The Daily: Ross Ulbricht's post-prison appearance, Block's $40 million AML settlement, a new liquid token fund and more

The following is adapted from The Block’s newsletter,  The Daily , which comes out on weekday afternoons.

Happy Thursday!  You've probably seen Silk Road founder Ross Ulbricht's name in the headlines — first with his initial arrest, then with his bid for a presidential pardon and, most recently, his release from prison. Now, you might actually get to see him in person at an upcoming Bitcoin conference in May. 

In today's newsletter, Ross Ulbricht announces his first post-prison public appearance, Jack Dorsey's financial services firm Block settles for $40 million over anti-money laundering violations, Node Capital launches a liquid token fund and more.

Meanwhile, the Bitcoin staking protocol Babylon launched its Genesis mainnet.

Let's get started.

Ross Ulbricht to make first public appearance at a Bitcoin conference

Ross Ulbricht announced he will make his first public appearance since his release from prison at the upcoming Bitcoin conference in Las Vegas.

• On a post on X, Ulbricht confirmed his attendance and plans to speak at the event.
• In January, President Donald Trump granted Ulbricht a full and unconditional pardon .
• Ulbricht was previously serving a life sentence for crimes related to operating Silk Road, a darknet marketplace using bitcoin to facilitate illegal transactions.
• Following his release, Ulbricht expressed a desire to reconnect with the world but emphasized spending time with family first.
• The Bitcoin conference where Ulbricht will speak is scheduled to take place in late May.

Jack Dorsey's Block settles for $40 million over AML failures

Block, Inc. agreed to pay $40 million to settle with New York regulators after an investigation revealed major shortcomings in its anti-money laundering (AML) program related to its Cash App platform. 

• The New York Department of Financial Services found Block failed to implement proper risk-based controls and allowed high-risk bitcoin transactions without sufficient oversight.
• Block must appoint an independent monitor as part of the settlement, and the firm has already begun improving its compliance practices after cooperating with the investigation.
• This settlement finalizes all pending state regulatory issues for Block, following a previous $80 million settlement with 48 other state regulators earlier this year.

Node Capital launches liquid token fund

Node Capital released its first liquid fund to invest in listed tokens, believing bearish market conditions offer attractive entry points for pre-ETF crypto assets.

• The open-ended fund, accepting capital quarterly, targets select investors and focuses on long-term holds of two to five years rather than short-term trading.
• This move expands Node Capital’s strategy beyond its earlier hybrid and venture funds, as the firm now manages $50 million in assets and backs projects like Ether.fi and Axelar.
• Alongside the fund, Node Capital operates three additional units —Node Monster, Node Security and Node Link — with Node Monster recently surpassing $1 billion in assets under management.

Spot bitcoin ETFs see $127 million in outflows

Despite a strong market rally, United States spot bitcoin ETFs saw $127 million in net outflows on Wednesday, extending their losing streak to five consecutive days.

• BlackRock’s IBIT and Grayscale’s GBTC led the outflows, while Bitwise’s BITB was the only fund to report net inflows of $6.7 million.
• The ETF outflows occurred even as traditional and crypto markets surged following Trump’s 90-day pause on most tariffs and reduced reciprocal duties.
• U.S. and Asian stock markets posted major gains, with the Nasdaq jumping over 12% and bitcoin climbing over 7% to $82,115, amid hopes of de-escalating trade tensions.

Bitcoin life insurance startup Meanwhile raises $40 million in Series A funding

Bitcoin-based life insurance firm Meanwhile raised $40 million in Series A funding, bringing its total to $60.75 million as it expands its BTC-denominated life insurance offerings.

• The funding round was co-led by Framework Ventures and Fulgur Ventures, with participation from notable backers, including former Xapo Bank CEO Wences Casares.
• Meanwhile’s flagship product, BTC Whole Life, offers life insurance coverage with tax-advantaged growth and bitcoin-backed premiums, payouts and policy loans.

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