The Chinese government, in a pioneering move, has unveiled a new blockchain infrastructure platform spearheaded by the Conflux Network.
Named the “Ultra-Large Scale Blockchain Infrastructure Platform for the Belt and Road Initiative,” this project is designed to serve as a foundational public blockchain tailored for cross-border applications.
An announcement on April 1 by Conflux Network highlighted the platform’s ambition to foster cross-border cooperation along the Belt and Road Initiative, aiming to “create a public blockchain infrastructure platform” that supports the development of applications facilitating international collaboration.
Conflux Network, recognized for its multichain blockchain ecosystem, operates under the guidance of the Conflux Foundation, also known as the Shanghai Tree-Graph Blockchain Research Institute.
This initiative marks a significant stride in blockchain technology, especially within the context of China’s traditionally restrictive stance on cryptocurrencies.
Historically, China has exhibited a stringent approach toward the cryptocurrency market, intensifying its regulatory measures since 2017, including the shuttering of Bitcoin exchanges.
However, despite these restrictions, a considerable portion of Chinese investors continues to engage with cryptocurrencies.
A report by Kyros Ventures in December 2023 indicated that 33.3% of Chinese investors hold a significant amount of stablecoins, ranking just below Vietnam.
This persistence underscores the innovative methods employed by Chinese traders to navigate the constraints imposed on crypto trading.
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The Chinese government’s ban on crypto trading and mining in 2021, along with its prohibition of offshore exchange services within its borders, significantly impacted the global cryptocurrency landscape, particularly diminishing China’s once-dominant role in Bitcoin mining.
Nonetheless, amid these regulatory challenges, China is preparing for a comprehensive overhaul of its Anti-Money Laundering (AML) laws, set to encompass cryptocurrency transactions.
This amendment, the first major update since 2007, seeks to introduce more stringent measures against crypto-related money laundering activities.
This development comes in the wake of reports highlighting the misuse of “virtual currency trading platforms” in facilitating substantial underground banking operations, emphasizing the government’s intent to tighten control over the digital currency sphere.
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Upbit, a leading cryptocurrency exchange in South Korea, experienced a notable decrease in its 24-hour trading volume, which fell to $3.8 billion at the beginning of April, a stark contrast to its performance in early March.
The exchange had previously witnessed a remarkable spike in daily trading volume, reaching nearly $15 billion on March 5, marking its highest trading volume for the year.
This surge was closely linked to Bitcoin’s climb to an unprecedented peak of $69,200 on the same day, fueled significantly by the influx of capital into newly introduced spot Bitcoin exchange-traded funds (ETFs) in the United States.
Notably, Bitcoin’s price on Upbit soared to a new all-time high of 96,734,000 South Korean won (approximately $72,504) at around 3:00 pm UTC on March 5, while it remained under $70,000 in global markets.
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This distinct price gap, known as the “Kimchi Premium,” refers to the variation in Bitcoin prices between South Korean exchanges and those abroad, drawing its name from a popular Korean dish.
However, the excitement was short-lived, as trading volumes plummeted to as low as $2.6 billion by the end of March.
As of April 1, according to CoinGecko, Upbit’s trading volume has modestly recovered to $3.8 billion.
Despite the fluctuations in trading volume, Upbit’s parent company, Dunamu, faced a significant financial setback in 2023, with an 81% drop in net profits.
On November 28, Dunamu reported earnings of $23 million, a decrease from the $123 million earned in the same period in 2022.
The company attributed the decline to a “sluggish investment market” due to economic downturns and the diminished value of digital assets.
In the face of these challenges, Dunamu has not halted its expansion efforts.
On January 9, Upbit received a Major Payment Institution license from the Monetary Authority of Singapore, enabling the company to provide a range of crypto and fiat-related services in Singapore, signaling its commitment to growth despite the financial downturn.
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Leading international cryptocurrency exchange Bybit has today announced an integration with Google Pay that will make buying cryptocurrencies easier for millions of users across the globe.
Users of the Bybit exchange will now be able to purchase various cryptocurrencies in 35 fiat currencies via Google Pay, in a matter of seconds.
This integration is part of Bybit’s mission to ensure users of its trading platform have a “frictionless” experience when buying and selling cryptocurrencies, whether it’s large cap cryptos like Bitcoin (BTC), or small cap altcoins.
Additionally, the new payment integration will ensure Bybit users have access to the best exchange rates when converting between currencies.
Commenting on this development, Ben Zhou, Co-founder and CEO of Bybit, hailed the move as a positive stride for users of the exchange.
“Bybit is committed to providing users with the most convenient and cost-effective ways to enter the exciting world of cryptocurrency. The Google Pay integration marks a significant step towards achieving this goal, offering a seamless and secure experience for all,” he said.
Aside from being able to purchase cryptocurrencies via Google Pay, Bybit users also have the option of using a bank card, and numerous third party apps, such as Banxa.
Together, these various payment options offered by Bybit support over 65 different fiat currencies.
In a recent dialogue with Real Vision CEO Raoul Pal, BitMEX co-founder Arthur Hayes advocated a nuanced view of memecoins, suggesting that despite their seemingly frivolous nature, they contribute significantly to the blockchain ecosystem.
During their March 30 interview, Hayes emphasized the positive impact of memecoins in attracting new users and engineers to blockchain networks, thereby enhancing their value.
“You can poo-poo these things as stupid and valueless, but if it brings attention and more engineers to the space, it’s positive value for the chain itself,” Hayes stated, highlighting the benefit of increased attention and development activity.
Hayes further noted that blockchain networks like Solana and Ethereum, which embrace memecoin culture, are poised to benefit the most from this trend.
He pointed out how Solana experienced a surge in network activity following a memecoin frenzy last November, which was also accompanied by a growth in non-meme projects on the platform.
Similarly, the Bitcoin network saw a significant increase in activity with the advent of BRC-20 tokens and Ordinals.
The conversation also touched on the appeal of memecoins to younger investors, with Pal drawing parallels between the trend and the gaming mentality prevalent among Gen Z and Millennials.
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“This is the same thing, just gaming with money,” Pal remarked.
The duo predicted that the popularity of memecoins, such as the Solana-based Dogwifhat (WIF), would continue to rise, noting its upcoming projection on the Las Vegas Sphere and its impressive market capitalization, which recently surpassed that of the Ethereum layer-2 network Arbitrum.
Despite the enthusiasm, the discussion acknowledged the risks associated with memecoins.
Franklin Templeton, in a March 14 investor note, warned of the dangers posed by their lack of fundamental value or utility.
Additionally, Ethereum co-founder Vitalik Buterin expressed a lukewarm stance towards memecoins in a March 29 blog post.
While he recognized the enjoyment they bring to the crypto space, Buterin urged for a more constructive approach that adds utility or charitable value to these tokens.
Nevertheless, memecoins have demonstrated remarkable performance in the crypto market, outperforming other asset classes over the past month, as reported by CoinGecko.
Memecoins have seen an aggregate growth of 20% in the last week, surpassing gains in layer-1 network tokens and decentralized finance (DeFi) tokens, thereby illustrating their significant yet contentious role within the cryptocurrency landscape.
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Musk Eclipse (ECLIPSE) is a new Solana memecoin that was launched on 9 April, and it has rallied 1,900% in the last 24 hours, while popular memecoins like Shiba Inu (SHIB) and Dogecoin (DOGE) have dropped in price.
Musk Eclipse has enjoyed an explosive rally in the last 24 hours, with its pricing surging 1,900% as it currently trades at $0.00001935.
Its market cap currently sits at just $19,000, with $7,900 in locked liquidity according to DEX Screener, meaning it has tremendous potential for more price growth in the coming days, weeks and months.
This rally has occurred while, in the last 24 hours, Shiba Inu (SHIB) and Dogecoin (DOGE) have both dropped in price.
Specifically, SHIB is down 4.47%, while DOGE has seen a 5.6% decline in its price.
It has been predicted that Musk Eclipse’s market cap will hit $500,000 by Monday, delivering around 2,900% returns to investors who buy in at the current price point.
And, if the memecoin is able to eventually achieve a multi-million dollar market cap, like many other newly launched memecoins, early investors would see their positions surge to hundreds of thousands or millions of dollars.
Investors are targeting further gains once this price target is reached, with many investors expecting ECLIPSE’s (D6QcGYbrpzFjVEmzARLzMC2TdFiHhWaRoieq6YMJVZf8) market cap to rally further.
The coin can currently only be purchased on Solana decentralized exchanges, like Raydium and Jupiter, with investors needing to first buy Solana’s SOL token and then swap it for Musk Eclipse (ECLIPSE).
Due to the token’s small market cap, even an investment of just a few hundred dollars could turn into millions of dollars, if the coin’s market cap continues to build momentum and surge.
Roman Storm, the co-founder of Tornado Cash, has taken a significant legal step by filing a motion to dismiss the accusations leveled against him.
Facing three charges, including operating a money laundering business and violating the International Emergency Economic Powers Act, Storm’s defense team strongly refutes these allegations.
On March 29, in a court document submitted to the United States District Court for the Southern District of New York, his lawyers articulated, “By no stretch can Mr. Storm be deemed to have conspired to launder funds.”
The defense highlights the timing and nature of Tornado Cash’s development, emphasizing that the platform was immutable and accessible to the public well before being utilized by sanctioned entities, notably the North Korean Lazarus Group.
This detail is crucial, as the Lazarus Group is accused of using Tornado Cash to evade U.S. sanctions, purportedly aiding North Korea’s nuclear ambitions.
Storm’s legal team further argued against the characterization of Tornado Cash as a money-transmitting business, pointing out the absence of transmission fees and the maintenance of user control over cryptocurrency.
They argue that Storm’s intention was to create a tool for financial privacy for legitimate cryptocurrency users, branding the charges as baseless and calling for their dismissal.
Storm’s plea of not guilty in September 2023 and his subsequent release on a $2 million bond underscore the complexities surrounding the case. Restrictions limit his movements to certain states, reflecting the ongoing scrutiny of crypto-mixing services by U.S. authorities.
The case against Storm emerges amidst broader legal actions against crypto mixers, such as the conviction of Roman Sterlingov, the founder of Bitcoin Fog, on similar charges.
Yet, the crypto community often defends the importance of mixers for their role in ensuring privacy and confidentiality in transactions.
Debate around Tornado Cash’s situation extended to the Arbitrum DAO, which considered but ultimately did not proceed with financial support for Storm’s defense.
This legal battle not only underscores the tensions between privacy advocates and regulatory efforts but also signals the ongoing challenge of navigating the legal landscape for cryptocurrency innovations.
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Caroline Pham, a commissioner at the U.S. Commodity Futures Trading Commission (CFTC), raised concerns about potential conflicts between her agency and the Securities and Exchange Commission (SEC) following a recent crypto enforcement initiative.
On March 29, Pham articulated worries that the CFTC’s recent actions against KuCoin, a cryptocurrency exchange, might overlap with SEC’s regulatory domain.
The CFTC accused KuCoin of various breaches of the Commodity Exchange Act and its regulations on March 26, aligning with criminal allegations by the U.S. Justice Department.
Pham expressed apprehension that the CFTC’s strategy might encroach on SEC’s jurisdiction, potentially jeopardizing long-established investor protection laws by confusing financial instruments with financial activities.
She underscored the difference between owning shares and trading derivatives, indicating a fundamental distinction in how financial markets operate.
This situation reflects broader debates within U.S. legislative and regulatory circles regarding the oversight responsibilities of the CFTC and SEC, especially concerning cryptocurrency regulation.
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The classification of cryptocurrencies as either commodities or securities is a central theme in these discussions.
The debate has intensified, particularly around Ether, after Prometheum, a crypto company, announced its intention to offer custody services for it as a security.
The dispute over Ether’s classification is critical, as the CFTC’s complaint against KuCoin implied that Ether is a commodity.
Nonetheless, legal experts have noted that any move by the SEC to classify ETH as a security could significantly influence the CFTC’s decisions on various applications for spot Ether exchange-traded funds awaiting review.
The disagreement between the two regulatory bodies highlights the complexities of regulating emerging technologies like cryptocurrencies, as they challenge traditional regulatory frameworks and necessitate a clear delineation of oversight responsibilities.
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The United States District Court for the District of Wyoming recently made a decision against Custodia Bank, denying it a U.S. Federal Reserve master account and dismissing its request for a declaratory judgment.
Despite this setback, Custodia is determined to fight back and is considering all available options, including an appeal.
“We are reviewing the court’s decision and all of our options, including appeal,” said a spokesperson from Custodia Bank to Cointelegraph.
The rejection came through a ruling on March 29 by Judge Scott Skavdahl, who turned down Custodia’s effort to obtain a master account.
This type of account is crucial for financial institutions, granting them direct access to the Federal Reserve’s payment systems.
Custodia argued that being denied a master account would significantly impair its ability to provide custodial services for crypto-assets, likening its potential operational status without one to a “second-class citizen” dependent on intermediary banks.
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Judge Skavdahl also stated that Custodia does not have the right to compel the Federal Reserve Bank of Kansas City (FRBKC) to grant it a master account, favoring FRBKC with a summary judgment on this claim.
Custodia initially applied for a Federal Reserve master account in October 2020, aiming for access to the Fedwire network.
This network is vital for processing transactions, having handled over 193 million transactions in 2023 alone.
The Federal Reserve had earlier, in January 2023, denied Custodia’s membership application.
The denial was based on Custodia’s engagement with cryptocurrencies, which the Fed found to be inconsistent with the legal requirements for such an application.
Custodia Bank, as one of Wyoming’s pioneering Special Purpose Depository Institutions (SPDIs), sought to serve businesses involved with cryptocurrencies that struggled to obtain services from banks insured by the Federal Deposit Insurance Corporation due to their crypto dealings.
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CryptoQuant CEO Ki Young Ju has recently highlighted that the cost of mining Bitcoin using Antminer S19 XPs is projected to escalate from $40,000 to an eye-watering $80,000 following the Bitcoin halving event set for mid-April.
This adjustment occurs in the backdrop of the Bitcoin halving, an event that unfolds approximately every four years or after 210,000 blocks are mined, effectively slashing the mining reward by half.
This pivotal moment not only influences Bitcoin’s market value indirectly but also exerts a profound effect on miners’ operations by doubling the expenses required to mine the same quantity of Bitcoin.
Reflecting on the aftermath of the May 2020 halving, the cost for miners to sustain profitable operations surged past $30,000.
Concurrently, Bitcoin’s valuation soared to a record peak of $69,000 within the same cycle. As of April 6, the average expense tied to Bitcoin mining stands at $49,902, with the cryptocurrency’s market price breaching the $70,000 mark.
Post-halving on April 20, the mining cost is anticipated to climb beyond $80,000, necessitating a corresponding increase in Bitcoin’s market price for mining ventures to remain viable.
Historical patterns post-halving showcase significant surges in Bitcoin’s price, substantiating miners’ ability to maintain profitability despite initial apprehensions of potential insolvency.
Following the 2012, 2016, and 2020 halvings, Bitcoin’s value experienced monumental rises of approximately 9,000% to $1,162, 4,200% to $19,800, and 683% to $69,000, respectively.
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Such increments have consistently offset the heightened costs and technological demands placed on mining operations, rendering only the most efficient machines competitive.
In the immediate aftermath of halving events, the Bitcoin community often faces a phase of uncertainty, marked by a below-profit-price BTC value, increased sales of mining equipment, and the exit of smaller mining entities.
Nonetheless, this period typically precedes a market correction driven by reduced supply and heightened demand, eventually elevating Bitcoin’s price well above average mining costs, thus securing miners’ profit margins in the longer term.
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In a significant legal development, a group of former FTX investors, who initiated a class-action lawsuit claiming they were misled and defrauded, have reached a nearly $1.36 million settlement with key figures and promoters associated with the now-defunct cryptocurrency exchange.
The settlement, pending approval by a federal court in Miami as of March 27, involves FTX co-founder Zixiao “Gary” Wang, former engineering lead Nishad Singh, ex-CEO of Alameda Research Caroline Ellison, among others, including seven influencers and Daniel Friedberg, who served as FTX’s chief regulatory officer and FTX.US’s chief compliance officer.
The agreement entails that Wang, Singh, and Ellison will assist the plaintiffs by providing valuable information and documentation that could bolster the lawsuit against other defendants, including notable celebrities, enterprises, and venture capitalists implicated in the case.
Despite not admitting guilt to the allegations, their cooperation was deemed instrumental by the plaintiffs for its potential to reinforce their legal stance.
The trio, already implicated in fraud charges and having started to divulge critical evidence obtained during their tenure at FTX, will continue to share pertinent non-privileged materials and avail themselves for further testimonies and legal proceedings.
This cooperation extends to FTX’s bankruptcy proceedings, with an understanding that they will forfeit their assets for judicial determination regarding the restitution and allocation of funds to the victims.
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The settlements also covered negotiations with Daniel Friedberg, who has been actively contributing information to the plaintiffs and vowed to maintain this support.
Friedberg’s involvement came under a different light as he claimed unawareness of the fraud until its revelation, after which he resigned and reached out to law enforcement authorities.
Additionally, several online influencers settled their part of the lawsuit by agreeing to monetary contributions, with Brian Jung, Kevin Paffrath, Tom Nash, Graham Stephan, Jeremy LeFebvre, and Andrei Jikh collectively contributing over $350,000.
Notably, a significant but undisclosed settlement, inferred to be around $1 million, was attributed to American football star William Trevor Lawrence, based on the cumulative settlement amount minus the known contributions.
The conclusion of these settlements marks a crucial step in addressing the grievances of FTX’s investors, offering them a pathway to recovery while ensuring the implicated parties’ accountability without directly admitting to the alleged misconduct.
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