The following summary encapsulates the leading stories from The Block’s weekday newsletter, The Daily. Happy Thursday to all!
Ross Ulbricht, the founder of Silk Road, has been a frequent figure in the news lately — from his initial arrest, to his plea for a presidential pardon, and most recently, his release from prison. Soon, you may have the chance to meet him in person at an upcoming Bitcoin conference in May.
In today’s news digest, we announce Ross Ulbricht’s first public appearance post-release, a hefty $40 million anti-money laundering settlement by Jack Dorsey’s Block, the launch of a liquid token fund by Node Capital, and more. In other news, the Bitcoin staking protocol known as Babylon has launched its Genesis mainnet. Let’s dive in!
Ross Ulbricht to Address Bitcoin Conference
Ross Ulbricht has confirmed his attendance and speaking role at a Bitcoin conference in Las Vegas, marking his first public appearance since his release from prison. In January, Ulbricht received a full and unconditional pardon from President Donald Trump. He was previously serving a life sentence for operating Silk Road, a darknet marketplace that used bitcoin for illegal transactions. Since his release, Ulbricht has expressed his wish to reintegrate into society, while also prioritizing time with his family. The Bitcoin conference where Ulbricht will speak is scheduled for late May.
Block Settles $40 Million Over AML Violations
Block, Inc. has agreed to a $40 million settlement with New York regulators following an investigation into significant deficiencies in its anti-money laundering (AML) program related to Cash App. The New York Department of Financial Services found that Block had failed to implement adequate risk-based controls, allowing high-risk bitcoin transactions to proceed without sufficient scrutiny. As part of the settlement, Block must appoint an independent monitor and has already begun enhancing its compliance practices. This settlement marks the resolution of all state-level regulatory issues for Block, following a previous $80 million settlement with 48 other state regulators earlier this year.
Node Capital Introduces Liquid Token Fund
Node Capital has launched its first liquid fund for investing in publicly-listed tokens, viewing bearish market conditions as attractive entry points for pre-ETF crypto assets. The open-ended fund, accepting capital on a quarterly basis, is targeting select investors and prioritizing long-term holds of two to five years over short-term trading. This move signals an expansion of Node Capital’s strategy, with the company now managing $50 million in assets and backing projects like Ether.fi and Axelar. In addition to the fund, Node Capital operates three other units — Node Monster, Node Security, and Node Link — with Node Monster recently achieving over $1 billion in assets under management.
Spot Bitcoin ETFs Experience $127 Million in Outflows
In spite of a robust market rally, US spot bitcoin ETFs experienced $127 million in net outflows on Wednesday, marking the fifth consecutive day of losses. BlackRock’s IBIT and Grayscale’s GBTC saw the most significant outflows, whereas Bitwise’s BITB was the only fund to report net inflows of $6.7 million. These outflows occurred even as both traditional and crypto markets surged following Trump’s 90-day pause on most tariffs and a reduction in reciprocal duties. US and Asian stock markets posted significant gains, with the Nasdaq soaring over 12% and bitcoin surging over 7% to $82,115, amid optimism over easing trade tensions.
Bitcoin Life Insurance Startup Meanwhile Raises $40 Million
Meanwhile, a startup offering bitcoin-based life insurance, secured $40 million in Series A funding, bringing its total to $60.75 million as it expands its BTC-denominated life insurance products. The funding round was jointly led by Framework Ventures and Fulgur Ventures, with notable contributions from prominent backers such as former Xapo Bank CEO Wences Casares. Meanwhile’s flagship product, BTC Whole Life, provides life insurance coverage with tax-advantaged growth and bitcoin-backed premiums, payouts, and policy loans.
Stay informed with The Block’s daily digest of the most influential events happening across the digital asset ecosystem.
Disclaimer: The Block is an independent media outlet that provides news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2025 The Block. All Rights Reserved. This article is for informational purposes only and is not intended as legal, tax, investment, financial, or other advice.
