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Abra Settles With Fifth State As US Operations May Be Winding DownCryptocurrency platform Abra and its CEO William Barhydt reached a settlement with the Oregon Division of Financial Regulation, under which it will return assets held by Oregon users on the platform and cease and desist from offering unregistered securities in the state. This is the latest step in the United States-based company’s withdrawal from the U.S. market. Oregon is at least the fifth state to take action against the companies that make up the Abra ecosystem. The state of Oregon charged Abra with violations of state securities laws in connection with its interest-bearing crypto depository accounts Abra Earn and Abra Boost. It required Abra to advise all account holders in the state to remove their crypto assets from the platform. If it succeeds in returning all assets to Oregon customers by April 25, it will not be subject to a monetary penalty. In Oregon, 167 Abra customers have $32,387.14 on the platform. The state of Iowa settled with Abra and its CEO in February, and Abra agreed to return $6,426.90 to its approximately 39 customers in that state. It would avoid a penalty of $461,610.14 by fulfilling the conditions of the settlement by March 6. Related: SEC and CFTC Fine Crypto Investment App for Offering Synthetic Assets Maryland took action against Abra in September 2023 on behalf of 162 Marylanders with balances totaling $700,000. Maryland Attorney General Anthony Brown stated in the announcement: “Maryland has been participating in a working group of state securities regulators focused on interest-bearing crypto asset accounts.” This past January, Abra agreed in a settlement with the Texas State Securities Board to repay state residents their balances on the platform. That was the second action Texas had taken against Abra. In a June 2023 enforcement action, the Texas agency found that Abra had approximately 1,600 state residents on its platform with a balance of $1.8 million. It also claimed that Abra has been insolvent since March of that year, which was during the height of the banking crisis. Source: Bill Barhydt The California Commissioner of Financial Protection and Innovation issued a consent decree in April 2023 requiring Abra to close out Californians’ Earn accounts, worth $19 million. Abra said in a blog post in July that it was ending retail operations in the United States. Magazine: Home loans using crypto as collateral: Do the risks outweigh the reward?

Abra Settles With Fifth State As US Operations May Be Winding Down

Cryptocurrency platform Abra and its CEO William Barhydt reached a settlement with the Oregon Division of Financial Regulation, under which it will return assets held by Oregon users on the platform and cease and desist from offering unregistered securities in the state. This is the latest step in the United States-based company’s withdrawal from the U.S. market.

Oregon is at least the fifth state to take action against the companies that make up the Abra ecosystem. The state of Oregon charged Abra with violations of state securities laws in connection with its interest-bearing crypto depository accounts Abra Earn and Abra Boost. It required Abra to advise all account holders in the state to remove their crypto assets from the platform. If it succeeds in returning all assets to Oregon customers by April 25, it will not be subject to a monetary penalty.

In Oregon, 167 Abra customers have $32,387.14 on the platform. The state of Iowa settled with Abra and its CEO in February, and Abra agreed to return $6,426.90 to its approximately 39 customers in that state. It would avoid a penalty of $461,610.14 by fulfilling the conditions of the settlement by March 6.

Related: SEC and CFTC Fine Crypto Investment App for Offering Synthetic Assets

Maryland took action against Abra in September 2023 on behalf of 162 Marylanders with balances totaling $700,000. Maryland Attorney General Anthony Brown stated in the announcement:

“Maryland has been participating in a working group of state securities regulators focused on interest-bearing crypto asset accounts.”

This past January, Abra agreed in a settlement with the Texas State Securities Board to repay state residents their balances on the platform. That was the second action Texas had taken against Abra. In a June 2023 enforcement action, the Texas agency found that Abra had approximately 1,600 state residents on its platform with a balance of $1.8 million. It also claimed that Abra has been insolvent since March of that year, which was during the height of the banking crisis.

Source: Bill Barhydt

The California Commissioner of Financial Protection and Innovation issued a consent decree in April 2023 requiring Abra to close out Californians’ Earn accounts, worth $19 million.

Abra said in a blog post in July that it was ending retail operations in the United States.

Magazine: Home loans using crypto as collateral: Do the risks outweigh the reward?
Ethereum Futures Open Interest At All-time High — Bullish or Bearish?Ether (ETH) has been grappling with the $3,600 level for the past three days, yet it seems traders may have overlooked the fact that the ETH price has soared by 58.8% since February. While some market participants attribute the limited upside to uncertainty surrounding the likelihood of a spot Ether exchange-traded fund (ETF) being approved in the U.S., others contend that the surge in Ether futures open interest indicates strong demand from institutional investors. Ether spot ETF decision in May is pivotal for Ether’s price The debate continues over the implications of the indictment by the United States Justice Department against the cryptocurrency exchange KuCoin. On one hand, the indictment is viewed as a negative for the industry due to the resulting tighter regulatory landscape. However, some argue that this event actually improves the prospects for the approval of a spot Ether ETF by May 25, the date by which the U.S. Securities and Exchange Commission (SEC) is expected to issue its final decision. A complaint filed on March 26 by the U.S. Commodity Futures Trading Commission (CFTC) against KuCoin for illegal trading activities notably identified Bitcoin (BTC), Ether, and Litecoin (LTC) as “digital assets that are commodities,” falling firmly under the CFTC’s jurisdiction. This stance appears to directly challenge the SEC’s assertions that Ether could be considered a security. Source: Alexander Grieve BlackRock CEO Larry Fink remarked in a March 27 interview on FOX Business that listing an Ether ETF could still be feasible even if the asset is classified as a security by regulators, as reported by Unchained Crypto. Meanwhile, in a March 27 update on the X social network, Bloomberg senior ETF analyst James Seyffart reiterated his prediction of a denial in May, noting that the CFTC has recognized Ether as a commodity since at least February 2021, “when they allowed CME Ethereum futures to begin trading.” The growth of the Ether futures market is undoubtedly a positive development, as increased liquidity, particularly in the regulated Chicago Mercantile Exchange (CME) market, facilitates participation by hedge funds and large asset managers. However, the fact that aggregate Ether futures open interest achieved a new record high on March 28 should not be immediately interpreted as a bullish indicator. Ether futures aggregate open interest, USD. Source: Coinglass It is important to note that Binance leads the pack, amassing $4.55 billion in ETH futures market positions, with Bybit trailing at $2.4 billion. Meanwhile, the open interest in CME Ether futures currently sits at $1.3 billion. Thus, attributing the recent surge solely to institutional investor interest would be oversimplifying the matter. Moreover, in every derivatives market, the volume of long positions, those wagering on a price increase, invariably equals the volume of short positions, those betting on a decline. However, the demand for leverage can serve as an indicator of the market's bullish or bearish sentiment. Ether derivatives reflect moderate optimism Perpetual contracts, or inverse swaps, include a rate that adjusts based on the demand imbalance for leverage. A positive funding rate indicates increased demand for bullish leverage positions, whereas a negative rate suggests a preference for bearish positions. Ether perpetual futures 8-hour funding rate. Source: Coinglass Recent data indicates a rise in the demand for leveraged long positions in ETH, with the current funding rate at 0.04%, or roughly 0.8% on a weekly basis. Typically, rates above 1.2% per week signal excessive optimism, suggesting that traders are presently moderately bullish. To gauge professional traders’ sentiment more accurately, one should examine data from the Ether options market. The 25% delta skew provides insight into whether arbitrage desks and market makers are charging more for upward or downward protection. Specifically, a skew metric above 7% suggests expectations of a price decline, whereas excitement in the market usually results in a negative skew below -7%. Deribit Ether 2-month options 25% delta skew. Source: Laevitas The Ether option delta skew indicates balanced pricing between call and put options, aligning with a neutral market stance. However, a comparison with data from March 21, when the ETH skew metric showed signs of optimism, suggests that traders are now less optimistic about Ether's potential to surpass the $3,800 mark. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Ethereum Futures Open Interest At All-time High — Bullish or Bearish?

Ether (ETH) has been grappling with the $3,600 level for the past three days, yet it seems traders may have overlooked the fact that the ETH price has soared by 58.8% since February. While some market participants attribute the limited upside to uncertainty surrounding the likelihood of a spot Ether exchange-traded fund (ETF) being approved in the U.S., others contend that the surge in Ether futures open interest indicates strong demand from institutional investors.

Ether spot ETF decision in May is pivotal for Ether’s price

The debate continues over the implications of the indictment by the United States Justice Department against the cryptocurrency exchange KuCoin. On one hand, the indictment is viewed as a negative for the industry due to the resulting tighter regulatory landscape. However, some argue that this event actually improves the prospects for the approval of a spot Ether ETF by May 25, the date by which the U.S. Securities and Exchange Commission (SEC) is expected to issue its final decision.

A complaint filed on March 26 by the U.S. Commodity Futures Trading Commission (CFTC) against KuCoin for illegal trading activities notably identified Bitcoin (BTC), Ether, and Litecoin (LTC) as “digital assets that are commodities,” falling firmly under the CFTC’s jurisdiction. This stance appears to directly challenge the SEC’s assertions that Ether could be considered a security.

Source: Alexander Grieve

BlackRock CEO Larry Fink remarked in a March 27 interview on FOX Business that listing an Ether ETF could still be feasible even if the asset is classified as a security by regulators, as reported by Unchained Crypto. Meanwhile, in a March 27 update on the X social network, Bloomberg senior ETF analyst James Seyffart reiterated his prediction of a denial in May, noting that the CFTC has recognized Ether as a commodity since at least February 2021, “when they allowed CME Ethereum futures to begin trading.”

The growth of the Ether futures market is undoubtedly a positive development, as increased liquidity, particularly in the regulated Chicago Mercantile Exchange (CME) market, facilitates participation by hedge funds and large asset managers. However, the fact that aggregate Ether futures open interest achieved a new record high on March 28 should not be immediately interpreted as a bullish indicator.

Ether futures aggregate open interest, USD. Source: Coinglass

It is important to note that Binance leads the pack, amassing $4.55 billion in ETH futures market positions, with Bybit trailing at $2.4 billion. Meanwhile, the open interest in CME Ether futures currently sits at $1.3 billion. Thus, attributing the recent surge solely to institutional investor interest would be oversimplifying the matter.

Moreover, in every derivatives market, the volume of long positions, those wagering on a price increase, invariably equals the volume of short positions, those betting on a decline. However, the demand for leverage can serve as an indicator of the market's bullish or bearish sentiment.

Ether derivatives reflect moderate optimism

Perpetual contracts, or inverse swaps, include a rate that adjusts based on the demand imbalance for leverage. A positive funding rate indicates increased demand for bullish leverage positions, whereas a negative rate suggests a preference for bearish positions.

Ether perpetual futures 8-hour funding rate. Source: Coinglass

Recent data indicates a rise in the demand for leveraged long positions in ETH, with the current funding rate at 0.04%, or roughly 0.8% on a weekly basis. Typically, rates above 1.2% per week signal excessive optimism, suggesting that traders are presently moderately bullish.

To gauge professional traders’ sentiment more accurately, one should examine data from the Ether options market. The 25% delta skew provides insight into whether arbitrage desks and market makers are charging more for upward or downward protection. Specifically, a skew metric above 7% suggests expectations of a price decline, whereas excitement in the market usually results in a negative skew below -7%.

Deribit Ether 2-month options 25% delta skew. Source: Laevitas

The Ether option delta skew indicates balanced pricing between call and put options, aligning with a neutral market stance. However, a comparison with data from March 21, when the ETH skew metric showed signs of optimism, suggests that traders are now less optimistic about Ether's potential to surpass the $3,800 mark.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Bitwise Files With SEC for Spot Ether ETF ListingAsset management firm Bitwise has filed with the United States Securities and Exchange Commission (SEC) to list and trade shares of a spot Ether (ETH) exchange-traded fund, or ETF. In a March 28 filing, Bitwise filed a Form S-1 registration statement with the SEC for shares of its Ethereum ETF. The filing came amid speculation that the SEC was seeking to label Ether a security under its regulatory purview, putting future listings of spot ETF ETFs into doubt. Based on a 19b-4 amendment filing with the SEC, Bitwise intends to list shares of the ETH investment vehicle on NYSE Arca. The asset manager was among the first to obtain approval from the SEC for listing and trading shares of its spot Bitcoin (BTC) ETF in January. Source: Bitwise Related: 3 theories why the SEC may be eyeing down Ethereum: Crypto lawyer The final SEC deadline for approving or denying the next round of spot ETH ETF applications will come on May 23, starting with VanEck’s investment vehicle. Though many experts seemed to be optimistic about approval in 2023, some have suggested going into 2024 that the commission could deny applications. Several firms have spot ETH ETF applications pending approval or denial, including Fidelity, Hashdex and ARK 21Shares. The SEC began approving investment vehicles tied to Ether futures in October 2023. Magazine: Ether ETFs face Senate opposition, Wright is not Satoshi, and Dencun goes live: Hodler’s Digest, March 10-16

Bitwise Files With SEC for Spot Ether ETF Listing

Asset management firm Bitwise has filed with the United States Securities and Exchange Commission (SEC) to list and trade shares of a spot Ether (ETH) exchange-traded fund, or ETF.

In a March 28 filing, Bitwise filed a Form S-1 registration statement with the SEC for shares of its Ethereum ETF. The filing came amid speculation that the SEC was seeking to label Ether a security under its regulatory purview, putting future listings of spot ETF ETFs into doubt.

Based on a 19b-4 amendment filing with the SEC, Bitwise intends to list shares of the ETH investment vehicle on NYSE Arca. The asset manager was among the first to obtain approval from the SEC for listing and trading shares of its spot Bitcoin (BTC) ETF in January.

Source: Bitwise

Related: 3 theories why the SEC may be eyeing down Ethereum: Crypto lawyer

The final SEC deadline for approving or denying the next round of spot ETH ETF applications will come on May 23, starting with VanEck’s investment vehicle. Though many experts seemed to be optimistic about approval in 2023, some have suggested going into 2024 that the commission could deny applications.

Several firms have spot ETH ETF applications pending approval or denial, including Fidelity, Hashdex and ARK 21Shares. The SEC began approving investment vehicles tied to Ether futures in October 2023.

Magazine: Ether ETFs face Senate opposition, Wright is not Satoshi, and Dencun goes live: Hodler’s Digest, March 10-16
Web3 Ad Service Everyworld Reaches 225K Users Within a Month of Launching BetaWeb 3 advertising service platform Everyworld has reached a total user base of 225,000 as of March 28. According to a press release from Everyworld, this milestone for the service occurred within a month of its initial beta. Everyworld describes its platform as having “elements of a media platform, a game show, an online marketplace and even TikTok,” but also notes that it’s “entirely different.” As an ad service platform, it serves advertisements from more than 20 games from both the blockchain and traditional gaming sectors. These include Shrapnel, Big Time, Star Atlas, Planet Mojo, The Sandbox, and High Street, and others according to the press release. Users are incentivized to interact with the content on Everyworld’s platform through a rewards system wherein users earn points towards prize drawings. CEO Janine Yorio, in a statement given to the press, said: “The goal is to onboard web3 natives and then to expand to a mainstream audience, and in doing so to demonstrate the transformative power of cryptocurrency to bring people together, rallying communities to collaborate toward common goals. To demonstrate the applicability of this blockchain technology to non-crypto uses, Everyworld displays ad content for both blockchain (web3) and also traditional video games.” Related: Web3 game Wilder World gets Epic Game Store listing during alpha testing The company says its ad services protocol is a “win-win” for gamers and developers. According to its website it also conducts conservation efforts with support for various conservation organizations. “This is an enormous opportunity,” the company’s chief crypto officer, TJ Kawamura, said in a press release, adding that “the users of today’s platforms, games, and other consumer applications demand—and deserve—to be rewarded for engaging with a product. After all, we are in the midst of the most competitive attention economy the world has ever seen, and products, now more than ever, depend on user participation. “ The Everyworld platform is currently available in select markets excluding the U.S. and Afghanistan, Australia, Belgium, Belize, Bolivia, Canada (province of Quebec), Cambodia, Chad, China, Columbia, Cuba, Iran, Iraq, Lebanon, Libya, Myanmar, North Korea, Russia, Singapore, Somalia, Sudan, Syria, Tanzania, Thailand, Turkey.

Web3 Ad Service Everyworld Reaches 225K Users Within a Month of Launching Beta

Web 3 advertising service platform Everyworld has reached a total user base of 225,000 as of March 28.

According to a press release from Everyworld, this milestone for the service occurred within a month of its initial beta.

Everyworld describes its platform as having “elements of a media platform, a game show, an online marketplace and even TikTok,” but also notes that it’s “entirely different.”

As an ad service platform, it serves advertisements from more than 20 games from both the blockchain and traditional gaming sectors. These include Shrapnel, Big Time, Star Atlas, Planet Mojo, The Sandbox, and High Street, and others according to the press release.

Users are incentivized to interact with the content on Everyworld’s platform through a rewards system wherein users earn points towards prize drawings.

CEO Janine Yorio, in a statement given to the press, said:

“The goal is to onboard web3 natives and then to expand to a mainstream audience, and in doing so to demonstrate the transformative power of cryptocurrency to bring people together, rallying communities to collaborate toward common goals. To demonstrate the applicability of this blockchain technology to non-crypto uses, Everyworld displays ad content for both blockchain (web3) and also traditional video games.”

Related: Web3 game Wilder World gets Epic Game Store listing during alpha testing

The company says its ad services protocol is a “win-win” for gamers and developers. According to its website it also conducts conservation efforts with support for various conservation organizations.

“This is an enormous opportunity,” the company’s chief crypto officer, TJ Kawamura, said in a press release, adding that “the users of today’s platforms, games, and other consumer applications demand—and deserve—to be rewarded for engaging with a product. After all, we are in the midst of the most competitive attention economy the world has ever seen, and products, now more than ever, depend on user participation. “

The Everyworld platform is currently available in select markets excluding the U.S. and Afghanistan, Australia, Belgium, Belize, Bolivia, Canada (province of Quebec), Cambodia, Chad, China, Columbia, Cuba, Iran, Iraq, Lebanon, Libya, Myanmar, North Korea, Russia, Singapore, Somalia, Sudan, Syria, Tanzania, Thailand, Turkey.
Crypto Users React to Sam Bankman-Fried’s 25-year SentenceMore than 500 days after the collapse of cryptocurrency exchange FTX, users have an answer for the number of years former CEO Sam “SBF” Bankman-Fried will face in prison: 25. In a March 28 hearing, Judge Lewis Kaplan sentenced the former FTX CEO to 300 months in prison for his conviction related to misusing customer funds. Prosecutors had suggested up to 50 years in prison for SBF, while his defense attorneys requested the judge be lenient and only impose up to 6.5 years. The judge added the former CEO had committed perjury and intimidated witnesses. Immediately following the announcement in the New York courtroom, crypto users jumped onto social media to express their thoughts. Many suggested that 25 years wasn’t enough time given longer sentences handed down for seemingly less serious crimes. “[The judge] gave him less than Chelsea Manning (35 years) for a waaaaay worse crime,” said Edward Snowden on X, referring to Manning’s 2013 conviction for violations of the Espionage Act. Source: Mandrik Though the sentencing guidelines allowed Judge Kaplan to put SBF in prison for more than 100 years, many pointed out before the hearing that this outcome was unlikely. Several legal experts speculated Bankman-Fried would serve between 10 and 30 years, and others suggested it may be an effective deterrent for figures in the crypto space. “Judge Kaplan weighed all of the sentencing factors, including the magnitude of the crime, his conclusion that SBF lied on the witness stand and tampered with a witness, and handed down a serious sentence,” Mark Bini, a former Assistant U.S. Attorney in the Eastern District of New York, told Cointelegraph. “While less than the prosecutors’ request for 40-50 years, it is a very significant sentence and sends a message that people convicted of crimes in the crypto space will face serious consequences.” Related: What to expect at Sam Bankman-Fried’s sentencing hearing Swan Bitcoin Managing Director Terrence Yang largely disagreed, telling Cointelegraph “justice is not served” and 25 years was “too light” based on the number of suicides in the wake of the collapse of FTX, SBF’s perjury, and the misuse of user funds. “The damage SBF did was permanent and severe,” said Yang. “He ruined a lot of families and lives with his felonious acts and put salt in the deep wounds with his total lack of remorse. I get that he has ADHD and ADHD families filed a statement with the court asking for leniency but SBF is the only person with ADHD in the world who stole billions of dollars in customer funds and destroyed or hurt millions of lives.” Bankman-Fried was taken out of court on March 28 to start his sentence at the Metropolitan Detention Center in Brooklyn, where he has been since Judge Kaplan revoked his bail in August 2023. Ryan Salame, the former co-CEO of FTX Digital Markets, will likely be the next figure in the case to face sentencing on May 1. Gary Wang, Caroline Ellison and Nishad Singh — other former executives associated with FTX and Alameda Research — have already pleaded guilty and accepted deals. Magazine: ‘Less flashy’ Mashinsky set for less jail time than SBF: Inner City Press, X Hall of Flame

Crypto Users React to Sam Bankman-Fried’s 25-year Sentence

More than 500 days after the collapse of cryptocurrency exchange FTX, users have an answer for the number of years former CEO Sam “SBF” Bankman-Fried will face in prison: 25.

In a March 28 hearing, Judge Lewis Kaplan sentenced the former FTX CEO to 300 months in prison for his conviction related to misusing customer funds. Prosecutors had suggested up to 50 years in prison for SBF, while his defense attorneys requested the judge be lenient and only impose up to 6.5 years. The judge added the former CEO had committed perjury and intimidated witnesses.

Immediately following the announcement in the New York courtroom, crypto users jumped onto social media to express their thoughts. Many suggested that 25 years wasn’t enough time given longer sentences handed down for seemingly less serious crimes.

“[The judge] gave him less than Chelsea Manning (35 years) for a waaaaay worse crime,” said Edward Snowden on X, referring to Manning’s 2013 conviction for violations of the Espionage Act.

Source: Mandrik

Though the sentencing guidelines allowed Judge Kaplan to put SBF in prison for more than 100 years, many pointed out before the hearing that this outcome was unlikely. Several legal experts speculated Bankman-Fried would serve between 10 and 30 years, and others suggested it may be an effective deterrent for figures in the crypto space.

“Judge Kaplan weighed all of the sentencing factors, including the magnitude of the crime, his conclusion that SBF lied on the witness stand and tampered with a witness, and handed down a serious sentence,” Mark Bini, a former Assistant U.S. Attorney in the Eastern District of New York, told Cointelegraph. “While less than the prosecutors’ request for 40-50 years, it is a very significant sentence and sends a message that people convicted of crimes in the crypto space will face serious consequences.”

Related: What to expect at Sam Bankman-Fried’s sentencing hearing

Swan Bitcoin Managing Director Terrence Yang largely disagreed, telling Cointelegraph “justice is not served” and 25 years was “too light” based on the number of suicides in the wake of the collapse of FTX, SBF’s perjury, and the misuse of user funds.

“The damage SBF did was permanent and severe,” said Yang. “He ruined a lot of families and lives with his felonious acts and put salt in the deep wounds with his total lack of remorse. I get that he has ADHD and ADHD families filed a statement with the court asking for leniency but SBF is the only person with ADHD in the world who stole billions of dollars in customer funds and destroyed or hurt millions of lives.”

Bankman-Fried was taken out of court on March 28 to start his sentence at the Metropolitan Detention Center in Brooklyn, where he has been since Judge Kaplan revoked his bail in August 2023. Ryan Salame, the former co-CEO of FTX Digital Markets, will likely be the next figure in the case to face sentencing on May 1. Gary Wang, Caroline Ellison and Nishad Singh — other former executives associated with FTX and Alameda Research — have already pleaded guilty and accepted deals.

Magazine: ‘Less flashy’ Mashinsky set for less jail time than SBF: Inner City Press, X Hall of Flame
Price Analysis 3/28: BTC, ETH, BNB, SOL, XRP, ADA, DOGE, AVAX, SHIB, TONBitcoin’s (BTC) recent fall does not seem to have dented the demand for the spot Bitcoin exchange-traded funds. After five days of successive net outflows last week, demand bounced back sharply with $418 million in net inflows into the ETFs on March 26 and $243 million inflows on March 27, according to Farside Investors data. BlackRock CEO Larry Fink said in an interview with Fox Business that he was “pleasantly surprised” with the performance of the firm’s spot Bitcoin ETF, which was the “fastest growing ETF in the history of ETFs.” Fink added that he was “very bullish on the long-term viability of Bitcoin.” Crypto market data daily view. Source: Coin360 On-chain analytics platform CryptoQuant said in its latest “Weekly Crypto Report” that Bitcoin’s demand skyrocketed from “40K Bitcoin at the start of 2024 to 213K Bitcoin” on March 26. That could create a “sell-side liquidity crisis” within the next year. Could Bitcoin continue its recovery and hit a new all-time high before the Bitcoin halving? Will that trigger buying in altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out. Bitcoin price analysis Bitcoin witnessed profit booking on March 26 and 27, but a positive sign is that the bulls maintained the price above the pennant. BTC/USDT daily chart. Source: TradingView The 20-day exponential moving average (EMA) ($67,069) has started to turn up, and the relative strength index (RSI) is in the positive territory, suggesting that the path of least resistance is to the upside. If buyers drive the price above $73,777, the BTC/USDT pair is likely to pick up momentum and rally to $80,000. On the contrary, if the price turns down from the current level and breaks below the 20-day EMA, it could open the doors for a potential drop to the 50-day simple moving average ($60,629). Ether price analysis Ether (ETH) is facing selling near $3,678, but a positive sign is that the bulls are trying to defend the 20-day EMA ($3,530). ETH/USDT daily chart. Source: TradingView If the price breaks above $3,678, the possibility of a rally to $4,100 increases. This level may act as a stiff hurdle, but if the buyers prevail, the ETH/USDT pair could rally to $4,500 and then to $4,868. Conversely, if the price turns down sharply and breaks below $3,460, it will suggest that the bears are not willing to give up. The pair may then slip to the 50-day SMA ($3,302). A slide below this support could start a deeper correction. BNB price analysis The long wick on BNB’s (BNB) March 25 and 26 candlestick shows that the bears are defending the 61.8% Fibonacci retracement level of $588. BNB/USDT daily chart. Source: TradingView If the price turns down from the current level, the BNB/USDT pair could reach the 20-day EMA ($546). This remains the critical level to keep an eye on. If the price rebounds off the 20-day EMA, the pair will again attempt to rise above $600 and reach $645. On the other hand, if the price drops below the 20-day EMA, it will signal that the bears are trying to gain the upper hand. The pair could then drop to the critical support at $495. The bulls may aggressively buy the dips to this level. Solana price analysis Solana’s (SOL) recovery is faltering at $196, indicating that the bears are selling on relief rallies near the overhead resistance of $205. SOL/USDT daily chart. Source: TradingView The bears will try to pull the price to the 20-day EMA ($173), which is a crucial level to keep an eye on. If the price plunges below the 20-day EMA, it will suggest the bears are in the driver’s seat. The SOL/USDT pair could decline to $162 and below that to the 50-day SMA ($140). Instead, if the price turns up from the current level or rebounds off the 20-day EMA, it will indicate solid demand at lower levels. That will enhance the prospects of a break above $205. If that happens, the pair may start its journey to $267. XRP price analysis XRP (XRP) has been stuck between the uptrend line and $0.67 for the past few days, indicating indecision among the buyers and sellers. XRP/USDT daily chart. Source: TradingView If the price maintains below the 20-day EMA ($0.62), the XRP/USDT pair could drop to the uptrend line. A strong rebound off this level will suggest that the range-bound action may continue for a few more days. The next trending move is likely to begin on a break above $0.67 or on a drop below the uptrend line. Above $0.67, the pair could start a rally to the formidable hurdle at $0.74. On the downside, a break below the uptrend line could sink the pair to $0.52. Cardano price analysis The long wick on Cardano’s (ADA) March 26 candlestick suggests that the bears are trying to keep the price below $0.68. ADA/USDT daily chart. Source: TradingView If the price remains below the moving averages, it will signal that the ADA/USDT pair could swing between $0.57 and $0.68 for a while. The flattening 20-day EMA ($0.66) and the RSI near the midpoint suggest a consolidation in the near term. However, if the price turns up from the current level and breaks above $0.70, it will indicate that the bulls are back in the game. The pair may then attempt a rally to $0.81, where the bears may pose a strong challenge. Dogecoin price analysis Dogecoin (DOGE) soared above the $0.19 to $0.21 overhead resistance zone on March 28, indicating aggressive buying by the bulls. DOGE/USDT daily chart. Source: TradingView The upsloping moving averages and the RSI in the overbought zone suggest that bulls are in command. There is a minor resistance at $0.23, but if buyers bulldoze their way through, the DOGE/USDT pair could rally to $0.30 and then to $0.35. If bears want to prevent the upside, they will have to quickly pull the price back below $0.19. If they do that, it will trap the aggressive bulls, resulting in long liquidation. The pair could then slump to the 20-day EMA ($0.16). Avalanche price analysis Avalanche’s (AVAX) price action of the past few days has formed a pennant, indicating indecision between the bulls and the bears. AVAX/USDT daily chart. Source: TradingView The upsloping 20-day EMA ($52) and the RSI in the positive territory indicate a slight advantage to buyers. The bulls will try to defend the support line of the pennant and push the price toward the resistance line. A break and close above the pennant will signal that the AVAX/USDT pair could resume the uptrend. The pair may rise to $65 and later to the pattern target of $76. Alternatively, if the price breaks below the pennant, it will suggest that the bears have overpowered the bulls. There is strong support at $50, but if this level gives way, the pair could tumble to the 50-day SMA ($45). Shiba Inu price analysis Shiba Inu’s (SHIB) recovery climbed above the resistance line on March 26, indicating that the selling pressure is reducing. SHIB/USDT daily chart. Source: TradingView The SHIB/USDT pair is likely to rise to $0.000035 where the bears are again expected to mount a strong defense. A break above this level could open the doors for a possible rise to $0.000039. This positive view will be invalidated in the near term if the price turns down and breaks below the 20-day EMA ($0.000028). If that happens, it will suggest that the break above the resistance line may have been a bull trap. The pair may drop to the 50-day SMA ($0.000021). Toncoin price analysis Toncoin (TON) is correcting in an uptrend, but the pullback is finding support at the 38.2% Fibonacci retracement level of $4.78, signaling buying on dips. TON/USDT daily chart. Source: TradingView The upsloping moving averages suggest an advantage to the bulls, but the developing negative divergence on the RSI points to a possible consolidation or correction in the short term. If the price turns down and slips below $4.78, it will indicate selling on rallies. The TON/USDT pair could sink to the 20-day EMA ($4.22). Contrarily, if the rebound sustains, the rally could reach the stiff overhead resistance of $5.69. A break above this level will signal the start of the next leg of the uptrend toward $7.15. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Price Analysis 3/28: BTC, ETH, BNB, SOL, XRP, ADA, DOGE, AVAX, SHIB, TON

Bitcoin’s (BTC) recent fall does not seem to have dented the demand for the spot Bitcoin exchange-traded funds. After five days of successive net outflows last week, demand bounced back sharply with $418 million in net inflows into the ETFs on March 26 and $243 million inflows on March 27, according to Farside Investors data.

BlackRock CEO Larry Fink said in an interview with Fox Business that he was “pleasantly surprised” with the performance of the firm’s spot Bitcoin ETF, which was the “fastest growing ETF in the history of ETFs.” Fink added that he was “very bullish on the long-term viability of Bitcoin.”

Crypto market data daily view. Source: Coin360

On-chain analytics platform CryptoQuant said in its latest “Weekly Crypto Report” that Bitcoin’s demand skyrocketed from “40K Bitcoin at the start of 2024 to 213K Bitcoin” on March 26. That could create a “sell-side liquidity crisis” within the next year.

Could Bitcoin continue its recovery and hit a new all-time high before the Bitcoin halving? Will that trigger buying in altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out.

Bitcoin price analysis

Bitcoin witnessed profit booking on March 26 and 27, but a positive sign is that the bulls maintained the price above the pennant.

BTC/USDT daily chart. Source: TradingView

The 20-day exponential moving average (EMA) ($67,069) has started to turn up, and the relative strength index (RSI) is in the positive territory, suggesting that the path of least resistance is to the upside.

If buyers drive the price above $73,777, the BTC/USDT pair is likely to pick up momentum and rally to $80,000.

On the contrary, if the price turns down from the current level and breaks below the 20-day EMA, it could open the doors for a potential drop to the 50-day simple moving average ($60,629).

Ether price analysis

Ether (ETH) is facing selling near $3,678, but a positive sign is that the bulls are trying to defend the 20-day EMA ($3,530).

ETH/USDT daily chart. Source: TradingView

If the price breaks above $3,678, the possibility of a rally to $4,100 increases. This level may act as a stiff hurdle, but if the buyers prevail, the ETH/USDT pair could rally to $4,500 and then to $4,868.

Conversely, if the price turns down sharply and breaks below $3,460, it will suggest that the bears are not willing to give up. The pair may then slip to the 50-day SMA ($3,302). A slide below this support could start a deeper correction.

BNB price analysis

The long wick on BNB’s (BNB) March 25 and 26 candlestick shows that the bears are defending the 61.8% Fibonacci retracement level of $588.

BNB/USDT daily chart. Source: TradingView

If the price turns down from the current level, the BNB/USDT pair could reach the 20-day EMA ($546). This remains the critical level to keep an eye on. If the price rebounds off the 20-day EMA, the pair will again attempt to rise above $600 and reach $645.

On the other hand, if the price drops below the 20-day EMA, it will signal that the bears are trying to gain the upper hand. The pair could then drop to the critical support at $495. The bulls may aggressively buy the dips to this level.

Solana price analysis

Solana’s (SOL) recovery is faltering at $196, indicating that the bears are selling on relief rallies near the overhead resistance of $205.

SOL/USDT daily chart. Source: TradingView

The bears will try to pull the price to the 20-day EMA ($173), which is a crucial level to keep an eye on. If the price plunges below the 20-day EMA, it will suggest the bears are in the driver’s seat. The SOL/USDT pair could decline to $162 and below that to the 50-day SMA ($140).

Instead, if the price turns up from the current level or rebounds off the 20-day EMA, it will indicate solid demand at lower levels. That will enhance the prospects of a break above $205. If that happens, the pair may start its journey to $267.

XRP price analysis

XRP (XRP) has been stuck between the uptrend line and $0.67 for the past few days, indicating indecision among the buyers and sellers.

XRP/USDT daily chart. Source: TradingView

If the price maintains below the 20-day EMA ($0.62), the XRP/USDT pair could drop to the uptrend line. A strong rebound off this level will suggest that the range-bound action may continue for a few more days.

The next trending move is likely to begin on a break above $0.67 or on a drop below the uptrend line. Above $0.67, the pair could start a rally to the formidable hurdle at $0.74. On the downside, a break below the uptrend line could sink the pair to $0.52.

Cardano price analysis

The long wick on Cardano’s (ADA) March 26 candlestick suggests that the bears are trying to keep the price below $0.68.

ADA/USDT daily chart. Source: TradingView

If the price remains below the moving averages, it will signal that the ADA/USDT pair could swing between $0.57 and $0.68 for a while. The flattening 20-day EMA ($0.66) and the RSI near the midpoint suggest a consolidation in the near term.

However, if the price turns up from the current level and breaks above $0.70, it will indicate that the bulls are back in the game. The pair may then attempt a rally to $0.81, where the bears may pose a strong challenge.

Dogecoin price analysis

Dogecoin (DOGE) soared above the $0.19 to $0.21 overhead resistance zone on March 28, indicating aggressive buying by the bulls.

DOGE/USDT daily chart. Source: TradingView

The upsloping moving averages and the RSI in the overbought zone suggest that bulls are in command. There is a minor resistance at $0.23, but if buyers bulldoze their way through, the DOGE/USDT pair could rally to $0.30 and then to $0.35.

If bears want to prevent the upside, they will have to quickly pull the price back below $0.19. If they do that, it will trap the aggressive bulls, resulting in long liquidation. The pair could then slump to the 20-day EMA ($0.16).

Avalanche price analysis

Avalanche’s (AVAX) price action of the past few days has formed a pennant, indicating indecision between the bulls and the bears.

AVAX/USDT daily chart. Source: TradingView

The upsloping 20-day EMA ($52) and the RSI in the positive territory indicate a slight advantage to buyers.

The bulls will try to defend the support line of the pennant and push the price toward the resistance line. A break and close above the pennant will signal that the AVAX/USDT pair could resume the uptrend. The pair may rise to $65 and later to the pattern target of $76.

Alternatively, if the price breaks below the pennant, it will suggest that the bears have overpowered the bulls. There is strong support at $50, but if this level gives way, the pair could tumble to the 50-day SMA ($45).

Shiba Inu price analysis

Shiba Inu’s (SHIB) recovery climbed above the resistance line on March 26, indicating that the selling pressure is reducing.

SHIB/USDT daily chart. Source: TradingView

The SHIB/USDT pair is likely to rise to $0.000035 where the bears are again expected to mount a strong defense. A break above this level could open the doors for a possible rise to $0.000039.

This positive view will be invalidated in the near term if the price turns down and breaks below the 20-day EMA ($0.000028). If that happens, it will suggest that the break above the resistance line may have been a bull trap. The pair may drop to the 50-day SMA ($0.000021).

Toncoin price analysis

Toncoin (TON) is correcting in an uptrend, but the pullback is finding support at the 38.2% Fibonacci retracement level of $4.78, signaling buying on dips.

TON/USDT daily chart. Source: TradingView

The upsloping moving averages suggest an advantage to the bulls, but the developing negative divergence on the RSI points to a possible consolidation or correction in the short term. If the price turns down and slips below $4.78, it will indicate selling on rallies. The TON/USDT pair could sink to the 20-day EMA ($4.22).

Contrarily, if the rebound sustains, the rally could reach the stiff overhead resistance of $5.69. A break above this level will signal the start of the next leg of the uptrend toward $7.15.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
US Treasurys Tokenized on Public Blockchains Top $1BUnited States Treasurys tokenized on public blockchains surpassed $1 billion as traditional financial firms continued to load securities on-chain amid a prolonged period of elevated interest rates. Data compiled by 21.co and Dune Analytics shows that tokenized government securities stood at $1.07 billion in assets on March 28, distributed across 17 products. A majority of the assets are based on the Ethereum, Polygon and Stellar networks. Leading the issuers is investment firm Franklin Templeton, with over $360.1 million in assets and 33.6% of the market share through its Franklin OnChain U.S. Government Money Fund (FOBXX). Using the Polygon and Stellar blockchains, the tokenized fund launched in 2021 and is represented by the BENJI token. The second position is held by BlackRock's USD Institutional Digital Liquidity Fund, or BUILD, with $244.8 million worth of assets tokenized, representing 22.8% of government Treasurys on-chain. Tokenized U.S. government securities by product. Source: 21.co/Dune Analytics. Treasurys are debt securities issued by the U.S. federal government. Investors lend money to the government by buying these securities, and in return, the government promises to pay back the principal amount on a specified date, along with interest. Due to the rise in interest rates in the United States in recent years, government treasuries have become more attractive to investors from a risk-return perspective. As of March, the U.S. Federal Reserve has maintained its benchmark interest rates at a 23-year high between 5.25% and 5.50% to control inflation. Blockchain-based digital tokens representing U.S. Treasury securities rose 641% in 2023. Tokenizing U.S. Treasurys on a blockchain involves creating digital tokens that represent ownership of the underlying security. It impacts the way securities are issued, traded and managed, offering more liquidity and allowing investors with less capital to participate. Major financial institutions like UBS and JPMorgan have ventured into asset tokenization, with projects aimed at bridging traditional financial assets and blockchain technology. Crypto projects are also diving into tokenized U.S. Treasurys to back up their operations. Decentralized finance platform Ondo Finance, for instance, is now the largest holder of BlackRock's BUILD, holding 38% of the fund’s supply, according to Tom Wan, data analyst at 21.co. Magazine: 5 dangers to beware when apeing into Solana memecoins

US Treasurys Tokenized on Public Blockchains Top $1B

United States Treasurys tokenized on public blockchains surpassed $1 billion as traditional financial firms continued to load securities on-chain amid a prolonged period of elevated interest rates.

Data compiled by 21.co and Dune Analytics shows that tokenized government securities stood at $1.07 billion in assets on March 28, distributed across 17 products. A majority of the assets are based on the Ethereum, Polygon and Stellar networks.

Leading the issuers is investment firm Franklin Templeton, with over $360.1 million in assets and 33.6% of the market share through its Franklin OnChain U.S. Government Money Fund (FOBXX). Using the Polygon and Stellar blockchains, the tokenized fund launched in 2021 and is represented by the BENJI token.

The second position is held by BlackRock's USD Institutional Digital Liquidity Fund, or BUILD, with $244.8 million worth of assets tokenized, representing 22.8% of government Treasurys on-chain.

Tokenized U.S. government securities by product. Source: 21.co/Dune Analytics.

Treasurys are debt securities issued by the U.S. federal government. Investors lend money to the government by buying these securities, and in return, the government promises to pay back the principal amount on a specified date, along with interest.

Due to the rise in interest rates in the United States in recent years, government treasuries have become more attractive to investors from a risk-return perspective. As of March, the U.S. Federal Reserve has maintained its benchmark interest rates at a 23-year high between 5.25% and 5.50% to control inflation. Blockchain-based digital tokens representing U.S. Treasury securities rose 641% in 2023.

Tokenizing U.S. Treasurys on a blockchain involves creating digital tokens that represent ownership of the underlying security. It impacts the way securities are issued, traded and managed, offering more liquidity and allowing investors with less capital to participate. Major financial institutions like UBS and JPMorgan have ventured into asset tokenization, with projects aimed at bridging traditional financial assets and blockchain technology.

Crypto projects are also diving into tokenized U.S. Treasurys to back up their operations. Decentralized finance platform Ondo Finance, for instance, is now the largest holder of BlackRock's BUILD, holding 38% of the fund’s supply, according to Tom Wan, data analyst at 21.co.

Magazine: 5 dangers to beware when apeing into Solana memecoins
Web3 Game Wilder World Gets Epic Game Store Listing During Alpha TestingWeb3 game Wilder World has been given a listing on the Epic Games Store ahead of its as-of-yet unscheduled launch.  Wilder World is being described as “the ultimate game” by the publisher, also known as Wilder World. Per a press release seen by Cointelegraph, the game features “a free-roam virtual world that begins in Wiami, a metaverse city to explore, race, socialize, and much more.“ All items, equipment, land, and avatars in the world will be “tradable digital assets on the Wilder World marketplace.” According to Frank Wilder, Co-founder of Wilder World: “We’re honoured to be listed on the Epic Games store, setting the pace for next-gen gaming in the metaverse. Our mission is to create a novel experience using cutting-edge technology, offering players a virtual space for gaming, socializing, and earning.” The Wilder World team claims that the game will “combine leading game genres into a single immersive experience” to overcome what they say are the shortcomings of traditional AAA games such as Grand Theft Auto and Cyberpunk. Per the team’s roadmap, Wilder World will combine the genres of racing, mining, first-person-shooter, into a single comprehensive game. Wilder World is being built on a proprietary blockchain. According to the press release the team is “working with Polygon and Celestia to build a custom, scalable blockchain to keep its fees low; as well as working with Metagravity to power virtual worlds with thousands of players.” The creators behind the game also claim that it will eventually run on a proprietary cloud gaming system. Per a blog post on the Wilder world website “with the use of NVIDIA GPUs, we are in active development of our own cloud gaming service that provides increased reliability and hardware guarantees, as well as optimization for metaverse and web3 gaming.” However, the post notes that this is an early venture and goes on to say that at launch, Wilder World will be available on Nvidia’s streaming gaming service Geforce NOW. The team’s roadmap indicates that limited functionality will be launched to players over the next 12-18 months with the “racing” portion of the game available during what they’re calling “Act I” and the “combat” portion available with “Act III.”

Web3 Game Wilder World Gets Epic Game Store Listing During Alpha Testing

Web3 game Wilder World has been given a listing on the Epic Games Store ahead of its as-of-yet unscheduled launch. 

Wilder World is being described as “the ultimate game” by the publisher, also known as Wilder World. Per a press release seen by Cointelegraph, the game features “a free-roam virtual world that begins in Wiami, a metaverse city to explore, race, socialize, and much more.“

All items, equipment, land, and avatars in the world will be “tradable digital assets on the Wilder World marketplace.”

According to Frank Wilder, Co-founder of Wilder World:

“We’re honoured to be listed on the Epic Games store, setting the pace for next-gen gaming in the metaverse. Our mission is to create a novel experience using cutting-edge technology, offering players a virtual space for gaming, socializing, and earning.”

The Wilder World team claims that the game will “combine leading game genres into a single immersive experience” to overcome what they say are the shortcomings of traditional AAA games such as Grand Theft Auto and Cyberpunk.

Per the team’s roadmap, Wilder World will combine the genres of racing, mining, first-person-shooter, into a single comprehensive game.

Wilder World is being built on a proprietary blockchain. According to the press release the team is “working with Polygon and Celestia to build a custom, scalable blockchain to keep its fees low; as well as working with Metagravity to power virtual worlds with thousands of players.”

The creators behind the game also claim that it will eventually run on a proprietary cloud gaming system. Per a blog post on the Wilder world website “with the use of NVIDIA GPUs, we are in active development of our own cloud gaming service that provides increased reliability and hardware guarantees, as well as optimization for metaverse and web3 gaming.”

However, the post notes that this is an early venture and goes on to say that at launch, Wilder World will be available on Nvidia’s streaming gaming service Geforce NOW.

The team’s roadmap indicates that limited functionality will be launched to players over the next 12-18 months with the “racing” portion of the game available during what they’re calling “Act I” and the “combat” portion available with “Act III.”
FTX Estate to Unload $7.6B Locked Solana Balance At 68% DiscountThe estate of bankrupt cryptocurrency exchange FTX will sell its balance of 41 million Solana (SOL), worth $7.65 billion at the time of publication, to institutional investors at around $60, or a 68% discount to its current market price. As told by FTX creditor Sunil Kavuri during FTX co-founder and former CEO Sam Bankman-Fried’s (SBF) sentencing on March 28, not all customers have been made whole by the exchange's bankruptcy. “Sullivan & Cromwell [FTX bankruptcy counsel] has trampled over our property rights,” Kavuri alleged. “They have liquidated billions of dollars of crypto assets. There’s a token S&C sold at 11 cents; it’s now trading at two dollars. FTX had $10 billion [misprint] in Solana tokens — they sold it at 70% discount." In an earlier victim impact statement filed by Kavuri, the FTX creditor claimed that the FTX estate “owns 41.1 million Solana tokens which should be distributed to FTX creditors. They were planning to sell them for $60, the price today is $187." Despite the creditors’ claims, presiding Judge Lewis A. Kaplan reiterated that the March 28 hearing was solely for sentencing SBF, and not for raising issues with creditors’ claims. “I accept your assertion the claim customers will be made whole is inaccurate," said Judge Kaplan.  At least one investor seems to have confirmed the discounted sales. On March 27, Canadian blockchain firm Neptune Digital Assets announced it had acquired 26,964 SOL at $64 per token, a 67% discount to its then-market price. Although the firm did not specify its counterparty, the terms of the sale match the offer conditions provided by the FTX estate.  As per a March 7 Bloomberg report, the vesting period for the purchase of discounted SOL tokens is four years. Simultaneous to the bankruptcy proceedings, FTX creditors have filed a class action against Sullivan and Cromwell, alleging that the firm participated in the FTX fraud before it became the exchange's bankruptcy counsel. Before its collapse, FTX was an early investor in the Solana ecosystem.  Related: Sam Bankman-Fried sentenced to 25 years in prison

FTX Estate to Unload $7.6B Locked Solana Balance At 68% Discount

The estate of bankrupt cryptocurrency exchange FTX will sell its balance of 41 million Solana (SOL), worth $7.65 billion at the time of publication, to institutional investors at around $60, or a 68% discount to its current market price.

As told by FTX creditor Sunil Kavuri during FTX co-founder and former CEO Sam Bankman-Fried’s (SBF) sentencing on March 28, not all customers have been made whole by the exchange's bankruptcy. “Sullivan & Cromwell [FTX bankruptcy counsel] has trampled over our property rights,” Kavuri alleged. “They have liquidated billions of dollars of crypto assets. There’s a token S&C sold at 11 cents; it’s now trading at two dollars. FTX had $10 billion [misprint] in Solana tokens — they sold it at 70% discount."

In an earlier victim impact statement filed by Kavuri, the FTX creditor claimed that the FTX estate “owns 41.1 million Solana tokens which should be distributed to FTX creditors. They were planning to sell them for $60, the price today is $187." Despite the creditors’ claims, presiding Judge Lewis A. Kaplan reiterated that the March 28 hearing was solely for sentencing SBF, and not for raising issues with creditors’ claims. “I accept your assertion the claim customers will be made whole is inaccurate," said Judge Kaplan. 

At least one investor seems to have confirmed the discounted sales. On March 27, Canadian blockchain firm Neptune Digital Assets announced it had acquired 26,964 SOL at $64 per token, a 67% discount to its then-market price. Although the firm did not specify its counterparty, the terms of the sale match the offer conditions provided by the FTX estate. 

As per a March 7 Bloomberg report, the vesting period for the purchase of discounted SOL tokens is four years. Simultaneous to the bankruptcy proceedings, FTX creditors have filed a class action against Sullivan and Cromwell, alleging that the firm participated in the FTX fraud before it became the exchange's bankruptcy counsel. Before its collapse, FTX was an early investor in the Solana ecosystem. 

Related: Sam Bankman-Fried sentenced to 25 years in prison
3 Metrics Hint That the Ethereum (ETH) Price Correction Is Not OverAfter rallying to $4,091 leading into the Dencun upgrade, Ether (ETH) has underperformed over the last month compared to Bitcoin and the broader crypto market, leading traders to doubt whether the altcoin’s downtrend is over. To put this into context, Bitcoin’s (BTC) price fell by 18% during the same period, while the total cryptocurrency market capitalization dropped by 16%. A number of market and technical indicators show that ETH may witness a deeper correction before embarking on a sustained recovery. ETH//USD daily chart. Source: TradingView The ETH/BTC ratio trended lower in March Ether is up 8% so far in March but has underperformed Bitcoin as well as other top layer 1 tokens. BTC price has rallied 21% over the last 30 days, while other top-cap layer 1 tokens, such as BNB Chain’s BNB and Solana’s SOL, have rallied 44% and 76%, respectively, over the same timeframe. The ETH/BTC ratio declined throughout March, reaching its lowest since January. ETH/BTC ratio. Source: TradingView Currently, there are a handful of reasons for ETH’s underperformance in March, including Bitcoin-specific factors in 2024. U.S. spot Bitcoin ETFs have largely been a success since their approval by the Securities and Exchange Commission on Jan. 11. In addition, the upcoming Bitcoin supply halving, which has historically preceded a parabolic uptrend in crypto prices, has added to BTC’s tailwinds. Moreover, there has been a decline in Ethereum’s network activity (in specific metrics) over the last week. Data from Glassnode shows that daily active addresses on Ethereum have dropped from 622,963 addresses on March 20 to 546,484 on March 26. Number of active addresses on Ethereum. Source: Glassnode Although Ethereum remains the network to beat in the layer 1 sector, Solana has recently captured its market share in this segment in terms of on-chain activity and stablecoin transfer volume. Related: Munchables hacker returns $62.8M Ether without ransom Ether faces stiff resistance on the upside Ether’s latest attempt at recovery was rejected by supply congestion from the $3,600 level. This is an indication that this area presents a stubborn barrier in ETH’s recovery path. The significance of this resistance zone is reinforced by data from IntoTheBlock. Its In/Out of the Money Around Price (IOMAP) model reveals that this area is within the $3,534 and $3,639 price range, where roughly 1.17 million addresses previously bought approximately 4.97 million ETH. Ether: IOMAP chart. Source: IntoTheBlock If this resistance level sees a high volume of activity from the sellers in the short term, Ether’s price is expected to sink deeper. Ether’s bear flag points to a continuation of the downtrend After reaching a 27-month high of $4,093 on March 12, ETH price pulled back as bears booked profits and the wider crypto market corrected. The price has since recovered to the current price of $3,511 Despite the recovery, a bear flag can be seen on the daily chart, which hints at the continuation of the downtrend. Ether bulls are counting on support from the flag’s lower boundary at $3,497. A daily candlestick close below this level would signal a bearish breakout from the chart formation, projecting a decline to $3,060. Such a move would represent a 26% descent from the current price. ETH/USD daily chart. Source: TradingView The relative strength index’s (RSI) position around 50 also indicated that the bears were selling on the latest rally to $3,600. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

3 Metrics Hint That the Ethereum (ETH) Price Correction Is Not Over

After rallying to $4,091 leading into the Dencun upgrade, Ether (ETH) has underperformed over the last month compared to Bitcoin and the broader crypto market, leading traders to doubt whether the altcoin’s downtrend is over.

To put this into context, Bitcoin’s (BTC) price fell by 18% during the same period, while the total cryptocurrency market capitalization dropped by 16%.

A number of market and technical indicators show that ETH may witness a deeper correction before embarking on a sustained recovery.

ETH//USD daily chart. Source: TradingView The ETH/BTC ratio trended lower in March

Ether is up 8% so far in March but has underperformed Bitcoin as well as other top layer 1 tokens. BTC price has rallied 21% over the last 30 days, while other top-cap layer 1 tokens, such as BNB Chain’s BNB and Solana’s SOL, have rallied 44% and 76%, respectively, over the same timeframe.

The ETH/BTC ratio declined throughout March, reaching its lowest since January.

ETH/BTC ratio. Source: TradingView

Currently, there are a handful of reasons for ETH’s underperformance in March, including Bitcoin-specific factors in 2024. U.S. spot Bitcoin ETFs have largely been a success since their approval by the Securities and Exchange Commission on Jan. 11. In addition, the upcoming Bitcoin supply halving, which has historically preceded a parabolic uptrend in crypto prices, has added to BTC’s tailwinds.

Moreover, there has been a decline in Ethereum’s network activity (in specific metrics) over the last week. Data from Glassnode shows that daily active addresses on Ethereum have dropped from 622,963 addresses on March 20 to 546,484 on March 26.

Number of active addresses on Ethereum. Source: Glassnode

Although Ethereum remains the network to beat in the layer 1 sector, Solana has recently captured its market share in this segment in terms of on-chain activity and stablecoin transfer volume.

Related: Munchables hacker returns $62.8M Ether without ransom

Ether faces stiff resistance on the upside

Ether’s latest attempt at recovery was rejected by supply congestion from the $3,600 level. This is an indication that this area presents a stubborn barrier in ETH’s recovery path.

The significance of this resistance zone is reinforced by data from IntoTheBlock. Its In/Out of the Money Around Price (IOMAP) model reveals that this area is within the $3,534 and $3,639 price range, where roughly 1.17 million addresses previously bought approximately 4.97 million ETH.

Ether: IOMAP chart. Source: IntoTheBlock

If this resistance level sees a high volume of activity from the sellers in the short term, Ether’s price is expected to sink deeper.

Ether’s bear flag points to a continuation of the downtrend

After reaching a 27-month high of $4,093 on March 12, ETH price pulled back as bears booked profits and the wider crypto market corrected. The price has since recovered to the current price of $3,511

Despite the recovery, a bear flag can be seen on the daily chart, which hints at the continuation of the downtrend.

Ether bulls are counting on support from the flag’s lower boundary at $3,497. A daily candlestick close below this level would signal a bearish breakout from the chart formation, projecting a decline to $3,060. Such a move would represent a 26% descent from the current price.

ETH/USD daily chart. Source: TradingView

The relative strength index’s (RSI) position around 50 also indicated that the bears were selling on the latest rally to $3,600.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
SingularityNet, Fetch.AI, Ocean Protocol Merger Will Drive Decentralized AI Development: ChainGPT...The upcoming token merger of prominent artificial intelligence (AI) protocols SingularityNet, Fetch.ai, and Ocean Protocol will set a new standard for decentralized AI development, Ilan Rakhmanov, the CEO and founder of ChainGPT, told Cointelegraph in an interview. He explained: “This move is likely to drive high-level development resources and creative collaboration toward the goal of decentralized AI development. By pooling expertise and technologies, the merger could establish new standards for decentralized AI that enhance security, privacy, and transparency.” The $7.5 billion AI token merger was confirmed on March 27, hours after reports started emerging of the potential deal. The three protocols are united by the common goal of developing blockchain-based decentralized AI protocols, which can't be controlled by centralized parties or large stakeholders. The high-level merger is a testament to the benefits of decentralized AI over its centralized counterparties, according to ChainGPT’s Rakhmanov: “AI is frequently becoming second nature to users in their personal, professional, and private lives. That means the security of user’s information is paramount. A robust decentralized platform for AI, free from centralized control, is an ambition worth pursuing!” The decision of the protocols was announced during a period of growing interest in AI protocols, a week after reports of the Saudi Arabian government considering the creation of a $40 billion investment fund for AI development. The fund would launch in partnership with Silicon Valley venture capital firm Andreessen Horowitz (a16z). The fund could take place in the second half of 2024. If approved, this would make the Saudi government the largest investor in the AI space. Related: Biden administration takes action to safeguard public from AI risks The AI token merger is the ultimate path for ecosystem growth and long-term value accrual, according to Alexandre Dreyfus, the CEO and co-founder of Chiliz, who told Cointelegraph: “I’m interested in the fact that tokens would merge, but each company would stay independent, and all their efforts would be done on the same token & ecosystem. This is the future of token M&A.” If the upcoming AI token were to hold its fully diluted valuation of $7.5 billion, it would become part of the 20 largest cryptocurrencies by market capitalization, according to Dreyfus. Related: Marc Andreessen, Galaxy Digital, Accolade, back new $75 million crypto fund: Report

SingularityNet, Fetch.AI, Ocean Protocol Merger Will Drive Decentralized AI Development: ChainGPT...

The upcoming token merger of prominent artificial intelligence (AI) protocols SingularityNet, Fetch.ai, and Ocean Protocol will set a new standard for decentralized AI development, Ilan Rakhmanov, the CEO and founder of ChainGPT, told Cointelegraph in an interview. He explained:

“This move is likely to drive high-level development resources and creative collaboration toward the goal of decentralized AI development. By pooling expertise and technologies, the merger could establish new standards for decentralized AI that enhance security, privacy, and transparency.”

The $7.5 billion AI token merger was confirmed on March 27, hours after reports started emerging of the potential deal. The three protocols are united by the common goal of developing blockchain-based decentralized AI protocols, which can't be controlled by centralized parties or large stakeholders.

The high-level merger is a testament to the benefits of decentralized AI over its centralized counterparties, according to ChainGPT’s Rakhmanov:

“AI is frequently becoming second nature to users in their personal, professional, and private lives. That means the security of user’s information is paramount. A robust decentralized platform for AI, free from centralized control, is an ambition worth pursuing!”

The decision of the protocols was announced during a period of growing interest in AI protocols, a week after reports of the Saudi Arabian government considering the creation of a $40 billion investment fund for AI development. The fund would launch in partnership with Silicon Valley venture capital firm Andreessen Horowitz (a16z).

The fund could take place in the second half of 2024. If approved, this would make the Saudi government the largest investor in the AI space.

Related: Biden administration takes action to safeguard public from AI risks

The AI token merger is the ultimate path for ecosystem growth and long-term value accrual, according to Alexandre Dreyfus, the CEO and co-founder of Chiliz, who told Cointelegraph:

“I’m interested in the fact that tokens would merge, but each company would stay independent, and all their efforts would be done on the same token & ecosystem. This is the future of token M&A.”

If the upcoming AI token were to hold its fully diluted valuation of $7.5 billion, it would become part of the 20 largest cryptocurrencies by market capitalization, according to Dreyfus.

Related: Marc Andreessen, Galaxy Digital, Accolade, back new $75 million crypto fund: Report
Sam Bankman-Fried Sentenced to 25 Years in PrisonFormer FTX CEO Sam “SBF” Bankman-Fried will serve XXX years in prison following a sentencing hearing in federal court. On March 28, Judge Lewis Kaplan of United States District Court for the Southern District of New York sentenced Bankman-Fried to 240 months and 60 months for a total of 25 ye for his conviction on seven felony charges. SBF was the first person tied to FTX and Alameda Research to face prison time following the collapse of the exchange in November 2022.  Judge Kaplan found that SBF also committed witness tampering based on the events that led him to revoke bail in August 2023 and perjury based on his testimony at trial over FTX user funds. He acknowledged Bankman-Fried’s “social awkwardness” but said, based on former Alameda Research CEO Caroline Ellison’s testimony, SBF knew he was at fault but was “not going to admit a thing.” “Punishment must fit the seriousness of the crime,” said Judge Kaplan. “And this. Was. A. Serious. Crime [...] When not lying, [Bankman-Fried] was evasive, hair splitting, trying to get the prosecutors to rephrase questions for him. I’ve been doing this job for close for 30 years. I’ve never seen a performance like that.” According to Inner City Press reporter Matthew Lee, the New York courtroom was packed with members of the public and officials before the U.S. Marshals brought out Bankman-Fried. The former FTX CEO was reportedly wearing light brown clothes — the uniform of the Metropolitan Detention Center in Brooklyn, where he has stayed since the judge revoked his bail. “I reject the defense’s argument about loss, both on the law and on the facts,” said Judge Kaplan, according to Inner City Press. “The assertion that customers and creditors will be paid in full is misleading — defendants equate loss with dollar volume in the bankruptcy case.” The judge added: “A fortuitous run-up in the value of some cryptocurrencies bears no relation to the gravity of the crimes that were committed. A thief who takes his loot to Las Vegas and successfully bets is not entitled to a sentencing reduction.” Before the judge announced the sentence, Bankman-Fried said he was “sorry about what happened at every stage,” claiming that “FTX would have survived” if it hadn't been shut down. In a final statement, his attorneys seemingly portrayed the former FTX CEO as a misunderstood genius:  “Sam was not a ruthless financial serial killer. He wasn’t predatory. He makes decisions with math in his head, not malice in his heart.” Sunil Kavuri, a U.K. national who flew in from London for the sentencing hearing, testified that he had “suffered for two years” after the collapse of FTX. Kavuri addressed the court on behalf of other FTX victims, pushing back against the narrative that the “loss was zero” based on the exchange’s plans for repayment. “If Mr. Bankman-Fried thought mathematics justified it, he’d do it again,” said Assistant U.S. Attorney Nicolas Roos. He added there was “no acceptance of responsibility” from the former CEO. Related: Which crypto figures might be going to prison in 2024? Judge Kaplan’s sentence essentially split the difference between recommendations from SBF’s attorneys and prosecutors, who argued for a maximum of 6.5 and 50 years, respectively. Many experts predicted Judge Kaplan would impose a sentence of between 10 to 30 years based on the facts of the case and the amount of funds involved. Gary Wang, Caroline Ellison, Nishad Singh and Ryan Salame — four other individuals associated with FTX and Alameda charged in the same case as SBF — have pleaded guilty and accepted deals. Salame, the former co-CEO of FTX Digital Markets, was the only one of the four to not testify at Bankman-Fried’s criminal trial. He will likely be the next to face sentencing on May 1. Magazine: ‘Less flashy’ Mashinsky set for less jail time than SBF: Inner City Press, X Hall of Flame This is a developing story, and further information will be added as it becomes available.

Sam Bankman-Fried Sentenced to 25 Years in Prison

Former FTX CEO Sam “SBF” Bankman-Fried will serve XXX years in prison following a sentencing hearing in federal court.

On March 28, Judge Lewis Kaplan of United States District Court for the Southern District of New York sentenced Bankman-Fried to 240 months and 60 months for a total of 25 ye for his conviction on seven felony charges. SBF was the first person tied to FTX and Alameda Research to face prison time following the collapse of the exchange in November 2022. 

Judge Kaplan found that SBF also committed witness tampering based on the events that led him to revoke bail in August 2023 and perjury based on his testimony at trial over FTX user funds. He acknowledged Bankman-Fried’s “social awkwardness” but said, based on former Alameda Research CEO Caroline Ellison’s testimony, SBF knew he was at fault but was “not going to admit a thing.”

“Punishment must fit the seriousness of the crime,” said Judge Kaplan. “And this. Was. A. Serious. Crime [...] When not lying, [Bankman-Fried] was evasive, hair splitting, trying to get the prosecutors to rephrase questions for him. I’ve been doing this job for close for 30 years. I’ve never seen a performance like that.”

According to Inner City Press reporter Matthew Lee, the New York courtroom was packed with members of the public and officials before the U.S. Marshals brought out Bankman-Fried. The former FTX CEO was reportedly wearing light brown clothes — the uniform of the Metropolitan Detention Center in Brooklyn, where he has stayed since the judge revoked his bail.

“I reject the defense’s argument about loss, both on the law and on the facts,” said Judge Kaplan, according to Inner City Press. “The assertion that customers and creditors will be paid in full is misleading — defendants equate loss with dollar volume in the bankruptcy case.”

The judge added:

“A fortuitous run-up in the value of some cryptocurrencies bears no relation to the gravity of the crimes that were committed. A thief who takes his loot to Las Vegas and successfully bets is not entitled to a sentencing reduction.”

Before the judge announced the sentence, Bankman-Fried said he was “sorry about what happened at every stage,” claiming that “FTX would have survived” if it hadn't been shut down. In a final statement, his attorneys seemingly portrayed the former FTX CEO as a misunderstood genius: 

“Sam was not a ruthless financial serial killer. He wasn’t predatory. He makes decisions with math in his head, not malice in his heart.”

Sunil Kavuri, a U.K. national who flew in from London for the sentencing hearing, testified that he had “suffered for two years” after the collapse of FTX. Kavuri addressed the court on behalf of other FTX victims, pushing back against the narrative that the “loss was zero” based on the exchange’s plans for repayment.

“If Mr. Bankman-Fried thought mathematics justified it, he’d do it again,” said Assistant U.S. Attorney Nicolas Roos. He added there was “no acceptance of responsibility” from the former CEO.

Related: Which crypto figures might be going to prison in 2024?

Judge Kaplan’s sentence essentially split the difference between recommendations from SBF’s attorneys and prosecutors, who argued for a maximum of 6.5 and 50 years, respectively. Many experts predicted Judge Kaplan would impose a sentence of between 10 to 30 years based on the facts of the case and the amount of funds involved.

Gary Wang, Caroline Ellison, Nishad Singh and Ryan Salame — four other individuals associated with FTX and Alameda charged in the same case as SBF — have pleaded guilty and accepted deals. Salame, the former co-CEO of FTX Digital Markets, was the only one of the four to not testify at Bankman-Fried’s criminal trial. He will likely be the next to face sentencing on May 1.

Magazine: ‘Less flashy’ Mashinsky set for less jail time than SBF: Inner City Press, X Hall of Flame

This is a developing story, and further information will be added as it becomes available.
Bitcoin Whales Copy Classic Bull Market Moves As BTC Price Eyes $72KBitcoin (BTC) sought higher levels at the week’s last Wall Street open as bulls refused to succumb to market nerves. BTC/USD 1-hour chart. Source: TradingView BTC price sets up resistance retest Data from Cointelegraph Markets Pro and TradingView followed resurgent BTC price action as it passed $71,000. Flash volatility characterized the day prior as an ongoing legal battle between United States exchange Coinbase and regulator the Securities and Exchange Commission (SEC) sent Bitcoin below key $69,000 support. The weakness did not last long, however, as buyers stepped in to fuel an ongoing attempt to snatch liquidity near all-time highs. On the day, popular trader Skew warned that fakeout price behavior could result from manipulative liquidity moves. Among these was fresh bid support between $70,200 and $70,600, all of which was subsequently removed from the Binance order book. Source: Skew With all-time highs still acting as a clear price ceiling, fellow trader Daan Crypto Trades considered where price discovery could take Bitcoin should sellers be beaten out. “Break all time high and low $80Ks should follow shortly afterwards I think,” he summarized to followers on X (formerly Twitter). An accompanying chart showed near-term trendline support in the form of the 200-period simple and exponential moving averages (MAs) on 4-hour timeframes. BTC/USD chart. Source: Daan Crypto Trades/X Bitcoin whales sell to "TradFi" Analyzing on-chain BTC flows, meanwhile, Ki Young Ju, CEO of on-chain analytics platform CryptoQuant, highlighted a shift in ownership among the biggest Bitcoin hodlers. Related: Bitcoin ‘sell-side liquidity crisis’ sees BTC move for the first time since 2010 Under current conditions, he revealed, long-term investors with significant exposure — Bitcoin whales — were offloading coins, while new whale entities were steadily buying up the supply. These were institutions, Ki suggested, with the U.S. spot Bitcoin exchange-traded funds (ETFs) removing hundreds of billions of dollars’ worth of BTC from the market every day. “Old whales are selling Bitcoin to new whales(TradFi), not retail investors,” he concluded. “This can be clearly observed on-chain.” Bitcoin supply transfer chart. Source: Ki Young Ju/X A chart showed the consequences of major on-chain ownership shifts — a run-up to all-time highs, as witnessed in both the 2017 and 2021 bull markets. As Cointelegraph reported, mainstream interest in Bitcoin has trended down in recent weeks despite new all-time highs. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin Whales Copy Classic Bull Market Moves As BTC Price Eyes $72K

Bitcoin (BTC) sought higher levels at the week’s last Wall Street open as bulls refused to succumb to market nerves.

BTC/USD 1-hour chart. Source: TradingView BTC price sets up resistance retest

Data from Cointelegraph Markets Pro and TradingView followed resurgent BTC price action as it passed $71,000.

Flash volatility characterized the day prior as an ongoing legal battle between United States exchange Coinbase and regulator the Securities and Exchange Commission (SEC) sent Bitcoin below key $69,000 support.

The weakness did not last long, however, as buyers stepped in to fuel an ongoing attempt to snatch liquidity near all-time highs.

On the day, popular trader Skew warned that fakeout price behavior could result from manipulative liquidity moves. Among these was fresh bid support between $70,200 and $70,600, all of which was subsequently removed from the Binance order book.

Source: Skew

With all-time highs still acting as a clear price ceiling, fellow trader Daan Crypto Trades considered where price discovery could take Bitcoin should sellers be beaten out.

“Break all time high and low $80Ks should follow shortly afterwards I think,” he summarized to followers on X (formerly Twitter).

An accompanying chart showed near-term trendline support in the form of the 200-period simple and exponential moving averages (MAs) on 4-hour timeframes.

BTC/USD chart. Source: Daan Crypto Trades/X Bitcoin whales sell to "TradFi"

Analyzing on-chain BTC flows, meanwhile, Ki Young Ju, CEO of on-chain analytics platform CryptoQuant, highlighted a shift in ownership among the biggest Bitcoin hodlers.

Related: Bitcoin ‘sell-side liquidity crisis’ sees BTC move for the first time since 2010

Under current conditions, he revealed, long-term investors with significant exposure — Bitcoin whales — were offloading coins, while new whale entities were steadily buying up the supply.

These were institutions, Ki suggested, with the U.S. spot Bitcoin exchange-traded funds (ETFs) removing hundreds of billions of dollars’ worth of BTC from the market every day.

“Old whales are selling Bitcoin to new whales(TradFi), not retail investors,” he concluded.

“This can be clearly observed on-chain.”

Bitcoin supply transfer chart. Source: Ki Young Ju/X

A chart showed the consequences of major on-chain ownership shifts — a run-up to all-time highs, as witnessed in both the 2017 and 2021 bull markets.

As Cointelegraph reported, mainstream interest in Bitcoin has trended down in recent weeks despite new all-time highs.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Nansen Integrates Blockchain Data From SportFi Chain Chiliz and Ethereum Rollup ZkSyncCryptocurrency users looking for the latest “alpha” in SportFi and zero-knowledge rollups can keep close tabs on data and insights from blockchain Chiliz and Ethereum layer 2 zkSync through new integrations on Nansen. The blockchain analytics platform announced the integration of the two different protocols on March 28, unlocking on-chain data analytics and insights for its users. Nansen data journalist Martin Lee told Cointelegraph that the integration provides a high-level overview of both ecosystems, allowing cryptocurrency teams to run their own queries and get insights from the raw data itself via Nansen query: “Users can gain insights into the daily active users and transactions on the chain, as well as which entities and protocols are seeing the most usage via the macro dashboard.” The functionality will unlock data insights into Chiliz, the proprietary blockchain powering scores of fan tokens licensed by high-profile sports teams and organizations worldwide that operate on the Socios platform. Related: Man and machine: Nansen’s analytics slowly labeling worldwide wallets Chiliz and Socios CEO Alexandre Dreyfus says the collaboration will deepen the understanding of the Chiliz ecosystem and potentially drive user adoption and growth of the SportFi ecosystem: “Having Chiliz Chain on Nansen is a critical step to grow the ecosystem and help developers and industry stakeholders to start looking at Chiliz at a legitimate layer-1 with a very long-term vision.” According to data from CoinMarketCap, the Chiliz blockchain has a total market capitalization of $1.2 billion. The ecosystem has attracted many of the biggest football clubs, including Manchester City and Paris Saint Germain (PSG). Chiliz on-chain data as seen on Nansen’s dashboard. Source: Nansen Cointelegraph reviewed Chiliz’s blockchain through Nansen 2, the latest version of the analytics platform, which reflects an average of 2,100 daily active addresses. Manchester City, Binance, Turkish club Trabzonspor, Galatasaray and PSG are listed as the top five entities on-chain over the past week. Related: Animoca eyes SportFi ecosystem, becomes Chiliz Chain validator Ethereum scaling protocol zkSync is one of the major zero-knowledge proof rollups in the ecosystem, processing over a million transactions daily for over 350,000 addresses, according to data from Nansen’s dashboard. ZkSync saw a noticeable drop in transaction fees following Ethereum’s Dencun hard fork. Source: Nansen Matter Labs head of business development, Omar Azhar, believes the integration with Nansen will prove valuable to the zkSync ecosystem and wider Web3 space by making processing on-chain data that is actionable and digestible. “The great benefit of permissionless blockchains such as zkSync is that all the data is public and contains valuable insights for builders, investors and end-users alike,” Azhar said. Related: Paris Saint-Germain begins Web3 drive as a new blockchain validator for Chiliz Chain Nansen has garnered a reputation for its wallet-labeling and blockchain analytics. In October 2022, Cointelegraph interviewed its CEO Alex Svanevik at the firm’s Singapore headquarters, where the founder recounted Nansen’s genesis story and estimated that the platform scans nearly a petabyte of data daily from the variety of blockchains it monitors. Magazine: ‘SEAL 911’ team of white hats formed to fight crypto hacks in real time

Nansen Integrates Blockchain Data From SportFi Chain Chiliz and Ethereum Rollup ZkSync

Cryptocurrency users looking for the latest “alpha” in SportFi and zero-knowledge rollups can keep close tabs on data and insights from blockchain Chiliz and Ethereum layer 2 zkSync through new integrations on Nansen.

The blockchain analytics platform announced the integration of the two different protocols on March 28, unlocking on-chain data analytics and insights for its users.

Nansen data journalist Martin Lee told Cointelegraph that the integration provides a high-level overview of both ecosystems, allowing cryptocurrency teams to run their own queries and get insights from the raw data itself via Nansen query:

“Users can gain insights into the daily active users and transactions on the chain, as well as which entities and protocols are seeing the most usage via the macro dashboard.”

The functionality will unlock data insights into Chiliz, the proprietary blockchain powering scores of fan tokens licensed by high-profile sports teams and organizations worldwide that operate on the Socios platform.

Related: Man and machine: Nansen’s analytics slowly labeling worldwide wallets

Chiliz and Socios CEO Alexandre Dreyfus says the collaboration will deepen the understanding of the Chiliz ecosystem and potentially drive user adoption and growth of the SportFi ecosystem:

“Having Chiliz Chain on Nansen is a critical step to grow the ecosystem and help developers and industry stakeholders to start looking at Chiliz at a legitimate layer-1 with a very long-term vision.”

According to data from CoinMarketCap, the Chiliz blockchain has a total market capitalization of $1.2 billion. The ecosystem has attracted many of the biggest football clubs, including Manchester City and Paris Saint Germain (PSG).

Chiliz on-chain data as seen on Nansen’s dashboard. Source: Nansen

Cointelegraph reviewed Chiliz’s blockchain through Nansen 2, the latest version of the analytics platform, which reflects an average of 2,100 daily active addresses. Manchester City, Binance, Turkish club Trabzonspor, Galatasaray and PSG are listed as the top five entities on-chain over the past week.

Related: Animoca eyes SportFi ecosystem, becomes Chiliz Chain validator

Ethereum scaling protocol zkSync is one of the major zero-knowledge proof rollups in the ecosystem, processing over a million transactions daily for over 350,000 addresses, according to data from Nansen’s dashboard.

ZkSync saw a noticeable drop in transaction fees following Ethereum’s Dencun hard fork. Source: Nansen

Matter Labs head of business development, Omar Azhar, believes the integration with Nansen will prove valuable to the zkSync ecosystem and wider Web3 space by making processing on-chain data that is actionable and digestible.

“The great benefit of permissionless blockchains such as zkSync is that all the data is public and contains valuable insights for builders, investors and end-users alike,” Azhar said.

Related: Paris Saint-Germain begins Web3 drive as a new blockchain validator for Chiliz Chain

Nansen has garnered a reputation for its wallet-labeling and blockchain analytics. In October 2022, Cointelegraph interviewed its CEO Alex Svanevik at the firm’s Singapore headquarters, where the founder recounted Nansen’s genesis story and estimated that the platform scans nearly a petabyte of data daily from the variety of blockchains it monitors.

Magazine: ‘SEAL 911’ team of white hats formed to fight crypto hacks in real time
Real-world Data for Blockchain Apps: Gora Joins Cointelegraph AcceleratorGora, a decentralized blockchain oracle network, joins the ranks of the Cointelegraph Accelerator program. Smart contracts represent a vastly underutilized cornerstone in the blockchain ecosystem, harboring untapped potential to redefine traditional business processes, legal agreements and automated transactions. Representing a market expected to reach $8.79 billion by 2030, smart contracts have the capacity to increase transparency, reduce costs and enhance efficiency across numerous industries. Small and medium-sized enterprises are losing out on a $20 billion opportunity in smart contracts. Source: Gora Despite their potential, the sector is lagging in harnessing the full value of the innovation, underscoring a critical gap in the adoption and utilization of smart contract technology. The integration of decentralized applications (DApps) and smart contracts presents a viable solution for businesses looking to tap into this potential. Blockchain oracles: Bridging DApps with the real world DApps, powered by smart contracts, automate transactions and facilitate agreements in a trustless and transparent manner, enabling businesses to streamline their operations. However, for DApps to function effectively, they require reliable and secure access to off-chain data — a capability provided by decentralized oracle networks. Originally built on the Algorand blockchain, Gora — a blockchain oracle network — aims to spearhead the integration of real-world data into DApps. The project’s goal is to enable developers and organizations to create applications that extend the utility of DApps into everyday activities for millions of users through both data utilization and off-chain computation capabilities. Source: Gora Gora distinguishes itself by not limiting its focus to decentralized finance (DeFi) applications. It incorporates cross-chain functionalities through Gora.Fi, enhancing its interoperability with other blockchain ecosystems. Gora’s interoperability broadens its applicability, venturing into areas like supply chain management for tracking goods and verifying authenticity and Internet of Things integration, where it connects real-world sensor data with smart contracts to automate processes. Expanding beyond traditional DeFi with experience The Gora team, comprised of individuals with experience in Fortune 500 companies, bring knowledge and expertise to the platform. The platform’s experienced backbone contributed to Gora’s notable traction in the blockchain space, achieving $100,000 in annual recurring revenue. Gora’s growing ecosystem is supported by over 117 active nodes and has attracted more than 20 marketplace sellers, indicating a strong and expanding interest in its decentralized oracle and data integration services. The project’s vision extends beyond DeFi, aiming to revolutionize industries like supply chain, healthcare and governance through blockchain. Gora also plans to empower developers and businesses with the necessary tools, educational resources and community support, ensuring secure, reliable and private data access in DApps for enhanced transparency and trust. Gora’s roadmap includes the launch of the Gora.Fi DeFi platform and the introduction of Gora’s ERC-20 token on Ethereum in the second quarter. The platform plans to expand its cross-chain capabilities to BSC and Arbitrum by Q3, with further expansions into the Cosmos and Solana ecosystems slated for the last quarter of 2024. Learn more about Gora

Real-world Data for Blockchain Apps: Gora Joins Cointelegraph Accelerator

Gora, a decentralized blockchain oracle network, joins the ranks of the Cointelegraph Accelerator program.

Smart contracts represent a vastly underutilized cornerstone in the blockchain ecosystem, harboring untapped potential to redefine traditional business processes, legal agreements and automated transactions. Representing a market expected to reach $8.79 billion by 2030, smart contracts have the capacity to increase transparency, reduce costs and enhance efficiency across numerous industries.

Small and medium-sized enterprises are losing out on a $20 billion opportunity in smart contracts. Source: Gora

Despite their potential, the sector is lagging in harnessing the full value of the innovation, underscoring a critical gap in the adoption and utilization of smart contract technology. The integration of decentralized applications (DApps) and smart contracts presents a viable solution for businesses looking to tap into this potential.

Blockchain oracles: Bridging DApps with the real world

DApps, powered by smart contracts, automate transactions and facilitate agreements in a trustless and transparent manner, enabling businesses to streamline their operations. However, for DApps to function effectively, they require reliable and secure access to off-chain data — a capability provided by decentralized oracle networks.

Originally built on the Algorand blockchain, Gora — a blockchain oracle network — aims to spearhead the integration of real-world data into DApps. The project’s goal is to enable developers and organizations to create applications that extend the utility of DApps into everyday activities for millions of users through both data utilization and off-chain computation capabilities.

Source: Gora

Gora distinguishes itself by not limiting its focus to decentralized finance (DeFi) applications. It incorporates cross-chain functionalities through Gora.Fi, enhancing its interoperability with other blockchain ecosystems. Gora’s interoperability broadens its applicability, venturing into areas like supply chain management for tracking goods and verifying authenticity and Internet of Things integration, where it connects real-world sensor data with smart contracts to automate processes.

Expanding beyond traditional DeFi with experience

The Gora team, comprised of individuals with experience in Fortune 500 companies, bring knowledge and expertise to the platform. The platform’s experienced backbone contributed to Gora’s notable traction in the blockchain space, achieving $100,000 in annual recurring revenue.

Gora’s growing ecosystem is supported by over 117 active nodes and has attracted more than 20 marketplace sellers, indicating a strong and expanding interest in its decentralized oracle and data integration services.

The project’s vision extends beyond DeFi, aiming to revolutionize industries like supply chain, healthcare and governance through blockchain. Gora also plans to empower developers and businesses with the necessary tools, educational resources and community support, ensuring secure, reliable and private data access in DApps for enhanced transparency and trust.

Gora’s roadmap includes the launch of the Gora.Fi DeFi platform and the introduction of Gora’s ERC-20 token on Ethereum in the second quarter. The platform plans to expand its cross-chain capabilities to BSC and Arbitrum by Q3, with further expansions into the Cosmos and Solana ecosystems slated for the last quarter of 2024.

Learn more about Gora
Crypto Is ‘too Big to Ignore’ for the Charitable SectorCryptocurrency adoption in the charity space is growing quickly, with 56% of the top 100 charities in the United States now accepting crypto donations as of January 2024, according to the 2024 annual report from crypto charity organization The Giving Block.  This marks a huge turnaround for nonprofits, many of which were initially hesitant to adopt crypto payments. As the report states, “When we launched The Giving Block in 2018, we had to practically bust down doors to get nonprofits to talk to us about bitcoin.” The report adds, “A lot has changed since then.” Cointelegraph spoke with the Giving Block co-founder Alex Wilson to discover how attitudes are shifting and whether he expects to see charitable organizations trend toward greater crypto adoption in the future. “Yes, over time, we continue to see greater adoption of nonprofits accepting cryptocurrency donations,” said Wilson. “The market has become too big to ignore. There aren’t many markets in the world that allow a nonprofit to tap into a $2 trillion donor base.” Wilson believes knowledge and familiarity with cryptocurrency are key to this change. “Most of it is a matter of education. Many nonprofits just don’t realize how many people own cryptocurrency. Yet once they realize that, they come around to it pretty quickly,” he said. Keeping crypto donations simple To onboard as many charities as possible, the Giving Block aims to make it simple for charities to accept crypto donations. Part of that comes in the form of an auto-sell feature, which transfers crypto into dollars at the point of donation. “If they’d like, they can opt to hodl, but most are more comfortable liquidating the donations, similar to how they treat other non-cash donations like stock or other forms of property. Our goal is to make taking crypto just as easy as taking any other gift a nonprofit gets,” said Wilson. With this in mind, using a donation solution minimizes a nonprofit’s exposure to cryptocurrency. Recent: Ethereum Dencun upgrade lowers transaction fees for L2s “The main pitfall is trying to do too much without knowing what they’re doing,” said Wilson. “Some nonprofits have opted to take things on themselves rather than work with a trusted partner.” According to Wilson, it “doesn’t usually end well” for those who try to go it alone. Trusted partners: Streamlining adoption Save the Children, a nonprofit focused on improving the lives of children worldwide, began accepting Bitcoin (BTC) in 2013 after Typhoon Haiyan struck the Philippines. Ettore Rossetti, head adviser for technology, marketing and innovation partnerships at Save the Children, told Cointelegraph that the path to accepting crypto donations wasn’t wholly straightforward, requiring several sign-offs from various departments before the initiative could move forward. “I secured the proper legal, financial and media communications permissions to be able to accept that Bitcoin donation,” said Rossetti, who admitted “there were concerns” centered around matters such as environmental impact. Even with those concerns, Rossetti managed to secure all necessary approvals within 24 hours, proving that where the will exists, progress can be very swift indeed. Having used various trusted partners from 2013 onward, Save The Children is now one of the many nonprofits working with The Giving Block. Many of its programs have benefited from the generosity of crypto donors. For example, in Afghanistan, crypto donors helped support humanitarian assistance for 730,000 children in the chaotic aftermath of the U.S. withdrawal. Following the 2023 earthquake in Syria and Turkey, crypto donations helped fund Save the Children’s water and sanitation program, reaching 1.1 million children and 2.6 million people in total. In Uganda, in cooperation with World of Women, Save the Children raised $100,000 — helping to meet the educational needs of 115,000 children and adolescents. Crypto’s troubled reputation Although crypto and charitable giving are becoming increasingly close-knit, there are still challenges ahead. The mainstream media isn’t always kind to the blockchain industry, and nonprofits must remain mindful of their reputation. Then there are figures such as U.S. Senator Elizabeth Warren who associate the crypto industry with illicit activity. We asked Wilson what impact figures like Warren have on the industry. “It’s frustrating since Elizabeth Warren and other politicians have often used exaggerated or outright false data to support their claims,” said Wilson. “Luckily, the facts support us, and the evidence is clear that there is much less illicit activity than people like Elizabeth Warren claim. All the data points to there being less illicit activity in crypto than there is in the traditional economy.” Rossetti said that one thing Save the Children had to actively consider was the environment and “the reputational risk associated with issues such as energy utilization, especially proof-of-work chains like the Bitcoin blockchain.” Recent: Bitcoin halving hype: How retail investors can prepare For Rossetti and Save the Children, the environment is something they are continually mindful of since climate change “exacerbates the problems facing children — more natural disasters and so on.” “We are the world’s first nonprofit to be part of the Green Climate Fund and the only children’s charity. So, we’re proud of that. We only have one planet,” said Rossetti. “But in looking at it more closely, just beyond headlines, many of the blockchains are powered by renewable sources or underutilized energy. And therefore, that essentially tends to be overblown.” Crypto for good: #HODLhope Save the Children’s latest drive for crypto samaritans is #HODLhope. As the campaign states, “Around the world children are being robbed of their futures by a global economy built on inequality and greed. [...] Save the Children believes that blockchain technology and cryptocurrencies can be a force for good and a force for financial inclusion.” The aim of #HODLhope is to raise $10 million in crypto donations by the end of 2024, allowing children around the world to hold on to hope. Having raised nearly $8 million by March, the campaign looks sure to attain that. For the 44% of the top 100 U.S. charities that have yet to awaken to the power of Bitcoin and cryptocurrency more generally, now may be the time to take note.

Crypto Is ‘too Big to Ignore’ for the Charitable Sector

Cryptocurrency adoption in the charity space is growing quickly, with 56% of the top 100 charities in the United States now accepting crypto donations as of January 2024, according to the 2024 annual report from crypto charity organization The Giving Block. 

This marks a huge turnaround for nonprofits, many of which were initially hesitant to adopt crypto payments.

As the report states, “When we launched The Giving Block in 2018, we had to practically bust down doors to get nonprofits to talk to us about bitcoin.”

The report adds, “A lot has changed since then.”

Cointelegraph spoke with the Giving Block co-founder Alex Wilson to discover how attitudes are shifting and whether he expects to see charitable organizations trend toward greater crypto adoption in the future.

“Yes, over time, we continue to see greater adoption of nonprofits accepting cryptocurrency donations,” said Wilson. “The market has become too big to ignore. There aren’t many markets in the world that allow a nonprofit to tap into a $2 trillion donor base.”

Wilson believes knowledge and familiarity with cryptocurrency are key to this change.

“Most of it is a matter of education. Many nonprofits just don’t realize how many people own cryptocurrency. Yet once they realize that, they come around to it pretty quickly,” he said.

Keeping crypto donations simple

To onboard as many charities as possible, the Giving Block aims to make it simple for charities to accept crypto donations. Part of that comes in the form of an auto-sell feature, which transfers crypto into dollars at the point of donation.

“If they’d like, they can opt to hodl, but most are more comfortable liquidating the donations, similar to how they treat other non-cash donations like stock or other forms of property. Our goal is to make taking crypto just as easy as taking any other gift a nonprofit gets,” said Wilson.

With this in mind, using a donation solution minimizes a nonprofit’s exposure to cryptocurrency.

Recent: Ethereum Dencun upgrade lowers transaction fees for L2s

“The main pitfall is trying to do too much without knowing what they’re doing,” said Wilson. “Some nonprofits have opted to take things on themselves rather than work with a trusted partner.”

According to Wilson, it “doesn’t usually end well” for those who try to go it alone.

Trusted partners: Streamlining adoption

Save the Children, a nonprofit focused on improving the lives of children worldwide, began accepting Bitcoin (BTC) in 2013 after Typhoon Haiyan struck the Philippines.

Ettore Rossetti, head adviser for technology, marketing and innovation partnerships at Save the Children, told Cointelegraph that the path to accepting crypto donations wasn’t wholly straightforward, requiring several sign-offs from various departments before the initiative could move forward.

“I secured the proper legal, financial and media communications permissions to be able to accept that Bitcoin donation,” said Rossetti, who admitted “there were concerns” centered around matters such as environmental impact.

Even with those concerns, Rossetti managed to secure all necessary approvals within 24 hours, proving that where the will exists, progress can be very swift indeed.

Having used various trusted partners from 2013 onward, Save The Children is now one of the many nonprofits working with The Giving Block. Many of its programs have benefited from the generosity of crypto donors.

For example, in Afghanistan, crypto donors helped support humanitarian assistance for 730,000 children in the chaotic aftermath of the U.S. withdrawal.

Following the 2023 earthquake in Syria and Turkey, crypto donations helped fund Save the Children’s water and sanitation program, reaching 1.1 million children and 2.6 million people in total.

In Uganda, in cooperation with World of Women, Save the Children raised $100,000 — helping to meet the educational needs of 115,000 children and adolescents.

Crypto’s troubled reputation

Although crypto and charitable giving are becoming increasingly close-knit, there are still challenges ahead. The mainstream media isn’t always kind to the blockchain industry, and nonprofits must remain mindful of their reputation.

Then there are figures such as U.S. Senator Elizabeth Warren who associate the crypto industry with illicit activity. We asked Wilson what impact figures like Warren have on the industry.

“It’s frustrating since Elizabeth Warren and other politicians have often used exaggerated or outright false data to support their claims,” said Wilson. “Luckily, the facts support us, and the evidence is clear that there is much less illicit activity than people like Elizabeth Warren claim. All the data points to there being less illicit activity in crypto than there is in the traditional economy.”

Rossetti said that one thing Save the Children had to actively consider was the environment and “the reputational risk associated with issues such as energy utilization, especially proof-of-work chains like the Bitcoin blockchain.”

Recent: Bitcoin halving hype: How retail investors can prepare

For Rossetti and Save the Children, the environment is something they are continually mindful of since climate change “exacerbates the problems facing children — more natural disasters and so on.”

“We are the world’s first nonprofit to be part of the Green Climate Fund and the only children’s charity. So, we’re proud of that. We only have one planet,” said Rossetti.

“But in looking at it more closely, just beyond headlines, many of the blockchains are powered by renewable sources or underutilized energy. And therefore, that essentially tends to be overblown.”

Crypto for good: #HODLhope

Save the Children’s latest drive for crypto samaritans is #HODLhope. As the campaign states, “Around the world children are being robbed of their futures by a global economy built on inequality and greed. [...] Save the Children believes that blockchain technology and cryptocurrencies can be a force for good and a force for financial inclusion.”

The aim of #HODLhope is to raise $10 million in crypto donations by the end of 2024, allowing children around the world to hold on to hope. Having raised nearly $8 million by March, the campaign looks sure to attain that.

For the 44% of the top 100 U.S. charities that have yet to awaken to the power of Bitcoin and cryptocurrency more generally, now may be the time to take note.
Marc Andreessen, Galaxy Digital, Accolade, Back New $75 Million Crypto Fund: ReportProminent venture capitalists Marc Andreessen, Galaxy Digital, and Accolade Partners are among the top contributors to crypto venture capital (VC) firm 1kx’s latest fund. 1kx raised $75 million, with Chris Dixon, a partner at Andreessen Horowitz, as one of the limited partners, Lasse Clausen, the founding partner of 1kx, told Bloomberg on March 28. Private equity firm Accolade is the anchor investor in the new fund, according to Clausen. 1kx’s new fund is targeting crypto-based consumer applications. The new fund has already made around five investments, said Clausen, without naming the companies. Clausen founded 1kx in 2018, along with Christopher Heymann. The announcement of the new fund comes during a period of increasing institutional interest in crypto, bolstered by the approval of spot Bitcoin exchange-traded funds (ETFs) in the United States. Related: Hong Kong’s in-kind ETF creation could be a significant market opportunity: Analysts Venture capital funding in crypto startups saw an uptick in Q4 2023 to $1.9 billion, which is 2.5% higher than the previous quarter, according to a report from PitchBook. This is the first time VC investments have risen since March 2022. February’s VC investments also suggest renewed institutional confidence in the blockchain space, after a diverse group of crypto startups announced recent funding raises, including Lava Protocol, Analog, Helika, Truflation, and Omega, among others. More notably, Andreessen Horowitz (a16z) announced a $100-million funding round for EigenLayer, Ethereum’s largest restaking protocol by total value locked. Avail closed a $27 million seed funding round, led by Founder Fund and Dragonfly, at the end of February. The Web3 data availability and consensus layer aims to use the funds to develop its products and accelerate Web3 unification. In the wider crypto space, blockchain game publisher Immutable launched a $100 million fund to invest in blockchain games, in partnership with Venture capital firm King River Capital and Polygon Labs. The new fund called “Inevitable Games Fund,” or IGF for short, raised $30 million during its first close. Related: SEC can proceed with Coinbase lawsuit: Court ruling

Marc Andreessen, Galaxy Digital, Accolade, Back New $75 Million Crypto Fund: Report

Prominent venture capitalists Marc Andreessen, Galaxy Digital, and Accolade Partners are among the top contributors to crypto venture capital (VC) firm 1kx’s latest fund.

1kx raised $75 million, with Chris Dixon, a partner at Andreessen Horowitz, as one of the limited partners, Lasse Clausen, the founding partner of 1kx, told Bloomberg on March 28.

Private equity firm Accolade is the anchor investor in the new fund, according to Clausen.

1kx’s new fund is targeting crypto-based consumer applications. The new fund has already made around five investments, said Clausen, without naming the companies. Clausen founded 1kx in 2018, along with Christopher Heymann.

The announcement of the new fund comes during a period of increasing institutional interest in crypto, bolstered by the approval of spot Bitcoin exchange-traded funds (ETFs) in the United States.

Related: Hong Kong’s in-kind ETF creation could be a significant market opportunity: Analysts

Venture capital funding in crypto startups saw an uptick in Q4 2023 to $1.9 billion, which is 2.5% higher than the previous quarter, according to a report from PitchBook. This is the first time VC investments have risen since March 2022.

February’s VC investments also suggest renewed institutional confidence in the blockchain space, after a diverse group of crypto startups announced recent funding raises, including Lava Protocol, Analog, Helika, Truflation, and Omega, among others.

More notably, Andreessen Horowitz (a16z) announced a $100-million funding round for EigenLayer, Ethereum’s largest restaking protocol by total value locked.

Avail closed a $27 million seed funding round, led by Founder Fund and Dragonfly, at the end of February. The Web3 data availability and consensus layer aims to use the funds to develop its products and accelerate Web3 unification.

In the wider crypto space, blockchain game publisher Immutable launched a $100 million fund to invest in blockchain games, in partnership with Venture capital firm King River Capital and Polygon Labs.

The new fund called “Inevitable Games Fund,” or IGF for short, raised $30 million during its first close.

Related: SEC can proceed with Coinbase lawsuit: Court ruling
Prisma Finance Exploited for $10 MillionPrisma Finance has been exploited for around $10 million worth of cryptocurrencies on March 28. On-chain security alert provider Cyvers was the first to detect the anomaly, according to a March 28 X post: “Our system has detected multiple suspicious transactions with @PrismaFi and still ongoing! Total loss so far is around $9M. The attacker has been funded by @FixedFloat! Our system has detected the malicious contract 2 min earlier than hack transactions!” Shortly after the initial alert, Cyvers detected another $1 million fraudulent transactions, bringing the total amount of exploited funds near $10 million. Prisma Finance said that its core engineers and contributors will pause the protocol and investigate, according to a March 28 X post. Prisma is a decentralized liquid staking token protocol with over $222 million in total value locked (TVL) according to DefiLlama. Related: Funds hacked in 2024 increased by 15.4% vs. the same period in 2023 — Immunefi This is a developing story, and further information will be added as it becomes available.

Prisma Finance Exploited for $10 Million

Prisma Finance has been exploited for around $10 million worth of cryptocurrencies on March 28.

On-chain security alert provider Cyvers was the first to detect the anomaly, according to a March 28 X post:

“Our system has detected multiple suspicious transactions with @PrismaFi and still ongoing! Total loss so far is around $9M. The attacker has been funded by @FixedFloat! Our system has detected the malicious contract 2 min earlier than hack transactions!”

Shortly after the initial alert, Cyvers detected another $1 million fraudulent transactions, bringing the total amount of exploited funds near $10 million.

Prisma Finance said that its core engineers and contributors will pause the protocol and investigate, according to a March 28 X post.

Prisma is a decentralized liquid staking token protocol with over $222 million in total value locked (TVL) according to DefiLlama.

Related: Funds hacked in 2024 increased by 15.4% vs. the same period in 2023 — Immunefi

This is a developing story, and further information will be added as it becomes available.
Hashing It Out: Can Blockchain Create a Sovereign Internet?A week after experiencing an internet blackout in his country, Hashing It Out host Elisha Owusu Akyaw looks for answers on how blockchain technology can create a more sovereign internet in an interview with the co-founder of XYO Network, Arie Trouw. The episode also covers data sovereignty and the importance of privacy in the ever-evolving internet landscape. The conversation between Owusu Akyaw and Trouw explores new issues like elections and fake news, and how blockchain tech could be used to verify the authenticity of information on social media.  Trouw explains that the sovereign internet is based on that idea of the original version of the internet (Web1) but with the functionalities of Web2 and Web3. On a sovereign internet, users own their own data set, tools and services, which they can share with other users without needing a central server or third-party authority. “So the sovereign internet is really, to some degree, a step back from Web2 to Web1, where each party has their own services and their own peer-to-peer functionality that they share with somebody else. And the internet works the way it’s meant to be, where it’s resilient to outages.” With major elections taking place worldwide in 2024, issues like fake news and artificial intelligence-generated deep fakes threaten to widen the polarization in society. Trouw concedes that blockchain may not be the answer to the problem since dealing with fake information on the internet requires the average person to be a skeptic and have the desire to verify everything they read. However, when society develops a culture that seeks to verify the credibility of information, Trouw believes that blockchain technology would be the ultimate method to authenticate the origin of information on the internet. The rest of the podcast explores more use cases of blockchain technology in creating a better internet by using location data and how blockchain technology could play a role in identifying aliens. Listen to the full episode of Hashing It Out on Spotify, Apple Podcasts, TuneIn or your podcast platform of choice, and remember to check out Cointelegraph’s growing catalog of Web3 podcasts. This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Hashing It Out: Can Blockchain Create a Sovereign Internet?

A week after experiencing an internet blackout in his country, Hashing It Out host Elisha Owusu Akyaw looks for answers on how blockchain technology can create a more sovereign internet in an interview with the co-founder of XYO Network, Arie Trouw.

The episode also covers data sovereignty and the importance of privacy in the ever-evolving internet landscape. The conversation between Owusu Akyaw and Trouw explores new issues like elections and fake news, and how blockchain tech could be used to verify the authenticity of information on social media. 

Trouw explains that the sovereign internet is based on that idea of the original version of the internet (Web1) but with the functionalities of Web2 and Web3.

On a sovereign internet, users own their own data set, tools and services, which they can share with other users without needing a central server or third-party authority.

“So the sovereign internet is really, to some degree, a step back from Web2 to Web1, where each party has their own services and their own peer-to-peer functionality that they share with somebody else. And the internet works the way it’s meant to be, where it’s resilient to outages.”

With major elections taking place worldwide in 2024, issues like fake news and artificial intelligence-generated deep fakes threaten to widen the polarization in society.

Trouw concedes that blockchain may not be the answer to the problem since dealing with fake information on the internet requires the average person to be a skeptic and have the desire to verify everything they read.

However, when society develops a culture that seeks to verify the credibility of information, Trouw believes that blockchain technology would be the ultimate method to authenticate the origin of information on the internet.

The rest of the podcast explores more use cases of blockchain technology in creating a better internet by using location data and how blockchain technology could play a role in identifying aliens.

Listen to the full episode of Hashing It Out on Spotify, Apple Podcasts, TuneIn or your podcast platform of choice, and remember to check out Cointelegraph’s growing catalog of Web3 podcasts.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
Biden Administration Takes Action to Safeguard Public From AI RisksThe White House has unveiled its inaugural comprehensive policy for managing the risks associated with artificial intelligence (AI), mandating that agencies intensify reporting on AI utilization and tackle potential risks posed by the technology. According to a March 28 White House memorandum, federal agencies must, within 60 days, appoint a chief AI officer, disclose AI usage, and integrate protective measures. This directive aligns with President Biden's AI executive order from October 2023. On a teleconference with reporters, Vice President Kamala Harris said: “I believe that all leaders from governments, civil society and the private sector have a moral, ethical and societal duty to make sure that artificial intelligence is adopted and advanced in a way that protects the public from potential harm while ensuring everyone can enjoy its full benefits.” The latest regulation, an initiative by the Office of Management and Budget, aims to guide the entire federal government in safely and efficiently utilizing artificial intelligence amid its rapid expansion. While the government seeks to harness AI's potential, the Biden administration remains cautious of its evolving risks. As stated in the memo, certain AI use cases, particularly those within the Department of Defense, will not be mandated for disclosure in the inventory, as their sharing would contradict existing laws and government-wide policies. By Dec. 1, agencies must establish specific safeguards for AI applications that could affect Americans' rights or safety. For instance, travelers should have the option to opt out of TSA facial recognition at airports promptly. Related: Biden administration announces key AI actions after executive order Agencies unable to implement these safeguards must discontinue using the AI system unless agency leadership can justify how doing otherwise would heighten risks to safety or rights or hinder critical agency operations. The Office of Management and Budget's (OMB) recent AI directives align with the Biden administration's AI Bill of Rights from October 2022 and the National Institute of Standards and Technology's AI Risk Management Framework from January 2023. These initiatives emphasize the importance of creating reliable AI systems. The OMB is also seeking input on enforcing compliance and best practices among government contractors supplying technology. It intends to ensure alignment between agencies' AI contracts and its policy later this year.  The administration also unveiled its intention to recruit 100 AI professionals into the government by the summer, as outlined in the October executive order’s “talent surge.” Magazine: Real AI use cases in crypto: Crypto-based AI markets, and AI financial analysis

Biden Administration Takes Action to Safeguard Public From AI Risks

The White House has unveiled its inaugural comprehensive policy for managing the risks associated with artificial intelligence (AI), mandating that agencies intensify reporting on AI utilization and tackle potential risks posed by the technology.

According to a March 28 White House memorandum, federal agencies must, within 60 days, appoint a chief AI officer, disclose AI usage, and integrate protective measures.

This directive aligns with President Biden's AI executive order from October 2023. On a teleconference with reporters, Vice President Kamala Harris said:

“I believe that all leaders from governments, civil society and the private sector have a moral, ethical and societal duty to make sure that artificial intelligence is adopted and advanced in a way that protects the public from potential harm while ensuring everyone can enjoy its full benefits.”

The latest regulation, an initiative by the Office of Management and Budget, aims to guide the entire federal government in safely and efficiently utilizing artificial intelligence amid its rapid expansion.

While the government seeks to harness AI's potential, the Biden administration remains cautious of its evolving risks.

As stated in the memo, certain AI use cases, particularly those within the Department of Defense, will not be mandated for disclosure in the inventory, as their sharing would contradict existing laws and government-wide policies.

By Dec. 1, agencies must establish specific safeguards for AI applications that could affect Americans' rights or safety. For instance, travelers should have the option to opt out of TSA facial recognition at airports promptly.

Related: Biden administration announces key AI actions after executive order

Agencies unable to implement these safeguards must discontinue using the AI system unless agency leadership can justify how doing otherwise would heighten risks to safety or rights or hinder critical agency operations.

The Office of Management and Budget's (OMB) recent AI directives align with the Biden administration's AI Bill of Rights from October 2022 and the National Institute of Standards and Technology's AI Risk Management Framework from January 2023. These initiatives emphasize the importance of creating reliable AI systems.

The OMB is also seeking input on enforcing compliance and best practices among government contractors supplying technology. It intends to ensure alignment between agencies' AI contracts and its policy later this year. 

The administration also unveiled its intention to recruit 100 AI professionals into the government by the summer, as outlined in the October executive order’s “talent surge.”

Magazine: Real AI use cases in crypto: Crypto-based AI markets, and AI financial analysis

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