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Grayscale Files for Cardano ETF: A Significant Step for Crypto Investment

For cryptocurrency investment products, Grayscale is a leading asset manager. It has filed for a Cardano exchange-traded fund—an ETF. This happened on February 10, 2023. The proposed fund is intended to allow investors to gain exposure to the ADA token. It would do so in a “regulated, traditional financial environment.” If and when the ETF is approved, it would make Grayscale, again, the first to do something significant in this crypto space—the first to issue a “spot” ETF for Cardano. Key Details of the Filing Grayscale’s proposal would create a way to invest in Cardano through a public security rather than through a crypto-exchange or in private transactions. As the most recent effort from the firm’s high-profile CEO, Michael Sonnenshein, in conjunction with the SEC, it may lack the teeth needed to bring cryptocurrencies into the mainstream. Grayscale appears poised to bring the ADA token much closer to investors, much in the same vein as other firms have brought bitcoin and ether. In the proposed structure, it would be Coinbase Custody Trust Company holding the ADA assets, ensuring the safety of the digital asset. The operational support, along with the impeccable command of regulatory compliance, would fall under the auspices of BNY Mellon Asset Servicing. This is Grayscale’s current gig for its crypto trusts, which have been hitting it out of the park for several years now. Why? Because they’re providing an institutional-grade path for investing in digital assets. When it comes to the evolution of cryptocurrency investments, Grayscale’s recent filing represents quite an achievement for the firm. The filing adds another major coin to the list and gives Grayscale’s ETF application for Cardano quite a serious aspect to it. Grayscale isn’t just some fringe player. It’s a well-respected name in the digital currency space. Their ETF application isn’t going to get ignored or laughed out of the room. And interest in Cardano isn’t going to diminish anytime soon. If anything, it’s on the increase as the crypto space’s interest in the coin deepens. A Historic Moment for Cardano and Crypto ETFs Should Grayscale’s Cardano ETF win the approval of regulators, it would send a historic wave through both the generally cryptocurrency space and the far more specific sphere of Cardano. Currently, Cardano stands as one of the few smart contract platforms that anoints anything approaching a reasonable amount of investment in its projects. Futures contracts and ETFs are the regulated, near-to-no-risk means of investment that hedge funds love. Should Grayscale’s ETF be approved, the most exciting part of it—again, for both the Cardano project and its associated cryptocurrency—would be that ADA as an asset would now be accessible to those investors. Getting the Cardano ETF approved would place it on par with Grayscale’s other significant assets. The company offers ETFs for two of the largest digital currencies by market cap: Bitcoin and Ethereum. Interest in Grayscale’s crypto ETFs is growing, especially from the company’s institutional investor base, which seems to be favoring the Grayscale model for secure, regulated access to the crypto markets. If the Grayscale Cardano ETF follows the lead of its two big siblings, it could soon become a go-to vehicle for those interested in accessing whatever upside might come from ADA’s burgeoning DeFi potential. Potential Challenges and SEC Scrutiny There are obstacles to overcome before Grayscale Cardano ETF can become a reality. The biggest challenge facing Grayscale Cardano ETF’s approval may be the SEC’s previous stance on ADA. In 2023, the SEC called ADA a security in the lawsuits it brought against Binance and Coinbase. Those lawsuits, and the public statements the SEC makes in them, could delay or complicate the approval of the Grayscale ETF. After all, the SEC has closely scrutinized many different cryptocurrencies over the years, and its position on ADA looks like it could become a substantial and significant hurdle for Grayscale Cardano ETF. Even with all these regulatory obstacles, Grayscale keeps hope alive. The latest thing from Grayscale is a request to the SEC to allow them to turn their Cardano trust into a directly investable ETF. They filed this request in the wake of ETPs becoming available in Europe, with Virtune AB launching one for Cardano on February 6. If international markets are amenable to Cardano ETF-like investment vehicles, why not the U.S.? Looking Ahead The Cardano ETF proposal filed by Grayscale signals something exhilarating for the crypto-investing world, especially for those who want to invest in ADA and have been waiting for a more regulated way to do so. Again, the SEC is evaluating the proposal. Whatever response it offers will give us some much-needed clarity on the matter of crypto ETFs in general. If the Grayscale Cardano ETF gets approved, it will make for an effective gateway drug to future well-regulated funds that offer investors exposure to crypto. At present, the SEC is the focus of everyone’s attention as it examines the submission. Should an affirmative result emerge, it would most likely ignite the all-too-frequent fires of controversy that seem to accompany the intersection of traditional finance and the decentralized digital currency world. Indeed, the Grayscale Cardano ETF could become a new touchstone for these often-contentious debates. Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news ! 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President of the Central African Republic Accused of Scamming Traders Through $CAR Token Launch
In an unexpected turn of events, blockchain researchers have charged the President of the Central African Republic (CAR) , Faustin-Archange Touadéra, with running a scam to bilk investors through the launch of the $CAR memecoin. What initially seemed like a legitimate cryptocurrency project has rapidly collapsed into a shambolic wreck, with investors now nursing considerable monetary wounds as a result. The situation has thrown into sharp relief just how little regulatory oversight there is in the world of cryptocurrencies and how easy it is for even well-known political figures to endorse dubious projects. The Rise and Fall of the $CAR Token After an official announcement from President Touadéra, the $CAR memecoin was launched and immediately drew attention. The project gained traction quickly, largely because of the endorsement from the President himself. In just minutes, the market cap of the token shot up from about $580K to an incredible $400 million, and within three hours, that cap had surged to $800 million. Even though the growth we are seeing is impressive, experts are already noticing strange patterns in the tokenomics of the $CAR project. According to blockchain researchers, over 95% of the total supply of the $CAR token was locked away. So, if you believe in the $CAR project and in its future, you have to believe that these tokens, which are mostly sitting there and not doing anything, are somehow going to be part of a healthy ecosystem. If you’re a seasoned trader, though, and you’ve already seen through to the other side of the shiny facade, I guess you could imagine a scenario in which this healthy ecosystem isn’t in play and some of these locked tokens are just waiting around to be used for a bit of not-so-legal price action. The matter became even more unclear with the initiation of a web page for the $CAR token. It was first put forth as a genuine outlet for investor information but turned out to be just as useful and real as the $CAR token. Concurrently, a “real” site was linked. This website was under construction at the time of link and immediately proceeded to have credibility issues. Compounding the problem, the official Twitter account for $CAR was suspended, which added to the mounting suspicion that something shady was going on. The account is still suspended, and the team claims they are working to get the account back online, but there has been no communication with the public since the account was suspended. This has led many to believe that Twitter’s actions were part of an effort to stop what was looking more and more like a scam from happening on their platform. A Massive Dump and Investor Losses The $CAR token was initially very exciting. It shot up in price and then promptly dropped, leaving investors who had jumped on the excitement in an uncomfortable position. In some ways, that makes $CAR like other pump-and-dump schemes. But because $CAR was at least somewhat linked to an actual product that has value, it may represent a new kind of cryptocurrency ne’er-do-well: one with real use cases that nonetheless is not offering real value. And it is seriously affecting $CAR holders. This situation has a part that is particularly worrisome. On-chain evidence connects President Touadéra and his team directly to the bulk of the token’s profits. Blockchain data indicates that the largest wallets controlling $CAR tokens are directly related to the President and his close associates. Those same wallets are believed to have already realized something like $40 million in profits coming directly from unsuspecting investors who’ve bought the token. And the same wallets are still holding another $70 million+ worth of tokens that they’re going to sell at some point. Even more damning evidence emerged from the investigation. The personal digital wallet of President Touadéra, known by the blockchain address DeB4XcwEGdMDfA3nQ2NNfvASzmZA5qHWba7xMkrYaQ9H, reveals that he bought $CAR tokens before the official announcement for just $1,999. When the token launched, he was not holding it for long. He sold off his holdings right away for an enormous profit of $1.7 million. In the interim, he was busy dumping 150 to 250 Solana (SOL) tokens every minute. So his actions were not just illegal; they were causing $CAR to crash. Meet Faustin Touadéra, the first President-crypto scammer He dumped $CAR by 94% and vanished over $110M in 20 hours My research shows African politicians are planning mass rug pulls : How African leaders are ROBBING you and how to fight back pic.twitter.com/ObOsgpKjH5 — Leviathan (@TechLeviathan) February 10, 2025 Even with the substantial evidence of market manipulation, President Touadéra has stuck with calling the launch a “massive success.” In his most recent public statement, he thanked those who had supported the token and reiterated his bullishness about the project’s future. However, these comments are hard to reconcile with the reality of the 99% of investors who have lost a significant amount of money. His assertions also seem to be an effort to quiet the rumor that his account was hacked at the time of the launch. Given the massive amount of evidence suggesting that intentional market manipulation took place, it seems very hard to believe that this was the case. Instead, the whole situation looks like a scam that was pulled off very well, indeed, and that left a whole lot of investors in bad shape after supposedly “going legit.” A Wake-Up Call for the Crypto Market The $CAR problem serves as a clear and sharp warning about the dangers of putting money into cryptocurrencies. These digital assets have a lot of potential but, as with any great opportunity, they also carry a great risk. That risk has been heightened in recent months by the number of bad actors in the space, and by the almost perfect environment they have for pulling off their scams. The situation with $CAR, a digital currency backed by the Central African Republic, reminds us that even the rarebsure bets in the crypto space can go terribly wrong. The $CAR launch fallout is now under examination by both blockchain researchers and regulators. The incident may push the whole cryptocurrency market into increased scrutiny. If the event does lead to tighter regulations and/or a more aware investor base, it’s clear the $CAR token launch will have lasting effects on how digital assets are treated in the future. Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news ! Image Source: ake1150/ 123RF // Image Effects by Colorcinch CoinTurk News