Former Binance CIS Director Vladimir Smerkis Arrested in Russia Over Fraud Allegations

Vladimir Smerkis, a former regional director for Binance in the CIS and co-founder of the Telegram-based crypto game Blum, has been arrested in Russia on allegations of large-scale fraud. The Zamoskvoretsky District Court in Moscow authorized his detention for continuous investigation on May 18, 2025. This development has sent ripples through the cryptocurrency community, given Smerkis’s high-profile roles in both Binance and Blum.

Blum Co-Founder and Ex-Binance Exec Vladimir Smerkis Arrested for Alleged Large-Scale Fraud

Vladimir Smerkis, former regional director for Binance in the Commonwealth of Independent States (CIS) and co-founder of the Telegram-based crypto game Blum, has been arrested in Russia on allegations of extensive fraud. The Zamoskvoretsky District Court in Moscow authorized prosecutors to demand that Smerkis be held under continuous investigation on May 18, 2025.

Russian official media TASS reports that the case falls under Article 159 of the Russian Criminal Code, which pertains to major financial theft. Authorities allege Smerkis was involved in fraudulent activities that may have caused significant investor losses. If convicted, he faces a prison sentence ranging from two to twelve years.

Blum, the Telegram-based crypto game co-founded by Smerkis, has reportedly severed ties with him following the arrest. The investigation highlights ongoing scrutiny of high-profile figures in the cryptocurrency space.

Uniswap Nears $12B in All-Time Volume Amid Whale Activity Despite UNI Price Decline

Uniswap Protocol approaches a historic $12 billion in total DEX volume, with Unichain accounting for 99.7% of activity. Whale movements intensify as $5.61 million worth of UNI is withdrawn from Binance, signaling accumulation despite the token’s price testing a falling wedge pattern.

Liquidity pools show UNI dominating with 73.3% share ($641.7M total), while daily trading activity surges to $700 million—a dramatic increase since mid-April. The protocol’s LAYER 2 dominance remains unchallenged, with competitors failing to meaningfully rival its market position.

Bitcoin Rebound Signals Healthier Bull Market Without Overheating, Analyst Says

Bitcoin’s recent rebound from a potential cycle low of $74,508 on April 6 to slightly above $100,000 reflects a healthier bull market compared to previous rallies. Unlike last year’s cycle, which saw sharp spikes in Binance market buy volume and funding rates, the current uptrend shows no signs of overheating.

Analyst avocado_onchain notes that excessive bullish leverage in futures markets previously triggered price pullbacks. This time, the absence of such indicators suggests a more sustainable rally. The market appears to be avoiding the pitfalls of over-leveraged positions that characterized earlier peaks.

Ethena Whales Lock in Losses Amid Market Volatility

Ethena [ENA] whales are cutting positions at a loss as the altcoin’s price struggles to maintain momentum. One whale exited a three-month trade with a 13% loss, depositing 12.16 million ENA ($4.42 million) into Binance at $0.347 after initially buying at $0.404. The MOVE reflects growing uncertainty among large holders.

ENA’s price action remains precarious, trading just above a descending channel that could signal further downside. Despite a 85% surge in 24-hour trading volume, the token fell 7.6%, highlighting the market’s indecision. Another whale’s failed 10x long position underscores the heightened risk environment.

The divergent whale activity presents a conundrum for traders. While some capitulate, others continue positioning - creating potential for sharp moves in either direction. Market structure suggests ENA remains at an inflection point, with whale flows serving as the canary in the coal mine for retail traders.

USDC Volume Hits New High – Is Tether’s Stablecoin Market Share at Risk?

USDC trading volume surged to a record $219 billion in April 2025, more than doubling its January 2024 figure of $106.5 billion, according to Kaiko Research. The growth was fueled by Binance, which accounted for 57% of global USDC volume following a strategic partnership with Circle in December 2024.

USDC’s market share among stablecoins on Binance has nearly doubled from 10% to 20% since late 2023, while USDT’s dominance on the exchange has declined. The shift highlights intensifying competition in the stablecoin sector, with institutional and retail traders increasingly diversifying their stablecoin holdings.