Ripple CEO Sounds Alarm on Potential Tether Regulation

Ripple CEO Sees Government Scrutiny on Tether, Predicts More Crypto Turbulence

In a recent interview, Ripple CEO Brad Garlinghouse stirred the pot by suggesting increased U.S. government pressure on Tether, the world's largest stablecoin issuer.

Speaking on the World Class podcast, Garlinghouse stated his belief that the government is "going after" Tether, though he offered no specifics. This news comes as Ripple gears up to launch its own stablecoin later this year, adding another layer to the intrigue.

While Garlinghouse stopped short of calling this a potential "black swan" event - unforeseen events with massive consequences - he did predict "100%" certainty of another major crypto-related shock in the future, similar to the collapse of FTX due to executive fraud.

The potential regulatory action against Tether injects uncertainty into the already volatile crypto market. Garlinghouse himself acknowledged Tether's importance within the ecosystem, further highlighting the potential for significant disruption.

Only time will tell how this situation unfolds, but one thing seems clear: buckle up for a potentially bumpy ride in the world of crypto.

Binance Futures Sees Boom in Perpetual Contracts Despite Overall Market Dip

While the derivatives market experienced a slight decline in April (1.4% month-over-month), Binance, the world's largest centralized exchange (CEX), witnessed a surge in futures trading. According to Wu Blockchain, Binance's futures volume jumped over 72% in April compared to March.

This significant increase is attributed to a strategic move by Binance. In early April, they implemented a limited-time fee discount for USDC-margined perpetual contracts. This promotion effectively lowered trading fees for users participating in these contracts, leading to a surge in their popularity.

Perpetual contracts are a type of futures contract that don't have a set expiry date. This allows traders to maintain their positions indefinitely, making them ideal for those seeking leveraged exposure to an asset. By reducing fees for USDC-margined perpetual contracts, Binance incentivized traders and boosted overall activity on the platform.

This news highlights the power of promotional strategies in influencing trading volume. While the broader derivatives market showed a slight dip, Binance's targeted campaign demonstrates how fee structures can significantly impact user behavior.

US Finds And Charges Russian Hacker Behind LockBit

The DOJ has identified Russian national Dmitry Khoroshev as the mastermind behind the infamous LockBit ransomware gang and is offering a $10 million reward for information leading to his arrest.

In an indictment consisting of 26 counts, unsealed on Tuesday morning, prosecutors allege that Khoroshev, aged 31, conceived, promoted, and supervised the LockBit software. He purportedly recruited "affiliates" from cybercriminal forums who executed the actual ransomware attacks. Affiliates would reportedly remit a 20% share of their earnings to Khoroshev, typically in bitcoin (BTC), upon receiving a ransom payment.

According to prosecutors, LockBit swiftly rose to prominence as one of the world's most prolific ransomware tools from its inception in 2019 until the majority of its infrastructure was seized earlier this year. The gang's network of affiliates targeted approximately 2,500 victims, with 1,800 located in the US, and extracted an estimated $500 million in ransom payments.

The indictment alleges that Khoroshev received $100 million in bitcoin disbursements from LockBit's activities over the course of its operations.

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