As deliberations entered their second day in a criminal trial over a $25 million exploit, jurors asked for clarification on previous testimony and the definition of “good faith.” The jury deciding the fate of two men accused of money laundering and fraud related to a $25 million exploit of the Ethereum blockchain has submitted a series of detailed questions to the judge as they deliberate, indicating a close scrutiny of key points in the case. On Wednesday, jurors in the criminal trial of Anton and James Peraire-Bueno began deliberating over a verdict after three weeks of hearing differing theories of the case from defense attorneys and US prosecutors. The brothers stand accused of using maximal extractable value (MEV) bots to extract about $25 million in digital assets from the Ethereum blockchain in 2023, in what prosecutors describe as a fraudulent scheme. Read more
Over $100 billion in old Bitcoin has moved as spot ETFs see record outflows, igniting debate over whether true OGs or traders are driving the market sell-off. Key takeaways: Over $104 billion in long-held Bitcoin has moved since 2024, sparking debate on whether older BTC investors are exiting the market for good. Onchain data shows most moved Bitcoin was from short-term holders, not older addresses. Read more
Privacy-focused protocol Zcash has received newfound support from industry experts and influencers, sending its native token price to multiyear highs this year. Privacy is in vogue, and there has been an outsized winner in the market. The Zcash protocol has been the talk of crypto twitter and the price of its native token, Zcash (ZEC), has reflected that narrative. Zcash's token has been trading above $500 for the first time since 2018, driven by an intriguing trend of support from some of the industry’s most popular commentators. The likes of Arthur Hayes, Naval Ravikant, Mert Mumtaz, Ansem, Threadguy and other notable accounts have been advocating for the privacy-first benefits of Zcash for months. Lofty price predictions interlaced with privacy-praising takes have played their part in ZEC’s outsized returns in comparison to the wider altcoin landscape. Read more
JPMorgan said that the latest BTC price drawdown meant that Bitcoin was now undervalued compared to gold, in contrast to the end of 2024. Key points: Bitcoin joins US stocks in erasing its latest gains as market nerves heighten over US economic cues. Fed interest rate cut odds slowly increase, but analysis says that risk assets could get a nasty surprise. Read more