Glassnode Report Highlights Diverging Performance Between Bitcoin and Ethereum

The onchain analytics firm Glassnode has released a new report detailing the contrasting performance of bitcoin and ethereum during the 2023-24 cycle. The report highlights bitcoin’s resilience and ethereum’s comparative lag in speculative interest and price performance.
Bitcoin’s Post-Halving Resilience Contrasts With Ethereum’s Struggles, Says Glassnode
Glassnode researchers noted a significant divergence in performance between bitcoin (BTC) and ethereum (ETH), with BTC showing stronger resilience. “Ethereum’s under-performance this cycle relative to bitcoin is reflected in a measurable lag in speculative interest from the short-term holder cohort,” the latest Glassnode onchain report states. This divergence has been attributed to a weaker capital rotation trend for ether compared to past cycles.
The report further details that the fourth Bitcoin halving initially led to a sell-off, with BTC prices falling to $57,000 before recovering. “Measured from the [$73,000 all-time high], bitcoin prices corrected by -20.3%, which is the deepest correction on a closing basis since the FTX lows in Nov-2022,” Glassnode stated. In contrast, ether experienced a similar drop but suffered a maximum drawdown twice as severe as BTC’s.
Glassnode researchers highlighted that despite the initial sell-off, both BTC and ETH showed signs of recovery. However, ethereum’s price performance continued to lag behind bitcoin. The researchers noted, “For ethereum, we continue to see ongoing HODLing behaviour, particularly in the 1 to 3-year cohorts,” indicating a wait-and-see approach from seasoned holders due to ETH’s current under-performance.

Investor behavior also differed between the two assets. Bitcoin’s net unrealized profit/loss (NUPL) metric crossed into the euphoria phase three months earlier than ethereum’s, reflecting a faster expansion of unrealized profits among bitcoin holders. Glassnode’s analysis suggests that the disparity in performance and investor sentiment is likely influenced by the approval of spot bitcoin exchange-traded funds (ETFs), which has not yet been mirrored for ethereum.
What do you think about the divergence between bitcoin and ethereum? Share your thoughts and opinions about this subject in the comments section below. #Write2Earn

Ghana’s Vice President Says His Government Aims to Become the First to Be Powered by Blockchain

The Ghanaian government’s next phase in its digitalization drive is set to be the adoption of blockchain technology, according to the country’s vice president. He stated that his administration aims to become one of the few governments worldwide powered by blockchain, and the first in Africa.
A Blockchain-Powered Government
The Vice President of Ghana, Mahamadu Bawumia, has stated that the adoption of blockchain technology is set to be the next phase of his government’s digitalization drive. Bawumia argued that the adoption of this technology will not only ensure government data and records are tamper-proof but will also make his administration a “blockchain-powered government.”
According to a report by Ghanaweb, the Vice President views blockchain as an ideal digital tool for combating corruption in the public sector. Bawumia, who spoke at the recently held 14th Commonwealth Regional Conference, expressed hope that government agencies will be fully digitalized by the end of the year to ensure the smooth implementation of the next phase.
Bawumia expressed his belief that the government will be able to emulate countries like Estonia by integrating its databases. He said:
For Ghana, our next stage of the digitalization journey is to complete the integration of our databases through the X-Road Integration Infrastructure, as done in other countries like Estonia. We will then apply blockchain technology to all of government, for the rapid and immutable identification of modifications in digital data and intelligent devices.
In addition to making records or data immutable, Bawumia, the Ghanaian Vice President and the ruling New Patriotic Party’s Presidential candidate in the December polls, said the blockchain will be useful in stopping or blocking corruption.
Bawumia also revealed that his administration’s objective is to become one of the few blockchain-powered governments in the world and the first in Africa.
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Report: Russian Authorities Propose Steep Fines for Crypto Miners Operating in Residential Apartments

Russian authorities have reportedly proposed to impose hefty fines on suspected crypto miners operating from residential properties. Authorities may also consider including amendments to the Code of Administrative Offenses which imposes liability on those misusing electricity.
Proposed Measures Aimed at Curbing Rising Power Outage Cases
Authorities in Russia have signaled their intention to pursue private crypto miners who are illegally tapping into the national grid. According to a report, a government-appointed expert council has proposed hefty fines for domestic electricity users who exceed their declared consumption.
The report suggests that authorities have proposed a plan to target crypto miners operating from residential properties to curb power outages occurring in certain regions of the country. The report reveals that the imposed fines will be calculated using commercial rates normally reserved for industrial enterprises.
In the same report, Andrei Romanchuk, deputy chairman of the board of the Association “Reliable Partner,” is quoted touting tools that Russian engineers can use to combat “grey mining.” Romanchuk also revealed that Russian authorities may consider including amendments to the Code of Administrative Offenses which imposes liability on those misusing electricity.
Meanwhile, Sergey Bezdelov, director of the Association of Industrial Mining, is quoted in the report sharing his association’s vision for cryptocurrency mining in Russia.
“We are positive towards any measures aimed at creating conditions for the development of industrial mining in the country. We would include checks by sales companies among them. They will help to legitimize this market in Russia,” Bezdelov said.
While the importance of crypto mining to the Russian economy is well articulated, officials like Romanchuk believe their country would benefit more from it by regulating this activity.
What are your thoughts on this story? Let us know what you think in the comments section below. #Write2Earn

Tether CEO and Ripple CEO Clash Over USDT — Brad Garlinghouse Says 'I Wasn't Attacking Tether'

Tether CEO Paolo Ardoino has responded to remarks made by Ripple CEO Brad Garlinghouse, branding him as an “uninformed CEO” and accusing him of fostering uncertainty about stablecoin USDT amid a U.S. Securities and Exchange Commission (SEC) investigation into his company. In reply, Garlinghouse clarified that his comments were not an attack on Tether but rather a commentary on the regulatory focus on large stablecoin issuers like Tether.
An ‘Uninformed CEO’ Spreading Fear About USDT
Paolo Ardoino, the CEO of Tether, took to social media platform X Monday to address comments made by Ripple CEO Brad Garlinghouse during a recent interview about stablecoin tether (USDT). Garlinghouse stated during the interview: “The U.S. government is going after Tether. That is clear to me.”
The Tether executive wrote:
An uninformed CEO, leading a company being investigated by the SEC, launching a competitive stablecoin (cui prodest), is being reported spreading fear about USDT.
Ardoino proceeded to highlight the advantages of USDT, emphasizing that tether plays a pivotal role in providing financial services to unbanked communities in emerging and developing regions — areas often overlooked by traditional financial institutions. He further asserted that Tether upholds rigorous standards of transparency and regulatory adherence, evident in its compliance with OFAC/SDN lists, collaborations with Chainalysis, and extensive cooperation with international law enforcement to detect and prevent illicit activities, thus bolstering the security of its ecosystem.
Ripple’s CEO: ‘I Wasn’t Attacking Tether’
Responding to the CEO of Tether calling him uninformed and spreading fear about USDT, Garlinghouse clarified his position on X, stating:
I wasn’t attacking Tether…the next words out of my mouth during the podcast were that I view Tether as a hugely important part of the ecosystem.
“My point was that the U.S. govt has clearly indicated they want more control over USD-backed stablecoin issuers, and thus, Tether, as the largest player, is in their line of sight,” the Ripple boss said.
What do you think about the statements by Tether CEO Paolo Ardoino calling Ripple CEO Brad Garlinghouse an “uninformed” CEO and accusing him of spreading fear about USDT? Let us know in the comments section below. #Write2Earn

Middle East-Focused Crypto Exchange, Rain, ‘Likely Exploited’ for $14.8 Million, Says Zachxbt

The cryptocurrency exchange Rain, which focuses on the Middle East, was likely exploited for $14.8 million on April 29, according to online crypto investigator Zachxbt. Zachxbt says he traced the stolen funds to a bitcoin address with 137.9 bitcoins and an ethereum address holding 1,881 ether.
Crypto Exchange Yet to Confirm Attack
According to online cryptocurrency investigator Zachxbt, Rain, a Middle East-focused cryptocurrency exchange, was likely exploited for $14.8 million on April 29. Although Rain has not publicly confirmed the attack, Zachxbt alleges that the cryptocurrency exchange’s bitcoin (BTC), ethereum (ETH), solana (SOL), and XRP wallets experienced suspicious outflows on the day in question.
Immediately after the exploit, the attackers reportedly transferred the stolen digital assets to instant exchanges, where they were converted to BTC and ETH. In an update shared on his Telegram channel, Zachxbt stated that he traced the funds to a bitcoin address holding 137.9 BTC and an Ethereum address containing 1,881 ETH.
Despite two weeks passing since the attack, there is no mention or acknowledgment of the incident on Rain’s social media channels or its website. Instead, in its most recent post on X (May 8), Rain, which received financial services permission from an Abu Dhabi regulator in 2023, shared images of its General Manager in Bahrain attending the Sixth Innovation and Entrepreneurship Forum.

Meanwhile, Zachxbt’s May 13 report on Rain’s exploit was issued just days after blockchain security firm Cyver Alerts disclosed one of the biggest known address poisoning attacks to date. In the attack which occurred on May 3, the unnamed victim and user of the crypto exchange Cyptex is said to have lost 1,155 WBTC, worth approximately $70 million.
Soon afterward, the hacker(s) transferred the stolen funds to different addresses. However, on May 9 the hacker initiated contact with the victim and by the next day stolen funds had been returned.
Some media reports suggested that the victim, a cryptocurrency whale, may have offered a reward for the return of the stolen funds that the hacker(s) took. However, cybersecurity firm Match Systems has since taken the credit for helping the victim secure their funds.
What are your thoughts on this story? Share your opinions in the comments section below. #Write2Earn

Lightspark CEO David Marcus: Lightning Network Will Become the World's 'Interoperability Neutral Settlement Layer'

David Marcus, CEO of Lightspark, a company that offers lightning network (LN) related services, has stated that LN will become the “interoperability neutral settlement layer” for the world. Marcus declared that only Bitcoin is “neutral enough” to be implemented as the enabler between national payment systems, granting companies and institutions adopting it an edge for its always-on capabilities.
Lightspark’s David Marcus Believes Lightning Network Might Become the Settlement Layer for World Currencies
David Marcus, CEO of Lightspark, a company that offers lightning network (LN) scaling services, has stated he believes the network will become a neutral, always-on settlement layer interconnecting other real-time payments (RTP) systems.
In a recent interview, Marcus expressed his thoughts about the future of LN, a structure that allows for cheap, almost instantaneous exchange of funds using Bitcoin as a rail. He predicted that, in the future, “any corporation that needs to move money will end up using, directly or indirectly, LN and Bitcoin” for their settlements.
Lightspark makes it easy for companies to operate on LN by providing the infrastructure and liquidity needed for these operations while abstracting the complexity surrounding it. Recently, Lightspark partnered with Coinbase, one of the largest cryptocurrency exchanges in the U.S., to help it implement LN services for its customer base, after having worked several months internally for this task without avail.
Marcus explained that for this end, the company created Universal Money Address (UMA), a protocol that allows LN transactions to involve foreign exchange rates, allowing for a seamless interconnection of different countries and use cases without relying only on bitcoin’s price. UMA extends LN functionality, introducing new use cases.
Also, he reinforced that UMA includes all the compliance information required by certain jurisdictions to process these digital payments, allowing institutions to comply with the travel rule.
Finally, he stressed that companies implementing LN would have an edge over others, given that it constitutes a cheap, always-operative network that lets them overcome the limitations of current payment rails.
What do you think about David Marcus’ thoughts about the future of the lightning network? Tell us in the comments section below. #Write2Earn

Canada's Tax Agency Targets $40M in Uncollected Crypto Taxes as Trudeau Seeks Major Capital Gains Hike

Based on a report by the National Post, Canada’s Revenue Agency (CRA) is actively searching for uncollected taxes on cryptocurrencies. The agency estimates that there is nearly $40 million in undeclared taxes related to digital currencies. Concurrently, Prime Minister Justin Trudeau is proposing an increase in capital gains taxes from 50% to 66% for any Canadian taxpayer whose gains exceed $183,000 annually.
CRA Eyes $40M in Missed Crypto Taxes
According to the National Post, the CRA is pursuing CAD 54 million ($39.5 million) linked to undisclosed crypto transactions and profits. Sahil Behal, director general of the CRA’s compliance branch, revealed that around 400 audits and investigations connected to crypto assets have commenced. Behal pointed out that these probes originate from the fiscal year 2023-2024 tax period. He also mentioned that the agency still faces considerable challenges in educating the public about their tax responsibilities concerning crypto assets.
The CRA is closely tracking the U.S. Internal Revenue Service (IRS), though slightly behind its American counterpart. The IRS has recently issued a draft of tax Form 1099-DA, designed to detail proceeds from brokered crypto asset transactions, noted for its comprehensive audit requirements. A tax attorney informed the National Post that the CRA has been reticent in providing guidance on how to report it.
“Up until last year, maybe a bit before that, CRA had almost nothing on crypto at all. Crypto was a commodity, that’s it,” the lawyer said. “They didn’t tell you how it’s taxed, that it needs to be taxed, you need to report it … zero guidance from CRA, and that played into it. How are you supposed to know it’s taxable?” he asked.
Trudeau and Party Shoot for Upping Capital Gains Tax to Two-Thirds
The news arrives as Prime Minister Justin Trudeau and his party aim to raise capital gains taxes in Canada. Media coverage primarily highlights that this hike targets corporations and affluent individuals, yet anyone with CAD 250,000 ($183,000) in annual gains will be impacted. Trudeau and his party propose increasing the capital gains tax rate from 50% to 66% in the upcoming budget. A report from Bloomberg Tax suggests, “even the dead wouldn’t be spared from Canada’s capital gains hike.”
Furthermore, Bloomberg highlights a Nanos Research Group survey, which found that 45% of Canadians believe this tax increase will harm the economy and inhibit innovation. While 38% see the capital gains tax as equitable, the rest are uncertain about its effects. Concurrently, as Trudeau advances plans for higher capital gains taxes, the Biden administration in the United States is looking to double the rate. Should President Biden succeed, the capital gains tax could soar to 39.6%.
What do you think about the CRA’s probes and Trudeau’s capital gains hike proposal? Share your thoughts and opinions about this subject in the comments section below. #Write2Earn

Robert Kiyosaki Warns of US Dollar Collapse if BRICS Crypto Happens

Rich Dad Poor Dad author Robert Kiyosaki has issued a cautionary statement regarding the possible downfall of the U.S. dollar in the event of the BRICS economic bloc launching a gold-backed cryptocurrency. Kiyosaki predicts a scenario where trillions of U.S. dollars flood back into the country, leading to hyperinflation and the eventual collapse of the U.S. dollar.
Robert Kiyosaki on BRICS Crypto, US Dollar
The author of Rich Dad Poor Dad, Robert Kiyosaki, has issued a grave warning regarding the collapse of the U.S. dollar, citing concerns about the BRICS economic bloc potentially developing a cryptocurrency backed by gold. Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. More than 32 million copies of the book have been sold in over 51 languages across more than 109 countries.
He wrote on X Sunday: “Currently in South Africa a country I love. Watching and listening to rumors of what will happen when BRICS nations, Brazil, Russia, India, China, South Africa produce BRICS crypto, possibly backed by gold.” The famous author added:
If BRICS gold crypto happens, trillions in fake money, fiat U.S. dollars will come rushing back to home to America causing hyperinflation in America, ultimately destroying U.S. dollar.
The esteemed author proceeded to recommend his usual blend of investments, advising: “Best buy real gold, silver, and bitcoin now, and protect yourself from the crash of U.S. dollar.”
Last year, speculation emerged suggesting that the BRICS economic group might establish a common currency backed by gold. Although initially expected to be a topic of discussion at the BRICS leaders’ summit in August, the focus shifted to promoting the use of local currencies in trade settlements, aiming to decrease dependence on the U.S. dollar. Presently, discussions regarding a common BRICS currency have diminished, with projections indicating a prolonged timeline for its realization.
Additionally, the economic coalition extended invitations to five new nations at the leaders’ summit. New BRICS members are Saudi Arabia, the United Arab Emirates (UAE), Iran, Egypt, and Ethiopia.
Meanwhile, Kiyosaki has consistently sounded alarms about the downfall of the U.S. dollar. In March, he urged investors to ditch the USD for bitcoin, gold, and silver. He views BTC as the “perfect asset at the right time.”
What do you think about Robert Kiyosaki’s warning about the potential impact of a BRICS gold-backed cryptocurrency on the U.S. dollar? Let us know in the comments section below. #Write2Earn

Analyst Forecasts BTC to Reach $1 Million in 10 Years, Envisions It as Future Reserve Currency

Onchain bitcoin analyst Willy Woo predicts that the leading cryptocurrency will reach the $1 million milestone within the next decade. During what he describes as “a time to be alive,” Woo anticipates witnessing a purge of central bank corruption. However, one of Woo’s followers envisions a Central Bank Digital Currency (CBDC), not bitcoin, replacing the U.S. dollar.
Woo Foresees BTC Becoming a Reserve Currency
Bitcoin onchain analyst Willy Woo predicts that the U.S. value of bitcoin (BTC) will easily reach $1 million in the next ten years. Writing on the social media platform X, Woo stated that the follow-on impact of the top crypto asset reaching such a milestone would be BTC finally becoming a reserve currency.
With this prediction, Woo joins other prominent BTC advocates, such as Jack Dorsey and Cathie Wood, who similarly foresee the crypto asset eventually surpassing the million-dollar mark. As recently reported by Bitcoin.com News, Dorsey, the co-founder and former CEO of X, expects BTC to reach the milestone by 2030. Dorsey also anticipates the U.S. dollar value of the crypto asset to continue growing afterwards.
Meanwhile, in a May 11 post on X, Woo said during the period he describes as “a time to be alive,” he expects to witness a “purge of central bank corruption.” The adoption of BTC as a reserve currency, which could mark the end of the central banks’ uncontrolled money creation, will make wars more expensive. This in turn will deter nations from starting wars. Woo added that he envisions younger leaders not just taking charge, but building for a future they will inhabit.
A CBDC Is More Likely to Topple USD Than BTC
Although Woo appeared to reiterate support for controversial prediction in a subsequent post on X, some of his more than one million followers however insisted that opponents of bitcoin would not allow that to happen. One of these followers, Toby Cunningham, said he instead foresees a central bank digital currency (CBDC) taking the place of the U.S. dollar and not BTC.
“Central banks will never allow bitcoin to be a reserve currency. Instead, you’ll see a CBDC taking the place of the current USD. There will never be a purge of central bank corruption. Look no further than 2007/8. Also after 2020, we saw how truly neutered society is. It will only grow worse. Wars are always becoming more expensive. This trend will stay the course. But the more they print, the more bitcoin will benefit from monetary inflation,” the X user said.

Another user argued that bitcoin will ‘never become a global currency’ due to its high fees, low transaction speed, and scaling issues. Still, others expressed doubts about Woo’s prediction regarding the purging of central banks. One user predicted that central banks would print more money, which they would then use to acquire all the available BTC.
What do you think of Willy Woo’s latest BTC price prediction? Share your opinions in the comments section below. #Write2Earn

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Billionaire Mark Cuban Warns Gensler's SEC Crypto Policies Could Cost Biden the Election

Billionaire Mark Cuban has criticized U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler’s handling of crypto regulations, suggesting it could harm Biden’s election chances. “Gensler has not protected a single investor against fraud,” he stressed. “All he has done is make it nearly impossible for legitimate crypto companies to operate.”
‘This Is Also a Warning to Congress’
Billionaire Mark Cuban, a Shark Tank star and former principal owner and current minority owner of the Dallas Mavericks of the National Basketball Association (NBA), voiced his critique of U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler’s approach to cryptocurrency regulation on social media platform X Friday. He suggested that Gensler’s stance could alienate crypto-focused voters, potentially impacting Joe Biden’s electoral prospects.
He stated that if Biden is defeated in the upcoming November election, “there is a good chance you will be able to thank” Gensler and the SEC office in New York. The billionaire added:
Crypto is a mainstay with younger and independent voters. Gensler has not protected a single investor against fraud.
“All he [Gensler] has done is make it nearly impossible for legitimate crypto companies to operate, killing who knows how many businesses and ruining who knows how many entrepreneurs,” the Shark Tank star noted.
Cuban continued:
This is also a warning to Congress. Crypto voters will be heard this election.
“You could solve this problem for Biden by passing legislation that defines registration that is specific to the crypto industry just as other industries have registration that is defined for them. Or you could do the better option and assign all crypto to be regulated by the CFTC [Commodity Futures Trading Commission]. They actually know what they are doing,” he opined.
The Dallas Mavericks owner has been vocal in his criticism of the securities watchdog. In December last year, he called the SEC “the Quickbooks of financial regulation,” stating that the agency does not “protect anyone but they are really good at bookkeeping.” In March, he explained that BTC is “a great store of value,” noting that its value is driven by supply and demand.
Do you agree with Mark Cuban about the SEC, Gary Gensler, and how SEC actions could cost Joe Biden the election? Let us know in the comments section below. #Write2Earn

Robert Kiyosaki Advises Preparing for Depression — 'For Years I Could See This Crisis Coming'

Rich Dad Poor Dad author Robert Kiyosaki has advised preparing for an economic depression. He emphasized the importance of being ready for the worst, cautioning against the complacency prevalent among many who prefer to “live in Disneyland.” He added that he could see this crisis coming for years, which is why he has adopted a strategy that includes owning bitcoin.
Robert Kiyosaki Says He’s Planning for a Depression
The author of Rich Dad Poor Dad, Robert Kiyosaki, is back with a stark warning about an economic depression, urging investors to prepare for the worst. Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. More than 32 million copies of the book have been sold in over 51 languages across more than 109 countries.
He wrote on social media platform X Thursday:
Depression next? I am planning on one.
The famous author added: “Q: Do I want a depression? A: No. Yet it is better to be preparing for the worse rather than live in Disneyland, which most people are doing.”
He continued: “Depression can be the perfect time to get rich, really rich, if you are prepared for one. Stop living in Disneyland and prepare to get rich…very rich. Please be prepared and take care. It’s getting exciting.”
Kiyosaki further shared:
For years I could see this crisis coming… which is why I wrote Rich Dad Poor Dad, own my business, use debt as money to buy cash flowing assets such as rental properties, save real gold and silver, and today bitcoin.
Last week, the renowned author shared his crash survival rules. He cautioned that a crash has begun and “It will be a bad one.” He advised: “Don’t save money. Fake money (U.S. dollar, euro, yen, peso) goes down in value. Save gold, silver, bitcoin, real money that goes up in value, especially in a market crash.”
What do you think about Robert Kiyosaki’s advice regarding an economic depression in the U.S.? Let us know in the comments section below. #Write2Earn

‘Open-source’ CBDCs aren’t going to protect you from government
Opinion: From Brazil to Norway, there is plenty of evidence that governments are planning to use CBDCs to abuse their people.
People are taking notice more each day that central bank digital currencies, or CBDCs, are not worth the risk. Yet, to combat these concerns, some policymakers have been increasingly looking toward open-source coding as a way to offer transparency and perhaps win the public’s trust. But make no mistake, while transparency is welcome, it’s no silver bullet.
For those familiar with cryptocurrency, the concept of using open-source code needs no introduction. However, for those that might not be familiar, the concept simply refers to publicly publishing the source code behind a project instead of locking it away as confidential or a trade secret. For example, the code behind Bitcoin is free and open for all to see.

Making a project open source has many advantages. For instance, doing so opens the doors for external audits. After a careful review, someone may find a vulnerability that wasn’t apparent to the original designers. Or, perhaps more concerningly, someone may find something nefarious embedded deep within the project.
Turning back to the example of Bitcoin, having the code be freely available allows people to verify that the 21 million supply cap is more than just an advertising slogan — it’s embedded within the design. In effect, publishing the code behind a project helps people know who they can (or can’t) trust.
Yet, open-source coding is no silver bullet — especially when it comes to the problems that plague CBDCs.
Consider what happened in Brazil last year. Brazil’s central bank published the source code for its pilot CBDC and it took just four days for people to notice that the CBDC had tools for surveillance and control embedded within its code. Were this the case with a decentralized cryptocurrency, people could carve out a new path and fork the chain, or simply not use it. But what recourse is there for CBDC users when a CBDC is the epitome of centralized money under government control?

People could speak out, but central banks are often steered by unelected officials who do not answer to the public. People could choose an alternative money, but governments often try to stomp out currency competition. So while the transparency is helpful for understanding how the system works, it does little by itself to help citizens who want to change the system.
Shifting the focus slightly, the U.S. code offers an illustrative example. Anyone can crack open the U.S. code, look to title 12, chapter 35, section 3413 and section 3414 to see there are 20 different exceptions that allow the government to effectively ignore your right to financial privacy. This transparency is certainly helpful for understanding how the government maintains such an expansive financial surveillance system, but transparency alone is not enough to fix the problem.
Another example of why open-source code is not a silver bullet for fixing CBDCs can be seen in Norway where the Norwegian central bank also published the code behind its CBDC project. Yet here the problem is slightly different — it demonstrates that what is open source today may not be open source tomorrow. When dealing with a centralized entity like a national government, that decision can come quickly and without consulting the public. Norway’s central bank acknowledged this point quite explicitly by noting that its current focus in no way represents a long-standing commitment to open-source code.
As a final example, the experience in the United States also demonstrates that previous statements do not represent a future commitment to open-source technology. The Federal Reserve has conducted CBDC research and pilots for years. However, one notable project was the collaboration with MIT. Referred to as “Project Hamilton,” this project led to the creation of an open-source CBDC model. Yet, nothing binds the Federal Reserve to the results of Project Hamilton or any open-source model. In fact, the Federal Reserve seems to have all but abandoned the project.
We are still seeing the very early stages of CBDC development, but these examples are telling. Policymakers should be commended for embracing transparency, but the public shouldn’t be fooled into thinking that transparency is a panacea that fixes all of the problems posed by a CBDC.
Although the use of open-source technology has been one of the cornerstones of cryptocurrency development, people should not lose sight that decentralized cryptocurrency also gives people the power to act on that information. And it is that condition that has created a revolution in the way people think about money and finance.
There is no way a CBDC can replicate that benefit. The problems here extend far beyond the often-obfuscated conduct of central banks and go right to the core question of how much power a government should have . Fundamentally, the problem with CBDCs is that they risk centralizing money more than ever before, so much so that it risks giving the government virtually unlimited power over citizens’ economic choices. #Write2Earn

Cryptocurrency insurance, explained
Cryptocurrency insurance acts as a safety net for various stakeholders in the digital asset market, including individuals, companies and institutional investors.
The purpose of cryptocurrency insurance, also known as digital asset insurance or crypto coverage, is to reduce the risks involved in trading, storing or possessing cryptocurrencies and other digital assets. 
Individuals, companies and institutional investors are financially protected against losses brought on by a variety of incidents, such as theft, hacking, fraud, operational mistakes and legal actions, with cryptocurrency insurance.
Traditional insurance solutions frequently fall short of providing adequate coverage given the particular risks connected with cryptocurrencies, such as scams and regulatory difficulties. By providing specialized solutions made especially for the ecosystem of digital assets, cryptocurrency insurance fills this gap.
How does cryptocurrency insurance work?
Cryptocurrency insurance mechanics involve evaluating the risk profile of the insured party, tailoring plans to their needs, underwriting to assess insurability and assisting in processing claims.
An evaluation of the risk profile of the insured party is the first stage in cryptocurrency insurance mechanics. The value of retained digital assets, security measures put in place, trading activity and regulatory compliance are just a few of the factors that insurers consider. 
Insurers tailor plans based on this evaluation to the insured’s particular requirements and risk tolerance. After that, premiums are computed using multiple factors, including market conditions, past data on breaches, asset valuations, coverage limits and security measures.

When establishing the terms and conditions of coverage and evaluating whether a risk is insurable, underwriting is essential. Crypto insurance underwriters conduct due diligence to assess the insurability of the risk and set terms and conditions for coverage. This involves analyzing the security infrastructure, operational protocols, regulatory compliance and financial stability of the insured party.
When a covered loss or incident occurs, the insured notifies the insurer of the claim and provides supporting documents and evidence. The insurer assists the insured in overcoming the financial impact of the loss by paying the agreed-upon amount after verification.

Types of cryptocurrency insurance coverage

Cryptocurrency insurance offers various types of coverage tailored to address specific risks — e.g., theft, fraud, bankruptcy, etc. — faced by stakeholders in the digital asset ecosystem. 
Some common types of crypto insurance coverage include:
Crypto theft insurance
Cryptocurrency theft insurance offers protection against the loss of digital assets due to hacking, illegal access, phishing scams or other malevolent acts.
Crypto custody insurance 
Crypto custody insurance offers protection against theft, bankruptcy and operational errors for assets kept in the care of third-party service providers, including exchanges, wallets and custodial platforms.
Cybersecurity insurance for cryptocurrency
Financial protection against losses arising from theft, hacking or cybersecurity breaches involving users’ digital assets is provided by cybersecurity insurance for cryptocurrencies. It can compensate for expenses associated with misplaced funds, investigations, efforts to retrieve them and any legal obligations. 
For people and companies with sizable cryptocurrency assets, this specialist insurance is crucial. Policies can differ, so it’s important to thoroughly consider your options for coverage.
Insurance for cryptocurrency exchanges and digital asset holders
Insurance coverage against financial losses brought on by theft, fraud, hacking, disruptions to operations and legal liabilities specific to cryptocurrency exchanges helps protect digital asset holders.
Additionally, these are insurance solutions tailored to protect blockchain-based assets, smart contracts, decentralized finance (DeFi) protocols and tokenized assets against various risks.
Custodial insurance for digital assets
This protects institutional investors and asset managers against the loss, theft or mishandling of crypto assets under their custody.

Key considerations for cryptocurrency insurance policies

Stakeholders should carefully consider the essential criteria listed in the “Key considerations for cryptocurrency insurance policies” section before choosing a cryptocurrency insurance policy. 
These factors ensure that their digital assets are adequately covered and protected by the selected policy. It places emphasis on determining the maximum amount of coverage, comprehending exclusions and limitations, complying with security specifications set by the insurers, analyzing premium costs, getting acquainted with the claims procedure, and choosing reliable insurers with a track record in the cryptocurrency insurance market. 
These actions are essential for reducing potential risks connected with cryptocurrency ownership and trading and for helping users make well-informed decisions. Furthermore, preserving eligibility and enhancing overall security necessitate conforming to strict security criteria enforced by insurers, such as putting in place strong security measures and following industry best practices. 
Optimizing the cost-effectiveness of the insurance investment is made possible by assessing how affordable premiums are in relation to the amount of protection provided. Comprehending the claims procedure, which encompasses the necessary documents and dispute resolution processes, promotes effective correspondence with insurance providers and ensures prompt claim settlement.

Traditional insurance vs. cryptocurrency insurance

While traditional insurance policies may offer some degree of coverage for digital assets, they often fall short of addressing the unique risks and complexities of the cryptocurrency ecosystem. 
Conventional or traditional insurance offers less transparency and a slower resolution since it relies on intermediaries like established companies, centralized governance and third-party custody. 
On the other hand, cryptocurrency insurance provides great transparency and expedited settlement times, frequently within minutes or hours, through the use of user-controlled wallets, blockchain technology and decentralized governance.
Here’s a comparison between traditional insurance and cryptocurrency insurance:

Strategies to protect against cryptocurrency insurance fraud

Protecting against crypto insurance fraud in the context of blockchain requires a multipronged strategy. 
Performing thorough due diligence on insurers is crucial and should involve evaluating their financial stability, adherence to regulations, past claims experience and their reputation in the industry. Strong security protocols must also be put in place to protect digital assets. Identifying and neutralizing possible threats entail using encryption mechanisms, using multisignature wallets, using cold storage systems and continuously monitoring transactions and network activity.
Creating and putting into practice thorough risk management protocols is also essential. The protocols ought to cover the recognition, evaluation and alleviation of risks related to cybersecurity, operational hazards and compliance that are inherent in the blockchain environment. An integral part of this strategy is the regular auditing and evaluation of security controls as well as compliance with industry standards and regulations.
In addition, it is crucial to carefully examine insurance plans’ terms, conditions, exclusions and coverage limits to make sure they are in line with stakeholders’ financial goals and risk management strategies. Hiring impartial outside specialists, like cybersecurity companies, forensic auditors and attorneys, can offer important confirmation and insights into insurance coverage, security measures and adherence to industry norms. 

The Nigerian Interpol, cybersecurity experts, and other members of the local intelligence community met to brainstorm ways to tackle the rising waves of cybercrime in the country.
The brainstorming, which took place in the nation’s capital, Abuja, under the training platform organized by A&D Forensics in partnership with the Africa Stablecoin Consortium, was said to have been designed to position the Nigerian Interpol on how to mitigate crimes involving virtual assets, particularly stablecoins.
According to blockchain specialist Chioma Onyekelu, the training session aimed to empower Interpol agents with the skills to leverage blockchain intelligence and analysis in tracing and prosecuting cybercriminals involved in cryptocurrency transactions, specifically those using Bitcoin and stablecoins.

Onyekelu stated that cybercrime has evolved beyond traditional fiat currency, with criminals now exploiting virtual assets to commit various cyber offenses. As Nigeria’s Interpol receives cybercrime requests from international partners, it is crucial to enhance their capabilities through targeted training sessions.
Given Nigeria’s growing involvement with virtual asset exchanges, Onyekelu explained that the training will enable officers to effectively address cybercrimes involving virtual assets, particularly stablecoins.
Adedeji Owonibi, Senior Partner at A&D Forensics, told the press that the training was imperative due to the rising cybercrime trends in the country. He pointed out that,
“A significant gap exists between the evolving cybercrimes and the capabilities of law enforcement agencies in Nigeria. As responsible corporate citizens, we recognized the need to bridge this gap and support our law enforcement agencies in staying updated and effectively combating cybercrimes.”
Regarding the controversies generated by the recent introduction of the cybersecurity Levy, Owonibi argued that while cybersecurity may be controversial, the government has the authority to make decisions on matters that impact national security, emphasizing the importance of prioritizing the nation’s security interests.
On Monday, the Central Bank of Nigeria (CBN) mandated banks and other payment service providers to begin deducting 0.5% of the total value of electronic transactions and remit to the National Cybersecurity Fund to be managed by the Office of the National Security Adviser (ONSA).
Nigeria’s Securities and Exchange Commission (SEC) is cracking down on cryptocurrency, banning peer-to-peer exchanges that use the naira, signaling a significant regulatory shift.
The International Monetary Fund (IMF) recently recommended that Nigeria embrace crypto adoption through licensing global cryptocurrency exchanges as a part of its economic reformation measures. #Write2Earn

The International Monetary Fund (IMF) has recommended that Nigeria license global cryptocurrency exchanges as a part of its economic reformation measures.
According to a recent IMF report, the bid to integrate cryptocurrencies into its financial system aims to secure Nigeria’s position in the African cryptocurrency market. It recommends that “global crypto trading platforms be registered or licensed in Nigeria and subject to the same regulatory requirements applicable to financial intermediaries.”
It states: “Authorities should ensure the application of AML/CFT [Anti-Money Laundering and Countering the Financing of Terrorism] controls by crypto trading platforms and other virtual asset service providers through effective AML/CFT risk-based supervision.“
The report points out discrepancies in Nigeria’s balance of payments, particularly in net errors and omissions, which reflect unrecorded financial transactions. These discrepancies are attributed to several factors, including the “shift to using crypto assets for cross-border transactions,” often not recorded through traditional banking records.
Previously largely positive in 2020, the report portrays preliminary 2023 data that suggests “NEOs continue to be very large negative,” at close to $7.5 billion — 2% of Nigeria’s gross domestic product.

The IMF suggests that, through regulation and licensing of cryptocurrency exchanges, Nigeria could attract international investment, support financial market stabilization and potentially improve remittance mechanisms, which is significant due to the Nigerian diaspora.
The IMF endorsement for cryptocurrency adoption comes at a time when Nigeria faces worsening macroeconomic challenges, such as currency instability and inflation. Through the licensing of cryptocurrency exchanges, the IMF aims to utilize cryptocurrencies as a tool for more stable and efficient transactional processes.
This would potentially improve Nigeria’s governance over digital financial movement, decrease illegal financial flows and mitigate fraud and money laundering risks associated with cryptocurrency transactions.
Recent evidence of this regulatory shift can be seen in the regulations posed by Nigeria’s Securities and Exchange Commission, which is set to ban peer-to-peer (P2P) cryptocurrency exchanges using Nigeria’s national currency, the naira.
Nigerian SEC Director General Emomotimi Agama indicated that the ban would aim to protect the naira from manipulation after “perceived impact on the exchange rate of the naira."
However, a ban on P2P cryptocurrency payments is a task previously considered close to impossible by industry advocates. #Write2Earn

Global cryptocurrency exchange Binance has obtained approval to offer its services in India from an Indian financial regulator called the Financial Intelligence Unit (FIU).
The recent approval makes Binance the second off-shore crypto exchange to get a regulatory nod after KuCoin.
According to a report published in CoinDesk, Vivek Agarwal, the head of FIU, said that Binance is now a registered entity.
Binance and KuCoin were among nearly a dozen foreign crypto exchanges that received a notice of noncompliance in December 2023. Within 15 days of notice, the Indian Finance Ministry told its IT department to block URLs and mobile applications’ access to the banned crypto platforms in India in mid-January 2024.
Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfinex also received the regulatory notice.
Following the ban, several crypto platforms started working with the Indian regulatory body to obtain FIU compliance and offer their services to Indian customers. While KuCoin and Binance managed to find their way back, the likes of OKX and BitStamp have closed their services in the country.
Although the FIU registration reports surfaced today, Cointelegraph reported in the third week of April that Binance will likely return to India after paying a $2 million fine for noncompliance.
After India imposed a hefty 30% tax on crypto gains and a 1% tax deduction at source on every crypto transaction, many Indian investors fled to foreign crypto exchanges to bypass the tax regime. At the peak of the tax drain, Binance reportedly accounted for 90% of the total trading volume from India.
Despite having a thriving crypto market, with most of the major crypto exchanges looking to set foot in the country, India has cooled on the crypto heat map owing to its tax impositions and lack of regulatory clarity. A large chunk of crypto traders and crypto-centered businesses have shifted overseas, while the few crypto exchanges that have remained continue to struggle to garner investor trust due to a lack of banking facilities.
#Write2Earn

GBTC's Heavy Withdrawals Result in Net $11.3M Outflow in US Bitcoin ETFs

The U.S. spot bitcoin exchange-traded funds (ETFs) witnessed an outflow of $11.3 million during Thursday’s trading sessions, following an inflow of $11.5 million on Wednesday. Although the majority of funds experienced inflows on Thursday, significant outflows from Grayscale’s Bitcoin Trust (GBTC) eclipsed these gains.
Grayscale’s Losses Contrast With Gains
On Thursday, GBTC experienced outflows that overshadowed the inflows from several spot bitcoin ETFs. Grayscale’s fund noted approximately $43 million in net outflows during the day’s trading activity. Two days prior, GBTC’s reserves stood at roughly 292,267.99 BTC; however, records from May 9 now indicate a reduced total of 291,790.19 BTC, valued at $18.22 billion.
Among the U.S. spot bitcoin ETFs, the collective recorded a trade volume of $1.34 billion. Despite Thursday’s outflows, the $11.5 million in inflows from the previous day, Wednesday, pretty much balanced them out. On May 9, Blackrock’s IBIT led significantly, attracting approximately $14 million in positive flows. While a few others reported modest increases, Bitwise’s BITB followed IBIT, securing about $6.9 million in inflows during the day’s trading sessions.
IBIT remains second only to GBTC in BTC reserves, with 274,550.15 BTC as indicated by the website’s records. The assets under management for IBIT, in terms of BTC reserves, amount to approximately $17.1 billion. Fidelity’s FBTC holds about 152,924.59 BTC, valued at roughly $9.53 billion. Following IBIT and FBTC in BTC reserve size are Ark Invest’s ARKB with 43,541 BTC and Bitwise’s BITB, which has 33,786.68 BTC.
What do you think about the spot bitcoin ETF action this week? Share your thoughts and opinions about this subject in the comments section below. #Write2Earn

Lightning Labs CTO Conducts First Mainnet Multi-Hop Asset Payment via Taproot Asset Channels
Olaoluwa Osuntokun, co-founder and CTO of Lightning Labs, recently executed the first successful mainnet multi-hop asset payment using Taproot Asset channels, marking a new development in asset transfer capabilities over the Lightning Network.
Asset Transfer Achieved on Lightning Network Using Taproot Channels
The transaction, conducted by Osuntokun, involved a multi-hop payment using a digital asset named “beefbux.” The process converted these assets to bitcoin and then back to beefbux across several Lightning Network channels. This demonstration highlighted the network’s ability to facilitate asset transfers alongside its traditional bitcoin transactions.
Taproot Assets, which powered the transaction, employs the Taproot upgrade to Bitcoin’s blockchain. This protocol supports the issuance and transfer of various digital assets through enhanced privacy, scalability, and efficiency. Osuntokun’s mainnet payment utilized three different channels within the Lightning Network, effectively demonstrating the protocol’s operational capabilities.
Throughout this demonstration, asset transfers were handled using only the endpoints for asset awareness, with the intermediary nodes processing transactions as standard bitcoin transfers. The Lightning Labs CTO noted that the feature illustrates the potential of Taproot Assets to integrate with the existing infrastructure of the Lightning Network.
“Beefbux are [of course] worthless,” Osuntokun stated on the social media platform X. “But once stablecoins exist in taproot asset channels, an entirely new set of use cases and applications built on top of [Lightning Network] will be unlocked.”
The completion of this transaction represents a technical validation of Taproot Assets for facilitating diverse asset transfers over the Lightning Network. It also introduces the possibility for future transactions involving different types of digital assets, including stablecoins. Whether Taproot Assets will gain traction like Ordinals or Runes is uncertain, just as the future of the Lightning Network itself is unclear.
Over the last few years, several significant concerns have been raised about whether the Lightning Network is prepared or will ever be an effective means for scaling Bitcoin. Critics cite several issues including the demands for data storage, potential for centralization, necessity for constant internet connectivity, regulatory challenges, routing intricacies, and primarily, a deficiency in widespread adoption.
What do you think about the transfer Osuntokun made over Lightning? Share your thoughts and opinions about this subject in the comments section below. #Write2Earn