Here are the top crypto news of the day curated by CoinChapter.com.
On April 19th, Tether launched its US dollar-backed USDT and gold-backed XAUT stablecoins on Telegram’s TON blockchain. The announcement was made by Tether CEO Paolo Ardoino and Telegram founder Pavel Durov during their keynote speeches at the Token2049 crypto event in Dubai.
At the same event, Tether unveiled a restructuring plan that will see the company split into four business divisions: Tether Data, Tether Finance, Tether Power, and Tether Edu.
The digital asset community faced substantial security challenges, with losses exceeding $500 million due to hacks and exploits. Among the victims was Hedgey Finance, a token infrastructure platform, which suffered two significant breaches.
The most severe incident occurred on the Arbitrum network. Attackers stole over $42.8 million in Arbitrum (ARB) tokens, as reported by Cyvers, an on-chain security firm. Attackers quickly moved these stolen assets, with portions traced to deposits at the Bybit cryptocurrency exchange.
Bitcoin experienced significant ups and downs on April 19th amid escalating geopolitical tensions in the Middle East. Data shows BTC plunged to a 7-week low of $59,630 after the April 18th daily close. This is because of the flaring hostilities between Iran and Israel which had already triggered a drawdown from $70,000 earlier in the month.
However, amidst rumors that the situation might not escalate further, Bitcoin staged an impressive rebound. Price of Bitcoin surged to a high of $65,190.
In the lead-up to the halving, Bitcoin transaction fees have spiked significantly. It surpassed even those on Ethereum for three consecutive days from April 15-17th. On April 17th alone, Bitcoin miners raked in $7.47 million in fees, around $160,000 more than Ethereum’s $7.31 million.
The surge in fees is a crucial development for Bitcoin miners as the halving will slash their mining rewards from 6.25 BTC to 3.125 BTC per block mined. With subsidy revenues dwindling, transaction fees will play an increasingly vital role in incentivizing miners to secure the network post-halving. While Ethereum maintains a narrow lead in 7-day average fees, Bitcoin’s rising fees reflect heightened network activity ahead of this pivotal event.
Avraham Eisenberg, the individual behind last year’s $110 million Mango Markets crypto trading exploit, has been convicted of fraud. On April 18th, following jury deliberations, Eisenberg was found guilty of wire fraud, commodities fraud, and manipulation in a New York court.
Despite Eisenberg’s legal team arguing he executed a “successful trading strategy,” the conviction could see him face up to 20 years in prison. Eisenberg had returned around $67 million after the exploit, but Judge Richard Berman has yet to hand down his sentencing.
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