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US court fines UAE crypto firm CLS Global $428K for wash trading

Authorities in the US state of Massachusetts continue targeting unlawful cryptocurrency market practices, with a local court fining crypto financial services firm CLS Global.

A federal court in Boston on April 2 sentenced CLS Global on criminal charges related to fraudulent manipulation of crypto trading volume, according to an announcement from the Massachusetts US Attorney’s Office.

In addition to a $428,059 fine, the court prohibited CLS Global from offering services in the US for a probation period of three years.

CLS Global, a crypto market maker registered in the United Arab Emirates, in January pleaded guilty to one count of conspiracy to commit market manipulation and one count of wire fraud.

CLS agreed to manipulate the FBI’s “trap token” NexFundAI

The charges against CLS Global followed an undercover law enforcement operation involving NexFundAI, a token created by the FBI as part of a sting operation in May 2024.

CLS Global was among at least three firms that took the FBI’s bait and agreed to provide “market maker services” for NexFundAI, including a fraudulent scheme to attract investors to purchase the token.

In October 2024, the Securities and Exchange Commission announced fraud charges against CLS and its employee, Andrey Zhorzhes. The US securities regulator also filed complaints against two other NexFundAI manipulators, Hong Kong-linked ZM Quant Investment and Russia-linked Gotbit Consulting.

CLS Global’s profile

According to CLS Global CEO Filipp Veselov, the company was founded in 2017 to fill in a “huge gap in the market for high-quality market-making solutions and trading consulting.”

Prior to CLS, Veselov worked at the Russian cryptocurrency exchange platform Latoken, which is advertised as a “global digital asset exchange” and has about 370,000 followers on X.

The CLS team also includes chief revenue officer Pavel Singaevskii, who previously served as sales manager at Stex, a crypto platform that reportedly ceased operations without warning in 2023.

US court fines UAE crypto firm CLS Global $428K for wash trading

Source: CLS Global

According to CLS Global’s X page, the platform continues operating and has more than 110,000 followers at the time of publication.

How much wash trading is in crypto?

Wash trading is an illegal practice involving artificially inflating trading volume by repeatedly buying and selling the same asset, generating a misleading perception of demand.

According to a January 2025 report by the US blockchain analytics firm Chainalysis, the crypto market has at least $2.6 billion in estimated wash traded volumes, or just about 2% of total daily crypto trading volumes, as reported by CoinGecko.

US court fines UAE crypto firm CLS Global $428K for wash trading

Estimated wash trade volume in crypto. Source: Chainalysis

Related: Russian Gotbit founder strikes $23M plea deal with US prosecutors

Some studies indicate that wash trading makes up a bigger share of the crypto market.

In 2022, the US National Bureau of Economic Research reported that illegal wash trading may account for as much as 70% of average trading volumes on unregulated exchanges.

Magazine: Financial nihilism in crypto is over — It’s time to dream big again

Read more at cointelegraph.com

Bitcoin DeFi surge may boost BTC demand and adoption — Binance

The value locked in Bitcoin-based decentralized finance (BTCFi) has surged by more than 2,700% over the past year, potentially transforming Bitcoin from a passive store of value into a productive, yield-bearing asset, according to new research from Binance.

BTCFi is a new technological paradigm that aims to bring decentralized finance capabilities to Bitcoin’s base layer. It is one of the fastest-growing crypto sectors, reaching a total value locked (TVL) of over $8.6 billion.

The growing value of BTCFi, “along with potential interest rate cuts, may reinforce positive sentiment for Bitcoin in the medium and long term,” Binance Research wrote in a report shared with Cointelegraph.

Bitcoin DeFi surge may boost BTC demand and adoption — Binance

Bitcoin DeFi, total value locked, 2025 chart. Source: Binance Research

If the BTCFi sector’s growth trajectory continues, it could open up “new opportunities for Bitcoin holders to generate yield through lending, liquidity provision, and other DeFi mechanisms,” a Binance spokesperson told Cointelegraph, adding:

“This may contribute to a shift in how BTC is perceived — from a passive store-of-value to a productive on-chain asset. While it’s too early to determine the full impact, these evolving use cases could support broader adoption and, over time, strengthen demand.”

Related: Bitcoin price can hit $250K in 2025 if Fed shifts to QE: Arthur Hayes

Interest in BTCFi surged after April 2024’s Bitcoin halving, which introduced the Runes protocol, the first fungible token standard on the Bitcoin blockchain.

Several Bitcoin-native projects have helped accelerate the trend.

Babylon introduced Bitcoin (BTC) staking for the first time in the network’s history, enabling holders to earn passive income from their assets.

Hermetica launched the first Bitcoin-backed synthetic dollar, USDh, which debuted with a 25% yield for investors.

Related: Crypto trader turns $2K PEPE into $43M, sells for $10M profit

BTC long-term holders resume Bitcoin accumulation

Long-term Bitcoin holders have restarted their BTC accumulation after the BTC supply held by long-term holders bottomed in February.

Bitcoin DeFi surge may boost BTC demand and adoption — Binance

BTC supply held by long-term holders. Source: Glassnode, Binance Research

Long-term holders are wallets that have been holding BTC for at least 155 days. Growing accumulation from long-term holders has reduced the available Bitcoin supply on exchanges, which may eventually lead to a supply shock-driven price rally.

The growing accumulation trend among long-term holders aligns with a “significant period of adoption for Bitcoin,” due to the establishment of the US strategic Bitcoin reserve and growing institutional interest, according to the research report.

Bitcoin DeFi surge may boost BTC demand and adoption — Binance

Source: Margo Martin

On March 7, US President Donald Trump signed an executive order to create a strategic Bitcoin reserve using BTC seized from government criminal cases.

Trump signed the historic Bitcoin reserve order a day ahead of hosting the first White House Crypto Summit, which received mixed reactions from the crypto community.

Magazine: Bitcoiner sex trap extortion? BTS firm’s blockchain disaster: Asia Express

Read more at cointelegraph.com

Babylon users unstake $21M in Bitcoin following token airdrop

Update April 4, 10:40 am UTC: This article has been updated to insert comments from Bitlayer co-founder Kevin He.

More than $21 million worth of Bitcoin was unstaked from the Babylon protocol in the 24 hours after the platform’s token airdrop, according to blockchain data shared by a developer.

On April 4, Bitfeed developer Mononaut shared that in the previous 24 hours, 256 Bitcoin (BTC) had been unstaked from the staking protocol. Mononaut said that the unstaking transactions paid 1.35 BTC in fees and consumed 1.318 Megavirtualbytes (MvB) of blockspace. This means the transactions generated high fees and occupied roughly a third of an entire Bitcoin block. 

The activity followed Babylon’s 600 million airdrop of its native token, BABY, which was distributed to early users and contributors.

Related: Bitcoin L2 ’honeymoon phase’ is over, most projects will fail — Muneeb Ali

Babylon airdrops 600 million tokens to early adopters

In a previous Cointelegraph interview, Babylon co-founder Fisher Yu said that, unlike Ethereum and Solana, Bitcoin staking does not reward stakers in the chain’s native asset. Instead, they may get rewards in the form of the native token of the blockchain secured by the staked Bitcoin capital

On April 3, the Babylon Foundation announced the details of the airdrop program for its early adopters. The protocol said the airdrop was dedicated to its Phase 1 stakers, non-fungible token (NFT) holders and developers contributing to its ecosystem. 

The staking protocol said it was airdropping 600 million BABY tokens, 6% of its total supply; 30 million BABY were allocated to the protocol’s Pioneer Pass NFT holders, while 5 million BABY were slated for open-source contributors. 

The rest of the tokens were to be distributed among eligible stakers who participated in the protocol’s Phase 1. This included a stake participation airdrop of 30 million BABY, a base staking reward airdrop of 335 million BABY and a bonus staking reward airdrop for Phase 2 transition of 200 million BABY.  

While the platform distributed an airdrop for its early adopters, it clarified that it did not include wallet campaigns and liquid staking incentives in this airdrop event. 

In response to the airdrop, crypto exchange OKX listed the BABY token and USDT pair in pre-market futures. Pre-market futures allow traders to speculate on an asset’s future price. This allows investors to trade BABY futures before the asset becomes available in spot markets.

Babylon unstaking a “common” short-term behavior

Even though millions in BTC were unstaked after the airdrop, the effect may be minimal. Bitlayer co-founder Kevin He told Cointelegraph this was “common short-term market behavior.”

The executive said this simply represents early redemption. Furthermore, He said the high transaction fees stem from Babylon’s initial design and do not impact its long-term value. 

He added that Babylon garnered significant attention with its tokenomics and airdrop, which boosts community engagement. The executive said the protocol plays a “key role” in Bitcoin DeFi, pushing Bitcoin beyond being simply a store of value. 

Data platform DefiLlama shows that Babylon currently has a total value locked (TVL) of $4.29 billion. This represents 80% of the Bitcoin ecosystem’s overall TVL of $5.34 billion. 

Magazine: New ‘MemeStrategy’ Bitcoin firm by 9GAG, jailed CEO’s $3.5M bonus: Asia Express

Read more at cointelegraph.com

Zero-click attacks: How your wallet can be hacked without a click

What are zero-click attacks?

Zero-click attacks allow bad actors to access your cryptocurrencies without any input from you.

Imagine opening your crypto wallet one day and discovering that it’s all gone. You didn’t download any viruses or click on suspicious links. The funds just aren’t there. It’s possible you have fallen victim to a zero-click attack.

A zero-click attack is a digital threat that allows hackers to access your wallet without any interaction from you.

While having your wallet hacked without clicking anything sounds impossible, these threats are the latest to watch out for if you want to protect your crypto wallet.

How zero-click attacks work

Zero-click attacks are the latest in an endless variety of crypto wallet hacks.

Typically, hackers gain access to your wallet when you accidentally download malicious software or click on a suspicious link, also known as crypto phishing attacks. 

Access control vulnerabilities in crypto in 2024

However, a zero-click crypto attack executes code without any action required by you. This lack of interaction is what makes them so threatening. 

Instead of relying on user error, zero-click attacks access your wallet through flaws in your device’s software, be it a PC or mobile phone. 

how hackers steal crypto login credentials

Picture a burglar breaking your door not because you forgot to lock it but because they took advantage of a flaw in your door’s manufacturing. Zero-click attacks work similarly but in a virtual environment, often targeting mobile devices.

Did you know? Zero-click attacks aren’t exclusive to crypto. These software-threatening assaults have been around since the early 2000s, initially targeting messaging apps and email clients. Now, they’re how wallets get hacked.

How hackers target wallets with a zero-click attack

Zero-click malware targets you through programming weaknesses.

Here are some common ways zero-click attacks can target you.

Software weaknesses

If your Android phone receives an update with a specific security flaw, a bad actor can exploit that vulnerability by simply texting you a particular set of words. Once you receive the text, it may activate that flaw and give the hacker complete control. From there, they’ll commit a wallet security breach.

Similarly, hackers can target iOS devices through everyday apps like iMessage or Airdrop. In April 2024, Trust Wallet shared “credible intel” of a zero-click attack on iOS devices. The group recommended users with a crypto wallet installed disable iMessage to protect themselves until Apple produces an update. 

Zero-day vulnerability disclosure by Trust Wallet

While Trust Wallet classified this issue as a zero-day exploit, the company acknowledged that the attack could take over devices without user input, making it a clear example of a zero-click attack.

Network weaknesses

Targeted attacks can breach your wallet software through proximity if you’re connected to a public wi-fi network, like at a coffee shop. The same applies to open Bluetooth connections.

Here’s how it works: open networks transmit your unencrypted data between devices. Hackers can intercept those packets and send malware through them, targeting any devices with a specific software vulnerability.

Any connection to your device — be it wi-fi, Bluetooth, or some other one — is a potential opportunity for a zero-click attack. That’s what makes these attacks so alarming. They can come out of nowhere. One day, a bad actor finds a way to take advantage of your device and exploits it. 

Decentralized application (DApp) weaknesses

Most crypto wallets interact with Web3 apps, also known as DApps. Notably, the barrier to entry for creating a DApp is relatively low, but security measures can vary greatly. 

Even if you’re using a trusted Web3 service, its code can be vulnerable to zero-click attacks anytime. Bad actors can use that weakness, such as an error in the DApp’s smart contract programming, to access your wallet. 

While it can be fun to interact with new DApps, consider using a wallet holding minimal funds. That way, you can test the application while mitigating the damage from a potential zero-click wallet hack.

While attacks caused by such vulnerabilities may seem completely unfair, there are steps you can take to protect yourself.

What if you’ve fallen victim to a zero-click attack?

Suspect you’ve fallen victim to a zero-click attack? Immediately transfer your assets.

If you suspect you’ve fallen victim to a zero-click attack, follow these steps to protect your crypto assets:

Disconnect your device: Disconnect the device from the internet immediately.Transfer assets: Secure your Web3 wallet. Transfer your assets to another device using your wallet’s recovery phrase.Run an anti-virus check: Once your assets are safely stored on an uncompromised device, install anti-virus software to scan for any threats.

Did you know? Zero-click attacks are different from zero-day attacks. Zero-click attacks can happen without interaction, while zero-day attacks require clicking on something or opening a file.

Security best practices to protect against a zero-click attack

Zero-click attacks may be scary, but wallet exploit prevention steps exist to protect yourself.

To protect yourself from zero-click attacks, consider adopting these crypto-security best practices:

Turn off auto-receive: Turn off auto-receive for texts and multimedia in any messaging apps you use.Minimize Bluetooth usage: Keep Bluetooth off when you’re not using it. This step limits access points for some zero-click attacks.Monitor your wallet connection history: Regularly check your wallet connection history. Consider moving your assets to another wallet if you notice transactions with an unknown source.Utilize a hardware wallet: Hardware wallets are USB-like devices that store your cryptocurrencies offline. Since hardware wallets are disconnected, they’re safer from cyber threats like zero-click attacks. This is always one of our top wallet security tips.Use a multisignature wallet: Multisignature crypto wallets require multiple approvals before executing a transaction. This added layer of protection can significantly reduce the risk of unauthorized transactions.Update apps and software: Keep your apps and device software up to date. Updates often introduce new protections and bug fixes that can prevent zero-click attacks.Install anti-virus software: Anti-virus software regularly scans your device for abnormalities, warning you of anything suspicious.

Security

Back up your data: Most devices automatically back up your data regularly. Enable auto-backups to roll back to a previous version if your device is compromised.Tighten up app permissions: Adjust your app permissions to require manual input for activities like wallet transactions. That way, nothing can happen without your input.Two-factor authentication (2FA): Add 2FA to your important log-ins. That way, you’ll be notified if a threat attempts to access your wallet.Use a VPN: VPNs encrypt your internet traffic, making it harder for hackers to intercept your data.Pay attention: Perhaps the most important protection is to pay attention. Browse social media like Reddit for emerging threats, follow credible cybersecurity sources, and take the proper precautions. You can never be too safe.

How to check for a zero-click attack

Zero-click attacks may appear out of nowhere, but there are signs of invasion.

If you’re suspicious of a zero-click attack but aren’t sure, watch out for these signs:

Faster battery drain: If the attack installs malware, your device battery may drain faster. You can check your battery health in your device settings.Slower device performance: Alongside faster battery drain, you may notice your device running slower than usual.Random app installs: Occasionally, zero-click attacks may install apps without your approval. If you notice an app you never installed, be wary.Unknown background processes: If your phone suddenly has new background processes going on, delve a bit deeper. These processes may be the result of a zero-click attack.Increased data usage: You can also check your device’s data usage. If you notice a spike in data consumption, it may be time to run a virus scan.Unusual text messages: If you receive unrecognized text messages or emails, block the sender immediately. 

These attacks may not happen right away but can lie awaiting a specific trigger.

The future of zero-click attacks

Zero-click attacks are hardly a new threat. They’ll continue to evolve just as security processes will.

As crypto technology continues to evolve, so will crypto cybersecurity threats. Crypto wallets operate without a central authority, meaning crypto wallet security falls entirely on you. This autonomy makes crypto wallets a target for hackers, meaning delving into the space comes with risk.

Additionally, as artificial intelligence (AI) becomes more advanced, bad actors may leverage it to develop even more complex zero-click spyware. Future threats could include code that auto-updates after infecting your device, protecting itself from whatever you throw at it. 

Protecting yourself from these threats is more important than ever. You can do so by following cybersecurity experts and blogs and abiding by strong security best practices. The best protection against zero-click or any form of attack is to evolve with them.

Read more at cointelegraph.com

AI and blockchain — A match made in heaven

Opinion by: Merav Ozair, PhD

Tech moguls cannot stop heralding the artificial intelligence revolution — from Bill Gates to Sundar Pichai to Jensen Huang — signaling that agentic AI and robotics will claim our jobs and act as our autonomous assistants performing on our behalf in our professional and personal lives.

Whether these scenarios happen in a few years or are decades away, we will most likely evolve into that future in some manner, and technology, once again, will reshape our lives. Without the support of blockchain technology, however, it would be quite difficult, and potentially impossible, for agentic AI and robotics to evolve to what its proponents expect them to.

If we expect these services and devices to act autonomously, security, privacy, transparency and accountability will be at the top of our minds. These areas are where blockchain shines and can support AI weaknesses to facilitate the scaling and evolution of this vision. 

Blockchain strengths support AI weaknesses

Blockchain technology can significantly bolster the security of AI models by leveraging its key features such as decentralization, immutability, traceability, smart contracts, data privacy and identity verification. For example, but not limited to:

The decentralization aspect eliminates a single point of attack, increasing the resilience of AI models against breaches. 

The immutability of blockchain ensures that the data used in training AI models and the models themselves cannot be illicitly altered, maintaining the integrity of the models. 

Every alteration or decision made by the AI model can be audibly traced through blockchain, providing unparalleled transparency and accountability. 

Smart contracts automate the enforcement of data access and usage rules, preventing unauthorized or unethical use of AI models. 

Smart contracts can ensure that data is only used for training and testing and by authorized personnel, locking the option to be used for other purposes. Combining these rules with multiparty computation could prevent or at least mitigate AI adversarial attacks. 

Blockchain allows secure multiparty computation, ensuring data privacy during AI model training by keeping the data decentralized. 

Blockchain’s secure identity verification enhances the safety of AI systems by preventing unauthorized access. 

Integrating AI with blockchain can establish a secure, transparent, traceable and decentralized AI environment, protecting our privacy, enhancing accountability and manifesting responsible AI.

Transactions: Programmable AI meets programmable blockchain 

AI agents and robotics are programmable. Smart contacts, the driver of digital assets, are programmable. It makes perfect sense that digital assets would be the preferred payment rail for agent-to-human and agent-to-agent, which includes robotics.

Crypto is an internet-native, programmable money with several advantages for powering the agent-based economy. As AI agents become more autonomous and engage in micro-transactions at scale, crypto’s efficiency, borderless nature and programmability will make it the preferred medium of exchange over traditional fiat rails.

Recent: Sentient open-source AI search outperforms GPT-4o and Perplexity

The true intersection of Web3 and agentic AI for financial transactions could emerge through new tokens and protocols tailored for this use case. These could extend stablecoin capabilities by integrating agent-specific functionalities.

In this scenario, payments could be made using a specialized asset that agents can stake for quality control. Slashing policies could penalize poor performance, while validators could resolve disputes based on task quality.

Additionally, agents’ reputations could be directly tied to their token stakes. Incorporating rules via smart contracts enables users to have control over their autonomous workers/assistants, enabling a shutdown or even a “kill switch,” if necessary, when AI agents start behaving dangerously. 

If Goldman Sachs wants to create AI agents that think and act like a seasoned employee in a highly regulated industry and with imperative risk to financial systems and at the extreme financial markets’ stability, it would be vital, not optional, to have these AI agents controlled by programmable tokens.

While this approach requires advancements in both Web3 and agentic AI, it is not as distant as it may seem.

Blockchain development firm Skyfire recently launched a payment platform that allows AI agents to spend money autonomously. Helmed by former Ripple vice president of products and services Amir Sarhangi, the company’s platform enables a business to give a pre-loaded wallet to an AI agent.

The company’s protocol converts the cash into USDC (USDC). In early March, Skyfire brought its payments network that enables AI agents to make autonomous transactions out of beta.

Using digital assets for robotics, VR devices and agentic AI transactions goes beyond a mode of payment for transactions. It could enhance user experience and security and enable endless business models that have never existed.

It would be interesting to see how it all plays out and whether other companies will follow.

There are risk issues to be addressed, however, and we should be mindful of how they are, at the very least, mitigated. This is where we should carefully consider the security measures discussed previously.

Stepping out of “tunnel vision” to a multifaceted approach

There is a lot of focus on the evolution of AI — generative AI, agentic AI, reasoning models, physical world models and more — all focusing on the premise that AI is the sole technology that we need to achieve AI autonomous agents at scale.

This is quite a tunnel vision approach to how products are built, and it is somewhat myopic: not understanding what needs to be accomplished beyond AI models’ advancement for the ecosystem to evolve and scale.

AI, advanced as it can be, cannot stand on its own and needs the support of blockchain technology — a programmable match made in heaven. Therefore, we must act in a multifaceted approach. We should think about and treat AI and Web3 together in terms of innovation, regulation and infrastructure. This is fundamental to the bedrock of a successful agentic economy.

“Dreams are built with solid foundations,” and the time to build them is now.

Opinion by: Merav Ozair, PhD.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Read more at cointelegraph.com

EU could fine Elon Musk’s X $1B over illicit content, disinformation

European Union regulators are reportedly mulling a $1 billion fine against Elon Musk’s X, taking into account revenue from his other ventures, including Tesla and SpaceX, according to The New York Times.

EU regulators allege that X has violated the Digital Services Act and will use a section of the act to calculate a fine based on revenue that includes other companies Musk controls, according to an April 3 report by the newspaper, which cited four people with knowledge of the plan.

Under the Digital Services Act, which came into law in October 2022 to police social media companies and “prevent illegal and harmful activities online,” companies can be fined up to 6% of global revenue for violations.

A spokesman for the European Commission, the bloc’s executive branch, declined to comment on this case to The New York Times but did say it would “continue to enforce our laws fairly and without discrimination toward all companies operating in the EU.”

In a statement, X’s Global Government Affairs team said that if the reports about the EU’s plans are accurate, it “represents an unprecedented act of political censorship and an attack on free speech.”

“X has gone above and beyond to comply with the EU’s Digital Services Act, and we will use every option at our disposal to defend our business, keep our users safe, and protect freedom of speech in Europe,” X’s global government affairs team said.

European Union, Elon Musk

Source: Global Government Affairs

Along with the fine, the EU regulators could reportedly demand product changes at X, with the full scope of any penalties to be announced in the coming months. 

Still, a settlement could be reached if the social media platform agrees to changes that satisfy regulators, according to the Times. 

One of the officials who spoke to the Times also said that X is facing a second investigation alleging the platform’s approach to policing user-generated content has made it a hub of illegal hate speech and disinformation, which could result in more penalties.

X EU investigation ongoing since 2023

The EU investigation began in 2023. A preliminary ruling in July 2024 found X had violated the Digital Services Act by refusing to provide data to outside researchers, provide adequate transparency about advertisers, or verify the authenticity of users who have a verified account.

Related: Musk says he found ‘magic money computers’ printing money ‘out of thin air’

X responded to the ruling with hundreds of points of dispute, and Musk said at the time he was offered a deal, alleging that EU regulators told him if he secretly suppressed certain content, X would escape fines. 

Thierry Breton, the former EU commissioner for internal market, said in a July 12 X post in 2024 that there was no secret deal and that X’s team had asked for the “Commission to explain the process for settlement and to clarify our concerns,” and its response was in line with “established regulatory procedures.” 

Musk replied he was looking “forward to a very public battle in court so that the people of Europe can know the truth.”

European Union, Elon Musk

Source: Thierry Breton

Magazine: XRP win leaves Ripple a ‘bad actor’ with no crypto legal precedent set

Read more at cointelegraph.com

Coinbase Institutional files for XRP futures trading with CFTC

US crypto exchange Coinbase has filed with the US Commodity Futures Trading Commission (CFTC) to launch futures contracts for Ripple’s XRP token.

“We’re excited to announce that Coinbase Derivatives has filed with the CFTC to self-certify XRP futures — bringing a regulated, capital-efficient way to gain exposure to one of the most liquid digital assets,” stated Coinbase Institutional on April 3. 

The firm added that it anticipates the contract going live on April 21.

According to the certification filing, the XRP (XRP) futures contract will be a monthly cash-settled and margined contract trading under the symbol XRL.

The contract tracks XRP’s price and is settled in US dollars. Each contract represents 10,000 XRP, currently worth about $20,000 at $2 per token.

Contracts can be traded for the current month and two months ahead, and trading will be paused as a safety measure if spot XRP prices move more than 10% in an hour. 

“The exchange has spoken with FCMs (Futures Commission Merchants) and market participants who support the decision to launch a XRP contract,” the firm stated. 

Coinbase is not the first to launch XRP futures in the United States. In March, Chicago-based crypto exchange Bitnomial announced the launch of the “first-ever CFTC-regulated XRP futures in the US.” 

XRP futures trading is available on many of the world’s leading centralized crypto exchanges, such as Binance, OKX, Bybit and BitMEX. 

Funding rates remain negative

In late March, Cointelegraph reported that XRP derivatives’ funding rates had flipped negative as investor sentiment turned bearish. 

Related: XRP funding rate flips negative — Will smart traders flip long or short?

Funding rates are periodic payments between traders in perpetual futures markets that help keep the futures price aligned with the spot price. Positive funding rates mean that long traders (buyers) pay short traders, while negative funding rates mean short traders (sellers) pay long traders. 

When funding rates go negative, it means short traders are willing to pay a premium to maintain their positions, indicating strong conviction from bearish derivatives traders. 

XRP funding rates remained negative on major derivatives exchanges as of April 4, according to CoinGlass. 

Coinbase Institutional files for XRP futures trading with CFTC

XRP OI-weighted funding rates. Source: CoinGlass

Magazine: XRP win leaves Ripple a ‘bad actor’ with no crypto legal precedent set

Read more at cointelegraph.com

Altcoins are set for one last big rally, but just a few will benefit — Analyst

Altcoins may have just one last rally this cycle, but only those with real utility and strong network activity will see price gains, according to an analyst. 

“I think there will be one more breadth thrust from altcoins. The question is, is it a sustained rally that we will see for six to twelve months,” Real Vision chief crypto analyst Jamie Coutts told Real Vision co-founder Raoul Pal on an April 3 X livestream.

Network activity will be the ‘north star’ for how to trade crypto

“At this stage, I am not too sure, but I do believe that quality altcoins where activity returns, activity drives prices …we will definitely see a recovery in some of these more high-quality names,” Coutts said.

Cointelegraph reported in January that there were over 36 million altcoins in existence. However, Ethereum still holds the majority share of total value locked (TVL) with 55.56%, followed by Solana (6.89%), Bitcoin (5.77%), BNB Smart Chain (5.68%), and Tron (5.54%), according to CoinGecko data.

Coutts said traders should watch where the network activity “is gravitating” and use that as their “north star” for how to trade in crypto, adding he sees an altcoin market upswing within the next two months. 

“I’m expecting by June to see altcoins really start to pick up again. Predicated on the fact that Bitcoin is back at all-time highs by that point.”

On March 28, Coutts told Cointelegraph that Bitcoin could reach all-time highs before the end of Q2 regardless of whether there is more clarity on US President Donald Trump’s tariffs and potential recession concerns.

Cryptocurrencies, Markets

The total crypto market cap is down around 8% over the past 30 days. Source: CoinMarketCap

Blockchain network activity across the board has recently experienced sharp declines amid a broader crypto market downturn. On Feb. 21, Cointelegraph reported that the number of active addresses on the Solana (SOL) network fell to a weekly average of 9.5 million in February, down nearly 40% from the 15.6 million active addresses in November 2024.

Altcoin indicators are flashing red

Meanwhile, several key indicators the crypto industry uses to determine an incoming altcoin season suggest it’s still nowhere in sight.

Capriole Investments’ Altcoin Speculation Index has dropped to 12%, down 53% since Dec. 25, the same period during which Ether fell 49% from $3,490, according to CoinMarketCap data.

Related: When will altseason arrive? Experts reveal what’s holding back altcoins

CoinMarketCap’s Altcoin Season Index, which measures the top 100 cryptocurrencies against Bitcoin’s performance over the past 90 days, is reading a score of 14 out of 100, leaning toward a more Bitcoin-dominated market, referring to it as “Bitcoin Season.”

Cryptocurrencies, Markets

The Altcoin Season Index Chart is sitting at 14 at the time of publication. Source: CoinMarketCap

However, while Bitcoin dominance — a level often watched for retracements that signal an altcoin season — sits at 62.84%, some analysts argue it’s no longer as relevant as a signal for altcoin season.

CryptoQuant CEO Ki Young Yu recently said that Bitcoin Dominance “no longer defines altseason — trading volume does.”

Magazine: New ‘MemeStrategy’ Bitcoin firm by 9GAG, jailed CEO’s $3.5M bonus: Asia Express

This 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.

Read more at cointelegraph.com

Genius Group says it’s been banned from buying more Bitcoin

Singapore-based artificial intelligence firm Genius Group says it’s temporarily barred from expanding its Bitcoin treasury after a US court order has banned it from selling shares, raising funds and using investor funds to buy more Bitcoin.

A New York District court issued the preliminary injunction (PI) and temporary restraining order (TRO) on March 13 in connection with a broader dispute surrounding its merger with Fatbrain AI, the Genius Group said in an April 3 statement.

Fatbrain AI and Genius Group completed a merger and purchase agreement in March 2024, but by Oct. 30, Genius initiated arbitration procedures to terminate, alleging fraud by Fatbrain AI executives connected to the deal.

Genius Group says it’s been banned from buying more Bitcoin

Source: Roger James Hamilton

In February, Fatbrain AI executives Michael Moe and Peter Ritz filed for the TRO and permanent injunction, blocking Genius Group from selling its shares, raising funds and buying more Bitcoin pending the arbitration outcome. 

The injunction has forced Genius Group to close divisions, halt marketing activities and sell 10 Bitcoin (BTC) from its stash of 440, worth over $23 million at current prices, to continue funding its operations. The firm hasn’t ruled out more sales in the future.

“Genius is taking all necessary measures to minimize Bitcoin sales but anticipates that it will need to downsize its Bitcoin Treasury in the coming months in the event the PI remains in place,” the firm said.

Fatbrain AI shareholders also filed two lawsuits against Fatbrain AI executives, including Moe and Ritz, and Genius Group, in April 2024, alleging violation of federal securities laws in connection with the merger, ASX law said in an October statement. 

Genius Group says it’s been banned from buying more Bitcoin

Two shareholder lawsuits against Fatbrain AI alleged conduct during the merger was fraudulent, which defrauded shareholders of $30 million. Source: ASX Law

Genius Group was subsequently voluntarily dismissed from the suits on Feb. 14. 

Genius Group claims it’s breaking Singapore law by following order 

Genius Group says the US court injunction has also forced it to break Singapore law by halting share compensation to employees as part of its employment agreements.

“We never dreamed that it was possible that a US court could block the company from being able to issue shares, raise funds or buy Bitcoin — all actions that would normally be decided by a public company’s shareholders or Board rather than a court,” said Genius Group CEO Roger James Hamilton.

Related: Rumble embraces Trump-era crypto strategy with $17M BTC purchase

He said the firm will “continue to fly the flag for Bitcoin,” even when legally banned from building out its treasury.

Fatbrain AI didn’t immediately respond to Cointelegraph’s request for comment.

Artificial intelligence firm Genius Group first announced in November 2024 that it had taken the first steps to build a Bitcoin treasury by purchasing 110 Bitcoin for $10 million.

The firm had earlier announced its overall goal of committing 90% or more of its current and future reserves to be held in Bitcoin, with an initial target of $120 million, which saw the stock price surge by 66%. 

Genius Group’s share price is down 9.80% in the last trading session to $0.23, with a further 3.74% drop after the bell to $0.22, Google Finance data shows.

Cryptocurrencies, Singapore, United States, Stocks, Court

Genius Group’s share price went down during the last trading session and after the bell. Source: Google Finance 

The stock hit an all-time high of over $96 in June 2022 but has since lost over 99% of its value. 

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Binance co-founder Changpeng Zhao to advise Kyrgyzstan on blockchain tech

Former Binance CEO Changpeng “CZ” Zhao will begin advising the Kyrgyz Republic on blockchain and crypto-related regulation and tech after signing a memorandum of understanding with the country’s foreign investment agency.

“I officially and unofficially advise a few governments on their crypto regulatory frameworks and blockchain solutions for gov efficiency, expanding blockchain to more than trading,” the crypto entrepreneur said in an April 3 X post, adding that he finds this work “extremely meaningful.”

His comments came in response to an earlier X post from Kyrgyzstan President Sadyr Zhaparov announcing that Kyrgyzstan’s National Investment Agency (NIA) had signed a memorandum with CZ to provide technical expertise and consulting services for the Central Asian country.

The NIA is responsible for promoting foreign investments and assisting international companies in identifying business opportunities within the country.

Binance co-founder Changpeng Zhao to advise Kyrgyzstan on blockchain tech

Source: Changpeng Zhao

“This cooperation marks an important step towards strengthening technological infrastructure, implementing innovative solutions, and preparing highly qualified specialists in blockchain technologies, virtual asset management, and cybersecurity,” Zhaparov said.

The Kyrgyzstan president added: “such initiatives are crucial for the sustainable growth of the economy and the security of virtual assets, ultimately generating new opportunities for businesses and society as a whole.”

Kyrgyzstan, which officially changed its name from the Republic of Kyrgyzstan to the Kyrgyz Republic in 1993, is a mountainous, land-locked country.

It is considered well-suited for crypto mining operations due to its abundant renewable energy resources, much of which is underutilized.

Over 30% of Kyrgyzstan’s total energy supply comes from hydroelectric power plants, but only 10% of the country’s potential hydropower has been developed, according to a report by the International Energy Agency.

CZ has met with several other state officials in Asia

Malaysia also recently tapped CZ for guidance on crypto-related matters, with Prime Minister Anwar Ibrahim meeting him personally in January.

CZ has also met with officials in the UAE and Bitcoin-stacking country Bhutan — however, it isn’t clear what those meetings entailed.

Related: Is Bitcoin’s future in circular economies or national reserves?

CZ’s latest pursuits come a little over six months after he was released from a four-month prison sentence in the US for violating several anti-money laundering laws.

Since being released, CZ has made investments in blockchain tech, artificial intelligence and biotechnology companies.

CZ also recently donated 1,000 BNB (BNB) — worth almost $600,000 — to support earthquake relief efforts in Thailand and Myanmar after the natural disaster in late April.

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