Ndax Weekly TL;DR May 26

• Hoskinson Responds to $600M ADA Misappropriation Allegations, Promises Audit
• Vitalik Buterin Applauds Real-Time ZK Proving Breakthrough, Cautions on Ethereum Readiness
• Bank of Canada Warns of Weaker Growth if U.S. Tariff Uncertainty Persists
• Bitcoin Drops 4% Amid Tariff Threats from Trump on EU Goods and iPhones
   

Cardano founder Charles Hoskinson has denied accusations of misappropriating $600 million in ADA and announced that Input Output Global (IOG) will release an audit report to clarify the matter. The controversy stems from a 2021 transaction involving 318 million ADA, which critics claim shows manipulation of the Cardano ledger. Hoskinson refuted these claims, stating that most of the tokens were redeemed by original buyers and that remaining unclaimed funds were later donated. Expressing disappointment over the community's reaction, he said the allegations have affected his engagement with the Cardano user base. Cointelegraph

Ethereum co-founder Vitalik Buterin commended a recent achievement in real-time zero-knowledge (ZK) proving as a major step forward for blockchain scalability. The milestone, announced by developer Uma Roy, demonstrates the potential for faster and more efficient cryptographic proofs. However, Buterin emphasized that the system is not yet suitable for Ethereum’s Layer 1, citing concerns over worst-case performance, lack of formal verification, and high energy demands. He noted that while the progress is impressive, more work is needed before such technology can be safely integrated into Ethereum’s core protocol. CryptoSlate

Bank of Canada Governor Tiff Macklem warned that Canada’s economic growth is expected to slow significantly in the second quarter and could weaken further if uncertainty surrounding U.S. tariffs continues. Speaking at a G7 press conference alongside Finance Minister François-Philippe Champagne, Macklem highlighted that while exports may temporarily support GDP due to pre-tariff shipments, investment and consumption are already being negatively affected. He stressed the need for clarity and cooperation with the U.S. to restore confidence and support growth. The Bank had previously projected 1.8% growth for Q1, with updated GDP figures due at the end of May. Financial Post

Bitcoin fell over 4% to around $107,000 on May 23 after U.S. President Donald Trump announced potential tariffs of 25% on non-U.S.-made iPhones and a 50% blanket tariff on European Union imports starting June 1. The announcement also triggered broader market volatility, with S&P 500 futures and oil prices declining while gold gained. The decline in Bitcoin briefly reversed gains made during recent price highs, although the asset later recovered some losses during U.S. trading hours. Other major cryptocurrencies also saw moderate declines during the same period. CryptoSlate

Ndax's news feature provides the latest news, stories, and trends to help you keep your hand on the pulse of crypto and blockchain.

View Live Stories

News Nuggets

• Texas House Approves Amended Bitcoin Reserve Bill, Senate Vote Pending CryptoSlate
• NYC Mayor Launches Digital Assets Advisory Council to Promote Blockchain Innovation CoinDesk
• What You Didn’t Know About the Man Behind Bitcoin Pizza Day CoinDesk
• Chainlink Integrates CCIP with Solana, Enabling Cross-Chain Access to $19B in Assets CryptoSlate
• Sui’s Largest DEX, Cetus Protocol, Hacked for $223M as Exploit Cripples DeFi Infrastructure CoinDesk
• Michigan Lawmakers Propose Comprehensive Crypto Legislation Covering Investments, Mining, and CBDCs crypto.news
• Ripple Deepens UAE Expansion with New Partnerships for Blockchain-Based Payments crypto.news

As of 05-26-2025 at 9:10 AM EDT
Market Summary

• Over the past seven days, the global cryptocurrency market capitalization has increased from CA$4.53 trillion to CA$4.73 trillion.
• Bitcoin's market dominance stands at 63.3%, while Ethereum's share is 9%.

Performance

• Over the past 24 hours, the price of BTC has fluctuated between CA$149K and CA$151K registering a 5% change over the past week and a market cap of CA$3 trillion. At Ndax, the weekly movers are FET, which saw a 27% increase in the last seven days reaching a market cap of CA$3.3 billion, and CRV, which experienced a 20% rise with a market cap of CA$1.4 billion. (At time of writing) 

Visit our new markets page offering real-time data for almost 15,000 cryptocurrencies. Track trends, monitor your favorite cryptocurrencies, and stay ahead of the market. 
View Live Market Data

Mark your calendars!

• May 28 – US FOMC Minutes  
• May 30 – Canada GDP Growth Rate Announcement 
• May 30 – US Core PCE Announcement

Ndax Ice is here! Ndax Ice is a daily Stanley Cup® Playoff Pick’em game where you predict the winners of each playoff matchup. Rack up points round by round to boost your chances of winning round prizes. Plus, every point earned increases your odds in the final draw. To learn more, click here.

This week’s educational blog explores the launch of Sonic (S) staking on Ndax and how it empowers users to participate in the future of decentralized finance. Learn how you can earn rewards by staking S tokens while supporting a fast, scalable blockchain built for DeFi and Web3 applications. To learn more, click here.

Explore Learning Hub

• One Click Staking
• Flexible and Fixed Plan Options
• Earn Passive Income 
• Grow Your Holdings

Discover Staking

Introduce Ndax to your community and unlock rewards! For every new user you refer to Ndax, you'll automatically earn $15-$30 CAD, terms and conditions apply.

Share your affiliate link now.

Thanks for reading our latest newsletter. Don't forget to follow us on social media for more updates and join the conversation on our forums.

Happy trading, 
The team at Ndax