ZKasino faced allegations of misappropriating $33 million in user funds
🧑💻 Developers at blockchain-based ZKasino redirected 10,515 ETH, valued at $33.9 million, to the Lido staking protocol rather than reimbursing users and investors as initially promised.🙀
🏦 This Ethereum was originally deposited by early participants via the ZKAS pharma native token bridge, with assurances from the project team that the assets could be retrieved.
However, on April 20, ZKasino issued a 📝 statement announcing the network's launch along with revisions to the initial plan. According to the announcement, all the received ETH was supposedly ➡️ converted to ZKAS tokens at a discounted rate of $0.055 subject to a 15-month vesting period.
✔️ Additionally, the developers modified the initial terms on their website, omitting previous references to returning ETH.
🧑💻 Developers at blockchain-based ZKasino redirected 10,515 ETH, valued at $33.9 million, to the Lido staking protocol rather than reimbursing users and investors as initially promised.🙀
🏦 This Ethereum was originally deposited by early participants via the ZKAS pharma native token bridge, with assurances from the project team that the assets could be retrieved.
However, on April 20, ZKasino issued a 📝 statement announcing the network's launch along with revisions to the initial plan. According to the announcement, all the received ETH was supposedly ➡️ converted to ZKAS tokens at a discounted rate of $0.055 subject to a 15-month vesting period.
✔️ Additionally, the developers modified the initial terms on their website, omitting previous references to returning ETH.
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The Fed's delayed rate cut led to new outflows from crypto funds.
According to CoinShares, cryptocurrency investment products saw $206 million ⬇️ in outflows from April 13 to 19, up from $126 million the previous week. This 📉trend is linked to concerns about the Fed's high interest rate policy. The report noted a decrease in investor 🙍 interest in ETP/ETFs, expecting prolonged high rates.
Bitcoin-related withdrawals totaled $192 million, up from $110 million, while instruments for shorting Bitcoin saw a $0.3 million loss, a shift ➡️ from previous inflows of $1.7 million. Ethereum funds experienced increased outflows, rising from $28.7 million to $34.2 million 🤷, marking a continued six-week negative trend. However, Litecoin and Chainlink-based products attracted 💪 $3.2 million and $1.7 million, respectively.
According to CoinShares, cryptocurrency investment products saw $206 million ⬇️ in outflows from April 13 to 19, up from $126 million the previous week. This 📉trend is linked to concerns about the Fed's high interest rate policy. The report noted a decrease in investor 🙍 interest in ETP/ETFs, expecting prolonged high rates.
Bitcoin-related withdrawals totaled $192 million, up from $110 million, while instruments for shorting Bitcoin saw a $0.3 million loss, a shift ➡️ from previous inflows of $1.7 million. Ethereum funds experienced increased outflows, rising from $28.7 million to $34.2 million 🤷, marking a continued six-week negative trend. However, Litecoin and Chainlink-based products attracted 💪 $3.2 million and $1.7 million, respectively.
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An expert has issued a warning about a possible profitability crisis facing EigenLayer
DEX 🧑💻developer 3Jane, also known as Chudnov, has stated that EigenLayer's liquid staking tokens need to offer more utility within the💰 DeFi sector to prevent a future profitability crisis for the protocol.
Chudnov 👀 observed that EigenLayer is experiencing faster growth in terms of Total Value Locked (TVL) compared to the active validation services (AVS) it supports, which could significantly reduce the protocol’s projected profitability.
The expert also 🔆 highlighted that a decline in altcoin prices could worsen the situation, as AVS would not be motivated to hold surplus capital on-chain. A temporary 🔨 fix could involve launching additional tokens to bolster budget security, but this would merely postpone addressing the core issue.
Chudnov 🤔 recommends enhancing the utility of LST tokens and fostering deeper integration with the decentralized finance sector as a long-term solution.
DEX 🧑💻developer 3Jane, also known as Chudnov, has stated that EigenLayer's liquid staking tokens need to offer more utility within the💰 DeFi sector to prevent a future profitability crisis for the protocol.
Chudnov 👀 observed that EigenLayer is experiencing faster growth in terms of Total Value Locked (TVL) compared to the active validation services (AVS) it supports, which could significantly reduce the protocol’s projected profitability.
The expert also 🔆 highlighted that a decline in altcoin prices could worsen the situation, as AVS would not be motivated to hold surplus capital on-chain. A temporary 🔨 fix could involve launching additional tokens to bolster budget security, but this would merely postpone addressing the core issue.
Chudnov 🤔 recommends enhancing the utility of LST tokens and fostering deeper integration with the decentralized finance sector as a long-term solution.
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The developers suggested launching the Celo network based on Optimism
cLabs, the developer of Celo blockchain, is 🧳 transitioning to Ethereum's second layer using Optimism's OP Stack, aiming to enhance functionality and efficiency.
This decision, made on the blockchain's 🎉 fourth anniversary, follows extensive testing of multiple stacks and a unanimous community vote. OP Stack will enable single block finalization, ⬇️reduced fees, use of ERC-20 tokens for gas, and 💵 fund transfers via SocialConnect.
It also supports the Ultragreen Money 🍏 eco-campaign. This migration promises to halve the block creation time to two seconds and boost throughput by 50%, bolstering security through integration with Ethereum. cLabs plans to vote on this✈️ migration with the community on May 2, with the CEL2 test network launch expected this 🏖summer.
cLabs, the developer of Celo blockchain, is 🧳 transitioning to Ethereum's second layer using Optimism's OP Stack, aiming to enhance functionality and efficiency.
This decision, made on the blockchain's 🎉 fourth anniversary, follows extensive testing of multiple stacks and a unanimous community vote. OP Stack will enable single block finalization, ⬇️reduced fees, use of ERC-20 tokens for gas, and 💵 fund transfers via SocialConnect.
It also supports the Ultragreen Money 🍏 eco-campaign. This migration promises to halve the block creation time to two seconds and boost throughput by 50%, bolstering security through integration with Ethereum. cLabs plans to vote on this✈️ migration with the community on May 2, with the CEL2 test network launch expected this 🏖summer.
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The crypto community believes in the inevitable start of the altcoin season... Historically, a global crypto market pump has occurred AFTER the halving, not BEFORE.
👀 Looks like we've reached point 3. Are you ready for a blast? 🚀
👀 Looks like we've reached point 3. Are you ready for a blast? 🚀
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Thailand will block unauthorized cryptocurrency platforms
🇹🇭 Thailand's Securities and Exchange Commission (SEC) has announced its crackdown on unauthorized cryptocurrency platforms.
The SEC will share 📂details of these platforms with higher authorities to facilitate their blocking. This directive, outlined on the regulator's website, follows a decision made during an April 19 meeting of the government's committee dedicated to preventing technology-related 🚔 crimes.
🔨 Once approved by the court, the Ministry of Digital Economy and Society will implement local access restrictions. In light of this development, the SEC has urged local users to 📴 withdraw their assets from such platforms promptly.
The SEC emphasizes that blocking these platforms will aid law enforcement efforts in curbing criminal activities like money laundering, which exploit these unregulated channels.🧐
🇹🇭 Thailand's Securities and Exchange Commission (SEC) has announced its crackdown on unauthorized cryptocurrency platforms.
The SEC will share 📂details of these platforms with higher authorities to facilitate their blocking. This directive, outlined on the regulator's website, follows a decision made during an April 19 meeting of the government's committee dedicated to preventing technology-related 🚔 crimes.
🔨 Once approved by the court, the Ministry of Digital Economy and Society will implement local access restrictions. In light of this development, the SEC has urged local users to 📴 withdraw their assets from such platforms promptly.
The SEC emphasizes that blocking these platforms will aid law enforcement efforts in curbing criminal activities like money laundering, which exploit these unregulated channels.🧐
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Notcoin's launch was delayed due to technical limitations
🚫 Notcoin co-creator Sasha Plotvinov revealed in a recent interview at Token 2049 that the $NOT token launch, initially slated for around April 20, has been postponed due to a very large 👀 number of users.
The team cited the need for additional 🕐 time to ensure a smooth launch process, considering the anticipated high demand from millions of 📱 players.
👆Despite the delay, Plotvinov assured that the launch is imminent, with a new target set for the 👏 end of this month.
🚫 Notcoin co-creator Sasha Plotvinov revealed in a recent interview at Token 2049 that the $NOT token launch, initially slated for around April 20, has been postponed due to a very large 👀 number of users.
The team cited the need for additional 🕐 time to ensure a smooth launch process, considering the anticipated high demand from millions of 📱 players.
👆Despite the delay, Plotvinov assured that the launch is imminent, with a new target set for the 👏 end of this month.
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The winner of "Crypto: The Game" donated the prize to the Tornado Cash developers
🥇 The winner of the second season of "Crypto: The Game," who goes by the pseudonym Player 733, donated his prize of 71.8 ETH (valued at approximately $210,000 at the time) to Tornado Cash developers Oleksiy Pertsev and Roman Storm.
In August 2022, the 🇺🇸 U.S. Office of Foreign Assets Control (OFAC) placed Tornado Cash on its blacklist for facilitating the 🧺 laundering of over $7 billion in criminal proceeds.
During that month, Oleksiy Pertsev was detained, but his detention status was modified to 🏘 house arrest in April 2023.
🌪 Tornado Cash co-founders, Roman Storm and Roman Semenov, faced charges in the U.S. for money laundering and breaching sanctions. Storm was released on bail, while Semenov remained free but under sanctions.
As of January 2024, Storm and Pertsev began raising $1.5 million for legal fees through the newly established JusticeDAO fund, receiving substantial support from the cryptocurrency community.
🥇 The winner of the second season of "Crypto: The Game," who goes by the pseudonym Player 733, donated his prize of 71.8 ETH (valued at approximately $210,000 at the time) to Tornado Cash developers Oleksiy Pertsev and Roman Storm.
In August 2022, the 🇺🇸 U.S. Office of Foreign Assets Control (OFAC) placed Tornado Cash on its blacklist for facilitating the 🧺 laundering of over $7 billion in criminal proceeds.
During that month, Oleksiy Pertsev was detained, but his detention status was modified to 🏘 house arrest in April 2023.
🌪 Tornado Cash co-founders, Roman Storm and Roman Semenov, faced charges in the U.S. for money laundering and breaching sanctions. Storm was released on bail, while Semenov remained free but under sanctions.
As of January 2024, Storm and Pertsev began raising $1.5 million for legal fees through the newly established JusticeDAO fund, receiving substantial support from the cryptocurrency community.
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Whales "forgot" about millions of dollars worth of crypto-assets in cross-bridges
Millions of 💲 in tokens remain unclaimed in contracts associated with cross-chain bridges, according to experts at Arkham Intelligence.
🧑💻 The researchers identified several addresses belonging to major players in the DeFi and NFT sectors, and possibly to Ethereum co-founder Vitalik Buterin. He sent 50 $ETH ($1.05 million) to an address whose owner has not moved them from the Optimism bridge for seven months.
😳 Around 27 $WBTC ($1.8 million) are also stored on an Ethereum address linked to Bofur Capital and have not been moved from the Arbitrum bridge for over two years.
Experts 👆 explained that unlike cross-chain bridges like Hop, where users automatically receive their funds in another network, in many other cases, users need to manually claim their assets.
If a user 🙈 forgets to do this, the smart contract does not have the capability to remind them, potentially leading to situations where crypto remain unclaimed.
Millions of 💲 in tokens remain unclaimed in contracts associated with cross-chain bridges, according to experts at Arkham Intelligence.
🧑💻 The researchers identified several addresses belonging to major players in the DeFi and NFT sectors, and possibly to Ethereum co-founder Vitalik Buterin. He sent 50 $ETH ($1.05 million) to an address whose owner has not moved them from the Optimism bridge for seven months.
😳 Around 27 $WBTC ($1.8 million) are also stored on an Ethereum address linked to Bofur Capital and have not been moved from the Arbitrum bridge for over two years.
Experts 👆 explained that unlike cross-chain bridges like Hop, where users automatically receive their funds in another network, in many other cases, users need to manually claim their assets.
If a user 🙈 forgets to do this, the smart contract does not have the capability to remind them, potentially leading to situations where crypto remain unclaimed.
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New bitcoin whales double the old ones!
Investments in Bitcoin by new 🐳 whales have almost doubled those of the old major players. These estimates were shared by Ki Young Ju, CEO of CryptoQuant.
The 🧐 expert categorized as whale addresses those not associated with CEXs and miners, with a balance of over 💪 1000 BTC. Owners of coins "younger" than 155 days fall into the "new" category, while the "old" ones exceed this term.
Investments in Bitcoin by new 🐳 whales have almost doubled those of the old major players. These estimates were shared by Ki Young Ju, CEO of CryptoQuant.
The 🧐 expert categorized as whale addresses those not associated with CEXs and miners, with a balance of over 💪 1000 BTC. Owners of coins "younger" than 155 days fall into the "new" category, while the "old" ones exceed this term.
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The mining pool ViaBTC has auctioned off an "epic satoshi"
The 🥇first satoshi (sat) from a halving block, which is categorized as "epic" due to its rarity, was put up for auction. This block #800,400 was mined by the ViaBTC pool on April 20.
🔨 The auction is organized in partnership with CoinEx and will conclude on April 26. Bids are accepted in Bitcoin, and each subsequent bid must ⬆️ exceed the previous one by at least 5%.
Currently, the highest bid stands at 2.5 BTC (~$167,400).
The 🥇first satoshi (sat) from a halving block, which is categorized as "epic" due to its rarity, was put up for auction. This block #800,400 was mined by the ViaBTC pool on April 20.
🔨 The auction is organized in partnership with CoinEx and will conclude on April 26. Bids are accepted in Bitcoin, and each subsequent bid must ⬆️ exceed the previous one by at least 5%.
Currently, the highest bid stands at 2.5 BTC (~$167,400).
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The SEC delays decision on Franklin Templeton's spot Ethereum ETF
The 🇺🇸 U.S. Securities and Exchange Commission (SEC) has prolonged the evaluation period for the application by investment firm Franklin Templeton to introduce a spot Ethereum-based ETF, as reported on the agency's website.
🗒 The revised deadline is set for June 11. By this date, the SEC is required to either approve or deny the application for the new product.
✔️Earlier, the SEC had similarly extended the review timelines for comparable applications from BlackRock and Fidelity.
The 🇺🇸 U.S. Securities and Exchange Commission (SEC) has prolonged the evaluation period for the application by investment firm Franklin Templeton to introduce a spot Ethereum-based ETF, as reported on the agency's website.
🗒 The revised deadline is set for June 11. By this date, the SEC is required to either approve or deny the application for the new product.
✔️Earlier, the SEC had similarly extended the review timelines for comparable applications from BlackRock and Fidelity.
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Tether commits to freezing assets as Venezuela turns to cryptocurrency to evade oil sanctions
💵 Tether has committed to blocking payments to OFAC-sanctioned entities after reports that 🇻🇪 Venezuela's state oil company, PDVSA, has been using its USDT stablecoin to circumvent U.S. sanctions.
➡️ This move comes in response to a Reuters report highlighting PDVSA's use of cryptocurrencies to facilitate oil and fuel exports amid renewed 🇺🇸 U.S. sanctions.
👀 These sanctions, reintroduced due to Venezuela's lack of electoral reforms, require PDVSA's international customers and suppliers to cease transactions by May 31.
✔️As a result, PDVSA has shifted its oil sales to USDT to prevent its funds from being frozen in international accounts.
💵 Tether has committed to blocking payments to OFAC-sanctioned entities after reports that 🇻🇪 Venezuela's state oil company, PDVSA, has been using its USDT stablecoin to circumvent U.S. sanctions.
➡️ This move comes in response to a Reuters report highlighting PDVSA's use of cryptocurrencies to facilitate oil and fuel exports amid renewed 🇺🇸 U.S. sanctions.
👀 These sanctions, reintroduced due to Venezuela's lack of electoral reforms, require PDVSA's international customers and suppliers to cease transactions by May 31.
✔️As a result, PDVSA has shifted its oil sales to USDT to prevent its funds from being frozen in international accounts.
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The Central Bank of Nigeria has directed banks to suspend the accounts of clients associated with Binance, Bybit, KuCoin, and OKX.
🇳🇬 The Central Bank of Nigeria (CBN) has instructed local financial institutions to identify and freeze the accounts of individuals or entities engaged in transactions with cryptocurrency exchanges for a period of six months, according to a circular cited by Cointelegraph.
😳 Bybit, KuCoin, OKX, and Binance were included in the list by the CBN as they lack licenses to operate in Nigeria.
👆 Additionally, the regulator plans to closely monitor USDT transactions on peer-to-peer platforms and aid in apprehending those illicitly involved with cryptocurrency exchanges.
✔️ CBN has announced a ban on regulated financial institutions from dealing with cryptocurrency and facilitating exchange transactions.
Previously, since December 2023, 🏦 banks were permitted to provide services to cryptocurrency companies, including opening accounts and offering settlement services.
🇳🇬 The Central Bank of Nigeria (CBN) has instructed local financial institutions to identify and freeze the accounts of individuals or entities engaged in transactions with cryptocurrency exchanges for a period of six months, according to a circular cited by Cointelegraph.
😳 Bybit, KuCoin, OKX, and Binance were included in the list by the CBN as they lack licenses to operate in Nigeria.
👆 Additionally, the regulator plans to closely monitor USDT transactions on peer-to-peer platforms and aid in apprehending those illicitly involved with cryptocurrency exchanges.
✔️ CBN has announced a ban on regulated financial institutions from dealing with cryptocurrency and facilitating exchange transactions.
Previously, since December 2023, 🏦 banks were permitted to provide services to cryptocurrency companies, including opening accounts and offering settlement services.
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Lido investors withdrew $2.5 billion worth of Ether
Lido, a major player in Ethereum's staking market, 🧐 faced a significant setback recently. Investors withdrew a staggering $2.5 billion worth of Ether, marking a decline in Lido's dominance.
🙀 Over 800,000 Ether has been pulled out since March 1, making it the largest outflow among staking services. Lido's market share dropped from 32% in November to below 29%, signaling a ➡️shift in the landscape.
👀 This decline may please decentralization advocates who caution against any single entity gaining too much control over Ethereum.
Lido, a 🕋cornerstone of decentralized finance (DeFi), has seen over $30 billion deposited into its platform. Its staking token, stETH, is widely used across DeFi as collateral. This withdrawal from Lido underscores the 🌪 dynamic nature of the crypto market and the importance of decentralization.
Lido, a major player in Ethereum's staking market, 🧐 faced a significant setback recently. Investors withdrew a staggering $2.5 billion worth of Ether, marking a decline in Lido's dominance.
🙀 Over 800,000 Ether has been pulled out since March 1, making it the largest outflow among staking services. Lido's market share dropped from 32% in November to below 29%, signaling a ➡️shift in the landscape.
👀 This decline may please decentralization advocates who caution against any single entity gaining too much control over Ethereum.
Lido, a 🕋cornerstone of decentralized finance (DeFi), has seen over $30 billion deposited into its platform. Its staking token, stETH, is widely used across DeFi as collateral. This withdrawal from Lido underscores the 🌪 dynamic nature of the crypto market and the importance of decentralization.
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U.S. prosecutors have sought a 36-month incarceration for Changpeng Zhao
Changpeng Zhao, the founder and former CEO of Binance, is facing a 36-month prison term after admitting guilt in breaching 🧺 anti-money laundering regulations, as stated in a plea by U.S. prosecutors.
🤷 This sentence is slightly lighter than initially sought, with prosecutors previously aiming for a more severe punishment of up to 10 years.
Changpeng Zhao expressed remorse for his 😳 "poor decisions" and accepted "full responsibility" for his actions in a letter addressed to the judge.
Changpeng Zhao, the founder and former CEO of Binance, is facing a 36-month prison term after admitting guilt in breaching 🧺 anti-money laundering regulations, as stated in a plea by U.S. prosecutors.
🤷 This sentence is slightly lighter than initially sought, with prosecutors previously aiming for a more severe punishment of up to 10 years.
Changpeng Zhao expressed remorse for his 😳 "poor decisions" and accepted "full responsibility" for his actions in a letter addressed to the judge.
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Transaction fees on the TON network have been reduced by 2.5 times
🧑💻 Developers of the blockchain The Open Network (TON) have announced a 2.5-fold ⬇️ reduction in transaction fees within the network. This decision was approved by the validators.
✔️ The size of transaction costs will change depending on the cost of the native token in US dollars. At a price of 1 $TON at $7, the fee for the first transaction with Jettons will be ~$0.06, and for subsequent ones — ~$0.04.
👍 Additionally, starting from April 16, there is a special discount on transactions with USDT based on $TON: 0.02 $TON instead of 0.032 $TON for the first transaction and 0.0145 $TON for subsequent ones.
👀 Currently, Toncoin is trading at $5.5, having decreased by 6.5% over the past 24 hours.
🧑💻 Developers of the blockchain The Open Network (TON) have announced a 2.5-fold ⬇️ reduction in transaction fees within the network. This decision was approved by the validators.
✔️ The size of transaction costs will change depending on the cost of the native token in US dollars. At a price of 1 $TON at $7, the fee for the first transaction with Jettons will be ~$0.06, and for subsequent ones — ~$0.04.
👍 Additionally, starting from April 16, there is a special discount on transactions with USDT based on $TON: 0.02 $TON instead of 0.032 $TON for the first transaction and 0.0145 $TON for subsequent ones.
👀 Currently, Toncoin is trading at $5.5, having decreased by 6.5% over the past 24 hours.
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Archax Tokenized a BlackRock Fund on Hedera
The British company Archax has tokenized one of 🪨 BlackRock's funds on the Hedera blockchain.
🤷 Many mistakenly thought that BlackRock was behind the fund's tokenization.
🙀 As a result, the $HBAR token surged more than 100%, ⬆️ rising from $0.08 to $0.17. When it was clarified that this was not the case, the price of $HBAR began 📉 to decline and is currently at $0.11.
The British company Archax has tokenized one of 🪨 BlackRock's funds on the Hedera blockchain.
🤷 Many mistakenly thought that BlackRock was behind the fund's tokenization.
🙀 As a result, the $HBAR token surged more than 100%, ⬆️ rising from $0.08 to $0.17. When it was clarified that this was not the case, the price of $HBAR began 📉 to decline and is currently at $0.11.
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Block reported on the completion of the development of a 3-nanometer chip for mining
The Block company of Jack Dorsey, former CEO of ex-Twitter 😁, has completed the development of a three-nanometer chip for 🔨 mining.
🧐 Now the company has started creating a mining system that works on the basis of a chip in which a silicon wafer is integrated.
According to Block, the new chips will help miners 🌴 "survive and thrive" in the fifth era of mining.
The Block company of Jack Dorsey, former CEO of ex-Twitter 😁, has completed the development of a three-nanometer chip for 🔨 mining.
🧐 Now the company has started creating a mining system that works on the basis of a chip in which a silicon wafer is integrated.
According to Block, the new chips will help miners 🌴 "survive and thrive" in the fifth era of mining.
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BNB Chain developers announced the launch of native staking on BNB Smart Chain
🔗 The BNB Chain ecosystem has announced the addition of native liquid staking (LSDFi) to BNB Smart Chain (BSC). The integration is scheduled from April to early May.
🔜 This is one of the 🪜stages in preparation for the final shutdown of BNB Beacon Chain in June 2024.
➡️Transferring all functions to BSC will optimize the network, enhance efficiency, and reduce security risks.
🙇♂️Users will be able to accumulate LSDFi rewards daily alongside revenues from MEV and participation in other 💻 DeFi protocols.
✔️ This will also allow the BNB Chain ecosystem to expand its validator base thanks to triple voting and incentives for partners involved in liquid staking/restaking.
🔗 The BNB Chain ecosystem has announced the addition of native liquid staking (LSDFi) to BNB Smart Chain (BSC). The integration is scheduled from April to early May.
🔜 This is one of the 🪜stages in preparation for the final shutdown of BNB Beacon Chain in June 2024.
➡️Transferring all functions to BSC will optimize the network, enhance efficiency, and reduce security risks.
🙇♂️Users will be able to accumulate LSDFi rewards daily alongside revenues from MEV and participation in other 💻 DeFi protocols.
✔️ This will also allow the BNB Chain ecosystem to expand its validator base thanks to triple voting and incentives for partners involved in liquid staking/restaking.
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