Tether, the entity responsible for the world’s largest stablecoin USDT, has disclosed its strategic foray into the domain of artificial intelligence, as per the company’s announcement on March 26. With a market capitalization reaching $104 billion, Tether is aiming to spearhead the development of open-source, multimodal AI models and integrate AI solutions into market-driven offerings.

This initiative emerges amidst mounting apprehensions regarding the monopolization of AI technologies by tech giants such as Microsoft, Facebook, and Google. Tether Data, a newly established subsidiary of Tether, is positioning itself as an advocate for transparency and privacy in AI model development. The company is delineating its focus into three primary domains: advancing open-source AI models, fostering collaborations for AI integration into various products, and engaging with the broader ecosystem through community participation.

Tether Data’s expansion into the realm of AI signifies a significant stride for the company, which has a track record of strategic investments across diverse sectors including renewable peer-to-peer telecommunications, energy, and bitcoin mining.

Paolo Ardoino, CEO of Tether, remarked in the announcement, “Artificial intelligence stands poised to revolutionize nearly every facet of our lives, both in the real and digital worlds. Today’s announcement establishes a new division within Tether, redefining AI boundaries and democratizing privacy-preserving open AI technology while setting industry benchmarks for innovation, utility, and transparency.”

As part of its AI venture, Tether Data has initiated a global recruitment campaign to attract top-tier talent to its burgeoning AI division. The company is extending invitations to proficient individuals passionate about AI to explore career opportunities through its dedicated careers page.

The implications of Tether’s entry into the AI arena are profound for the cryptocurrency industry. As a frontrunner in this space, Tether’s emphasis on open-source, transparent, and privacy-preserving AI models could establish new paradigms for the development and deployment of AI technologies. Furthermore, the integration of AI solutions into market-driven products may foster innovation and enhance efficiency within the digital assets market.

While AI continues its rapid advancement, concerns surrounding bias, accountability, and ethical usage remain prevalent. Tether Data’s commitment to open-source solutions could serve to address these concerns as it progresses with the development and integration of AI models into various products. Elon Musk’s recent legal action against Open AI over its closed-sourced models, followed by his subsequent open-sourcing of the ‘Grok’ model, underscores the significance of open-source initiatives in the AI landscape. Tether’s entry into this arena could further amplify the momentum of open-source endeavors, particularly given its considerable resources.

In summary, Tether’s strategic foray into AI signifies a notable evolution in its business trajectory as it seeks to consolidate its position within the burgeoning tech landscape. The burgeoning decentralized AI space in the crypto sector has experienced substantial growth in recent months, with the market cap surpassing the $25 billion mark in March.

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An examination of the interplay between Bitcoin cohort accumulation and monthly issuance sheds light on the current market dynamics. Presently, the ongoing epoch witnesses a daily mining output of approximately 900 BTC, totaling nearly 27,000 BTC per month, depicted by the blue line in our analysis graph.

Cohorts within the Bitcoin ecosystem range from smallholders (with less than one Bitcoin) to large entities holding 10,000 or more BTC, including miners and exchanges. Notably, the analysis becomes intriguing when the orange bar chart, representing the aggregate accumulation of cohorts, surpasses the blue line denoting monthly issuance.

When the orange bar chart exceeds the monthly issuance line, it signifies that all cohorts combined are accumulating more Bitcoin than the total monthly issuance. Conversely, a scenario where the orange bar chart falls below the monthly issuance line indicates that cohorts are not accumulating the entire monthly issuance on an aggregate basis.

Breaking down the recent data as of March 25, the monthly issuance stands at 27,000 BTC, while the aggregate cohort accumulation has reached 43,114 BTC. This data indicates that over the past 30 days, all cohorts collectively absorbed the newly mined Bitcoin and acquired additional quantities from exchanges. This upward trend in buying activity aligns with the recent surge in Bitcoin prices, surpassing the $70,000 mark.

Conversely, a contrasting period was observed between March 3 and March 22, during which cohorts accumulated less Bitcoin than the monthly issuance. This trend contributed to the dip in Bitcoin prices from its all-time high of $60,000.

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Nadeem Anjarwalla, a Binance executive detained by Nigerian authorities, has reportedly escaped custody, confirmed by Binance to CryptoSlate. Meanwhile, Tigran Gambaryan, another detained Binance executive and US citizen, remains in custody.

A representative from Binance confirmed that Nadeem is no longer held in Nigerian custody. The company’s foremost concern remains the safety of its employees, and efforts are underway in cooperation with Nigerian authorities to swiftly address this matter.

The Nigerian authorities have levied tax evasion charges and complicity in tax fraud against Binance Holdings and the detained executives, with the case pending trial at the Federal High Court.

Anjarwalla, a dual citizen of Kenya and the UK, reportedly absconded on March 22 during Friday prayers at a mosque in Abuja. He purportedly used a Kenyan passport to board a flight operated by a Middle Eastern airline, raising questions about how he obtained this passport as he possessed no travel documents except his British passport when taken into custody.

Speculations suggest Anjarwalla might have planned his escape, potentially leveraging privileges granted during detention, such as access to telephones. While Nigerian authorities have not released an official statement, covert operations are speculated to be ongoing to ascertain his location and facilitate his return to custody.

This development further complicates tensions between Nigeria and Binance, with authorities accusing the exchange of exacerbating foreign exchange challenges and manipulating rates for personal gain. The exchange’s website has been blocked, and two senior executives were detained in an attempt to address concerns.

Despite a High Court directive for Binance to provide data related to Nigerian users to the Economic and Financial Crimes Commission (EFCC), the exchange has not yet complied. The detention of executives has drawn condemnation from international crypto organizations, particularly in the US and Kenya, criticizing the actions of the Nigerian government.

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Binance has announced its decision to discontinue support for USDC (USD Coin) deposits and withdrawals on the Tron blockchain, effective April 5. This move comes more than a month after Circle, the issuer of USDC terminated its USDC minting services on Tron.

Starting from 2:00 a.m. UTC on April 5, deposits of TRC20 USDC tokens will no longer be credited to users’ accounts on Binance, as stated in an official blog post by the crypto exchange. However, it’s important to note that this change solely affects USDC issued on the Tron blockchain and deposits and withdrawals of the stablecoin on other networks like Ethereum will remain unaffected.

Despite the discontinuation of support for TRC20 USDC, trading of USDC on Binance will continue without any interruptions.

Circle, the issuer of USDC, cited risk management as the primary reason for terminating USDC minting services on Tron. The company emphasized its commitment to ensuring the trustworthiness, transparency, and safety of USDC, which led to the decision to discontinue support on certain blockchains.

Although Tron’s role as a platform for USDC is diminishing, it remains the primary blockchain for USDT (Tether), the dominant stablecoin, with the majority of USDT supply still residing on the Tron network.

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Bored Ape Yacht Club #9258, previously owned by comedian Kevin Hart, was recently traded for approximately 13.26 ether ($46,200) on Blur, a non-fungible token exchange. This transaction marks a significant decrease from the price Hart originally paid for it over two years ago.

In January 2022, Hart acquired the Bored Ape, adorned with a colorful propeller hat, for 79.5 ether, equivalent to over $200,000 at the time, as per data from Blur.

Hart’s purchase was facilitated by crypto startup MoonPay, which reportedly aided several celebrities, including Justin Bieber, Madonna, and Jimmy Fallon, in obtaining BAYC NFTs. MoonPay’s assistance often came in exchange for promotional activities, although the company denied providing Bored Ape NFTs for free.

However, in December 2022, Hart, MoonPay, Bored Ape creator Yuga Labs, and numerous celebrities were embroiled in a class-action lawsuit filed by Scott + Scott, a California-based law firm. The lawsuit alleged a scheme of undisclosed celebrity endorsements, with auction house Sotheby’s added to the list of defendants last summer.

Since its launch in 2021, the Bored Ape Yacht Club has symbolized the non-fungible token market. Nonetheless, the collection has experienced a decline in floor price, reaching around 14 ether on March 23, down from a peak of over 150 ether in May 2022, according to CoinGecko data.

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