Alex Mashinsky, the co-founder of defunct crypto lender platform Celsius Network, was sentenced to a 12-year jail term on May 8. This sentence follows a series of legal proceedings that followed his guilty plea last December over his firm’s collapse. Specifically, Alex Mashinky was sentenced for misappropriating customers’ funds and manipulating the CEL token.
Alex Mashinsky Sentence: Another Precedence Set
It is worth noting that the Celsius Network Founder pled guilty to one count of committing commodities fraud and another count of committing securities fraud. The lending platform collapsed in 2022 and filed for bankruptcy shortly after the Terra Luna crash in May 2022.
The fall from that Terra collapse has affected many other entities, including crypto exchange FTX. As reported earlier by CoinGape, the DOJ recommended a 20-year sentence for the crypto pioneer. The 12-year sentence marks a considerable leniency for Alex Mashinky.
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Just when Cardano, the decentralized blockchain platform, was seeing its native token ADA rising by 4.3% in the last 24 hours, a new controversy has emerged. Claiming that founder Charles Hoskinson moved 318 million worth of around $619 million without permission.
Despite the drama, ADA remains on track for a potential breakout, with indicators pointing to a price surge towards $1.
318M ADA Scandal? Hoskinson Responds
Cardano founder Charles Hoskinson has been in the limelight more for the last few weeks, starting from claiming that Ethereum might not survive the next 10-15 years, to defending Cardano against critics
But this time, Hoskinson is facing serious accusations of making unlawful move of ADA tokens. Crypto influencer Masato Alexander claims Hoskinson used special access to move 318 million unclaimed ADA, worth about $619 million, without permission.
Masato says the tokens were linked to a company called Attain Corp and were sold to investors in Japan, some of whom later felt tricked.
Hoskinson quickly denied all the claims, he said 99.8% of the tokens were claimed legally, and the rest were moved after a 7-year time limit, following the rules.
You keep lying to people. The Ada vouchers became unspendable after the hard fork. They were rolled into a custodial account controlled by the TGE that then continued redemption for 3 more years to distribute the genesis funds to the original buyers.
Many in the Cardano community have come to his defense, saying everything was done transparently and followed network rules.
Cardano Gears Up for Breakout – $1
Looking at the 1-day chart of Cardano, the price has been consolidating between the range of $0.66 to $0.72 for the last two weeks. Today, ADA jumped nearly 4.5% to around $0.707, breaking out of its recent downtrend.
If you take a closer look at the charts, it’s clear that ADA bounced back from a low of $0.60 and is now moving through key Fibonacci levels. In particular, ADA has broken through the 0.618 Fibonacci level at $0.6984 and is currently testing the 0.786 level at $0.7086, a bullish signal that suggests strength is building.
If ADA can close above $0.7214, it may confirm a breakout and open the door to a rally toward $0.75, $0.80, or even $1.
However, if ADA fails to break this key resistance, it could dip back to support near $0.6684 or $0.616.
The post Charles Hoskinson Faces 318M ADA Scandal – Will It Stop ADA’s Rise to $1? appeared first on Coinpedia Fintech News
Just when Cardano, the decentralized blockchain platform, was seeing its native token ADA rising by 4.3% in the last 24 hours, a new controversy has emerged. Claiming that founder Charles Hoskinson moved 318 million worth of around $619 million without permission. Despite the drama, ADA remains on track for a potential breakout, with indicators pointing …
Bitcoin price has failed to break past $85,000 for more than a week as the crypto fear and greed index plunges into extreme fear. The choppy price moves have led to massive institutional outflows from spot Bitcoin ETFs this week. However, as Bitcoin sees steady outflows, investors are actively accumulating 3 altcoins, which may precede a massive price rally for these coins.
Top 3 Altcoins Investors Are Buying as Bitcoin Price Struggles
Crypto investors are turning towards altcoins to scoop profits as Bitcoin price struggles to reclaim its previous highs. CryptoQuant CEO has stated that the Bitcoin bull market is over and warned that the asset might experience 6 to 12 months of a bearish trend.
Popular analyst Julio Moreno also observed that US-based ETFs have recorded the fifth consecutive week of negative flows. This indicates a lack of interest from institutions.
However, as traders steer clear of Bitcoin, 3 altcoins have seen a rapid surge in exchange outflows, suggesting accumulating as investors anticipate gains. These altcoins include Ethena (ENA), Mantra (OM) and Maker (MKR).
Exchange Outflows
Ethena (ENA)
One of the altcoins that traders are rapidly accumulating is Ethena, which has fallen by 21% in one month. However, ENA exchange outflows have increased by more than 66%, suggesting a lack of intent to sell.
The main reason why traders may be accumulating ENA is because of a recent partnership between Ethena Labs and Securitize. The two institutions have launched the Converge layer-1 blockchain to merge traditional finance and decentralized finance.
Investors anticipate the launch to stir a bullish Ethena price prediction. ENA has also formed a rounding bottom pattern, and if it reverses to the neckline of $1.32, it could stir a 560% rally to $8.80.
ENA/USDT: 1-Week Chart
Mantra (OM)
Crypto traders are also accumulating Mantra (OM) after exchange outflows soared by 53% in the last 24 hours. Mantra is among the few altcoins that have not succumbed to bearish trends in the broader crypto market. At press time, OM trades at $7.04 after a 12% gain in one week.
The RSI on the token’s daily chart has risen to 55, and the volume histogram bars show that buying pressure has increased. After flipping the 61.8% Fibonacci level, Mantra price is eyeing another rally to the 123.6% Fib level of $10.53.
OM/USDT: 1-day Chart
Maker (MKR)
Maker price today trades at $1,222 with a marginal 1.2% rise. Exchange outflows for MKR tokens have surged by 51% in 24 hours, as traders move their altcoins from exchanges to hold for the long term.
Maker has been drawing attention since its rebrand to Sky as it expands its presence in the DeFi industry. The RSI on Maker’s daily chart has also made a bullish crossover after moving above the signal line. If it crosses above 50, it will confirm a shift in momentum, leading to a bullish Maker price prediction.
MKR/USDT: 1-day Chart
Final Thoughts on the Top Altcoins to Buy
Bitcoin price is experiencing choppy price moves amid surging outflows and fearful market sentiment. However as investors turn their attention away from BTC, 3 altcoins have much potential to rally as exchange outflows from exchanges increase significantly.
According to data from PiScan, the Pi Network’s core team currently holds the majority of the total Pi Coin (PI) supply.
While such concentration may be necessary during the early stages of a network’s development, it also raises significant concerns about the project’s future decentralization.
Pi Coin Supply Concentration: Core Team’s Control Sparks Worries
The latest data reveals that the Pi Network’s core team controls approximately 62.8 billion Pi Coins across six wallets. Additionally, around 20 billion PI sits in roughly 10,000 unlisted wallets that belong to the team.
This brings the total supply held by these entities to about 82.8 billion PI. It represents a major chunk of the total maximum supply of 100 billion.
Further complicating the centralization issues, Pi Network is currently operating with only 43 nodes and three validators globally. In stark contrast, more established Layer 1 networks, such as Bitcoin (BTC), operate with over 21,000 nodes.Moreover, Ethereum (ETH) has over 6,600, and Solana (SOL) has around 4,800 nodes.
The limited number of nodes and validators means that control of the network is concentrated in the hands of a few entities. Therefore, this makes the network much more centralized than its more established counterparts.
“Analyzing Pi Network’s source code and on-chain data is currently challenging due to its incomplete openness,” PiScan posted on X.
Meanwhile, Pi Network has also raised doubts regarding privacy and third-party involvement. In the 2025 privacy policy update, Pi Network revealed that it uses ChatGPT for its Know Your Customer (KYC) process. This feature was not mentioned in the previous version of the policy.
“We use ChatGPT, as a trusted AI partner, to automate identity verification and enhance security measures. By using our KYC services, users consent to the use of ChatGPT, and other AI providers that may be later implemented, as part of our KYC process,” the document states.
The introduction of artificial intelligence (AI) into the KYC process brings a new layer of complexity to how user data is shared and processed.
This dissatisfaction has resulted in a sharp decline in Pi Network’s popularity. According to Google Trends, the search interest for “Pi Network” has dropped significantly since the mainnet launch on February 20.
On launch day, the search interest was at 100, indicating a peak of public attention and excitement surrounding the event. However, this figure has plummeted to just 12 at the time of this report, reflecting a steep decline in interest.
