Coinspeaker Mexico Elects New President, Here’s What It Means for Crypto

Claudia Sheinbaum, former mayor of Mexico City, has been elected president of Mexico, becoming the first woman to hold this prestigious position. This landmark victory suggests a probable continuation of Mexico’s current crypto policies due to Sheinbaum’s alignment with the ruling Morena party and her predecessor Andres Manuel Lopez Obrador’s policies.

Mexico’s Current Crypto Regulatory Scene

The Morena party has not proposed a comprehensive regulatory framework for the digital asset sector. However, the Sheinbaum party’s government has implemented a 20% tax for the crypto investors on their gains. It clarifies that:

“In no case will virtual assets be understood as legal tender in national territory, foreign currency or any other asset denominated in legal tender or foreign currency.”

Moreover, the FinTech Law, enacted in March 2018, and other regulatory policies require crypto exchange platforms to be registered under global anti-money laundering (AML) and terror financing standards. Notably, the law’s latest reform on June 7, 2023, introduced concepts like “Blockchain” and “Metaverse” into the regulatory framework, recognizing the evidential value of blockchain-stored information and regulating them to increase security.

However, Mexican regulation does not have any specific rules for various types of tokens, such as NFTs, stablecoins, utility tokens, and CBDCs.

Would Sheinbaum Reconsider Her Crypto Stance?

Mexico is the largest recipient of remittances from the United States, making up over 95% of the total remittances received by Mexicans. This presents a significant opportunity for crypto to streamline and secure these financial transfers. But it is uncertain whether the recent crypto-related developments in the US, coincidentally at the time of Mexico’s election campaigns, would push the Morena party to reconsider its somewhat nonchalant stance on crypto policy.

The last few months have seen significant crypto developments overdrive in the US. As former President Donald Trump (the presumptive Republican presidential nominee) accepts donations in cryptocurrencies and calls for the US to maintain its leadership in the field, President Biden’s campaign is in discussions with industry members for policy advice. Moreover, the US Securities and Exchange Commission has approved the long-awaited spot bitcoin exchange-traded funds, and is reportedly on its way to giving the green light to a similar product for ether.

Sheinbaum has expressed confidence in maintaining strong economic ties with the US, regardless of whether Donald Trump or Joe Biden secure the presidency. She has indicated that the economic integration between the US and Mexico is robust enough to sustain positive relations with either administration.

As Sheinbaum prepares to get into office as the new president, the crypto community eagerly awaits to see the stance she will take regarding digital assets. While her predecessor’s policies laid some groundwork, there is still much scope for growth in Mexico’s crypto regulations.

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Mexico Elects New President, Here’s What It Means for Crypto

Coinspeaker Binance Discontinues Cash Payment Option for P2P Crypto Trades in India

Major crypto exchange Binance has blocked the use of cash payments for peer-to-peer (P2P) cryptocurrency trades in India. Local users can no longer buy or sell supported cryptocurrencies by depositing or receiving cash payments.

Binance P2P Users in India Cannot Use Cash Anymore

Before now, Binance allowed Indian traders to use an escrow option that allows users to close transactions after cash has been received or directly deposited into bank accounts. Traders used this option to continue trading under the government’s radar and avoid any risk of government action. Some traders also preferred the cash option to online fund transfers to avoid paying heavy taxes imposed by the government. While other options are still available, the cash option has been discontinued.

The exchange likely made the move for compliance reasons, ensuring that the platform no longer enables users to sidestep government rules, such as tax requirements. However, some stakeholders have also noted a safety issue with the cash option.

The founder of crypto and blockchain-focused law firm Crypto Legal recently highlighted some of these problems. According to Purushottam Anand, there are serious financial and physical risks to consider.

“There have been cases where traders have been physically assaulted and forced to transfer their virtual assets or hand over cash during physical meetings. Victims hesitate in filing criminal complaints due to regulatory uncertainty regarding the legality of such transactions, especially if it involves more than ₹2 lakh, and fraudsters prey on such fear,” he said.

Binance’s action might signal a willingness to comply with the Indian government, especially since the trades technically do not defy local laws. The exchange is supposedly only a third-party agent providing escrow services for people looking to trade cryptocurrencies, assets that are not considered legal tender in the country.

Although Binance has discontinued P2P cash payments, the option is still available in Dubai, where users can settle trades via direct AED cash deposits or exchanges. The Dubai government is much more receptive to cryptocurrencies than India.

India’s Crypto Scene

The decision Binance has made may affect several other crypto exchanges, which might decide to follow suit and discontinue cash payments for P2P trades. This could further stifle the cryptocurrency scene in the country.

Interestingly, India’s stance on cryptocurrencies seems split between authorities. For instance, the Securities and Exchange Board of India (SEBI) is interested in establishing a framework that allows investors to get involved with crypto trading in the country. According to internal documents, SEBI’s proposed framework suggests that digital assets will not be regulated under one agency. The Board believes that the Reserve Bank of India (RBI) should handle stablecoins and any other cryptocurrencies backed by fiat currencies. This leaves SEBI in control of several other assets.

In addition, SEBI wants the Pension Fund Regulatory and Development Authority (PFRDA) and the Insurance Regulatory and Development Authority of India (IRDAI) to oversee all pension-related cryptocurrencies.

On the other hand, the RBI believes that private cryptocurrencies should not enter the financial market, and is looking to ban stablecoins.

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Binance Discontinues Cash Payment Option for P2P Crypto Trades in India

Coinspeaker Maple Finance Launches Syrup to Kickstart New Era in Institutional Lending

Maple Finance, a decentralized finance (DeFi) institution and lending platform, has launched a new protocol called Syrup. The new protocol, which was introduced on May 28, will focus on delivering institutional yield to the DeFi sector, marking a significant turnaround since Maple’s uneventful recent past which saw the platform plunged into financial crisis in the aftermath of FTX-Alameda collapse.

Maple’s Syrup Launches amid Criticism Over Yields Approach

Per the company’s press release, Syrup will provide users with permissionless access to institutional lending. That is, users who deposit Circle’s USD Coin (USDC) into the platform can acquire syrupUSDC liquidity pool (LP) tokens with which they may then earn yields.

The firm also noted that the yields will be sourced from fully collateralized loans extended to major crypto institutions. However, this approach has sparked scepticism from community members who still have a fresh memory of the defaults linked to the FTX-Alameda saga.

The introduction of Syrup follows Maple Finance’s decision to cut ties with Orthogonal Trading – an entity linked with FTX – in December 2022. Orthogonal Trading had defaulted on $36 million in loans at the time. This not only caused substantial losses for lenders but also negatively impacted the integrity of Maple’s lending pools.

Mixed Reactions Trail Launch

Meanwhile, the launch of Syrup has sparked mixed reactions from the DeFi community. While some users are hyped about the potential benefits, others are not as trusting. They remain extremely cautious due to the lingering FTX-Alameda issues.

As part of the latest announcement, Maple Finance also introduced the Syrup (SYRUP) token, which allows holders to stake in and participate in the ecosystem. According to the firm, the transition allows MPL holders to exchange their tokens for SYRUP on a one-to-one basis without dilution.

However, these sceptics see no justification for launching the new SYRUP token. They also do not see a need to migrate from Maple’s existing MPL token.

One community member clearly captured the widespread concern in an X statement:

“A new protocol powered by Maple has been introduced, but why do we need a new token and the migration of $MPL to this new token? Why not simply use $MPL to power the new protocol?”

In its defence, however, the associated protocol Syrup.fi has addressed the concerns. It says that SYRUP is “simply the name of the MPLv2 token”.

Maple Finance has scheduled a webinar on June 4 at 7:00 pm. UTC to discuss the details of the Syrup launch. The session is expected to address lingering questions and provide insights into the new protocol’s operational mechanics.

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Maple Finance Launches Syrup to Kickstart New Era in Institutional Lending

Coinspeaker Shiba Inu Team Wary of Growing Fraudulent Activities on Its Platform, Warns Users to Exercise ‘Extreme Caution’

The Shiba Inu team has discovered that bad actors are increasingly targeting the Shibarium platform. For this reason, they have asked their teeming users to exercise serious caution in all their dealings with the platform at this moment.

The warning alert, which originally came from DaVinci, a key member of the Shiba Inu team, was shared by an X user called Digarch. Quotung DaVinci’s message to the entire Shibarium community, he simply wrote:

“SHIBARMY extreme caution is advised in these volatile times.”

Shiba Inu Team Shares Attackers’ New Tactics

The original warning from DaVinci advises Shiba Inu users to be very cautious, or else they get caught in the lies of fraudsters who continue to deploy new tactics every day. According to the note, the latest MO of the fraudsters is to launch tokens falsely claiming involvement with Shiba developers or the future of Shibarium. The Shiba Inu team claims that these bad actors go to the extent of using the official web address of Shiba, shib.io, in their promotional videos to appear as the real deal. An excerpt from the warning alert reads:

“These malicious actors have now shifted tactics, moving from the misuse of Ryoshi Research mediums to the exploitation of Shiba State and Canine code.”

Issues Advisory

After intimating users with the new tactics of the fraudulent individuals, DaVinci went on to stress the importance of vigilance and taking well-researched and informed decisions. He noted that Treat is yet to launch. Therefore, any tokens claiming involvement with it is merely out to defraud people.

Furthermore, DaVinci berated the idea of sheepishly following influential personalities within the Shibarium ecosystem. He also advised users to be on the lookout for recurrent patterns of failure observed in some project leaders. This should automatically signal a potential red flag for investors, DaVinci added.

Rather than focusing on the enticing looks of a project or the great personalities endorsing it, he advised users to assess projects based on their technical merits instead. That will majorly include scalability, security protocols, and the feasibility of their roadmaps.

Notably, the increasing fraudulent activities have brought to light one of the core disadvantages of Shibaswap being decentralized in nature. That is the platform’s inability to meddle directly by banning these fraudulent tokens. Nonetheless, the Shiba Inu team has taken it upon itself to publicly denounce the scams, opening the eyes of community members who might otherwise engage with them.

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Shiba Inu Team Wary of Growing Fraudulent Activities on Its Platform, Warns Users to Exercise ‘Extreme Caution’

Coinspeaker GameStop Hero Roaring Kitty Reveals Massive Portfolio Details, GME Stock Spikes Over 88%

After remaining silent on Reddit since 2021, popular GameStop stock trader Keith Gill, alias Roaring Kitty on X platform, has resurfaced with a post on Sunday. Notably, Gill posted on Reddit to reveal details of his GameStop Corp (NYSE: GME) portfolio. According to the Sunday Reddit post, Gill currently holds 5 million GME stocks, which he acquired for $21.27, currently worth about $115.7 million.

Additionally, Gill holds 120k GME Call Options worth about $65 million, which are set to expire on June 21, 2024. As of Sunday, Gill’s GME call options portfolio was down about 3.7 percent as he acquired them at $5.68 per share.

Following the revelation of Roaring Kitty’s GameStop portfolio, GME stock spiked more than 88 percent in the past 24 hours to trade at about $43.66 during Monday’s pre-market session.

GameStop is a mid-cap entertainment company valued at around $7.09 billion, with 306 shares outstanding as of this report.

As Coinspeaker previously pointed out, the 2021 altcoin pump was heavily influenced by the GameStop rally that was triggered by Gill’s social media activity. According to the latest stock market data, GME shares pumped over 41 percent last month, despite the periodic GameStop market dump.

The entertainment-focused company has attracted notable attention from short-term stock traders, thus its impressive performance year-to-date.

Meme Coin Frenzy Triggered by GameStop Rally

The notable rebound of the GameStop stock recently has triggered a fresh meme coin frenzy, which could ultimately trigger mass web3 adoption. Moreover, trading of GameStop shares is often halted every time there is heightened volatility. As a result, more meme stock traders are opting to trade blockchain-based products since it is a liberal market.

According to a popular crypto analyst alias Scofield on the X platform, the recent GME stock spike will trigger a massive meme coin rally ahead. The crypto analyst vouched for top-tier meme coins such as Shiba Inu (SHIB), Dogecoin (DOGE), dogwifhat (WIF), Pepe (PEPE), Bonk (BONK), and Floki Inu (FLOKI).

However, the crypto analyst narrowed down to Floki Inu as the best candidate to long in this bull run due to its impressive fundamentals and massive supply shock.

BIG week for #memecoins IMO!

Roaring Kitty, the memestock and GameStop legend, just revealed a $200 million GameStop position and a bullish vibe!

This is massively bullish for memecoins like $FLOKI , $DOGE , $WIF, $PEPE, $SHIB , and $BONK.

I expect #FLOKI to benefit the most from…

— Scofield (@Crypto_Scofield) June 3, 2024

Following the re-emergence of Roaring Kitty after a treacherous bear season, GameStop-umpires meme coins on different blockchains have significantly benefited. For instance, GME (Ethereum) has spiked over 10X in the past 24 hours to trade around $0.000057 on Monday during the London session.

The GME (Base) rallied more than 218 percent in the past 24 hours to trade around $0.0429 at the time of this reporting. Similarly, Solana (SOL)-based GME pumped more than 200 percent in the past 24 hours to trade $0.0146.

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GameStop Hero Roaring Kitty Reveals Massive Portfolio Details, GME Stock Spikes Over 88%

Coinspeaker Floki Inu (FLOKI) Skyrockets 13%, Community Reacts

Floki Inu (FLOKI), a leading meme coin in the digital asset market, has shown massive gains in the past 24 hours, outperforming the border crypto market as holders profit from their investments.

The 46th largest cryptocurrency by market capitalization witnessed a substantial boost in its trading volume along with prices. The meme token is up 13% in the past 24 hours and is priced at $0.0002798 at the time of writing.

The trading volume of Floki Inu (FLOKI) went up by 13.65% and is currently standing at $533.5 million, while the market capitalization of the token is $2.68 billion. The meme coin entered the top fifty digital assets with this surge and belittles the performance of its rival meme coins, Shiba Inu (SHIB) and Dogecoin (DOGE).

FLOKI went as high as $0.00028 from a low of $0.00023 in the past 24 hours and is up 8.14% in the past week and 69.78% in the past month. Additionally, the meme coin witnessed a rise of 780.41$ in one year, the data from CoinMarketCap confirms.

The meme coin’s performance since February has been commendable, with FLOKI bouncing from a low of $0.000031 on February 21 to a high of $0.00014 on March 2. Also, the volume of the digital asset has been on the rise since February, showing investors’ interest in the meme cryptocurrency.

The data from TradingView suggests that the buyers are currently in control of the Floki Inu (FLOKI) price action, with the relative strength index (RSI) reading a value of 64.22. Moreover, the indicator is moving towards the overbought zone, which could be a good time to capitalize on the gains made in the past few months.

Photo: TradingView

FLOKI Community Weighs In

The Floki Inu (FLOKI) fans on social media platform X pointed out the significant gains in price, stating that the recent surge in the popularity and value of GameStop shares could be a reason for this bullish outbreak.

One user with 240,000 followers stated that the recent reveal made by Keith Gill, also known as “Roaring Kitty” and “DeepFuckingValue,” in the digital asset space on Reddit could benefit meme coins in general and FLOKI specifically. The user highlighted that Floki Inu has stronger fundamentals as compared to its rivals like Pepe (PEPE) and Bonk (BONK).

In his first Reddit post since April 2021, Gill confirmed that he is a GameStop (GME) whale and currently has a position value of over $200 million in GME. This resulted in a massive surge in the price of GME on Robinhood, a crypto and stock market trading platform, resulting in a warning from the company to buyers.

In 2021, it was the rally of meme stock GME that led to the soaring prices of meme cryptocurrencies like Dogecoin (DOGE) and Shiba Inu (SHIB). It is important to note that Gill was considered at the center of the entire rally of meme stocks and crypto assets.

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Floki Inu (FLOKI) Skyrockets 13%, Community Reacts

Coinspeaker Crypto Liquidations Reach $150M as Bitcoin Recovers to $69,000

The cryptocurrency market witnessed a significant shift within the last 24 hours as Bitcoin (BTC) rebounded to $69,000. This recovery led to a large number of liquidations across various crypto exchanges, totaling around $150 million.

The world’s most popular and largest crypto asset by market capitalization experienced a sudden rise to $69,000 on Monday morning before retracing slightly below that level.

The surge caused around 74,668 traders who had bet against BTC to close their positions, leading to millions of dollars being liquidated to prevent further losses. Long traders suffered the most, with this group reporting losses of approximately $83.91 million, while short positions worth around $60.22 million were liquidated.

Major Liquidation Events

According to data from CoinGlass, the largest single liquidation order occurred on Bybit, a crypto exchange based in Singapore. A trader on the platform lost about $9 million in a single trade within the past day.

The data also showed that 100% of the total liquidation occurred solely on centralized exchanges, including Binance, the world’s largest crypto exchange, OKX, and Bybit. These three platforms contributed significantly to the entire liquidation, with Binance leading the pack.

The Binance exchange lost approximately $67 million within the last day, accounting for about 44.74% of the entire loss. During the same period, more than $46 million were liquidated from OKX, while Bybit lost around $20 million.

Impact on Various Blockchains

In terms of network performance, the Bitcoin protocol suffered the highest hit with $34 million liquidated from the ecosystem.

Other blockchain networks such as Ethereum (ETH) and Solana (SOL) also experienced significant liquidations ranging from $18.11 million to $5.20 million.

Additionally, Notcoin (NOT), one of the new entrants to the crypto economy, also suffered massive losses of $21.63 million.

The digital asset, which aims to transform the crypto industry, experienced a massive surge of over 52% in the last 24 hours. This surge took short traders by surprise, causing massive liquidations for those who bet against the token’s performance.

Notcoin’s Surprising Performance

In the last 24 hours, NOT surprised investors by gaining more than $4.673 billion in trading volume. Despite the poor market sentiment over the past week, NOT broke through the decline, reaching over 275% in one week.

The token recorded an all-time high of $0.027 on Sunday. However, at the time of writing, NOT has declined slightly and is now trading around $0.02064.

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Crypto Liquidations Reach $150M as Bitcoin Recovers to $69,000

Coinspeaker Binance to Delist OMG, XEM, WNXM, Price Tanks

Binance Holdings Ltd, the world’s largest crypto exchange recently announced the removal of three major cryptocurrencies from Binance’s spot and margin outlets. The cryptocurrencies include OMG Network (OMG), NEM (XEM), and Wrapped NXM (WNXM). Shortly after the announcement, the price of these cryptocurrencies dropped drastically.

Binance and Its Plans for OMG, XEM, and WNXM

Binance gave the announcement earlier Today, stating that users will be unable to trade spot and margin trading pairs on OMG, XEM, and WNXM at 03:00 UTC on June 17. The exchange cites failure to meet industry standards and requirements done periodically as the reason for delisting these cryptocurrencies.

Users have until September 17 to withdraw these tokens from the platform, as support for them ceases on this date. Weeks before the delisting date, Binance has delisted these tokens from Binance Simple Earn, Finance Auto-Invest, and Binance Loans.

Binance states:

“When a coin or token no longer meets these standards or the industry landscape changes, we conduct a more in-depth review and potentially delist it. Our priority is to ensure the best services and protections for our users while continuing to adapt to evolving market dynamics.”

It is not uncommon for exchanges to delist cryptocurrencies from their platform. Last year, OKX announced the delisting of several privacy tokens like Monero (XMR), citing privacy concerns from its users. In the case of Binance, the platform reviews listed crypto for maintaining a high level of standard and industry requirements. These comply with the exchange’s listing standards.

Following the announcement, the price of OMG decreased by 28% to $0.5054, XEM by 30% to $0.02491, and WNXM by 3% to $80.59 respectively. However, the trading volume of OMG and XEM increased by 578% and 2,297% respectively, indicating adjustments from traders.

Earlier in January, Binance added a monitoring tag to 10 tokens. At the time, it suggested a lot of risk and volatility associated with the crypto assets and that they may be delisted eventually. The cryptocurrencies slapped with the monitoring tag include ANT, FIRO, KP3R, MDX, MOB, REEF, VAI, XMR, ZEC, and ZEN. Only time will tell if Binance will delist more cryptocurrencies as the crypto market matures.

Binance Revamps Its Web3 Wallet

Beyond the delisting plans, the top crypto trading platform recently introduced new features and improvements to its Web3 Wallet, its self-custody crypto wallet. Accordingly, the Earn page for the Web3 Wallet now features two new sections; Simple Yield and Yield Plus, aiming to optimize users’ earning experience on the Binance app.

The Binance Web3 Wallet has expanded support for six more blockchains, including Degen Chain, BounceBit, Mode Network, KuCoin Chain, Ronin, and the Tabi Testnet. These improvements to Binance Web3 Wallet aim to improve user experience and strengthen its standing as one of the market’s most user-friendly, safe, and inclusive self-custodial wallets.

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Binance to Delist OMG, XEM, WNXM, Price Tanks

Coinspeaker $3B Worth of ETH Withdrawn from Exchanges since Ethereum ETF Approval, Rally Ahead?

While the world’s second-largest cryptocurrency Ethereum (ETH) has been flirting around $3,800 levels, on-chain data indicates that it’s preparing for a major rally going ahead, and a breakout above $4,000 looks imminent.

Over the last week since the spot Ether ETF approval, the total number of Ethereum (ETH) moving off exchanges has surged by 800,000 worth a staggering $3 billion. This signals a potential supply squeeze that could drive the ETH price higher from the current levels. Lower exchange reserves serve as bullish indicators highlighting that lower coins are available for sale as more and more investors move their holdings into self-custody.

In its recent post, CryptoQuant explains who could be behind this massive movement of ETH coins off exchanges. Firstly, whales or individual investors who anticipate a surge in prices following the approval of the Spot ETF. This group may be capitalizing on the expected market uptrend to maximize their gains.

Secondly, institutions gearing up for the spot ETF launch could be driving this surge in purchases. These institutions may be preparing to meet the anticipated demand from their investors once the ETH Spot ETF is introduced.

While both explanations remain speculative, the observed trend of heavy outflows lasting over eight days from exchanges, totaling more than 800,000 Ethereum, could potentially have a positive impact on prices in the medium term, reported CryptoQuant.

All Eyes Are on Ethereum ETFs

While the US SEC approved the 19b-4 filings for spot Ethereum ETF last week, they have yet to approve the S-1 registrations for the crypto fund to go live for trading.

Last week, Bloomberg analyst Eric Balchunas stated that Ether ETFs have a strong possibility of going live by June-end. Some market analysts also believe that Ether could break its all-time high of $4,840 once the Ethereum ETFs start trading amid rising demand pressure. This means that a similar scenario after the Bitcoin ETF launch could pan out for Ethereum as well.

In a report dated May 28, crypto analyst Michael Nadeau from the DeFi sector highlighted that Ether might experience even greater benefits from demand dynamics compared to Bitcoin. Nadeau pointed out a key distinction: while Bitcoin often faces “structural sell pressure” due to periodic sales by miners to cover mining expenses, Ethereum validators do not encounter similar operational costs, potentially leading to reduced selling pressure on Ether.

On the other hand, there are concerns that the Grayscale Ethereum Trust (ETHE), if converted to an ETF, could influence the ETH price action similar to what happened with GBTC. The Grayscale fund ETHE currently manages over $11 billion in AUM.

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$3B Worth of ETH Withdrawn from Exchanges since Ethereum ETF Approval, Rally Ahead?

Coinspeaker Rwanda to Launch Its Central Bank Digital Currency in 2026

The Republic of Rwanda aims to create its own Central Bank Digital Currency (CBDC), within the next two years. This move, led by the National Bank of Rwanda (BNR), is poised to improve the country’s financial system, offer citizens a safe, free, and convenient alternative to physical cash, and bring more people into the banking system.

Driving Force: Enhancing Financial Inclusion and Economic Competitiveness

Soraya Hakuziyaremenye, the deputy governor of BNR, revealed in an interview with The New Times that the creation of the Rwandan digital franc would widen financial inclusion, enabling the unbanked population to start participating in the formal economy. She explained that just as Rwandans make trade using banknotes, the CBDC will perform the exact function.

The BNR’s decision to develop a digital currency is driven by the global trend as many countries are either testing or have already launched their CBDCs. Soraya cited Rwanda’s close trading partner, China, which is currently at the piloting stage for its digital yuan. She explained that there could be a negative impact on the country’s economy should her trading partners have its digital currency and it does not. More so, she highlighted that several African countries such as Ghana, Nigeria, and South Africa have either launched or are testing their digital currencies.

To ensure a smooth and successful launch of the digital franc, the BNR partnered with the Ministry of Finance and the Ministry of ICT and Innovation to conduct a comprehensive feasibility study. The research outcome has identified several potential benefits of Rwandan CBDC, including the potential to boost innovation and competition within payment service providers, improve cross-border payment, and help Rwanda’s cashless policy goal.

Cautious Steps: Addressing Potential Risks and Embracing Public Consultation

While the prospect of CBDCs are promising, Soraya revealed they are taking a cautious approach, which would require a cabinet deliberation recognizing the potential risk involved. Issues such as lack of adoption, data privacy, system resilience, and the effect on financial stability are being considered through a public consultation process. The deputy governor said:

“We don’t want to issue a national digital currency for the sake, but rather a CBDC that has benefits for the Rwandan population.”

The public consultation is still open for the next four weeks for Rwandans to share their thoughts about the CBDC. After that, the country will move to the proof of concept, where they assess the feasibility of the development. Soraya stated:

“That will allow us to test the technology, the design, and the speed on a small scale. But there is also an aspect of cases where we want to test the technology in other countries, particularly in cross-border payments, this exercise will roughly take six months.”

The testing phase will be conducted through a select set of individuals and companies to be able to access the smooth running of the technology. If all tests turn out to be positive and the risk is well mitigated, Rwanda’s digital currency, the digital franc, is expected to be launched within two years.

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Rwanda to Launch Its Central Bank Digital Currency in 2026

Coinspeaker Peter Brandt: Bitcoin Could Hit $130K-$150K by September 2025

Bitcoin (BTC) bulls are optimistic, with analysts pre­dicting a potential price surge to the­ $130,000 to $150,000 range by Septembe­r 2025. Based on the historical pattern, Bitcoin’s price­ often rises significantly after a halving e­vent, supporting the current bullish se­ntiment in the market. Ve­teran crypto trader Pete­r Brandt believes the­ recent April 2024 Bitcoin halving, which cut mining rewards in half, could be­ the catalyst for another major price rally.

Photo: Peter Brandt / TradingView

In a June­ 2 report, Brandt argues that past halvings have se­rved as a central point around which bull markets form. “Halving dates have represented almost perfect symmetry within past bull market cycles,” Brandt wrote.

Brandt’s analysis sugge­sts that the current bull market be­gan in December 2022, roughly 16 months be­fore the halving. This aligns with historical trends, as the­ previous bull run started approximately 16 months be­fore the May 11, 2020, halving.

Bitcoin’s Bull Run Similarities

Brandt acknowledges the inherent limitations of technical analysis. “No method of analysis is fool-proof” when it comes to predicting Bitcoin’s peak, he concedes.  However, he finds support for his $130,000 to $150,000 target in the similar growth patterns observed during past bull runs.

Since December 2022, Bitcoin has indeed seen impressive gains, rising over 311% from around $16,800 to its current price of $69,081 as of June 3, 2024.  However, it’s worth noting that Bitcoin is still down from its all-time high of $73,750, reached in March 2024.

Brandt tempers his optimism with a cautionary note.  He assigns a 25% probability that Bitcoin may have already peaked for this bull cycle.  His reasoning stems from a concerning trend: the diminishing returns observed in each successive bull run.

Bitcoin’s Potential Exponential Decay

If Bitcoin fails to break its all-time­ high and falls below $55,000, Brandt warns of a potentially more be­arish scenario – “exponential de­cay.” This term suggests a sharp and sustained decline in price, a worrying prospect for investors.

Photo: TradingView

At the time of writing, Bitcoin is trading at $69,081, up 1.96% in the past 24 hours. Trading volume­ has surged to a record high of $22.58 billion, marking a 100% increase­. Breaking the $70K mark is crucial for Bitcoin to reach ne­w all-time highs or even Brandt’s pre­dicted range of $130K-$150K.

The possibility of a $130,000 Bitcoin by Se­ptember 2025 is enticing for crypto e­nthusiasts. However, Brandt’s analysis also highlights the inhe­rent risks and uncertainties of pre­dicting Bitcoin price movements.

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Peter Brandt: Bitcoin Could Hit $130K-$150K by September 2025

Coinspeaker Matter Labs Drops All ‘ZK’ Trademark Applications: Details

Matter Labs, the company behind the Ethereum Layer 2 scaling solution zkSync, has decided to withdraw its recent trademark applications for “ZK”. This decision comes in response to significant backlash from the broader crypto community and notable zero-knowledge (ZK) technology researchers.

Last week, Matter Labs started trademark filings for the term “ZK” in nine different countries, claiming it as their intellectual property. Soon after, key players in the ZK space strongly opposed the move, arguing that ZK tech ought to remain a public good, accessible to all and shouldn’t be owned by one party.

Notably, ZK technologies are foundational cryptographic proofs that allow one party to prove possession of certain information without revealing the information itself. This technology is crucial for the scalability of Ethereum layer 2 networks and is employed by several projects, including zkSync, StarkNet, and PolygonZero.

The backlash culminated in a public statement from leading ZK researchers and executives from various organizations, including StarkWare, Polygon, Algorand, Polyhedra, and Kakarot. These experts stressed that such a move by Matter Labs would violate the ethos of the crypto community, the Ethereum community, and the academic principles that underpin ZK technology. They added:

“We believe that ZK is a public good that belongs to everyone. A company exploiting the legal system to annex a public good violates the crypto ethos, the Ethereum ethos, and the academic ethos. It even goes against Matter Labs’ own ethos, which states: ‘We can make this world better by increasing people’s freedom.’ If the company goes through with this, it will be separating itself from the very community it claims to be part of.”

Following the criticism, the company announced it would withdraw all trademark applications. On June 2, in a post on X (formerly Twitter), the company acknowledged the community’s concerns and admitted the difficulty in establishing a neutral governing body for the term.

“These discussions came down to one important fact: it would be impossible to agree on a group of people perceived as credibly neutral by nearly everyone. What could have worked for Ethereum would not necessarily work for the entire world,” the post stated.

Interestingly, Matter Labs and Polyhedra are currently engaged in a dispute over the proposed ‘ZK’ ticker symbol for zkSync’s upcoming token generation event (TGE). Regarding the trademark application by Matter Labs, Plyhedra stated:

“Do not implement monopoly in the name of community and industry development, and hope to withdraw the ZK trademark application.”

Meanwhile, zkSync’s TGE is reportedly expected to go as planned, with a tentative date set around June 13. The token will reportedly have a supply of 21 billion, with an airdrop event and official token launch following shortly after the TGE.

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Matter Labs Drops All ‘ZK’ Trademark Applications: Details

Coinspeaker Notcoin (NOT) Surges Over 275% in One Week, Reaches New All-Time High

Notcoin (NOT) recorded massive gains over the past week in a rare move within the broader crypto market. While the general market held its ground with little to no activity over the weekend, NOT continued its unique rally. This rally saw it post an additional 40% gain on Sunday to hit an all-time high (ATH) of $0.027.

Although it has since corrected a little, NOT was seen still trading at $0.02064 as of publication, up 277.52% on the weekly chart.

Daily Transaction Volumes Propels Notcoin to 4th Position on Key Metric

Interestingly, NOT’s recent rally also brought a massive surge to its daily transaction volume. So much so that its daily transaction volumes soared over 185% to move past $4.6 billion. This makes the coin the fourth most-reckoned-with cryptocurrency in the market as of today.

Meanwhile, the growing popularity of Notcoin and its persistent rise in value continue to raise eyebrows. That is as it concerns what really might be behind the rally.

Analysts believe that its successful integration with Telegram’s extensive user base may have played a prominent role in its ongoing reality. For some reason, the recent airdrop did not get the expected reception at the initial stage. However, things have since changed, and its growing acceptance can now be seen in the token’s price increase.

About the daily transaction volumes, that has all to do with the notable growth of the Notcoin network. The platform allows users to earn NOT tokens by completing simple games and tasks. Additionally, Notcoin also recently launched “earnings missions,” to further boost user engagement.

From all indications, Notcoin looks set to take play-to-earn (P2E) to another level. That is especially true with its straightforward gameplay and social media integration.

This might explain why analysts believe that the ongoing rally may eventually take the Notcoin price to the $0.1 mark.

Whale Activity

Similarly, on-chain data provider Lookonchain has reported a significant surge in the price of Notcoin ($NOT ). According to its record, $NOT has risen by more than 400% in the past seven days.

In an X post, Lookonchain shared that an unidentified whale has an unrealized profit of $862,000 on $NOT . The investor reportedly spent 50,550 $TON ($278,000) to purchase 46.4 billion $wNOT before $NOT was listed.

The price of #Notcoin( $NOT ) has risen by more than 400% in the past 7 days.

We noticed that a whale has an unrealized profit of $862K on $NOT .

He spent 50,550 $TON($278K) to buy 46.4B $wNOT before $NOT was listed.

1000 $wNOT can be exchanged for 1 $NOT .

On May 21, he… pic.twitter.com/Da29qniVzg

— Lookonchain (@lookonchain) June 3, 2024

All eyes are presently on the price of Notcoin as the crypto community continues to observe with keen interest, when and how it will reach higher price targets.

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Notcoin (NOT) Surges Over 275% in One Week, Reaches New All-Time High

Coinspeaker Massive $875M in Token Unlocks Set to Shake Up Market in June

The cryptocurrency market is gearing up for a series of significant token unlock events set to occur in June. According to data from Token Unlocks, locked tokens amounting to about $875m will hit the market after the expiration of vesting periods for several top blockchain projects.

Token unlocks happen when previously restricted or vested tokens are released for trading. Vesting mechanisms are designed to keep token holders, particularly early investors, committed and aligned with the project’s long-term success, thereby supporting its overall sustainability and growth.

Notable Token Unlock Details

On June 1, a considerable number of tokens from Sui, dYdX, 1inch, and Ethena will be unlocked, adding fresh liquidity to their circulating supplies. Sui, the high-performance Layer-1 blockchain, will unlock 65.08 million SUI tokens, valued at approximately $66 million.

On the same day, 33.33 million DYDX tokens will enter the market, accounting for 11.91% of the total circulation and valued at approximately $69.67 million. 1Inch, renowned for its DEX aggregator protocol, will unlock 98.7 million tokens while Ethena, the synthetic currency protocol independent of traditional banking, is set to unlock 53.6 million tokens.

Later in the month, other notable blockchain projects like Aptos, Arbitrum, and Starknet will follow suit. On June 12, Aptos will unlock 11.31 million tokens, constituting 2.59% of its  total circulation, and valued at nearly $102.92 million. A huge portion of this upcoming unlock is allocated to the Aptos Foundation.

After Arbitrum’s March unlock that released $2.23 billion worth of ARB into circulation, the Ethereum Layer 2 is once again slated to unlock 92.65 million tokens, valued at $105 million, on June 16. The previous unlock caused the price of ARB to plummet more than 50% between March and May, but investors are confident the upcoming unlock won’t dilute the price to that extent.

Starknet, another Ethereum Layer 2, will also unlock 64 million tokens on June 15. This accounts for 5.61% of Starknet’s total circulation and is valued at an estimated $80 million. These tokens will primarily go to early contributors and investors.

Potential Impact on the Market

Token unlock events can present opportunities for investors, but they also come with risks. With large quantities of tokens entering circulation, there may be short-term fluctuations in prices as supply and demand dynamics for these tokens change. The negative sentiment surrounding token unlocks is likely to influence holders to reduce their positions on the tokens in question.

Aside from the tokens in question, the overall cryptocurrency market is likely to experience the effects of the large token unlocks. Short-term effects will depend on whether token holders choose to take up new positions in other tokens or convert their holdings into stablecoins awaiting market stabilization. Investors should be mindful of such possibilities arising from token unlocks.

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Massive $875M in Token Unlocks Set to Shake Up Market in June

Coinspeaker Bitdeer Announces Up to $150M in Private Placement Financing

Bitdeer, a company listed on Nasdaq focused on providing Bitcoin (BTC) mining solutions, has secured a subscription agreement with Tether, which allows the stablecoin issuer to purchase around $100 million worth of Bitdeer shares with the option to add an additional $50 million worth of equity to its holding as well.

As per a press statement, the agreement involves “the private placement of 18,587,360 Class A ordinary shares and a warrant to purchase up to 5,000,000 additional shares at $10.00 per share”. Additionally, the agreement was finalized on Thursday.

Linghui Kong, the Chief Business Officer of Bitdeer, stated that the potential $150 million investment from Tether will allow the Bitcoin mining company to accelerate its growth and expand its global footprint, establishing it as a leader in the sustainable Bitcoin mining industry, adding:

“This substantial investment demonstrates confidence in our vision and the strength of our extensive global operations.”

According to the Bitdeer website, the company has six mining data centers around the world, and it currently generates a total hasrate of 22 EH/s under management.

Former Tether technology chief and now the chief executive of the stablecoin issuer described Bitdeer as “one of the strongest vertically integrated operators in the Bitcoin mining industry,” adding:

“Bitdeer’s proven track record and world-class management team are perfectly aligned with Tether’s long-term strategic vision. We anticipate close collaboration with Bitdeer across several key infrastructure areas moving forward.”

Notably, as per the press release, the funds will be used to expand its data centers around the world and towards the development of application-specific integrated circuit (ASIC) mining chips.

It is important to note that, as per the data from Yahoo Finance, during the pre-market trading, the shares of Bitdeer rose more than 10%, priced at $6.44. The movement of shares indicates the impact that the digital asset sector has on the traditional finance industry.

Further, Cantor Fitzgerald & Co., an American financial services firm, has been named as the placement agent. Recently, the firm’s CEO, Howard Lutnick, spoke to Bloomberg TV, stating that Tether has “the money they say they have.”

Tether Expands into Bitcoin Mining

Tether recently confirmed investing $500 million in six months in the Bitcoin mining sector, and in an interview with DLNews in early April at the Paris Blockchain Week, Ardoino stated that the funds have been used to create mining facilities and energy stations in Uruguay, Paraguay, along with El Salvador, the first country to adopt Bitcoin as legal tender.

The stablecoin issuer is focused on building renewable energy stations, including “solar and wind, and then moving towards geothermal”. In November last year, Tether confirmed for the first time that it would invest in the Bitcoin mining industry.

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Bitdeer Announces Up to $150M in Private Placement Financing

Coinspeaker Donald Trump Amasses $14M in Crypto after Legal Battle

Donald Trump’s crypto wallet, as identified by blockchain analytics platform Arkham Intelligence, has amassed a substantial $14 million. Within the past 24 hours alone, over $1 million in various cryptocurrencies, including Ethereum (ETH), Polygon (MATIC), and the USDC stablecoin, has been deposited into the wallet.

Arkham Intelligence connected the wallet address to Trump using information from his financial statements filed in August last year.

Donald Trump Receives Crypto  Donations

As of  May 27, the wallet held about $10 million in cryptocurrencies. At that time, the largest holding was a meme coin named MAGA token, represented by the ticker TRUMP.

However, following his conviction in a historic hush money trial on May 30, the wallet saw a surge in deposits.

Within 24 hours after he became the first former American president convicted of felony crimes, the wallet received additional donations, with the TRUMP token still leading the contributions.

The total amount of the meme deposited in the wallet has now reached $9.48 million. The TRUMP token is followed by Ethereum worth about $1.77 million.

Additionally, the wallet holds wrapped Ethereum (wETH) with an estimated value of $1.43 million.

These donations from the crypto community could be interpreted as a form of support in response to the court’s ruling against Trump on Thursday when a New York jury found him guilty of all 34 felony charges brought against him.

Prosecutors accused him of participating in an illegal conspiracy to influence the 2016 presidential election and suppress negative information. The authorities claimed the former US president covered up a hush money payment to a pornstar who alleged an affair with him.

The trial was presided by Judge Juan Merchan presided over the trial and a sentencing hearing has been scheduled for July 11.  The court said Trump could face prison time or probation depending on the judge’s decision.

Trump Endorses Crypto for Political Gain

Apart from the just-concluded case, Trump faces additional legal battles before the upcoming November presidential election. The former US president wants to make a political comeback and return to the White House.

Trump has been strongly preparing for the upcoming presidential election. Part of his campaign strategy included embracing the crypto economy to win the votes of digital assets enthusiasts in the United States.

Earlier this month, his campaign announced it would accept cryptocurrencies, such as Bitcoin (BTC), for donations through Coinbase Commerce. The campaign said that all digital assets available on the Coinbase Commerce are accepted for donations.

In addition to embracing crypto donations, Trump is involved in non-fungible tokens (NFTs). The former US president has introduced a series of NFT collections that always sell out within a few hours of launch.

His wife, Melania Trump, has also shown interest in the digital art world, engaging in various NFT projects, reflecting the family’s growing involvement in the crypto space.

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Donald Trump Amasses $14M in Crypto after Legal Battle

Coinspeaker Polyhedra Network (ZK) Announces Launch of Expander Compiler Collection (ECC) Tool

Polyhedra Network (ZK), a fast-growing web3 project focused on unlocking the exponential improvements to computational power and cross-platform interoperability via Zero-Knowledge (ZK) systems, has announced the launch of a new tool to complete its ecosystem. Earlier on Friday, Polyhedra Network announced the launch of the open-source Expander Compiler Collection (ECC).

According to the announcement, the ECC allows users to seamlessly transform gnark circuits into efficient layered formats, thus enabling web3 developers to build secure interoperable applications.

“Tailored for GKR protocols, ECC ensures fast and effective proof generation by natively translating your code to layered circuits,” the Polyhedra Network team noted.

The Polyhedra Network team highlighted that the ECC tool was made possible by the Consensys gnark project. Furthermore, the Ethereum ecosystem is the leading DeFi ecosystem, with more than $64 billion in total value locked (TVL), which is easily interoperable with other chains.

🎉 ECC’s compatibility with existing circuit language is a pivotal leap forward. Join us at Expander as we propel cryptographic proofs into the future. Be part of this groundbreaking journey—join the ZK innovation with Polyhedra Network (ZKJ)!

— Polyhedra Network (@PolyhedraZK) May 31, 2024

Market Impact on Polyhedra Network

According to the latest crypto data provided by Coinmarketcap, Polyhedra Network (ZK) had a market cap of about $72 million and an average 24-hour trading volume of around $28 million. The small-cap altcoin takes pride in more than 254k holders according to on-chain data, with the top ten addresses holding controlling more than 92 percent of the ZK’s total supply.

The launch of the Expander Compiler Collection will play a crucial role in the mass adoption of the ZK token, and other products by Polyhedra Network. Some of the notable projects by Polyhedra Network include the Proof Cloud, zkBridge service, and Gaming, among others.

Earlier this month, the Polyhedra Network announced the launch of the open-source zero-knowledge proof (ZKP) dubbed Expander.

Notably, the Expander project is compatible with Apple M3 max machine among others as it can prove 4,500 Keccak-f performance per second.

“The performance of Expander opens the possibility for the creation of many ZK applications that are compatible with Ethereum,” the Polyhedra team noted.

Bigger Picture

The development of multichain infrastructure has significantly eased the mass adoption of web3 projects and digital assets. As Coinspeaker previously noted, Polyhedra Network is well poised to scale the multichain infrastructure development after it secured $20 million at a valuation of $1 billion.

Notably, Polyhedra Network is backed by reputable web3 investors such as Binance Labs, Animoca Brands, Polychain Capital, Mapleblock Capital, Emirates Consortium, UoB Ventures, OKX Ventures, and Hashkey Capital among others.

As a result, Polyhedra Network supports more than 25 blockchains and partnered with over 80 ecosystem partners. According to the company’s official website, Polyhedra’s zkBridge has securely facilitated more than 20 million messages.

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Polyhedra Network (ZK) Announces Launch of Expander Compiler Collection (ECC) Tool

Coinspeaker Cardano’s Charles Hoskinson May Be Considering Expansion into Argentina

Recent posts from Charles Hoskinson, the founder of Cardano (ADA), appear to suggest that the blockchain firm may be planning to expand into Argentina. This follows after a series of conversations ensued between Hoskinson and Argentina’s President Javier Milei on social media.

Recently, President Milei has been openly discussing the country’s interest in blockchain technology and crypto. As a fact, Milei has made several visits to the United States in the past few weeks, meeting up with major players in the crypto industry and discussing potential collaborations, particularly in the area of regulation, in the process.

That is not to mention the recent moves by Argentina to tap El Salvador’s Bitcoin strategies. According to reports, Argentina aims to use the partnership to understand how El Salvador fosters Bitcoin adoption while staying compliant with crypto regulations. More so, in the area of a first-of-its-kind move that saw Bitcoin become a legal tender in the country in 2021.

Cardano’s Charles Hoskinson Hints at Argentina Expansion

As if to buttress the notion that Cardano might be eyeing a potential expansion to Argentina, Dario Epstein, Director at Research For Traders, has also shared an interesting update on the social media platform X. He hinted that a technology company specializing in third-generation blockchain is currently in talks with him. Although he did not mention Cardano, the firm, which also focuses on decentralized government, exactly fits the profile he mentioned.

Epstein also noted that the company is looking to establish itself in Argentina to develop knowledge and tech applications.

The connection of Epstein’s posts to Cardano came from Hoskinson’s response to his post. The Cardano founder was full of praise for Argentina, hailing the talents that he has had to work with, who came from the country. He wrote:

“Argentina has some of the brightest minds in our industry and it has been a privilege to work with them.”

To cap it all, President Milei also reposted Hoskinson’s reply, further suggesting that this budding tech collaboration has the highest support it needs for it to come to fruition.

Meanwhile, Argentina has recently been in the news for its growing efforts towards crypto. In early May, Argentina’s National Securities Commission (CNV) began coordinating with the National Commission of Digital Assets (CNAD) in El Salvador.

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Cardano’s Charles Hoskinson May Be Considering Expansion into Argentina

Coinspeaker McHenry Pushes Senate to Pass FIT21 Crypto Bill Before Election

US Republican lawmake­r Patrick McHenry emphasized the­ urgency for the Senate­ to pass the Financial Innovation and Technology for the 21st Ce­ntury Act (FIT21) before the upcoming US pre­sidential election on Nove­mber 5, 2024. The House Financial Se­rvices Chairman, who will be retiring from Congre­ss in January, articulated his concerns during an interview with Bloomberg’s Balance of Power, asse­rting the necessity for swift le­gislative action on crypto regulation.

The FIT21 bill, which aims to classify most cryptocurre­ncies as commodities under the­ Commodity Futures Trading Commission (CFTC) jurisdiction, passed the House­ on May 22. The bill saw substantial bipartisan backing, receiving vote­s from 71 Democrats and 208 Republicans.

“This should be a wake-up call for the Senate that they need to get on with this. They need to stay focused on getting policy here and get it done before the election,” McHenry remarked.

CFTC Preferred over SEC

The crypto industry generally prefers the CFTC as a regulator over the Securities and Exchange Commission (SEC), which retains control over cryptocurrencies that aren’t sufficiently decentralized. The passage of FIT21 is a significant move towards creating a regulated framework for digital assets in the US.

McHenry pointed out the Senate’s unexpected reaction to the bill’s strong support in the House. He said, “For us to pass the important FIT21 bill with a two-thirds vote of the House of Representatives in these divided times is a major statement.” However, the bill faces opposition from the SEC and President Joe Biden.

The Senate, led by Democrat Majority Leader Chuck Schumer, consists of 48 Democrats, three independents who caucus with them, and 49 Republicans. There are no time limits for discussing FIT21 in the Senate, and it needs a simple majority of 51 senators to pass.

Bipartisan Stablecoin Bill Efforts

McHenry has be­en working with Democrat Maxine Wate­rs for nearly two years to advance a stable­coin bill. Still, he acknowledged it would be­ difficult to pass in the Senate without attaching it to a large­r bill. He rejecte­d the idea of linking it to the SAFER Banking Act, which supports cannabis companie­s’ access to financial services, stating:

“I’m not in favor of the cannabis banking legislation that’s been put forth. I voted against it in the last two Congresses.”

With the­ November 5 preside­ntial election approaching, McHenry and his Re­publican colleagues plan to pressure­ Schumer and the Senate­ to prioritize the FIT21 bill. McHenry e­mphasized the nee­d for serious policy to regulate cryptocurre­ncy in the US.

The legislative­ push could significantly impact US crypto regulations, setting a pre­cedent for future crypto re­gulations. The FIT21 bill aims to provide cleare­r guidelines for the crypto industry, promoting growth, innovation, inve­stor protection, and market stability.

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McHenry Pushes Senate to Pass FIT21 Crypto Bill Before Election

Coinspeaker Luna Foundation Guard’s $95M Asset Transfer Sparks Speculation and Transparency Concerns

Luna Foundation Guard (LFG), an organization known for its role in supporting the Terra ecosystem, has sparked speculation within the cryptocurrency community after its sudden transfer of digital assets worth $94.7 million. The breakdown of the transfer includes 1.974 AVAX tokens, valued at $71.21 million, and 39,499 BNB tokens worth $23.33 million to an unmarked address.

Community Demands Transparency and Clarity from LFG

The sudden transfer of funds has resulted in various speculations. It has raised eyebrows that the movement could be part of a strategic reallocation of assets in preparation for upcoming events, or perhaps the organization is exploring new partnerships or collaborations that may require the relocation of these digital holdings.

Although the reason behind the transfer is not very clear, LFG earlier announced on May 28 on its X page that it is set to move assets toward direct custody to enhance the fund’s security. This move involves transitioning assets held in the company’s multi-signature wallets to a more secure direct custody solution. The organization promised the public that all funds would remain trackable on the LFG Reserves dashboard. The firm stated:

“To enhance the security of LFG funds, LFG_org is set to transition assets held in LFG multi-sig wallets to a robust direct custody solution in the coming days…To maintain transparency and traceability, LFG funds will remain trackable on the LFG Reserves dashboard.”

Connection to Do Kwon’s Settlement and LUNA’s Price Surge

Moreover, this sudden transfer coincided with a settlement report between Do Kwon, the founder of TerraForm Labs, and the United States Securities and Exchange Commission (SEC). According to the court records, it was revealed that the parties have agreed to a tentative settlement, with the final terms expected to be submitted to the court by June 12.

The SEC has previously requested a $5.3 billion penalty on Do Kwon and Terraform for fraud and misleading investors, but the defendants are arguing for a much smaller penalty of $1 billion and are seeking to dismiss part of the SEC request, as Kwon has denied any wrongdoing.

While it remains unclear whether the LFG’s recently transferred $95 million is directly related to the settlement deal, the crypto community will be keeping a close eye on the development and looking forward to more clarity about the situation.

LUNA Breaks Key Resistance and Could Continue Rally

Amid the speculation surrounding the fund transfer, the price of LUNA spiked by over 15% in the last 24 hours, and more than 35% on May 30 alone, breaking out of an accumulation phase that started on April 14. If the price is able to successfully retest the broken resistance, we expect to see a continued bullish rally to around $0.8, which will represent a 20% spike from its current price. However, it is expected that you carry out due diligence before banking on the price direction of any token.next

Luna Foundation Guard’s $95M Asset Transfer Sparks Speculation and Transparency Concerns