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Investors pointed to Musk’s portrayal of "a fictitious financial expert" during a Saturday Night Live appearance, referring to Dogecoin as “a hustle,” as a reference point in the lawsuit. Elon Musk and his lawyers reportedly requested a United States judge to dismiss the $258 billion lawsuit filed by investors who alleged that he operated a pyramid scheme to promote the cryptocurrency Dogecoin ( DOGE ). According to an April 1 Reuters report , Elon Musk's lawyers referred to the lawsuit filed by Dogecoin investors, a “fanciful work of fiction,” in Manhattan's federal court on March 31. It was reported that Musk's lawyers referred to his Dogecoin statements as “innocuous and often silly tweets," in an effort to convince the judge to "throw out" the multi-billion dollar lawsuit. Musk's lawyers explained that his Dogecoin-related statements – including “Dogecoin Rulz” and “no highs, no lows, only Doge” – were “too vague” to warrant a fraud cla

An attendee shared an image of a Terra banner with the slogan "a decentralized economy needs decentralized money," prominently displayed during Major League Baseball's opening day at Nationals Park in Washington D.C. As baseball enthusiasts flocked to Nationals Park in Washington D.C for the Major League Baseball (MLB) opening day, the noticeable presence of Terra ( LUNA ) – the crypto ecosystem that collapsed in May 2022 – didn’t go unnoticed by attendees. A Twitter user who attended The Washington Nationals’ home opener against the Atlanta Braves on March 30, shared an image of Terra being prominently displayed on a banner with the slogan “a decentralized economy needs decentralized money.” “Sounds like a solid company. Will check out” the user commented on the prominent placement of Terra at the stadium. Sounds like a solid company. Will check out. pic.twitter.com/o3i9q2SnGA — The D.C. Universe (@dcuniverse) March 30, 2023 Another Twitter user tweeted that th

The CFTC-linked self-regulatory organization (SRO) has disclosure rules for members engaging in activities with BTC and ETH; now, standards of conduct are being added. The National Futures Association (NFA), the United States self-regulatory organization for derivatives markets, has issued a new compliance rule addressing members’ conduct. The new rule complements requirements issued in 2018. The NFA has “well over 100” members that engage in activities with digital asset commodities, but no way to address fraud or misconduct committed by those members, the organization explained to secretary of the Commodity Futures Trading Commission (CFTC) Christopher Kirkpatrick in a Feb. 28 letter as it submitted the proposed new rule for approval. The new rule is modelled on the NFA’s antifraud rules for exchange traded futures and swaps transaction and retail foreign exchange. The NFA is the only registered self-regulatory organization that has delegated authority from the CFTC, giving it a

An unprecedented number of BTC margin longs recently closed at Bitfinex, leaving analysts searching for explanations. Since May 2022, the Bitcoin ( BTC ) margin markets on the Bitfinex exchange have been plagued by an unusually high open interest of over $2.7 billion. This information alone should raise a red flag, especially in light of Bitcoin's price decline from $39,000 to less than $25,000 during the same period. Traders seeking to leverage their cryptocurrency position had borrowed over 105,000 Bitcoin. Currently, the cause of this anomaly is unknown, as well as the number of entities involved in the trade. Cheap borrowing favors high demand Bitfinex's sub-0.1% annual rate may be a contributing factor to the size of the Bitcoin lending market. To date, this has been the norm and it creates enormous incentives for borrowing, even if there is no current need. There are few traders who would turn down such a ridiculously inexpensive leverage opportunity. Margin borrowi

Cointelegraph analyst and writer Marcel Pechman explains if there is a housing crisis underway and why crypto investors should be paying attention. The show Macro Markets, hosted by crypto analyst Marcel Pechman, which airs every Friday at 12 pm ET on the Cointelegraph Markets & Research YouTube channel, explains complex concepts in layman’s terms and focuses on the cause and effect of traditional financial events on the day-to-day crypto activity. In today’s episode, Pechman discusses the housing crisis, especially after the United States Case–Shiller Index dropped for the seventh straight month. Increased mortgage rates certainly played a part, considering 15-year financing rose to 5.6% from 3.7% in March 2022.  However, Pechman explains why commercial properties represent a much more immediate risk, as business rapidly decreases during recessions. Moreover, corporate layoffs usually cause a cascading effect as fewer companies compete for commercial properties. At the same t

Assets held in DAO treasuries have more than doubled since the beginning of 2023, according to DeepDAO. Decentralized autonomous organization (DAO) treasuries are rapidly growing having just surpassed a major milestone, according to DeepDAO. According to figures from the DAO data platform, on March 31, total assets for all decentralized autonomous organizations reached a record $25.1 billion. The treasury is the total sum of assets the DAO may use at its own discretion. It excludes DAO-managed but unowned assets such as staking accounts and reward fees. Around $22 billion of that total is liquid with around $3.5 billion set aside for vesting, according to DeepDAO. Remarkably, assets in DAO treasuries have more than doubled since the beginning of 2023 which is no mean feat for a bear market. Total DAO treasury assets. Source: deepdao.io Furthermore, the figure of $25.1 billion represents around 40% of the total value locked for all of DeFi as reported by DeFiLlama . This is cu

Elizabeth Warren has long been a crypto-critic, and appears to be making it a focus as her re-election bid kicks off. The United States Senator for Massachusetts Elizabeth Warren is making her “anti-crypto” agenda one of the centerpieces of her re-election campaign, despite polls suggesting the majority of Americans think crypto is a key innovation for the future. In a March 30 Tweet, Warren suggested she was fighting to put “government on the side of working families,” and prominently quoted a Politico headline that said: “Elizabeth Warren is building an Anti-crypto Army.” The ‘Pro-crypto Army’ took to Twitter to lambast the Senator. Popular YouTuber Coin Bureau ridiculed the strategy, saying, “Imagine thinking that building an 'anti-crypto army' is going to win you votes?” while crypto advocate Lord TJ suggested that the stance will “push innovation offshore.” While the Senator undoubtedly has access to her own private polling on the issues, recent polls commissioned

The bank predicts the private equity market to become the most “tokenized” asset class because it is more liquid and can be fractionalized. Investment bank Citi is betting on the blockchain-based tokenization of real-world assets to become the next “killer use case” in crypto, with the firm forecasting the market to reach between $4 trillion to $5 trillion by 2030. That would mark an 80-fold increase from the current value of real-world assets locked on blockchains, Citi explained in its “Money, Tokens and Games” March report. “We forecast $4 trillion to $5 trillion of tokenized digital securities and $1 trillion of distributed ledger technology (DLT)-based trade finance volumes by 2030,” the firm's analysts said. Of the up to $5 trillion tokenized, the bank estimates $1.9 trillion will come in the form of debt, $1.5 trillion from real estate, $0.7 trillion from private equity and venture capital and between $0.5-1 trillion from securities. Blockchain-based tokenization tot

Binance’s future threatened after superpowers try to crush it, SBF accused of massive bribe over trading in China, former OKX exec charged. Our weekly roundup of news from East Asia curates the industrys most important developments. Binance’s secret U.S. users On Mar. 27, the U.S. Commodity Futures Trading Commission (CFTC) charged Binance and its founder Changpeng Zhao with alleged willful evasion of federal law and operating an illegal digital assets exchange. In the 74 page complaint, the CFTC claimed that despite the exchange’s public position of banning U.S. users, internal documents suggest that at least 20% to 30% of the exchange’s traffic came from U.S. customers. That equates to almost three million alleged U.S. users by mid-2020. Crypto exchanges are required to register with either the CFTC or the U.S. Securities and Exchange Commission before soliciting U.S. customers. However, the CFTC allege that Binance ignored such ruling as its executives claimed that the regula

The focus on crypto regulation was part of the U.K. government’s plan to fight economic crime, which also included addressing law enforcement's ability to seize and store assets. The government of the United Kingdom has laid out plans to step up regulation of crypto assets in its efforts to respond to economic crime in the country. In a policy paper released on March 30, the U.K. Treasury and Home Office said it planned to “robustly” regulate crypto to fight illicit use of digital assets. The focus on regulation was part of the government’s economic crime plan from 2023 to 2026, which also included pooling “the knowledge and abilities of law enforcement agencies” to review and strengthen how crypto assets involved in legal proceedings may be seized and stored. “These steps will be in keeping with our ambition to make the U.K. an attractive destination for cryptoassets and cryptoasset innovation in the world,” said the plan. “Challenging as it is, effective cryptoasset regulati

Bridge protocols LayerZero, Celer, Wormhole, LiFi, and others have already committed to implementing the new protocol. Gnosis, the team behind Gnosis Safe multi-sig and Gnosis Chain, has launched a hash oracle aggregator for blockchain bridges, according to an announcement from the company. In a conversation with Cointelegraph, Gnosis CEO Martin Köppelmann stated that the new aggregator should make bridges more secure by requiring more than one bridge to validate a withdrawal before it can be confirmed. Multiple bridge protocols have already committed to integrating with Hashi, including Succinct Labs, DendrETH, ZK Collective, Connext, Celer, LayerZero, Axiom, Wormhole and LI.FI, according to the announcement.  Over $2 billion was stolen from bridges in 2021 and 2022, according to a report by Token Terminal. Bugs in the code have caused some bridge hacks, whereas others have been caused by the attacker taking over a multi-sig governance wallet. According to Köppelmann, Hashi can

Despite ongoing crypto crackdowns, the price of BTC briefly tipped over $29,000on March 30, clocking a new high for 2023. The price of Bitcoin ( BTC ) briefly tipped over $29,000 on March 30, recording a new high for the year, despite recent United States regulatory crackdowns on crypto firms and related uncertainty.  According to Cointelegraph Markets Pro, the price of Bitcoin reached $29,132.82 on March 30, reaching levels seen just before the collapse of cryptocurrency exchange FTX in early November 2022. Bitcoin's price over 24 hours. Source: Cointelegraph Markets Pro The increase comes despite a range of regulatory crackdowns in recent days, such as the United States Commodity Futures Trading Commission lawsuit against  Binance and its CEO  Changpeng "CZ" Zhao on March 27. Bitcoin’s price bounce-back in the wake of such a bombshell development drew surprise from many industry commentators . Some believe this is due to speculation the lawsuit will only result

The authors of the letter explained that advanced AI could cause a profound change in the history of life on Earth, for better or worse. More than 2,600 tech leaders and researchers have signed an open letter urging for a temporary “pause” on further artificial intelligence (AI) development, fearing “profound risks to society and humanity.” Tesla CEO Elon Musk, Apple co-founder Steve Wozniak and a host of AI CEOs, CTOs and researchers were among the signatories of the letter, which was authored by the United States think tank Future of Life Institute (FOLI) on March 22. The institute called on all AI companies to “immediately pause” training AI systems that are more powerful than GPT-4 for at least six months, sharing concerns that “human-competitive intelligence can pose profound risks to society and humanity,” among other things: We're calling on AI labs to temporarily pause training powerful models! Join FLI's call alongside Yoshua Bengio, @stevewoz , @harari_yuval

The creditor's committee and FTX lawyers have raised several arguments in objecting to Bankman Fried’s request. A hearing date is set for April 12. Sam Bankman Fried ’s new petition to have his legal expenses reimbursed has been met with fierce objection from lawyers representing the crypto exchange and its creditors committee. As per previous reporting by Cointelegraph, Bankman-Fried’s lawyers had filed a motion on March 15 seeking to have his court costs covered by directors and officers (D&O) insurance policies, which if approved by the judge would see him placed at the top of the payout queue. Defense costs are covered in most policies (after a deductible) but insurers have provisions for selection of counsel so even if approved the insurer is unlikely to approve the high priced lawyers SBF has (or needs). — Mr. Purple (@MrPurple_DJ) March 16, 2023 In March 29 objection filing , FTX’s lawyers objected to Bankman-Fried’s attempt to prioritize his own legal fees at t

First-person shooter Shrapnel blows gamers away at GDC, Otherside’s Second Trip vs Fortnite, Callan gets killed by zombies over and over. Shrapnel: The game at GDC everyones talking about As the annual Game Developers Conference in San Francisco came to a close last week, there was one game that stood out from the rest. Shrapnel, a highly anticipated first-person shooter in the Web3 space, was the talk of the conference thanks to its stunning graphics and immersive gameplay.  Select invitees got a first look at Shrapnel at GDC. (Shrapnel/Twitter) Select visitors were treated to a hands-on experience with the pre-alpha version of the game. Set in the year 2044, Shrapnel takes place in a post-apocalyptic world. Players must navigate the sacrifice zone, where they collect NFT gear and a compound named Sigma. They can win by reaching an extraction point where they can escape with their loot. If they die, they lose their loot.  Shrapnel founder Mark Long told Cointelegraph at GDC th

The entity reportedly uses a range of 812 different IP addresses to obscure its identity while collecting data. An unknown person or group may be collecting the IP addresses of Bitcoin ( BTC ) users and linking them to their BTC addresses, violating the privacy of these users, according to a blog post from pseudonymous Bitcoin app developer 0xB10C. The entity has been active since March 2018, and its IP addresses have shown up on several public posts from Bitcoin node operators over the past several years. 0xB10C is the developer of several Bitcoin analytics websites, including Mempool.observer and Transactionfee.info. They have also been awarded a Bitcoin developer grant from Brink.dev in the past. An entity I call LinkingLion, active since 2018 and on a Monero banlist, is opening connections to many clearnet Bitcoin nodes. Its presumably attempting to link transactions to node IPs. Maybe a chain analysis company trying to enhance its product? https://t.co/W4PDoln3p3 — 0xB10C