Good Morning Crypto Enthusiasts!

Glad to have you back for another edition of the UseTheBitcoin.com newsletter.

1. Kraken Keeps USDT Listing in Europe: Kraken has confirmed it will continue to list Tether (USDT) in Europe despite concerns over the upcoming European Union’s Markets in Crypto Assets Regulation (MiCA). Mark Greenberg, Kraken’s global head of asset growth and management, assured compliance with all legal requirements.

2. Pump.fun Exploiter Arrested in the UK: Jarett Dunn, a former employee accused of exploiting the memecoin platform pump.fun for $1.9 million, was arrested in the UK and is currently out on bail.

3. Venezuela Bans Crypto Mining: The Venezuelan government has announced a ban on cryptocurrency mining to alleviate pressure on its national power grid. The Ministry of Electric Power aims to disconnect mining farms to regulate excessive energy consumption.

4. 📈Technical Analysis Masterclass - We’ve got good news for ADA holders! It looks like we have a breakout and whales are suddenly active! Check out UseTheBitcoin’s latest Youtube video “ADA Cardano: Technical Breakouts and Whale Activity” for a more detailed look or join our Discord for alpha!

5. 💡Feature of the Day - EigenLayer Sparks Controversy: Justin Drake, an Ethereum Foundation researcher, disclosed his new paid advisory role at EigenFoundation, sparking debate over potential conflicts of interest. Drake's position includes a significant incentive in EIGEN tokens, leading to mixed reactions from the community.

   
   All this and more in today’s headlines!

📰 News Highlights:

🚨Kraken Keeps USDT Listing in Europe [Source][Source][Source]

Cryptocurrency exchange Kraken has confirmed it has no immediate plans to delist Tether (USDT) in Europe, despite reports suggesting otherwise. The assurance comes amid concerns over the European Union’s upcoming Markets in Crypto Assets Regulation (MiCA) framework, set to take effect on June 30 for stablecoins and December 30 for cryptocurrency service providers.

Mark Greenberg, Kraken’s global head of asset growth and management, stated on May 18 that Kraken will continue listing USDT in Europe and aims to remain compliant with all legal requirements. He emphasized that the rules are not finalized and that Kraken will do everything possible to offer relevant stablecoins to its European customers. This comes after a Bloomberg article on May 17 claimed Kraken was “actively reviewing” its token listings to ensure compliance with MiCA.

Marcus Hughes, Kraken’s global head of regulatory strategy, had earlier remarked that the exchange was planning for all possibilities, including potentially delisting certain tokens if necessary.

However, Kraken's stance remains firm for now, contrasting with competitors like OKX, which delisted USDT in Europe in March, and Binance, which announced similar plans last September but has not yet implemented them.

🚔Pump.fun Exploiter Arrested in the UK [Source][Source][Source]

Jarett Dunn, the former employee accused of exploiting memecoin platform pump.fun for $1.9 million, claims he was arrested and charged in the United Kingdom and is currently out on bail. Dunn, who confirmed his identity on X as "STACCoverflow," took responsibility for the attack on May 16.

On May 18, Dunn revealed via another X account that he had spent a night in custody and was subsequently released on bail and "mental health sectioned." He is now reportedly in a hospital, using an iPad provided by the facility. Dunn stated his mental health status has been questioned, affecting his ability to participate in police interviews, which might occur after his bail period if deemed fit.

Dunn, a Canadian citizen, said the local embassy has contacted his family with a list of lawyers, although he has not been able to communicate with them directly. He mentioned that he retains his passport and was not cautioned against leaving the UK. Dunn is required to return to a police station on August 15. Additionally, a private intelligence firm was reportedly hired to locate him in London.

⚡Venezuela Bans Crypto Mining [Source][Source][Source]

The Venezuelan government has announced plans to ban cryptocurrency mining to alleviate pressure on its national power grid. The Ministry of Electric Power aims to disconnect mining farms to regulate excessive energy consumption and ensure a stable power supply for the population.

This decision follows the recent confiscation of 2,000 cryptocurrency mining devices in Maracay as part of an anti-corruption initiative. The ministry emphasized that removing high-energy-consuming mining operations is essential for stabilizing the national power supply, which has suffered from recurring blackouts over the past decade, significantly disrupting daily life and economic activities.

ministerioenergiaelectrica

View more on Instagram

Venezuela’s stance against crypto mining aligns with similar measures taken by countries like China and Kazakhstan, which have implemented strict regulations or outright bans due to the substantial electricity demands of mining activities.

📈Technical Analysis Masterclass:

📊 ADA Cardano: Technical Breakouts and Whale Activity

ADA Cardano's breakout from resistance levels on April 13th. After struggling to surpass these barriers through multiple attempts, ADA has now broken free and is retesting former resistance levels.

Technical Breakout:

• 20-Day Moving Average (20MA): ADA is currently trading above the 20MA, previously a resistance level, indicating potential upward momentum.

• Relative Strength Index (RSI): A bullish divergence in the RSI suggests a shift in selling momentum to buying activity, further supporting the potential for increased upward movement.

Whale Activity:

• Cardano Whales: Recent reports indicate a 10% increase in holdings by Cardano whales. This significant accumulation signals confidence in ADA, as whale activity often influences market sentiment and smaller investors.

• Market Influence: Increased holdings by whales could drive further market activity and price movements, potentially attracting more investors to ADA.

The combination of technical breakouts and increased whale activity suggests a positive trajectory for ADA Cardano in the near future. While the outlook appears optimistic, traders and investors are advised to exercise caution and conduct thorough research. Watch UseTheBitcoin’s latest Youtube video “ADA Cardano: Technical Breakouts and Whale Activity” for a more detailed look into our Technical analysis expert’s opinion.🚀

💡 Feature of the Day: 

⚖️EigenLayer Sparks Controversy [Source][Source]

Justin Drake, an Ethereum Foundation researcher, has ignited debate over potential conflicts of interest after accepting a paid advisory role at EigenFoundation, the entity behind EigenLayer. On May 19, Drake disclosed his new position, which includes a significant incentive in EIGEN tokens vested over three years, potentially worth millions of dollars.

EigenLayer, a protocol that launched partially on mainnet last month, allows users to stake liquid staked Ether (ETH) tokens, effectively enabling ETH to be staked twice. Drake stated that his advisory role focuses on researching restaking risks and that he intends to maintain a critical stance towards EigenLayer despite the financial incentives.

This disclosure has led to mixed reactions. Some, like UpOnly co-host Jordan Fish (Cobie), criticized the arrangement, suggesting it could lead to “conflicted incentives” for Ethereum Foundation staff. However, others, including Polygon's vice president of governance Hudson Jameson and zkSecurity co-founder David Wong, praised Drake for his transparency.

😂 Crypto Meme of the Day: 

And that’s it for this today.

With all of the recent hacks taking place, remember to protect your crypto assets with today’s sponsor Trezor hardware wallets.

See you all tomorrow’s edition!

Jonathan Gibson
UseTheBitcoin.com