CME Launching Spot Bitcoin Trading: Report

In an official communication, the Chicago Mercantile Exchange (CME) revealed plans to launch spot Bitcoin trading on its futures exchange. The CME’s latest development demonstrates its commitment to joining other Wall Street makers to gain exposure to crypto assets. 

A source privy to the information confirmed that the CME has been holding intense discussions with traders seeking to invest in crypto assets. 

CME Futures Exchange  Plans to Introduce Spot Bitcoin Trading

According to the Financial Times, three individuals familiar with the situation confirmed that CME intends to offer crypto assets in a regulated market. Even though the CME crypto bid has not materialised, the Chicago Group plans to explore new opportunities in the crypto industry.

Following the approval of Bitcoin exchange-traded funds (ETFs), institutional and retail clients have shown a growing interest in these products. Therefore, the CME expected that the launch of Bitcoin spot trading on its future exchange would allow traders to generate returns from basis trades.

The basis trade approach has become a common trading strategy professional traders use to reap considerable returns. The process involves borrowing money to acquire underlying assets and selling futures to generate profits by exploiting the difference between the two assets.

The CME projects launching spot Bitcoin trading on its futures exchange will allow the derivative marketplace to offer Wall Street players easy access to crypto assets. 

Following the resurfacing of the Bitcoin bulls, vital financial institutions showed interest in crypto assets. If the CME spot Bitcoin trading plans actualize, the Chicago Group will join the authorized 11 spot Bitcoin ETFs in the United States. 

The announcement came when diverse investor have adopted cryptos as a tradeable asset. The growing adoption of Bitcoin ETFs has challenged renowned hedge funds, including Bracebridge Capital and Wisconsin Investment Board, to invest millions in acquired-the-spot crypto ETFs.

Growing Demand for Spot Bitcoin ETFs

In an interview with the DL News, the chief investment officer at Zerocap, Jonathan de Wet, described the CME spot Bitcoin ETF offer as a monumental step for the company. 

The executive stated that spot margining on Chicago Group offers traditional finance (TradFi) a world of opportunity. He projected that CME’s new offering would offer investors great access to spot Bitcoin products that would promote the adoption of crypto assets.

In support of de Wet’s remarks, the chief investment officer at Merkle Tree Capital, Ryan McMillin, argued that hedge funds and other asset managers would prefer to acquire spot Bitcoin ETFs from CME rather than crypto exchanges such as Coinbase. 

With the growing interest in crypto among institutional clients, CME has outpaced the world’s largest crypto exchange, including Binance, in the Bitcoin futures market. The Chicago Group ranks among the world’s largest futures exchanges, while global crypto exchanges dominate the spot crypto market.

CME Seeks to Gain Dominance in Spot Bitcoin Trading

The CME report demonstrates that hedge funds and professional traders are the top users of futures exchange. He admitted that most investment and wealth management companies have established stronger relationships with CME than Coinbase and other crypto exchanges.

The executive anticipates the CME will become a one-stop shop for investors to engage in spot margin trades. The CME’s plans to launch a spot trading market came at a time when its top rival, the CBOE global market, revealed plans to abandon spot market trading due to a lack of a comprehensive regulatory framework for digital assets in the United States. 

The CBOE  Digital Spot Market claimed it has been losing money due to a lack of regulatory clarity in the US. To remain profitable, the CBOE plans to redirect funds to promising ventures and suspend the operation of its  Digital Spot Market by Q3 of 2024.

The spot Bitcoin ETFs rank among the most successful crypto projects, with over $12.15 billion in inflows since the beginning of this year. The Bitcoin ETFs have contributed significantly to the mainstream adoption of digital assets and propelled most crypto assets to gain bullish momentum.

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President Biden Restricts MineOne Operations Cites National Security Concerns

On Monday, May 13, US President Joe Biden issued a desist order to a Chinese-based crypto miner MineOne Cloud Computing Investment company operating near Wyoming’s nuclear missile base. The president claimed that the operation of MineOne posed a threat to US national security. 

The crypto miner expanded to the US in June 2022 and established its presence near Francis E. Warren Air Force Base (F.E. Warren AFB). The F.E. Warren AFB ranks among the top three missile bases in the United States, protecting the country from external attacks.

MineOne Operations Suspended in US 

Serving as a strategic missile base for the US president, Biden ordered MineOne Investment to wind down operations in the region. A review of the company website demonstrated that MineOne offered specialized and advanced tools for surveillance and conducting espionage activities. 

Based on the operation of MineOne, President Biden was convinced that the Chinese-based firm threatened the US national security. He claimed to have gathered credible evidence on the operation of MineOne that contravened the US law. 

In his order, President Biden instructed MineOne to sunset their operations in the next 120 days. The embattled crypto miner was ordered to remove some of MineOne’s mining machinery and developments. 

Upon contacting the MineOne team, the officials did not comment. The plenary power of President Biden in strengthening the US national security mandates the government to ensure that foreign investments safeguard the rights of the citizens. 

In April, President Biden signed a bill to divestiture the operation of the Chinese-based social media platform TikTok. Under the new bill, the TikTok team was instructed to sell off the platform within 12 months. 

Biden Administration Explore Ways to Strengthen National Security 

In response to the new directives, the TikTok team vowed to challenge the new bill since it does not intend to sell the video app.  Earlier this week, the White House unveiled new tariffs on Chinese products. 

According to Reuter, the Biden administration plans to impose new tariffs on Chinese products such as semiconductors, solar equipment, medical supplies, personal protective tools, electric vehicles (EVs) and others. 

While amending Section 31 of tariffs, policymakers targeted industries that exposed local industries to fierce competition. A source privy to the information argued that the Chinese EVs threatened the American personal data.

With the new measure, the Chinese authority is expected to react to President Biden’s directives. The decision to ban the operation of Chinese-based crypto miners was suggested by the Committee on Foreign Investment in the United States (CFIUS) after probing the operation of MineOne.

The committee chaired the investigation to examine whether the operations of MineOne created any national security concerns. The recently completed investigation aligns with the 2018 law that grants the CFIUS legal authority to assess any corporate deal related to critical US facilities such as Francis E Warren Air Force Base.

The law allows the CFIUS  to identify any activity that poses a national security risk. The White House has instructed the CFIUS to conduct extensive investigations into TikTok’s operations. 

US Cracking Down Chinese Companies

In the ongoing operations, the CFIUS confessed that the MineOne team had failed to file the acquisition deal with the relevant authority. The CFIUS admitted that the operations of MineOne remained unknown to the government until the public reported the matter. 

A report from the US Secretary of the Treasury, Janet Yellen, revealed that the regulatory action against MineOne demonstrated the CFIUS commitment to regulate foreign investments. 

The executive outlined the roles of CFIUS in strengthening national security and restricting the operation of foreign investments that pose a threat. The regulatory action in the US  against the Chinese-based companies mirrors a similar move embraced by developing countries.  

In a recent report, the Chinese government enacted legislation restricting the sharing of top government secrets. The restrictive measures in China aim to reduce the risks that threaten national security. 

In an attempt to restore national security and build strong economic relations, the government of China enforced prohibitive measures on the operation of US-based tech companies, including Micron. The Chinese authority claimed that Micron’s network security review threatened national security.

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Jack Dorsey Sees Bitcoin Price to Hit $1 Million in 2030

Following the resurgence of the crypto bulls, key industry players have issued predictions about the price movement of Bitcoin. Even though some of the predictions turn out to be the opposite, the co-founder of Twitter, Jack Dorsey, remains optimistic that Bitcoin price will sustain an upward trajectory.

In an interview with the Pirate Wires, Dorsey forecasted that Bitcoin (BTC) would reach $1 million in the next decade. The interview focused on the future of the world’s largest crypto asset, Bitcoin, by daily trading volume. 

Jack Dorsey Predict Bitcoin Price to Increase

Commenting on the future of Bitcoin, Dorsey projects that by 2030, Bitcoin will reach the $1 million mark. The executive believes Bitcoin will attain the $1 million resistance level in the coming years. 

Dorsey’s predictions mirror Cathies Woods’ bullish outlook on the price of BTC. On March 8, the founder of Ark Invest forecasted that Bitcoin would reach $1.5 million by 2030. 

The executive projected that the US Securities and Exchange Commission’s (SEC) approval of spot Bitcoin exchange-traded funds will propel the crypto bulls.

Reflecting on the recent development in the crypto sector, Dorsey described Bitcoin as “a fascinating ecosystem and movement.” He acknowledged the exemplary work by the critical industry players to improve the Bitcoin ecosystem. 

Dorsey has also been a critical contributor to the Bitcoin sector by developing products that stimulate the growth of BTC. At the moment, Dorsey has launched unique Bitcoin wallets, ASIC mining chips, and other blockchain-oriented payment platforms such as Block. 

Benefits of the Crypto Bull Market

In April, Dorsey-led retail payment platform Square revealed plans to convert a certain percentage of the daily sales to Bitcoin. Apart from contributing to the development of the crypto industry, Dorsey has been actively engaged in leading giant social media platforms such as Twitter.

However, in the last few days, Dorsey announced plans to step down from Bluesky and focus more on developing Nostr. He lamented that Bluesky was still repeating the mistakes made by Twitter by operating more as a company with VCs and a board rather than striving to become more decentralized. 

The executive argued that Nostr operated that as an open protocol that addressed Twitter’s failures. Dorsey confessed that a protocol does not require the board of management to run Nostr successfully. 

He deleted his Bluesky account and vowed to improve the Nostr ecosystem. Commenting on this, the chief executive of Bluesky, Jay Graber, confessed that Dorsey failed to understand the company’s operation. 

The executive added that Bluesky had invested heavily in becoming a decentralized protocol. Graber stated that Bluesky focuses more on becoming a marketplace of algorithms. 

The executive explained that Bluesky had created a protocol that allowed Twitter to operate efficiently without changes. It implies that the Bluesky team placed decentralization under the hood.

Significance of Open Protocols

On X, the Bluesky lead developer Paul Frazee argued that the company needs an actual product and product thinking approach to stimulate growth. The executive noted that Dorsey’s pure protocol approach contradicted Bluesky’s approach. 

Initially, before Elon Musk acquired Twitter, the Bluesky team had created an AT protocol for his social media platform. The executive lamented that Bluesky AT Protocol failed to materialize after Musk acquired Twitter. 

The failure of the Bluesky AT Protocol ignited tides of criticism from the tech community. Dorsey advised the Bluesky team to invest in making the social media platform more open. He urged the Bluesky to make their platform open protocol like Nostr.

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Blockchain Education Programs Gain Traction Amid Crypto Bull Market

Following the resurgence of the crypto bulls, key market players have demonstrated their commitment to advancing their trading skills. In a May 7 update, the participants at  Women in Tech Global Summit 2024 (WITG) revealed plans for a significant development on its Web3 top-level domain (TLD). 

The proposed development will involve the integration of Unstoppable Domain on the TLD to enable the user to access educational materials and other training resources. 

Organizers for Women in Tech Global Summit Launching Blockchain Educational Program

The development will leverage the power of artificial intelligence (AI) and blockchain technology to give users a unique digital identity domain. During the meeting, the team behind the new development confirmed that theTLD upgrade will allow the users to build a “strong sense of community” to give women in tech a new recognition. 

The development will allow women in tech to build strong networks and explore viable opportunities. The collaborative approach on the WITG platform will offer the user mentorship and training sessions necessary to advance their career.

The WITG allows the user to leverage the powerful technology to learn tech. The primary objective of the education program is to offer women a platform where they can access the tools and resources necessary to navigate the digital sector.

The development came at a time when the demand for professionals in blockchain and crypto technologies has increased. In a recent survey by KuCoin, the young adults demonstrated an interest in pursuing courses in the blockchain and Web3 sectors.

The survey targeted young adults seeking to advance their careers. KuCoin noted that 88% of the 1900 respondents were interested in pursuing a career in blockchain technology, while 75% showed some interest in the Web3 sector. 

The survey report indicated that 15% of the respondents had over three years of experience in blockchain technology. The survey assessed whether Gen Z and Millenials were interested in blockchain and crypto technology.

Crypto Exchanges Investing in Education Programs to Build Sustainable Digital Economy

Months before the survey, the KuCoin team launched an education program to equip the learners with relevant skills in digital finance. KuCoin joins a slew of crypto exchanges seeking to prepare employees for future opportunities.

Earlier this week, the Bitget team commemorated its first anniversary of the Blockchain4Youth program. Entrenched to the Bitget principles, the Blockchain4Youth program supports the mainstream adoption of crypto and Web3 technologies among young adults.

At the event, the Bitget team was pleased to state that over 51 universities enrolled on the Blockchain4Youth program. The crypto exchange confirmed that over 2000 certificates would be issued to the participants who completed the Blockchain4Youth program. 

The Bitget team plans to offer more scholarship programs to individuals from less developed countries. The Blockchain4Youth initiative is expected to run till May 2028 to onboard more users to the blockchain and Web3 sectors.

Based on the transformative potential of crypto technology, the Bitget team anticipates offering more online courses and integrating successful stories on crypto projects to motivate young people to pursue careers in this field.

Significance of the Blockchain Education Program

The Bitget team believes that the millennials and GenZ have enormous potential to redefine the future of the crypto sector. The efforts to raise a crypto-savvy generation have challenged key market players, including the former Binance boss Changpeng “CZ” Zhao, to step in and offer an exclusive education program. 

Following his departure from the controversial crypto exchange Binance, Zhao revealed plans to invest in launching a not-for-profit education program, Giggle Academy. The new education program will target individuals from the vulnerable community to equip them with basic education.

The Giggle Academy will focus on equipping the learners with knowledge outside the traditional curricula. The program will utilize blockchain-oriented platforms to offer free formal schooling programs. 

On his X account,  Zhao hyped the new education program will represent Binance’s heritage. The executive told the X community that the Giggle Academy would symbolise growth, fun, and positive energy.  

Zhao’s belief in the revolutionary power of crypto and blockchain technology compelled him to launch an education program to build a sustainable and inclusive digital economy.

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Home-Based Bitcoin Mining in 2024: A Comprehensive Starter Guide

Mining Bitcoin at home has become an increasingly complex endeavor, particularly as the Bitcoin network’s difficulty level has escalated and specialized equipment has become essential. Here’s a detailed guide on how to get started with home-based Bitcoin mining in 2024, considering best practices and the current state of the industry.

1. Understanding Bitcoin Mining

Bitcoin mining involves validating transactions and adding them to the blockchain ledger. It is also the process through which new bitcoins are released into circulation. This is achieved through solving complex mathematical problems which in turn secures the network from fraudulent activities.

2. Is Bitcoin Mining Profitable?

The profitability of Bitcoin mining depends heavily on several factors such as electricity costs, the efficiency of the mining hardware, and the current market price of Bitcoin. To estimate profitability, miners must consider the initial setup costs (including hardware expenses) and ongoing electricity charges.

3. Equipment Needed for Home Mining

a. ASIC Miners

These are specialized devices designed specifically for mining cryptocurrencies. ASIC (Application-Specific Integrated Circuit) miners offer high processing power and energy efficiency compared to general-purpose hardware like CPUs or GPUs.

b. Power Supply

A robust power supply is crucial to handle the intensive power demands of ASIC miners.

c. Cooling Systems

Effective cooling systems are necessary to prevent overheating, which can reduce the lifespan of your mining equipment.

d. Bitcoin Mining Software

Choose reliable mining software that is compatible with your hardware and offers a user-friendly interface. Examples include CGMiner and BFGMiner.

4. Setting Up Your Mining Rig

a. Location

Choose a location with good ventilation and cooling. Basements or separate sheds are often ideal due to their cooler conditions and isolation from living areas (due to noise).

b. Internet Connection

A stable and fast internet connection is crucial since mining rigs need to stay constantly online.

c. Electricity Setup

Ensure your electrical wiring can handle the load. Consider hiring a professional electrician to set up a dedicated circuit for your mining operations.

5. Mining Pools

Given the high competition in Bitcoin mining, joining a mining pool is a more viable option for home miners. Mining pools allow miners to combine their computational resources to increase their chances of solving the mathematical puzzles and earning block rewards, which are shared among pool members.

6. Mining Software and Configuration

Install and configure your mining software to connect to your chosen mining pool. Input your wallet address to ensure that your mining rewards are correctly deposited.

7. Monitoring and Maintenance

Regularly monitor your mining setup to check for any issues such as overheating, hardware failures, or connectivity problems. Maintenance is key to ensuring your mining rig operates efficiently and profitably.

8. Legal and Environmental Considerations

a. Regulatory Compliance

Check local regulations to ensure that home-based Bitcoin mining is legal in your area. Some jurisdictions may have restrictions or specific requirements for mining operations.

b. Environmental Impact

Be aware of the environmental impact of Bitcoin mining. Consider using renewable energy sources to power your mining operations to reduce its carbon footprint.

9. Cost-Benefit Analysis

Periodically perform a cost-benefit analysis to determine if your mining operation is still profitable. This includes tracking electricity costs, hardware efficiency, and Bitcoin market conditions.

10. Stay Updated

The cryptocurrency landscape is constantly evolving. Stay informed about technological advancements, market trends, and regulatory changes that could impact Bitcoin mining.

Conclusion

While mining Bitcoin at home is not as accessible as it once was, it can still be feasible with the right equipment, setup, and access to cheap electricity. It requires a significant upfront investment and ongoing costs, but for those committed to the cryptocurrency space, it provides an opportunity to contribute to the Bitcoin network and potentially earn rewards in return. Always remember that Bitcoin mining, like any investment, carries risks and should be approached with careful planning and consideration.

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Navigating Fear, Uncertainty, and Doubt in the Crypto Market

In the world of cryptocurrencies, understanding market dynamics and jargon is crucial for both new and experienced investors. Today, we dive deep into a term that frequently surfaces in crypto discussions and has a significant impact on market behavior: FUD, which stands for Fear, Uncertainty, and Doubt.

Unpacking FUD in Cryptocurrency

In the cryptocurrency context, FUD is not just a buzzword but a phenomenon that can sway market sentiments, influence trading behaviors, and even impact the overall market stability. It typically refers to the spread of misinformation or the exaggeration of negative news that instills fear, promotes uncertainty, and fosters doubt among the crypto community.

The origins of FUD are not unique to crypto; however, the decentralized and often unregulated nature of the crypto market makes it particularly susceptible to the rapid spread of FUD. This can come from various sources, including media outlets, influential market players, or anonymous entities on social platforms aiming to manipulate market prices for personal gain or to achieve other strategic outcomes.

How FUD Affects Crypto Investments

The impact of FUD can be profound:

• Market Volatility: FUD can lead to sudden and often unwarranted market movements, as investors react to the perceived risk by selling off assets, leading to price drops.
• Investor Behavior: For individual investors, FUD can cause panic selling, delay in investment decisions, or even deter them from entering the market.
• Long-term Market Sentiments: Persistent FUD can damage the reputation of the affected cryptocurrencies or the broader crypto market, leading to a lasting impact on investor confidence and market stability.

Strategies to Combat FUD in Crypto Trading

Navigating FUD requires a proactive and informed approach. Here are some strategies to consider:

• Critical Analysis of Information: Always verify the source and credibility of the information. Rely on trusted news outlets and verify through multiple sources before making investment decisions.
• Education and Research: Understanding the underlying technology and the market dynamics of cryptocurrencies can provide a stronger foundation and immunity against FUD.
• Community Engagement: Participate in community discussions and forums to gain multiple perspectives and stay updated with real-time insights from other traders and experts.
• Risk Management: Implementing sound risk management strategies, such as setting stop-loss orders, can help mitigate the potential adverse effects of sudden market drops caused by FUD.

Examples of FUD in the Crypto Market

Historically, the crypto market has seen its fair share of FUD instances. For example:

• Regulatory News: Announcements or rumors regarding government regulations can create FUD, impacting the market immediately. The uncertainty regarding the legal landscape for cryptocurrencies often leads to significant price volatility.
• High-profile Criticism: Negative statements from influential figures or financial experts can spread FUD, affecting the sentiments around specific cryptocurrencies or the market at large.
• Security Breaches: Reports of hacks or security breaches can trigger FUD, leading to fear about the safety of digital assets.

Concluding Thoughts

FUD is a powerful force in the cryptocurrency market that can cause significant shifts in investor behavior and market dynamics. By fostering a disciplined approach to news consumption, engaging in continuous learning, and applying a measured approach to trading, investors can shield themselves against the adverse effects of FUD. Recognizing the signs of FUD and understanding its impact is essential for navigating the complex landscape of crypto investments effectively.

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What is the Inter-Blockchain Communication (IBC) Protocol?

The Inter-Blockchain Communication (IBC) protocol is a pivotal technological advancement designed to enable secure and efficient data and asset exchanges between independent blockchains. Developed by the Cosmos Network in 2019, IBC facilitates interoperability—a long-sought goal within the blockchain community. This protocol is crucial for creating a scalable and accessible multi-blockchain ecosystem.

Key Features of IBC

Decentralization and Trustlessness

IBC operates on a trustless model, meaning that the blockchains involved do not need to trust each other or the parties facilitating the communication. This is accomplished through cryptographic verification methods that ensure the integrity and authenticity of the data being transferred.

Interoperability

IBC enables different blockchains to communicate and share information and assets seamlessly. This interoperability is achieved through a standardized protocol that handles data transfer between chains, regardless of their individual specifications or consensus mechanisms.

Security

The protocol uses advanced cryptographic techniques to secure data transfers. Each blockchain maintains its own security and governance, and IBC enhances this by ensuring that only verified data can pass between systems. This prevents unauthorized access and manipulation.

How Does the IBC Protocol Work?

The IBC protocol functions through a layered approach, with the primary layers being the Transport, Authentication, and Ordering (TAO) layer, and the Application (APP) layer.

TAO Layer

This foundation layer manages the establishment of connections between blockchains, authenticates data packets sent over these connections, and maintains the order of transactions. It ensures that the connections are secure and that the data packets are not tampered with during transit.

APP Layer

Sitting atop the TAO layer, the APP layer defines how applications can use the underlying IBC infrastructure to transmit data and value across different blockchains. It specifies the format and structure of the data packets so that they can be understood and utilized by applications on different chains.

Practical Applications of IBC

Cross-chain Token Transfers

IBC allows for the secure transfer of tokens between chains, enabling users to leverage different services across multiple platforms without needing to execute complicated and costly bridging transactions.

Data Sharing

It facilitates a new level of data sharing that can be used for various purposes, from enhancing the functionality of decentralized apps (DApps) to providing more comprehensive data services across different sectors.

Decentralized Finance (DeFi)

In the DeFi space, IBC can significantly expand the capabilities of decentralized exchanges (DEXs) and other financial instruments by allowing them to operate across multiple blockchains, thus accessing a broader range of assets and liquidity pools.

Challenges and Considerations

While IBC offers numerous advantages, it also presents several challenges that need to be addressed:

Complexity

The technical complexity of implementing IBC can be a barrier for some blockchain projects, requiring significant expertise and resources.

Standardization

Ensuring that different blockchains can communicate effectively via IBC necessitates a high level of standardization. Without this, the risk of fragmentation and incompatibility increases.

Security Concerns

While IBC enhances security through cryptographic methods, the interconnection of multiple blockchains also potentially increases the attack surface. Ensuring the security of cross-chain communications remains a paramount concern.

Conclusion

As blockchain technology continues to evolve, the IBC protocol stands as a critical enabler of the long-envisioned interoperable blockchain ecosystem. Its ability to connect different blockchains could lead to unprecedented levels of collaboration and innovation in the blockchain space. However, for IBC to realize its full potential, ongoing development, increased adoption, and rigorous security measures are essential. The success of IBC could pave the way for a truly interconnected network of blockchains, fostering a new era of decentralized applications and services.

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What Censorship Resistance Means in Blockchain Technology

Censorship resistance is a fundamental characteristic of blockchain technology, ensuring that data once added to the blockchain cannot be retroactively altered or censored by any single entity. This feature is particularly valuable in environments where freedom of speech is not guaranteed or where information is prone to manipulation by centralized authorities.

Key Aspects of Censorship Resistance in Blockchain

1. Decentralization: Blockchain operates on a network of nodes distributed globally, meaning that no single node (or a small group of nodes) can control the entire network. This distributed nature makes it nearly impossible for any centralized authority to exert control over the entire blockchain, thus safeguarding against censorship.

2. Immutable Ledger: Once information is recorded on a blockchain, it cannot be changed or deleted due to the cryptographic linking of blocks. This immutability ensures that once data is written, it remains unaltered, making censorship extremely difficult.

3. Transparency: All transactions on a public blockchain are visible to anyone who chooses to view them. This transparency ensures that any attempt to alter or censor information can be easily detected by the community, adding an additional layer of security against manipulation.

4. Consensus Mechanisms: Blockchain uses various consensus mechanisms like Proof of Work (PoW) or Proof of Stake (PoS) to validate new entries. These mechanisms require agreement among multiple nodes to confirm transactions and add new blocks, thus decentralizing control and preventing any single entity from wielding excessive influence over what gets recorded.

Applications and Implications

Freedom of Expression: In countries where media and information flow are controlled or censored by the government, blockchain can serve as a tool for free speech. Decentralized social media platforms built on blockchain can offer uncensorable communication channels.

Data Integrity: For journalists and researchers, blockchain can provide a platform to store data or findings in a way that is secure from tampering or deletion, even by powerful adversaries.

Property Rights: In regions where property records are susceptible to manipulation, blockchain can secure land registry data, ensuring that property rights are upheld and transparently managed.

Challenges and Considerations

While blockchain offers robust tools against censorship, it’s not completely infallible. The centralization of mining operations, regulatory pressures, or sophisticated cyber-attacks can pose threats to even the most decentralized networks. Furthermore, the energy consumption associated with PoW blockchains and the environmental concerns therein also call for sustainable approaches and innovations in blockchain technology.

Conclusion

As blockchain technology evolves, so too will its mechanisms to resist censorship and ensure data integrity. Innovations like layer-two solutions, sharding, and more energy-efficient consensus algorithms like PoS are already addressing some of the challenges faced by early blockchains. The ongoing development of these technologies promises to enhance the capabilities of blockchain in fighting censorship while improving scalability and reducing environmental impact.

In conclusion, censorship resistance is a cornerstone of blockchain technology, providing a powerful means to ensure data remains free from tampering and suppression. As blockchain continues to evolve, it stands to offer even more robust protections against censorship, playing a crucial role in preserving freedom of information across the globe

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NFT Lending: How It Works and What It Means for DeFi

NFT lending has become a crucial aspect of the decentralized finance (DeFi) space, providing a way for NFT owners to unlock the liquidity of their digital assets without selling them. Here’s a detailed look at how NFT lending works and its implications:

Definition of NFT Lending

NFT lending allows owners of Non-Fungible Tokens (NFTs) to use their digital assets as collateral to secure loans. This financial arrangement is beneficial for NFT holders who need liquidity but do not wish to permanently part with their assets.

How NFT Lending Works

1. Collateralization: An NFT owner locks their asset into a smart contract as collateral.
2. Loan Offers: Potential lenders provide loan offers, specifying the loan amount, interest rate, and loan duration.
3. Acceptance and Disbursement: The borrower accepts an offer, and the loan amount is disbursed in a cryptocurrency, typically a stablecoin.
4. Repayment and Return: Upon successful repayment of the loan plus interest by the borrower, the NFT is returned. If the borrower fails to repay, the lender claims the NFT as compensation.

Types of NFT Lending

• Peer-to-Peer Lending: Direct lending between individuals, facilitated by NFT lending platforms that ensure security and contract enforcement.
• Peer-to-Protocol Lending: Borrowers interact directly with a DeFi protocol that manages loans through automated smart contracts.
• Fractionalized NFT Lending: Involves lending against a part of an NFT, which has been fractionalized into smaller, more liquid parts.

Platforms for NFT Lending

NFT lending typically occurs on specialized DeFi platforms that support these types of transactions. These platforms provide the necessary infrastructure, such as smart contracts for locking NFTs, assessing loan terms, and facilitating interactions between borrowers and lenders.

Benefits of NFT Lending

• Liquidity: Provides immediate liquidity to NFT holders without needing to sell the asset.
• Flexibility: Offers a flexible way for investors to manage their portfolio by leveraging the value of their NFTs.
• Market Growth: Contributes to the growth and stability of the NFT market by adding financial utility to NFTs beyond just collectible value.

Risks and Considerations

• Volatility: The value of NFTs can be highly volatile; if the market drops, the collateral might not cover the loan value.
• Market Depth: The relatively small and illiquid market for certain NFTs may pose risks for both borrowers and lenders.
• Regulatory Uncertainty: As with much of cryptocurrency, the legal and regulatory framework for NFT lending is still evolving, which could pose future challenges.

The Future of NFT Lending

As the NFT market continues to mature, the mechanisms and platforms supporting NFT lending are likely to become more sophisticated. This evolution will potentially include better valuation models for NFTs, more robust legal frameworks to support lending and borrowing, and enhanced platforms offering more efficient and secure lending services.

In conclusion, NFT lending is a dynamic area of DeFi that provides tangible benefits to NFT owners and contributes to the liquidity and functionality of the blockchain ecosystem. As with any investment, participants should be aware of the inherent risks and perform due diligence before engaging in NFT lending.

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South Korea Regulators Declares Crypto Crime Unit as Official Department

The rise of crypto crime has forced law enforcers to explore ways to shield investors from exploitative activities. In a recent report, the South Korean regulators revealed plans to launch a crypto investigative unit to address the financial crimes in the region.

According to the local news site Segye Ilbo, the existing crypto investigative unit will become a permanent regulatory agency.

South Korea Officiate Crypto Crime Unit

Before the official launching of the new law enforcement unit, the South Korean Ministry of Justice and Public Administration and the Ministry of Interior plan to discuss the matter at the beginning of next month.

Initially, the crypto crime investigative unit operated as a temporary agency working towards combating crime. In the upcoming meeting, the South Korean policymakers will upgrade the crypto crime investigative unit from temporary to permanent status.

This implies that the official launch of the new department will require the South Korean government to finance the project to meet the expected standard.

The report indicates that the crypto crime investigative unit was launched in July last year. The authority appointed 30 professionals from the Southern District Prosecutors Office to support running the new department. 

Regulators Team Up to Address Crypto Crime

With the new changes, the regulators are expected to expand the crypto crime investigative unit workforce. The new department has been working closely with the South Korean Prosecutors Office, the Financial Intelligence Unit (FIU), the National Tax Service and the Financial Supervisory Service. 

The crime investigative unit was launched when South Korea faced increased crypto-related crimes.  In 2023, the FIU team noted that over 16,076 suspicious transactions related to digital assets were reported to South Korean authorities. 

The number of suspicious transactions increased by 48% in 2023.  The surge in crypto-related crimes compelled the South Korean authorities to implement various measures to address the concerns. 

In April, South Korean regulators unveiled plans to launch new guidelines for listing digital assets. The regulators stated that the new provision would restrict the listing of specific tokens on centralized exchanges. 

The new rules are expected to take effect in May 2024. This implies that digital assets with a history of hacking will not be listed on South Korean platforms unless the cause of the hack is identified. 

South Korean Unveil New Crypto Rules

Also, the new rules restrict foreign digital assets from being listed on local exchanges unless the issuer provides a technical manual published in the South Korean market. The latest listing requirements align with the amended Virtual Assets User Protection Act, which will take effect in July this year. 

The revised rules aim to protect investors from any exploitative activity.  The South Korean regulators claimed that the revised Virtual Asset User Protection Act seeks to protect the interest of crypto investors in the region.

Under the new rules, illegal trading, market manipulation, and failure to disclose important information on digital assets will be considered unlawful. The new rules will impose hefty fines and sentencing of non-compliant crypto firms. 

The new rules grant the South Korean FSC the legal power to supervise the operations of crypto firms. The FCS will assess whether local virtual asset service providers’ operation aligns with the new rules.

Reportedly the Virtual Asset User Protection Act was drafted in June last year to prevent the recurrence of another FTX that adversely affected the operation of major crypto firms. Days ahead of the South Korean general election, various politicians have revealed plans oppose the implementation of Virtual Asset User Protection Act if elected. 

In an interview with Bloomberg, the Democratic Party of South Korea revealed plans to ease the prohibitive measures on issuing crypto exchange funds (ETF).  The opposition party plans to create a friendly environment to allow local investors to engage in the buying and selling of ETFs. 

Besides imposing restrictive measures, the South Korean authority plans to collaborate with the global law enforcers to address financial crimes conducted by the North Korean illicit groups.

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DOJ Files Motion Challenging Dismal of Charges against Tornado Cash Developer Roman Storm

In its official publication, the US Department of Justice (DOJ) filed a motion challenging the plea of Tornado cash developer Roman Storm. Earlier this week, Storm urged the court to dismiss charges of his involvement in the  Tornado Cash. 

Storm was indicted alongside the co-founder of Tornado Cash, Roman Semenov, for conspiracy of money laundering and violation of the International Economic Emergency Powers Act. 

DOJ Files Motion on Tornado Cash Developer

The prosecutors proposed that the two should serve a 20-year imprisonment for engaging in money laundering activities. Also, Storm and Semenov will receive an additional five years imprisonment for operating an unregistered money transmitter. 

In retaliation for the charges, Storm urged the court to dismiss the three charges. He claimed that the allegations were fatally flawed and the court should immediately dismiss the charges. 

Working as the developer of the controversial crypto mixer, Storm claimed that there was nothing he could do to prevent the use of Tornado cash in bypassing the Western sanction. 

The defence team claimed the allegation against Storm lacked substantial evidence. On the other hand, the attorney told the court that Semenov only provided the code design for Tornado Cash but was not responsible for its use.

Tornado Cash Developer Charged for Conspiracy of Money Laundering

Storm’s plea for dismissal of charges challenged vital industry players to support him. Days after the court hearing, the Storm supporters filed an amicus brief urging the court to dismiss charges. 

Reportedly, the Storm supporters raised funds to support the defence team in presenting their client’s interest. Despite efforts to prove Storm’s innocence, the DOJ team examined the motion filed by the defendant. 

In the 111-page motion, the prosecutors argued that Tornado Cash was a profit-chasing entity benefiting Storm and other officials. The prosecutors argued that Storm should answer the three charges against him since Tornado Cash has been a crypto mixer since 2019.

A review of the Tornado Cash operation demonstrated that the platform offers a user interface, a series of relayer networks, and multiple smart contracts. The prosecutors noted that Tornado Cash’s popularity attracted a large following of individuals seeking to conceal their source of income. 

A statement from DOJ prosecutor Damian Williams demonstrated that Storm was responsible for the three charges since he was the mastermind of developing a system with anonymity features. With the regulation changes, the prosecutors blamed Storm and Semenov for failing to assess the compliance level of the Tornado Cash with the US sanctions.

The failure to monitor the Tornado operation encouraged notorious criminals, such as the North Korean Lazarus group, to use the crypto mixer to transfer illicit funds. 

US Regulators Clamping Down Unregistered Crypto Mixers

The prosecutors opposed Storm’s motion, stating that Tornado did not operate as a crypto mixer or meet the regulatory requirements for operating as a financial institution.

In September, Storm pleaded not guilty to the three charges and was released with a $2 million bond. His release subjected Storm to numerous restrictions, such as a travel ban to allow the prosecutors to proceed with their investigations. 

The Tornado Cash case obliged the US law enforcement units to step up and shield the customers from exploitative activities. Earlier last week, the US law enforcers arrested the co-founders of Samourai Wallet for supporting money laundering activities.

The arrest of the Samourai Wallet chief executive, Keonne Rodrique, and the chief technology officer, William Hill, compelled US regulators to send early warnings to non-compliant crypto firms. 

The two will face 20 years for conspiracy of money laundering and an additional five years for operating as unlicensed money transmitters. Day after the arrest of Hill and Rodrique, the federal Bureau of Investigation (FBI) warned the Americans from using unauthorized crypto money transmitters. 

The crypto community condemned the regulatory warning. A statement from the chief executive of CryptoQuant, Ki Young Ju, argued that crypto mixers were not hideouts from criminals.

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Apple Inc. Holding Talks with OpenAI to Integrate AI Features on IOS 18

Apple Inc. has initiated talks with the developer of ChatGPT OpenAI to integrate the artificial intelligence (AI) features on IOS 18. The primary objective of integrating the AI feature is to boost the iPhone’s speed. 

According to Bloomberg, the Apple team is having intense discussion with the OpenAI team to explore ways to integrate AI feature into the IOS technology. 

Apple Inc. Plans to Integrate AI Features on iPhone

The announcement came at a time when the giant tech company plans to create its large language model (LLM) to boost the performance and efficiency of IOS 18. During the ongoing talks, Apple and OpenAI discussed integrating chatbot or search components into its latest iPhone.

The talks came days after Apple and Google were planning to license Gemini. The two tech companies contemplates on leveraging Google’s AI-oriented chatbot Gemini for its iOS 18. The Bloomberg team confirmed that the talks between Apple and Google were still ongoing.

Even though Apple has not settled on which AI tool that will perfectly blend with the proposed iOS 18, the tech company is expected to provide its final decision.

Market critics argued that Apple would license OpenAI and Google AI technologies or settle for none. The Apple team has shown no interest in integrating the AI feature for months. 

Growing Demand for AI Tools

With the latest news, Apple has joined other tech heavyweights in integrating AI technologies into their businesses. In an earlier post, the chief executive of Apple.Inc. Tim Cook announced plans to invest heavily in AI technology. 

The executive confirmed that Apple could partner with other companies to integrate advanced technologies such as AI. Cook added that the newly launched M3 MacBook Air will become the leading consumer laptop for AI. 

The CEO confessed that the tech company plans to launch AI-inspired laptops and desktops this year. Apple’s LLMs will support the proposed launching of these AI-fueled laptops. 

Even though the CEO did not disclose much details on the AI features on iPhone and other devices, it seems Apple will invest heavily in developing artificial intelligence technologies. A recent study to demonstrate AI capabilities demonstrated that generative AI tools were unreliable while AI gadgets such as Humane AI pins created disastrous reviews. 

Despite the shortcomings of AI technologies, the Apple team seems interested in this technology. In May last year, the director of machine learning at Apple Inc. Ian Goodfellow revealed plans to leave his role after the tech company to return to the in-person working system.

AI Development Subjects Tech Companies to Fierce Competition

Earlier, the Apple team implemented in-office working policy that required the employees to work from their respective working stations. The resignation of Goodfellow created professional gaps at Apple, forcing the company to reassess its strategy.

Since 2022, the Apple team has extensively researched and developed AI-related projects. A review of the company website depicts that Apple has launched around 8 LLMs equipped with code and training logs. 

Despite Apple’s commitment to developing AI and machine learning technologies, the tech company struggles to outpace the LLMs developed by its top rivals, OpenAI’s ChatGPT and Google’s Gemini.

As the tech industrycontinues to become more competitive, Apple’s top rival, Microsoft, gained a strategic advantage after partnering with OpenAI. According to a recent report, Microsoft’s market capitalization reached $3.019 trillion, followed by Apple with a total market value of $2.614 trillion.

However, to gain a competitive edge in an already crowded market, the Apple team has intensified its effort to enter into a generative AI partnership. The ongoing search for suitable partners for developing generative AI prepares Apple for its Worldwide Developers Conference (WWDC) scheduled for June 2024. 

The event will be held at Apple Park with the aim of building strong social networks between the company developers, students, and other professionals in the software development field. At the event, the Apple team presents its latest development and showcases cutting-edge products.

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Cboe’s Restructuring Plans to Merge Digital Assets Arm with Derivatives and Clearing Division

The Chicago board options exchange parent company Cboe Global Markets has unveiled its restructuring plan. The proposed reorganization plan targets eliminating the existing digital spot market from the Cboe digital arm. 

In the upcoming restructuring plan, Cboe will migrate the digital spot market to Global derivatives and clearing businesses. The American securities company has scheduled to end the digital spot market in Q3 of 2024. 

Review of Cboe Reorganization Plan

A review of the restructuring plans demonstrates that the Cboe will transition the cash-settled Bitcoin futures contracts to the Cboe Futures Exchange from the ordinary Cboe digital exchange in Q1 of 2025.

Before then, the cash-settled Bitcoin futures contracts will undergo a thorough regulatory assessment and corporate approvals. In the upcoming reorganization plan, the Cboe digital clearing division and Cboe Clear Digital will merge with the European Cboe Clear, which Vikesh Patel currently leads.

According to the announcement, the proposed restructuring plan will steer the Cboe toward prosperity and attaining long-term goals. Citing the lack of regulatory clarity for digital assets, the Cboe was obliged to conduct a strategic review to support the attainment of the end plan. 

A review of the Cboe website illustrated that the securities company offers a complete suite of digital assets, including Bitcoin, Ether, Litecoin, Bitcoin Cash, USD, and Litecoin products. The proposed restructuring plans came when the US Securities and Exchange Commission (SEC) stretched its enforcement action on digital assets.

Recently, the SEC has classified some of the digital assets as securities. The SEC listing sparked heated debates among the crypto community. In response to the changes in crypto regulations, key industry players have championed the need for regulatory clarity on digital assets.

Cboe Plans to Eliminate Digital Spot Market

With the ongoing discourse for clear crypto regulation, the Cboe has taken a strategic step to operate compliantly. In its announcement, Cboe explained that the restucturing plan aims to reduce the cost of operating the digital spot division. 

The exchange claimed that the winding down of the digital spot arm would benefit Cboe. According to the Cboe, after the implementation of the restructuring plan, the exchange will have saved around $2 million to $4 million in 2024. 

Thereafter, the exchange will save around $15 million annually. This implies that the restructuring plans aim to minimize Cboe’s operational costs while optimizing its savings.

A statement from the chief executive officer at Cboe Global Market, Fred Tomczyk, revealed that focusing on digital assets enables the exchange to assess its strategy and leverage its strengths in derivative markets. The CEO stated that restructuring was essential to support Cboe in attaining technological excellence and product innovation.

He anticipate that the restructuring plan will support the Cboe in its optimization endeavors aligning its business with the long term objective.

Significance of Cboe Restructuring Plan

In an interview with the Cboe Global Market, president David Howson projects that changes in the crypto sector will push for high demand for exchange-traded derivatives. The executive expects that the surge in crypto EFTs will curb risks related to digital assets and improve capital and operational efficiencies.

From 2022, Cboe has demonstrated its growing interest in digital assets after acquiring a renowned spot market dubbed Erisx.The acquisition of ErisX aimed at enabling Cboe to expand its product offering to derivative markets, spot markets, and clearing platforms.

The ErisX was later renamed as the Cboe digital arm. Shortly after the ErisX acquisition, the crypto bears resurfaced, dragging most digital assets to the red zone. Following a bumpy crypto winter, the Cboe expenses rose to around 312% due to the ErisX acquisition.

The Cboe complained that the underperformance of ErisX exposed the exchange to a $460 million goodwill impairment.In the meantime, Cboe confirmed that it would provide further details concerning the restructuring plans in its upcoming Q1 2024 earning call scheduled for May 3, 2024.

Editorial credit: Piotr Swat / Shutterstock.com

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Ace Exchange Founders Might Face 20 Years Imprisonment for Defrauding Customers

On Friday, the Taipei District prosecutor accused 32 individuals of involvement in Ace Exchange. The suspected were accused of committing severe crimes of defrauding the investors and engaging in money laundering activities.

In the report, the prosecutors proposed that the four primary suspects related to the Ace Exchange saga should receive 20 years imprisonment. In this case, the primary suspect included the founder of Ace Exchange David Pan, former chairman Wang Chen-huan and their business partner Lin Keng-hong.

Taiwan Prosecutors Charge Ace Exchange Founders

The indictment of the 30 suspects demonstrated Taiwan’s commitment to addressing financial crime. According to the report, the prosecutors claimed the role of the suspects at Ace Exchange impacted huge financial losses. 

Reflecting on the Ace Exchange case, the prosecutor noted that around 1200 individuals were enticed to invest in NFTC coins and Bitnature token change, among other digital assets. 

The suspect invested in marketing their products through white papers and other promotional approaches to attract a large audience. As the suspect intensified their product promotion in Asia, Lin and Pan agreed to create Ace Exchange. 

The two business partners agreed to invest heavily to position Ace Exchange among the leading blockchain networks supporting the buying and selling crypto assets in Asia. Months after investing in Ace Exchange, the investors noted a sudden decline in the value of their digital assets.

Contrary to the promises made while purchasing the digital assets, the investors observed the value of their crypto assets plummets below the Taiwan dollar. The sudden decline in the price of the Ace Exchange digital assets created fear among investors.

Ace Exchange Founders Accused of Price Manipulation

In retaliation to the predicament, the affected investors filed charges against the Ace Exchange and the officials for luring them into fraudulent schemes. In a subsequent report, the prosecutors noted that the suspect manipulated the prices to attract a large following.

A review of Ace Exchange demonstrated that suspects are accused of selling digital tokens and other blockchain products worth $2.2 billion. The suspect pocketed the profits generated from Ace Exchange to acquire property, including real estate in Yilan County. 

The prosecutors noted that around 340 NT$, equivalent to $10.6 million was lost in the Ace Exchange scandal. After a thorough investigation, the prosecutors revised the figures and noted that the Ace Exchange saga subjected customers to loss of 800 million New Taiwan dollars valued at $24.56 million. 

Based on the severity of the case, the prosecutors proposed that Wang should serve 12 years imprisonment. The official argued that Wang’s role as the director of Ace Exchange was punishable by law. 

Taiwan Law Enforcers Target Ace Exchange

Earlier in January, the Taipei police raided the Ace Exchange, arresting 14 suspects. The arrest of the Ace Exchange officials obliged the Taiwanese law enforcers to probe the operation of the trading platform. 

In their findings, the law enforcers noted that the founder of Ace Exchange, Mr. Pan, was involved in running a fraudulent crypto wallet, Alfred Wallet. Based on the losses caused by the suspect, the Taiwan court ordered the regulators to seize assets worth 3.5 million NT$ owned by the suspects.

In response to the indictment of the suspects, the Ace Exchange provided a comprehensive report explaining that Pan had nothing to do with the platform. The Ace team confessed that since 2022, the David Pan was not involved in the running of the platform.

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Phoenix and Wasabi Wallet Shutting Down Operation in US Cites Heightened Regulatory Pressure

On Friday, the Phoenix wallet revealed plans to exit the US market, citing heightened regulatory pressure. The Phoenix team confirmed that its non-custodial Bitcoin wallet ACINQ would be removed from the Google and Apple marketplace.

The decision to exit from the vibrant US market emanated from enforcement action taken against nonlicensed crypto money transmitters. 

US Crack Down Self Custodial Wallets

A few days ago, the federal agency took legal action against Samourai and Metamask for operating as unauthorized money transmitters. Also, the law enforcers claimed that the two wallets under government investigation supported money laundering activities. 

A review of the court documents demonstrated that the chief executive of Samourai Wallet, Keonne Rodrique, and the chief operating officer, William Hill, will receive 20 years imprisonment for money laundering charges. 

Also, the two will receive an additional five years imprisonment for operating as unauthorized money transmitters. The heightened regulatory action on non-compliant firms sparked heated debates among the crypto community.

Phoenix and Wasabi Wallet Exit US Market

On X, the investors demanded to know whether the ACINQ operations complied with the requirements for the money service business (MSB). 

In response to the questions, the ACINQ team argued that the recent regulatory action on money transmitters has created confusion on whether the self-custodial wallets or Bitcoin lightning service providers operate as MSB. 

The Phoenix team complained that it was still unclear whether the ACINQ wallet should be regulated under the MSB regulation. With the Federal Bureau of Investigation (FBI) and Department of Justice (DOJ) warnings against unlicensed money transmitters, the Phoenix team made the hard decision to exit the US. 

On X, the Phoenix team urged ACINQ users to withdraw their funds on the wallet before May 3. The shutdown of the ACINQ wallet is expected to start next week. 

The Phoenix team has advised their customers to follow the steps provided to withdraw their funds from the platform. The non-custodial wallet advised the customers not to use the force closing option on their wallet due to high on-chain costs. 

Shortly after Phoenix announced plans to wind down ACIQN operation in the United States, the Wasabi team revealed plans to suspend its zkSNACK from operating in the region. 

Global Regulators Teams Up to Address Money Laundering

In a blog post dated April 27, the Wasabi team confirmed that US regulators had imposed restrictive measures undermining the operation of its zkSNACKs wallet. They complained that the US law enforcer were advising the customers to avoid using zkSNACK. 

Following the early warning against the use of unauthorized crypto money transmitters, the Wasabi team commenced the shutting down process. The heightened regulatory scrutiny of crypto firms has elicited embroiled debates among the crypto community. 

On X, the digital partners at Piper Alderman Michael Balcina complained that instead of sending early warnings on the use of certain crypto products, it was important for US lawmakers to consider providing a comprehensive regulatory framework for digital assets. 

The official condemned the warning issued by the regulatory agencies against the use of unregistered money transmitters, which lack finer details on how digital assets should be supervised. Balcina believes that providing regulatory clarity on digital assets will be beneficial to the government and customers. 

The warning came at a time when global regulators exploring ways to address money laundering activities and other financial crimes. In their pursuit to restore financial integrity, the regulators claim that criminals are using self-custodial wallets to transfer illicit funds. 

On Thursday, April 25, the US Securities and Exchange Commission (SEC) issued a Well Notice to Consensys, threatening to take enforcement action against the software development company. 

The SEC claimed that Consensy’s offering, including Metamask swaps and Metamask staking, contravened the law. Also, the market regulators accused Consensys of operating as an unregistered broker and dealer. 

Elsewhere, the European regulators advised the investors to conduct due diligence before transacting with self-custodial wallets. The regulators urged the local crypto exchange to conduct identity verification checks for businesses and individuals transferring above 1000 Euros.

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The Smart Bettor’s Guide to Crypto Sports Betting

Sports betting has become a popular pastime globally, transcending borders and uniting fans through the thrill of the game and the exhilaration of wagering. The advent of cryptocurrency in this arena has introduced a new layer of excitement and complexity.

This guide aims to provide you with comprehensive strategies to not only enjoy but also potentially profit from crypto sports betting.

Fundamentals of Bankroll Management

Effective bankroll management is the cornerstone of successful sports betting. Here are essential tips to manage your funds wisely:

Setting a Budget

Treat sports betting as a form of entertainment. Allocate a monthly or weekly budget similar to how you would for dining out or cinema visits. This budget is the total amount you are willing to risk. It’s crucial never to exceed this limit to maintain financial health and enjoyment of the game.

Consistent Bet Sizing

Instead of erratic wager amounts, establish a consistent unit size for bets—for instance, 1% of your total bankroll per bet. This method helps mitigate the risk of rapid losses and discourages the detrimental practice of chasing losses.

Avoiding Additional Deposits

Stick to your predetermined budget and avoid topping up your bankroll within the set period. This discipline helps maintain a sustainable and enjoyable betting practice.

Deepening Sports Knowledge

Understanding the sport you are betting on enriches your betting strategy significantly:

Research and Analysis

Invest time to learn about team dynamics, player conditions, recent forms, and historical performance against opponents. This knowledge allows you to make more informed decisions rather than placing arbitrary bets.

Tactical Considerations

Consider how different teams or players perform under various conditions, such as different venues or against certain opponents. This understanding can be pivotal in making profitable betting decisions.

Shopping for Best Odds

Choosing a Sportsbook

While having a preferred sportsbook is common, always compare the odds offered on similar events across different platforms. Sportsbooks can aid in this comparison, though remember that not all platforms include crypto sportsbooks.

Promotional and Event-Based Bets

Look out for sportsbooks offering enhanced odds or promotions, especially those related to specific events or sponsorships, as these can offer additional value.

Understanding Betting Markets

Familiarize yourself with the common types of betting markets:

Moneyline Bets

These are straightforward bets on which team or player will win a match. They are ideal for clear favorites.

Point Spread

This bet type considers the strength disparity between opponents, offering a more balanced risk.

Over/Under (Totals)

This option involves betting on whether the total score will be over or under a predetermined figure, avoiding the need to pick a specific winner.

Once comfortable, explore more complex bets like Prop bets, which focus on specific in-game occurrences.

Identifying Value Bets

Value betting involves identifying bets where the odds appear more favorable than the actual likelihood of the event. This requires a deep understanding of the sport and the ability to interpret odds effectively.

Keeping Records

Maintain detailed records of all bets placed, outcomes, and financial impacts. This historical data is invaluable for refining strategies, understanding betting patterns, and improving future decision-making.

Managing Emotions

Emotional Discipline

Sports betting can be emotionally charged. It’s crucial to remain disciplined, making decisions based on logic rather than emotion, particularly after losses.

Sticking to the Plan

Adhere to your betting strategy and budget regardless of recent outcomes. Avoid the temptation to chase losses with impulsive bets, as this can lead to greater financial and emotional distress.

Conclusion

Crypto sports betting offers a unique blend of excitement and potential financial reward, but it requires discipline, research, and a structured approach.

By adhering to these strategies, you can enjoy the thrills of sports betting while minimizing risks and enhancing your potential for success. Whether as a casual pastime or a more serious endeavor, mastering these strategies can greatly improve your betting experience in the crypto sports betting landscape.

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Philippines SEC Issue Directives to Remove Binance App on Apple and Google Marketplace

• Philippines regulators claim that Binance operated as an unregistered entity.
• Binance to suspend operation in the Philippines.
• The Philippines authorities directed Google and Apple to eliminate the Binance app from their app stores.

In an official communication, the Securities and Exchange Commission in the Philippines issued directive orders to giant tech firms Google and Apple. The SEC ordered Google and Apple to scrap the Binance application from their app stores. 

The directive aimed to safeguard Philippine investors from exploitative activities that might lead to financial losses. In an April 23 update, the SEC pledged to collaborate with renowned tech firms to remove the Binance mobile app from their platforms entirely.

Binance to Suspend Operation in the Philippines 

 The market regulators claimed to share a series of letters with tech firms about removing Binance from their local marketplace. The regulators claimed that the operation of Binance would harm Filipino investors. They argued that Binance’s operation in the region threatened the financial sector. 

A statement from the SEC chair Emilio B. Aquino stated that the operation of Binance in the Philippines was unlawful. Citing the securities law, Aquino argued that the buying and selling unregistered securities in the region was illegal. 

Also, the executive admitted that the operation of unauthorized brokers breached the securities regulations. The official described the removal of Binance from the local marketplace as a strategic step in addressing illegal activities in the Philippines. 

Aquino regretted that failure to suspend the operation of the Binance app would have a detrimental effect on the national economy. The new directives came days after the SEC and the National Telecommunication Commission (NTC) restricted access to the Binance website. 

Philippines Authority to Collaborate with Tech Firms to Halt Binance Operations

In March, the Philippine regulators claimed that the operation of Binance was unauthorized. The financial regulators in the region accused Binance of violating the Securities Regulation Code by offering investment products, including leveraged trading services and crypto saving accounts, without completing the necessary registration processes.

Based on the risk associated with Binance’s operation in the Philippines, the regulators advised the regulators to be careful while investing in offshore crypto exchanges such as Binance. The government authority added that the controversial crypto exchange must obtain a license to operate compliantly in the region.

In a subsequent report dated April 8, the SEC official stated that the authority had issued three months for Filipino investors to withdraw their funds from the platform. After the extension period for the withdrawal lapsed, the regulators claimed that Binance’s operation would be permanently suspended in the region. 

The Binance users in the region are advised to expedite the withdrawal process to avoid losing their funds. The regulators claimed that the attempt to suspend Binance’s operation aims to restrict unlicensed crypto exchanges from operating in the region. 

Binance Facing Legal Action in Asian Countries

Inspired by the desire to safeguard customers from unlawful activities, regulators vowed to ban the operation of non-compliant firms. The Philippine move mirrors the regulatory action taken against Binance in India, Thailand, and Canada.

In an April 23 publication, the Canadian authorities issued a new class action lawsuit against Binance for violating the securities regulations. The Canadian market regulators accused Binance of facilitating the buying and selling of crypto derivatives to institutional clients without completing the primary regulatory registration.

The lawsuit came when Binance accounts for 58% of total spot trading volumes for centralized exchanges. Binance has also cemented its market position in the derivatives markets, followed by Bybit and OKX. 

Having attained the sustainable customer base and desired market position, the crypto exchange vowed to leave Canada by next month to pursue other markets. Besides expanding to other regions, Binance has demonstrated its commitment to comply with the existing law.  

On April 18, the Binance team agreed to settle a $2 million penalty with the Indian authority. The controversial crypto exchange pledged to comply with Indian law and return to the region. 

The Binance return to India marked a significant milestone for the exchange to expand its regulatory portfolio. Earlier this week, the Binance team secured a crypto license to operate as a virtual assets services provider (VASP) in Dubai.

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Scammers Preying on Messaging App Telegram to Steal Toncoin

Following the launch of Telegram on the Open Network (TON) blockchain, bad players have been seen looming on the platform to steal Toncoin from the token holders. Cybersecurity company Kaspersky uncovered the news concerning the ongoing suspicious activities on Telegram.

The security team noted that the criminals employed advanced techniques to drain measurable Toncoin tokens from the global Telegram users. The Kaspersky team regretted that the criminals shifted their focus to Telegram in November last year after Ton attained the desired popularity.

Hackers Exploit Telegram to Drain Toncoin

Driven by the desire to attain financial gains, the bad players have been actively targeting to steal from the messaging application and TON network. Kaspersky lamented that criminals devised various strategies to devise the Telegram users. 

Firstly, criminals have been promoting referral schemes that promise Telegram users high returns. To attract a large audience to the suspicious referral system, criminals are seen sharing links to their contacts and friends on the messaging app. 

Several Telegram users have unknowingly fallen for the scammer’s trap, losing substantial TON tokens. Besides sharing the suspicious link, Kaspersky observed that the criminal had been hyping a Telegram bot for storing crypto assets and links to their Web3 wallets. 

Also, the scammers instructed the Telegram users to acquire more Toncoin through the official Telegram bot, peer-to-peer (P2P) platforms, and crypto exchanges, purporting that the purchase would boost their credibility scores and add an extra layer of security. 

Rise of Crypto Scam

The Kaspersky team noted that the criminals enticed the Telegram users to purchase boosters through a separate bot. After completing these processes, the scammers assured the Telegram users that they will start earning money from the platform. 

The security expert for Kaspersky regretted that after the victims purchased the booster, the criminal gained unauthorized access to the user account. This implies that the final steps for acquiring the booster allowed scammers to steal customers’ funds.

The probing team stated that the boosters, including bikes, trains, planes, and rockets, varied in cost. These boosters were priced between 5 to 500 Toncoins. The Kaspersky team noted that the Telegram users who purchased the booster were urged to register for the referral program and invited friends to earn rewards. 

The security experts regretted that the Telegram user registered for the referral program lost $2 to $2700 in the ponzi scheme. A review of the suspicious referral program demonstrated that the link shared with Telegram users and their friends consisted of numerous instructions. The referral links shared by the scammers were in English and Russian versions. 

Investors Advised to Avoid Quick Wealth

According to Kaspersky, the scammers urged the users to invite more than five referrals to start earning rewards. Initially, the criminals had assured the customers of considerable returns before completing the earning program. 

This earning will be distributed in two primary approaches, including a fixed payment of 25 TON for every invite. Consecutively, the scammer promised the Telegram users that they would earn a commission per the number of boosters purchased.

A statement from the lead content strategist at Kaspersky, Olga Svistunova, described the boosters as an effective tool for earning from their crypto investments. The executive observed the similarity of the booster with those used in online games that allow the player to earn additional rewards.

The official noted that in the Telegram case, the pyramid scheme allows the participants to become partners instead of freeloaders. In this case, all the Telegram users registered for the referral program lost all their investments.

Upon contacting the Kaspersky team to enquire about the number of customers affected by the pyramid scheme, the security team vows to provide the final investigation report. The Kaspersky warned investors to be hyper-vigilant when making investments that promise high yields. 

Also, the investors are urged to conduct their due diligence and avoid quick wealth. The probing team advised the Telegram team to implement adequate security measures to shield users from scams and fraudulent schemes.

Editorial credit: nikkimeel / Shutterstock.com

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Thailand Regulators Set to Restrict Operation of Unauthorized Crypto Exchanges

The rise in crypto-related crimes has forced the Thai government to take decisive action to restrict the operation of unregistered exchanges. In an April 19 announcement, Thai regulators confirmed that the restrictive measure on noncompliant exchanges addresses money laundering and online crimes. 

The new provision compels the Thai Securities and Exchange Commission (SEC) to provide a comprehensive report on unregistered crypto exchanges to the Digital Economy and Society Ministry.

Thai Regulators to Ban Unlicensed Crypto Exchanges

During the Technology Crime Prevention and Suppression Committee meeting, the secretary general for the Thai SEC, Pornanong Budsaratragoon, issued new directives on the need to suspend the operation of unregistered exchanges. 

The decision to ban unregistered crypto exchange mirrors the strategic action taken by regulators in India and the Philippines. A few weeks ago, the Indian and Philippine authorities banned unlicensed foreign crypto exchanges. 

The ban aimed at addressing financial crimes and strengthening investors’ protection. The commission underlined the risk associated with the operation of unlicensed crypto exchanges in Thailand. 

According to the SEC, to reduce the inherent threat associated with the operations of unauthorized exchanges in Thailand, the regulators advised the customers to withdraw their funds from platforms under regulatory scrutiny.

The SEC urged the customer to expedite the withdrawal process before the new rules take effect. In the latter, the SEC warned Thai investors to be hyper-vigilant when receiving services offered by unlicensed crypto exchanges since they are not recognized under the existing law. 

Rise of Crypto Crime

Besides noncompliance with the licensing requirement, the unregistered exchange has become a breeding ground for scammers and money launders. The commission advised the Thai investors to conduct due diligence with the SEC before conducting any transaction or investment with the exchanges under scrutiny. 

Also, the traders were urged to check the compliance level of the crypto exchange with the SEC Check First platform. For instance, after an analysis of the compliance of Binance in Thailand, the commission noted that the controversial crypto exchange was not registered in the region. This implies that the Binance operation will be seized immediately after the new rules take effect.

Apart from Binance, the market regulators noted that renowned offshore exchanges, including KuCoin, OKX, Coinbase, and Kraken, operated in Thailand illegally. Despite restricting measures on unauthorized exchanges, Thai regulators have remained at the forefront of the ongoing push for crypto adoption. 

The criminal activities witnessed in the crypto sector have limited the plans to promote the mainstream adoption of crypto assets. A few weeks ago, the Thai authority allowed wealthy investors and institutional clients to invest their holdings in crypto exchange-traded funds (ETFs). Also, Thai regulators allow retail customers to invest in gold-backed digital assets. 

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