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Zhang Rongxuan, a former special diver in the Singaporean navy, has been sentenced to six years and 10 months in prison for stealing approximately 1.7 million USDT from a friend's cold wallet by secretly photographing its seed phrase. According to local reports, Zhang obtained an apartment access card at a social gathering and entered the victim's home while it was empty to take the picture. He then used the stolen funds to purchase luxury watches, gamble, and pay off a mortgage. Zhang pleaded guilty to multiple charges, including computer misuse and money laundering, with the court noting that sufficient restitution had not been made.

The Bank of Canada (BoC) has indicated that regulations for Canada-based stablecoins could be introduced in the middle or latter half of 2027, Reuters reported. During testimony before the Canadian Senate, BoC Senior Deputy Governor Carolyn Rogers stated that while significant work on the regulatory design is underway, the original plan to introduce the rules in early 2027 was ambitious. She explained that the actual implementation is more likely to occur in mid or late 2027.

Ethereum-based Tether (USDT) recorded a net outflow of approximately $1.29 billion from exchanges on May 9, its largest in about three months, according to on-chain analytics firm Santiment. Santiment explained that when stablecoins move off exchanges, it suggests investors are reallocating funds to self-custody wallets, DeFi, or OTC markets rather than keeping them on exchanges for immediate purchases. The firm analyzed that such a large-scale outflow is typically characteristic of institutional or whale investors and likely represents a repositioning to build new positions rather than a complete exit from the crypto ecosystem.

Blockchain engineering firm Antier Solutions has secured $3 million in funding. The round was led by Indian venture capital firm GVFL. The company plans to use the funds to expand its platform products, increase adoption within the government and financial services sectors, and strengthen its presence in overseas markets.

Tydro, a lending protocol within the Ink ecosystem, has announced the resumption of its market operations. The Chainlink oracle upgrade timelock is scheduled to end at 11:52 p.m. UTC on May 9. Following the execution of the upgrade, the market is expected to be unpaused around 12:00 a.m. UTC on May 10.

Circle's Layer 1 chain, Arc, announced it has started accepting applications for the Circle Developer Grant Program. The developer fund is designed to support teams building real-world services on the USDC and Circle developer platforms. Applications are open to projects in areas including payments, financial management, foreign exchange (FX), and the agentic economy.

The Spot CVD chart analyzes the order book for the BTC/USDT spot pair. The top section shows the Volume Heatmap, and the bottom section shows the Cumulative Volume Delta (CVD). - The top Volume Heatmap tracks the volume of trades at specific price levels. The background color becomes brighter when the price remains in a certain range for an extended period or moves significantly. Brighter areas may act as potential support or resistance levels. - The bottom Cumulative Volume Delta (CVD) indicator represents buy and sell orders categorized by trade size. As buy orders increase, the corresponding colored line rises. The yellow line represents orders between $100 and $1,000, while the brown line indicates large orders between $1 million and $10 million.

U.S. spot Ethereum ETFs recorded approximately $3.6 million in net inflows on May 8, according to data compiled by Trader T. The reversal comes after a single day of net outflows. - BlackRock's Staking ETHB: +$3.6 million

24-hour crypto futures liquidations The following shows estimated liquidation volumes and position ratios for major crypto perpetual futures over the past 24 hours: - BTC: $31.84 million liquidated (53.57% shorts) - ETH: $30.36 million liquidated (55.12% shorts) - TON: $29.35 million liquidated (97.74% shorts)

Global asset markets are shifting their focus from "TACO" (Trump Always Chicken Out) trading to "NACHO" (Not A Chance Hormuz Opens) trading, BlockBeats reported. The "NACHO" thesis is based on the following logic: - Insurers will not underwrite policies for ships passing through the Strait of Hormuz. - This effectively keeps the strait closed, driving up oil prices and, in turn, inflation. - Consequently, the U.S. Federal Reserve will be unable to cut interest rates. While high oil prices and interest rates are typically negative for asset markets, this shift suggests that investors now view the unresolved situation in Iran as a constant factor from which to profit. As confidence grows that the Strait of Hormuz will not reopen in the short term, capital is flowing into beneficiary assets such as energy stocks and big tech companies with strong cash reserves and AI momentum. According to eToro analyst Zavier Wong, the market appears to have decided against expecting an immediate solution to the Iran situation. He added that high oil prices have become a feature of the current market environment rather than a temporary shock.

U.S. spot Bitcoin ETFs saw net outflows of approximately $145.64 million (213.2 billion won) on May 8, according to Trader T. This marks the second consecutive day of net outflows. - BlackRock's IBIT: -$27.22 million - Fidelity's FBTC: -$97.60 million - Morgan Stanley's MSBT: +$5.74 million - Ark's ARKB: -$26.56 million

Chun Wang, founder of F2Pool, a major crypto mining pool with Chinese roots, has withdrawn 7,461 ETH ($17.27 million) from Binance, according to on-chain analyst ai_9684xtpa. The funds were subsequently deposited into the DeFi protocol Spark.

Aave (AAVE) has announced its follow-up measures in response to the recent rsETH hack. The plan includes: - Burning the hacker's liquidated rsETH position on Arbitrum - Mitigating the over-issued rsETH supply - Transferring the ETH that was frozen by the Arbitrum committee - Resuming withdrawals once the rsETH bridge is normalized - Normalizing the wETH loan-to-value (LTV) ratio Additionally, Aave stated that while awaiting a court decision on the frozen ETH, it plans to take out a separate loan to compensate users.

Fourteen protocols have either left LayerZero (ZRO) or suspended their bridging services over the past 48 hours, on-chain analyst Emperor Osmo reported on X. LayerZero was the cross-chain bridge exploited by a hacker in the recent Kelp DAO rsETH incident. Three protocols—KelpDAO, Solv Protocol (SOLV), and ReProtocol—have migrated to Chainlink CCIP as their new standard bridge infrastructure. Others, including Kamino (KMNO), Ethena (ENA), Euler (EUL), and Curve (CRV), have temporarily suspended their bridges. Meanwhile, Aave (AAVE), SparkLend, Fluid (FLUID), Pendle (PENDLE), and Compound (COMP) have frozen their markets. LayerZero previously apologized for the security incident and announced plans to change its validator settings.

CoinMarketCap's Altcoin Season Index is currently at 48, up five points from yesterday. The index is calculated by comparing the price performance of the top 100 coins by market capitalization, excluding stablecoins and wrapped coins, against Bitcoin. An altcoin season is declared when 75% of these top coins outperform Bitcoin over the past 90 days, while the opposite is considered a Bitcoin season. A score closer to 100 indicates a stronger trend toward an altcoin season.

Coinbase announced it purchased an additional 1,103 BTC during the first quarter, increasing its total holdings to 16,492 BTC. The disclosure was made in an earnings report released after the U.S. stock market closed on May 7. In the previous quarter, the company had reported holding 15,389 BTC.

LayerZero (ZRO) has apologized for a past security incident and admitted to poor communication regarding the event. The project was the cross-chain bridge exploited by hackers in the Kelp DAO rsETH incident. Through its official X account, LayerZero explained that a sub-RPC of its Decentralized Verification Network (DVN) was attacked by the North Korean hacking group Lazarus, which corrupted data, while an external RPC provider was hit with a DDoS attack. The project stated that while the protocol itself was unaffected, operating the DVN in a single validator mode was a serious mistake. LayerZero announced it will discontinue the single validator setup and transition the protocol's default to a multi-validator system of at least 3:3. It added that it will perform a full upgrade of its security infrastructure by developing new clients and introducing a multi-signature system and an integrated console management platform.

BlackRock is planning to launch two new money market funds (MMFs) aimed at investors who hold cash in stablecoins rather than traditional bank accounts, Bloomberg reported. The new funds are named BRSRV and BSTBL, with BRSRV specifically targeting stablecoin holders. Share tokens for BRSRV will be issued on multiple chains, while BSTBL's will be issued on the Ethereum chain. The move aligns with previous statements from BlackRock CEO Larry Fink, who has emphasized that all financial assets will eventually be tokenized. BlackRock's BUIDL fund, launched in 2024, currently manages assets worth $2.5 billion.

The Spot CVD chart analyzes the order book for the BTC/USDT spot pair. The top section displays a Volume Heatmap, while the bottom shows the Cumulative Volume Delta (CVD). The Volume Heatmap tracks the scale of trading volume at specific price levels. The background color becomes brighter when the price remains in a certain range for an extended period or moves significantly. Areas with brighter colors may act as potential support or resistance levels. The Cumulative Volume Delta (CVD) indicator at the bottom represents buy and sell orders categorized by trade size. As buy orders increase, the corresponding colored line rises. - Yellow line: Orders between $100 and $1,000 - Brown line: Large orders between $1 million and $10 million

The Crypto Fear & Greed Index from data provider CoinMarketCap is at 48, up one point from yesterday, holding in the neutral zone. The index indicates extreme fear as it approaches zero and extreme greed as it approaches 100. CoinMarketCap's index is calculated based on several factors, including the price movements of the top 10 cryptocurrencies by market capitalization, market volatility, derivatives market data such as put/call ratios, the Stablecoin Supply Ratio (SSR), and the platform's own search data.

Cryptocurrency influencer David Battaglia has compared MicroStrategy's (MSTR) preferred stock, STRC, to an insurance product, he said on X. Battaglia explained that MicroStrategy selling STRC is analogous to an insurance company selling an annuity. He noted that just as insurers collect premiums, or float, and invest the funds before claims arise, MicroStrategy raises capital in a similar fashion to purchase Bitcoin. He described MicroStrategy's stock as a vehicle for capitalizing on BTC's upside, which absorbs market capital from aggressive investors willing to pay a premium. Battaglia emphasized that the company's model is transparent and can be verified in real-time, dismissing those who label it a Ponzi scheme as mere "haters." MicroStrategy's STRC is designed to pay a variable monthly dividend targeting an 11.5% annual yield. The dividend rate decreases when the stock trades above its $100 par value and increases when it trades below. The instrument has recently functioned as a source of funding for the company's BTC purchases. MicroStrategy founder Michael Saylor also reposted Battaglia's thread.

Cryptocurrency wallet provider Exodus (EXOD) has launched XO Cash, a Solana-based stablecoin designed for autonomous payments by AI agents. The stablecoin is linked with the Visa payment network to support both online and offline transactions.

The U.S. Senate Banking Committee is scheduled to hold a markup session for the CLARITY Act at 2:30 p.m. UTC on May 14, CoinDesk reported. The bill, previously stalled by disagreements between the crypto and banking sectors over stablecoin interest, now moves forward following a compromise brokered by Senators Thom Tillis and Angela Alsobrooks. The agreement would preserve activity-based rewards, which are crucial for exchanges' stablecoin operations, while limiting interest based on deposit balances—a provision banks had warned could lead to deposit outflows. Although the banking industry has indicated that further amendments are needed, the committee's decision to schedule the markup suggests a determination to advance the legislation. Separately, some politicians are advocating for the inclusion of an ethics provision that would prohibit high-ranking public officials from profiting from the crypto industry. Following the markup, the CLARITY Act is expected to be merged with a bill from the Senate Agriculture Committee before proceeding to a full floor vote.

Lee Reiners, a law instructor at Duke University, has argued that the Trump family's DeFi project, World Liberty Financial (WLFI), constitutes an unregistered security because it creates an expectation of profit and is centrally operated. According to The Block, Reiners stated that while the project's backers claim WLFI is simply a governance token, it was sold to finance a cryptocurrency business. He argued that the issuer's creation of profit expectations through marketing and a white paper satisfies a core element of the Howey Test. Reiners also noted that recent lawsuits, such as one involving Tron (TRX) founder Justin Sun, have effectively shown that claims of decentralization are often a fiction. However, he questioned whether the current U.S. SEC would conduct a meaningful investigation.

Swiss banking giant UBS Group has purchased an additional 551,121 shares of MicroStrategy (MSTR) for $98 million, bringing its total holdings to 6.31 million shares valued at approximately $1.12 billion, Crypto Briefing reported. MicroStrategy currently holds 818,334 BTC, worth $66.3 billion, at an average purchase price of $75,535.24 per coin. The outlet noted that buying MicroStrategy stock can be viewed as an indirect investment in the cryptocurrency industry.