Author: dfmines

The Illinois Senate by a vote of 39 to 17 passed a regulatory bill aimed at curbing cryptocurrency fraud and protecting investors from deceptive practices, including rug pulls and misleading fee structures.On April 10, the chamber passed Senate Bill 1797 (SB1797), also known as the Digital Assets and Consumer Protection Act, which Senator Mark Walker introduced in February.The bill gives the Illinois Department of Financial and Professional Regulation authority to oversee digital asset business activity within the state.Under the legislation, any entity engaging in digital asset business with Illinois residents must be registered with the state’s financial regulator. The bill also requires crypto service providers to offer advance full disclosure of user fees and charges.Bill SB1797. Source: Ilga.gov“A person shall not engage in digital asset business activity, or hold itself out as being able to engage in digital asset business activity, with or on behalf of a resident unless the person is registered in this State by the Department under this Article […],” the bill states.Related: Trump family memecoins may trigger increased SEC scrutiny on cryptoWalker has previously highlighted the need to address crypto-related fraud in Illinois. In an April 4 X post, he stated:“The rise of digital assets has opened the door for financial opportunity, but also for bankruptcy, fraud and deceptive practices. We must set standards for those who have evolved in the crypto business to ensure they are credible, honest actors.”Illinois’ push for stronger oversight follows a wave of high-profile memecoin meltdowns and insider-led scams that have left retail investors with substantial losses.In March, New York introduced Bill A06515, aiming to establish criminal penalties to prevent cryptocurrency fraud and protect investors from rug pulls.Related: Trump’s tariff escalation exposes ‘deeper fractures’ in global financial systemMemecoin scams spark regulatory momentumOne of the most notorious recent cases was the collapse of the Libra token, a memecoin reportedly endorsed by Argentine President Javier Milei. In March, the project’s insiders allegedly withdrew over $107 million in liquidity, causing a 94% price crash and wiping out roughly $4 billion in market value.Libra token crash. Source: Kobeissi LetterInsider scams and “outright fraudulent activities” like rug pulls, which are “not only unethical but also clearly illegal, with case law to support enforcement,” should see more thorough regulatory attention, Anastasija Plotnikova, co-founder and CEO of blockchain regulatory firm Fideum, told Cointelegraph, adding:“In my view, these activities should fall firmly within the jurisdiction of law enforcement agencies.”The latest meltdown occurred on March 16, after Hayden Davis, the co-creator of the Official Melania Meme (MELANIA) and the Libra token, launched a Wolf of Wall Street-inspired token (WOLF).Source: BubblemapsOver 82% of the token’s supply was held by the same entity, which led to a 99% price crash after the token peaked at a $42 million market capitalization.Argentine lawyer Gregorio Dalbon has asked for an Interpol Red Notice to be issued for Davis, citing a “procedural risk” if Davis were to remain free as he could access vast amounts of money that would allow him to either flee the US or go into hiding.Magazine: Caitlyn Jenner memecoin ‘mastermind’s’ celebrity price list leaked

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According to a recent X post by crypto analyst Ali Martinez, Ethereum (ETH) is inching closer to a critical demand zone that has historically marked market bottoms. Notably, ETH has declined by more than 21% over the past two weeks. Ethereum About To See Trend Reversal? Ethereum may soon witness a relief rally, as the second-largest cryptocurrency by market cap nears a key demand zone that has historically marked market bottoms and offered strong buying opportunities. Related Reading: Is Ethereum Repeating Its 2020 Trend Reversal? Analyst Predicts ETH To ‘Explode’ In Q2 2025 Sharing his analysis, Martinez posted the following chart, illustrating how ETH is likely approaching the -1 standard deviation pricing band based on Market Value to Realized Value (MVRV) Extreme Deviation Pricing Bands. According to the chart, the -1 standard deviation pricing band lies around $1,387, while ETH’s realized price hovers around $2,005. The last time ETH touched this band – back in July 2022 – it marked a local market bottom. For the uninitiated, MVRV Extreme Deviation Pricing Bands are on-chain metrics that help identify potential market tops or bottoms by measuring how far ETH’s current market value deviates from its realized value. These bands highlight historically significant overvalued or undervalued zones, often aligning with periods of extreme investor sentiment or price reversals. As ETH nears the -1 standard deviation pricing band, it suggests the asset may be significantly undervalued at its current price. Fellow crypto analyst TraderPA appears to support Martinez’s view. In an X post, TraderPA shared a weekly Ethereum chart showing that ETH’s price decline aligns with a low Stochastic Relative Strength Index (RSI) value – indicating the cryptocurrency may be oversold following the recent sell-off. The Stochastic RSI is a momentum indicator that applies the stochastic oscillator formula to RSI  values rather than price, making it more sensitive and responsive to short-term movements. Unlike the standard RSI – which ranges from 0 to 100 – the Stochastic RSI ranges between 0 and 1, helping traders identify overbought or oversold conditions. Whales Losing Confidence In ETH While Martinez and TraderPA’s analyses suggest ETH may be undervalued, recent whale activity points to a possible loss of confidence. A previously dormant ETH whale dumped 10,702 ETH after nearly two years of inactivity, signaling weakening conviction among large investors. Related Reading: Ethereum Sentiment Dips Among Retail Investors, Yet A Breakout Looms Interestingly, the whale had originally received ETH back in 2016, when it was valued at just $8. Despite holding through the 2021 peak near $4,000, the recent price drop seems to have triggered a significant sell-off. Additionally, Martinez’s latest analysis suggests that ETH could drop to $1,200, as the asset continues to break below multiple key support levels. At press time, ETH trades at $1,553, up 5.5% in the past 24 hours. Featured image from Unsplash, charts from X and TradingView.com

James Toledano says bitcoin’s measured response to a significant sell-off, triggered by U.S. “reciprocal” tariffs, highlights its growing maturity as a macro asset. Bitcoin Is a Maturing Macro Asset After weeks of seemingly moving in tandem with equities and other traditional assets, bitcoin ( BTC) showed a measured reaction to a historic sell-off sparked by […]

Bitcoin and other crypto assets faced headwinds in the first quarter of 2025 as global economic tensions intensified. After a strong start to the year driven by optimism over President Donald Trump’s return and supportive macroeconomic expectations, the crypto market struggled with a sharp drop in trading volumes. According to a new report by Kaiko, the tariff measures introduced by the Trump administration contributed to increased volatility and risk-off behavior among market participants. Related Reading: Is The Bitcoin Bottom In After Trump’s Tariff Pause? Here’s What To Expect Crypto Q1 Volume and Liquidity Performance Bitcoin, which had rallied to new highs in January, has now fallen by over 25% from its peak, ending the quarter down approximately 12%. Ethereum and the top altcoins also saw declines, with AI and memecoins posting average losses above 50%. Weekly volumes for BTC, ETH, and other major tokens averaged $266 billion, down 30% from levels seen in late 2024. Kaiko attributed much of the decline to offshore exchange activity falling and traders pulling back due to rapid market swings and uncertainty. U.S.-based exchanges maintained strong market depth despite broader selloffs, buffering the impact on Bitcoin’s liquidity. Platforms like Coinbase, Kraken, and CEX.IO collectively comprised 60% of BTC’s market depth in Q1. This allowed BTC to outperform many altcoins, which suffered from both reduced demand and thinner liquidity. Kaiko noted that this environment favored larger-cap assets and further highlighted the resilience of BTC compared to other riskier assets in the crypto space. The report noted: Altcoin volatility surged in early 2025, reaching multi-year or all-time highs for certain tokens, notably Cardano’s ADA. Bitcoin’s volatility also rose, from 34% in February to 51% in March, though it stayed below the peaks observed during last August’s carry trade unwinding. The growing volatility gap between Bitcoin and altcoins may discourage risk-averse traders from entering the market in the near future. The Path Ahead: Outlook For Q2 Looking forward, Kaiko analysts believe the second quarter could offer renewed opportunities. The White House’s recent decision to delay tariff implementation by 90 days has already sparked a short-term rally, suggesting sensitivity to macroeconomic developments remains high. More importantly, structural tailwinds are building: the expansion of the stablecoin market, pending ETF approvals for altcoins, and the appointment of pro-crypto SEC Chair Paul Atkins could all support a recovery In addition, the stablecoin sector, led by USDT and USDC, has grown 33% since late 2024, now exceeding $230 billion in supply. Historical data from Kaiko suggests that expansions in stablecoin supply often precede broader crypto rallies. Related Reading: Bitcoin Bulls Crushed: $500 Million Liquidation Shakes Market Confidence With over 40 crypto-related ETF applications pending review and two stablecoin bills gaining momentum in Congress, the potential for renewed institutional participation is rising. Kaiko’s report concluded that if market volatility subsides and regulatory clarity improves, Q2 may mark a shift in sentiment. While risks remain from geopolitical tensions and economic policies, the combination of macro catalysts and maturing infrastructure may pave the way for renewed growth, particularly for Bitcoin. Featured image created with DALL-E, Chart from TradingView

Pakistan is exploring bitcoin mining and AI data centers as a way to utilize its surplus electricity, with plans to foster innovation, boost exports, and create tech jobs through crypto regulation and infrastructure support. Turning Watts into Wealth: Pakistan Leverages Excess Energy for Crypto Mining Pakistan is looking to bitcoin mining and artificial intelligence (AI) […]

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

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