TLDR:

• Cybercrime Atlas produced 13 intelligence packages and 17,000 vetted data points for four major operations. 
• Operations across 19 African countries resulted in 1,209 arrests and identified over 120,000 victims. 
• Research-driven approach recovered $97 million and disrupted $678 million worth of criminal activities. 
• Over 30 organizations collaborate using open-source intelligence to map criminal network choke points.

Cybercrime Atlas has successfully converted research intelligence into concrete law enforcement operations during 2024 and 2025.

The initiative produced 13 intelligence packages and vetted 17,000 actionable data points that powered four major cross-border campaigns.

These coordinated efforts resulted in 1,209 arrests and recovered $97 million from criminal activities. The research-driven approach enabled law enforcement to disrupt $678 million worth of illicit operations across multiple continents.

Intelligence Gathering Powers Multi-National Operations

The Cybercrime Atlas community developed a structured methodology to transform fragmented research into unified action.

Over 30 organizations contributed open-source intelligence that mapped cybercriminal networks and infrastructure. Each intelligence package underwent community vetting before reaching law enforcement partners.

This research directly supported INTERPOL’s Operations Serengeti and Serengeti 2.0 across 19 African countries. The intelligence identified critical infrastructure including malicious domains, crypto wallets, and physical equipment used by criminal networks. Law enforcement agencies used these mapped connections to coordinate simultaneous takedowns.

Binance announced the results through X, highlighting how structured collaboration helps identify criminal infrastructure.

The World Economic Forum launched the initiative in 2023 to bridge private sector research with public enforcement capabilities. Open-source intelligence allows cross-border data sharing without violating privacy or legal constraints.

Research Group Identifies Criminal Choke Points

The Cybercrime Atlas established a Research and Mapping Group in 2025 to enhance operational effectiveness. Banco Santander, Group-IB, Binance, and Orange Cyberdefense initially led the group. Mastercard, Recorded Future, SpyCloud, and TNO joined later to expand research capabilities.

This group focuses on identifying choke points within criminal ecosystems where disruption creates maximum impact. Researchers analyze digital traces across compromised domains, social accounts, and payment channels. Technical tools from Maltego, ShadowDragon, and Silent Push enable efficient data correlation and visualization.

The methodology connects seemingly unrelated digital evidence into coherent maps of criminal operations. Researchers track infrastructure patterns and financial flows to reveal network vulnerabilities.

This systematic approach allows law enforcement to target nodes that weaken entire criminal organizations rather than individual actors.

Operational Results Validate Research-Driven Approach

The intelligence-to-action model produced measurable outcomes across multiple jurisdictions during the reporting period. Operations identified more than 120,000 victims and neutralized key criminal infrastructure.

INTERPOL Cybercrime Director Neal Jetton acknowledged the effectiveness of this collaborative framework, stating that the initiative “creates a force multiplier against cybercrime,” turning intelligence insights into measurable results.

Binance’s security teams contributed foundational research, link analysis, and attribution insights for intelligence packages.

The company’s work focused on mapping criminal networks exploiting cryptocurrency infrastructure. Erin Fracolli, Binance’s Global Head of Intelligence and Investigations, emphasized the strategic value of collaborative frameworks in securing digital ecosystems.

“Partnerships like the Cybercrime Atlas are critical to securing the digital-asset space and the broader digital environment,” Fracolli noted.

The initiative also expanded into capacity building, training law enforcement personnel from over 40 countries. Programs in Bangkok and Panama taught investigators how to apply private-sector intelligence in active cases.

The Cybercrime Atlas partnership with STOP THE TRAFFIK now integrates human trafficking data into cybercrime mapping efforts.

Cardano has shown early signs of stabilization after weeks of pressure. The ADA price is attempting a bounce from recent lows. Market data suggests the recovery is being supported by two key investor groups.

Large holders and long-term investors appear to be stepping in. Their activity is shaping short-term sentiment around the altcoin. As volatility persists across the crypto market, these cohorts may play a decisive role in ADA’s next move.

Sponsored

Sponsored

Cardano Holders Are Seemingly Bullish

On-chain data indicates that Cardano whales have been consistently supportive. Addresses holding between 10 million and 100 million ADA have accumulated heavily in recent days. These wallets added more than 220 million ADA, valued at over $61 million at the time of writing.

Such accumulation during price weakness often reflects strategic positioning. Whales likely took advantage of discounted prices. Their buying signals conviction in ADA’s recovery potential.

Large-scale accumulation can also reduce circulating supply, which may support price stability in the near term.

Want more token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here.

Beyond whale activity, long-term holders are reinforcing confidence. The Mean Coin Age metric, which tracks the average age of circulating coins, has been steadily increasing. This indicator reflects whether older coins are moving or remaining dormant.

During bear markets, a decline in Mean Coin Age often signals transactions and potential selling. However, the current rise places the metric at a three-month high.

Sponsored

Sponsored

This suggests long-term holders are opting to HODL rather than liquidate positions. Sustained dormancy typically indicates expectations of future ADA price appreciation.

ADA Price Breach On The Cards

Cardano price is trading at $0.278 at the time of writing. The altcoin is attempting to secure the $0.271 level, which aligns with the 23.6% Fibonacci Retracement. Holding this support would strengthen the bullish structure. A confirmed rebound could open the path toward $0.303.

Whale accumulation combined with long-term holder conviction may inject needed stability. If buying pressure continues, ADA could extend gains beyond $0.303.

The next resistance stands near $0.354. A decisive move above that zone could push Cardano toward $0.391, reinforcing recovery momentum.

However, risks remain in volatile market conditions. If ADA fails to breach $0.303, sellers may regain control. Renewed pressure could force the price below the $0.271 support again.

A breakdown would likely expose $0.245 as the next downside target, invalidating the current bullish outlook.

TLDR:

• Ethereum trades at $1,943, testing the lower boundary of an ascending channel established since 2020 lows. 
• Technical analysis projects potential $7,000 target representing 260% upside if current support holds firm. 
• Weekly close below $1,850 could invalidate the multi-year pattern and trigger decline toward $1,200-$1,500. 
• Asymmetric risk-reward profile shows 20-30% downside risk versus 260% upside potential at channel boundary.

Ethereum is trading at a crucial support level near $1,943, according to recent technical analysis. Market observers are watching closely as the cryptocurrency tests the lower boundary of a multi-year ascending channel.

A successful bounce from this level could set the stage for a substantial rally. However, a breakdown below current support may trigger extended weakness across the market.

Channel Structure Points to Binary Outcome

The ascending channel pattern has guided Ethereum’s price action since 2020 when the asset traded around $80 to $100. This technical formation has demonstrated remarkable consistency over the past four years.

Traders have observed multiple respected touches of both upper and lower boundaries throughout this period. Each interaction with the channel’s lower trendline has historically presented buying opportunities.

Technical analyst Bitcoinsensus recently highlighted this setup on X, noting the critical nature of current price levels. The analysis emphasizes how Ethereum has formed a series of higher lows within the channel structure.

These formations confirm the pattern remains intact despite periodic volatility. The 2022 bear market brought a brutal test of the lower boundary, yet the channel held.

Current market conditions place Ethereum at the channel’s lower edge, creating what analysts describe as a high-conviction zone.

The price sits at approximately $1,943 as of writing, marking the last line of defense for the bullish macro structure. Trading volume and momentum indicators will prove essential in determining whether this support level holds firm.

The measured move methodology applied to this channel structure projects a potential target around $7,000. This represents roughly 260% upside from current trading levels.

Such projections rely on the assumption that the channel pattern continues to govern price behavior. Market participants are now weighing the probability of this outcome against alternative scenarios.

Path Forward Presents Asymmetric Risk Profile

Should Ethereum successfully defend current support levels, the projected path involves several intermediate milestones. An initial bounce would need to reclaim the $2,500 to $2,800 resistance zone that previously served as support.

Subsequently, breaking through the $3,500 to $4,000 range becomes necessary to confirm bullish momentum. The previous cycle high near $4,800 to $5,000 would then come into focus before any upper channel breakout.

The analysis notes what appears to be a recent “fakeout” below support levels, potentially representing a liquidity grab. Such price action often precedes genuine directional moves in cryptocurrency markets.

Volume profiles during any bounce will provide critical information about the strength of buying interest. Additionally, Ethereum rarely sustains independent rallies without corresponding Bitcoin strength.

Risk factors remain present despite the compelling technical setup currently in view. A weekly close below $1,850 would invalidate the multi-year channel pattern entirely.

Breakdown scenarios could push Ethereum toward the $1,200 to $1,500 range based on historical support zones. Broader macro conditions including recession fears or liquidity constraints could override technical considerations.

The risk-reward profile appears asymmetric at current levels according to proponents of this technical view. Downside risk to channel invalidation measures approximately 20% to 30% from present prices.

Conversely, upside potential to the projected target exceeds 260% should the pattern play out. This calculation assumes the channel structure maintains its historical validity and market conditions remain supportive of risk assets.

TLDR:

• Fear and Greed Index drops to 8, matching extreme levels seen during 2018, 2020, and 2022 market bottoms
• Whale accumulation activity increases despite negative sentiment, creating divergence that preceded past rallies
• Behavioral finance principles show loss aversion and herd behavior drive extended sentiment recovery periods
• Major investors including MicroStrategy and ARK continue building positions during the extreme fear phase

The Fear and Greed Index for cryptocurrency markets has dropped to extreme fear territory, registering a reading of 8 according to recent market data.

This sentiment indicator, which tracks Bitcoin-centered market psychology through multiple metrics, has reached levels historically associated with major market bottoms.

The current reading reflects widespread investor caution and risk aversion across the digital asset space. Meanwhile, on-chain data suggests large holders continue to accumulate positions despite the prevailing negative sentiment.

Historical Patterns Point to Extended Bottom Formation

The Crypto Fear & Greed Index provided by Alternative.me combines several market factors to gauge investor sentiment.

These components include price volatility, trading volume, social media activity, Bitcoin dominance, and Google search trends. The index transforms these data points into a single metric that reflects overall market psychology.

Current extreme fear readings mirror conditions seen during previous major market stress events. The 2018 bear market bottom, the March 2020 pandemic crash, and the 2022 FTX collapse all displayed similar sentiment levels.

During each episode, the index fell below 10 as participants prioritized capital preservation over growth opportunities.

Cryptoquant researcher XWIN Research Japan notes that behavioral finance principles explain the current market state. Loss aversion drives investors to reduce exposure after experiencing portfolio declines.

Herd behavior reinforces this pattern as market participants collectively withdraw from risk assets. Consequently, sentiment typically recovers at a slower pace than price movements.

Source: Cryptoquant

The analysis emphasizes that extreme fear does not guarantee immediate market recovery. Historical data shows these conditions often mark the early stages of bottom formation rather than trend reversals.

Market confidence and capital inflows require time to rebuild after significant drawdowns. This suggests the current phase represents a psychological reset period for crypto markets.

Accumulation Activity Emerges Despite Negative Sentiment

Trader Kyle Chassé observed on social media that whale accumulation patterns have emerged alongside the extreme fear reading.

He noted that this divergence between sentiment and large holder behavior has preceded major Bitcoin bottoms in previous cycles. The combination of retail fear and institutional buying has historically signaled favorable risk-reward conditions.

Several prominent market participants have increased their cryptocurrency exposure recently. MicroStrategy’s Michael Saylor has publicly stated his intention to acquire additional Bitcoin.

Investment firm ARKd has purchased shares of cryptocurrency-related equities during the recent decline. Analyst Tom Lee indicated he would increase allocations if Ethereum reached specific lower price targets.

These accumulation patterns contrast sharply with the fearful sentiment reflected in the index. Large holders often build positions when retail investors exit the market.

This counter-cyclical behavior has characterized previous market bottoms across multiple asset classes. The current environment displays similar dynamics between different investor cohorts.

Market observers note that extreme sentiment readings alone do not determine timing for recovery. However, the combination of oversold conditions and whale accumulation has historically preceded bull market phases.

The cryptocurrency market remains in a consolidation period as prices stabilize and sentiment gradually improves.

Stablecoins were supposed to be the “boring” part of crypto. No volatility. No drama. Just digital dollars moving at internet speed.

Instead, they’ve quietly become one of the most important—and controversial—financial experiments of the decade.

Behind the scenes, stablecoins are starting to look a lot like shadow banks.

What Is Shadow Banking?

“Shadow banking” isn’t illegal banking. It refers to financial intermediaries that perform bank-like activities—without being regulated like traditional banks.

Think:

These institutions:

No deposit insurance.
No direct central bank backstop.
Plenty of systemic risk if something breaks.

Sound familiar?

How Stablecoins Mimic Banks

Take giants like:

Here’s what they do:

1. Accept dollars from users

2. Issue digital tokens pegged 1:1

3. Invest reserves into yield-bearing assets
   (Treasuries, repo agreements, cash equivalents)

That’s deposit-taking and asset management—core banking functions.

The difference?
They aren’t chartered banks.

The Maturity Mismatch Problem

Traditional banks borrow short (deposits) and lend long (loans).
This creates liquidity risk.

Stablecoins claim to hold high-quality liquid assets—primarily short-term U.S. Treasuries. But if redemptions spike during panic, they face the same stress dynamic:

We saw shades of this during the 2022 depegging episodes—notably with algorithmic designs like TerraUSD, which collapsed spectacularly (though it lacked traditional backing).

Even asset-backed models face redemption pressure risk.

The Treasury Market Connection

Here’s where it gets interesting.

Stablecoin issuers are now among the largest buyers of short-term U.S. Treasuries. Some reports have placed Tether among the top global holders.

That means:

Crypto liquidity
→ flows into Treasuries
→ supports U.S. government financing

Stablecoins aren’t just crypto plumbing anymore.
They’re plugged into global macro finance.

If large-scale redemptions occur, forced Treasury sales could ripple into traditional markets.

That’s textbook shadow banking spillover risk.

Regulatory Gray Zone

Banks must:

Stablecoin issuers?
Regulation varies by jurisdiction. Oversight is patchwork. Some operate through money transmitter licenses rather than full banking charters.

Governments are now racing to respond. The U.S., EU, and Asia are all drafting or implementing frameworks to bring stablecoins closer to traditional prudential standards.

The debate is simple:

Are stablecoins payment tools?
Money market funds?
Narrow banks?
Or systemic shadow banks?

Why This Matters

Stablecoins power:

They solve real problems:

• Faster settlement

• Lower fees

• Global accessibility

But scale changes everything.

When billions turn into hundreds of billions, stability becomes a public concern.

Shadow banking historically grows during financial innovation cycles—until a crisis exposes structural weaknesses.

Stablecoins may be early in that arc.

The Bull Case

Some argue stablecoins are safer than banks because:

• Reserves are primarily short-term Treasuries

• No risky lending books

• Transparency reports are increasing

• On-chain flows are auditable

In this view, stablecoins represent a leaner, programmable form of narrow banking.

The Bear Case

Critics warn:

If confidence breaks, digital bank runs happen faster than physical ones.
Panic spreads at blockchain speed.

The Future: Bank, Fund, or Something New?

Three possible paths:

1. Full Bank Model
   Stablecoin issuers obtain banking licenses.

2. Money Market Regulation Model
   Treated like cash-equivalent funds.

3. Hybrid Regulated Digital Cash Model
   Custom framework recognizing blockchain-native design.

The decision will shape the next decade of digital finance.

Final Take

Stablecoins aren’t just a crypto convenience anymore.

They:

• Warehouse billions in Treasuries

• Provide dollar access globally

• Operate outside traditional banking charters

• Influence liquidity across markets

That’s not a niche experiment.
That’s shadow banking in digital form.

And history shows shadow banking only stays in the shadows—until it doesn’t.

REQUEST AN ARTICLE

Crypto asset manager Grayscale filed for regulatory approval to convert its trust tracking the token of the decentralized lending protocol Aave into an exchange-traded fund (ETF).

The company filed a Form S-1 registration statement with the Securities and Exchange Commission on Friday, saying it intends to convert the trust and rename it the Grayscale Aave Trust ETF.

Grayscale added that it plans to list the fund on NYSE Arca, one of the most popular exchanges for trading ETFs, under the ticker “GAVE.” It will charge a 2.5% fee, and Coinbase will serve as both its custodian and prime broker.

Grayscale’s filing is one of several ETFs seeking to track altcoins, suggesting that Wall Street still has an appetite for crypto exposure even amid a market downturn.

Aave is the largest decentralized finance protocol, with over $27 billion in total value locked, according to DefiLlama. The platform allows users to lend and borrow crypto across multiple blockchains, and the AAVE token can be staked to earn yield.

Grayscale joins Bitwise in Aave ETF race

With its filing, Grayscale is the second to seek US regulatory approval for an ETF tied to Aave (AAVE), currently joining only Bitwise in looking to launch a similar fund.

Bitwise filed with the SEC in December to launch the Bitwise AAVE Strategy ETF, among a slew of filings that sought to create ETFs tied to popular altcoins, including Uniswap (UNI) and Zcash (ZEC).

Bitwise’s ETF plans to hold up to 60% of its assets directly in AAVE tokens and at least 40% in securities, such as other ETFs that are exposed to AAVE, while Grayscale’s would hold AAVE tokens directly.

Related: Roundhill’s election prediction ETFs are ‘potentially groundbreaking’: Analyst

The two ETFs are set to be the first in the US to offer direct exposure to Aave, joining a short list of overseas products that have launched to track the token.

In Europe, 21Shares launched an Aave exchange-traded product on the Nasdaq Stockholm in November, several years after Global X launched a similar Aave product in Germany in early 2023.

The AAVE token has traded down 1.6% over the past day to $126 and is more than 80% off its all-time high of nearly $662, reached in May 2021 amid a bull market for altcoins, according to CoinGecko.

Magazine: Getting scammed for 100 Bitcoin led Sunny Lu to create VeChain