Community slams Crypto.com CEO over 70B CRO re-issuance
Major cryptocurrency exchange Crypto.com came under fire following an allegedly manipulated vote leading to a massive token burn reversal on Crypto.com’s Cronos blockchain.Crypto.com CEO Kris Marszalek took to X on March 19 to highlight the firm’s financial and regulatory stability amid the ongoing controversy over the 70 billion Cronos (CRO) token re-issuance.Essentially canceling the 70 billion CRO token burn announced in 2021, the vote on bringing back the tokens has triggered outrage from the community, with many commentators criticizing the CEO for not addressing the issue in his new thread on X.“So you made $1 billion profit but needed to mine 70 billion CRO instead of using those funds to buy some off the market and help your core community remain positive,” one commentator wrote.Source: Crypto.com CEO Kris Marszalek“The largest token burn in history”Disclosed in February 2021 in a now-deleted post on the Crypto.com blog, the 70 billion CRO token burn was called the “largest token burn in history” with a goal to “fully decentralize the network” at the CRO mainnet launch.“Aligned with our belief, and with the CRO chain mainnet launch just around the corner, we are fully decentralizing the chain network,” the blog post said, announcing an immediate burn of 59.6 billion tokens.A screenshot from a now-deleted Crypto.com blog post on the 70 billion CRO token burn. Source: Archive.todayFollowing the immediate 59.6 billion CRO burn, 0.4 billion of the remaining tokens were directed to monthly burns, while another 5.9 billion CRO was sent to block rewards, and 0.9 billion CRO was allocated to Particle B for chain ecosystem development.Why reverse the burn?In four years following the burn, a Cronos blog post on March 2 announced a vote on the creation of a Cronos Strategic Reserve by reversing the 2021 token burn.“In 2021, 70 billion CRO were burnt in one of the most significant burn transactions in history. Under today’s proposal, an equal number of tokens will be re-issued on Cronos POS into a Cronos Strategic Reserve escrow wallet, bringing the total supply back to the initial supply of 100 billion CRO,” the announcement said.An excerpt from Cronos’ vote proposal on reversing the 2021 CRO token burn. Source: CronosLaunched on March 3, the vote received lots of negative feedback from the community on social media, with many posters urging that the CRO re-issuance was the “opposite of what this community wants.”Related: Binance announces community voting mechanism for token listings“I hope that people vote against this, this is a terrible idea,” one commenter said.Last-minute voters approved re-issuanceDespite notable community backlash, the vote results came in favor of a Cronos Strategic Reserve, spurring controversy and speculation over alleged vote manipulation.“Totally manipulation to come in at the last minute and vote yes, the CDC [crypto dot com] is as centralized as a blockchain can be, and shouldn’t be since there’s no real governance when 70% of the voting power is in the CDC,” one GitHub commentator wrote.CRO governance voting results show 70% support from the community. Source: MintscanAccording to Laura Shin’s Unchained sources, Crypto.com allegedly controls 70-80% of the total voting power, essentially removing the need for any governance vote at all.Following the massive backlash, Crypto.com announced an ask-me-anything event coming on March 25, with the CRO token burn apparently becoming the main issue on the agenda.“Looking forward to catching up with our community on Tuesday,” Crypto.com CEO said in a March 19 post on X, adding the hashtag “MakeCROGreatAgain.”Cointelegraph approached Crypto.com for a comment regarding the burn reversal but did not receive a response at the time of publication.Magazine: Ridiculous ‘Chinese Mint’ crypto scam, Japan dives into stablecoins: Asia Express
Solana stablecoin positioning threatens ‘extreme’ SOL volatility
Investors’ stablecoin positioning on the Solana network and a key technical chart pattern threaten more volatility for the Solana token, which may see a decisive moment for its price action.Solana’s transport layer saw “extreme” volatility in trading the Tether’s USDt (USDT) stablecoin, which may indicate that traders are repositioning in search of new investment opportunities.USDT trading on Solana’s transport layer saw an over 137% surge during the last week of February, after seeing a 61% plunge during the previous week, according to a report by global payments infrastructure platform Mercuryo, shared with Cointelegraph.The stablecoin trading spikes show an unparalleled level of trading activity that may signal more volatility for the Solana (SOL) token, according to Petr Kozyakov, co-founder and CEO of Mercuryo.The “frenetic activity” may “indicate that the chain is prone to be more volatile,” the CEO told Cointelegraph, adding:“However, Solana’s inherent strengths – fast transaction processing, high scalability, and an active trading ecosystem – may also be factors. This is against a backdrop of an ecosystem attracting at times high trading volumes.”“Notably, DEX’s on Solana, such as Jupiter and Raydium, have ignited significant interest,” he added.Related: Crypto market’s biggest risks in 2025: US recession, circular crypto economyMeanwhile, a key emerging technical chart pattern may be decisive for Solana’s price action in the near term.Source: Trader Tardigrade“Solana Heikin Ashi hourly chart shows a Converging Triangle. Both bullish or bearish moves are possible,” wrote pseudonymous crypto analyst Trader Tardigrade in a March 19 X post.Related: Bitcoin beats global assets post-Trump election, despite BTC correctionMemecoins, FTX repayments may be limiting SOL priceWhile some analysts suggest that the current memecoin frenzy has been siphoning liquidity from the Solana token, multiple other factors are influencing SOL’s price action.Notably, the incoming repayments from bankrupt FTX exchange may limit Solana’s price action, explained Kozyakov, adding:“The defunct FTX exchange has set up a repayment plan that involves distributing a large amount of SOL tokens to creditors, which can potentially result in selling pressure.”FTX and Alameda Research-linked wallets unstaked $431 million of SOL tokens on March 4, marking the biggest SOL token unlock since November 2023, Cointelegraph reported.Although FTX and Alameda unlocked more than $400 million in SOL, the firms may not be able to sell all the tokens in a single transaction. In September 2023, the Delaware Bankruptcy Court approved FTX’s plan to sell digital assets, imposing strict limits on liquidation amounts.Under the court ruling, the bankrupt exchange can sell digital assets weekly through an investment adviser, with an initial limit of $50 million in the first week and $100 million in subsequent weeks. If FTX seeks to sell more, it must request court approval to raise the limit to $200 million per week.FTX’s next round of repayments will take place on May 30. Under FTX’s recovery plan, 98% of creditors are expected to receive at least 118% of their claim value in cash. In May 2024, the exchange estimated the distribution’s total value to range between $14.5 billion and $16.3 billion.Magazine: ETH may bottom at $1.6K, SEC delays multiple crypto ETFs, and more: Hodler’s Digest, March 9 – 15
AI and crypto drive criminal efficiency: Europol
The European Union Agency for Law Enforcement Cooperation (Europol) published a report explaining how artificial intelligence and crypto affected organized crime. In a threat assessment report on serious and organized crime, Europol stated that AI and crypto play a role in criminal efficiency. The law enforcement organization said criminal networks have demonstrated an ability to rapidly adapt to new technology. The report said AI’s transformative qualities make it an attractive tool for criminals. The report said that generative AI had “lowered the barriers to entry” for digital crimes. The government agency said AI lets criminals craft messages in multiple languages, targeting victims more precisely and globally. It also allowed malicious actors to create malware and child sexual abuse material. How AI and crypto drive criminal efficiencyEuropol also stated that AI’s automation capabilities have been transforming the efficiency of criminal operations. The government agency said criminals can automate their phishing campaigns using AI. Because of this, malicious actors can reach more victims with large-scale cyberattacks. Europol said in the report that realistic synthetic media allows criminals to deceive victims, impersonate individuals and blackmail their targets. The organization wrote: “The addition of AI-powered voice cloning and live video deepfakes amplifies the threat, enabling new forms of fraud, extortion, and identity theft.”On Feb. 13, Blockchain analytics firm Chainalysis said that generative AI is “amplifying scams.” The analytics company said AI is making scams more affordable and more scalable. Chainalysis’ head of fraud products, Elad Fouk, said AI facilitates the creation of fake identities, allowing fraudsters to impersonate real users.Apart from AI, the report also noted how blockchain-based technologies like cryptocurrency and non-fungible tokens (NFTs) have moved beyond cybercrime and are now involved in other traditional crime areas. This includes drug trafficking and migrant smuggling. Europol also said that more criminal schemes have emerged to steal crypto, NFTs and resources used to mine crypto. Related: Hacker breaks into AI crypto bot aixbt’s dashboard to snatch 55 ETHZachXBT says the Bybit hack shows how the industry is “cooked” The most recent high-profile criminal activity in the crypto space is the Bybit hack, which led to nearly $1.5 billion in losses. In a Telegram post, crypto investigator ZachXBT said the hack has been “eye-opening,” showing how the industry is “unbelievably cooked” with hacks and exploits. The crypto sleuth said the industry may be unable to fix itself unless the government “forcibly passes regulations that hurt our entire industry.” The investigator shared that as he helped freeze funds related to the hack, he witnessed flaws with decentralized and centralized protocols. ZachXBT wrote: “Several ‘decentralized’ protocols have recently had nearly 100% of their monthly volume/fees derived from DPRK and refuse to take any accountability.”The crypto investigator said North Korean hackers laundering the funds have demonstrated the flaws of Know Your Transaction and Know Your Customer protocols. “Centralized exchanges end up being worse as when illicit funds flow through them a few take multiple hours to respond when it only takes minutes to launder,” ZachXBT said. Magazine: Classic Sega, Atari and Nintendo games get crypto makeovers: Web3 Gamer
Stablecoin users grew 53% in one year: Report
A joint report by onchain analysis platforms Artemis and Dune showed that active stablecoin wallets increased by over 50% in one year. The report, titled “The State of Stablecoins 2025: Supply, Adoption & Market Trends,” showed that from February 2024 to February 2025, active addresses increased from 19.6 million to 30 million. This represents a 53% increase year-on-year. The onchain analysis platforms said this expansion suggests wider user engagement. The report added that in 2024, stablecoins have emerged as a bridge between traditional finance and crypto, becoming a critical component of digital finance. Apart from increased institutional adoption, stablecoins’ growing use in payments and decentralized finance (DeFi) and its broader accessibility were cited as some of the reasons spurring the growth of stablecoin active addresses. Active stablecoin addresses from February 2024 to February 2025. Source: ArtemisRelated: Rising $219B stablecoin supply signals mid-bull cycle, not market topTotal stablecoin supply increased by 63% in one yearApart from the number of active addresses, the total supply of stablecoins also increased. The report highlighted that in February 2024, stablecoins had a total supply of $138 billion. However, in February 2025, the supply reached $225 billion, showing a 63% growth year-on-year. Unlike other crypto assets, stablecoins maintain a value of $1, meaning their market capitalization is similar to their total supply. Chart shows stablecoin growth from February 2024 to February 2025. Source: ArtemisIn addition to other metrics, stablecoin monthly transfer volume rose in the same time frame. In February 2024, stablecoins’ monthly transfer volume was $1.9 trillion. This increased to $4.1 trillion in February 2025, a 115% year-on-year increase. The highest recorded volume for stablecoins happened in December 2024, when volumes reached $5.1 trillion. However, this was followed by a decline in 2025. In total, stablecoins facilitated $35 trillion in total transfers over the past year. Stablecoin monthly transfer volume from February 2024 to February 2025. Source: ArtemisWhile other metrics showed explosive growth, the average transfer size for stablecoins showed little increase. The figure moved from $676,000 in 2024 to $683,000 after one year. Despite this, the metric showed spikes in May, where it reached $2.6 million and in July, when it recorded $2.2 million. This suggests heightened whale or institutional activity with stablecoins. Artemis and Dune analysts said the fluctuations indicate the widespread use of stablecoins in retail and institutional transactions. Magazine: Crypto fans are obsessed with longevity and biohacking: Here’s why
Bitcoin futures 'deleveraging' wipes $10B open interest in 2 weeks
Bitcoin (BTC) exchanges are getting a key “deleveraging event,” which should shape future gains, new research says.In one of its “Quicktake” blog posts on March 17, onchain analytics platform CryptoQuant revealed a $10 billion capitulation on Bitcoin futures markets.Bitcoin sees “essential” event for BTC price reboundBitcoin derivatives traders have flipped firmly risk-off since BTC/USD hit its current all-time highs in mid-January.CryptoQuant, which uses data from various major crypto exchanges, calculates that aggregate open interest (OI) on futures fell by $10 billion in just three weeks from Feb. 20 through March 4. “On January 17th, Bitcoin’s open interest reached an all-time high of over $33B, indicating that leverage in the market had never been this high,” contributor Darkfost writes.The drop, he argues, “can be considered as a natural market reset, an essential phase for sustaining a bullish continuation.”Bitcoin futures OI data for top exchanges. Source: CryptoQuantAn accompanying chart shows the 90-day rolling change in aggregate OI, highlighting the severity of the market’s U-turn following the all-time highs.“Currently, the 90-day change in Bitcoin futures open interest has dropped sharply and now sitting at -14%,” Darkfost concludes. “Looking at historical trends, each past deleveraging like this has provided good opportunities for the short to medium term.”Crypto “demand crisis” emergesContinuing, fellow CryptoQuant contributor Kriptolik eyed increasingly active derivatives markets overall since November 2024.Related: Peak ‘FUD’ hints at $70K floor — 5 Things to know in Bitcoin this weekStablecoin reserves across derivatives exchanges are increasing, he revealed this week, even surpassing spot markets. This, however, is no recipe for price upside.“When we analyze the volume and circulation of stablecoins, which act as fuel in the market, we see that despite a rapid increase in total stablecoin supply since November 2024, this has not necessarily benefited the market or investors significantly,” another blog post explains.Kriptolik described spot markets as suffering a “demand crisis.”“Until this distribution normalizes, avoiding high-leverage (high-risk) trades may be the most prudent approach,” he added.Exchange stablecoin reserves (screenshot). Source: CryptoQuantThis 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.
Feds charge filmmaker with stealing $11M from Netflix to gamble on crypto, stocks
US federal authorities have arrested and indicted a filmmaker, accusing him of spending $11 million given by Netflix to gamble on stocks and crypto instead of using it to finance a science fiction TV show.The Department of Justice said in an indictment unsealed in a Manhattan federal court on March 18 that it had charged Carl Erik Rinsch with fraud and money laundering, and he could face upward of 20 years in prison.The DOJ alleged that Netflix, which wasn’t named in the complaint, gave Rinsch $11 million in March 2020 to finance the storyboarding, pay actors and edit footage for the sci-fi TV show “White Horse” — later renamed “Conquest.”Instead, prosecutors allege that Rinsch moved about $10.5 million of the funds into a brokerage account where he “made a number of extremely risky” trades, including call options on a biopharmaceutical company, which lost him over $5.5 million.Rinsch was losing Netflix’s money while assuring the streaming giant that Conquest was “moving forward really well,” according to the indictment.Prosecutors said that the Los Angeles filmmaker had better luck with crypto, making several million dollars trading cryptocurrency in February 2021, which he used to purchase nearly $3.8 million worth of furniture and antiques, five Rolls-Royces, a Ferrari, watches and luxury clothing items worth over $3 million.Excerpt of the DOJ’s lawsuit filed against Carl Erik Rinsch. Source: DOJThe US Attorney’s Office didn’t cite Netflix as the streaming company behind Conquest in the indictment, but The New York Times reported on Netflix’s dispute with Rinsch over Conquest in November 2023, where it said Netflix canceled the show in early 2021 after Rinsch’s behavior turned “erratic.”The Times reported that Netflix paid Rinsch $55 million, while prosecutors alleged he received $44 million to produce the show, which is yet to air.US prosecutors also accused Rinsch of spending nearly $1.8 million on credit card bills and $1 million in legal fees to sue Netflix for even more money and to cover costs related to his divorce.Related: Microsoft warns of new remote access trojan targeting crypto walletsRinsch was charged with one count of wire fraud, one count of money laundering and five counts of engaging in monetary transactions in property derived from specified unlawful activity.The fraud and money laundering charges each carry a maximum sentence of 20 years, while each of the monetary transactions charges carries a maximum sentence of 10 years.Rinsch was arrested on March 18, and his case was assigned to New York federal court Judge Jed Rakoff.The Associated Press reported on March 18 that Rinsch’s lawyer, Annie Carney, declined to comment outside court.Magazine: Meet lawyer Max Burwick — ‘The ambulance chaser of crypto’
Bitcoin is just seeing a ‘normal correction,’ cycle peak is yet to come: Analysts
Bitcoin’s correction from its January peak is a typical cycle pullback and is not out of the ordinary, with a price top still on the horizon, crypto analysts and executives tell Cointelegraph.“I don’t think the bull run is over; I think the peak of the cycle has been pushed back due to macro conditions, and global liquidity isn’t pretty, which isn’t helping crypto,” Collective Shift CEO Ben Simpson told Cointelegraph.Bitcoin experiencing expected retracement“It is only the third or fourth correction we’ve had over 25% we’ve had in Bitcoin this cycle compared to 12 last cycle,” Simpson said. Bitcoin (BTC) is down 24% from its all-time high of $109,000 on Jan. 20 amid uncertainty around US President Donald Trump’s tariffs and the future of US interest rates, but Simpson called it “a normal correction.”“Things got overheated, and they needed to cool down, and the market needed to find a new foundation, and now we’re waiting for the next new narrative,” he said.Bitcoin is down 13.58% over the past month. Source: CoinMarketCapDerive founder Nick Forster shared a similar view, telling Cointelegraph that Bitcoin “is likely in a normal correction phase, with the cycle peak still to come.” “Historically, Bitcoin experiences these types of corrections during long-term rallies, and there’s no reason to believe this time is different,” he said.After Trump’s election in November, Bitcoin surged almost 36% over a month, hitting $100,000 for the first time in December. At the time of publication, Bitcoin is trading at $82,824, according to CoinMarketCap.However, Forster added that the six-month fate of Bitcoin seems increasingly tied to traditional markets. Similarly, Independent Reserve CEO Adrian Przelozny told Cointelegraph that it isn’t just Bitcoin being impacted by the macroeconomic conditions.“This is pervading all asset classes and may lead to a spike in global inflation and a contraction in international growth,” Przelozny said.Source: Charles EdwardsForster said Bitcoin’s current price trend aligns with past behavior before a price rally, even though it appears “tumultuous” at the moment.Bitcoin’s current trend may “change quickly” Collective Shift’s Simpson said the next narrative will likely revolve around US rate cuts, easing quantitative tightening, and increasing global liquidity.However, Capriole Investments founder Charles Edwards said he isn’t so sure if the Bitcoin bull run is over or not.The odds are “50:50, in my opinion,” Edwards told Cointelegraph.Related: Bitcoin beats global assets post-Trump election, despite BTC correction“Yes, from an onchain perspective at present, but that could change quickly if the Fed starts easing in the second half of the year, stops balance sheet reduction, and dollar liquidity grows as a result, which I think has decent odds of happening,” Edwards explained.The comments come a day after CryptoQuant founder and CEO Ki Young Ju declared that the “Bitcoin bull cycle is over.”“Expecting 6-12 months of bearish or sideways price action,” Ju said.Magazine: Crypto fans are obsessed with longevity and biohacking: Here’s whyThis 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.
Bakkt stock tumbles nearly 30% after losing Bank of America and Webull
Crypto firm Bakkt’s share price has closed March 18 trading down over 27% after it disclosed that two of it biggest clients, the Bank of America and Webull, won’t renew commercial agreements. In a March 17 regulatory filing, Bakkt said it had received notice of Bank of America not renewing its commercial agreement when the deal expires on April 22. It also disclosed that the brokerage platform Webull had also decided not to renew its agreement when it ends on June 14. Bank of America represented 17% of Bakkt’s loyalty services revenue in the nine months ending Sept. 30, 2024, according to the filing. Webull represented 74% of the company’s crypto services revenue across the same period. Stocks in Bakkt (BKKT) tumbled on March 18 after the filing, and its share price closed the day down 27.28% at $9.33. BKKT saw a further decline of 2.25% to $9.12 after the bell, according to Google Finance. Bank of America and Webull won’t renew agreements with Bakkt, which saw its stock sell-off. Source: Google FinanceOverall, the stock is down over 96% from its all-time high of $1063, which it hit on Oct. 29, 2021. Bakkt has also postponed its previously announced earnings conference twice, with the latest rescheduling slating the call for March 19. Bakkt was founded in 2018 by the Intercontinental Exchange, which holds a 55% stake and also owns the New York Stock Exchange (NYSE).Related: Bakkt declares $780M full-year revenue in 2023 earnings reportAt least one law firm, the Law Offices of Howard G. Smith, announced a possible class action against Bakkt, alleging federal securities violations. The potential lawsuit claims that the terminated agreements with Bank of America and Webull, combined with the rescheduled earnings call, caused Bakkt’s stock price to fall, “thereby injuring investors.” Bakkt, Bank of America and Webull didn’t immediately respond to requests for comment. In November last year, Bakkt’s share price jumped over 162% to $29.71 and continued to climb 16.4% to $34.59 after a report claimed Donald Trump’s media company was in advanced talks to acquire the firm. Before that, Bakkt’s parent company considered selling it or breaking the firm into smaller entities in June, according to a Bloomberg report. It also received a notification from the NYSE in March that it wasn’t in compliance with the stock exchange’s listing rules after its stock spent 30 days closing below $1 on average.Magazine: Crypto fans are obsessed with longevity and biohacking: Here’s why