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US authorities have charged a tech app founder with fraud, alleging that his advertised artificial intelligence-powered e-commerce app actually relied on human workers in the Philippines.Albert Saniger of Barcelona, Spain, founder and former CEO of the company Nate, was charged with one count of securities fraud and wire fraud, the Justice Department said in an April 9 statement, while the Securities and Exchange Commission filed a parallel civil action.Court documents said Saniger founded Nate around 2018 and launched an app of the same name in July 2020, marketing it as an AI-powered universal shopping cart that offered users the ability to complete online retail transactions, including filling in shipping details and sizing, without human input.The Justice Department alleged that, in reality, “Saniger used hundreds of contractors, or ‘purchasing assistants,’ in a call center located in the Philippines to manually complete purchases occurring over the nate app.”Source: US Attorney’s Office, Southern District of New YorkInvestors gave Saniger over $40 million, feds sayActing US Attorney for New York Matthew Podolsky alleged Saniger duped investors by “exploiting the promise and allure of AI technology to build a false narrative about innovation that never existed.” Under the guise of investing in the AI-powered app, Sangier allegedly solicited more than $40 million in investments from venture capital firms and told employees to hide the true source of Nate’s automation. “This type of deception not only victimizes innocent investors, it diverts capital from legitimate startups, makes investors skeptical of real breakthroughs, and ultimately impedes the progress of AI development,” Podolsky said. The company acquired AI technology from a third party and had a team of data scientists develop it, but authorities claimed the app never achieved the ability to consistently complete e-commerce purchases, and its actual automation rate was effectively zero. Related: Aussie regulator to shut 95 ‘hydra’ firms linked to crypto, romance scamsDuring a busy holiday season in 2021, it’s alleged that Sanger directed Nate’s engineering team to develop bots to automate some transactions on the app along with the human workers. Nate ceased operations in January 2023, and Saniger terminated all of Nate’s employees after media reports started casting doubt on the app’s capabilities, according to the SEC’s court filing. The securities and wire fraud charges each carry a maximum sentence of 20 years behind bars. The SEC suit is asking the courts to ban Saniger from holding office in any similar company and return investor funds.Cointelegraph contacted Nate for comment. Information on Saniger’s lawyers was not immediately available. Magazine: Memecoin degeneracy is funding groundbreaking anti-aging research

Welcome to the Daily General Discussion on r/ethereum https://imgur.com/3y7vezP Bookmarking this link will always bring you to the current daily: https://old.reddit.com/r/ethereum/about/sticky/?num=2 Please use this thread to discuss Ethereum topics, news, events, and even price! Price discussion posted elsewhere in the subreddit will continue to be removed. As always, be constructive. – Subreddit Rules Want to…
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It may be too early for Bitcoiners to start getting bullish over the longer-term impacts of a potential recession on Bitcoin’s price, says 10x Research head of research Markus Thielen.Thielen said in an April 11 markets report that credit spreads continue to widen, indicating that “recessionary concerns may be seeping deeper into the economy.”“Expecting a bullish impulse is too early,” he said.Bitcoin may face short-term headwindsWhile the long-term effects of a recession could be bullish for Bitcoin (BTC) — due to the monetary easing that typically follows US Federal Reserve rate cuts — Thielen warned that Bitcoin may face headwinds before gaining bullish momentum.“Normally, Bitcoin first sells off when China devalues or the Fed cuts, as the first cut might not be so impactful and also confirms economic weakness,” Thielen told Cointelegraph. Bitcoin is trading at $80,620 at the time of publication. Source: CoinMarketCapWhite House crypto and AI czar David Sacks said in an April 10 X post that it is “time for a rate cut” after the core Consumer Price Index increased 2.8% year-by-year for March, the lowest it has been since March 2021.CME Group’s FedWatch Tool shows a 64.8% chance of no rate cut at the Federal Reserve’s May Federal Open Market Committee meeting.Traders typically see interest rate cuts and monetary supply expansions as positively affecting asset prices, especially Bitcoin and other cryptocurrencies.However, Thielen said that historically, when year-over-year credit spreads “begin to widen,” Bitcoin often faces more downside pressure and takes longer to recover.Related: Bitcoin ‘significantly de-risked here’ as nearly 80% of cyclical price correction is done — Analyst“This pattern suggests that while a longer-term opportunity may emerge, Bitcoin could still face pressure in the near term,” Thielen said. He added that currency devaluations have also historically been bearish for markets in the short term before being bullish in the long term.It comes amid growing concern among market participants over the weakening US dollar.The US Dollar Index (DXY) is sitting at 100.337, down 2.92% over the past five days, according to TradingView data. The DXY is sitting at 100.337 at the time of publication. Source: TradingViewTrading resource account, The Kobeissi Letter, said in an April 10 X post, “The US dollar has exited the room. Once again, something is broken.”Meanwhile, BlackRock’s head of digital assets, Robbie Mitchnick, said in late March that Bitcoin would most likely thrive in a recessionary macro environment. “I don’t know if we’ll have a recession or not, but a recession would be a big catalyst for Bitcoin,” Mitchnick said.Magazine: Memecoin degeneracy is funding groundbreaking anti-aging researchThis article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Crypto-critical US Senator Elizabeth Warren has led six Senate Democrats in urging the Department of Justice to reverse its decision to terminate its crypto investigations and prosecutions division.In an April 10 letter to Deputy Attorney General Todd Blanche, the Senators said the decision to disband the department’s National Cryptocurrency Enforcement Team was a “grave mistake” that would support “sanctions evasion, drug trafficking, scams, and child sexual exploitation.”Senators Richard Durbin, Mazie Hirono, Sheldon Whitehouse, Christopher Coons and Richard Blumenthal signed the letter in addition to Warren.On April 7, Blanche shuttered the DOJ’s crypto enforcement team, saying in a memo that “The Department of Justice is not a digital assets regulator.”The senators claim that the decision gave a “free pass to cryptocurrency money launderers” and claimed that crypto mixing services — used to obfuscate blockchain transactions — are “go-to tools for cybercriminals.” “It makes no sense for DOJ to announce a hands-off approach to tools that are being used to support such terrible crimes,” the letter said.An excerpt of Democrat’s letter to the DOJ. Source: US Senate Committee on Banking, Housing, and Urban AffairsThe senators also questioned why the Justice Department  had decided not to prosecute a “host of crimes involving digital assets, including violations of the Bank Secrecy Act.”They claimed that this creates a “systemic vulnerability in the digital assets sector,” which “drug traffickers, terrorists, fraudsters, and adversaries” will exploit on a large scale. The lawmakers requested a staff-level briefing no later than May 1, providing “detailed information on the rationale behind these decisions.” Targeting Trump family crypto endeavors The letter also took a swipe at the Trump family’s crypto projects, suggesting potential conflicts of interest.Related: SafeMoon boss cites DOJ’s nixed crypto unit in latest bid to toss suitA press release accompanying the letter stated that the senators are raising concerns about the “potential connections” between the DOJ’s actions and the crypto ventures of President Donald Trump and his family.The Trumps have an interest in and have backed the crypto platform World Liberty Financial along with its token. The platform is also planning to launch a stablecoin while President Trump’s sons, Eric Trump and Donald Trump Jr., are working to launch a crypto-mining company called American Bitcoin.“Your decisions give rise to concerns that President Trump’s interest in selling his cryptocurrency may be the reason for easing law enforcement scrutiny,” the Democrats stated.  In a memo announcing the crypto enforcement team’s disbandment, Blanche accused the Biden administration of using the Justice Department to “pursue a reckless strategy of regulation by prosecution.”Magazine: Illegal arcade disguised as … a fake Bitcoin mine? Soldier scams in China: Asia Express

Institutional traders can now leverage cryptocurrencies and tokenized money market funds as off-exchange collateral, thanks to a new program launched by Standard Chartered and OKX. Boosting Institutional Investor Confidence Standard Chartered and OKX have unveiled a “pioneering” collateral mirroring program, enabling institutional clients to utilize cryptocurrencies and tokenized money market funds as off-exchange collateral for […]

US Bitcoin mining firms will try to capitalize on the Trump administration’s recent tariff pause by stocking up on mining rigs, but the baseline 10% tariffs will still leave the industry at a disadvantage, industry executives say.President Donald Trump paused his administration’s hefty reciprocal tariffs until July 8, but kept a minimum 10% tariff on most countries bar China, which had its rate hiked to 145%.Hashlabs CEO Jaran Mellerud told Cointelegraph that while the 10% levy is much lighter than the initial tariffs, US miners are still at a “clear disadvantage” when it comes to purchasing mining machines, compared to competitors abroad.He said the baseline US tariffs aren’t enough “to make mining in the US unprofitable, but it definitely raises capital expenditure and will impact the long-term viability of new investments.”“We expect to see a short-term spike in machine imports as miners rush to get ahead of potential future tariff hikes,” Mellerud added.Source: Jaran MellerudA price hike on crypto mining rigs is already happening, Luxor Technology’s chief operating officer Ethan Vera told Cointelegraph.“US miners are still looking to purchase machines ahead of the potential further increase in 90 days. In addition, US-landed machines have run up in price, as have contracts with onshore assembly.”On April 2, Trump’s hiked tariffs placed levies on Thailand, Indonesia and Malaysia — countries home to three of the largest mining rig manufactures — at respective rates of 36%, 32% and 24%. Tariff instability will stunt US Bitcoin mining growthMellerud said in an April 8 report, before the pause on the hiked tariffs, that Trump’s levies could collapse US demand for mining rigs, to the benefit of non- US mining operations, as manufacturers will look outside the US to sell their surplus inventory for cheaper.He told Cointelegraph the now-lowered tariffs will offer some relief for US miners, but imposing the tariffs and then suddenly pausing them only added uncertainty to US Bitcoin mining firms looking to plan and scale.“What miners need is predictability and stable rules — not policy whiplash every few months.”Luxor’s Vera said that the policy changes “will certainly hurt growth” in the US.Related: Bitcoin hashrate tops 1 Zetahash in historic first, trackers showVera said Luxor has even been forced to rethink its strategy and consider expanding into international markets for future expansion.Trump pledged during his presidential campaign that he wanted all the remaining Bitcoin (BTC) to be “made in the USA.”Several members of Trump’s family have also partnered with Bitcoin mining firm Hut 8 to lead Bitcoin mining venture “American Bitcoin” late last month. The venture aims to build the world’s largest Bitcoin mining firm with strategic reserves. While the tariffs are broad in nature, the crypto mining industry simply isn’t a “high priority” for the Trump administration, Vera said.Trump’s tariffs have shaken up almost every market, including the crypto markets and Bitcoin, which is down 1.2% over the last 24 hours to $80,555, CoinGecko data shows.Bitcoin is now 26% off the $108,786 all-time high it set on Jan. 20 — the same day that Trump returned to the White House.Asia Express: Illegal arcade disguised as … a fake Bitcoin mine? Soldier scams in China

BNB price is recovering from the $535 support zone. The price is now consolidating gains and might face hurdles near $588 and $600. BNB price is attempting to recover above the $575 resistance zone. The price is now trading above $565 and the 100-hourly simple moving average. There is a connecting bullish trend line forming with support at $565 on the hourly chart of the BNB/USD pair (data source from Binance). The pair must stay above the $560 level to start another increase in the near term. BNB Price Faces Resistance After forming a base above the $535 level, BNB price started a fresh increase. There was a move above the $550 and $560 resistance levels. It even recovered above the $580 level before the bears appeared, like Ethereum and Bitcoin. A high was formed at $586 and the price recently correcting some gains. There was a move below the $575 level. The price dipped below the 23.6% Fib retracement level of the upward move from the $534 swing low to the $585 high. However, the bulls were active near the $565 support zone. There is also a connecting bullish trend line forming with support at $565 on the hourly chart of the BNB/USD pair. The price is now trading above $560 and the 100-hourly simple moving average. On the upside, the price could face resistance near the $580 level. The next resistance sits near the $585 level. A clear move above the $585 zone could send the price higher. In the stated case, BNB price could test $592. A close above the $592 resistance might set the pace for a larger move toward the $600 resistance. Any more gains might call for a test of the $620 level in the near term. Another Decline? If BNB fails to clear the $588 resistance, it could start another decline. Initial support on the downside is near the $570 level. The next major support is near the $565 level. The main support sits at $560 and the 50% Fib retracement level of the upward move from the $534 swing low to the $585 high. If there is a downside break below the $560 support, the price could drop toward the $550 support. Any more losses could initiate a larger decline toward the $535 level. Technical Indicators Hourly MACD – The MACD for BNB/USD is gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level. Major Support Levels – $565 and $560. Major Resistance Levels – $588 and $600.

Ethereum (ETH) has recovered 10% in the past 24 hours, driven by the US administration’s 90-day pause on the trade tariffs for over 75 nations. The second-largest crypto by market capitalization now targets the $1,800 resistance as the next key level to reclaim for a rally continuation. Related Reading: Bitcoin (BTC) Jumps To $82,000 As Trump Announces 90-Day Pause On Tariffs Except China Ethereum Jumps To $1,600 Ethereum’s price hit a 2-year low of $1,385 during this week’s correction, fueling a bearish sentiment among many investors. The cryptocurrency lost the lower zone of its $2,100-$3,900 macro range on March 9 and has retraced around 16% in the past month. Since then, Ethereum eyed a retest of historical demand zones, dropping below the $1,640 area to hit this week’s lows. As a result, many analysts have noted that ETH’s bleeding might not be over, and a retest of the $1,000-1,200 price range is likely if the king of altcoins doesn’t reclaim key levels. Amid its recent performance, ETH dropped below its realized price by accumulating address of $2,000, which some market watchers consider a potential bottom sign. According to research and analytics platform Crypto Rank, the last time Ethereum fell below this level was in March 2020, when the price dropped from $283 to $109 before significantly recovering in the coming months. Notably, US President Donald Trump’s 90-day pause on tariffs for multiple nations, except China, saw the crypto market and stock prices soar, with Ethereum recovering 10% in an hour. Is A Breakout In The Horizon? Analyst Titan of Crypto noted that Ethereum could be on the verge of a comeback based on the ETH/BTC trading pair. In the ETH/BTC chart, the “RSI is showing a familiar pattern. One that previously signaled a potential shift in momentum.” Notably, the multi-year chart shows that the pair tested the trendline three times before momentum shifted and the ETH price surged toward its 2021 ATH. Similarly, the pair has tested the trendline thrice since 2022, suggesting the cryptocurrency might be headed for a comeback. Analyst Crypto Bullet considers a weekly close above $1,550, a key historical support level, necessary for ETH’s bullish momentum. Meanwhile, pseudonym trader Lluciano affirmed that Ethereum “is showing signs of a breakout after holding strong at key support.” Related Reading: Solana (SOL) Needs 15% Bounce After Multi-Year Support Retest, Recovery Ahead? Yesterday, ETH, which was retesting the 2018 all-time high (ATH) levels, jumped from $1,480 to $1,600, briefly nearing the $1,700 resistance before stabilizing between the $1,580-$1,640 price range. He pointed out that “the market could be ready for a bullish reversal” as the cryptocurrency has formed a falling wedge pattern. Per the post, if ETH breaks above the pattern’s upper trendline, at around the $1,840 mark, ETH could see “significant gains” and rally toward higher levels. As of this writing, Ethereum trades at $1,566, an 11% decline in the weekly timeframe. Featured Image from Unsplash.com, Chart from TradingView.com

Blockchain gaming for the first quarter of 2025 has been a “mixed bag,” seeing a greater number of deals while the amount invested significantly dipped, says blockchain analytics platform DappRadar.Web3 gaming projects raised $91 million in Q1 2025, marking a 71% decrease from the fourth quarter of 2024 and a 68% drop compared to the same quarter a year ago, DappRadar said in its April 10 State of Blockchain Gaming report.DappRadar analyst Sara Gherghelas wrote the figures showed “the growing pressure on early-stage startups and hint that 2025 may prove more challenging than previous years — unless broader market conditions improve.”Another factor for the drop in investments in blockchain games is investors are increasingly shifting toward real-world assets and artificial intelligence, according to Gherghelas.Over the same time, the number of blockchain gaming-related deals that closed increased by 35% quarter-over-quarter.Web3 gaming projects raised $91 million for the quarter, marking a 71% decrease from Q4 2024. Source: DappRadarGherghelas said the jump in deals shows that “while investors are writing smaller checks, they’re still actively engaging with a broader range of projects — indicating continued interest, albeit with more cautious allocation.”Web3 gaming investors go big in infrastructureThe lion’s share of funding for Web3 gaming in the first quarter went to infrastructure-focused projects, with most focused on scalable gaming infrastructure, according to the report.Gherghelas said the focus on infrastructure funding signaled that “investor confidence in the long-term potential of Web3 gaming remains intact,” with a few stand-out projects in the quarter, such as those from MARBLEX and The Game Company.MARBLEX, the blockchain gaming division of South Korean game developer Netmarble, has plans for a Semi-Publishing Model to support a wider variety of Web3 games, backed by a joint fund exceeding $20 million with Immutable. Most of the funding for Web3 gaming last quarter went to infrastructure-focused projects. Source: DappRadarMeanwhile, Dubai-based startup The Game Company, a firm focused on blockchain-based cloud gaming, received $10 million in funding on Feb. 6 to help develop a platform that allows users to play any game on any device.Related: Blockchain gaming market is a ‘game of musical chairs’ — Gunzilla execGherghelas said that as the Web gaming industry matures, there is “a clear push toward quality, innovation, and interoperability — whether through upgraded gameplay, new identity layers, or AI-enhanced mechanics.”Magazine: Illegal arcade disguised as … a fake Bitcoin mine? Soldier scams in China: Asia Express