Crypto World
Tether Unveils AI System to Run Large Models on Smartphones
Tether, issuer of the world’s largest stablecoin by market cap, USDT, has released a new AI training framework that it says allows large language models to be fine-tuned on consumer hardware, including smartphones and non-Nvidia GPUs.
According to Tuesday’s announcement, the system, part of its QVAC platform, uses Microsoft’s BitNet architecture and LoRA techniques to reduce memory and compute requirements, potentially lowering the cost and hardware barriers to developing AI models.
The framework supports cross-platform training and inference across a range of chips, including AMD, Intel and Apple Silicon, as well as mobile GPUs from Qualcomm and Apple.
Tether said its engineers were able to fine-tune models with up to 1 billion parameters on smartphones in under two hours, and smaller models in minutes, with support extending to models as large as 13 billion parameters on mobile devices.
Built on BitNet, a 1-bit model architecture, the framework can cut VRAM requirements by up to 77.8% compared with similar 16-bit models, according to the company, allowing larger models to run on limited hardware. It also enables LoRA fine-tuning on non-Nvidia hardware for 1-bit models, expanding support beyond the GPUs typically used for AI training.
The company said the performance gains extend to inference, with mobile GPUs running BitNet models several times faster than CPUs. It also pointed to use cases such as on-device training and federated learning, where models can be updated across distributed devices without sending data to centralized servers, potentially reducing reliance on cloud infrastructure.
Related: Messari’s new CEO is doubling down on AI as firm cuts staff
Crypto companies expand into AI, from mining infrastructure to autonomous agents
Tether’s move into AI infrastructure comes as crypto companies have been expanding into compute and machine learning, with activity accelerating across Bitcoin mining and the rise of AI agents.
In September, Google took a 5.4% stake in Cipher Mining as part of a $3 billion, 10-year deal tied to AI data center capacity. In December, Bitcoin miner IREN said it planned to raise about $3.6 billion to fund AI infrastructure.
The trend has continued into 2026. In February, HIVE Digital Technologies reported record revenue of $93.1 million, fueled by growth in its AI and high-performance computing (HPC) operations, while Core Scientific secured a $500 million loan facility from Morgan Stanley in March, with the option to expand it to $1 billion.
The mining sector’s pivot to AI and HPC comes as AI agents, autonomous programs that can transact, interact with services and execute tasks, are gaining momentum across the crypto sector.
In October, Coinbase introduced wallet infrastructure enabling AI agents to conduct onchain transactions. Last month, Alchemy launched a system allowing agents to access blockchain data services using USDC on Base. Also in February, Pantera and Franklin Templeton joined Arena, a platform from Sentient for testing enterprise AI agents.
On Tuesday, World, the identity network co-founded by OpenAI’s Sam Altman, launched AgentKit, a toolkit that allows AI agents to verify they are linked to a unique human using World ID capabilities while making payments via the x402 micropayments protocol.
Magazine: All 21 million Bitcoin is at risk from quantum computers
Crypto World
Most Crypto Assets Won’t Be Securities Under Federal Law
In one of its first actions since signing a memorandum of understanding with the Commodity Futures Trading Commission (CFTC), the US Securities and Exchange Commission (SEC) unveiled a formal interpretation of how non-security crypto assets fall under federal securities laws. The agency framed the move as an essential bridge as Congress debates market-structure legislation that would codify regulatory oversight for digital assets. The interpretation aims to craft a coherent taxonomy for digital commodities, digital collectibles, digital tools, stablecoins, and digital securities, while clarifying when a non-security crypto asset may or may not be considered an investment contract. The timeline places the SEC’s action at a moment of heightened scrutiny of the crypto sector, as federal agencies seek clearer lines amid ongoing legislative debates.
Key takeaways
- The SEC’s interpretation seeks to separate most crypto assets from traditional securities, with only traditional securities that are tokenized remaining subject to securities laws under this framework.
- A formal “token taxonomy” would categorize assets into digital commodities, digital collectibles, digital tools, stablecoins, and digital securities, aiming to reduce ambiguity about jurisdiction and treatment.
- Regulatory coverage would extend to common crypto activity concepts, including airdrops, protocol mining, protocol staking, and the wrapping of a non-security asset.
- The move is framed as a step to provide clear regulatory lines while lawmakers craft market-structure legislation that could expand the SEC’s and CFTC’s oversight over crypto markets.
- The shift follows leadership changes in the SEC enforcement division, with critics arguing the agency’s posture has evolved beyond traditional investor protection toward broader market facilitation for large financial players.
Market context: The interpretation arrives as the U.S. Senate negotiates terms for a digital asset market-structure bill, a process that regulators say would clarify jurisdiction between the SEC and the CFTC and shape how market infrastructure operates in practice.
Why it matters
The SEC’s bid to articulate a taxonomy and boundary lines for crypto assets matters for issuers, exchanges, developers, and investors. By attempting to delineate when a token is a security versus a non-security, the agency aims to reduce regulatory uncertainty that has long clouded token launches, staking protocols, and cross-border activity. The emphasis on a taxonomy that includes digital commodities and stablecoins signals a broader view of what crypto can be within existing securities law, potentially influencing how projects structure token sales, airdrops, and governance mechanisms.
The framing also acknowledges a practical reality: investment contracts can evolve or terminate as projects mature, and the SEC is signaling that not all crypto assets should be treated as securities for their entire lifecycle. The emphasis on a coherent taxonomy is intended to help market participants assess regulatory jurisdiction with greater clarity, especially for novel mechanisms that fall outside traditional securities paradigms. This is a shift from a posture that some participants perceived as sweeping, toward a more granular approach that aligns regulatory focus with the economic function of a given asset.
At the same time, the announcement intersects with political dynamics shaping crypto policy. By stressing that most crypto assets are not securities under the proposed interpretation, the SEC appears to push back against the notion of universal securities regulation for digital assets while reaffirming that certain traditional securities, when tokenized, remain within the securities framework. The agency underscored that this interpretive stance is meant to complement, not replace, ongoing legislative efforts in Congress to codify market oversight. As a practical matter, market participants will be watching how this interpretive framework interacts with future rulemaking and enforcement decisions, particularly around complex products and protocols that blend finance with decentralized technology.
The SEC’s remarks and the accompanying notice also emphasize the ongoing dialogue about jurisdiction between the SEC and the CFTC. The agency has repeatedly framed the issue as one of clarity—where one agency’s remit ends and another’s begins—so that firms can navigate compliance without duplicative or conflicting requirements. The message is that regulatory lines should be predictable, even as innovation continues to press the boundaries of traditional financial law.
A notable backdrop to these developments is the leadership shakeup within the SEC’s enforcement division. Earlier in the week, the agency confirmed the resignation of enforcement division director Margaret Ryan, with principal deputy director Sam Waldon stepping in as acting enforcement director. Critics have argued that the agency’s enforcement posture has shifted in ways that some view as less like a traditional regulator and more like a facilitator for the interests of large financial players. These debates, while focused on tone and strategy, matter because enforcement priorities often determine how quickly and aggressively new interpretations are tested in markets and courts.
Within the SEC’s leadership lineup, Chair Paul Atkins and fellow Republican commissioners Mark Uyeda and Hester Peirce stood as the agency’s remaining bipartisan balance on a five-member board. As of the week of reporting, President Donald Trump had not filled the remaining seats, leaving the commission with limited confirmation support to chart a longer-term direction. The agency’s contemporaneous messaging—emphasizing investor protection while drawing sharper lines on regulatory jurisdiction—reflects a broader tension at the heart of U.S. crypto policy: how to sustain innovation without compromising market integrity or consumer protection.
For readers tracing the practical implications, the SEC’s Monday to Tuesday communications included explicit references to the agency’s stance and linked materials. The agency’s official statements and supporting remarks frame the interpretation as both a clarifying exercise and a bridge to anticipated legislative action. The emphasis on clear lines—while acknowledging that meaningful investment contracts can end—suggests a regulatory philosophy aimed at balancing orderly markets with space for experimentation in a rapidly evolving asset class.
In practical terms, the SEC’s move could influence how projects design token incentives, airdrops, and liquidity mechanisms, as well as how exchanges categorize listed assets and how custodians implement enforcement-compliant custody and settlement workflows. The agency’s interpretation is designed to provide a reference point for market participants seeking to understand where the line lies between innovation and traditional securities regulation, especially as the crypto market continues to mature and attract institutional interest. For stakeholders who monitor regulatory developments closely, the emphasis on taxonomy and jurisdiction is a reminder that clarity—however gradual—can matter as much as a formal rulemaking in shaping market behavior.
Additional context comes from the SEC’s own communications channel and the remarks captured during the DC Blockchain Summit, which reinforce the message that the agency remains focused on articulating a principled, enforceable framework that acknowledges both the realities of crypto markets and the need for congressional leadership to codify oversight structures. The address and related materials can be reviewed through the SEC’s official releases and linked statements to assess how the interpretation may evolve as market participants begin to interpret and implement the guidance in real-world scenarios.
Notably, the broader policy dialogue continues to place a premium on practical clarity. The agency’s emphasis on a non-universal securities regime—while maintaining robust oversight of tokenized securities—reflects a nuanced stance on where crypto assets fit within the U.S. financial regulatory mosaic. For practitioners, this means staying abreast of new interpretive guidance, monitoring enforcement signals, and aligning token economics with the evolving taxonomy to reduce compliance risk and to improve transparency for users and investors alike.
Links to primary materials accompany the announcement, including the SEC’s formal notice and the remarks offered at the DC Blockchain Summit, which together illustrate how the agency intends to operationalize the taxonomy and jurisdiction framework in a way that supports informed participation in a rapidly changing market. As the sector continues to negotiate settlement with regulators and legislative bodies, the emphasis on regulatory clarity remains a central variable shaping liquidity, risk appetite, and innovation within the crypto ecosystem. For readers seeking to verify specifics, the linked materials provide direct access to the SEC’s official documents and the associated commentary from senior agency leadership.
Source: SEC press release.
Source: Atkins remarks.
Source: SEC on X.
Crypto World
SOL Bottomed, Now A Rare Pattern Predicts Huge Rally
A recurring bottom signal for Solana’s SOL (SOL) token has flashed on its weekly chart. The pattern was first seen in 2023 when SOL went on a 1,604%, rally, then again in 2025 when the altcoin gained 142%.
Currently, SOL futures and spot market data point to a slow pickup in market activity, with the price approaching a key weekly level that may reinforce the bullish bias.
Crypto analyst WebTrend has highlighted that the pattern on the weekly chart is marked by consecutive candles with long lower wicks. This structure often signals that selling pressure is being absorbed as the buyers consistently step in at lower levels.

“We are currently confirming a macro bottom setup with the same signal that successfully called the 2 most meaningful bottoms in the last 3 years.”
Crypto trader Bluntz noted that Solana may have completed an accumulation phase following a strong breakout on the daily chart. The move aligns with an ascending triangle breakout where higher daily lows meet a flat resistance level. The price is now holding above $93.50, a key level that previously acted as resistance.
Based on the pattern, the next upside target sits near $120, a level that served as support for much of 2024 and 2025. If reclaimed, it may act as a strong base for further upside, with $145 emerging as the next potential level if momentum continues.

Related: Altseason is dead, expect shorter cycles and ‘violent’ rotations: Crypto exec
Market activity shows early recovery signs
While the price structure looks constructive, the derivatives data suggest the recovery is still developing.
SOL’s open interest has remained below $2.3 billion since the Feb. 6 price bottom, indicating that traders are not aggressively increasing leverage yet. This points to a cautious environment rather than what may be a longer-duration rally.
On the spot side, the cumulative volume delta (CVD), which tracks net buying and selling, has stabilized over the past month, showing that selling pressure has eased.

In the futures markets, the CVD has improved to -$2.8 billion from -$3.5 billion since Feb. 24, reflecting a $700 million reduction in selling. This suggests that while the bearish pressure is fading, a strong buy demand has not emerged yet.
The aggregated funding rate has also remained neutral, meaning neither bullish nor bearish positions are dominant.
Overall, the data points to a spot-driven recovery. The $120 level remains a key zone to watch, acting as an important threshold for both trader positioning and market sentiment.
Related: XRP holders hit a record 7.7M: Will price break through $1.60 next?
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. While we strive to provide accurate and timely information, Cointelegraph does not guarantee the accuracy, completeness, or reliability of any information in this article. This article may contain forward-looking statements that are subject to risks and uncertainties. Cointelegraph will not be liable for any loss or damage arising from your reliance on this information.
Crypto World
Ethereum price outlook as BitMine’s holdings approach 4.6 million
Ethereum price rallied to a six-week high of $2377.64 on Tuesday as institutional investors continue to accumulate the asset.
Summary
- Ethereum price climbed to a six-week high near $2,377 as institutional accumulation and continued spot ETF inflows supported bullish momentum.
- Tom Lee’s treasury firm Bitmine purchased nearly 61,000 ETH over the past week, lifting its total holdings to roughly 4.6 million ETH.
- A short squeeze above $2,300 triggered liquidations of clustered bearish positions, adding momentum to the rally.
According to data from crypto.news, Ethereum (ETH) price rose 6% to hit $2,377.64 on March 17, its highest level since the beginning of February, before settling around $2,334 at press time. It extends its positive run for the fourth straight day, clocking gains of 13% in the period.
A major catalyst driving its gains came from aggressive buying from institutional investors. Notably, Tom Lee’s Ethereum Treasury company, Bitmine, has been a driving force that bolstered market confidence. Notably, the firm purchased nearly 61,000 ETH in the past week, bringing its total ETH stash to nearly 4.6 million, or around 3.81% of the ETH token supply.
In its latest Ethereum acquisition, Lee noted that the treasury company has accelerated purchases as analysts at the firm believe that the asset’s price has nearly approached a local bottom amidst the ongoing crypto bloodbath triggered by macroeconomic and geopolitical concerns.
Ethereum, along with other major crypto assets, has so far outperformed U.S. tech stocks since the start of the U.S.-Iran war, which sent crude oil prices surging to multi-year highs, sparking concerns of runaway inflation.
Ethereum price has also been backed by back-to-back inflows in spot Ethereum ETFs, which have drawn in retail attention. Data from SoSoValue show that U.S. spot ETH ETFs have hit a 5-day inflow streak for the first time since mid January, drawing in $248 million in net inflows.
Meanwhile, today’s rally was also supported by a short squeeze after ETH broke past $2,300, where a large cluster of short positions was liquidated.
On the daily chart, Ethereum price has recently broken above the 20-day and 50-day moving averages, suggesting that bulls are regaining control of the market. It has also surpassed the $2,200 key resistance that had served as a formidable ceiling in at least two earlier attempts in March.

The Supertrend has flashed green for the first time since Jan. 20. Typically, when the Supertrend indicator turns green, an asset’s price enters a sustained bullish phase. Additionally, the 20-day and 50-day SMAs are approaching a bullish crossover, a sign that upward momentum is gathering strength.
For now, $2,594 acts as the next key resistance area bulls would likely aim to challenge. A break above that level would mark a major shift in market sentiment and could lay the groundwork for a retracement towards the $3,000 psychological milestone.
On the contrary, failure to hold the 50-day SMA at $2,118 could lead to a retest of lower support levels as sellers look to capitalize on any signs of weakness.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
Crypto World
Ex-LA deputy sent to prison for aiding crypto “God Father” in extortion scheme
An ex-Los Angeles County Sheriff’s Department deputy was sentenced to prison for his role in extorting victims alongside a jailed crypto figure.
Summary
- Former LA County deputy Michael Coberg was sentenced to 63 months in prison and ordered to pay $127,000 for assisting crypto founder Adam Iza in multiple extortion schemes.
- Prosecutors said Coberg received at least $20,000 a month and used his position to help detain victims, force crypto transfers, and orchestrate a drug-related arrest setup.
Michael Coberg, who served as a deputy with the department, was handed a 63-month prison sentence for helping jailed crypto founder Adam Iza extort victims.
He has also been ordered to pay $127,000 in restitution.
According to prosecutors, Coberg received at least $20,000 a month for his services from Iza, who founded the crypto trading platform Zort and was known as “The Godfather.”
The incident dates back to October 2021, when Coberg was part of a team that picked up a man identified only as “L.A.” amid a financial dispute tied to Iza.
Coberg then brought L.A. to Iza’s house, where Iza recorded a video and forced him to transfer $127,000 to his bank account while Coberg stood watch.
Subsequently, Coberg was also accused of taking the victim to a firing range, where Iza held him at gunpoint and demanded the transfer of funds.
Prosecutors further noted that Coberg conspired to set up another victim, identified only as “R.C.,” in a drug-related arrest scheme.
Prosecutors also noted that R.C. had been targeted in coordination with Christopher Cadman, another former deputy who has also pleaded guilty in the case.
Coberg pleaded guilty in September to conspiracy to commit extortion and conspiracy against rights. Meanwhile, Iza is currently awaiting sentencing after pleading guilty last year to extorting multiple victims.
Cases involving crypto-related extortion, often referred to as wrench attacks, have been on the rise in recent years. As previously reported by crypto.news, a couple in western Paris was held hostage and forced to transfer roughly $980,000 in Bitcoin, underscoring how physical coercion is increasingly being used to bypass digital security measures.
Crypto World
Bitcoin Price Rally To $79K Would Make Spot ETF Holders Whole Again
Bitcoin (BTC) is closing in on its average entry price for US spot BTC exchange-traded fund (ETF) investors at $79,900. The narrowing gap between Bitcoin’s market price and the ETF holders’ cost basis coincides with onchain data that shows early signs of accelerated buying from investors.
Bitcoin ETF breakeven level nears key trend test
Bitcoin’s sustained price rally above $70,000 puts a key investor cohort back in focus. The ETF cost basis level acted as support in mid-2024, and a break above this level brings many ETF holders closer to breakeven.

The flow data adds further context to this shift. According to Bitcoin researcher Axel Adler Jr., the ETF flows flipped positive after persistent outflows through mid-February.
The seven-day average has since moved to steady inflows, with daily flows peaking above 3,300 BTC on March 2. The ETF holdings have expanded to 1,291,618 BTC from 1,264,982 BTC, a 26,636 BTC increase over the past month.
Investors’ ETF cost basis also aligns with a key daily trend. A decisive move through this range marks a reclaim of the 100-day exponential moving average (EMA) on the daily chart for the first time since October 2025.

A move above the 100-day EMA signals a shift into a long-term uptrend, which also reinforces the bullish momentum. It also serves as a key trend filter where sustained price action above it often leads to continued upside gains.
Related: ‘Bitcoin Standard’ author explores reality where decentralized gold stopped WWI
Bitcoin buyers begin to outpace sellers
The order flow across major exchanges shows a gradual shift in market behavior. Crypto analyst Darkfost noted that the 30-day volume delta on Binance and Coinbase has turned positive after sustained selling pressure in February. Both the retail and institutional flows are now collectively skewing toward accumulation.

Bitcoin’s futures data reinforces this trend. Amr Taha noted that Binance’s cumulative volume delta (CVD) has rebounded by nearly $6 billion from its lows, tracking a rise in aggressive market buying since BTC traded near $63,000.
The metric remains below zero, though a significant portion of earlier sell pressure has now been absorbed during the recovery.

CryptoQuant data shows that short-term holder activity also aligns with this shift. The spent-output profit ratio (SOPR) metric, which shows whether coins are sold at a profit or loss, has moved back above 1, signaling that the selling pressure has eased and coins are now trading around or above their cost. Analyst miracleyoon said,
“While this capitulation was not as severe as the August 5, 2024, event (which saw SOPR approach ~0.9), the series of recent capitulation signals appears sufficient to have flushed out weak hands.”

The data suggests that Bitcoin remains on track to test the $80,000 level, but a move above the key breakeven zone may determine the strength and direction of the trend in the coming weeks.
Related: Bitcoin analysis sees $68K support as gold slips at key $5K level
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. While we strive to provide accurate and timely information, Cointelegraph does not guarantee the accuracy, completeness, or reliability of any information in this article. This article may contain forward-looking statements that are subject to risks and uncertainties. Cointelegraph will not be liable for any loss or damage arising from your reliance on this information.
Crypto World
Cari Network launches tokenized deposit platform on ZKsync’s Prividium for US regional banks: Cari Network
Cari Network is building a bank-governed tokenized deposit platform on ZKsync’s Prividium stack, offering US regional lenders an onchain payments rail with stablecoin-like speed and transferability.
Cari Network has selected ZKsync’s Prividium stack to build a bank-governed tokenized deposit platform aimed at US regional banks. The platform will enable regional lenders to offer customers tokenized deposits that function like stablecoins in terms of speed and transferability, while retaining the benefits of traditional banking and compliance.
Prividium is purpose-built for institutions requiring privacy, compliance, and full data control, offering user-level privacy, compliance tools, cross-chain connectivity, and Ethereum-grade security. The move reflects growing interest from traditional financial institutions in integrating blockchain-based payment rails and tokenized assets into their existing services.
Sources: ZKsync Prividium | Banking Exchange
This article was generated automatically by The Defiant’s AI news system from publicly available sources.
Crypto World
Argentina Blocks Polymarket as Crackdown on Prediction Markets Expands
Court Orders Remedial Reflex
In Buenos Aires, a court directed regulators to impose tight controls of access. The telecom regulator ENACOM also liaised with the internet companies to shut down the site. Google and Apple were also asked to take the app out of their stores. The reason why these actions are taken is to restrict access to the users in the country.
This has caused regulators to tighten their belts due to apprehension caused by activity associated with inflation data. It was reported that the platform made predictions of Argentina’s inflation rate in February before it was officially released. Besides, authorities reported that the prediction was altered minutes before publishing. This chain of events triggered the need to further research how the platform functions.
Researchers came to the conclusion that the platform served as a web-based betting platform. Regulators also said it enabled the users to participate in wagering without licenses. Also regulators were worried about access by minors. These results resulted in even tougher steps to be taken against the platform.
Latin America’s Crackdown Continues
The move is in line with other actions taken by Colombia. Polymarket was later blocked in the country due to similar complaints raised against unlicensed gambling services. Therefore, Argentina became the second country to ban the platform in the region. Such a trend underscores the developing regional integration in the area of regulatory enforcement.
Regulatory examination does not just end at Latin America; it extends to other markets. It has been reported that websites like Kalshi have been involved in court cases in the United States due to allegations of unregulated betting services. It has also been reported that unpaid wagers have been involved in cases of dispute that are associated with geopolitical activities. Regulators and legal authorities have paid more attention to such developments.
Polymarket has also addressed criticism by eliminating some of the markets. Additionally, the site has recently shut down a market for nuclear risk forecasts after being pressured by the publicity. More so, the shutdown was done through the high geopolitical tensions. This is in response to efforts to deal with concerns as the regulatory pressure persists. Argentina has imposed a nationwide ban on Polymarket following the discovery of unlicensed betting operations and a ban on platforms. The relocation is in line with the larger international desire to control prediction market sites and restrict illegal gambling solutions.
Crypto World
US Lawmakers Introduce Bill to Crack Down on Prediction Markets War Bets
Two Democratic lawmakers in the US Congress have introduced legislation in response to “government corruption” over bets on prediction markets platforms.
In a Tuesday announcement, Texas Representative Greg Casar and Connecticut Senator Chris Murphy said they had introduced the Banning Event Trading on Sensitive Operations and Federal Functions (BETS OFF) Act after several Polymarket accounts made “highly unusual bets” that a war between the US and Israel against Iran would begin.
Murphy said on March 4 that it was likely that people with “inside information” of US President Donald Trump’s plan to bomb Iran had made the bets.
“We shouldn’t live in a country where someone sitting in the situation room making decisions about whether to invade or to bomb, decisions about war and peace, life and death, that those decisions could be driven by the fact that they have hundreds of thousands of dollars riding on the decision,” said Casar.

The bill is the latest twist in US lawmakers’ efforts to crack down on prediction market platforms and accounts allegedly using insider information to profit from government actions. Last week, California Senator Adam Schiff introduced the DEATH BETS Act to prevent prediction markets platforms from listing events contracts related to war, terrorism, assassination and individual deaths.
Related: Arizona AG files charges against Kalshi over ‘illegal gambling‘
Platforms like Polymarket and Kalshi offer bets on a variety of outcomes, including sporting events and US politics. However, users betting on the specifics of the US-Israel conflict with Iran have ignited controversy in many areas of government. On Monday, a military correspondent with the Times of Israel said that he had received death threats over his report of the date when an Iranian missile had struck Israel, all “in order to resolve a prediction on Polymarket.”
War-related bets still live on Polymarket
As of Tuesday, Polymarket still offered users the opportunity to place bets on the outcomes of several potential decisions in the US-Israel conflict against Iran, including on whether the US would send ground forces into the country, when a ceasefire might happen, and changes to Iranian leadership.
“The promise of prediction markets is to harness the wisdom of the crowd to create accurate, unbiased forecasts for the most important events to society,” said Polymarket in a note on Middle East markets. “That ability is particularly invaluable in gut-wrenching times like today. After discussing with those directly affected by the attacks, who had dozens of questions, we realized that prediction markets could give them the answers they needed in ways TV news and [X, formerly Twitter] could not.”
Kalshi, in contrast, offered event contracts related to the Iranian conflict but not on specific military actions, such as if the country might reach a nuclear deal with the US and whether Trump or other elected officials might visit Iran.
Magazine: Would Bitcoin really be at $200K if not for Jane Street? Trade Secrets
Crypto World
Ripple to expand in Brazil with custody, payments, and brokerage services ahead of central bank approval push: Ripple
Ripple is adding custody, payments, and brokerage tools for digital asset management in Brazil as it prepares to seek regulatory approval from the country’s central bank.
Ripple is expanding its services in Brazil by adding custody, payments, and brokerage tools for digital asset management and tokenization. The blockchain firm plans to apply for regulatory approval from Brazil’s central bank to support these new offerings, marking a significant expansion of its presence in the Latin American market.
The move builds on Ripple’s earlier partnership with Mercado Bitcoin, Brazil’s largest cryptocurrency exchange, which launched Ripple Payments as the first customer to utilize the firm’s managed end-to-end payments solution. This expansion reflects Ripple’s broader strategy to establish regulated operations across key markets while enabling faster and more efficient cross-border payment infrastructure.
Sources: Ripple Press
This article was generated automatically by The Defiant’s AI news system from publicly available sources.
Crypto World
Poloniex and the $1.3B bitcoin question
Justin Sun-owned Poloniex has announced fee-free trading for any user who enrols in its “Poloniex Super” membership, which currently offers 30 days’ worth of fee-free “spot, margin, and futures trading.”
Poloniex has yet to announce what this membership will cost once the 30-day period has elapsed, though it does mention that “[a]fter the trial period ends, you will be automatically enrolled in the basic Super plan by default.”
This product announcement has led users to ask how Poloniex will make money without fees. Sun quickly explained that Poloniex has no need to make more money because “we already made enough from the bitcoin (BTC) we bought in 2012.”
Poloniex was founded in 2014 and therefore couldn’t possibly purchase any BTC in 2012, so presumably Sun is referring to BTC he purchased.
This statement that Poloniex can continue to operate based only on these profits brings to the forefront concerns about how Poloniex has managed the BTC in its reserves.
In 2020 Poloniex offered a new product, which it described at different times as “BTC on TRON” and “BTCTRON.”
This initial announcement described BTCTRON as “a type of wrapped BTC token that exists on the TRON blockchain.”
Poloniex’s Help Center provides us the contract address for this token, TN3W4H6rK2ce4vX9YnFQHwKENnHjoxb3m9.
Reviewing this contract address reveals that this token currently has a circulating supply of 17,545 BTC, worth approximately $1.3 billion.
Disturbingly, Poloniex’s so-called “proof of reserves” claims that Poloniex has a balance of only 11,090 BTC in its entire reserves and 11,082 of those are “User Balance.”
This is insufficient to reserve this tokenized BTC product.
Protos has previously repeatedly reached out to Poloniex during our past reporting on this product, and it has never been willing to provide the addresses that hold the BTC for this tokenized product.
We attempted to reach out to Poloniex again; however, it didn’t provide these addresses before publication.
Read more: FTX estate says Justin Sun still owes it millions
Increasing the concern about this product is how deeply it has been integrated into another Sun-owned exchange, HTX.
At HTX, typically there is more of this mysterious BTCTRON product, which provides no transparency, than real BTC.
As of the most recent HTX snapshot, dated March 1, there were a total of 21,362 BTC on HTX. BTCTRON accounted for 10,291 of those.
There are also an additional 1,212 BTC that are in the form of Sun-advised Wrapped Bitcoin.
What this means, taken as a whole, is that Poloniex will not disclose where the $1.3 billion in BTC that is supposed to collateralize this product is located.
Yet despite that fact, HTX is willing to make it a massive portion of its reserves, all while Sun claims that Poloniex can afford to offer “fee-free” trading because of the appreciation in the price of bitcoin.
Perhaps instead of making grandiose claims about the value of his BTC, Sun should instead work on solving the apparent BTC shortfall at the exchanges he owns.
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