01/04/2024. Weekly CryptoNews Digest (March, 25 – March, 31)

Hello guys. It’s Monday again so as usual I’ll be serving up the latest reports of crypto news, insights, and analysis from the last week, so be sure to stay tuned.

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Meantime, it’s time to go back to the main focus of what the MNO blog is all about these days – the crypto world. You might remember that since its inception in 2007, the MNO blog has been a go-to resource for insightful information and lively discussions on a wide range of topics.

My passion for keeping up-to-date with the latest developments in the crypto space has only grown stronger over time, and I’m excited to continue sharing my thoughts and insights with this knowledgeable and engaged community.

As a regular feature now I have the Weekly CryptoNews Digest, a comprehensive roundup of the most significant news and developments in the world of cryptocurrencies from the past week. By staying informed with this digest, you can rest assured that you won’t miss out on any crucial updates or trends in this dynamic and rapidly evolving industry.

Before we dive into the exciting world of crypto news from last week, I just wanted to remind everyone that I’m still here to answer all your burning questions!

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Get ready for an exciting journey as we delve into the latest and greatest crypto news from March 25th to March 31st, 2024! In this edition of the MNO Weekly CryptoNews Digest, we’ll be diving into the most noteworthy market trends, industry rumors, and essential updates.

So, without further ado, let’s dive into the exciting world of cryptocurrencies! What are you waiting for? Join me on this thrilling journey, and together, we’ll explore the dynamic, ever-changing landscape of crypto. Get ready for a wild ride full of twists and turns!

SAM BANKMAN-FRIED RECEIVED 25 YEARS IN PRISON

I guess the most talked about case in the crypto industry last week was the sentencing of the infamous Sam Bankman-Fried, the founder of the FTX crypto exchange service.

Here are the details regarding the sentencing of Sam “SBF” Bankman-Fried, the former CEO of FTX:

– Sentence: Sam Bankman-Fried has been sentenced to 25 years in prison by Judge Lewis Kaplan of the U.S. District Court for the Southern District of New York. This significant sentence comes after his conviction on seven felony charges related to his actions at FTX.

– Background: Sam Bankman-Fried was the CEO of the cryptocurrency exchange FTX. However, he faced legal consequences due to his involvement in fraudulent activities that resulted in the loss of billions of dollars from customers.

– Apology and Haunting Decisions: During the sentencing hearing, Bankman-Fried issued a meandering statement to the court, expressing remorse and acknowledging that his decisions continue to “haunt” him every day. His parents, Barbara Fried and Joseph Bankman, also expressed their heartbreak and commitment to fighting for their son.

– Comparison to Other Cases: Notably, some in the crypto community have contrasted Bankman-Fried’s sentence with that of Ross Ulbricht, the founder of the shuttered dark market site Silk Road. Ulbricht received a life sentence in 2015 for his role in operating Silk Road, which allowed users to buy and sell various items, including drugs and hacking tutorials, using bitcoin.

– Prosecutors’ Request: Prosecutors had initially sought a longer sentence of 40-50 years for Bankman-Fried. However, his defense argued that a sentence of no more than six and a half years would be appropriate for a non-violent first-time offender.

In summary, Bankman-Fried’s sentencing has elicited mixed reactions within and outside the crypto space, with some emphasizing the severity of the sentence and others drawing comparisons to other high-profile cases. The impact of this decision reverberates through the financial and crypto communities, serving as a warning to those tempted to engage in financial crimes.

BUTERIN SHARES NEXT STEPS FOR ETHEREUM PURGE

Vitalik Buterin was in the news again last week and for a reason. Here is what we know so far about Vitalik Buterin’s plans for the Ethereum Purge:

The Purge in a Nutshell
– Aims to streamline the Ethereum protocol by reducing historical data storage.
– This will lighten the load on node operators (computers that maintain the network) and minimize the technical debt that burdens the Ethereum system.
– Think of it as a cleanup effort to make Ethereum more efficient.

Key Steps of the Purge
– EIP-4444: This Ethereum Improvement Proposal (EIP) introduces the concept of history expiration. Essentially, it limits the amount of historical data the network stores.
– Pruning Old Blocks: With EIP-4444, nodes will have the option to prune, or discard, blocks older than a specific timeframe (possibly a year).

Further Developments
– EIP-6780 (Implemented): This recent improvement streamlines a part of the Ethereum code (SELFDESTRUCT opcode) which simplifies the protocol and improves node operation.
– Potential SELFDESTRUCT Removal: Buterin hopes a future EIP will entirely eliminate the SELFDESTRUCT code, further simplifying the system.

Overall Impact
– The Purge is a crucial step for Ethereum’s future, making it more scalable and efficient.
– It reduces storage requirements for node operators, potentially encouraging more people to participate in running the network.

GOOGLE’S INCLUSION OF BITCOIN BALANCES SPARKS DEBATE

The recent Google’s decision to show Bitcoin wallet balances directly in search results has caused controversy around user privacy. Some people view it as a positive step towards making cryptocurrency more accepted.

– Increased Accessibility: Supporters of the update say it improves accessibility by allowing users to easily check their Bitcoin balances on Google Search [Google Bitcoin wallet balance]. This convenience factor could contribute to wider adoption of cryptocurrency.

– Privacy Concerns: On the other hand, privacy-focused Bitcoin users are concerned that this centralizes a lot of data with Google. By having the ability to search blockchain information and display wallet balances, Google gains a much bigger picture of users’ financial activities. This raises questions about how this data might be used and the potential for security breaches.

Overall, the debate reflects the ongoing tension between the desire for wider cryptocurrency adoption and the importance of user privacy in the digital age.

BITCOIN ETFS ON THE RISE

In just 54 days of being on the market, spot Bitcoin ETFs, with the exception of Grayscale, have already accumulated a total of $35 billion in Bitcoin.

Here’s a breakdown of the news about new Bitcoin ETFs and Grayscale’s Bitcoin Trust (GBTC):

Rise of New Bitcoin ETFs:
– Nine new spot Bitcoin ETFs launched in January 2024 have collectively accumulated over 500,000 Bitcoins.
– This represents a significant milestone, accounting for roughly 2.54% of the current circulating supply of Bitcoin.
– The rapid growth in holdings indicates strong investor interest in these new ETFs as a way to gain exposure to Bitcoin.

GBTC Outflows Ease Up:
– Grayscale’s Bitcoin Trust (GBTC), the world’s largest crypto asset manager, had been experiencing outflows since its conversion into an ETF in mid-January.
– However, the outflows have slowed down recently, offering some relief.
– This slowdown could be due to various factors, including increased investor confidence in GBTC or a temporary pause in redemptions.

Key Points to Consider:
– The combined holdings of new Bitcoin ETFs and GBTC represent nearly 4% of the entire Bitcoin supply, highlighting the growing institutional investment in cryptocurrency.
– While GBTC outflows have slowed, it’s unclear if this is a long-term trend or a temporary reprieve. Some analysts believe outflows might stop once a specific percentage of outstanding shares are redeemed.

PRISMA FINANCE EXPLOITED IN $10M BREACH

Decentralized finance (DeFi) protocol Prisma Finance was exploited in a DeFi attack on March 28, 2024, resulting in roughly $10 million worth of cryptocurrency stolen.

Here’s a quick recap of the incident:
– Attack Detection: On-chain security alert provider Cybers first identified the suspicious transactions linked to Prisma Finance [on-chain security alert provider].
– Exploited Funds: The initial reports suggested losses around $9 million, but an additional $1 million in fraudulent transactions were detected shortly after, bringing the total to nearly $10 million.
– Protocol Response: Prisma Finance promptly paused all protocol operations to conduct a thorough investigation [Prisma Finance exploited].

Current Status (as of April 1, 2024):
There haven’t been any major updates reported since late March. It’s likely that Prisma Finance is still in the investigation phase, trying to understand the exploit and identify the culprit(s).

BIDEN ADMINISTRATION TRIES TO SAFEGUARD AI USE

I know this might be drifting slightly off topic now, but bear with me. I think this is relevant since the world of crypto becomes more and more intertwined with that of AI, or artificial intelligence. A policy regarding safeguards for AI use in government agencies was announced by the White House on March 28, 2024. Here’s a breakdown of the key points:

– Focus on Safeguarding Rights and Safety: The primary goal is to ensure AI applications used by federal agencies don’t infringe on American citizens’ rights or compromise their safety.
– Implementation Deadline: Federal agencies have until December 1, 2024, to establish these specific safeguards.
– Safeguard Details: The White House fact sheet mentions “concrete safeguards” which will likely involve a range of measures. These could include:
– Rigorous testing and assessment of AI systems before deployment.
– Monitoring for potential biases or discriminatory outcomes.
– Transparency measures to inform the public about how AI is being used by the government.

Overall Impact:
This policy signifies a significant step towards ensuring responsible and trustworthy use of AI within the US government. It highlights the growing awareness of potential risks associated with AI and the need for proactive measures to mitigate them.

Thanks for reading this week’s edition of the MNO Weekly CryptoNews Digest! To all subscribers, commenters, and participants in the discussion – your engagement is what keeps this blog alive, and I am grateful for your support.

Just a heads up that I’ll be back next Monday with the latest crypto news and price trends for the Weekly CryptoNews Digest. Catch you all next week on MNO – For Money Lovers!