Strive targets Intuit for Bitcoin buys after orange-pilling GameStop
Fresh from successfully convincing game retailer GameStop to add Bitcoin to its balance sheet, Strive Asset Management CEO Matt Cole has now set his sights on fintech firm Intuit to do the same.Cole said in an April 14 open letter to Intuit CEO Sasan Goodarzi that Intuit’s growth is admirable, but Bitcoin (BTC) is the best way to ensure the company’s long-term success and hedge against any potential disruption caused by artificial intelligence.Intuit’s flagship products are its tax preparation app TurboTax and the small business accounting software Quickbooks. The company laid off 10% of its staff in July to pursue its AI endeavors, but Cole said the firm needs an additional hedge because TurboTax is at risk of being automated away by AI. “While we appreciate Intuit’s own investments and internal implementation of AI, we believe an additional hedge is warranted, and that a Bitcoin war chest is the best option available,” Cole said. An excerpt from Matt Cole’s letter urging Intuit to consider adding Bitcoin to its balance sheets, among other suggestions. Source: Strive Asset Management That Bitcoin war chest, he added, will ensure Intuit has “enough strategic capital to weather the AI storm and act from a position of strength through the turbulence of the AI revolution.” Cole sent a similar letter to GameStop CEO Ryan Cohen in February to advise the gaming retailer to use its $4.6 billion in cash to buy Bitcoin. GameStop’s Cohen acknowledged the letter in an April 1 regulatory filing and revealed his company had finished a convertible debt offering that raised $1.5 billion, with some proceeds earmarked for buying Bitcoin.Strive urges Intuit change crypto policyIn his letter to Intuit, Cole said the firm should reconsider the acceptable use policy for its marketing platform Mailchimp, which he claims has continued to suspend crypto-related accounts over policy violations.Source: Strive Asset ManagementCole said he “remains concerned that Intuit’s censorship and de-platforming policies discriminate against Bitcoin enthusiasts, which may harm long-term shareholder value.”Mailchimp has said that crypto-related content isn’t necessarily banned under its policy, and crypto content can be sent provided the sender isn’t involved in the sale, exchange, or marketing of crypto. Related: Saylor signals Strategy is buying the dip amid macroeconomic turmoilIts current acceptable use policy states that the platform might not allow accounts that offer “cryptocurrencies, virtual currencies, and any digital assets related to an initial coin offering.” According to Cole, Mailchimp likely adopted its policies when the legal status of crypto and related businesses was uncertain, but said with the crypto-friendly Trump administration, it’s time to “amend the acceptable use policy to end the blanket ban on crypto-related businesses.”Intuit did not immediately respond to a request for comment.Magazine: Bitcoin eyes $100K by June, Shaq to settle NFT lawsuit, and more: Hodler’s Digest, April 6–12
Mantra CEO plans to burn team’s tokens in bid to win community trust
Mantra CEO John Mullin said he is planning to burn all of his team’s tokens in order to win back the trust of the network’s community following the sudden collapse of the Mantra (OM) token on April 13.“I’m planning to burn all of my team tokens and when we turn it around the community and investors can decide if I have earned it back,” Mullin posted to X on April 16.Mantra set aside 300 million OM, 16.88% of the token’s nearly 1.78 billion total supply, for its team and core contributors. They are currently locked and were scheduled to be released in stages between April 2027 and October 2029, according to an April 8 blog post.The team’s tokens are worth around $236 million, with OM currently trading around 78 cents but were worth around $1.89 billion before the token sank on April 13, going from around $6.30 to a low of 52 cents and wiping over $5.5 billion in value, according to CoinGecko.Source: JP MullinMany community members welcomed Mullin’s pledge, but others saw the token burn as a potential blow to the team’s long-term commitment to building the real-world asset tokenization platform.“This would be a mistake. We want teams that are highly incentivized. Burning the incentive may seem like a good gesture but it will hurt the team motivation long term,” said Crypto Banter founder Ran Neuner.Mullin suggested a decentralized vote could determine whether to burn the 300 million team tokens.Mantra recovery process already underwayMullin promised a post-mortem statement explaining what went wrong to be transparent with the community. Speaking to Cointelegraph on April 14, Mullin outlined plans to leverage the $109 million Mantra Ecosystem Fund for potential token buybacks and burns to stabilize OM’s price, which had fallen from $6.30 to as low as $0.52.Related: Red flag? Mantra’s TVL jumped 500% as OM price collapsedMullin’s firm has strongly refuted rumors that it controls 90% of OM’s token supply and engaged in insider trading and market manipulation.Mantra claims the OM price implosion was triggered by “reckless liquidations,” adding that it wasn’t related to any actions undertaken by the team.OKX and Binance were among the crypto exchanges that saw significant OM activity right before the token collapse.Both exchanges denied any wrongdoing, attributing the collapse to changes made to OM’s tokenomics in October and unusual volatility that ultimately triggered high-volume cross-exchange liquidations on April 13.Magazine: Memecoin degeneracy is funding groundbreaking anti-aging research
Is Bitcoin the new safe haven during trade wars?
Bitcoin joins the safe-haven debate as trade tensions rise For decades, investors fled to gold and US Treasurys during crises, but in today’s digital, decentralized world, Bitcoin is starting to enter the safe-haven conversation. Despite its volatility, Bitcoin (BTC) has shown signs of resilience during global turbulence, including trade wars, prompting a fresh look at its role in preserving value.Let’s rewind a bit to understand where this question comes from. For decades, whenever uncertainty rattled the global economy, be it war, inflation, or sudden political shifts, investors did what they always do — run to the safest hills. Historically, those hills were made of gold or filled with US Treasury bonds. But things are changing. In a world that’s more digital, decentralized, and volatile than ever, people are asking whether Bitcoin might now be part of the conversation as a modern safe-haven asset, especially during disruptive events like trade wars.To get into this, you need to explore what makes an asset a safe haven in the first place, how Bitcoin has behaved during recent trade-related turbulence and whether it has earned its spot alongside more traditional defensive plays.First, the concept of a “safe haven” isn’t about making a profit. It’s about preserving value. In times of crisis, investors want assets that hold up under pressure. Gold has done this for decades. The US dollar, despite being fiat, is often seen as a safe haven due to its global reserve status and the strength of US financial institutions. Treasury bonds are backed by the full faith and credit of the US government. All these assets are supposed to be relatively low in volatility and high in liquidity.Now, here’s the twist: Bitcoin is not low in volatility. It’s notoriously wild. But despite that, you might have seen moments where it behaves like a safe haven. Not always, but sometimes, and that’s interesting.Isn’t it? The 2018-19 trade war vs Bitcoin’s role in times of turmoil During the 2018–19 US-China trade war, Bitcoin surged as traditional markets faltered, hinting at its potential as a hedge in turbulent times. While its “digital gold” narrative gained traction, Bitcoin’s behavior often mirrors that of speculative tech stocks, keeping its safe-haven status an open question.Take the 2018–19 US-China trade war, for example. As tariff threats escalated and tensions between the two economic giants intensified, global markets became increasingly jittery. Tech stocks took a hit. Commodities wavered. Amid all this, something strange happened. Bitcoin quietly surged. From April to July 2019, the price of Bitcoin climbed from about $5,000 to over $12,000. It wasn’t alone. Gold also rallied during that time. However, this was one of the earliest signs that Bitcoin might not be just a risk-on asset but could also serve as a hedge in turbulent times. That period sparked a new narrative: Bitcoin as “digital gold.”The fixed supply of 21 million coins gave it scarcity. Its decentralized nature meant it wasn’t bound to any single government’s policies. And because it lived on a global, censorship-resistant network, it was insulated from the kind of capital controls that often follow during periods of financial stress. These qualities started to resonate with investors looking for alternatives to traditional safe havens.To be fair, Bitcoin hasn’t always stuck to the script. While there are moments where it moves inversely to risk assets, more often than not, it behaves like a speculative tech stock, especially over short time frames. Historically, Bitcoin has had a strong correlation with the Nasdaq. So, while the “digital gold” narrative is growing, it still sits side-by-side with the idea of Bitcoin being a high-beta bet for risk-seeking investors.Did you know? A 2025 study titled Institutional Adoption and Correlation Dynamics: Bitcoin’s Evolving Role in Financial Markets analyzed daily data from 2018 to 2025. The study found that Bitcoin’s correlation with the Nasdaq 100 intensified following key institutional milestones, with peaks reaching 0.87 in 2024. This suggests that Bitcoin has transitioned from an alternative asset toward a more integrated financial instrument. Inside the Trump tariff wars of 2025: Markets rattle, Bitcoin rises In early 2025, Trump’s sweeping tariffs triggered panic across financial markets, with the Nasdaq and S&P suffering historic drops. Within two days, US stock indexes lost trillions, reigniting the debate over Bitcoin’s role as a modern safe haven.Fast forward to April 2025, and the question of whether Bitcoin can serve as a safe haven got tested again. This time, it was in a much more pronounced way. In February 2025, Trump, now in his second term as president, announced a fresh wave of aggressive tariffs aimed at revitalizing American manufacturing. This was the kind of headline that immediately spooks financial markets, especially when major trading partners began whispering about retaliation. By April 2, Trump had declared what he called “Liberation Day,” a sweeping set of tariffs covering nearly all imported goods. It was framed as economic patriotism, but to markets, it spelled chaos.Chaos came quickly. On April 3, the Nasdaq Composite plunged by nearly 6%, losing over 1,000 points in one session. This was a record-setting drop in terms of raw numbers. The S&P 500 didn’t fare much better, falling close to 5%. Investors began to panic about supply chain disruptions, inflationary pressures and a possible global slowdown. Then came April 4, and the panic only deepened. The Nasdaq slid into official bear market territory, and the Dow lost over 2,200 points in a single day. Within 48 hours, America’s major stock indexes had lost trillions in value.Did you know? Barry Bannister, chief equity strategist at Stifel, noted that Bitcoin and the Nasdaq 100 have been driven by speculative fervor fueled by lenient Fed policies. He highlighted that Bitcoin tends to trade in tandem with highly leveraged tech-focused ETFs, indicating a strong correlation between Bitcoin and tech stocks. Bitcoin didn’t soar amid market crash, but It didn’t sink either During the April 2025 market crash, Bitcoin held steady while stocks plunged, surprising many with its resilience. It didn’t surge, but its stability amid chaos hinted at its growing role as a value-preserving asset in turbulent times.So, what did Bitcoin do? Surprisingly, nothing catastrophic, and that was the story. While nearly everything else was tanking during the tariff-fueled sell-off, Bitcoin didn’t crash. That alone turned heads.In a market where even the most established benchmarks were falling apart, Bitcoin’s relative stability stood out to portfolio managers and institutional watchers.Long criticized as too volatile for serious portfolios, Bitcoin quietly weathered the storm better than many traditional assets. This wasn’t a moonshot moment. It was a resilience moment. Value preservation over value multiplication. And that’s what investors look for in a safe haven. Its ability to hold ground while the Nasdaq and S&P plunged gave more weight to the idea that Bitcoin might be evolving into something sturdier.To be clear, Bitcoin hasn’t fully decoupled from risk assets. It still responds to liquidity flows, monetary policy and investor sentiment. But at times like April 2025, it showed something different. It didn’t break. It held! And for a growing number of investors, that’s starting to matter. Bitcoin isn’t the new gold, but it’s not the old BTC either Bitcoin’s growing resilience stems from a maturing market, rising institutional adoption and its appeal as a non-sovereign, portable hedge in times of financial or geopolitical stress. While not yet the ultimate safe haven, it’s clearly moved beyond its speculative roots and is earning a seat at the table.Part of this growing strength is structural. Over the past few years, the Bitcoin market has matured. Institutional adoption has risen. Spot Bitcoin ETFs now live in major markets. Custody solutions are better. And perhaps most importantly, there’s a broader understanding of what Bitcoin represents. Bitcoin is not just a speculative coin anymore. It’s a tool for financial sovereignty, for hedging against fiat depreciation and for stepping outside the boundaries of politicized financial infrastructure.There’s also the fact that Bitcoin is entirely non-sovereign. In a trade war scenario, where fiat currencies can be weaponized, and capital controls are deployed, Bitcoin becomes very attractive to people who want to move money across borders without interference. It’s portable, permissionless and increasingly liquid. These are three attributes of an asset you want in a crisis.Of course, none of this means Bitcoin is now the undisputed king of safe havens. Gold still plays that role for most of the world’s conservative investors. The US dollar is still the default when people want liquidity in a crunch. And Bitcoin’s price swings can still make people nervous. But you are seeing it graduate amid the market chaos. It’s no longer the outsider it once was. Bitcoin in times of crisis, safe haven 2.0? In both 2019 and 2025, Bitcoin showed flashes of safe-haven behavior, proving it can act as a hedge in times of geopolitical stress. While it’s not gold just yet, its unique properties make it an increasingly serious contender in the global financial playbook.During both the 2019 trade tensions and the 2025 tariff escalation, Bitcoin acted more like a hedge than it did in earlier cycles. And that’s noteworthy. Even if Bitcoin doesn’t yet consistently play the safe-haven role, it’s starting to show it can, at least in specific contexts.There’s a bigger question brewing here, too. What does it mean for financial markets if Bitcoin does become a mainstream safe-haven asset? How does that change portfolio construction, risk models or even geopolitical strategy? After all, Bitcoin isn’t gold. It plays by entirely different rules.Bitcoin is programmable. It can be moved across the world instantly. It can be sliced into satoshis and embedded into smart contracts. If it becomes part of the global toolkit for navigating crises, that changes the game. So, is Bitcoin the new safe haven during trade wars? Not quite, at least not in the traditional sense. But it has undoubtedly earned a seat at the table. Bitcoin may not be the asset your grandparents bought to protect themselves in uncertain times, but for a growing number of investors, especially in the digital age, it’s becoming their version of safety. As geopolitical tensions rise and confidence in traditional financial systems erodes, Bitcoin is positioning itself as a potential hedge for the future.
Bybit denies $1.4M listing fee, school promo accusations on X
Crypto exchange Bybit has denied claims that it charges $1.4 million to list a token on its platform, following allegations made by a social media user with over 100,000 followers.On April 14, X user “silverfang88” accused the exchange of demanding millions from projects in listing fees. The user also alleged that Bybit used key opinion leaders (KOLs) to silence students who were given trial contracts through the platform’s Campus Ambassador program.Bybit CEO Ben Zhou denied the allegations, asking the social media user to provide evidence backing the claims. Zhou added that the crypto space has been chaotic because of rumors posted without evidence. Source: Ben ZhouBybit denies $1.4-million listing fee accusationIn a statement sent to Cointelegraph, a Bybit representative clarified the requirements for listing on the crypto exchange. According to Bybit, the exchange requires three things from projects: a promotion budget, a security deposit and an evaluation process. “Projects are expected to allocate promotional funds for user engagement activities, though legal constraints prevent exchanges from holding tokens directly,” the representative told Cointelegraph. Bybit said it asks for a deposit of $200,000–$300,000 in stablecoins to ensure promotional goals are met. Penalties may apply if the targets are not reached.Apart from the promotional funds, the exchange said its listing process includes form submissions, internal voting, research and a listing review meeting. The representative told Cointelegraph: “Evaluations focus on fundamentals and risk controls, including onchain data, address authenticity, use cases, user distribution, project value, token valuation, value capture mechanisms and team credentials.”Related: Bybit integrates Avalon through CeFi to DeFi bridge for Bitcoin yieldUser claims Bybit provided trial contracts to studentsIn addition to the listing fee allegations, the X user claimed that Bybit had provided trial contracts to students under its 2024 Campus Ambassador program and used KOLs to suppress complaints.The account shared a Campus Ambassador program run by the trading platform in 2024 and said the issue was related to the program. Zhou responded to those claims as well, again calling for proof. “Please show evidence if Bybit has done anything wrong,” he wrote on X.The exchange has not responded directly to the specific claims related to its ambassador program at the time of publication.Magazine: Memecoin degeneracy is funding groundbreaking anti-aging research
Kraken rolls out ETF and stock access for US crypto traders
Kraken is expanding beyond cryptocurrencies by offering US-listed stocks and exchange-traded funds (ETFs) in a move aimed at appealing to more traditional investors.Kraken, the world’s 13th largest centralized cryptocurrency exchange (CEX) by volume, announced the launch of 11,000 US-listed stocks and ETFs with commission-free trading in an effort to bring “equities and digital assets together” under one trading platform.As of April 14, US-based users in New Jersey, Connecticut, Wyoming, Oklahoma, Idaho, Iowa, Rhode Island, Kentucky, Alabama and the District of Columbia can access these stocks and ETFs within their Kraken account, the company announced.Kraken expands to stocks and ETFs. Source: KrakenThe exchange plans to continue expanding access to clients in other US states, marking the first part of a “phased national rollout.”Related: Trump’s tariff escalation exposes ‘deeper fractures’ in global financial systemBoth traditional and cryptocurrency investor sentiment took a significant hit after US President Donald Trump’s reciprocal import tariff announcement on April 2.Kraken’s traditional stock offering comes over a week after the S&P 500 posted a $5 trillion loss in market capitalization over two days, marking its largest drop on record, surpassing a $3.3 trillion decline in March 2020 after the first wave of the COVID-19 pandemic.Related: 70% chance of crypto bottoming before June amid trade fears: NansenCrypto is becoming the “backbone” for trading across asset classesKraken’s expansion into traditional investment products signals the growing utility of cryptocurrencies and blockchain technology, according to Arjun Sethi, the co-CEO of Kraken.“Crypto isn’t just evolving, it’s becoming the backbone for trading across asset classes, such as equities, commodities and currencies. As demand for 24/7 global access grows, clients want a seamless, all-in-one trading experience.” Sethi added that expanding into traditional equities is a “natural step” toward the tokenization of real-world assets and the “borderless” future of trading built on blockchain rails.Kraken also plans to expand its stock trading offering to other large international markets, including the United Kingdom, Europe and Australia.Magazine: Illegal arcade disguised as … a fake Bitcoin mine? Soldier scams in China: Asia Express
Pakistan proposes compliance-based crypto regulatory framework — Report
Regulators in Pakistan have proposed a regulatory framework for digital assets that is compliance-focused, in accordance with rules laid out by the Financial Action Task Force (FATF), the supranational organization that polices finance for money laundering, The Express Tribune reported.According to the report, Pakistan’s Federal Investigation Agency (FIA) introduced the regulatory framework to address terrorism financing, money laundering provisions, and Know Your Customer (KYC) controls enforced by the supranational organization. The report cited FIA Director Sumera Azam as saying:”This is a paradigm shift in how Pakistan views digital finance. The policy proposal seeks to strike a historic balance between technological advancement and national security imperatives.”The proposed framework is subject to legislative approval and input from digital asset firms operating in the country, with an expected multi-phased rollout beginning in 2026.Regulators in Pakistan recently spearheaded a regulatory pivot embracing cryptocurrencies after being explicitly anti-crypto for years. The government’s anti-crypto stance hit a crescendo in 2023 when Pakistani officials called for a country-wide ban on digital assets.Appointments to the Pakistan Crypto Council. Source: Bilal Bin-Saqib. Source: Bilal Bin-SaqibRelated: Pakistan eyes crypto legal framework to boost foreign investmentPakistan embraces the future of money in regulatory shiftIn May 2023, former minister of state for finance and revenue, Aisha Ghaus Pasha said that Pakistan would never legalize cryptocurrencies due to the potential for digital assets to circumvent FATF regulations.Less than two years later in February 2025 the Finance Ministry of Pakistan signaled a seismic regulatory shift by forming the Pakistan Crypto Council to establish clear crypto regulations in the country and attract foreign investment.”Pakistan is a low-cost, high-growth market, with 60% of the population under 30. We have a web3 native workforce ready to build,” CEO of the Pakistan Crypto Council Bilal bin Saqib said in a March 20 X post.Binance co-founder Changpeng Zhao meets with Pakistan foreign minister Ishaq Dar. Source: Pakistan’s Ministry of Foreign AffairsThe Council is exploring using excess energy to mine Bitcoin (BTC) as part of a broader effort to turn Pakistan into an international hub for crypto mining.On April 7, the Council appointed Binance co-founder Changpeng Zhao as a crypto adviser to guide the organization’s policy efforts.Magazine: How crypto laws are changing across the world in 2025
Memecoins, markets and Trump: Cointelegraph’s Q1 crypto editorial roundtable
The year 2025 kicked off with a bang and a meme. Just weeks into the New Year, a frenzy of politically fueled memecoins sent Crypto Twitter into overdrive, while lawmakers on both sides of the Atlantic turned up the heat on stablecoins, securities laws and tokenized assets, usually with different approaches.It was a whirlwind first quarter, shaped by Bitcoin’s dominance in the crypto market and a US political climate that put digital assets back in the spotlight. Q1 delivered no shortage of storylines.Who better to break it all down than the journalists tracking it in real time? In the latest episode of Decentralize with Cointelegraph, editorial team members sit down for an unfiltered newsroom roundtable.Savannah Fortis, head of podcasts and EU reporter, is joined by Gareth Jenkinson, chief of multimedia; Zoltan Vardai, breaking news reporter on the EU news team; and Vince Quill, US news reporter, to reflect on Q1’s biggest stories and what they signal for the months ahead.Memecoins, power and perceptionAs memecoins surged in early 2025, questions regarding their legitimacy and political entanglement intensified. For Cointelegraph’s editorial team, the frenzy wasn’t just a market quirk, it revealed deep tensions among innovation, opportunism and influence.Jenkinson was first to comment on what the impact of US President Donald Trump and greater political memecoin frenzies may mean for the industry in the long term, saying, “I struggle to still trust what the Trump administration and his group of advisers are doing, when they are launching things like memecoins…”“Yes, we’ve seen a much more favorable approach to the wider crypto industry, and that’s been really great. But a lot of the lobbying, from Ripple, Circle and others, was about making sure their cryptocurrencies were included in this bundle of assets the US wants to hold.”Related: Bitcoin may hit a wall at $84K if bullish conditions don’t pick up: CryptoQuantThe team acknowledged that while regulatory clarity and institutional support have created a more stable environment for crypto companies in general since the new administration took office, that progress risks being overshadowed by spectacle.More memes…Trump’s big moves seem to domino into other political figures, namely Argentina’s President Javier Milei, to become entangled in a high-profile memecoin controversy that rippled far beyond national politics.For an industry seeking legitimacy, this kind of involvement by world leaders sends a mixed message. “It’s terrible for the industry,” Jenkinson added. “Milei was supposed to be a savior for Argentina after years of hyperinflation. And now he’s launching a memecoin with a known rug puller.”Still, the roundtable remained hopeful. “I’m an eternal optimist,” he continued. “At least we got the affirmation for Bitcoin. People now understand what it is, governments are starting to hold it. That’s how good the fundamentals are.”Stablecoins and the altcoin falloutWhile much attention has centered on Bitcoin’s institutional glow-up and the memecoin spectacle, several members of the Cointelegraph team voiced deeper concerns around emerging stablecoin legislation and the quiet moves behind it.“One thing that I think kind of flew under the radar is that the Trump-linked World Liberty Forum actually launched a US dollar-backed stablecoin in March,” Vardai pointed out. “These stablecoins would fall completely in line with both requirements in the Genius Act and Stable Act… but it could really be interpreted as Trump trying to pass stablecoin legislation while having a vested interest. His World Liberty Financial is launching a lot of crypto-related products.”The fallout from politically aligned memecoins has also weighed heavily on the broader crypto markets, particularly altcoins. “Altcoins aren’t really winning at all this quarter,” Vardai also noted.“Memecoins have had this premature rally, and they’ve been rallying independently from other cryptocurrencies. A lot of people are concerned whether Bitcoin’s rise is going to come before Ether’s, and before any altcoin rise.”So what defined Q1 of 2025? Tune in to the full episode to hear all of the insights! Listen to the full episode of Decentralize with Cointelegraph on Cointelegraph’s podcast page, Spotify, Apple Podcasts or your podcast platform of choice. And don’t forget to check out Cointelegraph’s full lineup of other shows!Magazine: Memecoin degeneracy is funding groundbreaking anti-aging research
Swedish MP proposes Bitcoin reserve to finance minister
A member of Sweden’s parliament proposed adding Bitcoin to the country’s foreign exchange reserves, suggesting increased openness to cryptocurrency adoption in Europe following recent moves by the United States.Swedish MP Rickard Nordin issued an open letter urging Finance Minister Elisabeth Svantesson to consider adopting Bitcoin (BTC) as a national reserve asset.“Sweden has a tradition of a conservative and carefully managed foreign exchange reserve, mainly consisting of foreign currencies and gold,” Nordin wrote in a letter registered on April 8, adding:“At the same time, there is a rapid development in digital assets, and several international players regard bitcoin as a custodian and a hedge against inflation. In many parts of the world, bitcoin is used as a means of payment and as security against rising inflation.”“It is also an important way for freedom fighters to handle payments when under the oppression of authoritarian regimes,” he added.Open letter from MP Rickard Nordin. Source: Riksdagen.seRelated: US Bitcoin reserve marks’ real step’ toward global financial integrationThe Swedish proposal echoes a recent move by the United States. In March, President Donald Trump signed an executive order to create a national Bitcoin reserve funded by cryptocurrency seized in criminal investigations rather than purchased through market channels.The order authorized the Treasury and Commerce secretaries to develop “budget-neutral strategies” to buy more Bitcoin for the reserve, provided there were no additional costs to taxpayers.The governor of the Czech National Bank has also considered Bitcoin as part of a potential diversification strategy for the country’s foreign reserves, Cointelegraph reported on Jan. 7.Related: Bitcoin reserve backlash signals unrealistic industry expectationsEuropean lawmakers silent on Bitcoin legislation amid CBDC pushEuropean lawmakers have remained mostly silent on Bitcoin legislation, despite Trump’s historic executive order and Bitcoin’s economic model favoring the early adopters.The lack of Bitcoin-related statements may stem from Europe’s focus on the launch of the digital euro, a central bank digital currency (CBDC), James Wo, the founder and CEO of venture capital firm DFG, told Cointelegraph, adding:“This highlights the EU’s greater emphasis on the digital euro, though the recent outage in the ECB’s Target 2 (T2) payment system, which caused significant transaction delays, raised concerns about its ability to oversee a digital currency when it struggles with daily operations.”ECB President Christine Lagarde is pushing ahead with the digital euro’s rollout, expected in October. Lagarde has emphasized that the CBDC will coexist with cash and offer privacy protections to address concerns about government overreach.“The European Union is looking to launch the digital euro, our central bank digital currency, by October this year,” Lagarde said during a news conference, adding:“We are working to ensure that the digital euro coexists with cash, addressing privacy concerns by making it pseudonymous and cash-like in nature.”Source: CointelegraphThis is in stark contrast to the approach of the US, where Trump has taken a firm stance against CBDCs, prohibiting “the establishment, issuance, circulation, and use” of a US dollar-based CBDC.Magazine: SCB tips $500K BTC, SEC delays Ether ETF options, and more: Hodler’s Digest, Feb. 23 –March. 1
The whale, the hack and the psychological earthquake that hit HEX
An elderly crypto whale known as “HEX 19” lost nearly $4.5 million in a slow-moving hack that drained his staked HEX over multiple years. At first, it looked like a HEX whale was cashing out. But it wasn’t long before the community realized he didn’t voluntarily unstake his tokens — he had become a victim of a major exploit.The cyberattack started in November 2021, touched multiple phishing wallets and was traced back to an online entity known as “Konpyl,” a threat actor familiar to crypto investigators.The breach not only shook the token’s price but also exposed a web of fraudulent operations tied to Inferno Drainer and the $1.6 million fake Rabby wallet scam of February 2024.HEX token price sinks following the HEX19 hack. Source: CoinGeckoHEX hackers and the web of connectionsA blockchain investigator who spoke to Cointelegraph on condition of anonymity said, “There’s direct counterparty exposure with wallets used in the fake Rabby app scam as well as the HEX19 Victim’s funds flowing directly into wallets used to launder illicit Inferno Drainer phishing scam proceeds.” The first major batch of outflows from the victim’s wallet occurred in November 2021 and has continued over the years as assets locked away in decade-long stakes continued to unlock, some prematurely closed by the hacker with penalties. HEX19 wallet loses almost $4 million on Nov. 21. Source: Arkham IntelligenceRelated: THORChain at crossroads: Decentralization clashes with illicit activityThe deeper investigators dug into the wallets tied to the HEX19 hack, the more it became clear that this wasn’t a one-off for the hacker. The same addresses appeared again and again across phishing campaigns, wallet drainers and laundering trails.Wallets used by the HEX19 hacker, the fake Rabby wallet scam, and several schemes related to Inferno Drainer, share a common address: Konpyl.In an October 2024 investigation, Cointelegraph Magazine analyzed on- and offchain evidence gathered by an investigator and a US government agency which links Konpyl to Konstantin Pylinskiy, an executive of a Dubai-based investment firm who uses the nickname in his online activities. Pylinskiy has denied any involvement with scams.The investigator said the attack on HEX19 was possible because the victim had stored his seed phrases in the cloud. Transaction records show that the hackers use victim funds for initial transfers to their illicit accounts, a common trait of Konpyl-linked schemes. “The HEX19 hacker follows similar patterns from other scams by ‘Konpyl,’” they said.In a November 2024 report, Cointelegraph learned that Konpyl-linked wallets had a high number of interactions with scams connected to Inferno Drainer, a scam-as-a-service threat actor. Fantasy, a forensics specialist and investigations lead at crypto insurance firm Fairside Network, told Cointelegraph that Konpyl may possibly function less as a direct attacker and more as a laundering proxy.Inside the HEX hackThe first batch of funds started moving out from the wallet on Nov. 21, 2021, but blockchain records show that the wallet may have been compromised as early as Nov. 3, as the victim wallet (0x97E…7a7df) had an outflow to one of the hacker’s wallets.On Nov. 21, the HEX19 was drained nearly $4 million across nine separate transactions. The majority of the losses were in HEX tokens. The primary destination was address 0xcfe…8A11D, which we will call HEX Hacker 1 (HH1).That same day, HH1 began splitting the stolen funds. It sent $2.64 million (12.33 million HEX) to a second wallet 0xA30…2EA17, or HEX Hacker 2 (HH2).A follow-up transaction on Dec. 10, 2021, sent another 616,700 HEX (worth around $86,700 at the time) from HH1 to HH2.Then, on Feb. 18, 2022, HH1 transferred 5.2 million HEX (worth about $1 million at the time) and some Ether to yet another address: 0x719a…4Bd0c, where the funds remain parked to this day.The HH2 wallet appears central to laundering efforts.From December 2021 to March 2022, HH2 sent over $1 million to Tornado Cash, Ethereum’s best-known anonymizing protocol.HH2 also transferred $106,758 in DAI to an intermediary wallet, 0x837…2Ba9B, which was used to interact with DeFi platforms like 1inch to further obscure or swap funds.The intermediary interacts with 0x7BF…C4eAa, a wallet that received direct inflows from Konpyl (an online persona that has appeared in numerous phishing and draining operations).HH2’s laundering chain also intersects with a high-risk wallet — 0x909…e4371 — flagged for over 70 suspicious transactions.On May 16, 2024, a third wallet Hex Hacker (HH3) wallet 0xdCe…4f0d8 began withdrawing funds from the compromised HEX19 address.HH3 has received around $108,000 in HEX from the victim’s account. HH3 connects to 0x87B…53d92, an address previously Cointelegraph’s November investigation as part of an Inferno Drainer-linked scam. That same wallet shares a commingling address (0xF2F…6a608) with Konpyl, which connects a March 2024 Inferno-linked scam and the Rabby wallet phishing incident.Finally, a fourth wallet 0x7cc…59ee2 — HEX Hacker 4 (HH4) — enters the picture. Beginning on Jan. 12, 2024, HH4 began siphoning funds from the HEX19 wallet through March.Related: From Sony to Bybit: How Lazarus Group became crypto’s supervillainThis wallet interacts with 0x4E9…c71C2, which is a known address used by the fake Rabby wallet scammer.Lessons from the HEX19 HackHEX19, the retired tech veteran has been through booms and busts before — just not ones that emptied millions of dollars from his digital wallet in a single day.He filed police reports and exchanges couldn’t do much to help, he said. The remaining staked funds, including 10-year HEX locks, became ticking time bombs. He knew the hackers had access, and they were just waiting to extract more.Cointelegraph has found at least 180 suspicious transactions from November 2021 to October 2024, totaling over $4.5 million. The victim’s wallet still has nine active stakes remaining, though their values aren’t as significant as those prematurely closed and withdrawn by the thieves.The active stakes are not as valuable as those closed by hackers. Source: HEXscout“You have this feeling in the pit of your stomach and you say, ‘Oh my God.’ And then you say, ‘Oh, geez, I gotta tell my family that I’ve screwed up again,’” HEX19, purportedly a retiree in his 80s, said in an interview with HEX community member Mati Allin soon after the exploit. Cointelegraph attempted to get in touch with HEX19 but did not receive a response.Despite the loss, HEX19 maintains a surprising sense of calm: “We’re retired. We live without debt. We live very simply. We have a great family, awesome daughters, granddaughters,” he said in the 2021 community interview. “There’s more to life than money.”While he doesn’t expect to recover the funds, he does hope his experience helps others think twice before storing their seed phrases online.Magazine: Financial nihilism in crypto is over — It’s time to dream big again
SEC, Ripple file joint motion to pause appeals in XRP case
The US Securities and Exchange Commission and blockchain payments firm Ripple agreed to pause their appeals in the ongoing XRP legal battle, signaling a potential move toward a final settlement.The SEC and Ripple agreed to put their appeals in “abeyance,” meaning the proceedings are now paused pending an anticipated settlement of the XRP (XRP) case.“An abeyance would conserve judicial and party resources while the parties continue to pursue a negotiated resolution of this matter,” the parties jointly stated in an April 10 court filing.Ripple CEO Brad Garlinghouse previously announced the end of the XRP case on March 19, and the new filing hints that the SEC is ready to settle once nominated and approved Chair Paul Atkins takes office, according to some community speculation.The filing cancels Ripple’s April 16 brief deadlineAccording to Ripple’s defense attorney, James Filan, the new filing supersedes the April 16 deadline for Ripple to respond to the SEC’s brief filed in January. “The settlement is awaiting commission approval. No brief will be filed on April 16,” Filan wrote in an April 10 X post.Some legal observers suggested the SEC’s willingness to pause the proceedings indicates that the agency may be prepared to drop the case after Atkins assumes office.Source: James Filan“SEC is ready to settle but is waiting for Atkins to take the helm as the new SEC chief so he can start off with dropping the biggest case of their career and start with a huge win,” one user suggested in a reply to Filan’s thread on X.When is Atkins expected to officially assume office?While the Senate confirmed Atkins as the new SEC chair on Wednesday, April 9, it’s unclear when he will take office.Related: Ripple acquisition of Hidden Road a ‘defining moment’ for XRPL — Ripple CTOIt could be several days before Atkins is sworn into office as the new SEC chair.Former SEC Chair Gary Gensler was sworn in three days after his confirmation in 2021, suggesting Atkins could take office as soon as April 12.Cointelegraph approached the SEC for comment on when Atkins is expected to be sworn in as the new SEC chair but had not received a response by the time of publication.Magazine: XRP win leaves Ripple and industry with no crypto legal precedent set