Crypto World
ZachXBT Accuses Circle of Wrongful Exchange-Wallet Freezes
Circle, the issuer behind the USD Coin (USDC), drew scrutiny after reportedly freezing 16 wallets tied to a civil case in the United States. On-chain investigator ZachXBT characterized the move as inappropriate, arguing the wallets belonged to legitimate business operations and were not connected to the case in any apparent way.
The wallets, ZachXBT noted, were used by a mix of crypto exchanges, online casinos, and foreign exchange businesses. He added that an analyst armed with basic on-chain tools could have recognized the wallets as ordinary business addresses from among the vast number of transactions Circle processes each day.
In a separate social post, the investigator asserted that the case appears sealed and that Circle had “zero basis” to freeze fiat-pegged USDC wallets. He described the freeze as potentially the most incompetent he has observed in years of investigations, suggesting the action reflected a governance process outsource to a default judicial mechanism rather than a defined, auditable internal procedure.
Cointelegraph approached Circle for comment on these claims, but the company did not provide a response by publication time.
Centralized stablecoins like USDC—where the issuer maintains reserves and has the ability to intervene—have long been debated for their contrast with the permissionless ethos of many crypto assets. Critics point out that, unlike cash, centrally issued stablecoins can be frozen, a point echoed by several industry figures.
“This is your 10th reminder that centrally issued stablecoins are not actually yours; they can be frozen, unlike cash,”
Mert Mumtaz, founder of RPC node provider Helius, reacted to the freezes by underscoring the governance risk inherent in centralized stablecoins. He framed the episode as a reminder that control rests with the issuer, with potential implications for user rights and privacy.
Jean Rausis, co-founder of the Smardex decentralized trading platform, linked Circle’s action to broader regulatory designs under discussion in the GENIUS stablecoin framework. He suggested that provisions within GENIUS could enable a privately managed central bank digital currency (CBDC) pathway, highlighting ongoing debates about how much visibility, oversight, and control such tokens might concede to authorities.
The discussion extends to broader concerns about the relationship between regulated stablecoins and the future cryptocurrency regulatory landscape. Critics have warned that frameworks like GENIUS may inadvertently normalize a centralized, surveilled form of money under the guise of stability and compliance, potentially steering markets toward a CBDC-like model. In May 2025, commentator and former lawmaker Marjorie Taylor Greene also raised alarms that regulated stablecoins could act as a “CBDC Trojan Horse.”
Key takeaways
- Circle reportedly froze 16 USDC-related wallets tied to exchanges, gaming, and FX businesses, a move disputed by crypto researchers as misaligned with the civil case context.
- On-chain investigator ZachXBT contends the wallets were clearly business instruments, not entities implicated in the ongoing case, and questions the governance process used to authorize the freezes.
- Industry voices stress that centralized stablecoins can be frozen by issuers, underscoring tensions between censorship-resistance ideals and regulatory compliance.
- Discussion around GENIUS signals concern that centralized infrastructure could nudge regulated stablecoins toward privately managed CBDC-like models, fueling ongoing CBDC debates.
- Circle did not provide a public comment at the time of reporting, leaving questions about internal processes and future safeguards unresolved.
Rethinking stablecoins in a regulatory era
The episode situates Circle’s actions within a broader discourse about the balance between stability, governance, and user sovereignty. Proponents of decentralized finance have long argued that censorship resistance and non-custodial control are core benefits of crypto. The ability of a stablecoin issuer to freeze funds—whether due to legal pressures, compliance programs, or other governance mechanisms—poses a direct challenge to that ideal.
Industry executives frame this moment as a test of how future stablecoins will operate under increasing scrutiny. The GENIUS framework, which aims to shape stablecoin regulation in the United States, is cited by several stakeholders as a potential pathway for more tightly controlled, centrally managed assets. Critics warn that such measures could drift toward CBDC-like systems, with implications for transparency, user consent, and financial privacy.
For investors and users, the key question is where risk management ends and user autonomy begins. If stablecoins remain fully centralized, ownership and access could hinge on issuer discretion rather than user rights. By contrast, a move toward more decentralized, algorithmic, or opt-in governance mechanisms might preserve censorship resistance but come with different liquidity and compliance trade-offs. The current situation with USDC highlights the practical tensions between these design choices and the real-world friction points that users and institutions must navigate.
What to watch next
Observers will be looking for any clarifications from Circle regarding the freeze process, internal governance criteria, and the safeguards—if any—that govern such actions. Regulators may also seek greater transparency around how stablecoins are managed, when freezes can be invoked, and how affected users can contest actions. The broader market will likewise assess how this incident influences confidence in centralized stablecoins and whether it accelerates calls for more robust, auditable frameworks that align with the industry’s long-standing push for transparency and resilience.
As the dialogue around stablecoins and CBDCs evolves, readers should stay tuned for updates on Circle’s official stance, forthcoming regulatory guidance under GENIUS, and any shifts in industry practices designed to prevent ambiguous, arbitrary freezes in the future.
Key Highlights
- Record-breaking 33.1% of total ETH supply is currently locked in staking protocols
- Exchange reserves have plummeted to their lowest levels observed since 2016
- Major withdrawal of $1.67 billion worth of ETH from OKX exchange occurred on March 22
- Current ETH trading price hovers around $2,119, facing critical resistance zones at $2,356 and $2,500
- Technical analyst Ali Charts identifies MVRV-based support at $1,655 with upside targets extending to $5,624
A significant supply reduction is underway across the Ethereum network. Multiple on-chain analytics platforms confirm that the amount of ETH held on centralized exchanges has reached its lowest concentration in nearly eight years, while validator participation in staking protocols continues its upward trajectory.
Current figures from staking infrastructure provider Everstake indicate that approximately 38.1 million ETH tokens are now secured in staking contracts. This represents roughly 33.1% of the entire circulating token supply — establishing an all-time high for staking participation.
The validator entry queue currently contains 2,876,752 ETH, requiring prospective validators to wait nearly 50 days before activation. In stark contrast, the exit queue holds a mere 40,504 ETH, with withdrawal processing times under 17 hours.
This significant disparity indicates that ETH is entering staking contracts at a substantially faster pace than it’s being withdrawn. The protocol-enforced churn limit of 256 validators per epoch restricts how rapidly staked tokens can reenter circulation, even if market sentiment shifts dramatically.
Major Exchange Withdrawals Accelerate
Centralized exchange holdings have experienced consistent decline. Market analyst Amr Taha documented a substantial $1.67 billion ETH withdrawal transaction from the OKX platform on March 22. Earlier in February, Binance processed two separate withdrawal events exceeding $300 million each.
On-chain analytics from CryptoQuant reveal that ETH holdings across centralized exchanges have contracted to levels not witnessed since 2016. Specifically, Binance’s ETH reserves are currently positioned near their December 2020 minimum of approximately 3.3 million ETH.
According to Everstake: “This steady reduction in liquid supply, combined with ongoing demand, creates the conditions for a structurally stronger price environment.”
Technical analyst Ali Charts has outlined critical MVRV-derived price zones for ETH. His analysis pinpoints $1,655 as the primary support threshold, $2,356 as the initial major resistance barrier, intermediate objectives at $2,647 and $3,639, and extended upside targets positioned at $4,632 and $5,624.
Critical Price Zones Under Surveillance
Ethereum recently reclaimed the $2,150 level, which technical analyst Ted Pillows highlighted as a crucial threshold on the daily timeframe. He observed that this price action coincided with market volatility stemming from reported diplomatic negotiations between the United States and Iran.
A technical chart shared by analyst Satoshi Flipper presents a dual-phase bullish projection: an initial objective at $2,500, requiring ETH to breach the upper boundary of its current descending channel pattern, followed by an extended target of $4,750 contingent upon a comprehensive trend reversal.
ETH currently trades in the vicinity of $2,119. According to Ali Charts’ MVRV framework, the immediate resistance level warranting close attention is positioned at $2,356.
Bitcoin price fell below the $70,000 mark as traders prepared for a massive Bitcoin options expiry set to occur later today.
Summary
- Bitcoin price slipped to $69,990 ahead of a $18.6 billion crypto options expiry on Deribit, with BTC options accounting for over $14.1 billion in open interest.
- The $75,000 max pain level remains a key magnet as market makers may attempt to steer prices higher to minimize payout obligations.
- Technical indicators remain supportive, but $71,000 resistance and $69,000 support will likely dictate short-term price direction.
According to data from crypto.news, Bitcoin (BTC) price fell roughly 2.5% to $69,990 last check on Friday, March 27, after bulls faced rejection at the $72,000 psychological resistance.
Bitcoin’s price drop can mainly be attributed to market sentiment turning cautious ahead of a massive $18.6 billion options expiry across the crypto market on the crypto exchange Deribit at 08:00 UTC. Out of the total market, Bitcoin options alone account for over $14.1 billion, which represents nearly 40% of the platform’s total open interest.
For context, options are contracts that allow traders to buy or sell an asset at a set price by a specific date. A call option gives the holder the right to buy the asset, while a put option provides the right to sell it.
As such, a Bitcoin options contract gives investors the ability to hedge against volatility or speculate on future price movements. However, traders do not necessarily have to purchase the underlying asset if the price movement does not favor their position.
According to Deribit’s data, the maximum pain price, where the most options would expire and become worthless, lies at $75,000 at a key psychological resistance level.
Analysts note that Bitcoin, currently trading just around $70,000, could gradually move toward the $75,000 level as large institutions or market makers with significant capital attempt to steer the spot price closer to this level in order to minimize payout obligations.
The massive options expiry falls on the same date when U.S. President Donald Trump has set a potential deal with Iran to end the ongoing conflict between them in the Middle East. This follows after Trump revealed that the U.S. would be postponing a military strike on Iran’s infrastructure after he communicated with diplomatic channels, despite Iran’s previous denials of such negotiations.
Today’s massive expiry also coincides with a U.S. Securities and Exchange Commission deadline for 91 crypto ETF filings that could further reshape the institutional landscape.
During previous cycles when large amounts of options expired, the crypto market crashed. However, this time, it remains to be seen if the market will hold steady, especially if the U.S.-Iran deal successfully eases global tension.
On the daily chart, Bitcoin price has respected an ascending trendline that has been acting as a dynamic support for price since its drop in February. As long as Bitcoin price remains above this diagonal floor, it could stay firmly on a bullish path toward new all-time highs.
The SuperTrend indicator showed a green signal on the daily timeframe, which means the broader market trend is still considered positive for buyers. Furthermore, the Chaikin Money Flow index is close to turning positive, a sign that institutional buying pressure is beginning to outweigh selling volume.
For now, $71,000 is the key psychological hurdle that traders will be keeping an eye on during the London and New York sessions. A decisive break above this could trigger a short squeeze that sends BTC price rapidly toward the max pain zone.
On the contrary, $69,000, which aligns with the 23.6% Fibonacci retracement level, could serve as the final line of defense for bulls before a deeper correction toward the $65,000 region.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
Key Highlights
- Bitcoin declined approximately 1%, hovering around $70,712, following reports that Trump privately informed advisors of his desire to conclude the US-Iran conflict within a four to six-week timeframe.
- Tehran dismissed American ceasefire proposals, introducing additional uncertainty into diplomatic negotiations and weighing on risk-sensitive assets.
- Approximately $16 billion worth of Bitcoin and Ethereum options contracts are approaching expiration this Friday, creating near-term market headwinds.
- Chart analysts are monitoring a possible advance toward $80,000, with critical resistance positioned at $71,500.
- Market observer Ali Charts highlighted that speculative investors have exited Bitcoin positions, with the realized cap for new holders reaching levels historically correlated with accumulation cycles.
Bitcoin continues hovering around the $70,000 threshold as international political developments generate near-term volatility in cryptocurrency valuations.
According to reporting from The Wall Street Journal, President Donald Trump has privately communicated to his inner circle his intention to wrap up the ongoing US-Iran military engagement within a four to six-week window. Trump reportedly believes the confrontation is approaching its conclusion and seeks resolution ahead of a scheduled mid-May diplomatic meeting with Chinese President Xi Jinping in Beijing.
Initially scheduled for late March, Trump’s China visit was postponed to May. He reportedly expressed to confidants that the war is diverting his focus from domestic priorities, including preparations for upcoming midterm elections and advocacy for the Safeguard American Voter Eligibility (SAVE America) Act.
Following this development, Bitcoin experienced a roughly 1% decline on Thursday, settling at $70,712. The digital asset fluctuated within a 24-hour band spanning $70,558 to $71,985.
Tehran Dismisses American Peace Proposals
Iran rejected the ceasefire framework proposed by Washington, instead presenting its own requirements for conflict resolution. These stipulations encompass the elimination of all American economic sanctions, financial reparations for conflict-related damages, expanded authority over the Strait of Hormuz, continuation of its ballistic missile initiatives, and assurances preventing future US military intervention.
White House spokesperson Karoline Leavitt issued a forceful statement: “The U.S. will hit Iran harder than they have ever been hit before if Tehran doesn’t make an agreement to end the conflict.”
The diplomatic impasse intensified market ambiguity. Bitcoin had previously experienced upward momentum based on de-escalation expectations, but Iran’s refusal reversed investor sentiment.
Escalating crude oil valuations compounded market pressure, as energy economics have proven to be a significant factor influencing how cryptocurrency markets react to Middle Eastern geopolitical developments.
Derivatives Expiration and Trading Metrics
Over $16 billion in Bitcoin and Ethereum options contracts are scheduled to reach maturity on Friday, an event that has traditionally generated short-duration price fluctuations. Derivatives metrics indicated BTC open interest climbing by $500 million to reach $16.5 billion during the past 24-hour period, while funding rates shifted into positive territory at 0.03%.
Notwithstanding this activity, the recent price movement was predominantly futures-market driven. Spot exchange participation remained subdued, evidenced by a cumulative volume delta of negative $87 million and a declining Coinbase premium indicating weakened American investor demand.
Market analyst Skew characterized Bitcoin’s present situation as a “compression zone,” where contracting price movement could precipitate a significant directional breakthrough. To achieve a sustainable advance beyond $71,500, he emphasized the necessity for robust spot market demand, consistent accumulation patterns, and successful absorption of selling pressure.
A $60 million buy order was executed during the New York trading window, demonstrating some renewed purchasing interest, although analysts emphasize that sustained follow-through remains essential.
Analyst Ali Charts observed on X that Bitcoin’s realized capitalization for recent holders has declined to levels historically associated with the elimination of speculative participants, which in previous market cycles has foreshadowed accumulation periods.
BTC open interest currently registers at $16.5 billion, with the $71,500 threshold remaining the critical level market participants are monitoring.
Crypto exchange Coinbase is reportedly against the latest compromise over stablecoin yields that the Senate is looking to include in its crypto market structure bill.
Coinbase representatives told Senate lawmakers in a meeting Monday that they had concerns over the language around stablecoin yields in the new compromise version of the bill, Punchbowl News reported Wednesday, citing four people briefed on the exchange.
A proposal that circulated earlier this week would have reportedly prevented third parties, such as exchanges, from paying stablecoin yields, a measure aimed at addressing banks’ concerns over the risk of deposit flight.
Coinbase is one of the largest crypto lobbyists in the US, and its withdrawal of support for the bill in January came just before the Senate Banking Committee indefinitely postponed a markup to advance the legislation.
Republican Senator Thom Tillis and Democratic Senator Angela Alsobrooks are leading the latest effort to advance the bill, and talks are reportedly ongoing. Coinbase did not immediately respond to a request for comment.
Yield fight plagues Senate bill
The fight between the crypto and banking lobbies over the Senate’s bill, which aims to outline how regulators should approach crypto, has largely revolved around stablecoin yields.
The White House has hosted at least three meetings for the groups to agree on a compromise, which has yet to materialize.
Banking groups argue that stablecoin yield payments by exchanges are a loophole in the GENIUS Act, which banned stablecoin issuers from paying yield to holders, and present a risk of deposit flight from the banking system.
Stablecoin yields are a major business for crypto exchanges, and the crypto lobby has argued that the risks are overstated and has accused the banks of anticompetitive behavior.
Related: CLARITY Act 2026 odds ‘extremely low’ if not passed before April: Exec
Republicans are pushing to pass the bill ahead of the midterms, where the makeup of Congress could change and derail momentum around the legislation. The House passed its version of the bill, called the CLARITY Act, in July.
Patrick Witt, the executive director of the President’s Council of Advisors for Digital Assets, posted to X on Wednesday that there was “plenty of uninformed FUD [fear, uncertainty and doubt] circulating on social media this week.”
“It’s all going to work out. Bullish,” he added.
Republican Senator Cynthia Lummis also posted to X on Wednesday that “we can’t wait until 2030 for another chance” to pass the crypto bill.
“Bipartisan compromise is necessary for the Clarity Act to pass,” she added. “We’re working around the clock to ensure stablecoin rewards are protected and to prevent deposit flight from community banks.”
Magazine: How crypto laws changed in 2025 — and how they’ll change in 2026
The UK government is advancing plans for a moratorium on political donations made through cryptocurrencies, following an independent review and pressure from multiple high-ranking politicians.
Cointelegraph reported on Wednesday that the Rycroft Review, an independent inquiry into foreign financial interference in the UK’s political and electoral systems, recommended a moratorium on crypto donations to political parties.
New statements from UK Prime Minister Keir Starmer on Wednesday have confirmed that they will pursue the temporary ban.
“I can tell the House we will act decisively to protect our democracy. That will include a moratorium on all political donations made through cryptocurrencies,” said Starmer during Prime Minister’s Question Time on Wednesday.
Several members of parliament, including the chair of the security committee, have been pushing for a full ban this year, warning that foreign states could exploit crypto payments to influence UK politics.
Under the new measure, crypto will be prohibited for political donations until robust regulations are in place to prevent untraceable funds and foreign interference in UK elections, according to a separate government statement on Wednesday.
Bill still has to pass and become law
The ban would require amending the Representation of the People Bill, and the government said the changes would take “retrospective effect” from March 25.
The legislation is at the committee stage in the House of Commons. It needs to pass through both the House of Commons and the House of Lords, then be approved by King Charles III to become law.
“Once the legislation comes into force, political parties and regulated entities like candidates and MPs will then have 30 days to return any unlawful donations they may have received in the interim, after which enforcement action can be taken,” the government said.
Related: Top UK Labour lawmakers push to ban political donations made in crypto
Reform UK was the first political party in the country to accept crypto donations in May last year, with leader Nigel Farage announcing at the Bitcoin 2025 conference in Las Vegas that the group would accept Bitcoin and other cryptocurrencies from eligible donors.
Ban won’t lift until sign off from government
Once the ban comes into force, it won’t lift until “Parliament and the Electoral Commission are satisfied that the regulatory environment is robust enough to ensure confidence and transparency in donations being made in this way.”
The next general election in the UK must be held by Aug. 15, 2029.
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- Visa has joined Canton Network as a super validator.
- The payments giant brings privacy-preserving payments to Canton.
- Canton price hovered near $0.14 on Thursday.
Canton (CC) trades around $0.14, just in the green on the day as the broader cryptocurrency sell-off pressure continues to hinder buyers.
The token’s value has dropped by more than 12% in the past month, with the Iran war and macro headwinds key downside factors.
But analysts are bullish long term, and this outlook could strengthen as Visa boosts adoption by bringing privacy payments to the Canton Network. The global payments giant has joined Canton as a Super Validator.
The partnership extends Visa’s expertise in secure payment processing to blockchain validation.
Why does this matter?
Visa’s entry as a Super Validator on the Canton Network marks a pivotal moment for blockchain adoption in traditional finance.
Potentially, this means momentum for Canton’s native token amid rising institutional interest.
As one of 40 Super Validators, Visa will support banks and financial entities in deploying new on-chain payment flows.
By securing operations on the Canton, Visa aims to bridge traditional finance with decentralized infrastructure, facilitating seamless integration for institutions already reliant on its global network.
Notably, Visa will apply its rigorous standards to Canton operations, allowing banks to explore stablecoin payments, settlement, and treasury functions.
According to Visa, financial institutions can tap into on-chain rails while maintaining existing risk management, compliance, and operational protocols.
That’s because the network’s privacy features address a core barrier for institutions hesitant to adopt public blockchains.
“Many banks see the lack of privacy as a dealbreaker for moving meaningful activity on-chain,” said Rubail Birwadker, global head of growth and partnerships at Visa.
Birwadker added:
“By operating as a Super Validator on Canton Network, we’re bringing Visa-grade trust, governance and operational rigor that define Visa’s global network to privacy‑preserving blockchain infrastructure, so regulated FIs can bring payments on-chain without having to rethink how they operate.”
Canton price outlook
Canton has already achieved broad adoption in capital markets, underpinning tokenized asset issuance and trading for major players.
Visa’s involvement solidifies the path to greater integration of blockchain payments, and for CC, it could be a bullish signal for network utility and token demand.
Canton’s token, which powers network fees, staking, and governance, could benefit from this.
While the token saw muted price action following the news, social chatter is largely optimistic. However, sellers dominate the current market.
From a technical perspective, current prices align with the resistance zone around the 50-day EMA.
Gains could see CC target $0.20, the all-time high reached amid the recent swing high. Yet prices have moved lower since this peak in early February 2026.
This suggests potential downward momentum before oversold conditions. Primary support levels lie around $0.10.
Crypto World
Some indicators are still going the wrong way, challenging the bullish $70,000 holdout narrative
What do you call a market that consistently shrugs off headlines that usually send it tumbling? You call it resilient with a strong underlying demand support.
That’s the bitcoin story in recent weeks, as it the cryptocurrency held firm around $70,000 even as the Iran war rages, oil prices surge, and Fed rate-cut bets evaporate. This kind of defiance screams bullishness.
But hang on, some key indicators are still heading the wrong way, throwing a wrench into that bullish interpretation.
The first indicator is the Coinbase Premium, which measures the price difference between bitcoin on Coinbase, a Nasdaq-listed Exchange, and on the offshore giant Binance. Typically, a strong positive premium means U.S. institutional investors are bidding more aggressively than their global counterparts. A strong Coinbase premium has regularly featured during bull runs, including bitcoin’s first run to $100,000 in late 2024.
But right now, the Coinbase Premium is at its most negative in over a month, according to data source Coinglass. In other words, BTC trades at a discount on Coinbase, indicating a relatively softer demand from U.S. investors. The discount reappeared on March 19 and has been growing since.
Another key indicator – bitcoin ETF inflows, also a proxy for institutional demand – has been underwhelming lately.
The 11 U.S.-listed spot bitcoin ETFs saw $1.53 billion in net inflows this month, ending a three-month streak of outflows, per SoSoValue. But nearly $1.3 billion arrived in the first half, with the pace slowing considerably to just $195 million since. Analysts have repeatedly stressed that consistent, strong inflows are crucial for Bitcoin prices to gain bullish momentum.
Vikram Subburaj, CEO of India-based Giottus Exchange, put it best: “The signal here is that institutional demand has not disappeared. However, it is selective and less linear than in the strongest accumulation phases.”
As of writing, bitcoin changed hands at around $70,000, according to CoinDesk data.
Bitcoin financial services firm Swan Bitcoin has filed an ex parte application in moves to subpoena Cantor Fitzgerald and its former CEO, Howard Lutnick, seeking discovery tied to a failed mining venture involving former employees.
Swan sued several ex-staff in September 2024, alleging that they stole confidential documents, resigned, and then founded “counterfeit competitor” firm Proton Management days later while convincing Tether, one of Swan’s funding partners at the time, to cut ties with Swan and work with them instead. The ex-staff allegedly referred to this as the “rain and hellfire” plan.
Swan’s application for a subpoena, filed in the Southern District of New York on Monday, targets Cantor Fitzgerald and Lutnick because Swan believes they are in possession of key documents relevant to Swan’s failed mining venture with Tether, 2040 Energy, in addition to the coordinated employee exodus and alleged data exfiltration.
The subpoena application against Lutnick, who now serves as US secretary of commerce, comes as Democratic senators like Elizabeth Warren continue to press him over potential conflicts of interest tied to Tether.
Cantor Fitzgerald is Tether’s investment banker and has advised the stablecoin issuer with its push into the Bitcoin mining industry, Swan noted in the filing.
Due to this link, Swan alleged that Cantor Fitzgerald likely knew about the undervalued sale of Swan’s crypto mining assets to a Tether subsidiary.
Swan alleges that Cantor ghosted them after a meeting
Swan said its CEO, Cory Klippsten, met with Lutnick in June 2024, before the alleged events took place, as Swan was considering an initial public offering and Cantor Fitzgerald was interested in being Swan’s lead investment banker.
During those discussions, Swan said it shared a “highly confidential and proprietary slide deck” with Cantor Fitzgerald and showed them its mining facilities.
“After the mass resignations and asset diversion, Cantor broke off contact with Swan without explanation,” Klippsten said on X.
Cointelegraph reached out to Cantor Fitzgerald for comment but didn’t receive an immediate response.
Related: SEC’s top enforcer clashed over Trump cases before quitting: Report
Swan alleges that the rain and hellfire plan was orchestrated by Michael Holmes, Swan’s former business development head, and Raphael Zagury, Swan’s former chief investment officer, who was appointed as Proton’s CEO.
The case Swan brought against Proton Management is ongoing.
The defendants previously denied Swan’s claims, arguing that 2040 Energy wasn’t theirs because it was fully funded by Tether.
Magazine: Big Questions: Can Bitcoin save you from the dreaded Cantillon Effect?
Crypto entrepreneur Nic Carter has urged Bitcoin developers to catch up on quantum resistance or risk losing out to Ethereum, which already has a post-quantum roadmap.
Elliptic curve cryptography (ECC) is the math that keeps Bitcoin (BTC) secure. Users pick a secret number (private key) and, using a special curved line and simple multiplication rules on that line, can quickly create a public address that everyone can see.
There are fears that quantum computers will have the ability to break this cryptography. The Bitcoin community is split on how to deal with it, with some advocating for upgrading cryptography while others say intervention would violate Bitcoin’s core principles.
“Elliptic curve cryptography is on the brink of obsolescence,” said the founding partner at Castle Island Ventures on X on Thursday. “Whether it’s 3 or 10 years; it’s over and we need to accept that.”
“The only thing that matters is how quickly blockchain developers recognize that they need to bake in cryptographic mutability into their networks.”
Carter argues that there will need to be an “entire reimagining” of how these systems work, and that today, the cryptography is hardcoded in. “That will have to change,” he added.
ARK Invest said in a paper on March 11 that about a third of all BTC was at risk from the quantum threat, but added that it was a “long-term risk.”
Ethereum has the advantage, claims Carter
Carter said that Ethereum developers are already working on this with a new security team, linking to a detailed post-quantum roadmap by 2029 that has been set as a “top strategic priority.”
“ETH people have already figured this out. Everyone else seems to be petrified in fear. Unless something changes quickly, ETHBTC will start to reflect the divergence in prioritization.”
Ethereum co-founder Vitalik Buterin said in late February that validator signatures, data storage, accounts, and proofs must change to prepare for quantum threats, while proposing a quantum resistance roadmap.
Related: Vitalik Buterin outlines quantum resistance roadmap for Ethereum
At the same time, Carter has previously claimed on X that Bitcoin Core developers have been ignoring quantum-related proposals such as BIP-360.
Carter came down hard again on Bitcoin developers in his recent X thread, claiming they have a “worst in class approach,” and “deny, gaslight, gatekeep, bury heads in sand, say ‘the community will decide’ and then refuse to take feedback from the community when offered.”
Ethan Heilman, a co-author of BIP-360, responded in February that Core contributors have been engaging with the Bitcoin improvement proposal and that BIP-360 has received “more comments than any other BIP in the history of BIPs.”
Google warns of quantum threat to digital signatures
Meanwhile, Google raised the stakes on Wednesday, setting a 2029 deadline for its post-quantum cryptography migration.
The search giant warned that quantum computers will “pose a significant threat” to current cryptographic standards, and “specifically to encryption and digital signatures.”
Magazine: Nobody knows if quantum secure cryptography will even work
Bhutan has sold a part of its BTC stash again, and the pace is accelerating.
The Royal Government of Bhutan moved 519.707 BTC worth $36.75 million on Wednesday to an external address, according to Arkham Intelligence data. The transfer continues a drawdown that has intensified sharply over the past two weeks, with approximately $152 million in total outflows in 2026 alone.
The week before Wednesday’s move was the most active period in the kingdom’s bitcoin history. Arkham’s outflow data shows a cluster of transfers totaling roughly $72 million in a single week, headlined by a 595.848 BTC transfer worth $44.44 million, the largest single move of the year.
That was followed by 205.53 BTC ($15.14 million) and 150.047 BTC ($11.14 million) sent to external addresses, plus 20.506 BTC ($1.52 million) to QCP Capital’s merchant deposit address.
In January, Bhutan moved 184 BTC ($14.09 million) to an external wallet, sent 100.818 BTC ($8.31 million) to QCP Capital, and transferred $1.5 million in USDT to a Binance hot wallet. In February, another 100 BTC ($6.77 million) went to QCP. Two weeks ago, 175 BTC ($11.85 million) went out. Then last week’s $72 million burst. Then Wednesday’s $36.75 million.
The pattern shifted from $5-15 million clips in January and February to $35-45 million transfers in March.
QCP Capital has been the most consistent counterparty, receiving three separate transfers totaling roughly $16.6 million this year. The Singapore-based trading firm’s repeated appearance as a destination suggests an OTC relationship for structured selling rather than ad hoc liquidations.
Bhutan’s stack peaked at roughly 13,000 BTC in late 2024, built over several years through state-backed hydroelectric mining where the cost basis is effectively zero.
Every coin sold is profit for the country, whose economy depends heavily on hydroelectric exports to India.
The drawdown began after October 2024 and has been steep. Current holdings sit at 4,453 BTC worth $315 million, a 66% reduction in coins from peak. The Arkham balance chart shows the portfolio value peaked near $1.88 billion and now sits at $315 million, hit on both sides by the selling and bitcoin’s decline from $119,000 to $70,000.
In December, Bhutan unveiled a Bitcoin Development Pledge committing up to 10,000 BTC to fund Gelephu Mindfulness City. At the time that was worth roughly $860 million. The government now holds fewer than 4,500 coins. The pledge in its original form is mathematically impossible to fulfill without reversing the drawdown entirely.
CoinDesk has reached out to Druk Holding & Investments, the government’s commercial arm, for comment on the recent transfers and whether the Gelephu commitment remains active.
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