Study: 60% of US Crypto Investors Don’t Understand Blockchain

According to a recent survey by Preply, as many as three in five, or 60%, of U.S. cryptocurrency investors do not understand blockchain technology. The study found that Generation Z, despite 41% expressing interest in learning about cryptocurrency, had the smallest percentage of individuals willing to learn. The report also noted that U.S. residents who invested in non-fungible tokens (NFTs) were likely to invest in cryptocurrency as well.
More Than Half of Crypto Investors Don’t Understand Blockchain
According to findings from a Preply study, approximately 40% of surveyed Gen Z crypto investors in the U.S. lacked confidence in their knowledge of cryptocurrency. This lack of confidence was even more pronounced among millennials (35%) and Gen X (32%). The study also revealed that 60% of U.S. crypto investors “don’t know what blockchain is.”
Despite this, the data showed that 27% of those who have never invested in crypto expressed interest in taking classes to learn more. When broken down by gender, the study found that 54% of surveyed men and 53% of women were interested in learning more.
In terms of generational interest, Gen X had the highest proportion (57%) of individuals wanting to learn more. Gen Z, with 41% expressing interest in learning about crypto, had the lowest proportion of individuals willing to learn.
Baby Boomers Show Least Interest in NFTs
The study also discovered that interest in digital assets other than crypto varied across generations. For example, 12% of surveyed millennials reported having invested in non-fungible tokens (NFTs) at some point, compared to just 4% of Baby Boomers.
Commenting on the findings related to crypto investors’ interest in NFTs and the metaverse, the survey report stated:
“Only 42% of survey respondents expressed confidence in their understanding of NFTs and the metaverse. This indicates an opportunity to educate people about these topics! It could also explain why a mere 11% were excited about investing in NFTs, while a significantly larger 32% were curious about joining the metaverse.”
However, the report noted that U.S. residents who had invested in NFTs also tended to invest in crypto, suggesting that this might be a first step towards exploring other digital assets.
What are your thoughts on these survey findings? Share your thoughts in the comments section below. #Write2Earn

Nigeria Increases Capital Requirements for Currency Dealers Nearly Sixtyfold to $1.4 Million

The Central Bank of Nigeria has increased the capital requirements for national bureau de change operators from approximately $24,000 to $1.4 million. The central bank has given operators a six-month period to comply and they must apply for new licenses. The bank’s director for risk management stated that street trading of foreign exchange is now prohibited.
Bureau de Change Operators Required to Apply for New Licenses
The Central Bank of Nigeria (CBN) has significantly increased the capital requirements for national bureaux de change (BDC) from approximately $24,000 (NGN35 million) to $1.36 million (NGN2 billion). For the so-called Tier Two BDCs, the capital requirement is now $340,000. The CBN has given the respective organizations six months to comply and asked them to apply for new licenses.
According to a report by Bloomberg, the Nigerian central bank has also banned street trading of foreign exchange. Blaise Ijebor, CBN’s director for risk management, said the ban on street trading, which also applies to BDCs, is part of measures aimed at curbing speculation against the naira. In addition, Ijebor suggested that enforcing this rule ensures all BDCs operate formally.
“Street trading of foreign currencies is not allowed. We don’t want BDCs under the trees. They should be in offices, you walk into their office, change your currency and walk away,” Ijebor said.
Parallel-Market Dealers Seemingly Disregard CBN Warning
In their ongoing fight against parallel-market traders, Nigerian authorities have in the past blamed a financial news platform and Binance for fueling the naira’s slide against the U.S. dollar. However, despite taking steps such as ordering the financial news site to stop publishing parallel market exchange rates and asking Binance to remove naira-related services from its platform, the naira has continued to lose ground against major currencies.
The Economic and Financial Crimes Commission (EFCC) has previously conducted raids against perceived strongholds of street dealers. However, this too has seemingly failed to reverse the naira’s slide. Meanwhile, Abubakar Muhammed, CEO of Forward Marketing Bureau de Change Ltd., is quoted in the report illustrating the shortcomings of the latest measure. He stated that street trading was ongoing and that the naira was, in fact, trading slightly above the official NGN1,486 per U.S. dollar exchange rate.
Meanwhile, a Bloomberg report stated that the Association of Bureaux de Changes Operators of Nigeria (ABCON) has asked the central bank to lower the new capital thresholds and give its members more time to comply.
What are your thoughts on this story? Let us know what you think in the comments section below. #Write2Earn

UK Sentences Woman to Prison for Laundering Bitcoin After Police Seize 61K BTC

A woman has been sentenced to nearly seven years in prison for laundering bitcoin tied to a £5 billion fraud in China. Authorities seized over 61,000 bitcoin during their investigation, now worth over $4 billion. The woman denied all charges, claiming she was manipulated by a “mastermind.”
61K Bitcoin Seizure Leads to Jail Sentence
A former fast food worker, Jian Wen, was sentenced to six years and eight months in prison for laundering Bitcoin linked to a £5 billion investment fraud in China. Wen was found guilty of laundering linked to approximately 150 Bitcoin for a Chinese woman between 2017 and 2022. This operation was part of a larger scheme where authorities seized over 61,000 bitcoin during their investigation, now valued at over $4 billion.
Judge Sally-Ann Hales, who handed down the sentence, remarked:
This was an offense which was sophisticated and involved significant planning … I am in no doubt that you knew what you were dealing with.
Wen, a dual British and Chinese citizen, denied all allegations and is appealing her conviction. She claimed to have been manipulated by a “mastermind,” following instructions without knowing the funds were illicit. Her lawyer, Mark Harries, argued that Wen was unaware of the fraudulent origins of the money and had no involvement in the core fraud in China.
Prosecutors said Wen Jian helped hide the source of money allegedly stolen from nearly 130,000 Chinese investors in fraudulent wealth schemes between 2014 and 2017. Despite her claims, the prosecution depicted Wen as driven by greed, controlling the crypto wallet and converting stolen money into Bitcoin to move it out of China and back into cash.
Despite her denials, Wen was found guilty of one count of money laundering. Her transformation from living in the basement of an east London Chinese takeaway to residing in a six-bedroom mansion, indulging in luxury shopping sprees at Harrods, highlighted the extent of her financial gain.
What do you think about this case? Let us know in the comments section below. #Write2Earn

UK Approves First Physically Backed Bitcoin and Ethereum ETPs for Listing on London Stock Exchange

The Financial Conduct Authority (FCA), the UK’s top financial regulator, has approved physically backed bitcoin and ethereum exchange-traded products (ETPs) for listing on the London Stock Exchange for the first time. “FCA approval in this respect could result in greater institutional adoption of the asset class,” Wisdomtree stated.
First Bitcoin and Ethereum ETP Listings on LSE
The UK Financial Conduct Authority (FCA) has approved crypto exchange-traded products (ETPs) by Wisdomtree and 21shares to list on the London Stock Exchange (LSE).
“Wisdomtree is amongst the first issuers to have its prospectus relating to crypto ETPs approved by the FCA,” the company emphasized, adding:
Its 100% physically backed bitcoin and ethereum ETPs, Wisdomtree Physical Bitcoin and WisdomTree Physical Ethereum, will be listed on the LSE at the earliest date possible which is expected to be on Tuesday May 28th. At the time of listing, these ETPs will only be available to professional investors.
The two Wisdomtree’s physically backed bitcoin and ethereum ETPs will have fees of 0.35%, the same as equivalent vehicles listed in a number of continental European exchanges. Alexis Marinof, Head of Europe at Wisdomtree, explained that the FCA’s approval is a crucial development for the crypto industry, potentially leading to increased institutional adoption. All the UK-listed crypto funds will be constructed as exchange-traded notes (ETNs), a structure common across the European cryptocurrency market.
Ophelia Snyder, co-founder of 21shares, which will cross-list its existing bitcoin and ethereum staking ETPs in the UK, with fees of 1.49%, said: “London hosts one of the deepest, most liquid capital markets in the world — where there is proven institutional interest in cryptocurrencies.”
“The FCA approval of our crypto ETPs’ prospectus is a significant step forward for the industry and UK-based professional investors seeking exposure to the asset class. While UK-based professional investors have been able to allocate to crypto ETPs via overseas exchanges, they will soon have a more convenient access point,” Wisdomtree stated, elaborating:
FCA approval in this respect could result in greater institutional adoption of the asset class, as many professional investors have been unable to gain exposure to bitcoin and other cryptocurrencies due to regulatory limitations and uncertainty – we would expect FCA approval of our crypto ETPs’ prospectus to remove those barriers to entry.
What do you think about the UK’s FCA approving physically backed bitcoin and ether ETPs for listing on the London Stock Exchange? Let us know in the comments section below. #Write2Earn

Veteran Trader Peter Brandt Warns of 'Biggest Disasters yet to Come in Crypto'

Veteran trader Peter Brandt has issued a stark warning about the future of crypto staking, calling it “the biggest disasters yet to come in crypto.” He predicts significant disasters, bankruptcies, and personal financial losses within the sector. His warning followed the approval of spot ethereum exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC).
Crypto’s ‘Biggest Disasters’ Yet to Come
Veteran trader Peter Brandt, a renowned figure in the trading community with over four decades of experience, has issued a dire warning about the future of crypto staking. Brandt wrote on social media platform X on Friday: “An opinion that will not have much appeal among ETH/SOL similar hound dogs.” He stressed:
The biggest disasters yet to come in crypto will be to staking (and those who think they are doing the staking). The bankruptcies and personal fortunes lost in the staking game will someday blow your mind.
In a follow-up post on X, he explained how he sees the end of crypto staking happening: “Staking = Owning/borrowing/leveraging an asset (ETH/SOL/name it) Lending it out for revenue (i.e.: interest) = Eventual involvement by CBs/govt treasuries = Regulatory authority over staking = End to staking.”
This was not the first time the veteran trader had cautioned about this crypto activity. Earlier this month, he warned of a full-scale U.S. Securities and Exchange Commission (SEC) assault on crypto staking, predicting that “it’s going to be a bloodbath.” He believes that crypto staking is “illegal as hell.”
Brandt’s warning came after the SEC approved eight spot ethereum exchange-traded funds (ETFs). This decision surprised many in the crypto industry, who had anticipated the regulator would reject spot ether ETFs this month. Previously, the SEC had not engaged with issuers, but suddenly began interacting with them and requested resubmissions of filings on an accelerated basis.
Although the SEC has approved spot ethereum ETFs, it has not clarified whether ETH is classified as a security or a commodity. SEC Chairman Gary Gensler has consistently avoided questions, including those from Congress, regarding ether’s classification. Recent court documents revealed that the SEC initiated an official investigation into ETH as a potential security more than a year ago.
What do you think about veteran trader Peter Brandt’s warning? Do you think staking will be the biggest disaster in crypto? Let us know in the comments section below. #Write2Earn

The Open Libra blockchain community is on a mission to ‘tell better stories’
Open Libra aims to build a platform “aligned with humanist values” in a permissionless, open-source, non-corporate environment.
Blockchain platform Open Libra — an open-source, layer-1 platform that started off as a fork of the original Facebook project known as Libra and Diem — is on a mission to develop a blockchain platform that can serve humankind without submitting to the demands of venture capitalists.
Traditionally, blockchain technology has been positioned as revolutionary. Innumerable case studies and testimonials have illuminated its ability to upend traditional financial, technological and corporate dogma through the practical application of an immutable, digital ledger.
However, not all blockchains are built, operated, maintained and guided in the same way. While the majority of the cryptocurrency and blockchain industry has shifted toward corporate infrastructure and adherence to the Silicon Valley startup status quo, some projects believe technology can be developed with a community at its head instead of a CEO or corporate board.
Zaki Manian, an Open Libra Network contributor, spoke with Cointelegraph in an interview. He described the Open Libra project as “a reaction to the corporate nature of modern blockchain.”
Manian explained that Open Libra Network was started around three years ago by a passionate team that wanted to build a solid, open-source blockchain that could grow with its community. 
One of the main tenets of Open Libra is that it’s been developed without the aid of VC funding. Manian said this allows the project to “think on a long-term basis,” as it’s not beholden to demands from financial backers to provide a short-term return on investment.
According to a spokesperson for Open Libra Network:
“About 80% of the network is locked up in community slow wallets that become liquid over time, and a large fraction of tokens are held by established not-for-profits with strong social missions like the Danish Red Cross.”
Ultimately, Manian envisions a future for the project where the community drives both its value and utility. He says part of the goal is to create something that allows the community to “tell better stories” as they create new use cases.
Rather than treating assets strictly as money, Manian said that owning an asset on a blockchain is synonymous with having a vote. In this way, the Open Libra community has the deciding votes when it comes to the project’s future.
As Manian told Cointelegraph:
“What we're trying to do when we say ‘the best asset’ is to try to create an asset that is widely aligned with humanist goals, that a wide variety of people would want to ‘vote’ for over a long time.”
#Write2Earn

Why is Bitcoin price down today?
Bitcoin price is down today as investors fear that the S&P 500 might have topped and regulatory uncertainty continues to weigh down crypto assets.

Bitcoin experienced a significant 4.5% drop on May 23, retesting its $66,750 support. The movement caused a $1.3 billion decline in Bitcoin’s futures open interest, even though a mere $40 million in leveraged longs were liquidated in the previous 12 hours, according to Coinglass data.
Stocks react to real estate woes and mixed macroeconomic data
The decline in Bitcoin’s price coincided with a 1.5% correction in the S&P 500 futures after it hit an all-time high of 5,368 points earlier in the day.

Similarly, WTI oil prices faced a 2.3% drop in 4 hours on May 23, retesting the $76.30 level, the lowest in almost three months. Still, other events, including the looming approval of Ether's spot exchange-traded fund (ETF) in the United States and macroeconomic data, likely also played crucial roles in Bitcoin's sudden correction.
The U.S. real estate market's downturn alarmed investors after a 7.7% yearly decline in April new home sales, signaling a surplus that could take over nine months to clear. The housing market has profound implications for the financial sector, as regional banks face increased risk of loan defaults. This shakes investor confidence in banking stocks, negatively influencing broader market sentiment.
Additionally, the U.S. S&P composite PMI rose to a 25-month high in May at 54.4, up from 51.3 in April. While signaling economic growth, it ironically poses a challenge for risk-on investors by reducing the likelihood of monetary easing, a process where the U.S. Federal Reserve lowers interest rates to stimulate the economy. In essence, higher rates typically make fixed-income investments more attractive, which is detrimental to Bitcoin.
Melissa Brown, managing director at SimCorp, reportedly told CNBC that investors are on the edge given the uncertainty caused by elections in the U.S. and United Kingdom, mixed macroeconomic data and ongoing wars. According to Brown, traders tend to prefer sitting out than to “commit more money to the market” given the current circumstances.
Regulatory uncertainty in crypto and Nvidia earnings
Recent legislative developments add another layer of complexity. The FIT21 Act passing the U.S. Lower House on May 22, despite being seen as a sectoral victory, introduces a gray area concerning the SEC’s power over cryptocurrencies that fail to meet the "sufficient decentralization" criterion. This potential regulatory oversight could dissuade investors wary of increased governmental intervention.
The bill still requires voting in the Senate, which will likely assign a committee for possible rounds of reviews and hearings. Consequently, parts of the FI21 Act could change, with House and Senate members meeting to iron out any differences, which will demand Congress to vote on the matter one more time. Moreover, there is no time constraint on when senators must act on it. In short, even if the proposal remains largely pro-crypto, it will unlikely be effectively implemented over the next few months.
Contrary to broader tech market trends, Nvidia (NVDA) stock jumped 10% following a report of better-than-expected earnings growth of 21% for the quarter. Nvidia CEO Jensen Huang pushed back against concerns the company could face reduced demand from consumers as it shifts between its current and next generation of AI chips. While tech stocks in general did not rally, Nvidia’s surge illustrates how individual company performances can still sway market appetite for risk-on assets, including Bitcoin.
As Bitcoin's recent price movement aligns closely with shifts in the S&P 500 futures, it is evident that the cryptocurrency is increasingly moving in sync with broader financial markets. However, regulatory uncertainties continue to cast a long shadow over the crypto market, such as the ongoing legal challenges facing major industry players such as Coinbase, Binance, and Consensys, along with scrutiny of privacy-focused wallets and services. #Write2Earn

2025 to be ’a good year for crypto policy,’ industry experts say
Betting markets are currently showing a 72% chance of a spot Ether ETF approval in the United States.
After a wave of regulatory pushbacks against crypto over the last couple of years, industry experts are anticipating a much friendlier 2025, thanks in part to positive regulatory developments. 
“2025 could be a good year for crypto policy,” wrote senior Bloomberg policy analyst Nathan Dean on May 23. “While I try to be neutral on #cryptoregulations, it feels like this week may be the turning point. #Bitcoin ETF approval, likely soon #Ethereum ETF approval and 71 House Democrats joining in on the FIT Act (not too mention SAB 121).”
Dean further explained that aside from crypto exchange-traded fund (ETF) approvals, stablecoin frameworks could also come to fruition by the end of next year. However, the analyst warned that the United States Securities and Exchange Commission still had the power to regulate projects that seek to classify their tokens as commodities instead of securities, though they are rather “nice to have” problems as the industry obtains further clarity under the law. 
Another Bloomberg analyst, Eric Balchunas, also agrees.
“A bipartisan group of House lawmakers has sent Gary Gensler a letter urging the SEC to approve spot Ether ETFs,” Balchunas said, citing a congressional letter. This “offers investors crypto access in a regulated, transparent, safe format.” The analyst then expressed his awe: “It’s pretty surreal and fascinating to see ETFs get sucked into mainstream politics and an election year narrative.”
It’s not just in the U.S. where lawmakers have turned to regulation as opposed to plain enforcement. 
On May 22, the first Bitcoin and Ether exchange-traded products (ETPs)debuted on the London Stock Exchangefollowing approval by the United Kingdom’s Financial Conduct Authority. Although the ETPs are only available to professional investors for the time being, a spokesperson for CryptoUK, the self-regulatory trade association for the U.K. crypto-asset industry, said that the approval was a “step in the right direction” and adds to “the government’s aspiration to secure Britain as a global crypto-asset hub.”
The following day, Cointelegraph reported that Hong Kong’s Securities and Futures Commission is currently considering allowing its spot Ether ETF issuers to stake custodied ETH, earning yields of 3.6% per annum for validating transactions on the blockchain and delivering them to shareholders. However, no concrete plans have materialized for a decision. 
A spot Ether ETF decision by U.S. regulators is anticipated the same day, with the price of major currencies rallying in anticipation of approval. #Write2Earn

Bitcoin price at $150K in 2024 is ‘base case’ — Tom Lee
Bitcoin bull Lee sees BTC price action doubling its current all-time highs before the end of the year.
Bitcoin is on track to hit $150,000 in 2024, says veteran crypto market commentator Tom Lee.
In an interview on CNBC earlier in May, Lee, a managing partner and head of research at Fundstrat Global Advisors, came out with his latest bullish BTC price prediction.
Lee reiterates $150,000 BTC price target
Bitcoin has no shortage of optimistic price targets this week, but some observers are focusing on the long term.
Lee is among them, revealing that Fundstrat sees a “base case” six-figure BTC price in 2024.
“Bitcoin’s still, we think, early in an upcycle, so the idea that it could get to $150,000 this year is still within our base case,” he said.
Such a price would be double the current all-time highs, which hit in March before retreating to $56,000 at the start of May.
Lee explained his reasoning by pointing to macroeconomic changes coming from the United States.
The Federal Reserve’s language on interest rate cuts — a key issue watched by risk-asset traders — is “more dovish than where the market is.”
“I think that’s the process of why markets are recovering,” he suggested.
Lee is well known in crypto circles for his BTC price predictions, not all of which have come true. In the long run, he implied to followers on X, being long BTC has paid off.
“LESSON: being intellectually stubborn is costly,” he wrote while discussing Fundstrat’s investment thesis.
BTC/USD traded at around $70,000 at the time of writing on May 23, per data from Cointelegraph Markets Pro and TradingView, up 15% month-to-date.

Risk assets face uncertain timing
The latest estimates from CME Group’s FedWatch Tool meanwhile show that markets only believe a cut is the most likely option at the Fed’s September meeting — not earlier.
The latest minutes of the May meeting of the Federal Open Market Committee, or FOMC, additionally stressed the idea that no policy direction was off the table.
“Participants discussed maintaining the current restrictive policy stance for longer should inflation not show signs of moving sustainably toward 2 percent or reducing policy restraint in the event of an unexpected weakening in labor market conditions,” it stated.
“Various participants mentioned a willingness to tighten policy further should risks to inflation materialize in a way that such an action became appropriate.”

Hong Kong central bank studies AI’s impact on banking jobs and skills
HKMA deputy chief executive Arthur Yuen said that enhancing employees’ skills would allow them to “coexist with technology in the AI era.”
As artificial intelligence (AI) continues to advance, Hong Kong’s central bank is actively assessing its potential impact on banking professionals.
On May 23, the Hong Kong Monetary Authority (HKMA) — the special administrative region’s central bank — urged financial institutions to plan workforce development and training strategies as AI’s effects started to be felt within the banking space.

HKMA deputy chief executive Arthur Yuen said that some financial institutions have already re-skilled their staff for new roles in preparation for technological advancements.
He said some banks had 2% of their staff transitioning into new roles after training programs. Yuen wrote:
“These successful cases include frontline staff at bank branches retrained and redeployed to other functional areas such as wealth management, risk management, compliance, and so on.”
While this happened in 2022, the HKMA executive urged banks to approach the rise of AI similarly. Yuen believes that the industry should plan proactively for workforce development.
The central bank executive believes that enhancing employees’ knowledge and skills could allow them to “coexist with technology in the AI era.”
Because of this, Yuen said that the central bank also updated its Supervisory Policy Manual on capacity building. In the update, the HKMA stated that banks should set a clear future direction for workforce development.
In addition, the executive said that banks should create strategies to address their talent needs, including allocating resources to staff training.
To support the industry, Yuen also announced that the HKMA will conduct a study on the extent of AI’s impact on job roles within banking. The executive said it would provide a reference for the industry and allow them to better support affected employees in their potential transition to other roles.
Meanwhile, Yuen believes that talent is required for the development of the banking industry to be sustainable. The executive said that at the moment, the “full impact” of generative AI on traditional human jobs has not yet been witnessed.
Despite this, the executive is hopeful that with collaborative efforts, the region’s banking sector could be “well-positioned to maximize the benefits of technology while minimizing its impact on the labor market.” #Write2Earn

Court ruling dismantles would-be Bitcoin creator Craig Wright’s false claims
Following a protracted legal battle, a U.K. court has methodically broken down Craig Wright’s mountain of fabricated evidence and assertions regarding his true identity.
After years of legal battles and sensational claims, Australian computer scientist Craig Wright’s claim of being Satoshi Nakamoto, the pseudonymous creator of Bitcoin, has been comprehensively dismantled by a ruling from Judge James Mellor in the High Court of Justice of the United Kingdom.
The detailed ruling came in relation to a case brought against Wright by the Crypto Open Patent Alliance (COPA), a coalition of prominent companies seeking to prevent Wright from asserting ownership over Bitcoin’s core intellectual property.
COPA alleged that Wright had engaged in an elaborate scheme of forgery and deceit to fabricate evidence backing his claim of being Nakamoto.
During the trial in February 2024, COPA’s legal team methodically dismantled Wright’s credibility, presenting a wealth of evidence and expert testimony exposing the fabrications and inconsistencies in his purported proof.
The alliance’s lawyers delivered a scathing indictment of Wright’s conduct, asserting that he had “lied on an extraordinary scale” and “invented an entire biographical history” to support his claims.
As the trial progressed, the court heard damning testimony from forensic experts and cryptocurrency analysts, who systematically deconstructed Wright’s evidence, revealing numerous instances of document forgery, manipulation and fabrication.
The analysis revealed glaring inconsistencies in metadata, formatting anomalies and technical inaccuracies that would have been uncharacteristic of the actual creator of Bitcoin
In his ruling, Mellor left no room for ambiguity, stating unequivocally that Wright is not the author of the Bitcoin white paper, nor did he operate under the pseudonym Satoshi Nakamoto during the crucial period of 2008 to 2011. Lastly, in plain language, he asserted that Wright was “not the creator of the Bitcoin network.”
Despite the court’s seemingly black-and-white ruling, Wright expressed his eagerness to appeal the decision. In a statement, he acknowledged the backing of his supporters and their continued encouragement:

Wright, seemingly unbothered by Mellor’s remarks, also provided an update on his work with Teranode, a scalable implementation of the Bitcoin protocol. He claims it is on the verge of scaling beyond three million transactions per second while ensuring cloud-based server configurations function correctly for scalability.
Judge says Wright forged documents
Mellor’s 231-page judgment exhaustively analyzed the evidence presented during the trial, with a significant portion of the judgment focused on allegations of forgery.
The court analyzed numerous documents — including emails, blog posts and technical papers — that Wright had presented as evidence supporting his claim.
For instance, the Tyche emails, purportedly exchanged between Wright and others discussing early Bitcoin-related activities, were found to have inconsistencies in metadata, such as timestamps and email headers, indicating they were created much later than claimed.
Similarly, the credit card statements presented by Wright to demonstrate his financial transactions related to Bitcoin contained altered dates and transactions that did not match National Australia Bank — one of Australia’s four largest banking institutions — records, suggesting they were tampered with to create a false narrative.
Additionally, the nCrypt emails supposedly exchanged between Wright and his associates discussing critical aspects of the Bitcoin network were found to have formatting anomalies and inconsistencies, indicating fabrication. Mellor noted:
“The forensic analysis showed these emails were fabricated, and their content lacked the technical accuracy expected from Satoshi Nakamoto.”
Additionally, Mellor highlighted significant errors in Wright’s understanding and application of Bitcoin’s cryptographic hash principles and his inability to produce verifiable private keys for the early Bitcoin blocks mined by Satoshi himself.
Access to these keys could have been a straightforward and definitive way to prove his identity, yet Wright could not do this. Mellor noted:
“Dr. Wright’s understanding and application of Bitcoin’s cryptographic principles were fundamentally flawed. Significant errors were evident in his technical explanations, which Satoshi Nakamoto would not have made. This lack of accurate technical knowledge severely undermines his claim.”
Forgery, conspiracy theories and lack of credibility
The court scrutinized Wright’s demeanor and responses to cross-examinations throughout the trial. Documents note that he frequently evaded direct questions and provided convoluted, jargon-filled explanations — termed “technobabble” by the court.
The court noted that an individual with genuine expertise and involvement in Bitcoin’s creation would not need to resort to such tactics. Moreover, the judge remarked that Wright’s responses during cross-examination were marked by inconsistencies and falsehoods.
When confronted with the discrepancies in his evidence, he often shifted blame to unidentified third parties or provided new, unsubstantiated explanations, the court stated.
“There is a long list of those whom Dr. Wright blamed for his disclosed documents bearing signs of forgery. In several instances, he came up with conspiracy theories involving forgery by disgruntled former employees [...] Ira Kleiman and Uyen Nguyen [...] These theories were uniformly unsupported by any evidence,” Mellor highlighted.
While Wright was given opportunities to respond, the submitted evidence often contained even more inconsistencies and fabrications, which were systematically exposed by COPA’s legal team and expert witnesses.
Legal and precedential implications
The judgment in COPA vs. Wright has significant legal and precedential implications for intellectual property rights and global crypto laws. For starters, it reinforces the importance of establishing credibility, authenticity and rigorous evidence examination in legal proceedings related to digital assets.
Moreover, Mellor’s ruling reinforces Bitcoin’s decentralized nature, allowing the community to focus solely on the development and adoption of digital currency without the looming threat of unfounded ownership claims. Following the verdict, a COPA spokesperson released a statement:
“Developers can now continue their important work maintaining, iterating on, and improving the Bitcoin network without risking their personal livelihoods or fearing costly and time-consuming litigation from Craig Wright.”
Thus, moving forward, the focus within the Bitcoin community is likely to shift toward exploring new use cases and fostering greater mainstream acceptance of Bitcoin rather than dealing with legal entanglements such as these. #Write2Earn

Crypto vaults, explained:

Crypto vaults are secure, offline storage solutions for digital assets that offer enhanced protection against online threats through multiple security layers.
Crypto vaults represent a new frontier in securing digital assets, offering enhanced protection compared to traditional hot wallets or exchange accounts. These fortified digital safes are designed to safeguard cryptocurrencies offline, shielding them from the constant threat of online attacks. With multiple layers of security, including multisignature authentication, withdrawal delays and cold storage solutions, cryptocurrency vaults provide peace of mind for investors concerned about the safety of their holdings.
Unlike hot wallets connected to the internet, crypto vaults are predominantly offline, making them significantly less vulnerable to hacking attempts. This air-gapped approach adds a robust layer of protection against unauthorized access, phishing scams and malware attacks. 
Many crypto vaults also incorporate advanced encryption techniques and require multiple authorizations for transactions, further bolstering their security posture. Whether you’re a seasoned crypto investor or just starting out, a crypto vault can be a valuable tool in your arsenal for protecting your digital wealth.

Types of crypto vaults

Smart contract, time-locked, multisignature and hybrid vaults are different types of crypto vaults that offer varying security features and functionalities for storing digital assets.
Smart contract vaults utilize blockchain technology to automate security measures through pre-defined code, enhancing control and transparency over digital assets. Time-locked vaults introduce withdrawal delays to deter impulsive actions and unauthorized access attempts. Both offer customizable security options for users.
Multisignature vaults require multiple approvals for transactions, enhancing security through collaboration and consensus. Hybrid vaults combine hot and cold storage features, offering convenience for small transactions and robust security for larger holdings. This balanced approach caters to diverse user needs with flexible security options.

How does a crypto vault work?

Crypto vaults utilize offline storage and robust security protocols to protect digital assets during deposits, transactions and withdrawals.
Crypto vaults safeguard digital assets by minimizing their exposure to online threats. The process typically begins with the user depositing cryptocurrencies from a hot wallet or exchange into the vault’s designated address, initiating the transfer of assets to a securer environment.
Once deposited, the vault stores the cryptocurrencies securely, employing a combination of offline storage methods (such as hardware wallets or air-gapped devices), encryption protocols and multisignature authentication. This ensures that the assets are protected from unauthorized access and online vulnerabilities.
When a user wishes to make a withdrawal or initiate a transaction, the vault’s security mechanisms are activated. These mechanisms vary depending on the type of vault and may include smart contract execution, time-based delays or multiparty approvals. This process ensures that transactions are authorized and legitimate.
Upon successful authorization and completion of any required delays, the vault releases the specified amount of cryptocurrency to the designated address. This typically involves generating a transaction on the blockchain network, making it transparent and verifiable.
To maintain the highest level of security, reputable vault providers regularly conduct monitoring and auditing procedures. These may include security audits, vulnerability assessments and transaction logging, ensuring the ongoing integrity and security of the vault’s system.

What is the difference between a crypto wallet and a crypto vault?

Crypto wallets are designed for convenient transactions, while crypto vaults offer enhanced security for long-term storage of larger amounts.
Crypto wallets, whether hot (online) or cold (offline), are primarily designed for regular transactions and managing smaller amounts of cryptocurrency. They prioritize convenience and ease of use, allowing users to quickly send, receive and manage their assets. However, their constant connection to the internet or potential vulnerability to physical theft makes them more susceptible to hacking attempts and unauthorized access.
Crypto vaults, on the other hand, function as fortified digital safes, prioritizing security above all else. They employ multiple layers of protection, including offline storage, multisignature authentication, withdrawal delays and advanced encryption. This makes them significantly more resilient against hacking, phishing and other online threats. Crypto vaults are ideal for storing large amounts of cryptocurrency for the long term, as they offer enhanced security and peace of mind.

Advantages of crypto vaults:

Crypto vaults enhance security with multisignature authentication, withdrawal delays and offline storage to protect against unauthorized access and online threats.
Crypto vaults offer enhanced security features that go beyond those of typical wallets. By implementing measures like multisignature authentication, where multiple parties must approve a transaction, they make unauthorized access significantly more difficult. 
Additionally, withdrawal delays create a time buffer that allows users to detect and potentially reverse fraudulent transactions. These robust security protocols provide an added layer of protection for your digital assets, reducing the risk of loss due to hacking, theft or unauthorized access.
Unauthorized access is a major concern in the world of cryptocurrency, but crypto vaults are designed to mitigate this risk. By requiring multiple approvals and incorporating time locks, they create significant hurdles for unauthorized individuals attempting to gain control of the assets. 
The advanced encryption protocols used in crypto vaults further secure private keys and sensitive information, making it extremely challenging for hackers to compromise the security of the stored funds.
Crypto vaults often provide offline storage options, such as cold storage wallets. This means that the private keys and sensitive data associated with users’ cryptocurrencies are not connected to the internet, eliminating a significant point of vulnerability and ensuring the security and integrity of cryptocurrency holdings.

Risks associated with crypto vaults:

Crypto vaults, while secure, may have limited accessibility, technical complexity and risks associated with providers, recovery and fees.
Crypto vaults come with certain trade-offs. Their emphasis on security often results in reduced accessibility and control compared to regular wallets. 
Withdrawals may require multiple approvals or time delays, making them less convenient for users needing quick access to funds. Additionally, the technical complexity of setting up and managing a vault can be a hurdle for some, potentially leading to errors.
Another consideration is the risk associated with the vault provider itself. If the provider experiences security breaches, technical failures or bankruptcy, users’ assets could be at risk. Recovering lost credentials or access to the vault can also be challenging due to limited customer support or recovery mechanisms. 
Furthermore, some providers charge fees, which users should consider when weighing the benefits of enhanced security against the costs and potential risks. #Write2Earn

Resolution overturning SEC crypto rule is on Biden’s desk — Now what?
President Joe Biden has ten days, excluding Sundays, to decide whether he wants to follow through on his threat to veto H.J.Res.109.
Many House of Representatives lawmakers praised this week’s passage of two pro-crypto bills, but President Joe Biden may still veto one piece of legislation lauded by industry advocates.
According to congressional records, on May 23, the House presented to the U.S. President a joint resolution calling for the Securities and Exchange Commission (SEC) to strike down a rule affecting financial institutions doing business with crypto firms. The bill, H.J.Res.109, would strike down the SEC’s Staff Accounting Bulletin (SAB) No. 121, which requires banks to keep customers’ crypto on its balance sheets, with capital maintained against them.
Before the House and Senate passed the resolution, President Biden on May 8 said he intended to veto it. He claimed the legislation would “inappropriately constrain the SEC’s ability to ensure appropriate guardrails and address future issues related to crypto-assets” and limit regulatory guidelines for digital assets.
However, within roughly two weeks, the political landscape had shifted slightly. It was unclear whether President Biden would factor in recent events coming from Congress to veto the resolution or sign it into law.
On May 8, 21 Democrats in the House sided with Republicans to pass H.J.Res.109. A similar bipartisan result followed in the Senate on May 16, as the resolution passed with a 60 to 38 vote.
Before the House voted on the Financial Innovation and Technology for the 21st Century (FIT21) Act, the White House released a statement saying President Biden opposed the bill — but did not explicitly threaten to veto it. More than 70 Democrats joined with a majority of Republicans to pass the legislation, which is set to go to the Senate soon.
“HJ 109 and its bipartisan support are a clear rebuke of the SEC’s vision for crypto oversight,” Moe Vela, a former Director of Administration for then-Vice President Biden, told Cointelegraph. “I highly encourage the Biden Administration to collaborate with the crypto industry in the development of consumer-friendly AND industry-supportive regulations and policies.”
Vela added:
“I cannot predict whether the President will veto HJ 109, but I highly encourage him not to do so.”
Crypto proponents will know President Biden’s course of action within ten days, excluding Sundays — the maximum allowable time to sign or veto a bill. The legislation came to his desk the same day the SEC approved spot Ether exchange-traded funds forlisting and trading on U.S. exchangesfor the first time. #Write2Earn

Spot Ether ETFs receive official approval from the SEC
The U.S. Securities and Exchange Commission gave the green light to several spot Ether ETFs after speculation that the regulator was considering treating ETH as a security.
In a second landmark decision this year, the United States Securities and Exchange Commission has given the regulatory green light to spot Ether exchange-traded funds (ETFs) in the United States. 
Ina May 23 filing, the SEC approved the 19b-4 filings from VanEck, BlackRock, Fidelity, Grayscale, Franklin Templeton, ARK 21Shares, Invesco Galaxy, and Bitwise — approving the rule changes allowing spot Ether ETFs to be listed and traded on their respective exchanges. The landmark decision came despite speculation that the securities regulator has been investigating whether to label Ether as a security.

While the 19b-4s have been approved, ETF issuers still need the SEC to sign off on their respective S-1 registration statements for the spot Ether ETFs to officially begin trading. Industry analysts say this could take days, weeks or even months. The SEC reportedly instructed applicants to accelerate their 19b-4 filings on May 20. The removal of staking is the most notable amendment seen across several filings. 
The SEC did not announce approval of Hashdex’s spot Ether ETF application. The asset manager’s investment vehicle had a final deadline with the commission set for May 30 — ahead of Grayscale, Invesco Galaxy, BlackRock and Fidelity. It’s unclear whether the SEC will ultimately approve Hashdex’s ETF.
The SEC approval comes a day after the United States House of Representatives members voted in favor of legislation many believe will provide more regulatory clarity to the cryptocurrency industry. The Financial Innovation and Technology for the 21st Century Act will clarify the roles of the SEC and Commodity Futures Trading Commission, but it still needs to be passed by the Senate and signed into law.
The spot Ether ETF approval comes four and a half months after the SEC approved several spot Bitcoin ETF applications on Jan. 10, marking an industry first. According to data from Cointelegraph Markets Pro, the price of ETH rose to more than $3,900 immediately following the SEC announcement, then dropped to $3,759 at the time of publication. #Write2Earn

Indian Central Bank RBI Warns Retail Investors of Crypto's Lack of Accountability and Stability

The Reserve Bank of India (RBI)’s May 2024 bulletin warns retail investors that “the crypto ecosystem lacks accountability and stability and is marked by regulatory ambiguity.” The Indian central bank also cautioned that some cryptocurrency systems may be “prone to crisis without safeguards.”
RBI Bulletin’s Crypto and Defi Warnings
India’s central bank, the Reserve Bank of India (RBI), released its monthly bulletin for May 2024 on Tuesday. It covers the significant impact and inherent risks of decentralized finance (defi) and cryptocurrencies within the financial system.
“Our findings suggest that the interest in cryptocurrencies is driven by speculative motive rather than a means of payment for real economic transactions,” the bulletin reads. “As the crypto ecosystem lacks accountability and stability and is marked by regulatory ambiguity, retail investors need to be more cautious.” The bulletin adds:
Some cryptos may be backed by underlying; however, if the underlying itself is another unstable digital asset with no transparency and central bank back up, the crypto system is prone to crisis without safeguards.
The bulletin includes a statement from RBI Governor Shaktikanta Das, who describes the terms “cryptocurrency” and “private cryptocurrency” as “a fashionable way of describing what is otherwise 100 percent speculative activity.”
India currently lacks a specific regulatory framework for cryptocurrencies. In 2021, a draft bill aimed at regulating digital assets was proposed by a governmental panel, but it remains pending. The Securities and Exchange Board of India (SEBI) recently submitted its regulatory proposals for crypto assets to a governmental advisory committee, suggesting that different regulators manage specific aspects of cryptocurrency trading. Concurrently, the Reserve Bank of India articulated its reservations, outlining the macroeconomic risks linked to cryptocurrencies, particularly concerning tax evasion and fiscal stability.
The Financial Intelligence Unit of India (FIU-IND) oversees 47 crypto entities and has officially recognized Binance and Kucoin as virtual asset service providers. Moreover, India’s finance minister anticipates the formation of a comprehensive cryptocurrency regulatory framework to emerge from G20 deliberations.
What do you think about the warnings by India’s central bank, the Reserve Bank of India (RBI) about crypto risks? Let us know in the comments section below. #Write2Earn

Former Bitmex CEO Arthur Hayes: A Weak Yen Solution Might Propel Bitcoin to $1 Million

Arthur Hayes, former CEO of Bitmex and current CIO of Maelstrom, has predicted the geopolitical and economic dynamics that will be taken to equilibrate the exchange rate between the U.S. dollar and the Japanese yen might propel bitcoin prices to $1 million. Hayes states that eventually, the U.S. will be forced to act by printing money and exchanging it for yens.
Arthur Hayes: A Weak Yen Solution Will Ratchet Bitcoin to $1 Million and Beyond
Bitcoin is becoming a global asset whose price is beginning to be affected by geopolitical and economic dynamics. Arthur Hayes, the former CEO of Bitmex and current Chief Investment Officer (CIO) of Maelstrom, has predicted that any action taken to correct the current weak yen situation would lead to the debasement of the U.S. dollar and consequently to the appreciation of bitcoin.
In his latest newsletter, “The Easy Button,” Hayes states that the exchange rate between the U.S. dollar and the Japanese yuan is the “most important global economic variable,” as its current instability will eventually guarantee an action from the Federal Reserve.
A too-weak yen will cause action from China, which will try to devalue its currency to maintain its competitiveness with Japanese products. In the same way, a weakening of the Chinese yuan will also create a difficult situation for the U.S. industrial complex, that will continue to push manufacturing abroad.
This is why Hayes stressed that the Federal Reserve might take the easy route and avoid the pitfalls associated with this scenario by just swapping freshly printed dollars for yens, allowing the Bank of Japan to unleash these trillion to intervene in the FX market. Also, this creates the conditions for China to continue printing yuans and increase its monetary expansion without creating imbalances in its economy.
However, if done wrongly, this risks ending the dollar hegemony as a reserve currency, given that it will lose a high percentage of its value against other fiat currencies and Bitcoin. Hayes assessed that if his theory is correct, “it is trivial for any institutional investor to buy one of the US-listed Bitcoin ETFs,” declaring bitcoin as the “best-performing asset in the face of global fiat debasement.”
“When something is done about the weak yen, I will mathematically guestimate how flows into the Bitcoin complex will ratchet the price to $1 million and possibly beyond,” he concluded.
What do you think about Arthur Hayes’ bitcoin price prediction? Tell us in the comments section below. #Write2Earn

Nigerian Prison Agency Held Responsible for Court Absence of Jailed Binance Executive

The Nigerian Correctional Service recently faced accusations of failing to bring Tigran Gambaryan, a jailed Binance executive, to a court hearing on May 22. A lawyer representing the Nigerian revenue collection agency subsequently requested the court to adjourn proceedings. This would allow him to investigate the reasons behind Gambaryan’s absence.
Gambaryan Key to Nigeria’s Tax Evasion Case Against Binance
The Nigerian revenue collection agency has accused the Nigerian Correctional Service (NCS) of failing to bring the jailed Binance executive, Tigran Gambaryan, to a scheduled court hearing. Moses Idehu, counsel for the Federal Inland Revenue Service (FIRS), reportedly told Nigerian Judge Emeka Nwite that the NCS, not his client, should be blamed for Gambaryan’s absence.
The report of the NCS’s failure to present the Binance executive at a court hearing emerged just days after a Nigerian court denied Gambaryan’s bail application. As reported by Bitcoin.com News, the court also concurred with Nigerian officials in the hearing that Gambaryan is eligible to represent Binance in its tax evasion case.
According to a report, the Binance executive was scheduled to be arraigned on May 22. However, the failure of prison officials to present him meant that Gambaryan and the crypto exchange could not enter their respective pleas. Consequently, Idehu urged the court to adjourn proceedings to allow him to determine why the Binance executive failed to appear.
“We are definitely looking at possibly not being able to go on today. We shall take steps to communicate to the Nigerian Correctional Service to produce him on the next adjourned date,” the FIRS counsel reportedly said.
In response to Idehu’s request for the court to postpone proceedings, T.J. Krukrubo, the legal representative for Binance, objected to the NCS’ failure to present his client. Chukwuka Ikwuazo, who represents Gambaryan, asked Judge Nwite to request that the revenue collector remove Nadeem Anjarwalla’s name from the amended charge sheet.
According to the report, the FIRS agreed with Ikwuazo’s argument, leading both legal teams to agree to postpone the case to June 14.
What are your thoughts on this story? Let us know what you think in the comments section below. #Write2Earn

Spokesperson Hints at Sam Bankman-Fried's Possible Move to California Prison

According to the Wall Street Journal, the convicted FTX co-founder Sam Bankman-Fried (SBF) is being transferred from the Metropolitan Detention Center in Brooklyn to an undisclosed location. Sources speculate that SBF might be headed to the Federal Correctional Institution in Mendota, California (FCI Mendota).
SBF’s Potential Transfer to FCI Mendota Speculated
A Wall Street Journal report indicates that Sam Bankman-Fried (SBF) is likely moving to a new prison in California. Reporter Alexander Osipovich reported that federal officials have initiated the transfer process for SBF. Reportedly, SBF wished to remain at the Metropolitan Detention Center (MDC) in Brooklyn, New York City, to work on his appeal.
Several reports indicate that SBF has adjusted well to his new environment at MDC, even using the prison’s mackerel packet currency to get a haircut. A spokesperson for SBF stated they could not confirm the FTX founder’s destination but suggested he might be transferred to FCI Mendota in California.
The transfer news precedes the sentencing of former FTX executive Ryan Salame, set for May 28, 2024. Prosecutors are recommending a five to seven-year sentence for Salame, while his defense team advocates for a lighter sentence of no more than 18 months. FCI Mendota is located on a 960-acre site and houses approximately 1,312 medium-security inmates, with an adjacent minimum-security satellite camp accommodating around 103 inmates.
What do you think about SBF’s possible transfer to California? Share your thoughts and opinions about this subject in the comments section below. #Write2Earn

Analyst: Gold Demand From China Continues Supporting the Bull Market

Jan Nieuwenhuijs, a gold market analyst, has assessed the state of the gold market, reporting that growing demand from both the private market and the People’s Bank of China (PBOC) has been instrumental in the rise of gold prices. Chinese private investors purchased 543 tonnes during Q1, while the PBOC acquired 189.
China Continues Propping Gold Prices up With Private and Central Bank Demand
The influence of China in the gold market has been instrumental in propping and supporting current price levels, according to Jan Nieuwenhuijs, a gold market analyst specializing in the Chinese gold market dynamics. Nieuwenhuijs determined that the demand from private investors and the People’s Bank of China (PBOC) have been responsible for gold touching all-time high (ATH) levels earlier this week.
Private demand from Chinese investors has increased enormously, with the sector importing 543 tonnes during Q1, registering a volume increase of 74% compared to Q4 2023. According to Nieuwenhuijs’ numbers, the PBOC also registered an increase in its total purchases during Q1, reaching 189 tonnes, 38% more than the previous quarter.
The analyst predicts the gold market will keep hot as the current demand levels for the precious metal will maintain or grow. For Nieuwenhuijs, the recent dump of $53 billion in US Treasuries and agency bonds combined for the same period examined means China is offloading dollars to acquire gold.
He stressed that this behavior will be further exacerbated as both Russia and the Western world start freezing and confiscating each other’s reserves on international soil, remarking the character of gold as a safe haven from fiat.
Also, the current slump in traditional investment options in China, like real estate and stocks, will likely increase the demand for gold as an alternative investment vehicle.
Nieuwenhuijs declared:
The Chinese public, which doesn’t have many investment options due to capital controls, will continue to invest in gold and support the price.
The analyst recently stated that we are in the starting stages of a multi-year gold bull market that might take gold prices to $8,000 per ounce during the next 10 years.
What do you think about China’s influence on the current gold market prices? Tell us in the comments section below. #Write2Earn