Hong Kong’s Bitcoin ETFs experienced their first setback after launching on April 30, following their first cumulative daily BTC outflows on Monday.
The outflow came from the China Asset Management Bitcoin ETF, while the other Hong Kong-based products had no flows.
Hong Kong ETFs See Modest Inflows
According to Farside data, the China AMC Bitcoin ETF saw an outflow of $4.9 million on Monday. In contrast, the other Bitcoin and Ethereum ETFs in Hong Kong reported “zero” flows apart from Bosera Ethereum ETF, which saw 3.2 million in inflow on Monday.
Following their launch last week, the three Hong Kong’s Bitcoin ETFs amassed $262 million in assets under management (AUM) within their first week.
Despite these significant AUM figures, the asset inflows for Hong Kong’s Bitcoin

Coinbase cryptocurrency exchange and its CEO, Brian Armstrong, are facing a new lawsuit from a group of plaintiffs from California and Florida alleging that they were deceived into purchasing unregistered securities.
This is not the first of Coinbase’s legal hurdles following the United States Securities and Exchange Commission (SEC) lawsuit from mid-2023.
Lawsuit Alleges Coinbase Sold Unregistered Securities
The new class action lawsuit was filed in the United States District Court for the Northern District of California, San Francisco Division. The plaintiffs include Gerardo Aceves, Thomas Fan, Edwin Martinez, Tiffany Smoot, Edouard Cordi, and Brett Maggard.
The lawsuit contends that Coinbase exchange acknowledged in its user agreement that it operated as a securities

A New York court and the Federal Bureau of Investigation (FBI) have revealed an indictment against Idin Dalpour.
The 39-year-old New York resident is accused of organizing a sophisticated Ponzi scheme that allegedly defrauded investors of $43 million.
$43 Million Ponzi Scheme
According to the indictment, he ran the Ponzi scheme from approximately 2020 through April 2024. He targeted investors in the United States and abroad, soliciting investments through an entity he controlled called “Entity-1.”
This entity had interests in two business ventures: a cryptocurrency trading operation and a Las Vegas hospitality enterprise. Dalpour falsely claimed to purchase cryptocurrency at wholesale prices and sell it at a profit to retail investors promising substantial returns with

Coinbase, the largest U.S. crypto exchange, has released its Q1 2024 earnings report, posting a total revenue of $1.6 billion, a 72% increase quarter on quarter.
The performance has been driven by the rising crypto asset prices and the launch of spot Bitcoin ETFs in the U.S. which further improved inflows into the market.
Coinbase Earnings Surged in Q1
Coinbase’s net income reached $1.18 billion, $4.40 per share, translating to $1 billion in adjusted EBITDA in Q1. Comparatively, the adjusted EBITDA, which shows earnings before tax, depreciation, interest, and amortization, was $977.5 million in 2023.

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Former FTX Digital Markets co-chief executive Ryan Salame has agreed to transfer his multimillion-dollar property in the Bamas as part of a plea agreement in his case.
The move comes after Salame pleaded guilty to criminal charges in September 2023, and his plea agreement required him to pay $5.6 million in restitution to the debtors.
The Property Transfer
According to a motion filed by FTX Trading Ltd and affiliated debtors with the United States Bankruptcy Court for the District of Delaware on May 1, Salame will give up a luxurious $5.9 million house he owns in the Bahamas.
Instead of paying the restitution amount in cash, Salame proposes to satisfy the debt by transferring the legal title of the residence to FTX Digital Markets Ltd.
The filing stated, “Salame will

On April 29, Dutch law enforcement arrested a man believed to be connected to the fraudulent activities associated with the ZKasino internet gambling platform.
During the operation, authorities confiscated assets valued at approximately 11.4 million euros ($12.2 million), including cryptocurrency, real estate, and luxury vehicles.
Dutch Authorities Seize Millions in Assets
According to a Fiscal Information and Investigation Service (FIOD) report, the 26-year-old man was arrested under suspicion of fraud, embezzlement, and money laundering in connection with the scam, which has reportedly defrauded victims worldwide of more than $30 million in cryptocurrency.
The suspect, whose identity remains undisclosed, was arrested following an investigation into ZKasino’s activities

A griefing attack on the Bitcoin testnet recently caused a surge in network activity, resulting in the generation of over 165,000 blocks, equivalent to three years’ worth of blocks in just one week.
The attacker, Jameson Lopp, co-founder and Chief Security Officer of Casa, publicly took credit for the incident, facing backlash from other Bitcoin developers.
Lopp Defends Attack as ‘Trivial Exploit’
Speaking on the decentralized social media platform Nostr, Lopp described the attack as a “trivial exploit” requiring only 20 lines of code. When questioned whether the griefing attack justified its consequences, Lopp replied that it only cost him electricity worth $1.
Lopp defended his actions, arguing that his intent was not malicious but rather aimed at drawing attention to an

According to Glassnode data, Runes transactions generated $117 million in cumulative Bitcoin network fee revenue post-halving, with $62.4 million amassed on the day of the halving itself.
However, this rise proved to be short-lived, recent data reveals that on April 28, Runes transactions only contributed $1.03 million in fees.
Runes Dominates Bitcoin Network Post-Halving
On April 20, the day of the halving, transaction fees within the Bitcoin network saw a notable spike. This surge was primarily linked to the implementation of the Runes protocol, leading to higher mining fees.
Runes transactions accounted for 57.7% share of all Bitcoin network transactions. Financial transactions trailed behind with a 41.5% share, while Ordinals and BRC-20 accounted for 0.5% and 0.2%,

Binance’s dominance in Bitcoin trading outside the U.S. is dwindling as offshore exchanges expand their reach and regulatory landscapes evolve, reshaping the competitive dynamics of the digital asset industry.
According to data from Kaiko, Binance, once dominating Bitcoin trading markets outside the U.S., has witnessed a decline in its share of BTC trading over the past year, dropping from 81.3% to 55.3%.
Binance Loses Global Market Share
Similarly, Binance’s proportion fell from 58% to 50.5% for smaller tokens and altcoins. Kaiko attributed these changes to Binance’s discontinuation of its large-scale Bitcoin zero-fee promotion implemented last year.
Smaller exchanges such as Bybit and OKX have gained momentum as trade volumes recovered, leading to less concentration in

A piece of notebook paper featuring the phrase “Buy Bitcoin,” famously seen in the background during a broadcast featuring then-United States Federal Reserve Chair Janet Yellen in 2017, has been sold for 16 BTC, equivalent to approximately $1.027 million.
The auction, held at PubKey, a Bitcoin-themed bar in New York City, was organized and facilitated by the auction house Scarce.City.
Iconic “Buy Bitcoin” Sign Sold in Auction
The highest bidder, known pseudonymously as “Squirrekkywrath,” acquired the sign in a week-long auction. The auction was organized by Christian Langalis, also known as the “Bitcoin Sign Guy,” who posted it on the auction platform Scarce.City and attended the event himself.
Scarce.City noted that the transaction set a record amount for the platform.

Upbit, a cryptocurrency platform based in South Korea, is responsible for over 80% of the country’s trading activity and has become among the world’s leading five exchanges in terms of trading volume.
According to a Bloomberg report, Upbit’s customers were responsible for nearly a fifth of the total deposits from its major banking partners last year.
Upbit’s Dominance Sparks Concerns
Upbit’s dominance has drawn criticism and concerns, particularly as South Korea moves to enact new legislation aimed at protecting investors following the TerraUSD stablecoin collapse in 2022.
The upcoming regulations, set to be enforced in July under the Virtual Asset User Protection Act, will impose strict requirements on crypto exchanges, including measures to increase reserves, enhance

Institutional investors in Canada substantially increased their cryptocurrency exposure last year compared to the previous bull market cycle, according to a recent survey by accounting firm KPMG.
The consulting group’s bi-annual survey, “Institutional Adoption of Cryptoassets,” received 65 responses, including 31 institutional investors managing over $500 million in assets and 34 financial services organizations.
Institutional Interest in Crypto Assets Surged in 2023
In its report released on April 24, KPMG revealed that 39% of institutional investors reported having direct or indirect exposure to crypto assets in 2023, marking an increase from 31% in the firm’s 2021 study.
Half of the financial services respondents stated that they offered crypto asset services in 2023,

The lending market for non-fungible tokens (NFTs) has witnessed an unprecedented surge, hitting a quarterly high of $2.13 billion in Q1, marking a significant 43.6% quarter-over-quarter growth.
According to data from CoinGecko, five of the six top platforms are seeing increased volumes.
Blend Dominates with 92.9% Market Share
In January, the NFT lending market hit a record $0.9 billion monthly volume, exceeding the previous peak of $0.85 billion in June 2023. Blend emerged as the top NFT lending platform, with a 92.9% market share and a monthly lending volume of $562.33 million in March 2024.
Since its launch in May 2023, Blend has consistently dominated the market, with its monthly share ranging from 88.8% to 96.5%. In Q1 2024, Blend’s lending volume surged by 49.2%

A meme coin trader has reportedly cashed out over $22 million in profits from multiple positions in meme-themed tokens on the Solana blockchain.
According to blockchain analysis firm Lookonchain, the actions of a trader identified as “paulo.sol” on the Solana Name Service account were flagged on April 26.
Meme Coin Trader Profits Over $22 Million
The meme coin trader achieved profitable outcomes from assets like Dogwifhat (WIF), Jeo Boden (BODEN), and Bonk (BONK).
They initiated their investment in BONK as early as November 11, 2023, after observing its upward trajectory. Employing a strategy of purchasing during downturns and selling during peaks, they executed swing trades, resulting in an accumulation of approximately $6.28 million in profits from trading BONK.

What a

An “epic sat,” an extremely rare satoshi (the smallest unit of Bitcoin) from the network’s fourth halving block, was recently sold for over $2 million.
On April 25, the crypto mining pool ViaBTC successfully auctioned off “Sat 1,968,750,000,000,000” for 33.3 BTC, approximately $2.13 million, on the cryptocurrency exchange CoinEx Global.
ViaBTC’s Rare Satoshi Auctioned
CoinEx Global announced that its partner, the ViaBTC mining pool, successfully mined the 840,000th block. This milestone marked Bitcoin’s fourth halving and featured a block identified as an epic “Rare Satoshi.”
According to CoinEx, this event was not just a bidding event but part of Bitcoin’s blockchain history, showing the community’s acknowledgment, media coverage, and wider acceptance of the asset and the

Binance founder and former CEO Changpeng Zhao (CZ) has publicly apologized for what he described as “poor decisions” and has taken “full responsibility” for his actions.
Meanwhile, Binance co-founder He Yi said that while he acknowledges that CZ may have made mistakes, his biggest one was ignorance.
CZ Issues Apology and Appeals for Second Chance
Following his November 2023 settlement of charges with the U.S. Department of Justice (DOJ), Changpeng Zhao (CZ) is scheduled for sentencing on April 30. The DOJ has requested a 36-month sentence despite CZ previously waiving his right to appeal any sentence up to 18 months.
In a letter addressed to Judge Richard A. Jones of the United States District Court for the Western District of Washington on April 24, Zhao acknowledged his

Tether has announced that all wallets associated with Venezuela’s attempts to bypass U.S. sanctions on oil exports will be frozen.
The decision follows recent reports indicating an increased use of Tether’s USDT by Venezuela’s state-run oil company, PDVSA, to avoid sanctions imposed by the United States.
Venezuela’s PDVSA Turns to Tether Amid Sanctions
According to a Reuters report, Venezuela’s state-run oil company, PDVSA, transitioned to using Tether’s USDT after facing renewed sanctions on its oil exports.
Tether took a similar stance in December last year, freezing 161 wallets in compliance with U.S. sanctions.
A spokesperson for the stablecoin issuer emphasized the company’s commitment to upholding sanctions by stating, “Tether respects the OFAC SDN list and is

Bitcoin layer 2 solution tokens have demonstrated superior performance to BTC following the highly anticipated halving of the mining reward on the blockchain.
Since the event, these tokens have surged by 5% to 20%, outpacing the top crypto by market cap.
Stacks (STX) Takes Center Stage
According to CoinGecko data, the market cap for Bitcoin layer 2 solutions is $4.3 billion, marking a 5.6% increase in the past 24 hours. Meanwhile, the trading volume is $184 million.
Stacks (STX), a Bitcoin layer 2 solution, has been among the top-performing cryptocurrencies in the past 24 hours, according to CoinGecko data. The STX token has surged almost 20% to $2.87 since the halving event.
Bitcoin, on the other hand, has not experienced significant growth. The token is up slightly over

Crypto privacy protocol Railgun has denied accusations that it is being used by North Korea and other United States-sanctioned entities to launder digital assets.
This development comes as the crypto privacy protocol nears $1B total volume.
Railgun Denies Lazarus Group Association
Responding to claims made by crypto reporter Colin Wu through an X post, Railgun denied allegations linking it to the North Korean hacker group Lazarus Group.
“The North Korean hacker group Lazarus Group is also a user of the coin mixer Railgun,” the post stated. “Railgun is seen as the main alternative to Tornado Cash after the sanctions were imposed on it,” the team added.
Wu’s post referenced an FBI statement from January 2023 that accused Railgun of being used to launder over $60 million

Bybit’s Institutional Report 2024 revealed a significant increase in monthly trading volumes across several centralized exchanges (CEXs) from October 2023 to March 2024.
During that timeframe, the crypto sector’s market cap surged from slightly above $1 trillion to over $2.5 trillion.
Bullish Trends and BTC as a Hedge
According to the report, OKX’s trading volumes have soared by an impressive 278% since October of last year, with Binance following closely behind with a 239% increase.
Bybit Exchange emerged as one of the fastest-growing platforms, showing a remarkable 264% growth in trading volumes. Additionally, the U.S.-based exchange Coinbase experienced an uptick in volumes, rising by 193%, slightly below the industry’s average growth rate of 255%.
The substantial

Kraken, the second-largest crypto exchange in the U.S., has introduced its self-custodial mobile wallet.
Dubbed Kraken Wallet, the product follows in the footsteps of prominent platforms such as Binance, OKX, Coinbase, Bitget, and Bybit.
Kraken Wallet’s Focus on Privacy and Self-Custody
Kraken Wallet offers users a solution for managing their tokens, NFTs, and DeFi across blockchain networks such as Bitcoin, Ethereum, Polygon, Dogecoin, Base, Solana, and Arbitrum. In addition, users can connect to popular decentralized applications and access 24/7 customer service support.
Kraken released the Wallet’s code on the developer platform GitHub. This shows the company’s commitment to transparency since it invites third-party reviews and contributions to strengthen the wallet’s

Ernst & Young (EY) has launched OpsChain Contract Manager (OCM), an Ethereum solution that leverages zero-knowledge proofs technology.
The solution will help private businesses efficiently manage and execute intricate business agreements while ensuring confidentiality, timeliness, and cost-effectiveness.
EY Launches the OpsChain Contract Manager
EY, one of the top “big four” accounting firms alongside Deloitte, KPMG, and PwC, has been exploring the business applications of zero-knowledge proofs (zk proofs) since at least 2018.
OpsChain Contract Manager (OCM) is tailored to facilitate the secure management of business contracts on a public blockchain. By leveraging zero-knowledge proofs, OCM ensures contract integrity and confidentiality while enhancing efficiency and

The Korean crypto markets have recently experienced a surge in trade volume, reaching heights not seen in over two years.
According to a report from Kaiko, the first quarter of 2024 marked an important milestone as the South Korean Won (KRW) surpassed the U.S. Dollar (USD) in terms of cumulative trade volume.
Competition and Shifting Dynamics
This surge in trading activity comes amid fierce competition among Korean exchanges and shifting market dynamics. Upbit, a major player in the South Korean crypto scene, has historically held a dominant position since early 2021, with an average market share of 82% over the past three years.
However, the landscape has become increasingly competitive, particularly during the recent bull run. Rivals such as Bithumb and Korbit have

MicroStrategy founder Michael Saylor has sold up to 370,000 shares of his brainchild over the past four months. This follows his entry into a stock-sale agreement with the company last year.
Under the agreement, he has the authorization to unload up to 400,000 shares until April of this year.
Saylor to Offload 400,000 Shares
Michael Saylor has successfully cashed in 370,000 shares, totaling about $372.7 million in value, from this year’s stock sales. This accounts for over 90% of the agreed-upon 400,000 shares outlined in last summer’s September agreement with MicroStrategy.
Under this agreement, known as a 10b5-1 plan, Saylor could sell up to 5,000 shares daily from January 2 to April 25. These shares were tied to a vested stock option set to expire on April 30, 2024. So

Yuga Labs, creator of the Bored Ape Yacht Club (BAYC) NFT collection, has announced the sale of the intellectual property rights for two of its games.
This move is part of Yuga Labs’ previously declared commitment to refocus its organizational efforts.
Yuga Labs Hands Over Gaming IPs to Faraway
In an April 17 announcement on X, Yuga Labs revealed the decision to transfer the IP rights of HV-MTL and Legends of the Mara to Faraway.

We have some exciting news to share. Our friends @Farawaygg are acquiring the HV-MTL and LoTM brands, where they’ll focus on rewarding these communities. To help manage this transition, @EverydayZukini will be joining the Faraway team as the new CPO.
More info in the thread… https://t.co/twXnFsUYG1
— Yuga Labs (@yugalabs) April 17, 2024

Spencer

A federal jury has convicted crypto trader Avraham Eisenberg of fraud and market manipulation.
The charges stemmed from Eisenberg’s exploitation of Mango Markets, a decentralized finance (DeFi) protocol built on the Solana blockchain.
Eisenberg Convicted for Market Manipulation
Eisenberg, 28, was found guilty by jurors in a federal court in Manhattan on charges of commodities fraud, commodities manipulation, and wire fraud.
“Avraham Eisenberg executed a manipulative trading scheme on a cryptocurrency exchange, defrauding the exchange and its investors out of $110 million,” stated Nicole M. Argentieri, head of the Justice Department’s Criminal Division.
This marks the U.S. Department of Justice’s first criminal case targeting cryptocurrency market manipulation.
Mango

Binance has announced that it is converting its Secure Asset Fund for Users (SAFU) into Circle’s USD Coin (USDC).
Following the $1B conversion into USDC, this stash now makes up approximately 3% of Circle’s total circulating supply, which is $32.6 billion.
SAFU Assets Shift to USDC for Stability
In an April 18 announcement by Binance, the exchange emphasized the importance of SAFU in its ecosystem.
Binance stated, “SAFU continues to be a core part of our responsibility to the ecosystem, and we continue to evolve to meet market conditions head-on. Today, we are transferring 100% of SAFU’s assets to USDC.”

Today, all SAFU assets will be converted to $USDC, bolstering reliability and stability at $1bn.
Read more 👇 https://t.co/Dggl3CdQYU
— Binance (@binance) April 18, 2024

The X account of famous actor Tom Holland, which has over 7 million followers, was recently hacked.
The attackers used his platform to promote a fake cryptocurrency and NFT scheme.
Fake ‘Spiderverse’ Partnership with Binance
The compromised account was used to announce a partnership with the global crypto exchange Binance, supposedly launching “Spiderverse” tokens.
A link to a fake website was attached, enticing users to gain early access to the fake SPIDER cryptocurrency and Spiderverse NFTs.

Tom Holland’s Twitter/X account has been hacked. pic.twitter.com/ZPRYI6GXgK
— Cosmic Marvel (@cosmic_marvel) April 16, 2024

Early screenshots captured by followers also revealed changes to Holland’s bio, including a link to a fake partnership website.
A mysterious selfie of a

The Bored Ape Yacht Club (BAYC), formerly a leading Ethereum non-fungible token (NFT) market collection, has witnessed a significant decrease in its floor price.
This downturn signifies a reduction exceeding 90% from its historical peak, noted approximately two and a half years ago. BAYC is nearing a sub-10 NFT floor price, a development attributed to a 50% decline since March 1st alone.
BAYC Floor Price Plummets Below 11 ETH
According to data from NFT Price Floor, on Monday, April 15, the floor price of Bored Ape NFTs momentarily sank below 11 ETH, settling at 10.9 ETH, equivalent to about $34,000. This sudden dip represents a decline of 12.08% in just a single day.
The last time BAYC witnessed such a low floor price was in early August 2021, when it dipped to 9.5 ETH.

The upcoming Bitcoin halving event is expected to follow the pattern of “buy-the-rumor, sell-the-news,” according to the Crypto.com CEO.
The exec believes that in the long term, however, the halving, which is currently slated for April 20, will positively impact Bitcoin’s price.
Bitcoin Halving’s Long-Term Impact Will Be Positive
In a recent Bloomberg interview, Kris Marszalek, CEO of Crypto.com, shared his thoughts on the Bitcoin halving, saying that while there will be selling pressure initially, the long-term impact will be positive on the asset’s price.
The upcoming halving is expected to reduce the mining rewards by half, a challenge for miners. Many miners have been preparing for months, accumulating BTC and upgrading their equipment to meet the increased