| Hey Cryptonews, here's our curated daily bundle of crypto news. | | Bitcoin hikes its correlation to gold amid banking turmoil
|  | BTC's correlation to gold hit a multi-year high of 50% On the contrary, the king coin's correlation with U.S. stocks dipped considerably
Bitcoin's price movement reinforced its long-supported narrative of being a safe-haven asset as it showed strong resemblance to gold in recent weeks. The king coin's correlation to gold hit a multi-year high of nearly 50%. Meanwhile, the correlation with U.S. stocks dipped considerably due to the collapse of high-profile banking entities.
During the bear market of 2022, BTC and Gold remained largely aloof while the correlation between U.S. entities and crypto hit all-time highs, prompting critics to challenge the 'Digital Gold' argument.
One interesting aspect of BTC's departure from traditional stocks is its growing volatility. Towards the end of last year, the king coin's volatility hit a record low and also dipped below equity indices such as Nasdaq and S&P 500.
That being said, the onset of the 2023 bull cycle is exhibiting greater price swings in the vertical direction, attracting both bullish and bearish traders. Bullish sentiments for BTC also gathered more strength as the number of coins held on exchanges continues to decline. | | Learn More | | Arbitrum [ARB] lacks trading activity
|  | | In a recent examination of Arbitrum, Santiment revealed that the token lacks trading activity. Needless to say, this sounded surprising, especially as Abitrum recorded transaction hikes on numerous occasions. However, the scrutiny of the activities showed that most of the volume existed on Uniswap's [UNI] Decentralized Exchange (DEX) - Which implies that transactions on centralized exchanges were ravenous. In fact, CEX deposits dropped to 7.29% in the last 24 hours.
Furthermore, holders with large portfolios seem to be the ones engaged in accumulation as ARB bottomed around the $1-zone. On the pattern of small investors optimistic about a price jump in the future, Santiment noted -
"The beneficiary community consists of small investors exploring the possibilities of platforms. They spend most of their time testing the creation of portfolio accounts and live in LAMBO's hope. | | Learn More | | Binance: Q1 saw loss of 16% share in global trading volume
|  | | Crypto-behemoth Binance lost 16% share of its global trading volume after the U.S. Commodity Futures Trading Commission (CFTC) accused the organization of violating certain compliance rules to expand its operations. The lawsuit-induced FUD thus resulted in a radical shake-up of its exchange reserves, with users withdrawing funds for self-custody.
According to a report by Glassnode, recent stablecoin outflows outpaced inflows, indicating a larger number of stablecoins withdrawn from the trading platform as compared to the overall deposits. Recently, the net outflow reached $295 million/day - The largest net outflow in the history of the cryptocurrency exchange.
The primary reason behind the record outflows was the drastic increase in redemptions of Binance USD, following the news of Paxos halting the issuance of the stablecoin in February. As per data from DeFiLlama, the stablecoin market cap on the BNB Chain was $6.42 billion at the time of writing, with a marginal weekly growth of 0.04%. | | Learn More | | SEC makes progress on insider trading case against ex-Coinbase employee
|  | SEC reached an "agreement in principle" with Ishan Wahi Filing noted that settlement must be reviewed, approved by SEC Commissioners
The SEC is making progress on the case against Ishan Wahi, a former Coinbase employee accused of insider trading. Ishan, along with his brother Nikhil Wahi and associate Sameer Ramani, allegedly used confidential information from the crypto exchange to profit off new token listings, making over $1 million. The SEC has reached an "agreement in principle" with Ishan, according to a filing on 3 April.
The filing stated,
"...Any settlement recommended by SEC staff must be reviewed within the SEC and approved by the SEC's Commissioners."
This, before it can be submitted to the court for approval. Notably, the process can take several weeks.
Ishan and Nikhil Wahi were arrested in July while attempting to fly to India and subsequently pleaded guilty to criminal insider trading charges. According to the 3 April filing, the SEC has been in "good faith discussions" with Nikhil, who was sentenced to 10 months in prison in January.
| | Tether accessed U.S. banks through Signature Bank - Report |  | Tether instructed clients to send funds through Signet Previously, CTO Paolo Ardoino had claimed no exposure to Signature
Stablecoin issuer Tether, reportedly gained access to U.S. banks by instructing its clients to send funds through Signature Bank's payment platform, Signet, to its partner bank - Capital Union Bank in the Bahamas. Bloomberg reported that this system was in place before regulators took control of Signature Bank in March, citing "people with knowledge of the situation."
Tether's use of Signature Bank's payment platform to access US banks would not have been illegal, but failure to disclose the arrangement to investors may indicate risky practices. A Tether spokesperson stated that the stablecoin issuer always had access to multiple banking channels, and that associate entities would not be impacted by exposure to Signature Bank.
Notably, Tether's CTO Paolo Ardoino stated that the stablecoin issuer had no exposure to Signature Bank, at the time of its closing by the New York Department of Financial Services on 12 March. Meanwhile, Paxos had reported having $250 million linked to Signature Bank.
| | Liquidity protocol Sentiment exploited for over $500K |  | Attack due to a stolen deployer key Funds worth $536,000 were moved through the Synapse bridge to the Ethereum network
Lending protocol Sentiment was exploited on 4 April for over $500,000 in crypto. An Ethereum transaction transferred USD Coin from the Synapse Bridge, linking up with a series of Arbitrum transactions draining coins from Sentiment. Arbiscan labeled the attacker's wallet as "Sentimentxyz Exploiter". The Sentiment team announced that it's aware of a "potential issue" but has not yet stated steps to stop the attack or mitigate risk.
Investigation revealed, the attacker may have stolen the deployer key of the lending protocol, and deployed a contract to the Arbitrum network which failed. The attacker then destroyed the contract's code with the "self-destruct" function, redeployed at a new address, and called the "run" function which succeeded causing the contract to perform several transactions.
One of the transactions led to the admin for a BeaconProxy contract being changed. Once the attacker upgraded the contract and approved the transfer of tokens, causing a loss of funds, the funds were moved and the contract code was destroyed.
| | Masa's Soulbound tokens to join Coinbase's Base Network |  | | Masa Finance's Soulbound tokens will be added to Coinbase's Base network, enabling users to link identifying and reputational features to their wallet addresses, allowing credit underwriting on the blockchain. This follows the previous launch of Masa's Soulbound Token protocol for Ethereum and Celer.
On 23 March, Coinbase requested developers to create protocols for Base. In response to the same, Masa started developing a base version of its soulbound protocol. Masa announced that its protocol can have various use cases, such as creating human-readable domain names, membership badges, loyalty programs, achievement badges, and decentralized captcha bots.
Additionally, Masa will soon release a Base SBT Developer Toolkit for easy deployment and interaction with Soulbound Tokens (SBTs) on Base. The toolkit will include a guide, Masa command line interface, software development kit, REACT developer tools and examples for building applications with Masa's soulbound tokens.
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