This year saw an explosion of meme coin launches, many of which have questionable ties.
In fact, Lookonchain’s data effectively highlights the perils of trading meme coins, especially those endorsed by celebrities, with the latest spotlight on American celebrity Caitlyn Jenner’s JENNER, which was launched on the Solana blockchain.
JENNER Memecoin Pitfall
Despite several market participants questioning the legitimacy of the token, some traders still went on to buy and trade JENNER tokens. One trader, who had previously turned a massive profit by converting 2,620 SOL into 21,159 SOL (worth approximately $3.7 million) within five days by trading the BOME token, saw his fortune take a major hit with JENNER.
Investing 1,208 SOL into JENNER, the trader managed to recover only

Long-term Bitcoin holders – those holding BTC for over 1-2 years – tend to sell portions of their holdings during bullish price phases when bitcoin’s price is rising. This selling behavior was observed from early 2024 through April.
However, holders with Bitcoin UTXOs (unspent transaction outputs) older than 3 years continued to accumulate more BTC supply, indicating strong long-term bullish sentiment among this cohort.
Diverging Behavior Among Long-Term Bitcoin Holders
According to the latest findings by CryptoQuant, over 50% of BTC’s total supply has remained inactive on the blockchain for over a year, suggesting conviction among long-term holders about bitcoin’s future value proposition despite price fluctuations.
As the price of the world’s largest cryptocurrency

Former FTX co-CEO Ryan Salame was sentenced yesterday to 90 months in prison, according to Damian Lewis, the United States Attorney for the Southern District of New York.
Salame previously pled guilty to conspiring to make illegal political contributions and defraud the Federal Election Commission and to conspiracy to run an unlicensed money-transmitting business before US District Judge Lewis A. Kaplan, who handed down today’s sentence.
Ryan Salame’s Sentencing
As per the official press release, Salame served as the co-CEO of FTX Digital Markets, the company’s Bahamas-based subsidiary, from 2019 to 2021.
His legal representatives argued that he should be sentenced to no more than the minimum term of 18 months. They advocated for leniency by citing that he was the first

Nearly a year after launching on Ethereum, PayPal’s stablecoin PYUSD is being introduced on the Solana blockchain.
This move will enable users to choose between multiple blockchain networks, providing greater flexibility and control over their transactions and holdings.
PayPal Brings PYUSD to Solana
According to the official announcement, PayPal highlighted Solana’s ability to handle a massive volume of transactions at high speeds and extremely low costs as a key driver behind bringing PYUSD to the network.
With Solana emerging as the leading blockchain for tokenized transactions and the most utilized for stablecoin transfers, according to blockchain analytics platform Artemis, PayPal said the Layer 1 network presents significant benefits for commerce use cases.
Commenting

Ethereum has been hovering near the $4,000 mark, driven by a major turnaround in the US Securities and Exchange Commission’s (SEC) decision to approve spot ETH ETFs. This development has fueled trader optimism about the leading altcoin’s price trajectory.
However, increased inflows of ETH into cryptocurrency exchanges could spell trouble.
ETH Inflows Signal Selling Trend
ETH has gained almost 20% over the past month. The resurgence in its performance has been mainly influenced by the market’s expectation to spot Ethereum ETFs in the United States.
Although the asset’s price action was underwhelming immediately post-approval, the movement toward the $4,000 mark was deemed crucial and noteworthy.
The volume of Ether entering exchanges reached its peak since January, with a

Bitcoin and Ethereum have managed to pull crowds with stunning rallies this year. With the approval of their respective spot ETFs, the world’s largest cryptocurrencies are expected to attract billions.
As such, popular analyst Lark Davis has made bold predictions for the top assets.
Bold Predictions For Bitcoin and Ethereum
In a recent tweet, Davis predicted that Bitcoin will soar to $150,000 and Ethereum will reach $15,000, driven by market dynamics. He points to the inflows already seen in spot Bitcoin ETFs, which are attracting hundreds of millions of dollars daily.
Ethereum ETFs are on the cusp of starting trading, expected to further fuel market enthusiasm. Davis said he anticipates a bullish scenario where a peak bull market coincides with massive investments from

Robert Kiyosaki, author of “Rich Dad Poor Dad,” has debunked the commonly held belief that bonds are generally safe investments. In a recent tweet, Kiyosaki labeled the notion that “bonds are safe” as the “biggest lie” propagated by financial planners to “gullible” investors.
He even went on to warn that even highly rated AAA bonds are poised to crash, particularly due to the looming crisis in the commercial real estate market. Instead, he advocated for Bitcoin as a crucial component of a safe investment strategy.
Bonds: The “Biggest Lie” in Investing
Kiyosaki, who is known for being a Bitcoin proponent, argued that financial planners mislead ordinary investors by promoting bonds as secure investments and predicted that even high-rated AAA bonds are at risk, especially in

In compliance with regulatory requirements, OKX said that it would discontinue its centralized cryptocurrency trading services for residents of Hong Kong starting May 31, 2024.
OKX attributed the decision to withdraw its virtual asset service provider (VASP) license application to a “careful consideration” of its business strategy, however, the exchange did not provide further details or specific reasons behind this move.
OKX Retreats from Hong Kong
In its official blog post on Friday, OKX revealed that the customer funds remain secure, and withdrawal services will continue to function normally.
After May 31, 2024, Hong Kong-based customers will only be able to withdraw their funds from the platform and will not be able to trade or deposit. It’s important to note that

Kabosu, the Shiba Inu who became a global internet sensation as the face of the “Doge” meme, passed away on May 24 at the age of 18, her owner, Japanese kindergarten teacher Atsuko Sato, confirmed on Instagram.
The beloved dog, known for her iconic expression and the humorous captions that accompanied her photos, captured the hearts of millions worldwide and became a symbol of the whimsical and endearing nature of internet culture. “Kabosu is at rest now,” Sato wrote in a heartfelt blog post.
Confirming the news, Dogecoin’s official X handle tweeted,
“Today Kabosu, our community’s shared friend and inspiration, peacefully passed in the arms of her person. The impact this one dog has made across the world is immeasurable. She was a being who knew only happiness and

Bitcoin has climbed above $71,000 this week, breaking out of the tight trading range it had been confined to for several weeks. One of the main catalysts for this price action is the strong demand through ETFs, with net inflows of approximately $1.2 billion over the last week.
Going forward, several key factors suggest a new wave of demand could be building for Bitcoin.
New Wave of Demand for Bitcoin
As noted by CryptoQuant’s latest analysis, over the past week alone, these ETFs have seen around $1.2 billion in net new inflows, reflecting increased buyer interest in gaining exposure to the asset through these investment vehicles. This huge capital flows into spot Bitcoin ETFs have provided a significant boost to the leading cryptocurrency’s price after a period of relative

The weakening Japanese yen could potentially lead to actions that drive up the price of bitcoin and other cryptocurrencies, according to former BitMEX CEO Arthur Hayes.
His central argument revolves around the fact the Japanese yen has been rapidly weakening against the US dollar due to the large interest rate differential between the two currencies. This hurts Japan’s export competitiveness against China.
China may threaten to devalue the yuan if Japan doesn’t strengthen the yen, as a weaker yen makes Japanese exports more competitive against Chinese exports.
To avoid a yuan devaluation that would hurt US manufacturing, the US could pressure Japan to strengthen the yen by having the Federal Reserve engage in unlimited dollar-yen currency swaps with the Bank of Japan,

A confidential United Nations report obtained by Reuters reveals that North Korea’s notorious cybercriminal group known as the Lazarus Group transferred millions of stash of stolen cryptocurrency back to the Asian country last year.
In March 2023, these North Korean hackers illicitly took $147.5 million worth of cryptocurrency from HTX, a crypto exchange owned by TRON founder Justin Sun. A year later, they funneled the funds into the isolated nation using the sanctioned crypto mixer Tornado Cash.
North Korea’s Cyber Warfare
According to a report submitted last week, the monitors told a United Nations Security Council (UNSC) sanctions committee that they had been probing 97 suspected North Korean cyberattacks on cryptocurrency firms between 2017 and 2024, valued at

Ontario’s self-styled ‘Crypto King,’ Aiden Pleterski, was arrested and accused of fraud and money laundering related to an alleged Ponzi scheme following one of the most extensive fraud investigations the region has witnessed.
The 25-year-old, along with his associate, 27-year-old Colin Murphy, allegedly stole approximately $30 million from unsuspecting victims.
Crypto King’s Arrest
The charges stem from a 16-month investigation known as ‘Project Swan’ conducted by Canadian authorities amidst an ongoing bankruptcy case related to the alleged scheme, which has garnered significant media attention in the country.
This investigation involved interviews with numerous victims, dozens of court orders, as well as thousands of pages of financial documents, according to officials.

Two siblings who attended the Massachusetts Institute of Technology (MIT) are now facing allegations of exploiting a vulnerability in the Ethereum blockchain. The duo reportedly swindled $25 million within 12 seconds, which the prosecutors labeled as a first-of-its-kind caper.
If convicted, both of them could potentially serve sentences exceeding 20 years in prison.
Anton Peraire-Bueno, 24, and James Peraire-Bueno, 28, are facing federal charges in Manhattan for fraud and money laundering.
The accusations stem from what prosecutors describe as a meticulously planned cyber heist executed from their computers over several months.
They were arrested on Tuesday in Boston and New York. Commenting on the development, Deputy Attorney General Lisa Monaco said,
“The Peraire-Bueno

TON has emerged as one of the top-performing Layer 1 blockchains in 2024, according to the latest analysis by CryptoQuant.
Demonstrating a remarkable 118% outperformance over Bitcoin since the beginning of the year, TON has stood out in stark contrast to other popular Layer 1 chains, which have struggled to gain momentum.
Among major blockchains, only TON and BNB have significantly outpaced Bitcoin in this period, as per the intelligence resource. This relative strength, combined with the robust network effect provided by Telegram, positions TON as a particularly noteworthy cryptocurrency to monitor during this bull run.
TON Network Overview
Despite a turbulent start, the Telegram Open Network (TON) has experienced significant growth over the past year, establishing itself

After wreaking havoc across the digital asset sector and stealing millions of dollars, scam-as-a-service kingpin ‘Pink Drainer’ has vowed to erase all traces of its operations and announced the winding down of its nefarious infrastructure.
In an unexpected statement shared via Telegram, Pink Drainer, the wallet drainer tool known for siphoning funds from cryptocurrency wallets, announced its retirement. This decision comes after Pink Drainer said that it had reached its goal.
In their final message, Pink Drainer’s developers also said they have no plans to return. They added that any messages purporting to be from them should be treated with suspicion unless they are verified by specific wallet signatures (0x636/0x9fa).
The Pink Drainer’s dev note shared by the on-chain

Solana-based meme coin launchpad Pump.fun announced that a former employee used their “privileged position” to access “withdraw authority” and misappropriated around 12,300 SOL, worth approximately $1.9 million at the time.
To prevent further damage, Pump.fun halted trading and updated the contracts.
Flash Loan Exploit
Addressing the exploit, Pump.fun said in an X post that a former employee misused their access to the withdrawal authority, which they had obtained through their previous position within the company.
Utilizing flash loans on a Solana lending protocol, the individual in question borrowed SOL and bought up coins to push them to 100% on their bonding curves. This allowed them to access the bonding curve liquidity and repay the flash loans.
Trading on the

The first month after the Bitcoin halving last month has been uneventful. However, this might change soon as CryptoQuant observed a serious spike in the volume of stablecoins entering the market.
Interestingly, there are significant jumps in stablecoin inflows at various points, often corresponding with movements in bitcoin’s price.
Surge in Liquidity Signals Strong Bullish Trend
Bitcoin witnessed a significant increase in value after the historic approval of US spot exchange-traded funds (ETFs) this year. However, it has been struggling to gain upward momentum since it dropped below its 2021 all-time high of $69,044 in early April. The initial hype over ETFs has diminished, slowing down the cryptocurrency’s previously unstoppable climb.
Nevertheless, there are signs of

Alongside the rest of the cryptocurrency market, Cardano also witnessed a lackluster month. But certain cohorts of high-profile investors have been slowly amassing significant amounts of ADA tokens.
Cardano whales – those holding between 100 million and 1 billion ADA – have added 11% to their balances in the past month, according to ITB’s latest findings.
ADA Whales Adds More Tokens
The latest surge indicates a growing confidence or strategic positioning among large ADA holders. As of now, this cohort of ADA investors commands 6.71% of the entire token supply. Such an insight highlights the whales’ substantial influence within the Cardano ecosystem.

Cardano whales holding between 100m and 1b $ADA have added 11% to their balances over the past 30 days.
This group now holds

AI and big data crypto projects and tokens are suffering losses, reflecting a market lacking a clear direction. As a result, the broader altcoin sector is in turmoil as traders eagerly await signals from Bitcoin.
A new analysis suggests that the dominance of the world’s largest cryptocurrency is increasing, which is holding back altcoin profits. A decrease in its dominance may come as a huge relief for the alts.
Altcoin Rally Ahead?
Glassnode founders ‘Negentropic’ observed that Bitcoin’s dominance in the market is currently rising, which has been suppressing the gains of altcoins.
However, a potential decline in Bitcoin’s dominance could trigger significant rallies among altcoins. Notably, POWR, FTT, and NMR have emerged as top performers among the lot. Bitcoin’s recent

Nearly a month after the fourth Bitcoin halving took place, the first signs of miners’ revenues decreasing are slowly emerging with one clear indicator being the drop in the network hash rate.
The recent decline in this metric potentially indicates miner capitulation, where less efficient miners are quitting due to decreased profitability.
Hash Ribbons Shows Signs of Capitulation
Earlier, the 30-day moving average of the hash rate reached its peak at 630 exahashes per second (EH/s), but now it’s at 606 EH/s. Although this decrease is relatively small and brief, it’s notable because the hash rate usually goes up, indicating a pattern shift.
CryptoQuant’s findings revealed instances of rapid declines in the hash rate, which often signal “miner capitulation.”
“Miner

Digital assets investments said the first inflow in five weeks with $130 million of net gains over the past week.
Interestingly, the lack of action from US regulators regarding spot Ethereum ETF applications has sparked speculation that approval won’t happen soon, and this has resulted in significant outflows for Ethereum in the same timeframe.
Investors Brace for Delay in Spot Ethereum ETF Approval
CoinShares’ latest edition of Digital Asset Fund Flows Weekly Report revealed that Bitcoin investment products experienced $144 million in inflows, rebounding from a sluggish month. Short-bitcoin ETPs experienced outflows of $5.1 million, bringing the total outflows over the last 8 weeks to $18 million.
Among the altcoins, Solana stood out with weekly inflows of $5.9 million.

The movement of stolen cryptocurrency from the Poloniex hack in November 2023 is far from over. Although Poloniex claimed to have identified the attacker weeks later and offered a $10 million reward, the stolen funds were never returned.
In the latest development, PeckShield, a blockchain investigation company, found that more than half of the stolen funds were moved through Tornado Cash.
More than six months after the hack, the bad actor moved 17.8K ETH – worth approximately $53.5 million from six different wallets – to a single address of the controversial coin mixer, Tornado Cash.

#PeckShieldAlert The #Poloniex hacker has already sent a total of 17.8K $ETH (worth ~$53.5million) to #TornadoCash pic.twitter.com/gpkIYVA2fZ
— PeckShieldAlert (@PeckShieldAlert) May 14,

Disgraced FTX founder Sam Bankman-Fried revealed that he hasn’t experienced abuse and doesn’t “feel unsafe.” The only time he feels bothered is during the night when they ask about the rice bags they plan to use for trade.
This was his first comprehensive interview since being imprisoned.
SBF’s Prison Survival: Beans, Rice, and a Currency System
The disgraced founder of FTX and co-founder of Alameda Research, who was found guilty of wire fraud, money laundering, and conspiracy in November, now has a new form of currency for trading while in prison at the Metropolitan Detention Center in Brooklyn.
While speaking to Puck News’ William D Cohan in an interview arranged by SBF’s mother – Barbara Fried – the former CEO of the cryptocurrency exchange informed Puck magazine that

Coinbase’s Layer 2 network – Base – has witnessed a resurgence of user activity. Franklin Templeton’s latest analysis revealed that Base has received significant traction from SocialFi applications such as Friend.Tech.
Friend.Tech’s model, which financializes social interactions, has drawn attention, particularly with the launch of its version 2 platform and the airdrop of its FRIEND token.
Additionally, Base has experienced a notable surge in the supply of USDC on its network, surpassing $2.5 billion. This increase coincided with Coinbase’s announcement in December 2023 of free USDC transfers on Base via the Coinbase Wallet, indicating a strategic move to boost Base’s ecosystem and facilitate seamless transactions for users.
Base Hits Home Run in SocialFi
According to

Kraken and the US Securities and Exchange Commission (SEC) remain embroiled in a dispute, as the crypto exchange filed a new document questioning the accuracy of the regulator’s case.
The development comes three months after Kraken filed a motion to dismiss the SEC’s lawsuit against it.
SEC’s Case Isn’t Worded Correctly
Kraken recently filed a response to the SEC’s April letter regarding the company’s motion to dismiss the case. In it, the exchange alleged that the securities regulator failed to identify any investment contracts that were traded, brokered, or settled on its platform.
The filing claims that the SEC used terms like “investment concept” and “ecosystem” instead of “investment contract” and “enterprise” in its argument.
The SEC had previously stated that “the

Binance CEO Richard Teng has advocated for the release of Tigran Gambaryan, head of the crypto exchange’s Financial Crime Compliance team, who has been detained by the Nigerian government for over 70 days.
Gambaryan reportedly flew to the country in February for talks on collaborative policy meetings, only to be detained later. This move by the Nigerian authorities has set a dangerous new precedent for all companies worldwide, Teng said in his statement.
Arrest of Executives Sets Dangerous Precedent
In the latest blog post, the Binance CEO said Gambaryan didn’t travel to Nigeria to make decisions or negotiate. He was there solely as an expert in financial crime, contributing to policy discussions and capacity building. Teng said the arrests were made despite Nigerian

A proposal to list and trade shares of prominent asset manager Grayscale’s Ether futures exchange-traded fund (ETF) has been withdrawn, as per a new document filed on Tuesday.
The filing by the US Securities and Exchange Commission (SEC) revealed that the application for the Grayscale Ethereum Futures Trust ETF, filed by NYSE Arca, Inc. in September last year, was withdrawn on May 3.
Previously, the agency had delayed consideration of Grayscale’s ether futures ETF, with the most recent postponement occurring in March.
However, the SEC had approved a batch of ether futures ETFs in October 2023, including those from ProShares, VanEck, and Bitwise.
Bloomberg ETF analyst James Seyffart was the first to point out the development. Initially, Seyffart believed that Grayscale had

Layer 2 networks have witnessed massive activity this year, even as their native tokens slumped amidst intense volatility across the broader market. These solutions have witnessed relatively steady activity since the beginning of the year.
However, the latest analysis by IntoTheBlock revealed that Base continues to be the primary attraction for new capital.
Investors Flock to Base
Over the course of this week, net ETH deposits into the Base have exceeded 6,500 ETH, marking a significant increase, according to the data shared by ITB. On the other hand, its rival Arbitrum saw just half of this figure. Optimism lagged even further behind with only a fifth of the deposits Base received.
Such a trend suggests that despite the growing interest in Layer 2 scaling solutions,

During the ongoing cycle, BTC and ETH have witnessed a growing divergence in their respective performances.
According to Glassnode’s findings, this can be attributed to a general trend of weaker capital rotation, particularly in comparison to previous cycles and all-time high breakthroughs.
Ethereum Receives Weak Capital Flows
Leading up to bitcoin’s peak established on March 14, Glassnode observed a surge in speculative activity. As per its latest on-chain weekly report, capital accumulation was seen among the short-term holders of BTC, with approximately $240 billion in wealth held in coins moved within the last six months, nearing peak levels.
The same cannot be said for Ethereum, which has failed to replicate this trend so far. The leading altcoin hasn’t even surpassed