Bitconnect Founder Arrested In India!

Welcome back to the Daily Coinsauce Newsletter! Let’s dive into today’s updates—there’s a lot to unpack!

📅 Today

RIP Bitconnect!

India’s Enforcement Department has booked Satish Kumbhani, a co-founder of Bitconnect - a crypto investment platform running one of the biggest scams in crypto history.

Kumbhani and his team operated BitConnect’s unregistered investment scheme, deceiving investors with promises of high returns using a fake “volatility trading bot.”

Kumbhani’s team ran a crypto MLM scam, promising 40% monthly returns on BTC deposits converted to BCC, with fake 3,700% annualized profits.

BitConnect defrauded over 4,000 investors across 95 countries, amassing $2.4 billion before its collapse in 2018.

Welcome Abu Dhabi!

Mubadala, Abu Dhabi’s sovereign wealth fund, has invested $436 million in BlackRock’s iShares Bitcoin ETF (IBIT), making it the seventh-largest known holder of the fund.

According to a February 14 SEC filing, Mubadala purchased over 8.2 million IBIT shares in Q4 2024—its first reported position in the ETF.

The fund joins major institutional investors like Goldman Sachs, Millennium Management, and Symmetry Investments, which once again demonstrates growing institutional interest for exposure to Bitcoin.

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🌎 Other News

• Abu Dhabi’s Mubadala Invests $436M in BlackRock’s Bitcoin ETF. Read more

• Metaplanet Boosts Bitcoin Holdings to $159M. Read more

• Argentine President Milei Hit With Fraud Charges Over LIBRA token . Read more

• Solana records fifth straight week of DEX volume decline. Read more

• Elon Musk’s D.O.G.E to fire 15,000 IRS employees next week. Read more

📕 Educational

In the spirit of trying to bring focus back to value-creating products in the space and less attention on extractive memes and vapor, here are some protocols building cool shit:

Ethena Labs :

- tokenizing the basis trade hence democratizing a good yielding (and to some extent sophisticated) strategy. Also doing a good job at bringing TradFi attention/liquidity to DeFi.

Hyperliquid :

- bringing the actual experience of trading on a CEX on-chain for the first time (and better). Further being improved significantly with hyperunit which allows custody of spot BTC on a decentralized platform.

Pendle :

- making yield stripping/trading possible on practically all important assets in the space. Of everything mentioned, Pendle has had the biggest impact on my DeFi journey by far.

KaitoAI :

- the social app of the cycle. Only a handful of people on CT not using/talking about Kaito at this point which is pretty telling. Will be interesting to see what they're able to deliver post TGE.

Kamino Finance :

- a majority of the yield strategies on Solana worth pursuing can be found on Kamino. Kamino swap also interesting with reduced MEV and overall improved execution.

Fluid :

- it's clear the Fluid DEX has been in the works for a long time. One of the few 0-1 innovations this cycle and in broad strokes lets users earn swap fees on their collateral and debt. Also making it much more efficient for protocols to bootstrap liquidity for their tokens.

Jupiter Exchange :

- another Solana super app. Phenomenal UI/UX, good yield via JLP and keeps expanding with new products.

SyrupFi :

- Syrup (Maple) is the leading protocol for earning yield by lending to institutions. Great UI/UX and consistent high yield.

Source : 0xThoor

📊 Stat of the day

🤣 Meme of the day

That concludes our update for today!

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Disclaimer: None of the content shared in the newsletter is financial advice. Always do your own research and analysis before investing.