US Defense Department Power Struggle Intensifies, Secretary Purges Potential Successor's Inner Circle to Prevent "Insider Threat"
**April 4 (New York Post) — U.S. Secretary of Defense Pete Hegseth was paranoid about being replaced by Army Secretary Dan Drieskell, prompting Army Chief of Staff Gen. Randy George — Drieskell’s top aide — to be asked to resign immediately. Hegseth has not publicly stated a reason for the resignation request.**
**An anonymous official noted the move stems from Hegseth’s personal insecurity following the 2025 Signalgate incident, as tensions escalate within the Pentagon amid the Iran conflict.**
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Gansu Court in China Tries Virtual Currency Money Laundering Case: Defendant Sentenced to Two Years and Four Months for "Running Errands for Cash Withdrawal"
**On April 4, the People’s Court of Qinzhou District in Tianshui City, Gansu Province, China, ruled in a criminal case involving virtual currency cash-out assistance.**
The defendant, lured by "high-paying part-time errands," knowingly participated in hiding fraudulently obtained funds. Over seven days, the individual made multiple cash withdrawals in surveillance blind spots totaling more than 390,000 yuan (≈$54,000, approximate conversion), converted the funds to virtual currency, and transferred them to upper-level operators—earning 21,500 yuan in illegal gains.
The court convicted the defendant of concealing and covering up criminal proceeds, sentencing them to two years and four months in prison, imposing a 10,000-yuan fine, and ordering the confiscation of all illegal gains.
In a public reminder, the judge noted that offline cash withdrawal has become a key link in laundering proceeds of telecom fraud. "Cash withdrawal errands" and "high-paying daily settlements" are oft
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VanEck Bullish on Bitcoin: Derivatives Market Sends 'Reverse Long' Signal
April 4th — Matthew Sigel, Director of Digital Asset Research at VanEck, noted the Bitcoin derivatives market has flashed a clear **contrarian long signal**, with the firm shifting to a more bullish stance overall.
Sigel pointed out demand for protective bearish put options has hit a historical 99th percentile. The sharp rise in hedging premiums investors pay historically signals the market is nearing a bottom — a classic contrarian long indicator.
He added holders from 3–5 years ago had been taking profits concentratedly from Q4 2025 through Q1 2026, but selling pressure has dropped sharply recently, helping stabilize the market.
On strategy: VanEck’s NODE Fund aims to outperform Bitcoin itself with lower volatility by allocating to Bitcoin mining firms and AI infrastructure assets. The team also maintains a low allocation to high-leverage plays like Coinbase and MicroStrategy due to caution around leverage risk.
Further, Sigel sees expanding valuation re-rating potential
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Tether or Funding Delay: $500 Billion Valuation Faces Market Test
April 4th, stablecoin issuer Tether is urging investors to join its new funding round within the next two weeks, targeting a valuation as high as $500 billion—should market demand fall short, the firm could delay the plan.
This valuation would catapult Tether into the league of the world’s biggest financial firms, second only to JPMorgan Chase and ahead of Bank of America. Its core product USDT currently has a market cap of ~$184 billion, making it the world’s largest stablecoin.
Earlier reports suggested Tether weighed raising $15B–$20B via private funding at a ~$500B valuation, though CEO Paolo Ardoino noted those figures were merely speculative talks. He has repeatedly defended the valuation, however, arguing the firm’s profitability rivals high-growth sectors like AI.
Separately, Tether is advancing its audit efforts. It has reportedly tapped KPMG for the first full reserve audit of USDT, while PwC is supporting internal system readiness work—seen as a key step toward grea
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Nevada Court Extends Injunction: Kalshi Sports Prediction Market Ruled as "Quasi Gambling"
On April 4, a Nevada court ruled that sports contracts offered by prediction market platform Kalshi are "substantially indistinguishable from gambling" and extended a temporary restraining order (TRO) on its related operations.
First Judicial District Court Judge Jason Woodbury said he will approve the Nevada Gaming Control Board’s request for a preliminary injunction to bar Kalshi from offering certain prediction market products in the state while the case proceeds. The TRO issued on March 20 has been extended for two weeks.
The court found that purchasing sports event contracts on Kalshi is essentially equivalent to betting on a licensed gambling platform, thus constituting unlicensed gambling.
Multiple U.S. states are tightening restrictions on prediction market platforms, arguing their sports-related products should fall under state-level gambling regulations. Kalshi, however, contends that as a Commodity Futures Trading Commission (CFTC)-regulated derivatives market offer
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