Babylon, a Bitcoin staking platform billed as a new way of providing the original blockchain's security to new protocols and decentralized applications, pulled in about $1.5 billion worth of bitcoin on Tuesday after briefly opening to additional deposits.
The uptake could show robust demand for a growing decentralized finance (DeFi) ecosystem atop the 15-year-old Bitcoin blockchain, previously confined to alternative networks like Ethereum and Solana.
David Tse, Babylon's co-founder, who also has an appointment as an engineering professor at Stanford University, told CoinDesk in an emailed statement that the inflows were "way beyond our expectations."
According to Babylon staking dashboard, some 18,601 BTC had already been staked as of 20:03 UTC (4:03 p.m. ET), with an additional 5,419 BTC pending in the staking queue.
The cap was lifted for about 10 Bitcoin blocks over the course of one hour and 23 minutes, with the only restriction being that users could only stake up to 500 BTC per transaction. (Many transactions are typically included in each block.)
Because of that structure, the round of new staking deposits was described as "duration-based," in a departure from the initial opening in August, where the cap was set at a fixed 1,000 BTC and filled up in an hour and 14 minutes.
Babylon's aim is to allow proof-of-stake chains to acquire capital from the deep reserves stored in BTC.
It is one of a large number of initiatives aimed at introducing utility to Bitcoin – commonplace on networks such as Ethereum but historically largely absent from the world's first blockchain.
The project turned heads in May this year when it completed a $70 million funding round, following an $18 million round the previous December.
UPDATE (22:48 UTC): Adds comment from Babylon co-founder David Tse.

U.S. spot bitcoin exchange-traded funds recorded $18.66 million in net outflows on Tuesday, ending a two-day streak of positive flows.
Fidelity’s FBTC led the outflows with $48.82 million exiting the product, according to SoSoValue data. Grayscale’s GBTC, the second largest spot bitcoin ETF by net assets, also saw $9.41 million in outflows after reporting no flows the day before.
BlackRock’s IBIT, the largest spot bitcoin ETF, was the only fund to see inflows, with $39.57 million flowing into the ETF. The nine other ETFs recorded zero flows.
The total trading volume for the 12 products reached $1.35 billion on Tuesday, up from $1.22 billion on Monday.
Ether ETFs saw outflows
Meanwhile, spot Ethereum ETFs in the U.S. recorded $8.19 million in net outflows on Tuesday after reporting zero flows on Monday.
Bitwise’s ETHW saw the largest outflows of the day, with $4.54 million leaving the fund, while Fidelity’s FETH logged outflows of $3.65 million. The seven other spot ether ETFs experienced no flows.
The nine ETFs’ total trading volume shrank to $102.37 million on Tuesday, compared to $118.43 million the day before.
Bitcoin edged down 0.32% over the past 24 hours to trade at $62,372 at the time of writing, while ether gained 0.52% to change hands at $2,445, according to The Block’s price page.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Bitcoin {{BTC}} remains little changed as a hyped HBO documentary turned out to be a market dud, and traders await the latest U.S. economic figures, scheduled for later Wednesday and Thursday, before further positioning.
BTC lost just 0.4% in the past 24 hours, with a 0.61% drop in major tokens tracked by the liquid CoinDesk 20 (CD20) index. Ether {{ETH}} rose 0.3%, BNB Chain’s {{BNB}}, Solana’s {{SOL}} and XRP {{XRP}} were little changed. Sui Network’s {{SUI}} fell 7% after a multi-week run that saw the token gain over 20% since late September.
The HBO documentary "Money Electric: The Bitcoin Mystery" sparked significant interest and speculation in the cryptocurrency community about the identity of Bitcoin's pseudonymous creator, Satoshi Nakamoto, in the past week. Nakamoto’s true identity, in theory, could be a sudden volatility-boosting event for crypto markets, and past attempts have been unfruitful.
HBO continued that streak by pinning Bitcoin developer Peter Todd as Nakamoto on pieces of online evidence from the network’s early years. Todd denied the claims in an interview with CoinDesk, and the Bitcoin community on X has largely dismissed HBO’s apparent findings.
Betting market activity
Over $44.3 million was bet on Polymarket as to who would be identified as Satoshi. Most of the volume was split between Len Sassaman and Adam Back, who both caught the eyes of bettors in the market’s early days.
Another market that asked bettors if Satoshi’s identity would be proven this year was fairly unchanged despite the documentary hype. The ‘Yes’ side of “Not Proven in 2024” dipped to 82% from 98% when the documentary was announced, but quickly moved back into the 90s within three days. It is currently at 95.5%.
ETFs bleed money, China rally wanes
On Monday, spot bitcoin exchange-traded funds (ETFs) in the U.S. recorded a cumulative outflow of over $18 million, SoSoValue data show, with Fidelity’s FBTC losing over $48 million. ETH ETFs recorded over $8 million in withdrawals, led by a $4.8 million outflow from Bitwise’s ETHW product.
Low volatility in BTC came after a lack of new measures and announcements of new stimulus at a Chinese briefing on Tuesday pared hopes of a long-drawn stimulus package – one that contributed to a bitcoin run in the past few weeks.
Stocks in China are deep in the red as the stimulus euphoria has seemed to have worn off, with the Shanghai Composite Index down 3.9% and Shenzhen’s Component Index down 4%.
Traders, meanwhile, look toward an upcoming Federal Reserve meeting for clues on where BTC might move next. The agency is expected to release FOMC minutes and key economic figures from August that track growth on Wednesday and Thursday – which typically moves prices.
Polymarket bettors are forecasting a 25bps decrease for November, while the chance of a 50bps decrease is down to 9%, having fallen from 46% at the end of September.
“As the Chinese rally wanes, we anticipate capital reallocation back into crypto, reflecting the industry’s growing maturity as an alternative risk-on asset,” QCP Capital traders said in a Wednesday broadcast. “We foresee near-term downside risk for equities due to upcoming earnings season and CPI release, which may challenge their lofty valuations. Geopolitical tensions further complicate the outlook.”
“However, we maintain a medium-term optimistic stance, expecting election headlines to continue driving crypto movement,” QCP added.

The total crypto market cap (TOTAL), along with Bitcoin 
, is stabilizing above their respective crucial support floors. With the volatility cooling down, there is a chance that altcoins could also follow suit. However, as of now, some bearishness persists, given that EigenLayer (EIGEN) is down by 8%.
In the news today:
Crypto.com has filed a lawsuit against the US SEC following a Wells notice, accusing the regulator of unjust actions toward the exchange. The company stated that the SEC’s actions left them with “no other choice” but to take legal action.HBO’s documentary “Money Electric,” which premiered on October 8, 2024, suggested Peter Todd as the real identity behind Bitcoin’s creator, Nakamoto. Todd quickly denied the claim just hours before the documentary’s release.
The Crypto Market Is Cooling Down
The total crypto market cap has shown minimal movement in the last 24 hours, maintaining its position above the crucial support level of $2.11 trillion. Despite the lack of immediate change, the market still aims for an upward trajectory, supported by positive sentiment.
With a month-old uptrend line acting as a key support, the total crypto market cap could see a bounce, potentially pushing it toward the next target of $2.24 trillion. This would signal continued growth and optimism within the market.

However, if the market loses support at $2.11 trillion and the trend line, it may trigger a larger drawdown, leading to a potential drop toward $2.00 trillion, which would indicate a bearish shift.
Bitcoin Is Holding Above Support
Bitcoin’s price is currently stable at $62,375, with no significant movement in the past day. The cryptocurrency remains above the crucial support level of $61,868, showing resilience and still eyeing a potential bounce off this floor to initiate an upward trend.
For Bitcoin, the next key resistance lies at $65,292. Consistent bullish sentiment is essential to breach this level. Flipping this resistance into support would open the door for further price increases and reinforce a bullish outlook for the cryptocurrency.

However, if Bitcoin loses support at $61,868, it risks dropping to $60,000. A break below this critical level could lead to a steeper decline, potentially pushing Bitcoin’s price down to $57,270.
EigenLayer Is Finding Strength
EIGEN price experienced significant volatility over the last 24 hours, with intra-day highs surpassing $4.00. However, by the time of writing, the altcoin had dropped to $3.71, marking an 8% decline from its peak. The rapid price shifts have left traders cautious as they assess EIGEN’s next move in the market.
EIGEN still has the potential to rebound if it manages to flip the $3.75 resistance into support. Achieving this would enable the altcoin to rally toward its next resistance level at $4.15, reigniting investor optimism and maintaining the bullish trend.

If the price drawdown persists, however, EIGEN may drop further, potentially hitting a low of $3.47. A fall to this level would invalidate the bullish outlook and could dampen investor confidence, leading to a more extended bearish phase.

HBO’s latest documentary, “Money Electric: The Bitcoin Mystery,” suggests that Peter Todd, a core Bitcoin developer, might be the enigmatic Satoshi Nakamoto. Consequently, filmmaker Cullen Hoback’s assertion has stirred controversy and skepticism within the crypto community.
Satoshi Nakamoto, the pseudonymous figure behind Bitcoin, launched the cryptocurrency with a white paper in 2008, sparking a financial revolution.
Peter Todd Says He Is Not Satoshi Nakamoto
In 2024, Bitcoin has escalated into a $1.23 trillion asset, with Nakamoto’s personal stash estimated at nearly $70 billion. Despite intense scrutiny, Nakamoto’s true identity has remained a well-guarded secret.

In the film, Hoback explores this mystery with a new theory—proposing that Todd, who joined the Bitcoin scene in 2010, is actually Nakamoto. This hypothesis is supported by a series of circumstantial evidence and coincidences.
For instance, Todd’s academic schedule aligns with Nakamoto’s posting patterns. Additionally, a specific forum interaction could suggest Todd was continuing a conversation as Nakamoto.
During the film, Hoback highlights a chat log in which Todd refers to himself as the “world’s leading expert on how to sacrifice your Bitcoins.” Hoback interprets this as an admission of Todd being unable to access Nakamoto’s Bitcoin hoard. However, Todd firmly denies these claims, labeling them as “ludicrous.”
“This is going to be very funny when you put this into the documentary and a bunch of Bitcoiners watch it,” Todd said in the documentary.
Furthermore, the documentary delves into Todd’s background, noting his early involvement with Bitcoin-related projects like OpenTimestamps and his work on privacy-focused cryptocurrencies, including Zcash (ZEC). Nonetheless, Todd has consistently rejected the notion that he is Nakamoto, a sentiment he reiterated on social media platforms.
Critics of the documentary argue that Hoback’s evidence is speculative at best. Moreover, Todd was relatively unknown in the early days of Bitcoin, so he might not have had the necessary experience to have authored the Bitcoin white paper.
The timing of Nakamoto’s disappearance from online forums also coincides curiously with Todd’s rise within the Bitcoin community, adding another layer of intrigue to Hoback’s narrative. Despite these hints, the film fails to deliver definitive proof, leaving viewers with a lack of clarity.
As it stands, the documentary has not changed the widespread belief that Nakamoto’s identity should remain undisclosed, aligning with the mysterious creator’s original desire for privacy.
“It doesn’t matter who Satoshi is, that’s the point. Satoshi was wise to stay anonymous, not just to avoid being a target, but also because the press would have made the entirety of Bitcoin about them and their persona, thereby devastatingly lowering the quality of the discourse,” Arthur Breitman, co-founder of Tezos told BeInCrypto.

On-chain data shows the Bitcoin supply in loss has shot up close to the 20% mark after the recent bearish action in the coin’s price.
Bitcoin UTXO Supply In Loss Has Seen A Sharp Increase Recently
In a new post on X, CryptoQuant author Axel Adler Jr talked about the recent trend in the Bitcoin Unspent Transaction Output (UTXO) Supply in Loss indicator. The “UTXO Supply in Loss” measures, as its name suggests, the total percentage of UTXOs in existence (or more simply, just the tokens) that are being held at some net unrealized loss.
The indicator works by going through the on-chain history of each UTXO in circulation to see what price it was last moved at. Generally, the last transfer of any token represents the last point that it changed hands, so the price at its time can be assumed to be its cost basis.
When this cost basis for any UTXO is greater than the current spot price of the cryptocurrency, then that particular UTXO can be assumed to be underwater right now. The UTXO Supply in Loss adds up all UTXOs satisfying this condition to find what percentage of the total supply that they make up for. Like this metric, there also exists the UTXO Supply in Profit, which naturally keeps track of the UTXOs of the opposite type.
Now, here is the chart shared by the analyst that shows the trend in the Bitcoin UTXO Supply in Loss over the history of the asset:

As displayed in the above graph, the Bitcoin UTXO Supply in Loss registered a sharp plunge to the zero mark (note that the chart is reversed as it uses a negative scale) when the cryptocurrency’s price set its all-time high (ATH) back in March of this year. Whenever BTC sets a new record, 100% of the investors get into profits, so the UTXO Supply in Loss shrinking down to zero is only natural. As the coin has witnessed bearish momentum in the last few months, though, the metric’s value has gone through an increase again.
The 90-day moving average (MA) of the indicator, which is also listed in the chart, has now come close to the 20% mark. The CryptoQuant author has marked in the graph the previous instances of the metric making a similar retest of this level.
“In previous cycles, similar conditions were sometimes followed by a price rally,” notes Axel. Thus, it’s possible that a price surge may follow for Bitcoin this time as well.
As for why the UTXO Supply in Loss going up can be bullish for Bitcoin, the reason is that the investors in profit are the ones more likely to participate in selling, so whenever their number reduces, the chances of a selloff also go down.
BTC Price
Bitcoin had shown some recovery beyond the $64,000 level yesterday, but it would appear that the asset couldn’t maintain as it’s back at $62,500 now.

Crypto investors mostly favor dollar-cost averaging (DCA) when buying into the market, a survey by crypto exchange Kraken has found.
Around 83.5% of investors had used a DCA strategy, and 59% still use it as their primary way to buy crypto, according to Kraken’s survey of 1,109 crypto investors published on Oct. 7.
Dollar-cost averaging involves buying an asset at regular intervals, such as once a month, regardless of price — which Kraken’s researchers claimed can “reduce the impact of short-term price volatility and remove emotions that can cloud judgment.”
Over 46% of those surveyed said the biggest advantage to DCA is hedging against market volatility, while around a third believed it supported consistent investment habits. About 12% said DCA removed emotion from trading.
The reasons for a DCA strategy change depending on income. Those earning less than $50,000 said the biggest benefit of the strategy was that it encouraged consistent investment habits.
Those earning over $50,000 pinned reducing the impact of market volatility as a greater advantage — especially for respondents earning between $175,000 to $199,000, where nearly seven in ten believed reducing market volatility impact was the biggest DCA advantage.
However, just over 8% of respondents maintained their strategy when facing losses, with the researchers adding that those using other investment strategies “were more likely to stay the course during market turbulence.”
“Our survey found that the more an investor earns, the more confident they are about sticking to their investment strategy,” the researchers stated. 
Almost 63% of those with incomes over $100,000 said they have a “very strong” ability to stick to a trading plan when facing market fluctuations. 
The survey found that higher-income investors earning more than $100,000 were more likely to use DCA while lower-income investors — those earning under $100,000 — were more likely to try timing the market. 
Younger investors aged between 18 and 29 also preferred riskier strategies, with half opting to try and time the market.
Kraken noted that older investors aged over 45 kept the closest eye on crypto markets, with two-thirds checking markets more often than traditional investments compared to only a third of those aged 18 to 29 who did the same.
The Kraken team said dollar-cost averaging is “not perfect” but claimed it could reduce the stress of timing the market and offset emotional decision-making.

Bitcoin {{BTC}} traded listless between key averages early Tuesday amid elevated volatility in the U.S. bond market and sharp losses in Chinese stocks.
The leading cryptocurrency by market value held above $62,000, with the Bollinger bandwidth, an unbound technical oscillator, falling to levels seen ahed of the mid-June downside price turbulence.
Bollinger bands are volatility bands placed two standard deviations above and below the 20-day simple moving average of the asset's price. The bandwidth is calculated by dividing the spread between the volatility bands by the 20-period SMA. Rising bandwidth values indicate high volatility and falling values suggest otherwise. A volatility explosion often follows a prolonged period of low readings.
The bitcoin market, however, showed no such signs at press time, with prices locked within a narrow range between the 200-day simple moving average (SMA) resistance at $63,550 and the 50-day SMA support at $60,819.
The MOVE index, which measures expected volatility in U.S. Treasury notes, surged 24% Monday, reaching the highest since early January, according to TradingView.
Increased volatility in the Treasury notes, which play a prominent role in global collateral and finance, often causes financial tightening and risk aversion. The situation benefits the U.S. dollar, potentially weighing over risk assets, like stocks and bitcoin.
The path of least resistance for the dollar index is on the higher side as the notion of an aggressively dovish Fed has faded. According to ING, the dollar index could rise to 103 by the end of the month. The index was steady at around 102.45 at press time.
Chinese stocks slide
China's Shanghai Composite Index fell by 4.6%, ending a ten-day winning streak, likely due to disappointment over the government's lack of fiscal stimulus.
Beijing announced a slew of stimulus measures in late September, torching a sharp rally that supposedly sucked out capital from other Asian equity markets and bitcoin.
As such, the renewed slump in Chinese stocks may reverse the money flow, supporting other regional indices and cryptocurrency prices.

HBO’s highly anticipated documentary has sparked controversy by suggesting that Peter Todd, an early Bitcoin developer, is Satoshi Nakamoto, the mysterious creator of Bitcoin. , taking to X (formerly Twitter) to refute the claims, but the film has already set the crypto world abuzz.
The nearly two-hour documentary, directed by Cullen Hoback, embarks on a “globe-trotting investigation” to solve one of the internet’s greatest mysteries—unmasking Nakamoto.
Throughout the film, Hoback presents various leads and interviews several experts, gradually narrowing in on the former Bitcoin devloper Peter Todd as the prime suspect. In a dramatic exchange towards the end, Todd is shown teasing Hoback by suggesting he is Nakamoto, only to contradict himself in later moments. This playful banter has left many viewers wondering whether Todd was simply toying with the filmmaker or if the claim carries weight.
Following the film’s premiere, debate erupted online, with some in the crypto community criticizing Hoback’s conclusions. Many took to social media, particularly X, to voice their skepticism. Todd himself expressed frustration, stating that the evidence presented in the documentary was speculative and without substance. Despite Todd’s denials, the film’s revelation has added a fresh layer to the decade-long speculation surrounding Nakamoto’s true identity.Peter Todd Accuses Film for Putting his Life in Danger
In a statement to CNN, Pete criticized the HBO documentary and filmmakers behind it for being “irresponsible” and putting his life in danger.
“Cullen is really grasping for straws here,” Todd added, accusing the filmmaker of exaggerating minor coincidences into a larger narrative. He also expressed frustration over not being contacted by HBO prior to the documentary’s release, nor given the opportunity to preview the film. “It’s ironic—this kind of leap in logic is exactly what fuels conspiracy theories,” Todd said.
Hoback, best known for his work on Q: Into the Storm, which explored the QAnon conspiracy, is no stranger to stirring controversy. In an interview with Fast Company, he acknowledged that naming Todd as Nakamoto would provoke heated debate. “People are going to debate it, no matter how strong our case is, and that’s fine. That’s the nature of this space,” Hoback said.
The identity of Satoshi Nakamoto remains one of the most enduring mysteries of the internet age. Whoever Nakamoto is—or was—they hold significant influence over Bitcoin’s origins and potentially control over 1.1 million BTC, currently valued at approximately $68 billion. Despite years of investigations and countless theories, Nakamoto has managed to remain anonymous for over 15 years, a feat that continues to baffle the global crypto community.

HBO’s highly anticipated documentary has sparked controversy by suggesting that Peter Todd, an early Bitcoin developer, is Satoshi Nakamoto, the mysterious creator of Bitcoin. , taking to X (formerly Twitter) to refute the claims, but the film has already set the crypto world abuzz.
The nearly two-hour documentary, directed by Cullen Hoback, embarks on a “globe-trotting investigation” to solve one of the internet’s greatest mysteries—unmasking Nakamoto.
Throughout the film, Hoback presents various leads and interviews several experts, gradually narrowing in on the former Bitcoin devloper Peter Todd as the prime suspect. In a dramatic exchange towards the end, Todd is shown teasing Hoback by suggesting he is Nakamoto, only to contradict himself in later moments. This playful banter has left many viewers wondering whether Todd was simply toying with the filmmaker or if the claim carries weight.
Following the film’s premiere, debate erupted online, with some in the crypto community criticizing Hoback’s conclusions. Many took to social media, particularly X, to voice their skepticism. Todd himself expressed frustration, stating that the evidence presented in the documentary was speculative and without substance. Despite Todd’s denials, the film’s revelation has added a fresh layer to the decade-long speculation surrounding Nakamoto’s true identity.Peter Todd Accuses Film for Putting his Life in Danger
In a statement to CNN, Pete criticized the HBO documentary and filmmakers behind it for being “irresponsible” and putting his life in danger.
“Cullen is really grasping for straws here,” Todd added, accusing the filmmaker of exaggerating minor coincidences into a larger narrative. He also expressed frustration over not being contacted by HBO prior to the documentary’s release, nor given the opportunity to preview the film. “It’s ironic—this kind of leap in logic is exactly what fuels conspiracy theories,” Todd said.
Hoback, best known for his work on Q: Into the Storm, which explored the QAnon conspiracy, is no stranger to stirring controversy. In an interview with Fast Company, he acknowledged that naming Todd as Nakamoto would provoke heated debate. “People are going to debate it, no matter how strong our case is, and that’s fine. That’s the nature of this space,” Hoback said.
The identity of Satoshi Nakamoto remains one of the most enduring mysteries of the internet age. Whoever Nakamoto is—or was—they hold significant influence over Bitcoin’s origins and potentially control over 1.1 million BTC, currently valued at approximately $68 billion. Despite years of investigations and countless theories, Nakamoto has managed to remain anonymous for over 15 years, a feat that continues to baffle the global crypto community.

HBO’s documentary Money Electric: The Bitcoin Mystery identified Peter Todd as Bitcoin’s pseudonymous creator — Satoshi Nakamoto.
The 39-year-old Canadian is known for his longtime contributions as a Bitcoin 
 core developer, a consultant and a developer of other crypto and blockchain software. 
Still, Todd denied being Nakamoto both before the documentary’s debut and after it aired, bluntly posting on X, “I’m not Satoshi.”
BitMEX Research said in an Oct. 8 X post that some of the evidence presented in the documentary pointing to Todd being Nakamoto was “clearly ridiculous,” and there was “zero reason” to believe it.
He is among the few who publicly communicated with Nakamoto about the code and features behind Bitcoin before Nakamoto disappeared in 2011. These communications form some of the supposed evidence shown by the documentary’s producer, Cullen Hoback, as evidence that Todd might be Nakamoto. 
Todd was about 23 when Nakamoto first published the Bitcoin white paper, outlining a vision for a decentralized peer-to-peer payment system.
On a 2019 podcast, Todd said he was about 15 when he started communicating with early Bitcoin contributor Hal Finney and Hashcash inventor Adam Back.
Todd has been a Bitcoin Core Developer at Bitcoin platform Coinkite since July 2014 and a board adviser at digital collectible platform Verisart since 2015.
He worked as a Linux system support and service Starnix developer for three months in 2001 and held various other short-term roles between 2007 and 2008.
The same year the Bitcoin white paper was published, Todd started working as an Electronics Designer at Gedex Inc.
He’s held high-level positions in the crypto industry, including chief scientist at Mastercoin, a digital currency and communications protocol built on the Bitcoin blockchain, since 2014.
Todd is also chief scientist at Dark Wallet, an open-source Bitcoin wallet, a role he also began in 2014. 
In 2016, he participated in Zcash’s trusted setup ceremony, helping set up cryptographic keys for securing wallets and blockchain protocols. He later called his involvement “pointless” because he didn’t think “the Zcash trusted setup should be called a multiparty computation.” 
In 2019, cryptographer Isis Lovecruft accused Todd of sexually assaulting her, which he denied and filed a defamation suit against Lovecruft the same year.
The case was settled in 2020, and the suit was dropped without monetary compensation in exchange for Lovecruft issuing a statement clarifying Todd never sexually assaulted her.

An 86-year-old former California attorney has been sentenced to five years probation and ordered to pay nearly $14 million after admitting to carrying out a multimillion-dollar crypto Ponzi scheme.
In the Oct. 8 judgment filed by Las Vegas federal court judge Gloria Navarro sentenced David Kagel after he pleaded guilty to one count of conspiracy to commit commodity fraud in May.
Kagel is currently in hospice care at a seniors facility in Las Vegas due to ailing health, where he will serve out his probation unless he leaves — where he will be required to wear a monitoring device. 
Government prosecutors — who charged Kagel last year — said from December 2017 to around June 2022, Kagel and two accomplices lured victims into investing in a fraudulent crypto bot trading scheme with promises of high returns and no risk.
Over this time, the trio “fraudulently promoted and solicited investments and obtained at least approximately $15 million in victim-investor funds for various cryptocurrency trading programs,” prosecutors said. 
Kagel helped promote the crypto scam by drafting letters on his law firm’s letterhead, which were then sent to victims. 
The official letterheads helped create trust, prosecutors said.
Victims were under the impression they were investing in a legitimate scheme that used trading bots to invest in crypto markets.
The scheme “guaranteed” to repay the principal investment and profit from upward of 20% to 100% of the principal investment within 30 days. 
Kagel claimed to have 1,000 Bitcoin 
 in a wallet worth $11 million in January 2018, held in escrow to guarantee investments. He also falsely stated that he had invested in crypto before to help broker trust.
In 2023, the California Supreme Court revoked Kagel’s law license for failing to respond to disciplinary charges, saying he misappropriated $25,000 in client funds.
Previously, his law license had been suspended twice, once in 1997 and 2012. 
Both of Kagel’s alleged accomplices, David Saffron and Vincent Mazzotta, pleaded not guilty and await trial in a Los Angeles federal court next April. 

Alchemy Pay, a major crypto payment provider, took another step towards making cryptocurrencies more accessible on October 8 by integrating its virtual card with Samsung Pay, Samsung’s contactless payment tool.
The new feature allows Alchemy Pay’s virtual card users to spend their crypto holdings at millions of locations worldwide, from online shopping to in-store purchases, and make purchases at popular retailers such as Amazon, Netflix, Apple Store, Facebook, and eBay, among others.
To get started, Alchemy Pay cardholders can simply add their card to the Samsung Pay app and begin using it for everyday transactions.
🚀 now featuring integration with on one of its virtual cards💳🛍️Our Virtual Card holders can now experience fast, secure transactions by linking their cards to Samsung Pay to shop online or in-store 🏬 — Alchemy Pay|$ACH: Fiat-Crypto Payment Gateway (@AlchemyPay) Crypto Payments Made Easier
The new partnership with Samsung Pay follows the existing Google Pay option, giving Alchemy Pay cardholders more flexibility in crypto spending.
For those unfamiliar with crypto payments, services like Alchemy Pay’s virtual card allow users to spend their digital assets in the same way they would with traditional money.
According to the company’s press release , Alchemy Pay has ambitious plans to expand its payment options further, including integrating with other major card networks like Visa, Mastercard, American Express, and more.Alchemy Pay Expands Crypto Payment Options
Founded in 2017, Alchemy Pay has over 1 million users in 173 countries and over 500,000 cardholders. It has expanded its services to include support for popular digital payment platforms.
In 2023, the company Apple Pay into its fiat-to-crypto on-ramp, allowing users to purchase crypto using their Apple devices.
This integration enabled users to purchase crypto with fiat currencies, such as the U.S. dollar and euro, directly through the Apple Pay app. Notably, Alchemy Pay also extended this feature to non-U.S. users, providing a convenient and accessible way to purchase cryptocurrencies.
In June 2024, Alchemy Pay also partnered with Scroll, a Layer-2 Ethereum scaling solution. This integration allows users to access stablecoins Tether (USDT) and USD Coin (USDC) through Alchemy Pay’s platform, which currently supports over 50 fiat currencies.
We are thrilled to announce that now supports the network, integrating Scroll-USDT/USDC on our Fiat On-Ramp!With seamless fiat-crypto onboarding, we join forces with to enhance accessibility for users and developers worldwide🙌… — Alchemy Pay|$ACH: Fiat-Crypto Payment Gateway (@AlchemyPay)
In August this year, Alchemy Pay to 29 European countries. Users in these countries can now make euro-to-crypto transactions using Alchemy Pay’s open banking integration.
Alchemy Pay partnered with over 200 major banks and numerous local banks across Europe to offer this service. These include well-known institutions such as N26, BNP Paribas, HSBC, Deutsche Bank, UniCredit, Swedbank, Revolut, and more.

Ether  price fell by 7.3% between Oct. 1 and Oct. 8, wiping out gains made over the previous two weeks. This decline mirrored movements in the broader altcoin market, suggesting that the downturn is not uniquely driven by factors within the Ethereum ecosystem. As a result, traders remain uncertain about Ether's ability to retake the $2,600 level.
Investor sentiment has been mixed, as Ether has dropped 2% since Sept. 1, while the altcoin market cap has increased by 4.5% during the same period. This discrepancy can partly be attributed to the lackluster debut of Ether exchange-traded funds (ETFs) in the US. These ETFs saw no net inflows on Oct. 7 and have experienced a cumulative outflow of $548 million since their launch in July, according to data from Farside Investors.
Ethereum DApps face stiff competition 
Further adding to investor frustration is the growing competition from blockchains prioritizing scalability, such as Solana , BNB Chain , Tron , Avalanche 
, and Sui. Despite criticism over the risk of centralization, these networks have amassed a combined total value locked (TVL) of $19.5 billion, equating to 43% of Ethereum’s $45.6 billion deposits.
Moreover, Ethereum’s dominance in decentralized exchange (DEX) volumes has dropped significantly, from 64% in January 2023 to just 22% currently, with Solana now leading. This trend has cast doubt on Ethereum’s market leadership, leading traders to worry about potential downward pressure on Ether's price.
Ether bulls might contend that Ethereum still holds its leadership position when factoring in layer-2 scaling solutions such as Base, Arbitrum, Polygon, and Optimism. Notably, Base has made significant strides, capturing a 14% market share—an impressive rise from less than 1% just seven months ago.
Key highlights within the Base network include Aerodrome, which facilitated $2.93 billion in trades over the past week, and Uniswap, which saw $1.36 billion in trading volume during the same period. On the Optimism network, the leading decentralized exchange (DEX), Velodrome, registered $360 million in volume, while Camelot on Arbitrum recorded $554 million in trades over the last seven days.
However, layer-2 networks significantly reduce base layer fees by utilizing aggregation techniques and benefiting from the data storage optimization (blob space) introduced in June 2023. Despite the growth of Ethereum’s ecosystem, the number of transactions on the base network has remained relatively stagnant, which partly explains the frustration among Ether investors.
The sluggish activity on the Ethereum network has led to some undesirable consequences. When there is low competition for processing power, Ether becomes inflationary, as reduced demand for block space and lower transaction fees lessen the incentives for validators to secure the network.
BlackRock highlights Ether’s “risk on” value proposition
Unexpectedly, Ether’s potential turning point may have come from a surprising source. On Oct. 3, BlackRock, one of the leading providers of Ether ETFs, emphasized that Ether’s value proposition aligns more with “risk-on” assets, positioning it as a competitor to equities and venture capital. This contrasts with Bitcoin’s core narrative as “digital gold,” according to a post by Bruce Florian, a German Bitcoiner and content creator.
Further complicating the outlook, Daniel Yergin, vice chairman of S&P Global, reportedly told CNBC that the global economy is entering a “dangerous time” due to escalating tensions in the Middle East and reduced oil demand from China. More troubling is the fact that China’s mainland CSI 300 stock market index closed down 9% on Oct. 8, despite the National Development and Reform Commission releasing details of its proposed economic stimulus plan.
With investors showing a diminished appetite for risk and Ethereum facing stiff competition, the likelihood of Ether reclaiming the $2,600 level remains slim, at least in the short term.
This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Today in crypto, HBO’s Bitcoin flick claimed Peter Todd is the cryptocurrency’s creator as speculation about who the documentary would name intensified ahead of its debut. Meanwhile, a crypto wallet shared by rapper Cardi B was traced back to a crypto scammer.
HBO documentary names Peter Todd as Satoshi
HBO’s documentary aimed at outing Bitcoin’s pseudonymous creator, Satoshi Nakamoto, has named Canadian Bitcoin core developer Peter Todd — who has denied the claim.
Cullen Hobak, the producer of HBO’s Money Electric: The Bitcoin Mystery, confronts Todd and Blockstream founder Adam Back with evidence he gathered to conclude that Todd was Nakamoto.
The film ends with Todd saying: “Well yeah, I’m Satoshi Nakamoto,” in response to a confrontational question from Hoback — Todd is well-known for invoking such a phrase as a way of supporting the real creator’s right to privacy.
Todd also denied being Nakamoto on social media after the release of the documentary. blenting writing, “I am not Satoshi” in an Oct. 8 response to a comment on X asking him to deny HBO’s claim.
Holback’s reasoning for claiming Todd is Nakamoto rests on a chat log message Todd wrote where he claims to be “the world’s leading expert on how to sacrifice your Bitcoins,” adding that he had “done one such sacrifice and I did it by hand.”
Hoback classified this message as an admission that Todd permanently removed his ability to access the $69.4 billion believed to be held by Nakamoto.
Debate over Satoshi’s identity intensifies ahead of HBO doc
Speculation about the identity of Satoshi Nakamoto intensified ahead of HBO’s documentary with a report by 10x Research revisiting two leading theories about Nakamoto’s identity — one pointing to cryptographer Nick Szabo and the other signaling involvement by the US National Security Agency (NSA).
10x Research noted Szabo’s influence on cryptography, highlighting his proposal for Bitcoin’s precursor, “Bit Gold,” in the 1990s.
The researchers also pointed to the NSA’s expertise in technology for the organization’s potential role in Bitcoin’s creation. 
As Cointelegraph reported, Szabo recently overtook late cryptographer Len Sassaman as HBO’s Nakamoto reveal. 
However, in the later hours of Oct. 8, Adam Back—a familiar name in the Bitcoin community—was the odds-on favorite to be outed as Nakamoto, according to Polymarket.
WAP crypto token promoted by Cardi B traced to scam origins
On Oct. 8, Cardi B’s official X account shared a promotional post for WAP, a cat-themed memecoin and abbreviation of “Wet Ass Pussy.” Along with a video of WAP’s mascot, an animated cat, Cardi B shared a wallet address, which was flagged by crypto investigators.
Pseudonymous blockchain sleuth Wazz’s initial investigation revealed that Cardi B’s wallet address had links to numerous rug pull projects. Crypto investigation firm PeckShield suspected that a crypto scammer hacked Cardi B’s X account.
BubbleMaps, a blockchain data visualization platform, found that 60% of the WAP supply was bundled at launch. Moreover, it noted that around $500,000 worth of tokens had already been dumped within 10 hours of the project’s launch.
According to Bubblemaps, 15 crypto addresses were previously funded by a crypto exchange wallet. The same address transferred their WAP holdings, spread across roughly 100 wallets.
“In an attempt to hide from Bubblemaps, all wallets involved in the bundling transferred their tokens one-to-one to brand-new addresses 4 hours ago. Good try,” the firm said.

Ethereum is down $0.83 today or 0.03% to $2439.76
Snaps a two day winning streakDown 6.63% month-to-dateUp 6.87% year-to-dateDown 49.17% from its all-time high of $4800.00 on Nov. 9, 2021 (based on 5 p.m. levels)Up 56.40% from 52 weeks ago (Oct. 10, 2023), when it traded at $1559.90Down 39.48% from its 52-week high of $4031.50 on March 11, 2024 (based on 5 p.m. levels)Up 58.89% from its 52-week low of $1535.49 on Oct. 12, 2023 (based on 5 p.m. levels)Traded as low as $2401.20Down 1.61% at today's intraday low
Note: The Ethereum price is a 5 p.m. ET snapshot from Kraken
Data compiled by Dow Jones Market Data

Argentinian lawyers say that up to 20,000 people in San Pedro, Buenos Aires, have invested their money in a USDT-themed “bogus crypto project” promoted by little-known actors.
The lawyers say they represent some of the platform’s “victims.” They claim masterminds “promised to double investors’ stake money “in six weeks.”Argentinian ‘Crypto Pyramid’ Promised Daily Returns of up to 2%
They claim the platform operators offered some investors “daily returns of between 1% and 2%, paid in US dollars.
The San Pedro-based lawyer Adolfo Erdaire claimed at least 50 “victims” were set to file official complaints against a firm named Knight Consortium.San Pedro, Argentina. (Source: Pablozeta [Pablo Zampini][CC BY-SA 3.0])
Per , Erdaire said that “many” of the city’s residents had “invested all their savings” in the “crypto exchange.” Their number includes several “retirees,” he added.
“Some people have not been able to withdraw money from the platform for three weeks. And because they have not been able to do so, they are worried. And that worry has now turned into fear.” Lawyer Adolfo Erdaire
reported that the consortium said it was operating a crypto platform and token called “RainbowEx.”Firm Unregistered, Lawyers Claim
The consortium claims to be “a foundation” comprising a “group of shareholders.” The group “supposedly operates in the stock market and attracts retail investors from around the world.” The media outlet noted:
“However, this firm is not registered. And does not have any legal endorsement, or even legal support.”
Media outlets said the first lawsuits would “reach the courts around Thursday and Friday of this week.”
The media outlets said the platform “began to gain popularity” in the city “four years ago.” Initially, word of its existence “first spread by word of mouth,” and later it “went viral.”
The lawyer said that the case was now “dividing San Pedro.” Some residents appear to be clinging on to the hope that the platform is indeed legitimate.
He added that the investigation into the consortium had “just begun.” But he accused two men who fronted the consortium at San Pedro events of being “Polish actors impersonating CEOs.”
Social media users familiar with the Argentinian crypto scene echoed similar claims. A video circulating on X appears to show two of the supposed “CEOs” acting in TV dramas.
🚨ALERTA🇵🇱La farsa del ponzi de San Pedro no es solo "la china" y las criptos falsas.¿Me creés si te digo que descubrí que los únicos directivos visibles de Knight Consortium / RainbowEx son en realidad DOS ACTORES DE REPARTO POLACOS?👉Te lo juro. Mirá el video. — Maximiliano Firtman (@maxifirtman)
Investors say they were also given investing tips from an “Asian woman” who goes by the alias “La China (the Chinese woman).”“La China” speaking about her supposed USDT investments on the Knight Consortium platform on a Knight Consortium-linked Telegram channel.
The lawyers said they wanted to find “who had hired these actors” to speak at events in San Pedro. They urged citizens:
“If you have taken financial advice from these people, take immediate action to protect your savings.” La China’s Tips “Brought San Pedro to a Standstill”
Media outlets explained that San Pedro investors would follow La China’s Telegram channel. Residents waited eagerly for her nightly tips “about when to buy or sell cryptocurrencies.”
They said the wait for La China’s tips regularly “brought activity in San Pedro to a standstill.”
On X, the programmer Maximiliano Firtman commented that the consortium had duped an entire city into “believing they were the Wolf of Wall Street.”
The media outlets added that one of the “CEOs” who spoke at a consortium-organized event was a “Polish actor named Maurycy Lyczko.”
They added that Lyczko had confirmed he “was hired by an Asian person.” This person reportedly “paid Lyczko $1,500 for his performance” at a San Pedro hotel conference room.
🚨 Warning! The is investigating the ICHCoin crypto scam, which has swindled over $30 million from nearly 600 victims! — Cryptonews.com (@cryptonews)
Some TV news pundits have speculated that La China may not even be a real person. They claimed that she may have been created “using AI tools.”
However, internet sleuths appear to have tracked down an Indonesian woman bearing an incredible resemblance to “La China” advertising her acting services on the Fiverr platform.
🚨 DECEPCIÓN 🚨 / "La china" también es una actriz contratada (Kristin N, de Indonesia). 😭 — Javier Smaldone (@mis2centavos)
quoted an investor named Mariano as explaining:
“A friend got me involved in [the project in] March. He promised me payments in dollars. And he told me that in 45 days I would receive my initial investment back, and that I would then be allowed to keep the profits.”
The investor said his friend promised to “convert” fiat pesos to USDT. The friend said they would “buy currency through” the RainbowEx exchange.

Injective Protocol, a DeFi-centric platform using Cosmos tech, is gaining traction, looking at the gas fee revenue distributed to its validators in Q3 2024.
While INJ, the native currency of the protocol, is under pressure, cooling off after rallying to as high as $52 early this year, the recent development is a huge confidence boost. Looking at trends may signal that more users are flowing to Injective, a net positive for INJ in the coming sessions.
Injective Generates More Revenue Than The BNB Chain, Avalanche
According to CryptoRank data, Injective Protocol generated $4 million in revenue derived from gas fees. Every transfer or smart contract deployment attracts a gas fee like every other public ledger like Bitcoin or Solana. This fee is distributed to the winning validator or miner as an incentive to operate a node.

With $4 million in revenue, Injective created more than the BNB Chain, one of the largest blockchains by market cap, and Avalanche, a network in the top 20, according to CoinMarketCap. These platforms generated $3.4 million and $2.1 million, respectively.
At this level, Injective also surpassed what some of the top Ethereum layer-2 solutions like Arbitrum, Optimism, and Blast generated over this period. For comparison, Arbitrum, despite being the largest and managing over $13.2 billion, according to L2Beat.

Ethereum, Tron, Solana, and Base churned more revenue than Injective. Ethereum funneled $159 million to its validators from July through September, while Tron and Solana cumulatively moved over $200 million.
The expansion of revenue, mostly from Tron, a scalable platform, is due to the meme coin activity on its network following the launch of SunPump in August. At the same time, Solana also benefited from meme coins and an uptick in decentralized exchange (DEX) volume over this period.
Will INJ Rise To $50?
It remains to be seen whether the recovery of DeFi activities while boosting Injective and its total value locked (TVL). As of October 8, the protocol manages over $40 million, looking at DeFiLlama data. At the same time, the platform has processed over 1 billion onchain transactions.
In early October, Injective announced the launch of Injective 3.0. This upgrade allows the protocol to change its tokenomics and make INJ deflationary. With this activation, a portion of INJ will be removed from circulation, making it more scarce. www.tradingview.com/x/hZrPYTqj
Presently, INJ is inside a descending channel, finding support at $15. While buyers of Q1 2024 are still in the picture, the token is down 60% from March highs. A break above this descending channel could see the coin soar to 2024 highs of around $52.

Injective Protocol, a DeFi-centric platform using Cosmos tech, is gaining traction, looking at the gas fee revenue distributed to its validators in Q3 2024.
While INJ, the native currency of the protocol, is under pressure, cooling off after rallying to as high as $52 early this year, the recent development is a huge confidence boost. Looking at trends may signal that more users are flowing to Injective, a net positive for INJ in the coming sessions.
Injective Generates More Revenue Than The BNB Chain, Avalanche
According to CryptoRank data, Injective Protocol generated $4 million in revenue derived from gas fees. Every transfer or smart contract deployment attracts a gas fee like every other public ledger like Bitcoin or Solana. This fee is distributed to the winning validator or miner as an incentive to operate a node.

With $4 million in revenue, Injective created more than the BNB Chain, one of the largest blockchains by market cap, and Avalanche, a network in the top 20, according to CoinMarketCap. These platforms generated $3.4 million and $2.1 million, respectively.
At this level, Injective also surpassed what some of the top Ethereum layer-2 solutions like Arbitrum, Optimism, and Blast generated over this period. For comparison, Arbitrum, despite being the largest and managing over $13.2 billion, according to L2Beat.

Ethereum, Tron, Solana, and Base churned more revenue than Injective. Ethereum funneled $159 million to its validators from July through September, while Tron and Solana cumulatively moved over $200 million.
The expansion of revenue, mostly from Tron, a scalable platform, is due to the meme coin activity on its network following the launch of SunPump in August. At the same time, Solana also benefited from meme coins and an uptick in decentralized exchange (DEX) volume over this period.
Will INJ Rise To $50?
It remains to be seen whether the recovery of DeFi activities while boosting Injective and its total value locked (TVL). As of October 8, the protocol manages over $40 million, looking at DeFiLlama data. At the same time, the platform has processed over 1 billion onchain transactions.
In early October, Injective announced the launch of Injective 3.0. This upgrade allows the protocol to change its tokenomics and make INJ deflationary. With this activation, a portion of INJ will be removed from circulation, making it more scarce. www.tradingview.com/x/hZrPYTqj
Presently, INJ is inside a descending channel, finding support at $15. While buyers of Q1 2024 are still in the picture, the token is down 60% from March highs. A break above this descending channel could see the coin soar to 2024 highs of around $52.

Ethereum price corrected gains and tested the $2,400 support. ETH is now consolidating and might aim for a fresh increase above the $2,465 resistance.
Ethereum started a downside correction below the $2,500 zone.The price is trading just above $2,430 and the 100-hourly Simple Moving Average.There is a short-term rising channel forming with support at $2,420 on the hourly chart of ETH/USD (data feed via Kraken).The pair must stay above the $2,400 support level to start another increase in the near term.
Ethereum Price Holds Support
Ethereum price failed to extend gains above the $2,500 resistance zone. ETH started a downside correction like Bitcoin and traded below the $2,465 support zone.
There was also a move below the $2,420 level. The price tested the 50% Fib retracement level of the upward wave from the $2,310 swing low to the $2,519 high. It seems like the bulls are now protecting more downsides below the $2,400 support level.
Ethereum price is now trading just above $2,430 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $2,465 level. There is also a short-term rising channel forming with support at $2,420 on the hourly chart of ETH/USD.

A clear move above the $2,465 resistance might send the price toward the $2,500 resistance. An upside break above the $2,500 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,600 resistance zone in the near term. The next hurdle sits near the $2,650 level or $2,665.
More Losses In ETH?
If Ethereum fails to clear the $2,465 resistance, it could start another decline. Initial support on the downside is near the $2,420 level. The first major support sits near the $2,390 zone or the 61.8% Fib retracement level of the upward wave from the $2,310 swing low to the $2,519 high.
A clear move below the $2,390 support might push the price toward $2,325. Any more losses might send the price toward the $2,240 support level in the near term. The next key support sits at $2,120.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $2,390
Major Resistance Level – $2,465