😨 Stagflation fears

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Bitcoin and Ethereum have lost any gains that they made over the weekend, as investors continue to worry about stagflation. Also, we share a bunch of projects with huge unlocks happening in May which you should be aware of.

Markets

Bitcoin, Ether Nurse Losses as U.S. Stagflation Fears Grip Market (3 minute read)
Crypto markets have once again retreated as U.S. stagflation fears gnaw at investors' nerves. Bitcoin and Eth are bleeding prices, with BTC down 2.5% to hover around $62,400 and ETH dropping 3% to $3,200. Even the CoinDesk 20 isn't spared, dipping 2.6%.

Investors are squirming, torn between bullish dreams and bearish nightmares. The dark cloud of stagflation looms large, with recent U.S. economic data looking rough—a sluggish GDP growth at 1.6% and a spike in inflation to 3.4%. This grim mix dims hopes of any Federal Reserve rate cuts, tightening the screws on an already tense market.

Solana-based DePIN io.net CEO claims network was attacked in detailed postmortem (3 minute read)
Ahmad Shadid, the CEO of io.net, came out swinging against critics with an update about his platform’s recent turmoil. After facing skepticism over the actual GPU availability on his decentralized compute network, Shadid revealed the network had been hit by a Sybil attack. This involved a whopping 1.8 million fake GPUs trying to cash in on network rewards.

It turned into a frantic scramble as io.net's team worked tirelessly to weed out the imposters from the legit hardware. Shadid admitted the startup's rapid pace led to some breakages, but he assured everyone that after a hectic "multi-day game of cat and mouse," the network is back up and running. He cautioned that GPU supplies might be tight for a bit as partners gradually reconnect.

$1.25 billion Pyth unlock leads major token unlocks from Avalanche, Aptos, Arbitrum, and more (2 minute read)
There is over a billion dollars in tokens unlocking across various projects in May. Leading the charge, the Pyth Network is dropping its first batch of tokens to ecosystem players in three weeks. Memecoin is unleashing $150 million, or 8.30% of its circulating supply, on May 3. Aptos and Arbitrum aren’t far behind, with both unlocking $100 million worth—2.65% and 3.5% of their supplies respectively. This flood of token releases could shake up the market. There’s a couple of more coins that have unlocks in May, you may want to read the full article to find out more.

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Misc

Lazarus Group Strikes Again: New Crypto Phishing Scam Targets LinkedIn Users (2 minute read)
SlowMist has blown the lid off a slick phishing scam by the infamous Lazarus Group, North Korea's notorious hacking squad. They were caught red-handed impersonating Fenbushi Capital partners on LinkedIn. Fenbushi, a trailblazer in blockchain investment out of Shanghai since 2015, found its reputation hijacked as a decoy for deceit. The hackers wove elaborate lies, creating fake personas to woo potential marks with bogus investment pitches or networking baits at conferences.

Their goal is to network with top execs or HR managers as job-hungry coders in React or blockchain tech, coax them to check out a “code sample,” and bam! That code's not showcasing skills—it's malware designed to steal Crypto.

Ethereum spot ETF approval in May? Justin Sun weighs in (3 minute read)
Justin Sun, founder of Tron, isn't betting on a spot Ethereum ETF getting the green light from the SEC next month. Echoing the gloomy forecast shared by many analysts, Sun suggests the crypto industry brace for a marathon, not a sprint, in educating regulators about the ins and outs of cryptocurrencies.

Despite the approval of spot Bitcoin ETFs earlier this year, the mood isn't as optimistic for Ethereum's version. With recent meetings between U.S. financial firms and the regulatory watchdog reportedly going south, the anticipation hangs low. The SEC faces imminent deadlines to decide on applications from major players like Blackrock, VanEck, and ARK Investment Management by late May.

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