What Is Going on with Crypto Today? April 12 Analysis

Key Takeaways

  • BTC, BNB, DOT, and TRON have emerged as the top gainers in the last 24 hours.
  • Fake Bitcoin creator Craig Wright halts legal appeal against Magnus Granath, also known as Hodlonaut, after a five-year-long legal battle.
  • Anza deployed a congestion fix for Solana via version 1.18.11 on a devnet.
  • The FBI has initiated an investigation into attendees of a Bitcoin core developers' event held in October 2022 following the theft of over 200 BTC.

Today’s crypto news analysis for April 12 provides insights into the latest price pumps, market trends, and an overview of key events in the cryptocurrency industry.

Why is Crypto Up?

The cryptocurrency market saw a positive uptick, with the total market capitalization increasing by 0.71% to reach $2.63 trillion on April 12. Bitcoin traded at $70.85K, a 1.17% rise in the last 24 hours.

Other top crypto assets like BNB, DOT, and TRON also recorded price gains.

BNB trades at $622.45, reflecting a 4.92% increase in the past 24 hours, while the price of DOT is $8.45, up by 2.06% within the same period.

TRON price increased by 1.91% in the last 24 hours as it trades at $0.12.

Fake Bitcoin Creator Halts Defamation Suit in Norway

In other crypto news, Australian computer scientist Craig Wright, who falsely claimed to be a Bitcoin creator, has suspended his appeal case against Magnus Granath in Norway. It marks the conclusion of a five-year-long legal battle.

Wright’s legal battles against Granath have extended to the UK. In the meantime, the UK court recently ruled against Wright, affirming that he was not Satoshi Nakamoto. Therefore, he can’t claim copyright over the Bitcoin network.

Granath, also known as Hodlonaut, is a Norwegian citizen who was accused of defaming  Wright in 2019 in a series of tweets on X. Hodlonaut labeled Wright a “fraud” and a “scammer,” dubbing him the “Faketoshi.”

Wright had initially sought United States copyright registration for the Bitcoin white paper and its code in 2019.

However, despite Wright’s efforts to contest the ruling, a Norwegian judge upheld Granath’s right to express skepticism about Wright’s claim of being Nakamoto, noting that Granath had supporting evidence for his statements.

Anza Deploys v1.18.11 to Fix Congestion Fixes on Solana Devnet

Anza, a Solana-focused dev-shop behind the Solana client Agave, announced deploying the v1.18.11 release on the devnet. This update will address the recurring congestion issues on the Solana chain.

Anza noted that the primary cause of the network congestion stemmed from a QUIC implementation and urged Solana testnet validators to adopt the new version.

The recent increase in Solana’s network congestion prompted the new update, attributed to a surge in spam transactions and heightened interest in the Solana chain.

This congestion created significant challenges for the Solana ecosystem, including slower transaction processing and an estimated 77.4% failure rate.

Earlier this week, Solana validators voted in a proposal called “Timely Vote Credits” that would decrease the latency of consensus votes. This proposal would change how validators are incentivized to make “votes.” This critical aspect impacts how transactions are confirmed on Solana.

FBI Probes 2022 Event Attendees Over Bitcoin Core Dev Theft

The U.S. Federal Bureau of Investigation (FBI) investigated a 2022 Bitcoin developer event associated with Luke Dashjr’s hack. Over 200 BTC were stolen from Core developer Luke Dashjr. At the time of the theft, the stolen BTC was worth about $3.3 million. At press time, they are valued at over $14 million.

Mike Schmidt, co-founder of the Bitcoin non-profit Brink, revealed on X that the FBI issued a subpoena seeking attendees’ personal details at the CoreDev Atlanta event, which preceded TABConf in 2022. The FBI had collected attendees’ GitHub usernames, email, and first and last names.

Schmidt admitted to complying with the directive but only disclosed his actions to the attendees a year later, following the FBI’s directive to keep the subpoena confidential.

Dashjr is a core Bitcoin developer and the co-founder of the Ocean mining pool. He revealed that he lost his holdings in 2022 due to the compromise of the Pretty Good Privacy (PGP) key. PGP is a cryptographic method used to encrypt and decrypt data.

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