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Phillip Gradwell Joins Tether During Legal Battle

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Tether, the issuer of the world’s largest stablecoin, has appointed Phillip Gradwell as the new Head of Economics. Gradwell joins the company amid a lawsuit alleging market manipulation involving USDT.

Stablecoins remain a crucial focus for digital asset regulators and the public. Their backing and dollar peg are some of the areas of interest.

Phillip Gradwell To Enhance Tether’s Communication

In a Monday announcement, Tether revealed its intention to leverage Gradwell’s experience engaging regulators, among other skills, to further its mission. He will help the firm advance its understanding of digital asset adoption, focusing on how Tether’s USDT stablecoin supports dollar hegemony.

“As the first and most widely used stablecoin, USDT conveniently and securely brings the US dollar to people globally. This enhances the liquidity and stability of the US financial system. It also reinforces the role of the dollar in global finance thereby supporting dollar hegemony. Philip’s expertise will enable Tether to bring even further understanding to our indispensable role in supporting the dollar,” Tether CEO Paolo Ardoino wrote.

Phillip Gradwell transitioned from a six-year career as chief economist at the blockchain analytics firm Chainalysis. Tether’s interest in his experience measuring digital asset activity and communicating with regulators comes amid an ongoing market manipulation lawsuit.

Read more: What Is a Stablecoin? A Beginner’s Guide

In the long-standing class-action lawsuit, which traces back to 2019, Shawn Dolifka and Matthew Anderson claim Tether and Bitfinex conspired to manipulate cryptocurrency prices using USDT stablecoin. Reportedly, Bitcoin is among the cryptocurrencies whose prices the defendants manipulate.

“[Tether and Bitfinex] executed a sophisticated scheme to fraudulently inflate the price of cryptocurrencies, including Bitcoin. They orchestrated massive, carefully timed purchases […] to signal to the market that there was enormous demand. Thus, caused the price of those commodities to spike,” an excerpt in the court documents read.

With this, the plaintiff claims Tether and Bitfinex violated the Commodities Exchange Act (CEA) and the Sherman Antitrust Act. The plaintiff also challenges the stablecoin’s status, that its one-to-one backing by the US dollar is false.

“In reality, Tether issued billions of USDT to itself with no US dollar backing — simply creating the USDT out of thin air. This ultimately resulted in billions of dollars of damage to innocent crypto commodity purchasers.”

Exhibit from alleged suspicious trading activity on the Bitstamp exchange, Tether Bitfinex case
Exhibit From Alleged Suspicious Trading Activity on Bitstamp. Source: CourtListener

Tether and Bitfinex Denounce Manipulation Lawsuit

Since its inception, the lawsuit has suffered multiple delays, amendments, and settlements. In 2021, Tether signed an $18.5 settlement with the New York Attorney General over USDT backing. In October 2021, the US Commodity Futures Trading Commission (CFTC) also imposed a $41 million fine against Tether regarding the same matter.

Throughout the ongoing litigation, Tether and Bitfinex assert that the plaintiffs lack evidence to support their market manipulation claims. Nearly three weeks ago, Judge Katherine Failla of the US District Court for the Southern District of New York permitted the plaintiffs to proceed with a proposed Second Amended Complaint. Despite this, Tether remains confident in their defense, believing the plaintiffs’ “conspiracy theories” will ultimately be rejected.

“The decision does not suggest that plaintiffs’ claims have any merit, as leave to amend a complaint is freely granted and the Court must accept plaintiffs’ allegations as true, however baseless they might be in reality. As with the prior complaint, the claims asserted in plaintiffs’ proposed amendment are wholly without merit. Ultimately, it is the facts and evidence that matters, not plaintiffs’ false and misleading allegations,” Tether stated.

Read more: Crypto Regulation: What Are the Benefits and Drawbacks?

This development reflects the ongoing strife between crypto firms and industry regulation. Tether’s onboarding of Gradwell’s knowledge and experience highlights its commitment to defending its position and bringing in personnel with skill sets that could deliver a favorable outcome. 

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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How Did UPCX Lose $70 Million in a UPC Hack?

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UPCX suffered a major hack today, with 18.4 million UPC tokens stolen from its management accounts. This amounts to about $70 million dollars, and the price of UPC fell drastically.

The hackers stole more UPC than is currently circulating in the markets and haven’t offloaded any assets yet. It is unclear who did this or how they will be able to secure their gains in other assets.

UPCX Suffers Major Hack

Cyvers, a crypto security firm that has tracked and uncovered several major crimes, identified a serious hack this morning. Multiple suspicious transactions took place involving UPCX’s management account, and the firm acknowledged suspicious activity. UPCX didn’t go into great detail, only describing a few security measures, but Cyvers showed the extent of the hack:

“It appears that someone gained access to the address 0x4C….3583E, upgraded the ‘ProxyAdmin’ contract, and executed the ‘withdrawByAdmin’ function, resulting in the transfer of 18.4 million UPC (approximately $70 million) from three different management accounts,” Cyvers claimed via social media.

UPCX is an open-source crypto payment system, and this hack may represent a serious blow to the company. According to CoinGecko data, the hackers stole significantly more UPC tokens than are currently available, which is around 4 million. Naturally, this caused the price to drop significantly, in an immediate drop of over 4%:

UPCX (UPC) Price Performance
UPCX (UPC) Price Performance. Source: CoinGecko

Although a $70 million hack will certainly damage UPCX individually, it’s unclear if it will actually impact the broader market much. The largest hack in crypto history took place a little over a month ago, and the community is still assessing the fallout. Meanwhile, UPCX is comparatively tiny; less than 10,000 X users viewed its post admitting to the security breach.

Since the UPCX hack took place, the recipient account hasn’t moved any of its UPC tokens. Indeed, it may be difficult for the perpetrator to convert these assets into usable fiat in the first place. If the hackers stole nearly 5x the amount of UPC tokens in circulation, any attempt to liquidate them will crash UPC’s token price even further.

Ultimately, the UPCX hack is strange for several reasons. Despite a large dollar amount, it hasn’t attracted a huge amount of buzz or impacted the market outside UPC. Hopefully, further analysis will identify the perpetrators, and possibly freeze the assets. Otherwise, the threat of a future sale could hamper UPC’s recover for the foreseeable future.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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Ethereum Struggles to Break Out as Bear Trend Fades

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Ethereum (ETH) enters the week with mixed signals as traders brace for tomorrow’s “Liberation Day” tariff announcement, a potential macro catalyst that could impact risk assets. While the BBTrend indicator remains deeply negative, it’s beginning to ease, hinting at a possible slowdown in bearish momentum.

On-chain data shows a slight uptick in whale accumulation, suggesting cautious optimism from large holders. Meanwhile, Ethereum’s EMA setup shows early signs of a trend reversal, but the price still needs to break key resistance levels to confirm a shift in direction.

ETH BBTrend Is Easing, But Still Very Negative

Ethereum’s BBTrend indicator is currently reading -11.66, slightly improved from -12.54 the day before, but still in negative territory for the second consecutive day.

The Bollinger Band Trend (BBTrend) measures the strength and direction of a trend based on how price interacts with the upper and lower Bollinger Bands.

A positive BBTrend suggests bullish momentum, with the price expanding toward the upper band, while a negative BBTrend indicates bearish momentum, with the price leaning toward the lower band. Typically, a value beyond 10 is considered a strong trend signal, making the current -11.66 reading a sign of continued downside pressure.

ETH BBTrend. Source: TradingView.

The persistent negative BBTrend suggests that Ethereum remains in a short-term bearish phase, with sellers still dominating the price action.

While yesterday’s slight uptick hints at a potential slowing of downward momentum, the indicator remains well below the neutral zone, meaning any reversal is still unconfirmed, despite Ethereum flipping Solana in DEX trading volume for the first time in 6 months.

Traders may interpret this as a warning to stay cautious, especially if ETH continues hugging the lower Bollinger Band. For now, price action remains fragile, and any bounce will need to be supported by a decisive shift in volume and sentiment to signal a meaningful reversal.

Ethereum Whales Are Accumulating Again

The number of Ethereum whales—wallets holding between 1,000 and 10,000 ETH—has ticked up slightly, rising from 5,322 to 5,330 in the past 24 hours.

While this is a modest increase, whale activity remains one of the most closely watched on-chain metrics, as these large holders often influence market direction. Whales’ accumulation can signal growing confidence in Ethereum’s medium—to long-term prospects, especially during periods of price uncertainty or consolidation.

Conversely, a decline in whale addresses typically suggests weakening conviction or profit-taking.

Ethereum Whales.
Ethereum Whales. Source: Santiment.

Although the recent uptick is a positive sign, it’s important to note that the current number of Ethereum whales is still below the levels observed in prior weeks.

This means that while some large holders may be re-entering the market, the broader whale cohort has yet to fully commit to an accumulation phase.

If the upward trend in whale numbers continues, it could support a bullish shift in sentiment and price. However, for now, the data points to cautious optimism rather than a decisive reversal.

Will Ethereum Break Above $2,100 Soon?

Ethereum’s EMA lines are showing early signs of a potential trend reversal, with price action attempting to break above key short-term averages.

If Ethereum price can push through the resistance at $1,938, it may signal the start of a broader recovery, potentially targeting the next resistance levels at $2,104, and if momentum builds—especially with supportive macro catalysts—increasing toward $2,320 and even $2,546.

ETH Price Analysis.
ETH Price Analysis. Source: TradingView.

On the flip side, if Ethereum fails to maintain its upward push and bearish momentum resumes, the focus will shift back to downside levels.

The first key support sits at $1,823; a break below that could expose Ethereum to further losses toward $1,759.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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Binance Megadrop Launches KernelDAO

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Binance Megadrop has announced its fourth project – KernelDAO (KERNEL), a restaking protocol supporting three key tokens Kernel, Kelp, and Gain.

Introduced in 2024, Binance Megadrop is a token launch platform that provides users with early access to promising crypto projects before their official listing.

KernelDAO and Binance Megadrop: Overview

KernelDAO is a restaking protocol that allows users to repurpose staked assets (such as ETH or BNB) to participate in other protocols, maximizing yield. The protocol launched its mainnet in December 2024.

The KernelDAO Megadrop event kicks off on April 1, 2025, and lasts for 20 days, rewarding participants with KERNEL tokens. Kelp, a KernelDAO component, manages over $1.15 billion in Total Value Locked (TVL) across 10 blockchains, including Ethereum and BNB Chain.

Kelp TVL. Source: DefiLlama
Kelp TVL. Source: DefiLlama

KernelDAO has a maximum supply of 10 billion KERNEL tokens. Binance has allocated 40 million KERNEL (4% of the total supply) for participants. Upon listing on Binance, the initial circulating supply will be 162,317,496 KERNEL (16.23% of the total supply).

After the Megadrop event, KERNEL will be listed on Binance Spot with trading pairs such as KERNEL/BTC, KERNEL/USDT, and KERNEL/BNB.

KernelDAO is the fourth project on Binance Megadrop, following Lista (LISTA) and Xai (XAI). Previously, Binance Labs invested in Kernel to build recovery infrastructure on the BNB Chain.

Binance’s inclusion of KernelDAO could contribute to the growth of the restaking sector. According to DeFiLlama, the total TVL of restaking protocols surpassed $15 billion in early 2025, with EigenLayer and Kelp leading the market.

With 40 million KERNEL tokens distributed through Megadrop, many participants may sell immediately after receiving their tokens, potentially creating downward price pressure. Additionally, increasing competition from protocols like EigenLayer could pose challenges for KernelDAO.

Additionally, not all projects listed on Binance have performed impressively. In 2024, Binance-listed tokens all fell, with 29 out of 30 tokens posting significant losses.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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