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Upbit and Bithumb suspend Synthetix token deposits, citing sUSD risks

South Korean exchanges Upbit and Bithumb have suspended deposits for Synthetix (SNX) tokens after it was flagged by the Digital Asset Exchange Alliance (DAXA) for potential risks.

DAXA, the self-regulatory organization establishing industry standards for South Korean exchanges, designated SNX as a cautionary item. 

Assets receiving this designation typically undergo rigorous evaluations to determine whether trading can continue or if delisting is necessary.

Exchanges may take action, such as adding a warning tag to the asset and urging investors to take caution when engaging with it. Trading platforms can also perform additional measures, like blocking deposits or suspending trading support temporarily. 

Upbit and Bithumb block SNX deposits

In response to the designation, the biggest exchanges in South Korea said they are blocking deposits for SNX tokens on their platforms. 

Upbit announced that it had added a trading caution ticker and suspended token deposits. The exchange said it had been monitoring the developments related to the Synthetix USD (sUSD) depegging. It added that this event may damage investors through potential volatility, as SNX is used as collateral for sUSD. 

The exchange added that it had determined a lack of use cases for the asset, which may cause investors to suffer losses. Upbit said it would conduct a comprehensive review to decide whether to delist the asset or resume normal operations for the token. 

Bithumb has also blocked deposits for SNX and added a cautionary tag for the token. However, the exchange said this decision could be overturned depending on internal circumstances. If the reason for the designation is resolved, Bithumb said it would lift the restrictions. 

Korbit and Coinone also published investor alerts to caution traders. The two exchanges added cautionary tags to SNX tokens to alert investors who may want to trade the token. 

Cointelegraph reached out to Synthetix for comment but did not get a response by publication. 

Related: South Korean crypto emerges from failed coup into crackdown season

sUSD struggles to recover dollar peg

On April 10, the sUSD stablecoin dropped to a five-year low of $0.83 after struggling to maintain its dollar peg in the first quarter of 2025. With the stablecoin being collateralized by the project’s native asset, Cork Protocol co-founder Rob Schmitt compared the token to Terra USD (UST), which collapsed in 2022. However, Schmitt said that sUSD has a “more manageable” debt system. 

On April 18, the stablecoin dipped further to $0.68, with SNX falling by 26% in a 30-day period. A Synthetix spokesperson told Cointelegraph that their team has short, medium and long-term plans to mitigate the risks. 

On April 21, Synthetix founder Kain Warwick threatened SNX stakers with “the stick” if they didn’t take up a newly launched staking mechanism to fix the sUSD depeg. The executive said they may put extra pressure on stakers if they don’t see enough momentum on the newly implemented mechanism. 

Since the warning, sUSD prices increased by 27%. On April 24, the stablecoin briefly reached $0.87. However, the token has still failed to recover its dollar peg. 

Magazine: Uni students crypto ‘grooming’ scandal, 67K scammed by fake women: Asia Express

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Government to decide on ‘postcode pricing’ plan for electricity bills by summer

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Government to decide on 'postcode pricing' plan for electricity bills by summer

The government will decide by the summer on controversial proposals to charge some households more for their electricity than others, Sky News understands.

The energy secretary Ed Miliband has been mulling over plans for “zonal pricing”, which would see different regions of the country pay different rates, based on supply and demand levels in the local area.

The idea is to attract industry to build in low-cost areas, and incentivise new electricity generation in regions where people need it most.

Supporters say zonal pricing could lower everyone’s bills to some extent by making the system more efficient – but some would fall more than others.

Critics, including renewable energy generators, warn the plans would create a postcode lottery for bills and put investors off certain areas, risking jobs.

It is not yet clear how the changes would be passed on to household bills. But it could see people in the south of England pay much more than those in parts of Scotland – though not, the government hopes, more than they do now.

Mr Miliband is expected to make his recommendation to fellow government ministers in the coming weeks, before the government decides either way by the middle of this year.

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They are keen to resolve the issue – which was also considered under the last Tory government – before businesses start bidding for fresh renewable power contracts in summer.

UK still ‘vulnerable and exposed’

It comes as the UK government hosts a summit on energy security in London today, lobbying other countries to leave fossil fuels behind.

Read more: UK clean energy vision collides with Trump’s fossil fuel frenzy

Mr Miliband said the government’s push to generate more clean power at home was as much about energy security as it was about fighting climate change.

“As long as energy can be weaponised against us, our countries and our citizens are vulnerable and exposed,” he said in a speech.

But he also said North Sea oil and gas would “continue to play an important role” in the UK energy mix, fuelling campaigners’ fears it may yet allow the Rosebank oil and gas field to go ahead, despite hurdles in court and the government’s own concerns.

Mr Miliband quoted a message from King Charles that said the “transition to more sustainable energy sources can itself lead to more resilient and secure energy systems”.

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Miliband reads King’s letter at summit

Trump’s representative invokes God

US President Donald Trump’s junior representative at the summit, acting assistant secretary Tommy Joyce, quoted the Bible in his address.

He urged delegates to “remember God’s golden rule, and that is that we should love our neighbour as ourselves”.

That means helping them out of poverty through access to affordable energy, according to Mr Joyce.

About 750 million people in the world still have no access to electricity, and team Trump says American oil, gas and coal are the answer.

However, a report by RMI suggests that new wind and solar are the cheapest option for new electricity in 82% of the world – though for some countries are hard to finance upfront.

Mr Joyce also continued Trump’s ongoing attacks on climate policies, criticising what he described as “so-called renewables” and the “net zero agenda”.

‘Most delicate debate’

Before the summit, a senior UN official said the idea that the switch to clean power compromised energy security and affordability “is just not true”.

“We really need to dispel this notion,” said the source, speaking on the condition of anonymity. “If you are dependent on volatile and expensive fossil fuel imports, fossil fuels equal energy insecurity.”

A senior official from Brazil, which in November is hosting the COP30 UN climate summit, also this week said there had been a “rather successful” attempt by some to frame energy security and the switch to clean energy as a question of “either/or”.

“We don’t believe it is.”

He called it “one of the most delicate debates” of the moment.

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Shaquille O’Neal reaches settlement in FTX lawsuit, terms remain secret

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Shaquille O’Neal reaches settlement in FTX lawsuit, terms remain secret

Shaquille O’Neal reaches settlement in FTX lawsuit, terms remain secret

Shaquille O’Neal has settled with investors who claim losses from the collapse of cryptocurrency exchange FTX, according to an April 23 filing in the US District Court for the Southern District of Florida.

The settlement amount remains confidential, with terms expected to be disclosed after investors formally request preliminary court approval, according to court documents.

O’Neal and other celebrities and athletes were accused of promoting FTX and allegedly contributing to investor losses by endorsing the now-bankrupt exchange.

Shaquille O’Neal reaches settlement in FTX lawsuit, terms remain secret
Source: Court Listener

The case is part of a broader multidistrict litigation effort, where investors are seeking up to $21 billion in damages from FTX insiders, advisers and promoters, far exceeding the $9.2 billion available through bankruptcy proceedings.

Other celebrities embroiled in similar legal troubles for their roles in FTX include NFL quarterback Tom Brady, supermodel Gisele Bündchen, billionaire investor Kevin O’Leary, former NBA player Udonis Haslem, David Ortiz, Naomi Osaka and others. 

Notably, FTX investors faced challenges in serving O’Neal with legal papers during the early stages of the lawsuit over his promotion of the collapsed exchange.

Lawyers representing the victims described O’Neal as “running from the lawsuit,” after multiple failed attempts to deliver court documents. Legal teams reportedly spent months trying to reach the NBA legend, resorting to creative methods, including attempting service during NBA games and at his residences.

Related: FTX former execs and promoters to settle class-action lawsuit for $1.3M

O’Neal finalizes $11 million settlement over Astrals NFT project

The settlement with FTX investors comes as O’Neal recently agreed to pay $11 million to resolve a class-action lawsuit tied to his involvement in the Solana-based Astrals NFT project.

In May 2023, O’Neal was served with the Astral NFT lawsuit during an NBA game at Miami’s Kaseya Center, formerly the FTX Arena. The class-action lawsuit involved his promotion of the Astrals NFT project, alleging that the NFTs promoted by O’Neal were unregistered securities.

In August 2024, a Miami federal court judge ruled that O’Neal would need to defend some of the claims brought against him in the case. 

Astrals is a Solana-based project featuring 10,000 NFTs, a metaverse called Astralworld and a decentralized autonomous organization (DAO) with a governance token called Galaxy.

Magazine: Ethereum maxis should become ‘assholes’ to win TradFi tokenization race

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Pepper spray to be used in young offender institutions as violence rises

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Pepper spray to be used in young offender institutions as violence rises

Pepper spray will now be used in young offender institutions – where the rate of assaults on staff is 14 times higher than in adult prisons.

Specially trained prison officers in England will be allowed to use PAVA, a synthetic pepper spray, “as a last resort” to help de-escalate and diffuse violent situations from this summer.

They will only be allowed to use the spray in limited circumstances where there is serious violence or an imminent risk of it taking place, and ministers will review its use after 12 months.

Read more: Ed Miliband reads out rare message from King Charles

New figures show the rate of assaults in England’s three youth offender institutions is around 14 times higher than in adult prisons.

Assaults by children and young people on staff at HMYOI Feltham A, HMYOI Werrington and HMYOI Wetherby increased by nearly 25% in 2024 compared with the previous year.

The Ministry of Justice hopes allowing officers to use pepper spray will keep young people in custody safe so they can focus on rehabilitation and reduce reoffending.

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The Feltham young offenders institution. Pic: PA
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The Feltham young offenders institution. Pic: PA

Minister for youth justice Sir Nic Dakin said: “This government inherited a criminal justice system in crisis.

“The unacceptable levels of violence faced by our brave frontline officers in young offender institutions is yet another symptom of that.

“This is not a decision we have made lightly, but our overarching duty is to keep staff and young people in custody safe.

“This spray is a vital tool to prevent serious violence, helping staff to focus on rehabilitation as part of our plan for change.”

Pepper spray is already used on children and adults in the community, and in adult prisons.

It can be used during the most serious incidents in youth offender institutions, but only by national tactical response officers, who are nationally based and have to be authorised to go into an institution by a prison gold commander.

Deploying officers can take more than an hour, and because altercations often arise rapidly and with little warning, they can rarely arrive in time to respond to the violence.

An occuiped cell
Pic: HMI Prisons
Image:
A cell at HMYOI Wetherby. Pic: HMI Prisons

The number of young people in custody has fallen significantly in recent years, however, the majority in youth offender institutions are older teenage boys, aged 16 to 18 years old.

More than two-thirds are there for violent offences such as murder, attempted murder and grievous bodily harm.

Safety concerns have been rising, with recent incidents seeing young offenders seriously injured and staff experiencing fractures, dislocations, puncture wounds and lacerations.

Staff acting as body shields

A senior Ministry of Justice source told Sky News many of the boys are the same size as adults.

They said a recent example includes a boy being attacked last Monday by five other boys who stamped on his head and stabbed him with a handmade weapon.

“I’ve got staff here that are putting their bodies in the way to defend and try and prevent injuries happening to young people, and as a result of that they’re being injured themselves,” they said.

“I think that’s a prime example of where if we’ve got an incapacitant spray like PAVA it could be utilised effectively to defuse the situation and not only cause significant harm to my staff but also to young people.”

Like rubbing chillies in your eyes

The source explained the pepper spray has the same effect as if you rub chillies in your eye while cooking, with eyes experiencing a burning sensation, closing up, and producing tears and snot – “but it passes”.

They said when they tested the spray on themselves, it took 45 minutes to an hour to pass and people have different levels of discomfort and irritation.

“It means you physically can’t respond in the way you normally do, so that ability to then ask the staff to step in because that person is impacted by it is the crucial stuff,” they added.

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