Forbes - Fantasy land 🧚🏻‍♀️

Good Wednesday morning. This is Billy Bambrough, here with your latest batch of crypto news and analysis.

(I'm on the road this month so you may receive your copy of CryptoCodex a little early/late—apologies in advance for any disruption and normal service will resume the week beginning April 18)

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24-hour crypto market snapshot
Bitcoin (+0.5%) $40,178
Ethereum (+1%) $3,056
Dogecoin (+1%) $0.1408
Shiba inu (+20%) $0.00002732
Rock bottom 🫗
Despite Terra's Singapore-based nonprofit Luna Foundation Guard this morning buying another $100 million worth of bitcoin, the crypto market remains subdued. The bitcoin price is more or less flat on this time yesterday, while ethereum up around 1% and Binance's BNB leading the major market higher with a 2% rise. Binance chief executive CZ is this morning speaking at the Paris Blockchain Week Summit.

Inflation fears are continuing to drag on crypto and stock markets after a huge consumer price index (CPI) print. Yesterday, James Bullard, president of the St Louis branch of the Federal Reserve, told the Financial Times it is a "fantasy" to think inflation can be brought down without raising interest rates to a level where they constrain the economy.

Meanwhile, the memecoin wars have returned, with shib striking back. Shiba inu, self-styled as the "dogecoin killer," has rocketed 20% since this time yesterday after trading app Robinhood announced it was adding four new cryptocurrencies—shib, solana, polygon, and compound—to its stable, bringing its total to 11. Solana and polygon barely got a bump, while compound jumped 8%. Dogecoin, which triumphed over shiba inu in a memecoin battle late last year, regularly ranks as one of the most traded coins on many exchanges and Robinhood needs all the fees it get get at the moment after a sharp downturn in active users. Read the full story on Forbes.

Now read this: If crypto can't be used to evade Russian sanctions, what is the point?
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Degen psycho 🔪
A room full of
A room full of "psychopaths" at the Bitcoin 2022 conference in Miami last week. © 2022 Bloomberg Finance LP
Dark tetrad: A survey of almost 600 people has found those interested in crypto are more likely to exhibit four personality traits known as the "dark tetrad"—Machiavellianism, narcissism, psychopathy and sadism. Scientists from the Queensland University of Technology described their findings in research published in the journal Personality and Individual Differences and wrote a summary in The Conversation.

Mask of sanity about to slip: "They are called 'dark' because of their 'evil' qualities: extreme selfishness and taking advantage of others without empathy. The dark tetrad are also often related to risk-taking behaviours," senior lecturer Di Wang, professor of marketing Brett Martin and senior lecturer in marketing Jun Yao wrote, adding, "studying cryptocurrency through the psychological lens of the dark tetrad offers insight into why people want to buy crypto. We are not suggesting that everyone interested in crypto displays dark tetrad traits."

Simply not there: The survey didn't go down well on crypto Twitter, as you may have expected. "No one is a psychopath for owning an asset class," posted Nick Maggiulli, the chief operating officer for Ritholtz Wealth Management. "This is silly. These kinds of nonsensical attacks against the crypto community need to stop. I’m all for criticism, but the animosity is unnecessary and counterproductive."

Good to know: Binance now has 118 million "KYC'd" registered users

Sanctions sentence 🧑‍⚖️
⚖️ A Manhattan judge has sentenced former U.S. crypto researcher Virgil Griffith to five years in prison and fined him $100,000 for a 2019 presentation he gave in North Korea at the Pyongyang Blockchain and Cryptocurrency Conference. The BBC has the story.

🛬 Griffith, who previously worked for the non-profit Ethereum Foundation, last year pleaded guilty to conspiring to violate the U.S. International Emergency Economic Powers Act by traveling to North Korea's capital Pyongyang to give a presentation on blockchain technology that could have been used to evade sanctions imposed on North Korea over its development of nuclear weapons.

🪆 Griffith's sentancing comes as the U.S. and Europe are ramping up economic and financial sanctions on Russia that are increasingly including cryptocurrencies.

Now read this: ‘Staggering’ crypto seizures have cops struggling to keep up

Celebrities still ❤️ crypto
🌚 Despite the crypto market slump, cryptocurrency payments startup MoonPay has raised $87 million from some 60 high-profile new investors, adding to a previously announced $555 million funding round led by Tiger Global and Coatue that valued MoonPay at $3.4 billion. Reuters has a write-up.

✨ Justin Bieber, Snoop Dogg, The Weeknd, Maria Sharapova, Bruce Willis, Ashton Kutcher, Gwyneth Paltrow, Chainsmokers, Drake, Eva Longoria, Jason Derulo, Kate Hudson, Paris Hilton, and Matthew McConaughey are among the big names that are helping MoonPay in its ambitions to become the PayPal of crypto.

💳 MoonPay lets users buy cryptocurrencies using conventional payment methods like credit cards, bank transfers or mobile wallets, such as Apple Pay and Google Pay.

Good to know: Yandex engineers fleeing Russia are using crypto to stay afloat in Turkey and Georgia

hello world
Billy Bambrough
Forbes Senior Contributor
I am a journalist with significant experience covering technology, finance, economics, and business. I write about how bitcoin, crypto and blockchain can change the world.
Follow me on Twitter or email me.
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