Investment scams involving crypto accounted for more than 50% of all reported crypto losses in 2024, according to the FBI&#8217;s latest report. Cybercrime involving cryptocurrencies hit record highs in 2024, with the FBI&#8217;s Internet Crime Complaint Center reporting $16.6 billion…

FBI ties over $9b in 2024 fraud losses to crypto scams, led by ‘pig butchering’ schemes

South Korean exchanges Upbit and Bithumb have suspended deposits for Synthetix 
(SNX) tokens after it was flagged by the Digital Asset Exchange Alliance 
(DAXA) for potential risks.
DAXA, the self-regulatory organization establishing industry standards for 
South Korean exchanges, designated SNX as a cautionary item.
Assets receiving this designation typically undergo rigorous evaluations to 
determine whether trading can continue or if delisting becomes necessary.
Exchanges may take action, such as adding a warning tag to the asset and 
urging investors to take caution when engaging with the asset. Trading 
platforms can also perform additional measures, like blocking deposits or 
suspending trading support temporarily.
## Upbit and Bithumb block SNX deposits
In response to the designation, the biggest exchanges in South Korea announced 
that they are blocking deposits for SNX tokens on their platforms.
Upbit announced that it added a trading caution ticker and suspended token 
deposits. The exchange said it had been monitoring the developments related to 
the Synthetix USD (sUSD) depegging. It added that this event may damage 
investors from potential volatility, as SNX is used as collateral for sUSD.
The exchange added that it had determined a lack of use cases for the asset, 
which may cause investors to suffer losses. Upbit said it would conduct a 
comprehensive review to decide whether to delist the asset or resume normal 
operations for the token.
Bithumb has also blocked deposits for SNX and added a cautionary tag for the 
tokens. However, the exchange said this decision could be overturned depending 
on internal circumstances. If the reason for the designation is resolved, 
Bithumb said it would lift the restrictions.
Korbit and Coinone also published investor alerts to caution traders about the 
asset. The two exchanges also added cautionary tags to SNX tokens to alert 
investors who may want to trade the tokens.
Cointelegraph reached out to Synthetix for comment but did not get a response 
by publication.
_**Related:**__**South Korean crypto emerges from failed coup into crackdown 
season**_
## sUSD struggles to recover dollar peg
On April 10, the sUSD stablecoin dropped to a five-year low of $0.83 after 
struggling to maintain its dollar peg in the first quarter of 2025. With the 
stablecoin being collateralized by the project&#8217;s native asset, Cork Protocol 
co-founder Rob Schmitt compared the token to Terra USD (UST), which collapsed 
in 2022. However, Schmitt said that sUSD has a &#8220;more manageable&#8221; debt system.
On April 18, the stablecoin dipped further to $0.68, with SNX falling by 26% 
in a 30-day period. A Synthetix spokesperson told Cointelegraph that their 
team has short, medium and long-term plans to mitigate the risks.
On April 21, Synthetix founder Kain Warwick threatened SNX stakers with &#8220;the 
stick&#8221; if they didn&#8217;t take up a newly launched staking mechanism to fix the 
sUSD depeg. The executive said they may put extra pressure on stakers if they 
don&#8217;t see enough momentum on the newly implemented mechanism.
Since the warning, sUSD prices increased by 27%. On April 24, the stablecoin 
briefly reached $0.87. However, the token still failed to recover its dollar 
peg.
_**Magazine:**__**Uni students crypto &#8216;grooming&#8217; scandal, 67K scammed by fake 
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Upbit and Bithumb suspend Synthetix token deposits citing sUSD risks

**Key points:**
 * Bitcoin exchange 100-day average netflows are at their most negative since the start of the current bull market in 2023.
 * Exchange balances continue to plumb new multiyear lows.
 * Whales are particularly active buyers this month, while retail shows classic &#8220;panic selling.&#8221;
Bitcoin (BTC) exchanges are evoking the end of the 2022 crypto bear market as 
user inflows dry up this year.
Data from onchain analytics platform CryptoQuant reveals exchanges&#8217; average 
net flows hitting two-year records.
## Bitcoin analysis eyes &#8220;reaccumulation of assets&#8221;
Bitcoin may be trading significantly higher than at the start of 2023, but 
demand for BTC among exchange users is reminiscent of the start of a bull 
market.
CryptoQuant reveals that the 100-day simple moving average (SMA) of exchange 
net flows recently hit its most negative figure in two years.
&#8220;This essentially indicates the highest Bitcoin outflow from exchanges since 
that date,&#8221; contributor CryptoOnChain commented in one of its &#8220;Quicktake&#8221; blog 
posts on April 23.
&gt; &#8220;A review of historical patterns suggests that this could imply re- 
&gt; accumulation of assets by investors.&#8221;
_Bitcoin exchange netflow 100-day SMA. Source: CryptoQuant_
A negative net flow tally indicates outflows from exchange surpassing inflows, 
reflecting more user demand than a desire to send BTC to exchange accounts for 
a potential sale.
As Cointelegraph reported, overall exchange BTC balances are at their lowest 
in many years.
CryptoQuant shows reserves hitting 2.535 million BTC in early April, down over 
7% from 2.740 million BTC at the start of the year.
_Bitcoin exchange reserve. Source: CryptoQuant_
## Whales buy while retail exits
Elsewhere, larger Bitcoin entities have added to their portion of the supply 
throughout April &#8212; even as smaller retail investors sell.
_**Related:**__**Bitcoin ETF inflows top 500 times 2025 average in 
&#8216;significant deviation&#8217;**_
&#8220;Whales (1k-10k balance) have been accumulating hard since March, even as 
price slid,&#8221; crypto analyst Miles Deutscher noted on X this week alongside 
CryptoQuant data.
&gt; &#8220;Every time prices drop, whales accumulate into retail panic selling.&#8221;
_Bitcoin 1K BTC+ balance data. Source: Miles Deutscher/X_
Research firm Santiment drew similar conclusions about entities holding at 
least 10 BTC, which it referred to as &#8220;key stakeholders.&#8221;
&#8220;Bitcoin&#8217;s key stakeholders comprised of wallets holding between 10 &amp; 10K BTC 
currently hold 67.77% of the entire supply of crypto&#8217;s top market cap asset,&#8221; 
an X post reported.
&gt; &#8220;During the April volatility, these wallets continue to accumulate, and have 
&gt; now added over 53.6K BTC since March 22nd.&#8221;
_Bitcoin 10 BTC+ balance data. Source: Santiment/X_
This article does not contain investment advice or recommendations. Every 
investment and trading move involves risk, and readers should conduct their 
own research when making a decision.

Bitcoin exchange outflows mimic 2023 as whales buy retail 'panic'

Uniswap Foundation&#8217;s 2024 financials show nearly $5.8 million in spending on 
salaries, audits, events, and admin, offset by $1.11 million in revenue. In 
2024, the Uniswap Foundation, a non-profit organization behind the crypto 
exchange platform, spent $5.79 million to run…

Uniswap Foundation posts $5.7m in expenses, $1.1m in revenue for 2024

This week’s market recovery has seen Bitcoin (BTC) surge over 10% to retest a 
key barrier for the first time in weeks. Amid this performance, some analysts 
suggest that the flagship crypto is about to restart its bullish rally, while 
others consider that holding key levels will determine BTC’s next step. 
Related Reading: Cardano Breakout Eyes $0.80 Resistance – Is ADA Repeating Its 
ATH Playbook? Bitcoin Reclaims Its ‘Ultimate’ Level To Break Bitcoin has 
recovered from its early April sub-$80,000 correction after surging 11% in the 
past week. On Friday, the largest crypto by market capitalization reclaimed 
the $85,000 barrier, which has served as a key barrier since late March. Since 
Friday, BTC has climbed several key levels, breaking above the $90,000 
resistance on Tuesday and holding it for the past 24 hours. Analyst Daan 
Crypto Trades pointed out that Bitcoin has a “solid breakout back into the 
previous range and above the Daily 200MA/EMA.” Notably, the cryptocurrency has 
been trading within a significant area over the past weeks, as it has been 
retesting its multi-month downtrend line and the Daily 200 Exponential Moving 
Average (EMA) and Moving Average (MA). After the Thursday pump that 
kickstarted the ongoing recovery, Bitcoin broke out of its four-month 
downtrend. The cryptocurrency bounced from the Daily 200EMA to shortly 
consolidate below the Daily 200MA before breaking above this level yesterday. 
This sent the cryptocurrency toward the bull’s “ultimate level to break,” the 
$90,000-$91,000 range. However, the analyst suggested that Bitcoin must keep 
holding that region to confirm the breakout isn’t “just a liquidity grab to 
fall back down below.” Moreover, he also stated that BTC’s daily closes should 
stay above these levels “ideally,” and that “some consolidation up here to 
regain fuel and attempt higher would be perfect” for a rally continuation. Ali 
Martinez also highlighted BTC’s price performance, which is trading near its 
yearly opening of $93,500. The analyst asserted that this level was a strong 
support throughout the post-election breakout but noted that it “could now 
flip into key resistance” if it isn’t reclaimed. Analysts Eye BTC’s Weekly 
Close Crypto Jelle called the $93,500 resistance the bear’s “last line of 
defense,” stating that once BTC recovers that level, “all bets are off.” 
Meanwhile, Rekt Capital noted that Bitcoin has been “rallying in an effort to 
resynchronize with its former ReAccumulation Range and confirm the end of its 
first Price Discovery Correction.” He highlighted that after yesterday’s 
performance, BTC is near the end of its downside deviation, affirming that the 
cryptocurrency needs to stabilize above the $93,500 level. To achieve this, 
Bitcoin needs a weekly close above this crucial level and reclaim it as a new 
support. He also highlighted that it is repeating its mid-2021 price 
performance “fantastically well.” Related Reading: Ethereum Attempts Breakout 
From Multi-Month Downtrend, But Can ETH Hold $1,600? The analyst previously 
explained that in 2021, Bitcoin consolidated between the two biggest bull 
market Exponential Moving Averages (EMAs), the 21-week and 50-week EMAs, 
before breaking out from the triangular structure and resuming its rally. Now, 
BTC is breaking out from the range formed by the two Bull Market EMAs, which 
“wasn&#8217;t just anticipated back in mid-2021 as it was happening but also in this 
cycle as well.” Rekt Capital concluded that a Weekly Close above $87,000 “will 
position BTC for a confirmed breakout.” As of this writing, Bitcoin trades at 
$93,459, an 8.2% surge in the monthly timeframe. Featured Image from 
Unsplash.com, Chart from TradingView.com

‘All Bets Off’ If Bitcoin Reclaims This Level, But Analysts Warn Of Potential Rejection

Shaquille O&#8217;Neal has settled with investors who claim losses from the collapse 
of cryptocurrency exchange FTX, according to an April 23 filing in the US 
District Court for the Southern District of Florida.
The settlement amount remains confidential, with terms expected to be 
disclosed once investors formally request preliminary court approval, 
according to court documents.
O&#8217;Neal and other celebrities and athletes were accused of promoting FTX and 
allegedly contributing to investor losses by endorsing the now-bankrupt 
exchange.
_Source: Court Listener_
The case is part of a broader multidistrict litigation effort, where investors 
are seeking up to $21 billion in damages from FTX insiders, advisers and 
promoters &#8212; far exceeding the $9.2 billion available through bankruptcy 
proceedings.
Other celebrities embroiled in similar legal troubles for their role in FTX 
include NFL quarterback Tom Brady, supermodel Gisele Bundchen, billionaire 
investor Kevin O&#8217;Leary, Golden State Warriors, Udonis Haslem, David Ortiz, 
Naomi Osaka and others.
Notably, FTX investors faced challenges in serving O&#8217;Neal with legal papers 
during the early stages of the lawsuit over his promotion of the collapsed 
exchange.
_**Related:**__**FTX former execs and promoters to settle class-action lawsuit 
for $1.3M**_
## O&#8217;Neal finalizes $11 million settlement over Astrals NFT project
The settlement with FTX investors comes as O&#8217;Neal recently agreed to pay $11 
million to resolve a class-action lawsuit tied to his involvement in the 
Solana-based Astrals NFT project.
In May 2023, O&#8217;Neal was served with the Astral NFT lawsuit during an NBA game 
at Miami&#8217;s Kaseya Center, formerly the FTX Arena. The class-action lawsuit 
involved his promotion of the Astrals NFT project, alleging that the NFTs 
promoted by O&#8217;Neal were unregistered securities.
In August 2024, a Miami federal court judge ruled that O&#8217;Neal would need to 
defend some of the claims brought against him in the case.
_**Magazine:**__**Ethereum maxis should become &#8216;assholes&#8217; to win TradFi 
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