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Tether Increases Bitcoin Holdings by $735M, Now Owns $8.2B in BTC

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  • Tether purchased 8,888 BTC worth $735 million, bringing its total Bitcoin holdings to 100,521 BTC, valued at $8.29 billion. 
  • Tether has also expanded its holdings beyond cryptocurrency, it increased its stake in Adecoagro, a Latin American agricultural firm, to 70% and plans to acquire a 30% stake in an Italian media company.

Tether, which is one of the leading crypto companies and the provider of USDT, has recently increased its Bitcoin holdings with a purchase of $735 million on Monday. The company continued its bitcoin investment strategy by adding 8,888 BTC on March 31st.

This purchase was highlighted by data released from Arkham Intelligence, one of the most reliable platforms that covers crypto-related data. This newly acquired Bitcoin is worth about $735 million, increasing Tether’s total holdings to 100,521 BTC, valued at $8.29 billion. This purchase aligns with the company’s strategy of using 15% of its profits to buy Bitcoin, a plan that was announced in May 2023. 

Aside from Bitcoin, Tether also holds $5.16 billion in USDT, $215.85 million in XAUT, and $46.17 million in AUSDF. The data from Arkham Intelligence shows that the company withdrew 8,888 BTC from Bitfinex on Monday at 20:58 UTC, bringing its total to 92,647 BTC at that time, worth $7.7 billion. 

This purchase placed the platform as one of the largest BTC holding companies. According to Bitcoin Treasuries, Tether is the second-largest private company that currently holds Bitcoin, just behind Block.one. Overall, only MicroStrategy and the top three U.S. spot Bitcoin ETF providers, BlackRock, Fidelity, and Grayscale, hold more Bitcoin more than Tether, which is based in El Salvador.

Tether’s Other Investments Beyond Crypto

The platform is also expanding its investment portfolio to go beyond digital assets; presently, it has increased its stake in Adecoagro, a Latin American agricultural firm, to 70%. This move shows Tether’s interest in supporting businesses that enhance economic freedom, especially in developing parts of the world. 

Additionally, the platform is also making plans to acquire a 30% stake in an Italian media company, Be Water. In 2024, the company recorded a profit of $13.7 billion; this positions it as a leading stablecoin issuer with $45 billion in USDT. Currently, USDT holds about a 61% share of the whole stablecoin market, topping other competitors like USDC. 

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FTX to Start Paying Creditors in May After Long Bankruptcy Case

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  • FTX, The failed crypto exchange will start paying creditors on May 30, distributing about $11.4 billion after months of legal battles.
  • A large number of claims has caused delays in payout, and with the consistent rise in Bitcoin’s price, creditors prefer crypto repayments over cash.
  •  BitGo and Kraken are helping with repayments, and total recoveries could reach $16 billion if all claims are processed.

FTX, the failed cryptocurrency exchange platform that shook the crypto industry in 2022, would start repaying creditors from May 30. After several months of legal disputes and financial battles, the exchange has been able to raise $11.4 billion to make significant payments to old customers. This marks a big step in its long bankruptcy process. 

According to Bloomberg, the court hearings in Delaware confirmed that the exchange, which was led by Sam Bankman-Fried, would settle debts with its main creditors by the end of May.

FTX Repayment Challenges

FTX’s collapse in 2022 left many creditors uncertain about recovering their money back. Faster settlements could have helped increase creditors yield more returns on their money; the sheer volume of claims has caused delays. Smaller creditors with “convenience claims” have already received their funds; larger debt holders would be paid from May 30. 

The lawyer in charge of the bankruptcy case, Andrew Dietderich, informed the judge handling the Chapter 11 case that repayments will go to investors and institutions that are owed over $50,000. The situation is more frustrating as Bitcoin’s price has surged over four times since the exchange went under the raider, leaving former users wishing for repayments in crypto rather than cash, costing the exchange more than they owe. 

Other Exchanges To Help with FTX Repayments

Crypto exchanges like BitGo and Kraken have joined efforts to help with FTX’s repayments. If all eligible users submit their claims, the total recoveries could reach $16 billion. Earlier this year, Backpack Exchange, which is founded by former FTX and Alameda Research employees, stated it had officially acquired FTX EU, the European branch of the collapsed exchange. 

However, the exchange denied this claim, saying that Delaware’s US Bankruptcy Court has not yet approved the deal. In the US, the Justice Department is working to recover up to $13.25 million in political donations linked to former FTX executives, according to a recent court filing. 

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Panama Proposes New Law for Crypto Payments and Industry Regulation

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  • Panama has introduced a draft bill that would regulate cryptocurrency, establish licensing for virtual asset service providers (VASPs), and integrate blockchain into government processes.
  • The bill aims to attract crypto companies like Binance, PayPal, and Coinbase by creating a legal framework, that would allow them to operate directly in the country and contribute to economic growth.

Panama has introduced a new draft bill to help regulate all crypto assets and also support blockchain growth. The proposal aims to position the country as a fintech leader in the whole of Latin America.

The bill contains various rules for legalizing the voluntary use of cryptocurrency for payments, setting rules for virtual asset service providers (VASPs), and also using blockchain to improve government operations.

Panama’s Draft Bill for Crypto and Blockchain Regulation

Panama is moving toward regulating cryptocurrency while boosting the country’s digital economy. The new bill, which was introduced by the Substitute Representative Gabriel Solis, is set to provide legal clarity and establish license and capital requirements for all virtual asset service providers (VASPs), while also creating a supervisory body. The bill would also create an incentive for all crypto businesses and allow people to use digital assets for payments.

While helping citizens in the country, it would also enable the government to use blockchain for property records, tax collection, and identity verification. Previously, Panama had no clear legal stance on crypto assets, which exposed users to risks. If the bill gets approved, cryptocurrencies like Bitcoin and Ethereum could become recognized payment options, provided both parties agree. 

The bill also mandates VASPs to register in a national database and comply with Know-Your-Customer (KYC) and anti-money laundering (AML) rules. All bodies who do not comply could face penalties. This move aligns Panama with countries like the USA and Chile in embracing crypto adoption.

Panama currently doesn’t have any legal regulations for crypto companies like Binance, PayPal, and Coinbase, preventing them from operating directly with citizens in the country. Due to this, residents must use third-party apps for all crypto-related transactions. The bill states that once the new regulations are approved, these companies will be able to set up branches in Panama, which would also act as a revenue for creating jobs and boosting the economy.

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Trump Grants Surprise Pardons to BitMEX Founders and Former Employee

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  • President Donald Trump has granted full pardons to the co-founders of BitMEX along with their former employee 
  • BitMEX was previously accused of failing to implement proper anti-money laundering measures, which led to legal battles and significant fines for all individuals involved. 

U.S. President Donald Trump has pardoned the three founders of cryptocurrency exchange BitMEX, along with a former top employee, according to a White House official. The company has  also been granted a full pardon. 

This decision has drawn so much attention in the crypto world, as it has cleared all the individuals and the platform from any legal issues related to their past activities.

The former founders of BitMEX; Arthur Hayes, Benjamin Delo, and Samuel Reed, along with the former business development head, Gregory Dwyer, previously admitted to guilt charges under the Bank Secrecy Act for not enforcing anti-money laundering and other identity verification measures. 

Their legal troubles lasted for several years, and it focused on financial regulations and other compliance failures. On Thursday, Donald Trump granted them full pardons, clearing them of all charges related to the case.

BitMEX Co-Founders’ Previous Legal Troubles 

BitMEX, which was once a leading Bitcoin derivatives exchange platform, was first put under scrutiny by the U.S government in 2020 for operating without proper anti-money laundering (AML) measures. The Federal Authorities accused the platform of failing to prevent unregulated financial activities between 2015 and 2020. In 2022, the co-founders of the platform pleaded guilty to violating the Bank Secrecy Act and agreed to pay $10 million each in penalties.

The exchange itself later faced a $100 million fine in early 2024 for other additional violations. The Prosecutors claimed BitMEX continued serving US customers through other indirect means despite publicly stating otherwise. However, with all of these, the President still decided to pardon the co-founders. 

The Co-founders Response to the Presidential Pardon

Arthur Hayes first shared a post on X saying “Thank you POTUS,” which means “President of the United States.”

Delo also expressed his gratitude, thanking the President for the pardon and calling it a validation of their long-held stance. He went on to criticize the US Department of Justice for unfairly targeting BitMEX and its founders, claiming they should never have faced any criminal charges under an outdated law. 

He also claimed the exchange was unfairly used as a political example despite being highly successful in the crypto industry. 

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34 China Citizens Has Jailed for $64M Crypto Scam That Tricked 30,000 People

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  • A scam group created a crypto platform, OURBIT, for trading Digital Currency. They built a  professional site with fake features and manipulated trading data to make the platform appear legit.
  • The scammers also posed as experts in investing, opening WeChat groups, posting fake profit screenshots and using planted members to confirm the legitimacy of the platform which further deceived victims to invest.
  • The judge went on to warn people to be more skeptical of the kinds of investments they make, telling them to stay more alert and avoid falling for quick money investments.

Thirty-four individuals in Ezhou, China, have been charged for operating a fake crypto exchange that scammed nearly 30,000 victims of 460 million yuan (about $64 million) in one year.

The group carefully designed and executed the scheme using a newly created digital currency platform. During the trial, some claimed it was a legitimate investment and that users purposely took risks. 

Fake Trading Platform and The False Legitimacy Claims

The scammers created the OURBIT Digital Currency Trading Platform, claiming that it was registered in Singapore and had its financial licenses from the U.S. and U.K. 

In a bid to make it seem more legit, they built a professionally looking site with features like “zero slippage,” “new stop-profit and stop-loss functions,” with live price charts linked to Bitcoin while In reality, everything was fake. They also fabricated nine crypto trading pairs, manipulated crypto data, and made the scam platform seem like a real cryptocurrency exchange, even though it had no connection to the market.

The scammers also pretended to be investment teachers in different WeChat groups, posting fake profit screenshots to deceive their prey that they made a loss of money. They also put female members, known as “drags,” to agree and encourage others to join. Victims were lured into high-leverage trades, including Liang, who stated that he lost over 3 million yuan. He recalled that after an initial loss, he reinvested and saw small gains, but the platform freezed his account at some point.  

Apparently, when users made significant profits, the platform either locked their accounts or banned them completely. In some cases, the agents would persuade victims to invest more money so they could unlock their money. Others were told they needed to prove liquidity by making more additional deposits, which also disappeared.

Behind these so-called teachers was a very structured operation. The OURBIT team had dedicated product, technology, and even business departments. The business distributed fake trading accounts to agents, who went to recruit sub-agents to bring in more investors, with everyone earning a share of the previous victims’ loss. 

Court Ruling and Sentencing of The Crypto Scammers 

The Ezhou Court found Cheng and his 33 other accomplices guilty of fraud, with charges that they created the platform only to steal users’ money. The court stated that they deliberately deceived victims by continually coming up with fake information and hiding the truth for their illegal gain.

Sentences ranged from three to twelve years in prison, along with fines for all those who were involved. Due to the large number of defendants and the complexity of the case, the trials were handled separately, and all judgments are now final.

The judge warned the public against falling for suspicious “get-rich-quick” schemes. He urged people to be more cautious and avoid relying on investment advice from chat groups. 

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UK Financial Watchdog Plans To Rule out New Crypto Rules for 2026

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  • The FCA is planning a more detailed and expanded regulatory system for cryptocurrency firms, which would require a tougher compliance beyond the anti-money laundering rules
  • Companies like Coinbase, Gemini, and Bitpanda will have to meet higher standards under the new “gateway regime” instead of just registering.
  • Despite the regulatory changes, the rate of crypto ownership is increasing, but many still misunderstand their rights regarding financial protection from the FCA.

The UK is preparing for a more strict crypto rule, giving the industry about a year to adjust, according to a senior financial regulator. 

On Tuesday, the country’s financial watchdog listed out its plan to introduce a more thorough and expanded regulatory system for cryptocurrency by 2026. The goal of this plan is to establish tougher guidelines, to oversee crypto related activities going on in the country.  

The FCA, which is the UK’s financial regulator, is responsible for all matters related to the banks and other investment products, ensuring markets work fairly and protecting consumers from fraud. 

New FCA Authorization Rules for Crypto Companies

The UK’s Financial Conduct Authority (FCA) has shared its plans for a new approval system for crypto firms, set to launch in 2026. Matthew Long, the regulator’s director of payments and digital assets, explained that the upcoming “gateway regime” will introduce a more strict requirement for cryptocurrency related activities beyond the current anti-money laundering rules.

He added that crypto companies like Coinbase, Gemini, and Bitpanda, other than just registering, would need to meet higher standards to be able to offer a wider range of services. Long also added that a bunch of consultations, rule-making, and legislative processes must be completed before the system is implemented.

The FCA plans to introduce a more robust crypto regulatory plan by 2026, with new policy papers on stablecoins, trading platforms, staking, and more expected this year. Since 2020, when the anti-money laundering registration launched, it has received 368 applications, but only 50 firms, or 14%, have been approved. Many crypto businesses may need to reapply under the upcoming rules. 

So far, it can be said that crypto adoption is continually growing, with the average in which an individual can hold increasing. However, a lot of misunderstandings are still held, as some believe they can seek compensation from the regulator if any issues arise.

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Sam Bankman-Fried Has Been Transferred to Oklahoma After An Unauthorized Prison Interview

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  • Sam Bankman-Fried was moved from Brooklyn’s detention center to a federal transit facility in Oklahoma City after he conducted an unapproved remote interview with Tucker Carlson.
  • Officials woke him early Wednesday for the transfer without exactly telling him his next destination. He is expected to be sent to a lower-security prison near California’s Bay Area, closer to his parents.
  • During the course of the interview, he still insisted he was wrongfully convicted, and he argued that FTX would have been financially stable without government interference.

Sam Bankman-Fried, the former CEO of failed crypto exchange FTX, has now been moved from the Brooklyn Metropolitan Detention Center to a federal transit facility in Oklahoma City. 

The transfer happened a short while after he did an interview  in a remote video with political commentator and journalist  Tucker Carlson without a proper approval. Immediately the video aired, officials working with the Federal Bureau of Prisons began the process of relocating him to a long-term prison, where he will continue serving his fraud sentence.

Sam Bankman-Fried’s Transfer to Oklahoma City Federal Facility

Sam Bankman-Fried has been transferred to the Federal Transfer Center in Oklahoma City, a prison facility that holds inmates temporarily pending when they are sent to their final prisons. The decision to move him follows an interview he gave to Tucker Carlson. The Officials at his previous New York facility woke him early Wednesday without telling him where he was going. 

His next stop is expected to be a lower security prison near California’s Bay Area, close to his parents’ home. The Bureau of Prisons website has confirmed his transfer, and his release is scheduled for November 17, 2044.

In 2023, Sam Bankman-Fried, received a 25-year prison sentence as he was found guilty of conspiracy, money laundering, and fraud. Along with his sentence, he has also been ordered to forfeit $11 billion and will be under supervision for three years after release.

Bankman-Claims Innocence

During the course of the interview with Carlson, He argued that FTX would have remained financially stable if not for actions taken by authorities. 

During the interview, he once again claimed that he was innocent, supporting his family’s efforts to get him pardoned. When he was asked about his crime in crypto, he insisted he was not guilty, even though the Justice Department disagreed with what he had to say previously. He argued that FTX could have had $100 billion in assets compared to the $15 billion in debt.

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South Korean Regulator Cracks Down on Unregistered Foreign Crypto Platforms

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  • South Korea’s FIU and FSC have blocked 17 unregistered cryptocurrency exchanges, including KuCoin, Poloniex, and MEXC, from Google Play to prevent money laundering and protect local investors within the country.
  • Authorities are working with Apple Korea and the KCSC to also restrict access to these crypto platforms via the internet and the App Store.

South Korean regulators have blocked 17 unregistered cryptocurrency exchanges, including Poloniex, KuCoin, and MEXC, from Google Play. That is, South Korean residents no longer have access to some crypto exchanges, they have urged users to withdraw their funds. This is part of the Country’s efforts to stop money laundering and protect citizens from possible crypto losses.

The government hopes this action will reduce financial risks and ensure better oversight of digital trading platforms.

March 26, South Korea’s Financial Intelligence Unit (FIU) announced that Google had already blocked about 17 unregistered cryptocurrency exchange apps. This action restricts users within the nation’s the access to downloading or updating the apps. 

Earlier on March 21, the FIU mentioned that there is a high probability of sanctions against all cryptocurrency platforms that have failed to register under the country’s financial laws. The agency warned that running an unregistered and unregulated exchange could lead to serious penalties, like; five years in jail or fines that could reach 50 million (around $34,150).

The South Korean Authorities require virtual asset service providers (VASPs) to report their operations to regulators. The FIU worked with the Korea Communications Standards Commission (KCSC) to explore ways to come about  restricting the access of these platforms. By March 26, the Financial Services Commission (FSC) released a list of 22 unregistered crypto exchanges, with 17 already removed from Google Play, limiting new installations and any kind of updates.

South Korea Blocks 17 Crypto Exchanges

The FSC announced that 17 unregistered exchanges are now restricted on Google Play, so no new users can install the apps. Existing users will also be unable to receive new updates. Some of the affected exchange platforms include; KuCoin, MEXC, Phemex, XT.com, Biture, CoinW, CoinEX, ZoomEX, Poloniex, BTCC, DigiFinex, Pionex, Blofin, Apex Pro, CoinCatch, WEEX, and BitMart. 

Officials believe this action will help reduce money laundering and protect local investors from any form of losses. The FIU is also working with Apple Korea and the KCSC to block access through the internet and the App Store.

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Crypto Influencer BitBoy Arrested in Florida After Sharing Warrant Online

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  • Crypto influencer BitBoy was arrested in Florida on March 25 after revealing on social media that a warrant had been issued against him. 
  • Armstrong had a prior arrest in September 2023 while livestreaming outside a former associate’s home. He also filed a lawsuit for allegedly promoting Binance’s unregistered securities. 

Crypto influencer Ben “BitBoy” Armstrong was arrested in Florida on the 25th of March after he has admitted on social media that a warrant had been issued against him. 

The Volusia County Division of Correction, which is responsible for managing the county’s jail system and handling law enforcement-related matters, confirmed his arrest at 7:18 PM local time, identifying him as a fugitive. Reports suggest the warrant was related to emails he sent to a judge while representing himself in court. His arrest has sparked fresh controversy in the crypto community.

On March 21, Armstrong shared a post on X (formerly Twitter) that he was facing legal issues due to the emails he sent to Cobb County, the superior court judge in Georgia, Kimberly Childs. He stated that he had been representing himself in an ongoing case and claimed the judge deleted her social media accounts because of the messages. 

While the exact details of the emails have not been shared with anyone, it must have been serious enough to lead to a warrant for his arrest. Information about his legal representation still remains unknown.

Armstrong’s Previous Legal Issues

This is definitely not Armstrong’s first legal trouble. In September 2023, he was arrested while live streaming outside the home of his former business partner’s, accusing them of keeping his Lamborghini. During that incident, he was charged with loitering, prowling, and simple assault. 

The authorities also found a firearm and other illegal substances in his car. In addition to the charges, he was named in a class-action lawsuit in March 2023 for allegedly promoting Binance, which was accused of selling unregistered securities. Currently, there is no update on his legal representation, and as of the time of writing,  he has not made any public statements that regard his latest arrest.

Crypto Community Reaction to the Arrest

There have been different responses to Armstrong’s arrest. Analyst Nick Dimondi made a joke about the situation, saying it could be a sign that the long-anticipated crypto bull market has arrived. Some believe that separating the industry from controversial figures like BitBoy could boost confidence, especially as Bitcoin remains strong. Others commenting in the section also agreed with Dimondi. 

On the other hand, Guru, another crypto expert, saw this as a lesson for everyone in the space, emphasizing that crypto assets should be more than just quick profits. 

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Binance Suspends Employee for Using Insider BNB Chain Data to Trade Unfairly

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  • The exchange suspended a team member for insider trading after an internal review confirmed they misused confidential BNB Chain data to buy tokens early and sell for profit.
  • Binance is currently working with authorities to take legal steps against the culprit and has set plans to strengthen internal controls to prevent future misconduct.
  • While Binance did not name the culprit, users on X have linked the incident to Freddie Ng, who allegedly made $82,400 from the insider trading of uDEX’s UUU token.

Binance recently suspended a team member for insider trading. According to news from the inside, it revealed that the employee misused knowledge from a past BNB Chain position to profit from a token launch before it was publicly announced.

The crypto exchange suspended the employee for insider trading after a complaint reached the internal audit about unusual transactions linked to a recently launched token. A proper review was done, and it was confirmed that the individual had misused confidential details from their past roles at BNB Chain to buy tokens early with multiple accounts even before the Token Generation Event (TGE). 

The individual later sold their part of the holdings for quick profits. It came to the exchanges’ notice on the 23rd of March,  and after investigating, the company took action by suspending the worker and pursuing legal steps.

Binance Strengthens its Policies and Takes Legal Action

Binance has also announced that it will cooperate with concerned authorities to ensure legal steps are taken, and any money linked to the breach will be seized according to financial laws. The Exchange also emphasized its commitment to trading fairly and stated that any kind of market manipulation will not be tolerated. 

In a bid to prevent a similar act, Binance plans to introduce a more strict measure to track staff activities and update internal policies. It also acknowledged the importance of whistleblowers in uncovering misconduct and confirmed that valid reports are reviewed and rewarded. Insider trading is still a serious issue in the crypto space, where transparency is very important for investors confidence.

Binance did not disclose the culprits’ name, but users on X claimed it was Freddie Ng. A wallet identified by the user “py” on DEX Screener suggests that Ng earned $82,400 from one of the accounts used in the insider trading of uDEX’s UUU token.

Binance assured users that it will continue improving its oversight, enforcing rules, and encouraging the community to report concerns through official channels.

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