A pilot involving the central bank and major financial institutions tested whether distributed ledger infrastructure could streamline bond issuance, trading and settlement. Canada has completed a pilot program testing the use of distributed ledger technology in bond markets, culminating in the issuance of the country’s first tokenized bond, according to a Friday announcement from the Bank of Canada. The experiment, known as Project Samara, involved the Bank of Canada, Export Development Canada, Royal Bank of Canada and TD Bank Group, and explored if blockchain-style infrastructure could streamline bond issuance, trading and settlement. As part of the pilot, Export Development Canada issued a $100 million Canadian dollar ($73.6 million) bond with a maturity of less than three months to a closed group of investors. The security was issued, traded and settled on a distributed ledger platform, with payments processed using wholesale central bank deposits rather than commercial bank money. Read more
A new war, private credit market weakness and spiking commodities prices add tail risk to Bitcoin’s price. Is $65,000 BTC’s next stop? Key takeaways: Bitcoin faced pressure as rising oil prices and weak US data sparked risk-off sentiment and drove investors to gold. A redemption spike in private credit funds from BlackRock and Blackstone signaled growing anxiety among retail investors. Read more
Nevin Shetty was convicted of wire fraud related to secretly moving $35 million in funds from a Seattle startup to his own crypto platform in 2022 to use for DeFi investments. A Seattle judge has sentenced the former chief financial officer of a local startup to two years in prison following his conviction for wire fraud related to a cryptocurrency business. In a Thursday notice, the US Justice Department said Nevin Shetty would serve two years in prison after he “secretly moved approximately $35 million in company funds to a cryptocurrency platform he controlled as a side business.” He moved the funds to the HighTower Treasury platform in 2022 before a crypto market downturn, resulting in the disclosure of the transfer. According to the DOJ, Shetty was able to transfer the funds without any executives or board members at the Seattle startup knowing about it, then using the money to invest in “high-yield DeFi lending protocols that promised to generate returns of 20% or more.” He initially earned $133,000 in...
Bitcoin sold off below $70,000 on Friday, leading analysts to conclude that this week’s breakout to $74,000 was a relief rally rather than a longer-lasting sign of a trend change. Key points: Analysts believe that Bitcoin will have to stay above the $68,000 level to continue its recovery. Several major altcoins have turned down from their overhead resistance levels, indicating that bears remain in control. Read more
The Curve Finance team told PancakeSwap that it must go through the proper licensing process to collaborate and use code created by Curve. The team behind the Curve Finance decentralized finance (DeFi) platform accused the PancakeSwap decentralized exchange (DEX) of using its code without the proper licensing. The code is tied to the “StableSwap” feature used for swapping stablecoins and “tightly-pegged” assets on PancakeSwap Infinity, the latest version of the PancakeSwap DEX. “If you want to enjoy using stableswap without legal problems and to borrow some of our expertise to keep users SAFU, you still can contact us for licensing and collaboration,” the Curve team said on X. Read more
Senator Elizabeth Warren pointed to the SEC's recent settlement with Tron founder Justin Sun, saying “any crypto legislation moving through Congress“ should address corruption. Massachusetts Senator Elizabeth Warren, one of the more outspoken voices in Congress often connecting cryptocurrencies to illicit activities, slammed the US Securities and Exchange Commission’s settlement with Tron founder Justin Sun. In a Thursday notice, Warren accused the SEC of “giving a free pass” to Sun after he “poured $90 million” in crypto investments tied to US President Donald Trump and his family. Sun has invested millions of dollars through token purchases in the Trump family’s crypto platform, World Liberty Financial, and the SEC settled an unrelated case against the Tron founder and his companies for $10 million. Read more
Profit-taking by short-term Bitcoin traders accelerated the BTC drop below $70,000, but spot and futures traders may kickstart a quick recovery. Bitcoin (BTC) slipped back into its monthly trading range under $70,000 after dropping 5% over the past two days. Market data points to resistance near the $70,000 level, with onchain flows, futures data and weakening spot volumes signaling renewed selling pressure that limits BTC’s ability to hold this week’s range highs. Profit-taking from the short-term holders (STHs) accelerated during Bitcoin’s rally above $74,000. Crypto analyst Darkfost said that more than 27,000 BTC in profit moved to exchanges from STH wallets over the past 24 hours. Read more