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Crypto Alpha, 10 May 2024

Crypto Alpha, 10 May 2024

Daily Alpha on All Things Crypto, Web3 and Blockchain

May 10, 2024

TL;DR

US court seizes 279 virtual currency accounts linked to North Korean hackers.
Genesis Trading shifts $36.46 million in crypto assets to Gemini.
Tether critiques Deutsche Bank's analysis for lack of clarity and evidence.
CSOP's Hong Kong spot virtual asset ETF launch faces delays due to unprepared parties.
Polkadot achieves consecutive monthly peaks in active addresses.
U.S. Bank and Rothschild & Co. reveal $20 million in spot Bitcoin ETF purchases for Q1.
South Korea's National Tax Service imposes 40 billion won tax on Bithumb users.
Assets managed by six Hong Kong Bitcoin and Ethereum ETFs exceed US$317.4 million.

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Alpha of the Day

Legal Blow to North Korean Hackers' Crypto Stash

A U.S. court dropped the hammer on 279 virtual currency accounts suspected of funneling proceeds from North Korean hackers. The move marks a significant crackdown on illicit crypto activity, showcasing the growing efforts to curb financial crimes in the digital realm. With authorities tightening the noose on nefarious actors, it's a reminder that the Wild West days of crypto might be drawing to a close—or at least facing stricter regulations.

Genesis Trading Makes a Splash with $36.46 Million Crypto Transfer

Genesis Trading made waves in the crypto sphere by transferring a whopping $36.46 million worth of digital assets to Gemini. This hefty transaction underscores the vibrant and dynamic nature of the cryptocurrency market, where millions can change hands in the blink of an eye. As players like Genesis Trading flex their financial muscles, it's a clear sign that crypto is no longer just a fringe player but a force to be reckoned with in the broader financial landscape.

Tether Throws Shade at Deutsche Bank's Analysis

Tether raised eyebrows when it took aim at Deutsche Bank, criticizing the financial giant's analysis for lacking clarity and substantial evidence. The crypto community loves a good spat, and this clash of titans certainly delivers the drama. As Tether calls out one of the world's leading banks, it's a reminder that the crypto space isn't afraid to challenge traditional financial institutions and demand transparency.

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CSOP's ETF Launch Hits Roadblocks Due to Unprepared Counterparties

CSOP hit a speed bump in its plans to launch Hong Kong spot virtual asset ETF products as it faces delays stemming from unprepared counterparties. It's a classic case of the best-laid plans going awry in the fast-paced world of crypto. As CSOP navigates these obstacles, it highlights the challenges of bringing traditional finance and cutting-edge technology together.

Polkadot Surges with Two Months of Active Address Peaks

Polkadot continues its winning streak, hitting a new peak in active addresses for the second consecutive month. The blockchain project's growing popularity underscores its potential to shake up the crypto landscape. With each new milestone, Polkadot cements its position as a key player in the ever-evolving world of decentralized technologies.

U.S. Bank and Rothschild & Co. Reveal $20 Million Bitcoin ETF Purchases

U.S. Bank and Rothschild & Co. raised eyebrows with their disclosure of approximately US$20 million in spot Bitcoin ETF purchases for the first quarter. It's a clear sign that traditional financial institutions are warming up to the idea of crypto as a legitimate investment avenue. As Wall Street heavyweights dip their toes into the crypto waters, it's a promising sign for the industry's mainstream adoption.

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South Korea's National Tax Service Imposes Heavy Tax on Bithumb Users

South Korea's National Tax Service dropped a bombshell with its announcement of a hefty 40 billion won tax on Bithumb users. It's a stark reminder that crypto gains aren't immune to taxation, much to the chagrin of enthusiasts. As governments worldwide grapple with how to regulate and tax crypto transactions, users are left navigating a complex web of financial regulations.

Six Hong Kong ETFs Surpass $317.4 Million in Collective Assets

The collective assets managed by six Hong Kong spot Bitcoin and Ethereum ETFs have surged past the impressive milestone of US$317.4 million. It's a testament to the growing demand for crypto investment products in traditional financial markets. As ETFs gain traction, they provide investors with a convenient way to gain exposure to the crypto market without the hassle of holding digital assets directly.

Significant Contribution to Ether.fi Transfers $112 Million Worth of ETH to Coinbase

Ether.fi made headlines as a significant contributor transferred a whopping 37,141 ETH to Coinbase, valued at US$112 million. This eye-popping transaction showcases the immense wealth flowing through the crypto ecosystem. As big players make bold moves, it's a reminder of the fortunes being made and the potential for astronomical gains in the world of digital assets.

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Daily #Crypto Alpha | May 10 2024 🗞
• A U.S. court mandates the seizure of 279 virtual currency accounts containing proceeds from North Korean hackers.
• #Genesis Trading recently transferred crypto assets worth $36.46 million to #Gemini.
• #Tether… x.com/i/web/status/1…
— WAGMI | Crypto, DeFi & Web3 News (@wagmiglobal_)
6:29 AM • May 10, 2024

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