| Hey Cryptonews, here's our curated daily bundle of crypto news. | | ETH bulls regain control |  | | Ethereum bulls have regained control, disrupting a pullback that had raised concerns over weak demand. The surge was mainly driven by short-term calls and reports of another bank facing collapse. However, the current market data suggests that the upward trend may be restrained.
Notably, sell pressure in the Ethereum market slowed down, especially from some whale categories holding between 10,000 and 100,000 ETH. In addition, exchange inflows remained higher than outflows, and there was strong demand for ETH in the derivatives segment, as reflected by a surge in short-term calls and funding rates.
Furthermore, the demand for leverage saw a small rebound in the last 24 hours, indicating a return of confidence. Despite this, Ethereum's MFI trend remained downward, suggesting a limited upside. However, if another banking contagion happens, ETH and other top cryptocurrencies may continue to rally higher. | | | Learn More | | Cardano aims to boost growth with launch of Aiken's alpha phase |  | This, to accelerate development on the network Daily active addresses surged significantly in the past two days
Cardano aims to improve its smart contract capabilities after a less-than-anticipated performance following its 2021 launch. The platform hopes to attract more growth and development by perfecting its smart contract game, without the hype that surrounded its previous launch.
To achieve the aforementioned, Cardano has launched the alpha phase of its smart contract language and toolchain, Aiken, to accelerate development on the network. The launch aims to boost Cardano's growth, which experienced a slowdown in development activity in April's first half before picking up in the second half.
Recent Github data showed that Cardano ranked third among the top 10 cryptos with the highest daily development activity. Although it only saw a slight increase in its total number of holders from the start of April until 18 April, ADA experienced a significant surge in daily active addresses in the past two days, reflecting a bullish trend.
| | Learn More | | CFTC wins record $3.4B penalty payment in Bitcoin-related fraud case |  | | In a statement on 27 April, the CFTC announced that it had won a lawsuit against Cornelius Johannes Steynberg, who was ordered by a Texas District Court Judge to pay a $3.4 billion penalty for his involvement in a fraudulent scheme that included Bitcoin and foreign currency transactions.
Steynberg, the CEO of Mirror Trading International Proprietary Limited (MTI), was ordered to pay $1.73 billion in restitution to defrauded victims and a $1.73 billion civil monetary penalty. The CFTC said it is the "highest civil monetary penalty ordered in any CFTC case" and also "the largest fraudulent scheme involving Bitcoin charged in any CFTC case."
Steynberg, was found guilty of running an unregistered commodity pool that solicited Bitcoin from people globally in a fraudulent multilevel marketing scheme. He is now permanently banned from trading in any CFTC-regulated markets, and prohibited from engaging in any conduct that violates the Commodity Exchange Act (CEA).
| | Kraken seeks court intervention against IRS's demands
|  | Crypto exchange Kraken is challenging the US Internal Revenue Service's demand for user information in court, calling it an "unjustified treasure hunt." Kraken has asked a federal court in San Francisco to intervene in the IRS's demand for user information. According to a Bloomberg report, the demand is to identify Kraken accounts that did at least $20,000 of cryptocurrency trading in any single year between 2016 and 2020.
In its request, Kraken cited Coinbase's case from 2017 arguing that the tax agency has gone beyond the rules set by the U.S. District Judge Jacqueline Scott Corley, who previously allowed the IRS to send summons to more than 14,000 Coinbase customers to investigate taxpayers who might not be disclosing their Bitcoin.
Kraken's lawyers claimed that the IRS has gone "far beyond" its intrusive summons, and its demands for customer information are not justified. By doing so, the exchange has officially joined Coinbase in pushing back against regulatory scrutiny.
| | Celsius creditors demand transparency on 'suspicious' FTX transactions |  | | Creditors of Celsius Network have asked a bankruptcy judge for permission to issue subpoenas to FTX, based on the suspicion that some FTX users manipulated the price of Celsius token in 2022. Represented by a committee, the creditors seek information on 10 cryptocurrency wallets that were allegedly involved in suspicious trades of Celsius' CEL coin from April to August.
The creditors believe the information from FTX will help determine the legitimacy of the trades. The filing noted that the committee had identified 947 transactions involving 10 private wallets and 10 FTX-operated wallets through the help of blockchain consultant, Elementus.
The committee has emphasized the importance of information requested from FTX in determining if trades of CEL were intended to artificially inflate its price. Furthermore, it is also seeking information on any short positions taken on CEL, which could negatively impact its price. Notably, determining the legitimacy of the trades is critical to resolving a dispute related to Celcius's bankruptcy. | | Robinhood launches fiat-to-crypto on-ramp for self-custody wallets and DApps |  | Service is currently available in the MyDoge, Giddy, Slingshot ecosystems It competes directly with services like Coinbase Pay and MoonPay
Robinhood announced the launch of "Robinhood Connect," a fiat-to-crypto on-ramp, on 27 April at Consensus 2023. The service enables users to buy and sell cryptocurrencies directly from their self-custody wallet or within DApps using a credit or debit card and competes directly with services like Coinbase Pay and MoonPay.
Developers can integrate Robinhood Connect into Web3 projects, allowing users to access their Robinhood account natively within DApps without logging in separately. The service is currently available in the MyDoge, Giddy and Slingshot ecosystems, and will soon support Exodus and Phantom.
General Manager of Robinhood Crypto, Johann Kerbrat wrote,
"...Crypto and Web3 have the potential to change the future of the financial system for the better, but we recognize there are still significant hurdles preventing broader adoption." | | UK Charity Commission issues advisory on risks of crypto donations |  | In case of issues with crypto, charities might not have access to the FSCS or FCA Recommended that charities use a compliant crypto platform registered with the FCA
The Charity Commission for England and Wales has issued an advisory for charitable organizations that accept cryptocurrency donations due to increasing scams and malpractices in the crypto industry. The advisory provided a detailed list of risks associated with crypto donations including inconsistent value, fraud and theft, and difficulty in tracing donors.
The regulator warned that in case of any issues with crypto, charities might not have access to the FSCS or FCA. The advisory also highlighted the limited acceptance of cryptocurrencies as payment by retailers. The commission urged charities to carefully manage the risks associated with crypto donations and be prepared for potential losses in their value.
Furthermore, to minimize risks associated with crypto donations, the Charity Commission recommended that charities use a compliant crypto platform registered with the FCA for anti-money laundering and counterterrorism. The regulator also suggested following HMRC's guidance on crypto taxation.
| | Learn More | | A green day for Bitcoin & co. |
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