Crypto Chronicles: Black Monday

1-Bank of England crypto skeptic Andrew Bailey to head global bank regulator

The Financial Stability Board, which sets global financial laws, unanimously selected Bank of England Governor Andrew Bailey as its Chair in July. Bailey is renowned for his cautious, frequently critical views on crypto. After his June appointment, Bailey will start his three-year tenure on July 1.

The Swiss-based FSB regulates worldwide finance. It was founded in 2009 during the financial crisis to bring nations together to monitor markets and establish regulations for banks, insurers, asset managers, and, more recently, crypto businesses.

In an FSB statement, Bailey stated that his appointment occurs when the financial system undergoes a significant test, as reported by Bloomberg.

He said that the global financial crisis “underscored the importance of addressing challenges collectively and strengthening the multilateral system,” adding that the FSB “exemplifies this approach.” Bailey will succeed Klaas Knot, the Dutch central bank president and group leader.

2-Trade war wipes $1t from crypto, Bitcoin becomes risky

Over worries of a US trade war, traders liquidated Bitcoin (BTC) and bought gold, lowering the crypto market value by $1 trillion. The new Binance research says rising US tariffs are scaring crypto and stock sector investors.

Notably, the Trump administration has imposed a 10% duty on all nations starting April 5. The EU, China, and Japan will have higher tariffs of 20%, 34%, and 24%, respectively.

3-BlackRock CEO Larry Fink predicts another 20% market slump

The BlackRock CEO's remarks follow 30 days of stock market declines. Over the last several weeks, Bitcoin has fallen below $80k to levels last seen in early November 2024.

In a Bloomberg TV interview, Fink said the slump offers a buying opportunity. He believes market macrotrends will stay unchanged. That opens doors in tech, AI, and other U.S. industries. Crypto is expected to rise after the large dump.

Stocks surged and Bitcoin momentarily reached $81k on bogus news during the U.S. trading day. The White House considered a 90-day tariff delay, according to major X stories. The S&P 500 and cryptocurrencies rose on the news, but then sold down after hearing it was “fake.”

Fink said that the Federal Reserve may still raise rates despite the market forecast. Notably, the BlackRock CEO claims most other CEOs he's spoken to think the recession is on.

Bitcoin trades about $78k, but is down following the last three days of volatility.

4-THORChain, North Korea's Favorite Crypto Laundering Tool

In recent weeks, former Australian Air Force pilot turned crypto entrepreneur John-Paul Thorbjornsen has promoted his new crypto wallet, "Vultisig." The wallet's major selling point is that it's tougher to hack than previous applications since it's built on THORChain, his network for crypto trades without middlemen.

Security analysts believe North Korea's Lazarus hacking squad is behind Vultisig's and THORChain's recent activity rise.

North Korea's laundering activities relied on THORChain after February's $1.4 billion Bybit breach, the biggest in history. The Kim government uses the network to move crypto across blockchains, and researchers have traced roughly $1.2 billion, or 85%, of the stolen assets.

5-Pakistan Crypto Council advisor CZ is former Binance CEO

Former Binance CEO Changpeng 'CZ' Zhao has joined the Pakistan Crypto Council as a strategic adviser to aid with crypto infrastructure, education, acceptance, and other endeavors, local media reports.

Zhao's nomination to the Pakistan Crypto Council, which regulates blockchain and crypto-powered projects, is part of Pakistan's cryptocurrency push. Additional local media reports say the Pakistan government established the Pakistan Crypto Council in mid-March.

References

https://crypto.news/blackrock-ceo-larry-fink-says-market-could-drop-another-20/

https://crypto.news/bank-of-englans-crypto-skeptic-andrew-bailey-to-lead-global-bank-regulator-group/

https://www.coindesk.com/tech/2025/04/07/the-blockchain-fueling-north-korea-s-massive-crypto-laundering-operation

https://www.theblock.co/post/349834/former-binance-ceo-cz-joins-pakistan-crypto-council-as-advisor