Crypto News– Tether made headlines with the introduction of its USDT and XAUT stablecoins on The Open Network.
19 April Crypto News- What Happened Crypto Markets Today
During a recent dip in Bitcoin earlier in the week, Bitcoin enthusiasts transferred a substantial $1.7 billion worth of Bitcoin to long-term wallets, reflecting a strategic move amidst market fluctuations. Additionally, in a legal development, a jury reached a verdict of guilt against Avi Eisenberg for fraudulently exploiting Mango Markets.
Tether’s USDT Stablecoin Goes Live on TON Blockchain
Tether, the stablecoin operator, is deepening its connection with Telegram’s Web3 ecosystem by rolling out its stablecoins, such as Tether USDT, on The Open Network (TON).
Tether Operations revealed on April 19 the launch of its Tether USDT stablecoin, pegged to the U.S. dollar, and the Tether Gold (XAUT) stablecoin, pegged to gold, on the TON blockchain.
This announcement coincided with keynote speeches by Tether CEO Paolo Ardoino and Telegram founder Pavel Durov at the Token2049 crypto event in Dubai.
According to Ardoino, TON and Tether share a vision of an open and decentralized internet and a global financial system without borders.
Ardoino stated, The launch of USDT and XAUT on TON will enable seamless value transfer, fostering increased activity and liquidity while delivering users a financial experience on par with traditional financial systems.
This development of USDT on TON represents another significant step in Tether’s expansion across various blockchains, expanding its reach to 15 blockchains, including Tron and Ethereum.
The recent Bitcoin dip prompted a massive movement of 1.7 billion Dollars into ‘accumulation’ wallets
A staggering $1.7 billion worth of Bitcoin was transferred to ‘accumulation’ wallets in a single day, as the cryptocurrency dipped below $63,000 earlier this week.
Between April 16 and 17, over 27,700 BTC made their way to accumulation wallets, characterized by no prior withdrawals, holding a minimum of 10 BTC, and exhibiting activity within the last seven years — marking a new daily record, as per CryptoQuant data.
This data underscores a notable surge in motivated buying at around the $63,000 mark for Bitcoin, indicating sustained confidence among major investors in acquiring and holding Bitcoin for the long term
Anonymous crypto trader Rekt Capital elaborated in an April 17 post that Bitcoin’s 14% decline from its March 13 peak of $73,600 was a predictable aspect of a ‘pre-halving retrace.’
The Bitcoin halving, entailing a 50% reduction in block rewards, is anticipated on April 20, and Rekt asserted that its price movement is currently following a pattern akin to past halving cycles.
Perpetrator of Mango Markets Exploitation Found Guilty of Fraud
Avraham ‘Avi’ Eisenberg, the individual behind the $110 million Mango Markets exploit, has been convicted of fraud and market manipulation.
The verdict was issued on April 18 by the United States District Court for the Southern District of New York following extensive jury deliberations. Eisenberg was found guilty on charges of wire fraud, commodities fraud, and commodities manipulation, carrying a potential sentence of up to 20 years in prison.
Throughout the trial, Eisenberg’s legal team argued that he had not committed any crimes but had instead executed a successful and legal trading strategy, resulting in approximately $110 million in profits. Subsequently, he returned around $67 million.
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