Terraform Labs and Do Kwon found liable for fraud in SEC case
Terraform Labs and co-founder Do Kwon were found liable for defrauding investors in a civil case with the United States Securities and Exchange Commission. The trial started on March 25 without Kwon's presence, as he remains in Montenegro awaiting a decision on his extradition. Jurors concluded that Kwon and Terraform were responsible for six charges and acted negligently by making false statements about the sale of TerraUSD, Luna, and wLUNA.
Trader turns $13K into $2M within 1 hour as memecoin frenzy continues
A trader managed to turn $13,000 into over $2 million by investing in the memecoin Donotfomoew (MOEW) on the Base blockchain. MOEW, a cat-themed meme token created by Bitget Wallet, experienced a significant surge in value shortly after its launch on decentralized exchanges, reaching a market cap of $31 million. Over 8,000 addresses received MOEW tokens through an ongoing airdrop available to users with sufficient BWB points.
Bitcoin 5% flash crash leads to $165M in leveraged crypto liquidations
A sudden 5% drop in Bitcoin's price on April 2 resulted in traders with leveraged exposure to cryptocurrencies suffering over $165 million in losses within two hours. Bitcoin's price plummeted from $69,450 to as low as $65,970 in less than half an hour, leading to a substantial liquidation of leveraged positions. The majority of the losses were from Bitcoin and Ether long positions, with some long positions in Dogecoin and Solana also being liquidated.
Argentine government passes registration requirements for crypto firms
The Argentine government has begun implementing regulations for cryptocurrency exchanges to operate legally in the country. The Comisión Nacional de Valores announced that virtual asset service providers must adhere to recommendations from the Financial Action Task Force. These new requirements have sparked concerns about the future of digital assets in Argentina, with reports of limitations on Bitcoin payments through the app Strike.
BlackRock updates Bitcoin ETF, adds 5 Wall Street firms
Global asset manager BlackRock revised its Bitcoin exchange-traded fund prospectus by including five major Wall Street firms as new authorized participants. The updated document filed with the United States Securities and Exchange Commission lists ABN AMRO Clearing, Citadel Securities, Citigroup Global Markets, Goldman Sachs, and UBS Securities as new participants. Previous participants in the ETF include JPMorgan Securities, Jane Street Capital, Macquarie Capital, and Virtu Americas.
