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ZEC $454.62 -5.89%

utc

Trezor executive: Handing over all Bitcoin to ETFs would be the worst outcome for the industry, undermining the core principle of self-custody

According to The Block, executives from hardware wallet manufacturer Trezor stated that the market's trend of fully pushing Bitcoin towards ETFization may pose a long-term risk to the core principles of the crypto industry. According to the company's Chief Business Officer Danny Sanders during the BTC Prague event, the current global crypto user base is approximately 600 million, but only about 10% of users choose to self-custody their assets, with only about 12 to 13 million users using hardware wallets.Since the launch of the U.S. spot Bitcoin ETF in 2024, which has attracted over $53 billion in inflows, institutional allocation of Bitcoin has significantly increased. However, Sanders pointed out that this trend may also weaken users' behavior of directly holding private keys. He believes that self-custody is one of the core attributes of the Bitcoin system, but there are still significant challenges in terms of user experience and security thresholds, leading more users to prefer participating in the market through custodial tools like exchanges or ETFs.Sanders emphasized that the industry should focus on improving the usability and security of self-custody, rather than simply accepting the path of "putting Bitcoin into ETFs." He stated that if the long-term evolution leads to an ETF-dominated holding structure, it would undermine the foundational logic of Bitcoin as a decentralized asset, which could be the "least ideal outcome" for the industry.

The U.S. SEC has postponed the review of the first batch of prediction market ETFs, which are linked to real events such as election outcomes and economic recessions

According to Reuters, the U.S. Securities and Exchange Commission (SEC) has delayed the review of the first batch of predictive market ETFs, resulting in the postponement of more than 24 products originally scheduled for launch. Insiders revealed that the SEC is requesting issuers to provide further clarification on product mechanisms and information disclosure details, and this delay is expected to be temporary.Issuers such as Roundhill Investments, Bitwise Asset Management, and GraniteShares submitted applications in February this year to launch ETF products linked to real-world events such as election results, economic recessions, tech layoffs, and oil prices.According to SEC rules, ETF applications typically become effective automatically 75 days after submission unless the regulatory agency intervenes. Currently, Roundhill has set May 5 as the effective date, and Bitwise and GraniteShares' products are also expected to launch around the same time. The market is closely watching whether the SEC will ultimately approve these products that open up the "event contract" asset class.Bitwise Chief Investment Officer Matt Hougan stated, "This is a rapidly maturing field, and regulation is maturing in parallel," noting that innovative products like Bitcoin ETFs have also gone through a lengthy review process but ultimately launched successfully.

The US FBI, in collaboration with multiple countries, has dismantled several "pig butchering" cryptocurrency scam networks, involving amounts totaling millions of dollars

According to Fox News, the Federal Bureau of Investigation (FBI) has collaborated with law enforcement agencies in Dubai, China, and Thailand to conduct a large-scale multinational joint law enforcement operation, successfully dismantling at least 9 overseas cryptocurrency scam centers, resulting in the arrest of 276 suspects, with the amount involved reaching millions of dollars.In this operation, the U.S. District Court in San Diego has filed federal telecommunications fraud and money laundering charges against 6 suspects, including individuals from Myanmar and Indonesia, whose scam organizations operated under names such as "Sanduo Group" and "Giant Company." Dubai police arrested 275 suspects, while the Royal Thai Police separately apprehended 1 fugitive.The aforementioned scam network employed a "pig butchering" technique, gaining the trust of victims through fabricated friendships or romantic relationships, luring them to transfer funds to fake cryptocurrency investment platforms, and then laundering the money and transferring it to criminal accounts.This operation aligns with the executive order signed by Trump on March 6, 2026, aimed at combating overseas criminal networks that exploit U.S. citizens. The FBI's "Operation Level Up" has notified approximately 9,000 victims, recovering about $562 million in losses for U.S. citizens. The FBI urges victims to report through the Internet Crime Complaint Center (IC3).

Tom Lee: The net effect of the war on the U.S. economy is positive, and the market has begun to price in favorable outcomes

Tom Lee, chairman of BitMine, a company in the Ethereum treasury, stated in an interview with CNBC, "The reason the stock market remains resilient is that even in the face of war, the economy is actually performing better than expected." He pointed out that defense spending is currently about $30 billion per month and could rise to $60 billion per month in the future, which has a significant stimulating effect on the economy; meanwhile, the rise in oil prices by $20 per month only adds about $12 billion in burden to households, "Overall, the war is actually helping corporate profits right now."Tom Lee cited historical precedents, saying, "Looking back at World War II, the stock market bottomed out in May 1942, just five months after the U.S. entered the war, and at that time, no American troops had even set foot on the European or Pacific battlefields." He believes, "The market is very good at pricing in outcomes ahead of time; the current rise in the stock market means that the market is pricing in a favorable outcome, although I can't clearly articulate the specific reasons, but that's the signal conveyed by the market's performance."Regarding the three major variables in the current market— the Iran war, corporate earnings reports, and interest rates—Tom Lee stated, "Among the three, only war can create tail events in both directions, so this is the variable that deserves the closest attention." In terms of sector allocation, he remains bullish on the energy sector and pointed out that energy security is one of the most important structural themes in recent years.

The U.S. prosecution has applied to confiscate $327,000 in USDT, related to a "pig butchering" cryptocurrency fraud case

The U.S. Attorney's Office for the District of Massachusetts recently filed a civil forfeiture lawsuit seeking to recover 327,829.720952 USDT (approximately $327,000), which is allegedly related to a cryptocurrency scam conducted through a dating app.Prosecutors stated that the investigation began in the fall of 2024 when authorities discovered that a Massachusetts resident was suspected of being involved in a "romance scam." The suspect, using the name "Linda Brown," claimed to have a cryptocurrency investment opportunity after establishing a relationship with the victim for several weeks, leading the victim to transfer funds. Prosecutors claimed that the suspect used "legitimate investment" as a guise to trick the victim into transferring funds to a wallet address controlled by the suspect or an accomplice. The victim only realized the investment was a scam after failing to withdraw funds.Law enforcement noted that the stolen funds were transferred through multiple cryptocurrency wallets, then converted to USDT, and ultimately used for money laundering transactions. At the time of this case, U.S. regulators are intensifying warnings about "romance-related cryptocurrency scams." Previously, the U.S. Attorney's Office for the Southern District of Ohio issued a reminder titled "Cupid Doesn't Ask for Crypto" ahead of Valentine's Day, warning the public to be cautious of romance investment scams conducted through social media and instant messaging platforms.
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