable Domains, a blockchain-based domain startup. The integration will offer 80 million users access to the decentralized internet via the latest web 3.0 browser.

Opera Becomes the Latest Web 3.0 Browser The latest integration with the Opera browser will allow users to access blockchain-based domains. By typing “.crypto” as one would type “.com,” Opera users will now be able to access decentralized websites. 

Decentralized websites are those not hosted on centralized servers like Amazon Web Services. Using services like Amazon’s, news outlets, and businesses hand off control to a third-party. The third-party then has the power to cut off access and effectively end a website. 

Unstoppable Domains are, instead, supported by decentralized tools like blockchain technologies. Brad Kam, a co-founder of Unstoppable Domains, said, 

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“We believe that tools like Ethereum and IPFS will create a better internet than what exists with DNS and ICANN. It’s just beginning, but this system could replace the old internet entirely.”

The latest partnership with the Opera browser may help accelerate the company’s ambitions. In integrating Unstoppable Domains with a top-five browser, over 80 million users will be exposed to decentralized websites. Kam said, “Our partnership with Opera means that users can now view a .crypto website just as easily as a .com website.”

These websites also behave as cryptocurrency wallets and allow users to make crypto payments.  

As a web 3.0 browser, users can now use Opera to connect with MyEtherWallet, Coinomi, Kyber’s Dex, and even Anthony “Pomp” Pompliano’s podcast by adding a “.crypto” in place of a “.com.”

🆕️Thanks to @unstoppableweb , the KyberWidget is now hosted on IPFS, meaning it can be used by anyone, anywhere in the world! Surf the decentralized web by installing the chrome extension https://t.co/Y7PilmeEKS and easily swap between 70+ ERC20 tokens 🔄 at kyber.crypto! #DeFi https://t.co/7lT8yDtpaf

— Kyber Network (@KyberNetwork) March 26, 2020

Unstoppable Domains has been lining up various other partnerships in 2020. 

On Mar. 4, the company released a Google Chrome extension to bridge users to Web 3.0. The Tim Draper-backed startup has also made it easier for users to build and host a web domain on either the Ethereum or Zillqa blockchains. 

For its part, Opera has long been a crypto proponent. The browser announced an Apple Pay integration earlier this month that lets users buy cryptocurrencies like Bitcoin and Ether directly through the browser. 

Disclosure: This article was edited by Liam Kelly. For more information on how we create and review content, see our Editorial Policy.

Posted: April 4, 2020

As the price of Bitcoin rose, many of the market’s altcoins followed suit. However, what was interesting about the market’s movement was that most alts were actually outperforming the world’s largest cryptocurrency, at press time, like Kyber Network, a token that recorded 151% in YTD returns.

Zcash [ZEC]

The 27th ranked coin on CoinMarketCap was performing better than most coins on 3 April as it reported 3.39% growth in its value over the past 24 hours. The coin was being traded at $32.56, at press time, and had a market cap of $312.99 million. The 24-hour trading volume of the coin was $420.75 million.

The coin, while it has established an identity of its own as a privacy-centric cryptocurrency, has failed to impress many with its price movements as its value keeps falling on the charts.

However, according to the Chaikin Money Flow Indicator, the coin had entered the buying zone on the charts, a sign of what could be rising prices in the near future.

Bitcoin Gold [BTG]

Bitcoin Gold, with a market cap of around $131.12 million, was ranked 38th on CoinMarketCap’s charts. However, as the price of Bitcoin reacted to the buyers, the price of most altcoins shot up, including BTG’s. The coin was reporting 2.25% gains in a day, with a 24-hour trading volume of $21.55 million, at press time.

According to the Bollinger Bands, the volatility in the market had fallen as the bands converged and bullishness was back in the market, with the moving average sliding under the candlesticks.

Just recently, BTG saw its adoption scale a new level after Cryptwerk enabled users to identify merchants, shops, and services that accept BTG.

Kyber Network [KNC]

Kyber Network had been a popular alt among many investors, especially when the coin was reporting 151.18% in YTD returns. The coin had been marching upwards until it, alongside the rest of the market, collapsed on 12 March. However, the fall wasn’t enough to wipe out its gains. KNC was being traded at $0.4492 with a market cap of $79.61 million, at the time of writing. Its 24-hour trading volume was noted to be $32.96 million.

According to the Relative Strength Index, the coin was slumping towards the overbought zone. However, interest from investors is expected to remain strong as Kyber Network moves towards a protocol upgrade in Q2 of 2020

Several juggernauts of the crypto-industry were named in a class action lawsuit for the alleged sale of unregistered securities. Those mentioned include Binance, BitMEX, Tron, Block.one, Kyber Network, and KuCoin, among dozens of others.

Crypto’s Biggest Companies Face Class-Action Lawsuits According to OffShoreAlert, 11 class action lawsuits were filed against 42 defendants in the Southern District of New York Court on April 3 for the sale of unregistered securities. The lawsuits have separately named industry giants such as Binance, BitMEX operator HDR Global Trading, Tron, Civic, Block.one, Kyber Network, Status, Bibox, Quantstamp, and KuCoin.

Apart from companies, the lawsuit also named several of their executives. Changpeng Zhao of Binance, Brendan Blumer and Larimer of Block.one (EOS), Vinny Lingham of Civic, and Arthur Hayes of BitMEX, to name a few.

All of the lawsuits were brought by Roche Freedman LLP, a law firm based in New York and Miami. The law firm is famous in the crypto industry for representing the estate of Dave Kleiman in its lawsuit against Craig Wright.

Judgement Day for ICO Issuers? Since 2017, ICO investors have collectively lost hundreds of millions of dollars after their investments lost 80% or more of their value. Under law, U.S. investors are entitled to a certain degree of transparency through financial disclosures mandated by the Securities Exchange Commission.

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During the mania, the crypto entrepreneurs who raised these millions often overlooked the legal implications. Cryptocurrency was an entirely new asset. Many played it fast and loose, and made off with huge sums of money with little accountability. A large number of these companies failed.

But, the handful that succeeded were wildly successful, and these are likely the ones worth suing. For these companies, their success might be catching up with them.

Legality of ICOs in Question The lawsuits were filed on behalf of several individuals, including Chase Williams, Alexander Clifford, Eric Lee, and William Zhang, but also include “all others similarly situated.” That is, other people who invested in these projects.

The plaintiffs have alleged that all of the 11 companies included in the lawsuit violated federal securities laws. These companies unlawfully created and issued securities, circumventing regulations through the use of tokens. Exchanges were also implicated for their role in selling these assets to investors in the United States.

What’s surprising is that it’s not just companies. The executives and directors of these industry juggernauts were also named. However, it’s expected that most of the companies included in the lawsuit will outright dismiss the assertions.

But, dismissing all the claims might be difficult. This case is not without precedent.

A judge in the Southern District of New York recently ruled that the tokens issued by Telegram were securities and should have been registered with the U.S. Securities and Exchange Commission. The Commission itself has said many times in the past that most ICOs are assumed to be securities, until proven otherwise. The burden of proof rests on the issuers.

Nevertheless, this lawsuit will put U.S. courts to the test. The 42 defendants named in the case reside in 16 different countries, many of which are lightly regulated. To further complicate matters, some of these companies do not even have bank accounts or established offices, making enforcement a herculean task.

Decentralization is a tenet in the world of Bitcoin. As such, the courts in New York may find it difficult to pin these companies down if they are found culpable.

Disclosure: This article was edited by Priyeshu Garg. For more information on how we create and review content, see our Editorial Policy.

Bitcoin Ranked As One Of The Worst Performers In Coingecko's Q1 2020 Performance Report

PANews reported on April 16th that, according to SoSoValue data, expectations of a US-Iran ceasefire boosted market confidence, leading to a general rebound in the crypto market. The GameFi sector performed particularly well, rising 5.38% in the last 24 hours. Among them, Enjin Coin (ENJ) surged 50.96%, and ImmutableX (IMX) rose 9.13%. Meanwhile, Bitcoin (BTC) rose 0.07%, fluctuating narrowly around $74,000; Ethereum (ETH) rose 0.73%, remaining above $2,300.

In other sectors, Layer 2 rose 3.39% in the last 24 hours, with Starknet (STRK) up 8.36%; PayFi rose 2.31%, with XRP (XRP) up 2.87%; Meme rose 2.08%, with SPX6900 (SPX) up 6.63%; AI rose 1.75%, with Siren (SIREN) up 18.99%; DeFi rose 1.35%, with EdgeX (EDGE) up 13.05%; Layer 1 rose 0.88%, with Algorand (ALGO) up 3.59%; and CeFi rose 0.66%, with Gate (GT) up 2.60%.

13.05.2026 - 07:29

Update: 13.05.2026 - 07:33

Cryptocurrency exchange Binance has announced it will support the planned network upgrade for the Enjin Coin network. According to the exchange’s statement, to protect user experience and ensure a smooth technical transition, token deposits and withdrawals on the ENJ network will be temporarily suspended starting May 18, 2026, at 16:35.

Binance announced that the network upgrade is expected to take place at approximately 17:35 on the same day, at block height 15,543,000. The platform emphasized that all technical requirements related to the upgrade process will be managed directly by Binance and users will not need to take any additional action during this process.

According to information shared by the exchange, trading of the ENJ token will not be affected during the network upgrade. Users will be able to continue trading normally in the spot and derivatives markets. The suspended service will be limited only to deposit and withdrawal transactions made through the network.

Binance also announced that deposit and withdrawal services will be reactivated once the network is confirmed to be stable and secure following the upgrade. It was stated that no further announcement will be made regarding this reactivation.

Experts consider this update to the ENJ network to be another important technical step towards improving the project’s infrastructure efficiency. Users are advised to complete their transfers before the specified times to avoid any transaction disruptions.

*This is not investment advice.

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US officials: Israel has withdrawn troops from parts of the buffer zone in southern Lebanon.

A U.S. State Department official said Israel has withdrawn from parts of the buffer zone in southern Lebanon, describing the move as a "goodwill gesture" toward the Lebanese government.

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CBRS trades below IPO price post-earnings: Erases all gains six weeks after listing, two smart money firms net $5.8 million from first-day IPO shorts.

According to Hyperinsight monitoring, Cerebras (CBRS), the AI chip firm previously dubbed "Nvidia’s strongest challenger", saw its stock price fall in stages after reporting its first quarterly results since going public, as negative guidance overshadowed better-than-expected performance. The stock has dropped roughly 22% since the earnings release and officially broke below its IPO price today. On-chain whales are overall bearish. CBRS trades at $184 on the Hyperliquid platform, down 7.7% in 24 hours. Large-scale short positions (million-dollar level) total around $11.62 million, 2.39 times the long positions ($4.87 million). Two major short positions were placed precisely at high levels as early as the IPO day or even before the IPO: - Whale 0xe0ff: Shorted at $284.51 on May 14 with a 3x leveraged position of $6.13 million, generating an unrealized profit of $3.24 million (+104%); - Whale 0x9996: Shorted at $275.92 on May 11 with a 5x leveraged position of $5.48 million, generating an unrealized profit of $2.64 million (+162%). It is learned that both addresses currently hold short positions in both CBRS and SPCX, and have recorded substantial unrealized profits, preferring to place short positions at high levels before or on the day of major stock listings. With the realization of negative earnings news in this round, the combined unrealized profit of the two positions is around $5.88 million. Currently, the average entry price of CBRS short whales is around $275, and the current price is over 30% lower than that. The nearest short liquidation line is at $200.13, about 7% away from the current price.

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Multiple high-performing domestic public mutual fund products have tightened their purchase restrictions.

E Fund Management announced in its latest filing that the E Fund Information Industry Select Fund, managed by Zheng Xi, has cut its purchase limit to 10,000 yuan. The same purchase limit reduction to 10,000 yuan applies to another fund under his management, E Fund Information Industry Fund, while E Fund Global Growth Select Hybrid Fund (QDII) has lowered its purchase limit to 10 yuan. In addition, Guolianan Preferred Industry Fund, Harvest Tech Innovation Fund, and Principal Performance-Driven Fund have also announced purchase limits or adjustments to their limits recently. Jin Zicai, a fund manager closely watched by the market, imposed additional purchase limits on multiple public offering funds under his management, with the four funds involved cutting their purchase limits to 500 yuan starting June 23. Purchase limits on high-performing funds likely stem from multiple considerations: they can avoid return dilution caused by short-term concentrated subscriptions, and proactive limits during overheated market conditions also send risk warning signals to the market. As the first half of the year draws to a close, such moves have become increasingly frequent. Overall, Wind data shows that since June alone, 19 funds with year-to-date net asset value returns exceeding 90% have suspended large subscriptions or adjusted their purchase caps. (Source: Cailian Press)

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The US stock market's optical communication sector rises across the board in pre-market trading, with Corning up 9.28%.

According to Bitget market data, the U.S. stock market's optical communication sector saw broad pre-market gains, with MRVL rising 4.99%, LITE up 3.24%, Nokia up 3.11%, Corning up 9.28%, and AXTI up 6.69%.

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US-listed AI chip stocks saw mixed pre-market performance, with Qualcomm surging 13%.

According to Bitget market data, U.S. AI chip stocks posted mixed pre-market performance: Qualcomm (QCOM.O) surged 13%, Intel (INTC.O) rose nearly 6%, AMD (AMD.O) gained nearly 4%, and Google (GOOG.O) declined 1.4%.

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Micron Technology surges 18% in pre-market trading on US stocks

According to Bitget market data, the US stock storage sector is seeing broad pre-market gains. Micron Technology (MU.O) jumps 18% in pre-market trading, as its strong earnings significantly exceeded expectations, with multiple major banks raising the stock’s target price. SanDisk (SNDK) rises 12.25%, Western Digital (WDC) gains 12.05%, and Seagate Technology (STX) climbs 8.63%.

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In the near future, decentralized finance (DeFi) may provide a whole host of financial services and products, which are currently inaccessible to the vast majority in the world’s population. Much as search engines rapidly made the internet indispensable to modern life, smart contracts could be on their way to becoming a cornerstone of modern finance.

DeFi smart contracts currently hold more than $500M in assets. That’s more than double the amount since the start of the year.

Source: DeFi Pulse But how many people will actually use DeFi applications? Very few people understand Bitcoin (BTC), let alone the more complicated digital assets.

Technical and financial complexity excludes the vast majority of people, and that takes us back to square one. As Crypto Briefing reported earlier this month, the preponderance of arbitrage and other sophisticated trading strategies shows that DeFi has mostly been the preserve of professional traders.

Perhaps that’s why a DeFi portal based out in India has managed to attract investment from some of the largest, most reputable names in the space. InstaDApp announced earlier this week that they had raised $2.4M in seed capital from the likes of Pantera Capital, Coinbase Ventures as well as Loi Luu, from Kyber Network (KNC).

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“DeFi allows anyone to launch a bank,” explained InstaDApp co-founder Sowmay Jain, in a call with Crypto Briefing. It allows innovation, which is currently limited to a handful of tech hubs, to “happen in any corner of the world.”

InstaDApp provides access to a host of interoperable DeFi applications all from the same interface. Based on a smart contract layer, users can make transactions across otherwise separate protocols in a single step. Previously that would have been expensive and time-consuming, involving multiple transactions and hours spent researching differences in data-sets.

The project’s first protocol bridge was between CDP provider Maker and lending platform Compound, allowing users to easily switch debt positions between the two providers. After launching in early July, the value locked into InstaDApp smart contracts has increased ninefold, from $4M to $35M, in a three-month period.

The number of DeFi protocols has exploded in recent months. There are now more than fifty different projects, according to the data site DeFi Pulse. That includes projects offering decentralized financial products, like Maker or Ampleforth, as well as wallet providers and infrastructure projects, like InstaDApp.

The industry is still not established enough to offer services to everyone, says Jain. A lack of fiat onramps restricts DeFi to those who hold cryptocurrencies, although that will change as digital assets begin to integrate with mainstream finance.

As the numbers of users and providers grow, the technical infrastructure underpinning DeFi will become more important. By offering bridges between the different protocols, InstaDApp believes it can make the DeFi space more attractive to users.

Judging by the seed round, that’s what investors think too. While there are still only a handful of dApps, an investment in the plumbing suggests the market is already thinking long-term about the future of DeFi.

It’s hard to judge how successful a sector will become at such an early stage. But when Google and Amazon were obscure startups in the 1990s, they also attracted multi-million dollar investments.

History never repeats itself, but it does rhyme.

Disclosure: This article was edited by Paddy Baker. For more information on how we create and review content, see our Editorial Policy.

Getting Ready for the Altcoin Resurgence

Today, the Financial Stability Board (FSB) released a document addressing the regulatory, supervisory, and oversight challenges raised by global stablecoins. The document, although only consultative in nature, reveals disturbing plans for a globally coordinated move against stablecoins of all varieties.

The FSB makes ten high-level recommendations addressed to central banks and G20 authorities at the jurisdictional level. More specifically, they recommend a unified global approach to the supervision and regulation of the fiat-pegged cryptocurrencies.

Furthermore, the FSB suggests to authorities that, if they can’t control and regulate fully decentralized stablecoins, they should consider banning them.

FSB Raises Regulatory Alarms Against Global Stablecoins The FSB’s primary focus is on the potential risks that stablecoins could pose to global financial stability, especially those targeted at retail investors. These fiat-pegged cryptocurrencies represent a risk to the financial stability of emerging markets and developing economies, read the document.

Moreover, the FSB argues that global stablecoins could pose significant governance challenges to central banks. The Board seems especially concerned with the macro-financial problems that could arise if, over time, citizens in both advanced and emerging market economies begin favoring stablecoins over existing fiat currencies. 

The guidance is aimed at both advanced and emerging economies. Authorities in advanced economies are primarily concerned with stablecoins designed in a decentralized nature, seeing risks in their reliability as a store of value.

Jurisdictions in emerging market economies, meanwhile, express greater concern about foreign-currency-linked stablecoins substituting national currencies, retail deposits, or safe assets. They’re afraid that this could exacerbate bank runs and disintermediate the traditional financial institutions.

According to the FSB, another potential issue is that under distressed macroeconomic conditions⁠—much like the current coronavirus pandemic⁠—global stablecoins could essentially become a sort of a hybrid retail repo market for U.S. Dollars.

If left unchecked, global stablecoins could have a destabilizing effect on capital flows and local fiat exchange rates⁠—especially so in emerging market economies, argued the international regulator.

Source: Financial Stability Board Who Is the Financial Stability Board? It is important to note here that, even though the FSB lacks formal legal power, its recommendations are still influential. One of its primary mandates is to monitor the systemic implications of financial technology innovations and the systemic risks arising from disruptions to central bank operations.

The Board is hosted and funded by the Bank for International Settlements (BIS). Its members are representatives of ministries of finance and central banks from all G20 member states, plus ten international organizations, including the IMF, BIS, ECB, the World Bank, and the European Commission.

In practice, the regulator holds a tremendous amount of clout.

The objective of the FSB’s recommendations is to help authorities determine how to mitigate the potential financial risks caused by “global stablecoins,” or GSCs.

More alarming, it includes “other crypto assets that could pose risks similar to some of those posed by GSCs because of comparable international reach, scale, and use,” perhaps alluding to Bitcoin.

This isn’t the first reference to drastic action from the FSB. The regulator was asked to come up with specific recommendations on stablecoins back in February.

Recommendations on Stablecoins to Governments and Central Banks The Board makes ten recommendations concerning the regulation of stablecoins, in the aforementioned document. Among them are a couple that may cause alarm in the cryptocurrency community.

“Authorities should have the ability to mitigate risks associated with or prohibit the use of certain or specific stablecoins in their jurisdictions where these do not meet the applicable regulatory, supervisory, and oversight requirements.”

The FSB recommends that relevant authorities should utilize necessary powers to regulate, control and even prohibit any and all activities related to operating, issuing, managing, providing custody, and the trade or exchange related to global stablecoins. 

This could be dire for the likes of Tether and other international stablecoin operators. To make things clear, the FSB defines a global stablecoin as having “ potential reach and adoption across multiple jurisdictions and the potential to achieve substantial volume.” 

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“Authorities should apply regulatory requirements to GSC arrangements on a functional basis and proportionate to their risks.”

Christine Lagarde of the European Central Bank (ECB) refers to this principle as “the golden rule of supervision,” otherwise known as the “same business, same risk, same rules” approach.

This means that cryptocurrency issuers can no longer operate in a gray zone. Stablecoins will now have to play on a leveled playing field, adhere to the same rules as banks, e-money issuers, and large payment processors. 

If central banks determine that particular GSC arrangements fit the definition of a “systemically important payment system,” then they’ll also fall under the Principles for Financial Market Infrastructures or PFMI. 

“Authorities should ensure that there is comprehensive regulation, supervision and oversight of the GSC arrangement across borders and sectors. Authorities should cooperate and coordinate with each other, both domestically and internationally…”

The FSB is stressing the need for global unison in their approach to regulating and supervising stablecoins. The reason why this discussion is taking place at the highest levels of global economic governance is to mitigate possible risks of “regulatory arbitrage.”

In other words, this is the international banking cartel’s way of saying: If someone wants to operate a stablecoin arrangement out of Panama—sure, go ahead. But, they can only sell these stablecoins to Panamanian citizens.

“Authorities should ensure that GSC arrangements have in place a comprehensive governance framework with a clear allocation of accountability for the functions and activities within the GSC arrangement.”

Decentralized and Centralized Stablecoins Both Affected The FSB goes on to explain that the degree of decentralization in GSC arrangements shouldn’t really matter in terms of the demand for regulation, supervision, and oversight.

At the same time, they imply that only permission-based stablecoins should be permitted to operate: 

“Fully permissionless ledgers or similar mechanisms could pose particular challenges to accountability and governance and may not be suitable if regulators cannot be assured that appropriate regulatory, supervisory, and oversight requirements are satisfied.”

If the G20 adopts FSB’s views on this, it could also mean the end of Ethereum-based permissionless stablecoins. The entire DeFi sector shouldn’t be expected to fare much better, either.

“Authorities should ensure that GSC arrangements have in place robust systems for safeguarding, collecting, storing and managing data.”

This is simply the FSB saying that GSC businesses should give the G20 authorities “timely and unobstructed access to relevant data and information” on all stablecoin transactions and users. This it the same way traditional banks operate.

The critical question here is whether stablecoins running on permissionless blockchains are even able to do that.

Do wallet addresses and blockchain transactions count as relevant data and information?

Along the same lines, the FSB proposes that authorities should have the “ability to require a GSC arrangement to be governed in a manner that facilitates effective regulation and supervision, including by prohibiting fully decentralized systems.” 

“Authorities should not permit the operation of a GSC arrangement in their jurisdiction unless the GSC arrangement meets all of their jurisdiction’s regulatory, supervisory, and oversight requirements, including affirmative approval (e.g. licenses or registrations) where such a mechanism is in place.”

In the broader context of the document, “operation of a GSC arrangement” can mean anything from registering a GSC legal entity to the sale of stablecoins to retail investors.

In that regard, if Tether, for example, wants to continue issuing USDT to citizens of G20 member states (or most of the world), they would need to obtain licenses and register with the relevant authorities in each and every G20 country. Given Tether’s current approach towards compliance, this may not prove practical.

The CTO of Tether, Paolo Ardoino, told Crypto Briefing:

“We welcome the Financial Stability Board’s recognition of the role of stablecoins in the global economy, and its consideration of financial technology innovation in the digital asset space.”

For stablecoin businesses like Tether, Circle, Paxos, Binance, and others this could prove dire because the costs of compliance with the above provisions are enormous. This could, more or less, leave banks as the only source of fiat-backed digital currency.

Potential Market Impact on Cryptocurrency In terms of tangible legislation, the FSB’s recommendations, and its consequent impact on Bitcoin, will likely play out over the course of a few years.

In the meantime, it can be expected that central banks will increase cross-border cooperation to achieve greater supervision over stablecoin issuers and dealers.

Through this, the G20 aims to eliminate all feasibility of regulatory arbitrage and diminish what’s left of the regulatory wiggle room still remaining for stablecoin businesses.

As said by Richy Qiao, Chief Business Officer of decentralized stablecoin Ampleforth:

“This is something we’ve expected for a while. Large stablecoins that are centralized or tied to the financial system only work, until they matter. The FSB’s recommendations are inevitable and could result in the future of the entire crypto ecosystem coming under the control of those who control these types of regulated fiat-backed assets.”

Long-term Implications for Bitcoin and DeFi Stablecoins play a leading role in the cryptocurrency ecosystem. The five largest stablecoins account for two-thirds of all trading volume, despite representing less than 4% of the market capitalization for public ledger tokens.

Rather than moving from crypto to fiat in a bank account, which is regulated and cumbersome by the industry’s standards, it’s instead possible to move into a fiat token that runs on a public blockchain. With USD stablecoins dominating the industry, this creates an extra level of efficiency for those in emerging and frontier markets. 

With over 75,000 daily active addresses on USDT alone, the genesis stablecoin only lags behind Bitcoin and Ethereum in terms of adoption. In sum, the most important effect that stablecoins have had on the cryptocurrency markets is improved liquidity. 

USDT on-chain volume by Santiment If the G20 heeds the recommendation put forth by the FSB, the stablecoin ecosystem, as people know it, will face immeasurable peril. 

The first-order effect of this would be a dramatic reduction in liquidity for cryptoassets. The friction between a globally inefficient banking system and cryptocurrency exchanges will introduce hurdles in the timely deployment of capital. 

Exchanges, market makers, and institutional lenders will bear the brunt of the crackdown. Binance’s top five trading pairs use USDT and represent 57% of the exchange’s volume, at the time of writing. 

Given the expected erosion of liquidity, market makers may face diminishing workloads and more risk.

Trading pairs, for instance, would have to take place between two speculative tokens, rather than just one speculative token and one stablecoin pair.

Institutional lenders could see demand for funds dry up. Genesis Capital, an institutional lender, revealed that demand for stablecoins shot up from 9.6% in Q1 2019 to a whopping 37.2% in Q4 2019. 

Loans disbursed by asset by Genesis Capital Of all the niches in crypto, DeFi⁠—which has undue reliance on stablecoins⁠—will be hit the hardest. 

MakerDAO may have its entire business model come under heavy regulation, Compound could be eviscerated, and many of the other value-add services that leverage stablecoins could lose hard-earned traction generated over the last year.

Nine out of the top ten DeFi protocols, by value-locked, rely heavily on stablecoins in their operations. Moreover, exchanges that take advantage of regulatory arbitrage, like Binance, would be nowhere near their current size without stablecoins. 

The other global stablecoins that are likely to fall under intense scrutiny if these recommendations are accepted include Facebook’s Libra, Bitfinex-associated Tether, and Circle’s USD Coin.

However, given the circumstances, this may prove favorable for exchanges, like Coinbase, who have gone great lengths to operate under the grace of U.S. regulators. It may also have the effect of pushing altcoin trading further into the sights of regulators, with more strenuous “anti-money laundering” and “know your customer” requirements, added Qiao.

The impact on the cryptocurrency ecosystem should not be understated. The entire crypto industry would be impacted if stablecoins were outlawed, Bitcoin included.

Pushing private stablecoins out of the game would make the implementation and adoption of central bank digital currencies much easier. As a result, it wouldn’t be far-fetched to think the G20 will favor this proposal.

In some ways, the industry is getting what it asked for—regulatory clarity. Central banks are finally shining a light on the regulatory gray zones that exist in the cryptocurrency markets. Though, this light may be a bit brighter than many would have asked for.

Reporting aided by analysis from Ashwath Balakrishnan. Interviews and supplemental quotes by Liam Kelly and Mitchell Moos. 

Disclosure: This article was edited by Stefan Stankovic. For more information on how we create and review content, see our Editorial Policy.