Coin360 weekly crypto news, cryptocurrency updates, market movement

Coin360 weekly crypto news

Coin360 Weekly Dispatch | Crypto Market Updates & Highlights | April 13 - April 19, 2025

<h2>Powell Signals Easing of Crypto Restrictions for Banks Amid Growing Mainstream Acceptance</h2>Federal Reserve Chairman Jerome Powell indicated a potential easing of crypto restrictions for U.S. banks to foster innovation while ensuring consumer protection. Acknowledging the tumultuous history of digital assets, he noted the sector's growing mainstream acceptance and hinted at a cautious approach to any regulatory changes. The Federal Deposit Insurance Corporation plans to withdraw previous guidelines, allowing banks to engage in approved crypto activities without pre-approval. Lawmakers are also working on a regulatory framework for&nbsp;<a href="https://coin360.com/glossary/stablecoin">stablecoins</a>. Powell emphasized that the landscape is evolving, with Congress actively seeking to formalize oversight amid past market turmoil and collapses.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>OKX Announces U.S. Relaunch with New CEO and Compliance Focus Following $505 Million Settlement</h2><a href="https://coin360.com/review/okx">OKX</a> is re-entering the U.S. market after settling a federal investigation by paying $505 million for operating without a license. Roshan Robert has been appointed CEO to oversee this relaunch, which includes a new centralized exchange and the integration of the OKX Wallet. Located in San Jose, California, the platform will gradually roll out nationwide, migrating existing Okcoin users. Key features include support for over 130 blockchains, AI tools, and a commitment to regulatory compliance through enhanced fraud detection and monitoring. OKX aims to offer a competitive alternative to established platforms by merging centralized services with&nbsp;<a href="https://coin360.com/glossary/web3-companies-projects">Web3</a> tools.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Bank of America, Tether, and Circle Battle for Control of U.S. Stablecoin Regulations</h2>Amidst the emerging stablecoin legislation, a fierce competition is unfolding between traditional banks, notably Bank of America, and nonbank entities like&nbsp;<a href="https://coin360.com/coin/tether-usdt">Tether</a> and Circle for dominance in the U.S. stablecoin market, potentially worth a trillion dollars. Bank of America seeks to limit stablecoin issuance to banks, while Circle presents itself as a compliant U.S. alternative to Tether. Tether leads with over $145 billion in issued&nbsp;<a href="https://coin360.com/coin/tether-usdt">USDT</a>, whereas Circle issues about $60 billion in&nbsp;<a href="https://coin360.com/coin/usd-coin-usdc">USDC</a>, emphasizing reserve transparency. The legislative outcomes will significantly shape who can issue dollar-backed tokens in the U.S., impacting the overall market structure and competitiveness.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Oklahoma's Bitcoin Reserve Bill Fails</h2>Oklahoma’s effort to implement a&nbsp;<a href="https://coin360.com/coin/bitcoin-btc">Bitcoin</a> reserve, via House Bill 1203, failed in a narrow 6-5 Senate committee vote. This setback has left New Hampshire, Texas, and Arizona in the lead for establishing state-level&nbsp;<a href="https://coin360.com/coin/bitcoin-btc">BTC</a> reserves. New Hampshire's HB302, allowing up to 10% of the state’s general fund for Bitcoin investment, passed the House 192-179, while Arizona’s complementary bills await a full House vote. Texas's SB-21 already passed the Senate 25-5. Nationwide, 47 State Bitcoin Reserve bills are introduced across 26 states, with 40 still active in 20 states, according to Bitcoin Laws’ tracker.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Arizona's SB 1373 Advances to Final Vote, Leading Crypto Reserve Legislation Nationwide</h2>On April 18, 2025, Arizona's Strategic Digital Assets Reserve Bill (SB 1373) passed a House committee and is awaiting a final floor vote before reaching the governor. This bill proposes establishing a strategic reserve fund composed of state-provided and seized cryptocurrencies, with the state treasurer permitted to manage the funds and seek additional returns through loans. No more than 10% of the fund may be invested in any fiscal year. Arizona leads U.S. states in advancing crypto reserve legislation, although potential hurdles exist as Governor Katie Hobbs has pledged to veto bills until disability funding is addressed.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Pennsylvania Man Pleads Guilty to $3M Tax Evasion from CryptoPunks NFT Sales</h2>Waylon Wilcox, a 45-year-old Pennsylvania man, pled guilty to evading over $3 million in taxes by under-reporting $13 million in profits from the sale of 97&nbsp;<a href="https://coin360.com/nft/0x282bdd42f4eb70e7a9d9f40c8fea0825b7f68c5d">CryptoPunks</a>&nbsp;<a href="https://coin360.com/glossary/non-fungible-tokens">NFTs</a> over 2021 and 2022. He falsely claimed no crypto transactions during that period, leading to significant discrepancies on his tax returns—about $8.5 million for 2021 and $4.5 million for 2022. Wilcox now faces up to six years in prison and potential fines of $500,000. This case comes amid tightening regulations by the U.S. Treasury and IRS to enforce crypto-related tax compliance.This article has been refined and enhanced by ChatGPT.

Robot races tax tightrope while juggling glowing [NFT tax] spheres

Robot races tax tightrope while juggling glowing [NFT tax] spheres_11zon.webp

US Crypto Policy Recap: OKX Reenters, Powell Softens Bank Crypto Rules

<h2>Kraken Expands into Traditional Finance, Launches Commission-Free Stock and ETF Trading in Ten States</h2><a href="https://coin360.com/exchange/kraken">Kraken</a> has announced its entry into traditional finance with the launch of commission-free stock and ETF trading in the U.S., initially rolling out in ten states: New Jersey, Connecticut, Wyoming, Oklahoma, Idaho, Iowa, Rhode Island, Kentucky, Alabama, and the District of Columbia. Through its FINRA-regulated Kraken Securities division, users can trade over 11,000 U.S.-listed stocks and ETFs alongside cryptocurrencies, all within a single platform. The service allows seamless transitions between digital and traditional assets, supporting a comprehensive trading experience. This expansion follows Kraken's regulatory achievements, including securing Electronic Money Institution authorization in the UK and pursuing a broker-dealer license in the U.S. Kraken has also launched GBP/USD and EUR/USD&nbsp;<a href="https://coin360.com/glossary/understanding-crypto-perpetual-futures">perpetual</a>&nbsp;<a href="https://coin360.com/glossary/futures-contracts">futures</a> contracts on its Kraken&nbsp;<a href="https://coin360.com/glossary/derivatives">Derivatives</a> platform, offering traders up to 20x leverage. These contracts are available exclusively on Kraken Pro, aimed at advanced traders, with plans for additional forex pairs in the future. However, traders based in the EU, UK, and other restricted regions cannot access the new offerings.&nbsp;<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Visa Joins Paxos' USDG Alliance to Enhance Cross-Border Payments and Boost Stablecoin Adoption</h2>Visa has joined Paxos’ Global Dollar Network (USDG) alliance, marking a key advancement in merging traditional finance with blockchain technology. This partnership aims to enhance cross-border payment systems and boost stablecoin adoption through liquidity incentives. Cuy Sheffield from Visa highlighted&nbsp;<a href="https://coin360.com/glossary/stablecoin">stablecoins</a>' role in expediting cross-border commerce. As of April 14, 2025, USDG trades at $1.00 with a&nbsp;<a href="https://coin360.com/glossary/market-capitalization">market cap</a> of approximately $245.68 million, experiencing a 22.46% drop in trading volume and a 23.69% decrease over the past 90 days, indicating recent market volatility. The collaboration could redefine stablecoin adoption and promote innovation in payment processing.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>JPMorgan Launches 24/7 GBP Blockchain Payments, Expanding Cross-Border Services</h2>JPMorgan has launched British pound (GBP) blockchain payment accounts, expanding its offerings alongside euro (EUR) and dollar (USD) options. Major clients, including LSEG’s SwapAgent and Trafigura, are the first to utilize these accounts, allowing 24/7 cross-border transactions and real-time foreign exchange. Kinexys, JPMorgan's blockchain division, has processed over $1.5 trillion in transactions since 2019, with a daily average exceeding $2 billion. This new service enhances flexibility and efficiency, enabling clients to automate treasury actions through programmability and improve cash flow management. It marks a significant development in blockchain-based settlement services in the U.K.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Solayer Launches Non-Custodial Crypto Debit Card, Emerald, Supporting SVM Wallets and Crypto Rewards</h2>Solayer has launched the Emerald Card, a non-custodial crypto debit card based on its InfiniSVM infrastructure, allowing purchases without off-ramping to fiat. Initially supporting SVM&nbsp;<a href="https://coin360.com/glossary/crypto-wallets">wallet</a> funds, it plans to integrate additional chains, including&nbsp;<a href="https://coin360.com/glossary/ethereum-virtual-machine">EVM</a>, soon. The card will operate in over 100 countries and features collaborations with SolanaID for digital identity and support for Apple Pay and Android Pay. An upcoming Emerald Rewards program will offer crypto-native cashback benefits, such as stakes in token events. Solayer, backed by&nbsp;<a href="https://coin360.com/review/binance">Binance</a> Labs, claims over 1 million transactions per second and raised $12 million in a seed round last year.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Only 11% of El Salvador's Bitcoin Service Providers Operational Amid Regulatory Challenges</h2>Only 11% of the 181&nbsp;<a href="https://coin360.com/coin/bitcoin-btc">Bitcoin</a> service providers registered in El Salvador are operational, with only 20 meeting the requirements set by the country's Bitcoin Law. The Central Reserve Bank of El Salvador indicates that 89% of providers are classified as non-operational due to failure in implementing necessary measures like Anti-Money Laundering programs and cybersecurity systems. Notable operational firms include Chivo Wallet, Crypto Trading &amp; Investment, and Fintech Américas. Meanwhile, the IMF's recent $1.4 billion loan deal has led to speculation about a potential rollback of Bitcoin’s legal tender status, effective April 30.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Greece's ATHEX Partners with Mysten Labs to Launch World's First On-Chain Stock Order Book Using Sui</h2>Greece's stock exchange, ATHEX, is collaborating with Mysten Labs to implement on-chain order books using the&nbsp;<a href="https://coin360.com/coin/sui-sui">Sui</a> blockchain. This partnership, initiated in March 2024, aims to enhance ATHEX's electronic book building (EBB) platform by integrating a zero-knowledge proof mechanism for confidentiality. This development allows ATHEX to become the first national exchange to utilize a&nbsp;<a href="https://coin360.com/glossary/layer-1">Layer 1</a> blockchain. Currently,&nbsp;<a href="https://coin360.com/coin/sui-sui">SUI</a> tokens are priced at $2.10, totaling a market cap of $6.8 billion, with 3.2 billion tokens in circulation out of a maximum supply of 10 billion. The project promises increased privacy, speed, and security for traditional capital markets.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>State Street and Galaxy to Launch "GalaxyStreet" Crypto Investment App for Asian Investors</h2>State Street and Galaxy are set to launch the "GalaxyStreet" crypto investment app, aimed at institutional and retail investors across Asia, with a beta launch planned for Q4 2025. This collaboration follows a partnership established in June 2024 and aims to democratize access to digital assets. Key features include proprietary analytics, tools for hedging volatility, and access to digital asset ETFs. The app targets $5 billion in assets under management by the end of 2026 and aligns with Hong Kong's initiative to establish a regulated crypto environment, reflecting growing institutional interest in digital assets.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>SPAR Switzerland Introduces Bitcoin Payments via Lightning Network</h2>SPAR, a prominent supermarket chain in Switzerland, has begun accepting Bitcoin payments through the Lightning Network, facilitating easier cryptocurrency transactions for everyday shopping. This initiative marks a significant advancement in integrating digital currencies into daily life and reflects the broader acceptance of crypto within Europe. By enabling customers to use Bitcoin for regular purchases, SPAR is setting a precedent for other retailers in the region. As this trend grows, the use of Bitcoin and potentially other cryptocurrencies for common transactions may soon become commonplace across Europe, underscoring a pivotal shift in consumer payment preferences and the retail landscape.This article has been refined and enhanced by ChatGPT.

Robot leaps across trading slips in pastel stock-ticker scene [stock]

Robot leaps across trading slips in pastel stock-ticker scene [stock]_11zon.webp

TradFi-Crypto Ties This Week: Kraken, Visa, JPMorgan Lead Big Moves

<h2>Google Enforces MiCA Licensing for Crypto Ads in Europe Starting April 23</h2>Starting April 23, 2025, Google will enforce new advertising policies for cryptocurrency services in Europe, mandating that cryptocurrency exchanges and wallets be licensed under the Markets in Crypto-Assets (MiCA) or Crypto Asset Service Provider (CASP) regulations. This policy, aimed at enhancing investor protection, reflects the implementation of MiCA in December 2024, which established a comprehensive regulatory framework for digital assets across the EU. Google’s rules require compliance with local legal requirements and certification by Google, impacting various European nations. While this initiative could reduce fraud, experts highlight potential challenges, including the risk of creating gaps in enforcement and imposing compliance burdens on smaller exchanges. Notably, policy violations will first result in warnings rather than immediate account suspensions. The updates may primarily serve to protect Google’s liability more than safeguarding investors, raising concerns about accessibility for smaller players within the evolving regulatory landscape.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Panama City Accepts Bitcoin, Ether, and Stablecoins for Tax Payments&nbsp;</h2>Panama City has become a trailblazer in digital asset acceptance, allowing residents to pay taxes, fees, tickets, and permits using&nbsp;<a href="https://coin360.com/coin/bitcoin-btc">Bitcoin</a>,&nbsp;<a href="https://coin360.com/coin/ethereum-eth">Ether</a>, and&nbsp;<a href="https://coin360.com/glossary/stablecoin">stablecoins</a> like&nbsp;<a href="https://coin360.com/coin/tether-usdt">USDT</a> and&nbsp;<a href="https://coin360.com/coin/usd-coin-usdc">USDC</a>. This decision, announced by Mayor Mayer Mizrachi Matalon, positions Panama City as the first public institution in the country and among the first globally to embrace crypto payments for government transactions. Payments will be converted to USD by a partner bank at the time of the transaction, aligning with the legal requirement for institutions to receive funds in dollars. This initiative coincides with the Panamanian National Assembly's consideration of legislation to develop a regulatory framework for crypto assets, which includes proposals for oversight bodies, compliance standards for Virtual Asset Service Providers, and integrating blockchain technology into governance. The overarching goal is to foster a digital economy and enhance the free flow of cryptocurrency throughout Panama.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Ethena Labs Exits Germany, Abandons MiCA Authorization for USDe Stablecoin</h2><a href="https://coin360.com/coin/ethena-ena">Ethena</a> Labs will cease its operations in Germany and has abandoned plans for MiCA authorization of its&nbsp;<a href="https://coin360.com/coin/ethena-usde-usde">USDe</a> stablecoin, following BaFin's ban on its issuance. German users will now access USDe via Ethena's international branch, Ethena BVI, outside German regulations. USDe's supply has decreased from over $6.1 billion to $4.9 billion amid&nbsp;<a href="https://coin360.com/coin/ethereum-eth">Ethereum</a>'s price decline, with trading volumes dropping to $50 million. The reserves backing USDe are reported at $5.1 billion, consisting of various cryptocurrencies. Additionally,&nbsp;<a href="https://coin360.com/coin/ethena-ena">ENA</a> has fallen from $0.93 to $0.29, losing all gains since September 2024.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Argentina's CNV Launches Pioneering Tokenization Framework with One-Year Sandbox</h2>The Argentine securities regulator (CNV) has launched an innovative tokenization framework that positions Argentina as a leader in the region. This regime allows for the tokenization of various assets, such as stocks and bonds, within a one-year sandbox structure aimed at fostering digital finance. Issuers will only need a generic digitization permit, with registered virtual asset service providers (VASPs) facilitating market access. CNV President Roberto Silva emphasized the initiative's revolutionary nature compared to regional peers, aiming to integrate the latest technology into the financial landscape. Ongoing public consultation will enhance the framework during the sandbox period.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Swedish MPs Propose Adding Bitcoin to National Reserves, Inspired by U.S. Initiatives</h2>Two Swedish MPs, Dennis Dioukarev and Rickard Nordin, are advocating for Bitcoin to be added to Sweden's national reserves, inspired by similar U.S. initiatives to utilize seized crypto assets for a national Bitcoin reserve. Dioukarev formally questioned Finance Minister Elisabeth Svantesson about this approach, emphasizing Bitcoin's role as a hedge against inflation. Meanwhile, New Hampshire's House passed a bill to create a state Bitcoin reserve, indicating a shift in Europe towards recognizing Bitcoin's geopolitical significance. Despite these movements, ECB President Christine Lagarde maintains a skeptical stance, deeming Bitcoin “unsafe” for central bank reserves, even as its price hovers around $85,586.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Russia Considers Developing Stablecoins After USDT Wallet Blockage</h2>Russia is considering the development of its own stablecoins following the recent blockage of $30 million in USDT wallets connected to sanctioned Russian exchanges. Osman Kabaloev, a finance ministry official, emphasized the need for stablecoins that could potentially be pegged to currencies other than the US dollar. This comes amid ongoing experiments with crypto for cross-border settlements, as the Bank of Russia seeks to mitigate the effects of Western sanctions. Despite these efforts, the outcome remains uncertain, and the nation has utilized cryptocurrencies like Bitcoin and USDT for oil trades with China and India.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Slovenia Proposes 25% Tax on Crypto Trading Amid Growth Concerns</h2>Slovenia's Finance Ministry is proposing a 25% tax on crypto trading profits as part of a draft law available for public consultation until May 5, with potential implementation on January 1, 2026. The tax will apply when selling cryptocurrency for fiat or purchasing goods, while crypto-to-crypto trades and&nbsp;<a href="https://coin360.com/glossary/crypto-wallets">wallet</a> transfers will be exempt. Finance Minister argues that it's unreasonable not to tax such speculative assets. Opposition lawmaker Jernej Vrtovec warns this could hinder Slovenia's growth as a crypto hub. Slovenia currently has a 10% tax on withdrawals, with approximately 98,000 crypto users projected by 2025.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Vietnam's Finance Ministry Teams Up with Bybit CEO to Launch Crypto Trading Pilot in May</h2>Vietnam's Ministry of Finance has partnered with cryptocurrency exchange&nbsp;<a href="https://coin360.com/review/bybit">Bybit</a> to initiate a pilot program for crypto trading, aimed at developing a regulatory framework for the country's significant crypto user base. This collaboration was confirmed in a meeting on April 17, 2025, between Bybit CEO Ben Zhou and the Vietnamese Minister of Finance. The Ministry plans to present the pilot plan for a crypto trading platform in May 2025. Bybit will provide technical support and risk management expertise, marking a significant step toward formalizing crypto trading in Vietnam and enhancing the regulatory landscape for digital assets.This article has been refined and enhanced by ChatGPT.

Robot walks EU law bridge as MiCA crypto [regulation] vortex swirls

Robot walks EU law bridge as MiCA crypto [regulation] vortex swirls_11zon.webp

This Week’s Global Policy Heat Turns Up for Crypto Players

<h2>South Korea Cracks Down on 14 Unregistered Crypto Exchanges in App Store</h2>On April 14, 2025, South Korea's Financial Intelligence Unit (FIU) directed Apple to restrict access to 14 unregistered crypto exchanges, including&nbsp;<a href="https://coin360.com/review/kucoin">KuCoin</a> and&nbsp;<a href="https://coin360.com/review/mexc">MEXC</a>, due to non-compliance with local digital asset regulations. These platforms did not register under laws requiring adherence to anti-money laundering measures. Non-compliant exchanges face severe penalties, including up to five years in prison or fines up to 50 million Korean won (approximately $35,000). The FIU aims to protect consumers and combat financial crime while emphasizing the need for clear compliance frameworks as South Korean banks advocate for partnerships with crypto firms.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Mastermind of $190M Braiscompany Crypto Ponzi Scheme Sentenced to Record 128 Years</h2>Joel Ferreira de Souza, the mastermind behind the Braiscompany cryptocurrency Ponzi scheme, received a record 128-year prison sentence for leading a money laundering operation that defrauded over 20,000 investors of R$1.1 billion ($190 million). His son, Victor Augusto Veronez de Souza, was sentenced to 15 years, and broker Gesana Rayane Silva to 27 years and 10 months, totaling over 40 years. The founders, Antônio “Neto” Ais and Fabrícia Farias Campos, were sentenced to 88 and 62 years, respectively. The scheme, promising 8% monthly returns, collapsed in early 2023 after payment delays began in 2022, prompting federal police action.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Oregon AG Sues Coinbase Over Unregistered Crypto Sales Following SEC Case Dismissal</h2>Oregon Attorney General Dan Rayfield has filed a securities enforcement action against&nbsp;<a href="https://coin360.com/review/coinbase">Coinbase</a>, alleging the exchange facilitated the sale of unregistered cryptocurrencies to Oregon residents, which posed risks of fraud. This lawsuit follows the SEC's earlier dismissal of similar charges against Coinbase in February 2025 under the Trump administration, marking a shift from the Biden-era approach. Rayfield criticized Coinbase for lacking consumer protection measures. Meanwhile, there is growing bipartisan support in Congress to regulate the crypto industry comprehensively, with legislation expected by August. Coinbase's legal team denounced Oregon's actions as politically motivated obstruction of progress in the crypto sector.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Judge Pauses 18-State SEC Lawsuit, Signals Potential Resolution Amid Leadership Change</h2>Judge Gregory Van Tatenhove of the Eastern District of Kentucky paused an 18-state lawsuit against the SEC for 60 days, citing the SEC's indication that the case could be resolved amid a leadership transition. The lawsuit, initiated by state attorneys general, accuses the SEC of overstepping its authority in regulating crypto without proper rulemaking. The SEC under new Chair Paul Atkins is shifting away from an enforcement-heavy agenda, dismissing lawsuits against major crypto firms like Coinbase and&nbsp;<a href="https://coin360.com/exchange/kraken">Kraken</a>. A dedicated crypto task force is working on clearer guidelines for the industry, signaling a more favorable regulatory environment.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Court Grants 60-Day Pause for SEC-Ripple Appeal Amid Settlement Talks</h2>An appellate court has granted a 60-day pause in the SEC's ongoing case against&nbsp;<a href="https://coin360.com/coin/xrp-xrp">Ripple</a> Labs, allowing for settlement negotiations to proceed. This decision, approved on April 16 by the US Court of Appeals for the Second Circuit, results from a joint request by both parties. The SEC initially filed the lawsuit in December 2020, leading to a federal court ruling in August 2024 that held Ripple liable for $125 million, prompting appeals from both sides. Ripple's CEO, Brad Garlinghouse, indicated on March 19 that the SEC would drop its appeal, and Ripple plans to withdraw its cross-appeal, expecting a $75 million refund. The recent shift in SEC leadership, with Paul Atkins confirmed as chair, may impact regulatory approaches towards crypto firms. The SEC must submit a status report by June 15, with further developments contingent on ongoing settlement discussions.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Chinese Fraudsters Jailed for $6 Million USDT Scam Targeting Indian Investors</h2>Nine Chinese fraudsters were sentenced to prison for defrauding Indian investors of approximately $6 million through a fake&nbsp;<a href="https://coin360.com/coin/tether-usdt">USDT</a> investment scheme. Operating from Heze, Shandong Province, the group exploited social media and chat apps to gain victims' trust, promising returns of 8% to 15% on investments as low as 1,000 Rupees. The fraud involved creating a deceptive investment platform, SENEE, and sharing fake lifestyle images to appear legitimate. The mastermind, He Moutian, and his team used overseas servers to evade detection. The court emphasized vigilance against online scams, which frequently promise “easy money” and quick returns.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Phantom Technologies Sued Over $500K Theft Due to Wallet Security Flaw</h2><a href="https://coin360.com/review/phantom">Phantom</a> Technologies is facing a lawsuit filed on April 14, 2025, in New York, alleging gross negligence after a security flaw allowed hackers to steal over $500,000 from users' wallets. The lawsuit claims private keys were stored in unencrypted browser memory, enabling attackers to exploit the integrated Swapper feature without bypassing multi-factor authentication. The case raises concerns about crypto&nbsp;<a href="https://coin360.com/glossary/crypto-wallets">wallet</a> security, implicating partner exchange&nbsp;<a href="https://coin360.com/review/okx">OKX</a> in unauthorized swaps. Phantom Technologies denies the allegations, asserting users control their funds and highlighting their commitment to security education. This incident emphasizes the need for enhanced security measures and regulatory standards in the crypto industry.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>U.S. Secret Service and Canada Launch "Operation Avalanche" to Combat $4.3M Ethereum Phishing Scam</h2>The U.S.&nbsp;<a href="https://coin360.com/coin/secret-scrt">Secret</a> Service, in collaboration with Canadian authorities, has launched "Operation&nbsp;<a href="https://coin360.com/coin/avalanche-avax">Avalanche</a>" to combat an&nbsp;<a href="https://coin360.com/coin/ethereum-eth">Ethereum</a> "approval phishing" scam that has resulted in losses of $4.3 million. This operation involved identifying compromised digital wallets on the Ethereum blockchain and alerting their owners. The initiative brought together securities regulators, police agencies, crypto platforms, and blockchain analysts to disrupt the scheme. Special Agent Matt McCool emphasized the ongoing efforts to safeguard victims and recover stolen assets. Approval phishing scams trick individuals into granting access to their wallets, allowing perpetrators to steal their funds.This article has been refined and enhanced by ChatGPT.

Robot smashes crypto prison bars amid fraudster arrest fog [ponzi]

Robot smashes crypto prison bars amid fraudster arrest fog [ponzi]_11zon.webp

Crackdowns & Courts This Week: SEC Shifts, Crypto Frauds, Big Arrests

<h2>OM Token Crashes 90%, $6B Losses Amid Liquidation As Team Denies Insider Dump Allegations</h2>The&nbsp;<a href="https://coin360.com/coin/mantra-dao-om">OM</a> token, native to&nbsp;<a href="https://coin360.com/coin/mantra-dao-om">Mantra</a>’s asset tokenization platform,&nbsp;<a href="https://coin360.com/news/om-token-crash-mantra-liquidation-insider-selloff">plummeted</a> over 90% on April 13, 2025, from $6.30 to $0.37, erasing more than $6 billion in&nbsp;<a href="https://coin360.com/glossary/market-capitalization">market capitalization</a>. This drop marked a 91% decline from its February peak of $8.89. Allegations of insider dumping and liquidations surfaced as over 14 million OM were transferred to exchanges before the crash. Mantra co-founder John Patrick Mullin attributed the collapse to forced liquidations during low liquidity hours, denying any wrongdoing. Despite the turmoil, the protocol maintains operational integrity, having burned over 84 million OM tokens.&nbsp;<a href="https://coin360.com/review/binance">Binance</a> and other exchanges adjusted risk parameters post-crash, while Mantra announced a $109 million Ecosystem Fund aimed at recovery. Mullin plans to burn his team’s token allocation to restore trust. The situation has raised significant concerns about transparency and regulatory oversight in the real-world asset sector, highlighting vulnerabilities in the crypto ecosystem.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Base Faces Backlash Over 'Content Coin' Promotion Amid Pump-and-Dump Allegations</h2>Base, a&nbsp;<a href="https://coin360.com/review/coinbase">Coinbase</a>-backed Layer-2 network, faced backlash for promoting a “Content Coin” that rapidly lost value after its launch. Initially announced on April 16, the token's&nbsp;<a href="https://coin360.com/glossary/market-capitalization">market cap</a> soared to approximately $17 million, but soon plummeted by around 95%, erasing over $15 million. Concerns arose when blockchain analytics firm Lookonchain detected suspicious trading, where three wallets controlled 47% of the supply and profited around $666,000 following a classic pump-and-dump scheme. Despite a disclaimer stating no connection to Coinbase or Base, the promotion on social media led many investors to misinterpret it as an endorsement. Base defended the initiative as an experiment to tokenize creative works, asserting that the token is not intended for investment. Critics, however, stressed the responsibility of influential projects to set realistic expectations and avoid speculation surrounding new tokens, highlighting inherent challenges within the current market landscape.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>AERGO Token Plummets 63% Amid Binance Manipulation Allegations</h2>The AERGO token experienced a dramatic 63% plummet in price within 24 hours, following allegations of manipulation linked to the Binance exchange. This decline occurred after a remarkable 248.1% gain over the previous 14 days, where AERGO had been a standout performer. The&nbsp;<a href="https://twitter.com/easyeight08/status/1912786726981878009">controversy</a> began with Binance's March 28 announcement to delist AERGO for spot trading, which was followed by a significant price surge, culminating in a 265% increase on April 13. Shortly thereafter, Binance listed AERGO/<a href="https://coin360.com/coin/tether-usdt">USDT</a>&nbsp;<a href="https://coin360.com/glossary/understanding-crypto-perpetual-futures">perpetual</a>&nbsp;<a href="https://coin360.com/glossary/futures-contracts">futures</a> contracts on April 16. Community backlash focused on the perception that Binance's actions were predatory, raising questions about their intentions. In response, the AERGO team acknowledged the market volatility, emphasizing their commitment to long-term goals such as scaling, institutional partnerships, and ecosystem growth. They clarified that Binance had not communicated their plans regarding the futures listing or the delisting, fueling further community discontent over the perceived lack of transparency.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Synthetix’s sUSD Stablecoin Hits New Low of $0.66 Amid Ongoing Depegging Concerns</h2><a href="https://coin360.com/coin/synthetix-snx">Synthetix</a>’s sUSD stablecoin has recently fallen to a new low of $0.66, over 30% below its $1 peg, marking a month-long trend of depegging that raises concerns about the protocol’s stability. This decline followed the implementation of the SIP-420 upgrade, which reduced the collateralization ratio from 750% to 200%. Founder Kain Warwick noted that while sUSD is not an algorithmic stablecoin, the measures to restore the peg are being transitioned. Recently, volatility has spiked, with sUSD recovering to $0.83 after the low but remaining unstable. Warwick expresses long-term optimism, although he warns that the situation could worsen before it improves. Medium-term strategies involve boosting liquidity and promoting debt repayment, while long-term solutions include managing supply directly and introducing adoption incentives. With the treasury holding $30 million in reserve assets, the overall situation remains precarious, highlighting the need for effective stability measures.This article has been refined and enhanced by ChatGPT.

Robot dodging Base token shockwave mid-air [Base]

Robot dodging Base token shockwave mid-air [Base]_11zon.webp

Crypto Crash Chaos This Week: 4 Tokens Crushed in Brutal Shakeup

<h2>Strategy Acquires 3,459 Bitcoin for $286M, Total Holdings Reach 531,644 BTC</h2>On April 14, 2025, Strategy, formerly MicroStrategy, announced the acquisition of an additional 3,459 bitcoin for approximately $286 million, elevating its total holdings to 531,644 BTC. The bitcoins were purchased at an average price of $82,618, funded by proceeds from a recent sale of class A common stock, MSTR. Strategy's total bitcoin holdings are valued at over $45 billion, acquired at an average cost of $67,556 each. This transaction follows a period of volatility, with unrealized losses of nearly $6 billion reported for Q1 2025 due to price declines. Despite this, analysts suggest Strategy's leverage is manageable and foresee potential growth in its bitcoin holdings, predicting they could exceed 1 million BTC by 2033. The company's class A stock, MSTR, closed up 10.2% on the preceding Friday and is currently trading positively, reflecting market interest amid ongoing economic challenges.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Binance Aids Nations in Establishing Digital Asset Reserves Amid U.S. Crypto Policy Shift</h2>Binance CEO Richard Teng announced the company's collaboration with various nations to establish digital asset reserves, a response to the U.S. regulatory shift under President Trump favoring cryptocurrencies. This initiative reflects a global trend among countries like Japan, Russia, Brazil, and Poland aiming to create structured crypto frameworks for economic advantage. Teng emphasized Binance’s support for nations looking to adopt U.S. policies, highlighting the importance of compliance in boosting trust and stability within the crypto industry. Overall, Binance's efforts illustrate a significant movement toward legitimizing digital assets on a national level worldwide.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Metaplanet Buys $26.3M in Bitcoin, Total Holdings Rise to 4,525 BTC</h2>On April 14, 2025, Metaplanet, a Japanese investment firm, announced its acquisition of an additional $26.3 million in bitcoin, increasing its total holdings to 4,525 BTC. The purchase included 319 BTC at an average price of $82,549, contributing to a total investment of approximately $386.3 million at an average cost of $85,366 per BTC. Currently, Metaplanet's bitcoin stash is valued at around $382.1 million, even as the cryptocurrency market faces turbulence due to Trump’s tariff policies. Metaplanet, now the ninth-largest corporate bitcoin holder globally and the largest in Asia, aims to expand its holdings to 10,000 BTC by the end of 2025 and 21,000 BTC by the end of 2026. Furthermore, the company has issued $10 million in zero-coupon, dollar-denominated bonds to enhance its Bitcoin holdings, targeting 21,000 BTC by 2026. This strategic USD funding avoids high exchange fees from Japanese banks, allowing for more cost-effective Bitcoin acquisitions.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Janover Acquires $10.5 Million in Solana as Stock Hits Record High, Plans to Operate Validators</h2>Nasdaq-listed software firm Janover has acquired 80,567 Solana (SOL) tokens for approximately $10.5 million, increasing its total holdings to 163,651 SOL, valued around $21 million. This purchase follows a recent $42 million financing round, undertaken after the company's stock reached an all-time high of nearly $66. Janover aims to operate Solana validators for staking and generating revenue while supporting network security. The firm, under new leadership, plans to focus on integrating traditional finance with decentralized finance and will rename itself to DeFi Development Corporation, reflecting its evolving strategy in cryptocurrency investments. SOL is currently trading at about $132.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Semler Scientific Reaches $29.75M DOJ Settlement and Plans to Use Bitcoin for Loan to Fund Payment</h2>Semler Scientific has reached a tentative $29.75 million settlement with the U.S. Department of Justice (DOJ) concerning violations of federal anti-fraud laws related to its marketing of QuantaFlo. The company plans to use its bitcoin holdings as collateral for a loan from Coinbase to fund this payment. Following a civil investigative demand from the DOJ in 2017 and ongoing compliance efforts, Semler has opted to enter initial settlement talks since February. The company's stock (SMLR) has dropped by 37% year-to-date due to the DOJ investigation and falling bitcoin prices. Moving forward, Semler is set to restart bitcoin purchases after a two-month hiatus, announcing a $500 million mixed securities offering primarily aimed at acquiring more bitcoin. This decision reflects Chairman Eric Semler's eagerness to increase their bitcoin holdings amidst the ongoing developments. The settlement agreement is still pending final approval.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Japan's ANAP Acquires $70 Million in Bitcoin, Joining Growing Institutional Trend</h2>Japan's fashion brand ANAP has acquired approximately $70 million (10 billion Yen) in Bitcoin for its treasury as part of its investment strategy, a move endorsed by its Board of Directors. The company emphasized the irreversible trend of Bitcoin being recognized as a major global asset, comparable to the US Dollar and gold. ANAP joins fellow Japanese firm MetaPlanet, which recently issued $10 million in zero-interest bonds to support further Bitcoin purchases. This acquisition reflects growing institutional interest in Bitcoin, with MicroStrategy continuing to lead with the largest public holdings at 531,644 BTC, acquired for $35.92 billion.This article has been refined and enhanced by ChatGPT.

Robot vaults across glowing Solana pads in a [SOL] cliffscape

Robot vaults across glowing Solana pads in a [SOL] cliffscape_11zon.webp

This Week’s Smart Money: Bitcoin Bets, Solana Push, DOJ Deal

<h2>SEC Delays Grayscale's Ethereum ETF Staking Decision Until June 1, 2025</h2>The U.S. Securities and Exchange Commission (SEC) has postponed its decision on allowing staking for Grayscale's&nbsp;<a href="https://coin360.com/coin/ethereum-eth">Ethereum</a> ETFs, which would enable them to earn staking rewards. This proposal could make Grayscale's ETFs the first in the U.S. to generate on-chain yield from Ethereum ($<a href="https://coin360.com/coin/ethereum-eth">ETH</a>). The SEC has extended the deliberation period for the proposed rule change affecting the Grayscale Ethereum Trust ETF and the Grayscale Ethereum Mini Trust ETF. The new deadline for the SEC's decision is June 1, 2025, reflecting ongoing regulatory deliberations around cryptocurrency investment products and their associated practices.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Canada Launches First Spot Solana ETFs</h2>Canada has approved four spot&nbsp;<a href="https://coin360.com/coin/solana-sol">Solana</a> ETFs with staking, set to launch on the Toronto Stock Exchange on April 17, 2025, from issuers Purpose, Evolve, CI, and 3iQ. This move positions Canada ahead of the U.S., where issuers like Grayscale and Fidelity still await SEC approval for spot Solana ETFs. Currently, only two Solana&nbsp;<a href="https://coin360.com/glossary/futures-contracts">futures</a> ETFs trade in the U.S., with low volumes—around $5 million for SOLZ and $10 million for SOLT. In contrast, spot crypto ETFs have garnered billions, with bitcoin ETFs achieving unprecedented success, highlighting a growing trend in the crypto investment landscape.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>ProShares to Launch XRP Futures ETFs by April 30, Boosting Spot ETF Prospects</h2>ProShares plans to launch three&nbsp;<a href="https://coin360.com/coin/xrp-xrp">XRP</a> futures-based ETFs by April 30, including the ProShares UltraShort XRP ETF, the ProShares Ultra XRP ETF, and the ProShares Short XRP ETF, which will use futures contracts instead of holding XRP directly. This move follows the successful launch of the Teucrium 2x Long Daily XRP ETF on April 9. Crypto analytics firm Kaiko notes XRP as a top candidate for a US spot ETF, citing increased trading volumes and the introduction of leveraged funds. Prediction markets suggest a 75% chance of spot ETF approval this year, potentially attracting up to $8 billion in investments.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Bitwise Launches Ethereum Staking and Bitcoin ETPs on London Stock Exchange for Institutional Investors</h2>On April 16, 2025, the London Stock Exchange launched four cryptocurrency-focused exchange-traded products (ETPs) from Bitwise Asset Management, including its flagship Ethereum&nbsp;<a href="https://coin360.com/glossary/DeFi-Staking">Staking</a> ETP, which offers daily staking rewards for institutional investors. Additionally, the offerings consist of&nbsp;<a href="https://coin360.com/coin/bitcoin-btc">Bitcoin</a> Core, Physical Bitcoin, and Physical Ethereum ETPs, with the Bitcoin Core featuring a competitive 0.20% annual management charge. This strategic expansion into the UK market reflects Bitwise’s commitment to evolving digital asset investments for professional participants and demonstrates a growing synergy between traditional finance and cryptocurrencies, facilitating regulated access to these emerging markets.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>VanEck's Onchain Economy ETF Secures SEC Approval, Launching May 14</h2>VanEck has received U.S. SEC approval for its Onchain Economy ETF, set to debut on May 14, 2025, under the ticker $NODE. The fund will invest in 30 to 60 assets linked to the blockchain economy, including exchanges, miners, data centers, and companies holding cryptocurrencies in their treasuries. Digital asset exchange-traded products may represent up to 25% of the fund’s holdings, while "Digital Transformation Companies" could account for at least 80%. Matthew Sigel, Head of Digital Assets Research at VanEck, emphasized a shift towards a digital economy, asserting that NODE offers active equity exposure to businesses shaping that future. The launch comes amidst a surge in applications for blockchain-focused ETFs as investment firms seek to cater to U.S. investors following a pro-crypto regulatory environment under President Trump’s administration, which has prompted significant SEC reforms.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Huaxia Fund to Launch Asia's First Ethereum Staking ETF in May 2025</h2>Huaxia Fund (Hong Kong) is set to launch Asia's first Ethereum staking ETF by May 15, 2025, pending approval from the Hong Kong Securities and&nbsp;<a href="https://coin360.com/glossary/futures-contract">Futures</a> Commission (SFC). This initiative aims to enhance Hong Kong's status as a crypto hub, allowing investors to earn staking rewards without direct involvement. Collaborating with OSL Digital Securities and Kiln, the ETF reflects the SFC's new regulatory framework. Currently, Ethereum (ETH) is priced at $1,606.39, with a&nbsp;<a href="https://coin360.com/glossary/market-capitalization">market cap</a> of $193.89 billion and a trading volume of $14.61 billion. This development is expected to boost institutional interest and market competitiveness.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>HashKey Capital Launches Asia's First XRP Tracker Fund in Partnership with Ripple</h2>HashKey Capital launched Asia’s first XRP Tracker Fund on April 18, 2025, designed for professional investors looking to mirror XRP's performance. This fund, anchored by&nbsp;<a href="https://coin360.com/coin/xrp-xrp">Ripple</a> as its primary investor, simplifies access to XRP, the third-largest cryptocurrency with a market cap of approximately $121 billion. Participants can subscribe or redeem shares monthly through cash or in-kind contributions. Vivien Wong from HashKey highlighted XRP’s potential for transactions and tokenization, while Ripple’s Fiona Murray emphasized the fund's importance in delivering regulated crypto products to institutional investors. The initiative comes as anticipation grows for XRP-focused exchange-traded funds (ETFs), with Standard Chartered projecting potential inflows of $8 billion in the first year post-approval. With this fund, HashKey Capital further establishes itself in the crypto market, alongside its existing Bitcoin and&nbsp;<a href="https://coin360.com/coin/ethereum-eth">Ether</a> ETFs, reinforcing Asia’s emerging role as a leader in blockchain innovation and investment opportunities.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Canary Capital Files for SEC Approval of First U.S. Tron ETF Featuring Staking Benefits</h2>Canary Capital has filed with the SEC to launch the first U.S. ETF based on Tron (TRX), proposing a fund that includes staking benefits for investors, aiming to enhance returns. The registration statement does not specify the exchange for trading. Canary is also pursuing approvals for ETFs focused on XRP, Solana, Sui, and Pudgy Penguins, amid a wave of applications for altcoin ETFs following the success of Bitcoin and Ethereum funds, which have attracted over $35 billion in net inflows. Currently, TRX, the ninth-largest cryptocurrency with a market cap of $23 billion, is trading at approximately $0.24, a 120% increase over the past year. Staking remains a contentious issue for crypto ETFs, with the SEC yet to approve any fund featuring this component. Market research suggests that XRP ETFs are likely to receive regulatory approval soon, given their high liquidity and recent volume increases.This article has been refined and enhanced by ChatGPT.

Robot skates on XRP ETF ice crater trail in arctic gray [XRP]_11zon.webp

Crypto Funds Weekly Recap: XRP, ETH ETFs Gain Global Momentum

<h2>Listing Fee Claims, Pi Network Dispute, and Airdrop Errors Stir Community Controversy</h2><a href="https://coin360.com/review/bybit">Bybit</a>, one of the leading global crypto exchanges, has come under intense scrutiny following a cluster of allegations and operational missteps that emerged in mid-April 2025. The issues include accusations of demanding exorbitant listing fees, questionable practices within its Campus Ambassador initiative, a public clash with the&nbsp;<a href="https://coin360.com/coin/pi-network-pi">Pi Network</a>, and a mishandled airdrop of the PAWS token. CEO Ben Zhou has categorically denied all claims, insisting the allegations lack substance and offering clarifications to counter the backlash.The most prominent of the accusations centers around an alleged $1.4 million listing fee, which surfaced on April 14 through a post by X user “<a href="https://x.com/silverfang88/status/1911616429667066076">silverfang88</a>,” who commands an audience of over 100,000 followers. The user accused Bybit of charging millions from token projects and enlisting Key Opinion Leaders (KOLs) to quash criticism from student members of its Campus Ambassador program.&nbsp;Zhou swiftly responded, demanding evidence and asserting, “Please show evidence if Bybit has done anything wrong.” Bybit clarified that it does not charge any flat listing fee but instead requires a structured package involving a promotion budget, a refundable security deposit of $200,000–$300,000 in&nbsp;<a href="https://coin360.com/glossary/stablecoin">stablecoins</a>, and a multi-step project evaluation process. This includes internal voting, research, and final approval meetings, where factors like token utility, team credibility, valuation models, and on-chain verification are reviewed.<figure class="image"><img alt="ben zhou reply.jpg" src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/ben_zhou_reply_0db1bdfb97.jpg"></figure>Simultaneously, the exchange was hit with further criticism related to its Campus Ambassador program, as some users alleged that students were encouraged to engage in contract trading. Zhou rejected those charges outright, calling them “baseless rumors” and pointing to the broader disarray in crypto discourse as the likely origin. He reaffirmed Bybit’s operational integrity, stating that the platform remains fully solvent regardless of external controversies or unresolved hacks, with client assets fully backed on a 1:1 basis.Another flashpoint came from an ongoing dispute between Bybit and Pi Network. Zhou reignited tensions by labeling Pi a “scam,” citing complaints that it targets elderly users with misleading financial incentives. Pi Network firmly denied the characterization and emphasized its commitment to user safety and regulatory alignment.&nbsp;The exchange between the two parties has fueled community polarization, with some supporting Zhou’s uncompromising tone while others backed Pi Network’s massive user base and grassroots longevity. The public feud has also contributed to ongoing volatility in Pi’s token price, which took a sharp hit following Zhou’s earlier remarks in 2023. Market observers note that continued discord of this nature could push regulators to tighten oversight on how exchanges engage with listed projects and retail users.The situation worsened after a technical mishap affected the highly anticipated PAWS token airdrop conducted between April 15 and 16. Bybit&nbsp;<a href="https://announcements.bybit.com/article/-paws-airdrop-update-recalling-and-redistributing-tokens-blt3e0054394fb5f75f/">admitted</a> that distribution errors caused certain users to receive an excess of tokens, while eligible users saw nothing land in their wallets. The exchange moved to reverse all initial distributions and initiated a new round of claims based on updated data provided by the PAWS team.&nbsp;This fix, according to Bybit, would be finalized before the token's spot market debut. The exchange also clarified that affected users should not worry about missing balances as the reallocation process was underway. Popular crypto analyst Szymanski summed up the frustration on X, noting, “So it turns out that Bybit over sent more tokens to some users while others like me haven’t received, now currently tokens are being called back.”Due to MiCA regulatory limitations, users based in the European Economic Area were excluded from the airdrop, and Bybit directed them to consult the PAWS community for alternate redemption paths. The corrected airdrop claim window was reset to April 16 at 11:00 UTC via the PAWS Web platform. Meanwhile, the project behind PAWS, once pitched as a lighthearted meme coin, has pivoted toward becoming a “sustainable, community-driven&nbsp;<a href="https://coin360.com/glossary/web3-companies-projects">Web3</a>&nbsp;<a href="https://coin360.com/coin/story-ip">IP</a>-brand,” a shift aimed at capturing long-term growth and broader user adoption.This article has been refined and enhanced by ChatGPT.

Robot runs across shattered contracts amid crypto [Bybit] chaos

Robot runs across shattered contracts amid crypto [Bybit] chaos_11zon.webp

Bybit Denies $1.4M Listing Fee, Faces Backlash Over PAWS Glitch and Campus Program Misconduct

<h2>Content Tokenization Sparks Suspicion of Insider Trading and Market Manipulation</h2>Base, the&nbsp;<a href="https://coin360.com/coin/ethereum-eth">Ethereum</a> Layer-2 network incubated by&nbsp;<a href="https://coin360.com/review/coinbase">Coinbase</a>, is facing a firestorm of criticism following the promotion of a so-called “content coin” that many now argue resembled a textbook pump-and-dump scheme. On April 16, Base’s official X account posted a message reading “Base is for everyone,” linking to a tokenized version of the post on Zora, a decentralized platform where content can be minted and traded as crypto tokens.&nbsp;<figure class="image"><img alt="tweet-1912584945127813533.png" src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/tweet_1912584945127813533_57d7eb09ca.png"></figure>While the message appeared innocuous, market participants interpreted the post as a tacit endorsement, sparking a rapid influx of speculation that propelled the coin’s&nbsp;<a href="https://coin360.com/glossary/market-capitalization">market cap</a> to $17.1 million within hours.The euphoric rally proved short-lived. The token cratered by nearly 90%, plunging to a low of $1.9 million before rebounding to just over $7 million. That initial volatility didn’t just result in investor losses—it ignited intense backlash from traders, founders, and VCs who questioned the integrity of the launch. Trading activity peaked at over $35 million in volume, and Base reportedly pocketed more than $74,000 in transaction fees from the frenzy, raising further questions about the incentives behind the post.<figure class="image"><img alt="Screenshot_6.png" src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/Screenshot_6_3edafc4c35.png"></figure><a href="https://coin360.com/glossary/blockchain">Blockchain</a> analysts from Lookonchain&nbsp;<a href="https://x.com/lookonchain/status/1912691582043930942">identified</a> highly suspicious behavior among three Ethereum wallets that acquired large quantities of the token prior to the Base post. These wallets collectively spent under $6,000 worth of&nbsp;<a href="https://coin360.com/coin/ethereum-eth">ETH</a> but walked away with profits exceeding $666,000. One&nbsp;<a href="https://coin360.com/glossary/crypto-wallets">wallet</a> in particular drew attention for purchasing 21% of the token’s entire supply with just 2 ETH, later flipping the position for more than $300,000. The absence of pre-launch protections triggered concerns of insider trading or sophisticated sniping strategies capitalizing on privileged information.<figure class="image"><img alt="tweet-1912691582043930942_11zon.jpg" src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/tweet_1912691582043930942_11zon_535919f2ef.jpg"></figure>Critics across the crypto space were quick to react.&nbsp;<a href="https://x.com/0xAbhiP/status/1912658871560380514">Abhishek Pawa</a>, founder of AP Collective, condemned the rollout, stating, “Execution was the disaster here, not the idea: no clear upfront communication, traders left confused, expectations completely misaligned.” Beanie, a VC at GM Capital, added fuel to the fire with a tweet that read, “Coinbase, fresh off the SEC dropping its case against it, decides to boldly parlay that&nbsp;<a href="https://coin360.com/coin/wormhole-w">W</a> into launching its own Base token from the official account. Naturally, it immediately rugged it.”<figure class="image image_resized" style="width:90.36%;"><img alt="tweet-1912657045423288439_11zon.jpg" src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/tweet_1912657045423288439_11zon_a2dd3105fa.jpg"></figure>Zora attempted to distance itself from the fallout, displaying a disclaimer that labeled the token and others on its platform as collectibles for “artistic and cultural purposes,” not investments or financial instruments. Still, the platform’s messaging did little to stem criticism from those who believed the format created a façade of legitimacy. Base received 10 million tokens—1% of the total billion-token supply—as the creator, and stated it would never sell them. Instead, it said portions of transaction fees would go toward grants supporting builders in the Base ecosystem.Jesse Pollak, the lead developer behind Base, took to X to&nbsp;<a href="https://x.com/jessepollak/status/1912547035989061713">clarify</a> the network’s intentions. He described contentcoin as a conceptual tool in Base’s broader strategy to bring creative expression fully on-chain, where creators can earn directly from their content. According to Pollak, Base had been experimenting with similar tokenized posts for over two months. “Why coin all of our content?” he wrote. “Because it’s the end game for how we can build a new economy where creators earn from their creativity.” Pollak emphasized the coin wasn’t a financial asset, writing, “The coin is the content and the content is the coin — no more, no less.”Still, the idea of divorcing speculative value from crypto tokens remains aspirational. Pollak cautioned that using typical valuation metrics borrowed from meme or project coins would lead to misguided expectations. But Alon, co-founder of Pump.fun, wasn’t convinced. “I’m a huge advocate for the vision of ‘tokenizing everything’ but you can’t change current market realities – if you launch a coin AND have social influence, that comes with responsibility,” he warned.<figure class="image image_resized" style="width:90.06%;"><img alt="Screenshot_10.png" src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/Screenshot_10_13e03ea61c.png"></figure>Fueling the distrust were revelations that just three wallets held nearly half—47%—of the token’s supply. Such a concentration of ownership has long been flagged as a risk indicator for schemes designed to enrich early holders at the expense of latecomers. Despite the controversy, Base pushed ahead with another contentcoin tied to its appearance at the FARCON conference in New York City, which has already surpassed $2 million in trading volume.The incident has left the crypto community divided. While some applaud Base for exploring new models of on-chain content monetization, others view the move as a reckless use of platform influence that exposed retail traders to unnecessary risk.&nbsp;This article has been refined and enhanced by ChatGPT.

Robot pulls lever launching [Content Coin] tokens down spiraled pastel ramp

Robot pulls lever launching [Content Coin] tokens down spiraled pastel ramp_11zon.webp

Coinbase-Backed Base Faces Blowback Over Content Coin Promo and 90% Crash

<h2>Attacker Launders Stolen Funds Through Tornado Cash as DEX Offers $750K Bounty</h2>Decentralized exchange KiloEx, a&nbsp;<a href="https://coin360.com/review/binance">Binance</a> Labs-backed platform operating across the&nbsp;<a href="https://coin360.com/coin/binance-coin-bnb">BNB</a> Chain, opBNB, and Manta Network, suspended operations on April 14 following a devastating exploit that drained&nbsp;<a href="https://x.com/peckshield/status/1911898560888524962">$7.5 million</a> in digital assets. The breach stemmed from a price oracle vulnerability that allowed an attacker to manipulate asset valuations across KiloEx’s markets and drain liquidity.&nbsp;<figure class="image image_resized" style="width:90.86%;"><img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/Screenshot_7_5897e1d119.png" alt="Screenshot_7.png"></figure>The exchange, which launched in 2023 with financial backing from Binance Labs, confirmed that its team has since contained the exploit and is working with security firms, law enforcement, and other exchanges to recover the stolen funds.The exploit unfolded through a classic oracle manipulation, where the attacker spoofed&nbsp;<a href="https://coin360.com/coin/ethereum-eth">Ethereum</a> (<a href="https://coin360.com/coin/ethereum-eth">ETH</a>) prices by artificially setting the value at $100 when opening positions and later closing them at $10,000. This significant price disparity enabled the withdrawal of large sums of capital across multiple chains. Cybersecurity firm PeckShield identified and confirmed the mechanics of the attack via transaction records on the Base blockchain. According to its analysis, the stolen funds were distributed as follows: $3.3 million drained from the Base blockchain, $3.1 million from opBNB, and another $1 million from Binance Smart Chain (BSC).<figure class="image image_resized" style="width:90.59%;"><img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/Screenshot_6_80ab7d97f3.png" alt="Screenshot_6.png"></figure>The attacker’s&nbsp;<a href="https://coin360.com/glossary/crypto-wallets">wallet</a>, identified as 0x00fac92881556a90fdb19eae9f23640b95b4bcbd, has since become the focus of monitoring and blacklist requests across the&nbsp;<a href="https://coin360.com/glossary/decentralised-finance">DeFi</a> community. KiloEx urged users, platforms, and protocols to proactively block interactions with the&nbsp;<a href="https://coin360.com/glossary/address">address</a>. Adding a proactive measure to the mix, the&nbsp;<a href="https://coin360.com/glossary/Decentralized-Crypto-Exchange-dex">DEX</a> has offered a 10% white hat bounty—equivalent to $750,000—for the return of 90% of the stolen funds. If the perpetrator complies, KiloEx pledged to publicly acknowledge the cooperation, close the case, and refrain from pursuing further legal actions.However, the exchange also issued a&nbsp;<a href="https://x.com/KiloEx_perp/status/1912080346063282651">direct warning</a> to the attacker, threatening legal exposure and full collaboration with global authorities in the event of non-compliance. "Your identity and activities will be exposed to relevant authorities. We will pursue legal action relentlessly," the team stated. The ultimatum was accompanied by an offer to settle the case privately if the funds are returned within the framework of the bounty program.<figure class="image"><img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/tweet_1912080346063282651_11zon_4018e73357.jpg" alt="tweet-1912080346063282651_11zon.jpg"></figure>The situation has been further complicated by reports that the attacker funneled funds through&nbsp;<a href="https://coin360.com/coin/tornado-cash-torn">Tornado Cash</a>, a decentralized crypto mixer that has frequently appeared in major exploit cases and has drawn regulatory scrutiny for its use in obfuscating blockchain transaction trails. The laundering step adds another layer of difficulty for investigators attempting to trace the stolen assets.KiloEx has not provided a concrete timeline for resuming its services but indicated that a full post-mortem report is currently in preparation. As of now, the technical details behind the oracle manipulation have not been published, though the exchange has pledged to release comprehensive findings soon. The attack underscores persistent security issues within DeFi, particularly for platforms relying on single-source price oracles or insufficiently defended pricing feeds.The KiloEx exploit is the latest in a string of high-profile oracle manipulation incidents in DeFi. Mango Markets lost $114 million in a similar attack in October 2022, while&nbsp;<a href="https://coin360.com/coin/venus-xvs">Venus</a> Protocol saw $100 million drained under comparable circumstances in May of the same year. These recurring vulnerabilities point to the need for more resilient pricing infrastructure in decentralized markets—especially as attackers continue to exploit weak oracle integrations with increasing precision.<a href="https://coin360.com/coin/kiloex-kilo">KiloEx</a> announced on April 19, 2025 that it has fully recovered the stolen funds from the breach. This quick resolution is particularly impressive, as only 0.38% of stolen assets were typically reclaimed in the first quarter of this year—a drastic drop from 42.09% in the previous quarter.<figure class="image"><img alt="tweet-1913168299292328115_11zon.jpg" src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/tweet_1913168299292328115_11zon_f9a3568d4e.jpg"></figure>Key to this success was a white-hat hacker who played a crucial role in retrieving the assets. In recognition of their efforts, KiloEx awarded them a 10% bounty of the recovered funds, emphasizing the value of ethical hacking in the fight against cybercrime.The news sparked a positive market reaction, with KiloEx’s native token,&nbsp;<a href="https://coin360.com/coin/kiloex-kilo">KILO</a>, jumping 14% in value within 24 hours. As KiloEx moves to formally close the case, it is collaborating closely with judicial authorities and acknowledges the expertise of SlowMist and BliteZer in managing such incidents.&nbsp;<figure class="image"><img alt="chart_11zon.jpg" src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/chart_11zon_8e64f2e21b.jpg"></figure>This recovery comes amid troubling trends in the cryptocurrency world, with CertiK reporting that $1.67 billion in assets were stolen in Q1 2025—a staggering 303% increase from the previous period, largely driven by the $1.45 billion&nbsp;<a href="https://coin360.com/review/bybit">Bybit</a> incident. As security breaches rise, KiloEx’s swift recovery serves as a hopeful beacon for the industry.This article has been refined and enhanced by ChatGPT.

Robot dismantles fake price oracle, glitching data floods pastel grid

Robot dismantles fake price oracle, glitching data floods pastel grid_11zon.webp

Binance-Backed KiloEx Suffers $7.5M Oracle Exploit, Halts Operations Amid Ongoing Investigation

<h2>Unauthorized Minting Drains 111M ZK Tokens Amid Admin Key Compromise</h2><a href="https://coin360.com/coin/zksync-zk">ZKsync</a>’s token ecosystem suffered a major blow after a&nbsp;<a href="https://coin360.com/glossary/smart-contracts">smart contract</a> exploit linked to its airdrop distribution contracts enabled the unauthorized minting of 111 million&nbsp;<a href="https://coin360.com/coin/zksync-zk">ZK</a> tokens, sparking a sharp selloff and renewed criticism over token contract security. The breach, confirmed by ZKsync on April 15, 2025, stemmed from a compromised admin key tied to three airdrop-related contracts, not the core protocol.&nbsp;<figure class="image"><img alt="tweet-1912165357642473488.png" src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/tweet_1912165357642473488_e51c988c0d.png"></figure>The incident allowed the attacker to exploit a function called&nbsp;sweepUnclaimed() that remained unintentionally accessible in the deployed contracts. The team has since acknowledged this was never meant to be exposed, calling the exploit a critical misconfiguration rather than a flaw in the main network or governance infrastructure.The attacker’s&nbsp;<a href="https://coin360.com/glossary/crypto-wallets">wallet</a>,&nbsp;<a href="https://x.com/zksync/status/1912165357642473488">identified</a> as 0xb1027ed67f89c9f588e097f70807163fec1005d3, quickly bridged approximately 1.7 million of the newly minted ZK tokens to&nbsp;<a href="https://coin360.com/coin/ethereum-eth">Ethereum</a>. That movement caused panic across exchanges, compounding the damage as prices tumbled by as much as 20%, down from $0.047 to under $0.04, within an hour. At peak valuation, the minted tokens were worth roughly $5 million.<figure class="image"><img alt="chart_11zon.jpg" src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/chart_11zon_6cb8649c03.jpg"></figure>On-chain data linked the exploit to a compromised&nbsp;<a href="https://coin360.com/glossary/address">address</a>—0x842822c797049269A3c29464221995C56da5587D—used to manage permissions for the affected contracts. ZKsync&nbsp;<a href="https://x.com/zksync/status/1912141160744632737">emphasized</a> that no user funds, protocol logic, governance mechanisms, or capped minters were impacted. “The incident is contained to the airdrop distribution contracts only,” the team stated, assuring that “no further exploits via this method are possible” as all mintable tokens under that vector had already been created.<figure class="image"><img alt="Screenshot_11.png" src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/Screenshot_11_c1542adae7.png"></figure>The team has launched an active response effort in coordination with Seal 911, a crypto rescue alliance, and is working with centralized exchanges to track and potentially freeze the attacker’s assets. In a public message directed at the exploiter, ZKsync encouraged contact through a security inbox to discuss fund return and mitigate legal consequences.&nbsp;The platform’s quick transparency has helped prevent a deeper trust erosion, especially as recent events—including the&nbsp;<a href="https://coin360.com/coin/mantra-dao-om">OM</a> token’s&nbsp;<a href="https://coin360.com/news/om-token-crash-mantra-liquidation-insider-selloff">90% crash</a> from suspected internal sell-offs and the 20% plunge of&nbsp;<a href="https://coin360.com/coin/story-ip">Story</a> Protocol’s&nbsp;<a href="https://coin360.com/coin/story-ip">IP</a> token—have heightened scrutiny around token design and launch safeguards.ZKsync has pledged a comprehensive post-mortem and acknowledged the oversight publicly, signaling a commitment to stronger standards for smart contract deployment in future token distributions. The breach revives long-standing industry concerns around residual vulnerabilities in airdrop contracts, admin key hygiene, and the broader implications of token drops that remain claimable long after launch.This article has been refined and enhanced by ChatGPT.

Robot sprints across breaking ZK token bridge after exploit [crypto]

Robot sprints across breaking ZK token bridge after exploit [crypto]_11zon.webp

ZKsync Exploit Exposes $5M Vulnerability in Airdrop Contracts, Triggers 20% Token Plunge

<h2>Decentralization Drive, Global Growth, and CeFi Market Share Surge</h2><a href="https://coin360.com/coin/tether-usdt">Tether</a> is ramping up efforts to decentralize&nbsp;<a href="https://coin360.com/coin/bitcoin-btc">Bitcoin</a> mining by&nbsp;<a href="https://tether.io/news/tether-to-deploy-hashrate-on-ocean-advancing-decentralized-bitcoin-mining-infrastructure/">allocating</a> both its current and future hashrate to&nbsp;<a href="https://coin360.com/coin/ocean-protocol-ocean">OCEAN</a>, a mining pool founded by Bitcoin Core developer Luke Dashjr. The move, announced on April 14, 2025, comes as part of the company’s broader strategy to align with Bitcoin’s foundational principles and increase transparency in block creation.&nbsp;OCEAN leverages the open-source DATUM protocol, allowing miners to independently build block templates—a direct challenge to centralized mining structures. Tether plans to roll out the DATUM Gateway software across its mining operations globally, including installations in remote or infrastructure-poor areas such as underserved regions of Africa. The approach is designed to deliver consistent performance, even under conditions of unreliable connectivity.Paolo Ardoino, CEO of Tether, framed the initiative as a continuation of the firm’s long-standing commitment to financial freedom and network resilience. He emphasized that supporting decentralization is not just ideological, but essential to preserving Bitcoin’s integrity in the face of growing surveillance and control. Giv Zanganeh, Tether’s VP of Mining &amp; Energy, said the decision to support OCEAN followed months of technical assessment, ultimately reflecting a strategic alignment with Bitcoin’s decentralized nature.&nbsp;Dashjr, who now serves as Chairman and CTO of OCEAN, said Tether’s participation affirms decentralization as a key priority in Bitcoin’s evolution. The announcement follows Tether’s recent collaboration with Quidax on a crypto literacy campaign targeting Nigeria and other African markets—an initiative aimed at fostering inclusion in the global digital economy.While expanding its infrastructure footprint, Tether is also experiencing rapid user growth. The first quarter of 2025 saw a&nbsp;<a href="https://x.com/paoloardoino/status/1911664873102016517">13%</a> increase in&nbsp;<a href="https://coin360.com/coin/tether-usdt">USDT</a> users amid ongoing global macroeconomic instability, lifting the company’s total user count to approximately 400 million.&nbsp;<figure class="image image_resized" style="width:90.7%;"><img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/Screenshot_13_dab6b67ef1.png" alt="Screenshot_13.png"></figure>Growth is being fueled by high demand in emerging markets like Argentina, Brazil, and Nigeria, where USDT functions as a digital dollar substitute in economies grappling with hyperinflation and underdeveloped banking systems. With a&nbsp;<a href="https://coin360.com/glossary/market-capitalization">market cap</a> now peaking at $144 billion, USDT continues to solidify its position as the dominant stablecoin across regions that rely on it as a stable store of value and a cross-border payment solution.Tether is also preparing to enter the U.S. stablecoin arena by developing a new dollar-pegged token tailored for institutional use and compliant with anticipated American regulations. Unlike USDT, which is largely retail-facing and focused on emerging economies, the upcoming U.S.-based stablecoin is expected to target payment infrastructure and corporate finance.&nbsp;Addressing prior industry skepticism, Ardoino pushed back against critics who claimed Tether would avoid U.S. jurisdiction: “It has been said from our competition that we would never touch the US, and that we were afraid to come into the US…Now we want to play in the US, and we want to demonstrate that we can also be great and be the best in the US.”Simultaneously, Tether has quietly risen to command&nbsp;<a href="https://www.galaxy.com/insights/research/the-state-of-crypto-lending/">70%</a> of the centralized finance lending market—a remarkable surge from the 20% share it held prior to the CeFi collapse in 2022.&nbsp;<figure class="image"><img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/GLXY_2025_Report_Charts_3_a1687fc9af.png" alt="GLXY_2025_Report_Charts_3.png"></figure>As traditional players exited the space in the wake of insolvencies and regulatory scrutiny, Tether stepped in to fill the void, solidifying its presence in yet another corner of the crypto financial system. The company’s expanded CeFi footprint is the latest signal of its ambition to operate at every critical junction of the digital asset ecosystem—from mining infrastructure and stablecoin issuance to lending and cross-border payments.Tether has also invested in Fizen Limited, a fintech focusing on self-custody crypto wallets and digital payments. This partnership aims to enhance stablecoin adoption in everyday transactions and tackle financial inclusion barriers identified in the World Bank’s Global Findex Report, which highlights the lack of access to banking for millions globally. Fizen’s solutions will allow users to transact with USDT while enabling merchants to receive fiat settlements through QR codes and other existing financial services.&nbsp;The investment will bolster Fizen’s blockchain capabilities and promote efficient stablecoin use without restrictive documentation. Tether’s CEO, Paolo Ardoino, emphasized the commitment to expanding access to reliable digital financial solutions, noting the potential for QR code payments to exceed $3 trillion by 2025, driven by smartphone adoption and convenience in digital transactions.This article has been refined and enhanced by ChatGPT.

Robot powers CeFi lending tower [CeFi lending]

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