CryptoQuant, a crypto data firm, reported that 179,500 Ether (ETH) worth approximately $375 million flowed into crypto exchanges in the four days following the launch of the Ethereum upgrade in Shanghai. CryptoQuant data reveals that between April 13 and April 16, traders deposited 1,101,079 ETH to exchanges while withdrawing only 921,579 tokens, the largest four-day net inflow in a month.
Court documents show, Denis Dubnikov, the founder of two Russian OTC trading desks involved in ransomware attacks, was sentenced to forfeit $2,000 after pleading guilty last week. In 2021, Leonid Dubnikov, the founder of Coyote Crypto and Eggchange OTC services in Russia, was arrested in the Netherlands and extradited to the United States in 2022. The U.S. Department of Justice reported that Dubnikov aided the Ryuk ransomware gang in laundering over $400,000 in ransom payments.
The Smurfs, the iconic animated franchise that has been featured in comics, cartoons, and movies, are embarking on a new journey with the introduction of a new collection of non-fungible tokens (NFTs) from the Smurf Society. This new venture will bring the beloved three-apple-tall characters to Web3. The appeal of the Smurfs as an intellectual property lies in its global recognition of 94%. Originating from Belgium where the comics first began, their presence is now widely felt not only in Europe but also in the United States and China. According to Arthur Salkin, co-founder and CMO, people are drawn to the Smurfs for their spirit of community and collaboration.
Nike is set to launch its inaugural non-fungible token (NFT) sneaker collection on the new .Swoosh platform, marking a major milestone for the global sportswear brand. Nike’s latest offering, the “Our Force 1” (OF1), is a virtual sneaker that pays homage to the classic Air Force 1 design. To grant early access to the sale on May 8, Nike will distribute “posters” via airdrop to selected .Swoosh users from April 18. On May 10, the entire .Swoosh community will have the opportunity to purchase the digital goods via the platform’s marketplace.
Sir Jon Cunliffe, the deputy governor of the Bank of England, addressed the Innovative Finance Global Summit in London on April 17, expounding on the progress of tokenization. He discussed the Bank of England’s ongoing research on tokenized assets in bank money, non-bank money, and central bank money, as well as the implications of their interaction. Cunliffe stated that although stablecoins could bring increased efficiency and functionality to payments, it is highly improbable that any of the current stablecoins would meet the same criteria for reliability and uniformity that is used for commercial bank money and existing payment systems. The central bank is now planning on working together with the Financial Conduct Authority for regulations, following the passing of the Financial Services and Markets Bill.
Glassnode’s most recent evaluation indicates that Bitcoin has established a solid base below the $30,000 mark, with the current supply structure exhibiting resemblances to early 2016 and 2019. The supply balance of Long-Term Holders (LTH) has nearly reached a new all-time high, with a total of 14.161 million BTC. On the other hand, the supply balance of Short-Term Holders (STH), who acquired coins after FTX failed, has stayed relatively stable at 2.914 million BTC since 2023.
In anticipation of April 19, the United States House Financial Services Committee held a hearing last week on stablecoins, for which various federal government agencies had collected information over the past year. Dante Disparte, the chief strategy officer of Circle, and Jake Chervinsky, the chief political officer at the Blockchain Association, were among the participants. A draft bill concerning stablecoins in the US was recently introduced in the House of Representatives document repository. The bill outlines that insured depository institutions that intend to issue stablecoins would be supervised by the relevant federal banking agency and non-bank issuers would be under the regulation of the Federal Reserve. Violation of the registration requirements could lead to hefty punishments, including a penalty of up to $1 million and a prison sentence of up to 5 years. Additionally, foreign issuers must register to operate in the country.
Polygon Labs, an Ethereum layer-2 scaling solution, has urged policymakers in the European Union to provide a clear explanation of the purpose and implications of legislation concerning smart contracts. In an open letter on April 17, Polygon and Ledger proposed that Article 30 of the Data Act be amended to apply to permissioned smart contract based-systems owned and operated by an enterprise. The current wording only applies to permissionless systems. This request is intended to better reflect the legislation’s intent.