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Crypto: Toncoin Soars on Tuesday, Mango Markets Fraud Trial, and Latest News

Fernanda T
Latest News
April 09 2024 9:35AM

Toncoin escalates in the market with innovations in the TON network and partnership with Telegram

Toncoin (COIN:TONCOINUSD), the cryptocurrency of The Open Network, has advanced in the digital asset rankings, propelled by network innovations and collaboration with Telegram. TON, associated with the messaging app, announced a partnership with HumanCode for palm-reading identification. This development, coupled with the integration of Toncoin payments in Telegram, raised TON’s market value, surpassing giants like Cardano and Dogecoin with a weekly price increase of 28%.

Mango Markets fraud trial set to start on Tuesday

A federal court in New York is set to begin the trial of criminal charges against Avraham Eisenberg on Tuesday. The case, involving the alleged exploitation of $116 million from the DeFi exchange Mango Markets, is expected to last two weeks. Eisenberg confessed to orchestrating the attack, inflating the Mango token, and manipulating the price oracle. He faces serious charges that could lead to up to 20 years in prison in the US.

Decline in Ether and Bitcoin prices; Ethereum might continue to gain value relative to BTC

On Tuesday morning, the prices of Ether (COIN:ETHUSD) and Bitcoin (COIN:BTCUSD) are slightly down by up to 2%, with Ethereum above $3,600, and Bitcoin just below $71,000. The current ETH price may be tied to continued interest in the DeFi protocol Ethena, with its TVL surpassing $2.2 billion, recently boosted by including Bitcoin as collateral in Ethena’s stablecoin USDe. According to Fernando Pereira from Bitget, “the ETH/BTC chart is at a crucial historical support which might lead Ethereum to continue gaining value over BTC, as seen earlier this week. It might be a good time to swap your bitcoins for ethereum.” Over the last 7 days, Ethereum has appreciated by 3.7%, while Bitcoin has increased by 1.70%.

Analysts predict the impact of Bitcoin halving on the market

As the Bitcoin halving (COIN:BTCUSD) approaches on April 20, analysts highlight potential repercussions. Arthur Hayes warns of a slowdown due to the widely accepted bullish outlook around the event. Benjamin Cowen points out similarities with previous corrections, while Peter Brandt acknowledges recurring patterns. Moreover, recent ETF flow data indicate market hesitation. Following the halving, miners might face additional pressure, possibly selling part of their reserves to cover operational expenses.

Ether ETF faces hurdles in SEC approval

Issuers of Bitcoin exchange-traded funds (ETFs) predict that the US Securities and Exchange Commission (SEC) is unlikely to approve a similar product for Ethereum. The deadline for reviewing the Ether ETF ends in May, after the SEC postponed its original decision. Companies like BlackRock and Fidelity anticipate approval, but the SEC has expressed caution, considering most crypto assets subject to securities laws. VanEck’s CEO, Jan Van Eck, anticipates an imminent rejection.

Bitcoin ETFs report net outflows after four days of inflows

On April 8, Bitcoin exchange-traded funds (ETFs) in the United States experienced net outflows, mainly due to the Grayscale’s spot GBTC ETF, which saw an outflow of over $303 million in a single day. While other ETFs had net inflows, led by Bitwise Bitcoin (AMEX:BITB) and BlackRock’s iShares Bitcoin Trust (NASDAQ:IBIT). In total, the net outflows among Bitcoin ETFs amounted to nearly $224 million. The Fidelity’s spot Bitcoin ETF (AMEX:FBTC) surpassed 150,000 BTC in assets under management, worth about $10.1 billion. Meanwhile, Grayscale’s fund (AMEX:GBTC) saw a 48% drop in its assets. BlackRock’s IBIT is leading with 263,937 BTC (equivalent to $18.5 billion), followed by the Ark 21Shares ETF (AMEX:ARKB) in third place, with 43,726 BTC (about $3.1 billion), according to data provided by CoinGlass.

Fantom Foundation enhances security in the meme coin universe

Trading of meme coins, a billion-dollar and vibrant niche within the cryptocurrency universe, has been yielding substantial profits, especially on the Solana and Base networks. However, this trend is not without risks, such as market manipulation through social media, massive sell-offs by early investors, and technical vulnerabilities. To mitigate these risks, the Fantom Foundation (COIN:FTMUSD) proposed a new model for token and liquidity management, promoting transparency and security. This model includes stricter controls over the release and management of tokens, with the foundation acting as a crucial guardian to prevent harmful practices and ensure the sector’s integrity. obtains full approval in Dubai and plans expansion, a leading digital asset platform from Singapore, has achieved definitive authorization from the Dubai Virtual Asset Regulatory Authority (VARA) to operate locally. This approval initially allows institutional investors from the United Arab Emirates to use its services. The company highlights this achievement as a pioneer for local currency operations in the country and signals future expansions, including new products for regular consumers.

HashKey Group announces Ethereum Layer-2 network at Hong Kong Web3 Festival

The Hong Kong-based HashKey Group unveiled the upcoming launch of its Ethereum Layer-2 network during the 2024 Hong Kong Web3 Festival. The new network, based on zero-knowledge proof technology, aims to expand HashKey’s Web3 ecosystem, offering efficient and accessible on-chain services. A testnet launch is expected within the next six months, followed by the mainnet in a year. Security will be ensured through code audits and community testing. The subsidiary HashKey Cloud, specializing in web3 infrastructure, will power the HashKey Chain. The company recently launched HashKey Global, a cryptocurrency exchange, and plans a new funding round following a successful Series A in January.

STFIL protocol team based on Filecoin under police investigation in China

Key members of the team behind the STFIL liquid staking protocol, built on Filecoin, are being investigated by Chinese police for unknown reasons, according to a statement shared by the team. Filecoin tokens (COIN:FILUSD) worth $22 million were moved to an external address during the team members’ detention, raising concerns. The protocol, which allows earning staking rewards while utilizing in DeFi, saw its locked value drop almost 60% since April.

How South Korean elections reflect the influence of cryptocurrencies

In March 2022, the South Korean presidential election was the closest in history, won by Yoon Suk Yeol by a narrow margin. Shortly after, the collapse of the Terra stablecoin resulted in $60 billion losses, affecting about 280,000 South Koreans. With over 280,000 cryptocurrency investors in the country, the role of technology in the 2024 legislative elections is debated, especially amid crypto-related political promises. Tax and regulatory policies around cryptocurrencies have become a central point of electoral platforms, indicating the growing importance of this sector in South Korean politics.

Crypto regulation in Argentina sparks debate on Milei’s direction

The expectation that Argentine President Javier Milei, a Bitcoin proponent, would stimulate cryptocurrency use seems to be in question after the revelation of new regulation requiring registration for digital activities. The measure is seen by some as contradictory to Milei’s rhetoric, raising uncertainties about the country’s crypto direction. Despite speculation, experts warn of potential hurdles in reversing the regulation.

Bernstein study reveals growing adoption of stablecoins; US Treasury official expresses concern over Russia’s use of stablecoin

According to a report by brokerage Bernstein released on Tuesday, stablecoins are gaining prominence in cross-border settlements, with payment companies, fintechs, and consumer platforms leading their adoption. The total supply of stablecoins currently stands at $150 billion, with Tether (COIN:USDTUSD) and USD Coin (COIN:USDCUSD) dominating about 97% of the market. The increasing use of these stablecoins indicates strong acceptance of the digital dollar and drives cross-border transactions worth $6.8 trillion in the first quarter of 2024. Despite Solana’s leadership in blockchain payments, the report highlights scalability challenges that may limit its application in conventional payments.

Adewale Adeyemo, Deputy Secretary of the US Treasury, testified that Russia is increasingly using alternative payment methods, such as Tether’s stablecoin, to bypass economic sanctions. This comes amid reports of malicious actors exploiting Tether for illicit activities. Adeyemo also highlighted terrorist organizations like Al Qaeda and PIJ leveraging cryptocurrencies to circumvent traditional financial systems. He emphasized the need for regulatory reforms to combat terrorism financing and ensure national security in the evolving digital asset landscape.