Crypto users cool with AI dabbling with their portfolios: Survey
A majority of crypto users are willing to allow artificial intelligence agents to manage part of their investment portfolios, according to the results of a recent CoinGecko survey.Among the 2,632 crypto participants surveyed, 87% said they would let AI agents manage at least a tenth of their crypto portfolio, CoinGecko’s April 23 report shows.Around half the respondents said they were willing to let an AI agent manage half their portfolio or less.“This suggests that despite having doubts as to how safe or secure AI agents are, crypto users are still mainly curious about the technology and want to try using them for trading or investing,” CoinGecko research analyst Yuqian Lim said.At the same time, around 36% of survey participants said they would allow AI agents to manage the majority of their holdings. A smaller group, roughly 14.5%, were willing to leave their entire crypto portfolio in the digital hands of an AI agent.A small number said they were willing to let AI control their entire portfolio. Source: CoinGecko“In other words, 1 in 7 participants either think they can completely trust AI agents with all of their crypto, or believe the potential profits will outweigh the risks, or simply have a high risk tolerance for their crypto holdings,” Lim said.Mixed opinions on human vs AI tradingHowever, opinions were mixed on whether AI agents would be better than humans at crypto trading and investing overall. There was a roughly even split, with half of the respondents saying AI agents would be better than humans at crypto trading and investing most of the time.“That said, the remaining half of survey participants believed AI does not have an edge over humans in the crypto market yet, which suggests that opinions are still divided over this comparison,” Lim said.About 13%, or 1 in 8, said they weren’t comfortable leaving any of their portfolios for management by AI or thought they could manage their crypto stash better than an AI agent. The same survey found that participants had very mixed views on whether AI agents could be trusted with access to people’s crypto wallets. Despite many of the respondents answering that they were happy to allow AI access to their crypto, there were still trust issues. Source: CoinGecko“Specifically, 37.5% indicated that they do not trust AI agents with their crypto wallets, while a slightly lower 34.5% said they can be trusted and 27.9% were neutral on the matter,” Lim said.Related: AI, blockchain convergence to bring ‘watershed moments’ in 2025Agentic AI is already being used to build Web3 applications, launch tokens, and interact with people autonomously. Some platforms have also been exploring the use of AI agents for trading.Last December, crypto industry execs told Cointelegraph they expected AI agents to transform Web3 in 2025, flagging crypto staking and onchain trading as emerging early use cases. However, there was also speculation that AI would face headwinds, including technical challenges, regulatory hurdles, and centralization. Magazine: UK’s Orwellian AI murder prediction system, will AI take your job? AI Eye
Americans lost $9.3B to crypto fraud in 2024 — FBI
The Federal Bureau of Investigation’s Internet Crime Complaint Center (IC3) has released its annual report detailing complaints and losses due to scams and fraud involving cryptocurrency in 2024.According to the report released on April 23, the IC3 received more than 140,000 complaints referencing cryptocurrency in 2024, resulting in roughly $9.3 billion in losses. The bureau reported that individuals over the age of 60 had been the most affected by crypto-related fraud, with roughly 33,000 complaints and $2.8 billion in losses.Source: FBI“Last year saw a new record for losses reported to IC3, totaling a staggering $16.6 billion,” said the report. “Fraud represented the bulk of reported losses in 2024, and ransomware was again the most pervasive threat to critical infrastructure, with complaints rising 9% from 2023,” notes the report, adding that, as a group, those over the age of 60 suffered the most losses and submitted the most complaints.The report added that the resultant losses had increased roughly 66% since 2023, from roughly $5.6 billion to $9.3 billion. The most significant percentage of losses occurred due to crypto investment schemes, while the largest number of complaints related to “sextortion” schemes, in which fraudsters manipulated photos and videos to create explicit content. Other scams included schemes involving the use of crypto ATMs or kiosks.Related: Crypto scam uses trade war fears to lure victims, Canadian watchdogs warnIn February, the FBI reported its “Operation Level Up” had saved potential victims of crypto fraud roughly $285 million between January 2024 and January 2025. However, blockchain analytics firm Chainalysis speculated that 2025 could see the largest number of scams to date, given that generative AI is making the practice “more scalable and affordable for bad actors to conduct.”Globally, Chainalysis estimated that there had been roughly $41 billion in illicit crypto volume in 2024, with roughly 25% of the funds involved with “hacking, extortion, trafficking, or scams.” Some of the most high-profile crimes included the $1.4 billion in crypto stolen from the Bybit exchange in March and North Korean hackers taking more than $1.3 billion.Magazine: Trump’s crypto ventures raise conflict of interest, insider trading questions
Bitcoin ETF inflows top 500 times 2025 average in 'significant deviation'
Key points:Bitcoin ETF inflows obliterated the 2025 average on April 22.ETF performance remains tightly dependent on BTC price action, with the turnaround following six-week highs in BTC/USD.ETFs themselves are gaining influence, with one commentator arguing that they can “determine” exchange activity.Bitcoin (BTC) institutional investors piled over eleven times the all-time average into the US spot Bitcoin exchange-traded funds (ETFs) on April 22.Fresh data from onchain analytics firm Glassnode confirms that the $912 million ETF inflows equal more than 500 times the 2025 daily average.Glassnode: 2025 ETF average inflow just 23 BTCBitcoin ETFs immediately felt the impact of BTC price rises this week, with inflows undergoing a “dramatic” turnaround to nearly $1 billion in a single day. BTC/USD hit its highest levels since early March.Glassnode reveals just how unusual such a tally is — in 2025, so far, the average daily inflow has been just 23 BTC ($2.1 million).“This was the largest daily inflow since November 11, 2024, marking a notable resurgence in demand,” researchers explained in an X thread on the topic.US spot Bitcoin ETF flows. Source: GlassnodeThe April 22 total thus stands at more than 500 times the average for a year in which dramatic sentiment shifts have led to periods of major outflows across the ETF cohort.Even in the context of the ETFs’ entire lifespan since their January 2024 launch, the $912 million figure is rare and constitutes around 11.5 times the daily average.“Since inception, the average daily inflow is approximately 1,031 $BTC,” Glassnode added, calling the April 22 total a “significant deviation.”US spot Bitcoin ETF flows. Source: GlassnodeETFs become “marginal buyer” for BTCContinuing, Bloomberg ETF analyst Eric Balchunas was among those optimistic about the ETFs’ change of fortunes.Related: Bitcoin exchange buying is back as ‘Spoofy the Whale’ lifts $90K asks“The spot bitcoin ETFs went Pac-Man mode yesterday,” he told X followers.Balchunas noted that inflows increased across most of the eleven ETFs — a move that contrasts with the common scenario in which the largest product, BlackRock’s iShares Bitcoin Trust (IBIT), takes in the lion’s share of investments.Andre Dragosch, European head of research at asset management firm Bitwise, was equally buoyant.“Great to see very positive net inflows into Bitcoin ETFs again — In fact, they have become ‘the marginal buyer’ in Bitcoin since Jan 2024,” he observed alongside more Glassnode data. “The can actually determine whether you see negative or positive net buying volumes on BTC spot exchanges.”US spot Bitcoin ETF flows (screenshot). Source: Farside InvestorsThis 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.
Price predictions 4/23: BTC, ETH, XRP, BNB, SOL, DOGE, ADA, LINK, AVAX, SUI
Key points:Bitcoin’s rally is backed by solid institutional buying in the spot BTC ETFs.A rally above the $95,000 level could be difficult, but analysts’ end-of-year price projections now extend to $200,000.Select altcoins are showing signs of a price bottom.Bitcoin (BTC) price rallied close to the $95,000 resistance level on April 23 as the cryptocurrency finds support from rising spot BTC ETF inflows and positive macroeconomic news in the United States. According to Farside Investors, the funds recorded net inflows of $381.3 million on April 21 and $912.7 million on April 22.Analysts from Standard Chartered and Intellectia AI said that institutional demand for Bitcoin ETFs and BTC’s use as a hedge against macroeconomic risk could propel the price to $200,000 in 2025.Crypto market data daily view. Source: Coin360Not everyone is convinced about the current rally. 10x Research head of research Markus Thielen questioned the sustainability of the Bitcoin rally in an April 23 markets report, as the stablecoin minting indicator was “yet to return to high-activity levels.”Could Bitcoin break above the $95,000 mark, pulling altcoins higher? Let’s analyze the charts of the top 10 cryptocurrencies to find out.Bitcoin price predictionBitcoin formed a Doji candlestick pattern on April 23, indicating indecision between the bulls and the bears near the $95,000 overhead resistance.BTC/USDT daily chart. Source: Cointelegraph/TradingViewThe 20-day exponential moving average ($85,773) has started to turn up, and the relative strength index (RSI) is near the overbought zone, suggesting that the path of least resistance is to the upside. If buyers do not cede much ground to the bears, it enhances the prospects of a rally above $95,000. The BTC/USDT pair may then skyrocket to $100,000 and subsequently to $107,000.This positive view will be invalidated in the near term if the price turns down sharply from $95,000 and plunges below the moving averages. Ether price predictionEther (ETH) turned up sharply on April 22 and rose above the 20-day EMA ($1,676). Buyers will try to retain the advantage by pushing the price above the 50-day SMA ($1,830) on April 23.ETH/USDT daily chart. Source: Cointelegraph/TradingViewIf they succeed, the ETH/USDT pair could jump to the breakdown level of $2,111. Sellers will try to stall the recovery at $2,111, but if the bulls prevail, the pair could soar to $2,550. Such a move suggests that the corrective phase may be over.Conversely, if the price turns down sharply from $2,111, it indicates that the bears are active at higher levels. That could keep the pair range-bound between $2,111 and $1,368 for a while longer.XRP price predictionXRP (XRP) rose above the 50-day SMA ($2.20), but the long wick on the candlestick shows selling at higher levels.XRP/USDT daily chart. Source: Cointelegraph/TradingViewThe bears are expected to defend the resistance line with all their might because a break and close above it signals a potential trend change. The XRP/USDT pair could then attempt a rally to $3.On the contrary, if the price turns down and breaks below the moving averages, it signals that bears remain in command. The pair may then retest the $2 support, which is likely to attract buyers.BNB price predictionBNB (BNB) broke out of the downtrend line on April 21, but higher levels are attracting solid selling by the bears.BNB/USDT daily chart. Source: Cointelegraph/TradingViewThe BNB/USDT pair could drop to the moving averages, an important near-term support to watch out for. If the price rebounds off the moving averages with strength, the prospects of a rally to $644 and thereafter to $680 increase. Alternatively, a break and close below the moving averages indicates that the breakout above the downtrend line may have been a bull trap. The pair then risks falling to $566.Solana price predictionSolana (SOL) rebounded off the 20-day EMA ($133) on April 22 and is attempting to climb above the overhead resistance at $153 on April 23.SOL/USDT daily chart. Source: Cointelegraph/TradingViewThe 20-day EMA is sloping up, and the RSI is in the positive territory, indicating an advantage to buyers. A close above $153 clears the path for a rally to $180. Such a move brings the large $110 to $260 range into play.Time is running out for the bears. If they want to make a comeback, they will have to swiftly pull the price below the moving averages. If they do that, the SOL/USDT pair could plunge to the $120 to $110 support zone.Dogecoin price predictionDogecoin (DOGE) broke above the moving averages on April 22, indicating that the bulls are on a comeback.DOGE/USDT daily chart. Source: Cointelegraph/TradingViewThe price could rally to the overhead resistance at $0.21, where the bears are expected to step in. If the price turns down from $0.21 and breaks below the moving averages, it signals a range-bound action in the near term. The DOGE/USDT pair could swing between $0.21 and $0.14 for some time.Contrarily, a break and close above $0.21 completes a double-bottom pattern. The pair could then rally toward its target objective of $0.28.Cardano price predictionBuyers pushed Cardano (ADA) above the 20-day EMA ($0.64) on April 22 and are trying to sustain the price above the 50-day SMA ($0.68) on April 23.ADA/USDT daily chart. Source: Cointelegraph/TradingViewThe 20-day EMA is flattish, but the RSI has jumped into positive territory, indicating that the momentum has turned positive. A close above the 50-day SMA opens the gates for a rally to $0.83.Buyers are expected to defend the zone between the 20-day EMA and $0.58 on the downside. Sellers will be back in the driver’s seat if they sink the ADA/USDT pair below $0.58. The pair may then slump to $0.50.Related: Why is Bitcoin price up today?Chainlink price predictionChainlink (LINK) turned up from the 20-day EMA ($13.16) and rose above the 50-day SMA ($13.62) on April 22.LINK/USDT daily chart. Source: Cointelegraph/TradingViewThe LINK/USDT pair could rise to $16, where the bears may mount a strong defense. If buyers do not allow the price to dip back below the 20-day EMA, it improves the prospects of a rally to the resistance line of the descending channel pattern. A trend change will be signaled on a break above the channel.The 20-day EMA is the crucial support to watch out for on the downside. A dive below the 20-day EMA opens the doors for a fall to $11.89 and later to the support line.Avalanche price predictionAvalanche (AVAX) broke out of the downtrend line on April 22, indicating that the bears are losing their grip.AVAX/USDT daily chart. Source: Cointelegraph/TradingViewThe bears will try to halt the recovery at $23.50 because if they fail in their endeavor, the AVAX/USDT pair will complete a double-bottom pattern. This bullish setup has a target objective of $31.73.If the price turns down from $23.50, the bulls will try to buy the dips to the 20-day EMA ($19.72). A bounce off the 20-day EMA increases the likelihood of a break above $23.50. Contrarily, a break below the moving averages signals a range formation between $15.27 and $23.50.Sui price predictionSui (SUI) soared above the moving averages on April 22 and the overhead resistance at $2.86 on April 23.SUI/USDT daily chart. Source: Cointelegraph/TradingViewThe long wick on the candlestick shows selling above $2.86, but if the bulls do not give up much ground, the possibility of a break above the overhead resistance increases. That could propel the SUI/USDT pair to $3.25 and then to $3.50.The 20-day EMA ($2.29) is expected to act as strong support on any pullback. A break and close below the 20-day EMA suggests the bullish momentum has weakened. That could result in a range formation in the near term.This 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.
PayPal to offer 3.7% yield on stablecoin balances: Report
Payments behemoth PayPal plans to offer a 3.7% yield on balances held in its PayPal USD stablecoin.According to an April 23 Bloomberg report, a PayPal representative said that the measure aims to encourage more usage of the firm’s stablecoin. The program is expected to launch this summer, and the rewards will also be paid out in PayPal USD (PYUSD).Users will be able to exchange PYUSD for fiat currency, spend it or send it to other users. The rewards will accrue daily and will be paid on a monthly basis. The company hopes this feature will lead to a higher predominance of stablecoin and crypto payments on its platform.The report follows PayPal USD reaching a $1 billion market cap in the summer of 2024. As of publication, the stablecoin’s market cap is nearly a quarter lower at $873.3 million.PayPal USD’s market cap chart. Source: CoinMarketCapTzahi Kanza, CEO of crypto investment firm Syndika, told Cointelegraph that “from a regulatory standpoint, PayPal must ensure that offering interest doesn’t cause its stablecoin to be classified as a security. “When it comes to financial risks for the users, he said that PayPal can keep its promises, and the main risk is losing the peg to the dollar rather than interest-related issues. He said:“Stablecoins that don’t offer yield are generally not considered securities. However, yield-bearing stablecoins may fall under that classification.”Related: PayPal’s Xoom launches cross-border stablecoin settlementPayPal is betting on cryptoPayPal is betting on blockchain technology with its continued product development. Reports from earlier in April show that PayPal has expanded its cryptocurrency offerings to include Chainlink (LINK) and Solana (SOL), giving US-based users the ability to buy, sell and transfer the popular tokens.In fact, PayPal was cited by Polygon Labs CEO Marc Boiron as one of the catalysts for the stablecoin industry’s rapid growth in recent years. In an interview with Cointelegraph, Boiron said, “Companies like Stripe and PayPal integrating stablecoins is likely the primary catalyst for their growth.”Related: PayPal, Ernst & Young settle first corporate payment via PYUSD stablecoinThe story of PayPal USDPYUSD is a US dollar-pegged stablecoin issued by Paxos Trust Company on behalf of PayPal in August 2023. At the time of the launch, PayPal became the first major payment network to launch its own stablecoin, with Venmo rolling out support in September 2023.Each token is purportedly backed one-to-one by cash deposits, short-term US Treasury notes and similar cash-equivalent assets in accounts overseen by the New York State Department of Financial Services. Initially, PYUSD was a token compliant with the ERC-20 Ethereum standard, but has since also been deployed on Solana (SOL).PayPal USD’s current market cap is still a far cry from the top stablecoin, Tether’s USDt (USDT). At the time of writing, CoinMarketCap data shows that USDT’s market cap stands at $145.3 billion, over 17,255% higher than PYUSD’s. Kanza said that “Tether’s strength lies in its market dominance — not in its regulatory compliance, transparency, or yield” since it does not offer those. He added:“To compete effectively, targeting these three areas — compliance, transparency and returns — would be a smart strategy [for PayPal.]“Magazine: Chinese Tether laundromat, Bhutan enjoys recent Bitcoin boost: Asia Express
Bitcoin enters world's top 5 largest assets, surpassing Google, Silver, Amazon
Bitcoin (BTC) has overtaken Alphabet (Google) to become the world’s fifth most valuable asset by market capitalization.As of April 23, Bitcoin’s market cap surged to $1.87 trillion, edging past Alphabet’s $1.859 trillion valuation, according to asset ranking data. BTC is now behind only gold, Apple, Microsoft and Nvidia.Top assets by market cap. Source: CompaniesMarketCap.comBitcoin beats Nasdaq 100 returns in AprilBitcoin’s edge over Alphabet coincides with its ongoing “decoupling” from its long-standing correlation with US tech stocks, especially in April, when BTC’s price rallied 15% despite the Nasdaq 100’s returns of 4.50% in the same period.BTC/USD and Nasdaq 100 price comparison chart. Source: TradingViewThis decoupling followed months of disappointment for crypto bulls, who expected a stronger post-election rally.Even with April’s gains, BTC’s price remains 16% below its $109,000 all-time high set in January, when Trump was re-inaugurated as the US president.Source: Geiger CapitalTrump’s recent criticism of Federal Reserve Chair Jerome Powell and his executive order to create a Strategic Bitcoin Reserve (SBR) — which is nearing its 60-day review window — is helping reignite investor interest in crypto.Related: Bitcoin could hit $1M if US buys 1M BTC — Bitcoin Policy Institute“Chatter questioning Fed independence is having positive spillover effects on BTC,” said Vetle Lunde, head of research at K33.Macro analyst Fejau stressed that capital outflows from US assets will likely benefit Bitcoin, given countries can’t tariff it — and that it “provides high beta to a portfolio without the current tail risks associated with US tech.”“This market regime is what Bitcoin was built for,” he wrote, adding:“One the degrossing dust settles, it will be the fastest horse out of the gate.Bitcoin market worth more than two TeslasAlphabet is facing headwinds in the form of regulatory crackdowns, antitrust challenges and a slowdown in digital ad revenue. The rise of AI-focused rivals and reduced growth projections have also dented confidence in Google’s long-term dominance.Source: The Japan TimesTo put Bitcoin’s $1.87 trillion valuation into perspective, it’s now worth more than two Tesla companies.The EV giant famously added Bitcoin to its balance sheet in early 2021, when it was trading for around $33,500. It is now sitting on around 180% gains worth over $1 billion.This 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.
Bitcoin price hits 7-week high as Trump softens tone on trade war
Bitcoin has broken above $93,000 for the first time in seven weeks, extending its post-Easter rally as recent macro events have analysts expecting more upside.Bitcoin (BTC) has climbed 5.62% over the past 24 hours and surpassed $93,000 on April 22 for the first time since March 3, continuing a 12% price rally its seen over the past seven days, according to CoinMarketCap.Bitcoin traders eye “craziest one-minute candle”Bitcoin quickly jumped from just below $91,500 to $93,000 in minutes, leaving traders guessing where the rally could go next.“This is the craziest one-minute candle I’ve ever seen on the Bitcoin chart,” Bitcoin commentator Michael Sullivan said in an April 22 X post.Edit the caption here or remove the textPseudonymous crypto trader Crypto General said Bitcoin “is going as planned, as stated in the last post, a breakout was eyes and today we witnessed our breakout.”Just hours before Bitcoin’s upside swing, crypto commentator “Ted” told his 158,200 X followers that Bitcoin is “going to catch up” with gold and the $100,000 price level, which it hasn’t seen since Feb. 3, is “loading.”It comes amid an improvement in crypto market sentiment, more money flowing into spot Bitcoin exchange-traded funds and US President Donald Trump’s softer tone on the trade war.On the same day, Trump said he had “no intention of firing” US Federal Reserve Chair Jerome Powell after previously criticizing him for not cutting interest rates. It comes only days after Trump called for his termination again in an April 17 Truth Social post, which led to speculation that he would follow through on threats and find a way to remove Powell.Trump just ticked “bullish boxes,” says traderAlongside this, Trump said tariffs on Chinese goods will “come down substantially,” though they “won’t be zero,” which led to an uptick in positive sentiment among crypto analysts.Related: Bitcoin-to-gold ratio risks 35% decline following Wall Street’s $13T wipeoutIn an April 22 X post, economist and crypto trader Alex Kruger said, “Trump just ticked most de-escalation/bullish boxes.” Investing with Brandon said the news was “bullish” too. Meanwhile, the day before, the 11 US spot Bitcoin ETFs saw a joint net inflow of $381.3 million.Traditional financial markets also ended the April 22 trading day in the green, with the S&P 500 up 2.51%, the Nasdaq rising 2.87%, and the Dow Jones gaining 2.66%, according to Google Finance data.Magazine: Former Love Island star’s tips on how to go viral in crypto: Van00sa, X Hall of FlameThis 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.
Peirce signals SEC ‘reorientation’ under new chair Paul Atkins
US Securities and Exchange Commission member Hester Peirce, currently leading the agency’s crypto task force, offered a preview of what the industry could expect now that Paul Atkins has been sworn in as the regulatory body’s chairman.Speaking to Cointelegraph before the US Senate confirmed Atkins’ nomination and he took his position as SEC chair, Peirce said she welcomed the opportunity to work again with the incoming agency leader. Peirce worked as Atkins’ counsel from 2004 to 2008 during the then-commissioner’s first term at the SEC.“He cares about economic growth and how the markets that we regulate can support economic growth,” Peirce told Cointelegraph. “I would love the chance to work with [Atkins] on trying to reorient the agency so that it does take into consideration all aspects of our mission.”Related: Atkins becomes next SEC chair: What’s next for the crypto industryAtkins, appointed by US President Donald Trump in what many saw as a nod to the crypto industry to replace former chair Gary Gensler, was sworn in on April 21. During his confirmation hearing in the Senate Banking Committee, lawmakers questioned Atkins on his ties to the crypto industry, potentially presenting conflicts of interest in his role helping regulate digital assets. “I expect that he will continue to follow the ethics rules,” said Peirce on Atkins. “I worked for [him] and I have very high regard for his integrity.” SEC’s priorities under new leadership Atkins, now chair, comes to the SEC as the fourth commissioner, with five members typically filling the agency’s leadership positions. Gensler and former Commissioner Jaime Lizárraga stepped down in January. Commissioner Caroline Crenshaw is expected to be the next to depart before 2026, leaving a panel of only three Republican commissioners unless Trump nominates a Democrat.Commissioner Mark Uyeda, whom Trump named as acting chair on Jan. 20, was still scheduled to oversee some of the SEC’s proceedings, including an April 25 roundtable event discussing crypto custody. Uyeda said on April 21 that he was planning to return to his “regular role” as a commissioner, suggesting that Atkins may soon assume all his responsibilities as chair. The shakeup in leadership comes amid many in the industry looking for clarity from the SEC, the courts, and lawmakers after Gensler’s departure. Under the former chair, many accused the SEC of enacting a “regulation by enforcement” approach to crypto, resulting in several high-profile lawsuits against firms including Coinbase, Ripple Labs, and Binance. Since January, the commission has dropped many of the cases.“I think we’re all trying to get to a good place, which is putting some clarity around crypto, some regulatory clarity,” said Peirce.Magazine: SEC’s U-turn on crypto leaves key questions unanswered
Unpacking Mantra’s OM crash requires forensic study — CertiK exec
Mantra founder and CEO John Mullin has begun an $80 million burn of OM tokens to regain users’ trust following the token’s crash earlier in April. However, the question of the underlying reasons for the crash remains unanswered, blockchain investigators told Cointelegraph.Unpacking Mantra’s OM crash would require a detailed forensic study rather than just basic blockchain analysis, said Natalie Newson, senior blockchain investigator at the blockchain security firm CertiK.“A full forensic investigation, akin to what we saw post-FTX, would be needed to substantiate claims of calculated exploitation,” Newson told Cointelegraph, highlighting challenges of tracing over-the-counter (OTC) transactions.Newson’s perspective on the OM crash came days after Mantra released its post-crash statement, asking centralized exchange partners to collaborate on further unpacking the incident.Onchain activity versus opaque OTC dealsAddressing the OM token crash, Newson stressed the importance of distinguishing between public onchain activity and the “more opaque nature of OTC deals.”Mantra CEO Mullin disclosed in an interview with Coffeezilla on April 15 that the Mantra team had “done a small amount of OTCs,” up to $30 million of OM tokens.Mantra’s founder and CEO, John Mullin, in an interview with Coffeezilla. Source: YouTubeUnlike traceable transactions on centralized exchanges, OTC crypto transfers involve a method of buying and selling cryptocurrencies outside of exchanges, designed to enable deep liquidity and big trades while mitigating the volatility of prices.“In this case, the accumulation of approximately 100 million OM by a whale appears to have been the result of secondary market transactions — not necessarily direct activity from Mantra insiders,” Newson said.Analysis by Arkham or Nansen is not enoughAs previously mentioned, Mullin denied allegations that the OM crash resulted from an insider token dump, claiming that blockchain analytics platform Arkham had “mislabelled” some wallets.Newson said that data from Arkham and similar platforms like Nansen would be insufficient to confirm or deny insider involvement.“To confirm coordinated insider behavior, it would likely require more than just basic wallet tracing on platforms like Arkham or Nansen,” Newson said, adding:“Blockchain analytics tools can provide directional clues, but without access to offchain agreements and centralized exchange records, drawing definitive conclusions would be difficult.”Newson is not alone in highlighting the complicated nature of tracing transactions in the OM token crash.Related: Mantra OM token crash exposes ‘critical’ liquidity issues in crypto“There are ways to get data from the node, but it does not seem to be easy to get a full history,” Whale Alert’s co-founder Frank Weert told Cointelegraph.Mullin previously said that the team had been considering hiring a forensic auditor following the OM crash but had made no decision as of April 16.Arkham did not respond to multiple Cointelegraph inquiries to comment on the Mantra incident.Magazine: Altcoin season to hit in Q2? Mantra’s plan to win trust: Hodler’s Digest, April 13 – 19
Solana whale sits on $153M profit after 4-year staking play
A Solana address with over 1 million tokens is sitting on more than $153 million in profit after a four-year staking play on the crypto asset. Blockchain analytics firm Lookonchain flagged the wallet address of a whale that staked nearly 1 million Solana (SOL) tokens in 2021. At the time of the staking, Solana tokens were worth around $27, which means the trader spent about $27 million to execute the play. Four years later, the whale’s total staked Solana holdings have reached 1.29 million. With Solana appreciating to about $140, the whale’s holdings have increased in value to about $180 million. On April 22, the whale started offloading a portion of the token stash to cash out on the gains. Lookonchain reported that the whale had unstaked 100,000 SOL tokens (about $14 million) and sent them to Binance. Sending tokens to crypto exchanges often indicates an intent to sell. Lookonchain said the whale still has 1.19 million Solana, worth around $166 million. Since the trader spent $27 million on the play, the total unrealized profit for the address is about $153 million. Source: LookonchainSolana whales turn $37 million to $200 million in four-year playThe Solana whale’s unstaking and token offloading follow another Solana staking play that involved hundreds of millions earlier in April. On April 4, Arkham Intelligence data showed four wallets that staked $37 million in tokens in 2021 had their tokens unlocked, meaning they can unstake and sell them. The blockchain intelligence platform called the event “the largest single-day unlock of staked SOL.”During the unlock, the tokens were worth over $206 million. After the tokens were unlocked, about $50 million in tokens were sold. Related: Babylon total value locked drops 32% as wallets unstake $1.2B in BitcoinSolana briefly flips Ethereum in staking market capAs many whales have turned to Solana for staking plays, the network briefly flipped Ethereum in the staking market cap. On April 20, the blockchain overtook Ethereum in staked token value after reaching over $53 billion. Still, the event was short-lived as Ethereum recovered the top spot. While the event may seem bullish, community members were split on whether Solana overtaking Ethereum was bullish or bearish for the network. Magazine: Uni students crypto ‘grooming’ scandal, 67K scammed by fake women: Asia Express