Do Kwon was found guilty of fraud; crypto financing fell 23% in the first quarter of this year

Headline

▌New York jury finds Terraform Labs and Do Kwon guilty of crypto asset securities fraud

According to a statement from the U.S. Securities and Exchange Commission (SEC) on Friday, after a nine-day trial, a jury at the U.S. District Court for the Southern District of New York found Terraform Labs and DoKwon liable for crypto asset securities fraud. Previously, the court ruled that Terraform Labs and Kwon illegally issued and sold crypto asset securities in violation of the registration provisions of the Securities Act of 1933. The jurors agreed with the SEC's view that Kwon and Terraform Labs deceived ordinary investors about the nature of the so-called algorithm that pegged UST to the U.S. dollar. Gurbir Grewal, director of the SEC's enforcement division, wrote in a statement: "We are pleased with the jury's verdict today, finding Terraform Labs and Do Kwon responsible for massive cryptocurrency fraud." A spokesperson for Terraform Labs said: "We are very disappointed with the verdict, which we believe is not supported by the evidence. We still believe that the SEC simply does not have the legal authority to bring this case, and we are carefully weighing our options and next steps."

▌2024Q1 Crypto Financing Amount Down 23% Month-on-Month

Messari published a statement saying that the amount of crypto financing in the first quarter of 2024 fell 23% month-on-month, mainly due to the abnormal financing led by Bitcoin miners in the fourth quarter of last November. The volume of transactions in the early stages surged 73%, showing optimism about new opportunities.

Market

As of press time, according to Coingecko data:

BTC's latest transaction price is $67,926.97, with a daily increase or decrease of -0.14%;

ETH's latest transaction price is $3,326.05, with a daily increase or decrease of +0.82%;

BNB's latest transaction price is $579.36, with a daily increase or decrease of -1.63%；

ORDI's latest transaction price is $62.09, with a daily increase or decrease of -2.69%；

DOGE's latest transaction price is $0.1794, with a daily increase or decrease of +0.77%；

SOL's latest transaction price is $175.74, with a daily increase or decrease of -3.77%。

Policy

▌JP Morgan: US SEC will eventually approve spot Ethereum ETF

Although JP Morgan said earlier this year that the probability of Ethereum spot ETF passing the preliminary review period in May was no more than 50%, the company is still optimistic that the US Securities and Exchange Commission (SEC) will eventually approve the Ethereum spot ETF. Nikolaos Panigirtzoglou, managing director and global market strategist at JP Morgan, said that if the Ethereum spot ETF is not approved in May, then we assume that there will be a litigation process after May. We believe that the most likely scenario is that the SEC will eventually lose this lawsuit (similar to the legal battle between Grayscale and Ripple last year), which means that the SEC will eventually approve the Ethereum spot ETF (but probably not before May this year).

▌India's central bank expands digital rupee wallet services to non-bank institutions

India's central bank announced that it will expand digital rupee wallet services from banks to non-bank payment operators. As transaction volume slowed, the deputy governor revealed that since the pilot in December last year, the cumulative transactions have exceeded 22 million, with users reaching 4.6 million consumers and 400,000 merchants. The first batch of programmable payments was launched last week, providing farmers with dedicated agricultural payments. In addition, the central bank is testing offline functions internally. The Indian government believes that cross-border payments are an important application scenario for CBDC, and last year it launched a cross-border CBDC trial with the UAE.

▌The US CFPB reminds users to guard against potential financial risks in encrypted games

The US Consumer Financial Protection Bureau (CFPB) said in a report titled "Banking in Video Games and Virtual Worlds" that cryptocurrencies may have a small share in the virtual game world, but game creators are growing interested in bringing virtual items into the real world, and users need to be wary of financial risks in video games and virtual worlds. The report stated: "While these crypto asset virtual worlds are far less popular than virtual game worlds such as Roblox, Second Life or Fortnite, it is worth noting that due to the prevalence of third-party crypto asset trading platforms, users can distinguish the native crypto assets of virtual worlds from fiat currencies, making them easier to penetrate than typical game markets. It is worth noting that some of the largest virtual game world publishers have expressed increasing interest in positioning their virtual items as crypto assets that can be traded outside the game economy."

Blockchain Applications

▌Hifi Finance Improves RWA Framework to Support Processing More Collateral

Lending Agreement Hifi Finance announced improvements to the RWA framework, aiming to introduce physical asset collateral into Hifi's lending protocol. It is reported that the improved new framework allows a governance proposal to introduce multiple loans, and additional proposals only need to update credit limits or improve collateral rules. This improvement allows Hifi to process more collateral and expand TVL to a higher level.

Cryptocurrency

▌Deutsche Börse has listed DWS's Bitcoin and Ethereum exchange-traded products

Asset management company DWS is offering exchange-traded products (ETC) with exposure to Bitcoin (BTC) and Ethereum (ETH) in Germany. These ETC products were developed in cooperation with digital asset financial services company Galaxy Digital. According to a statement from DWS, these ETC products were listed on Deutsche Börse on Thursday. These products are Xtrackers Galaxy Physical Bitcoin ETC and Xtrackers Galaxy Physical Ethereum ETC, which track the performance of the two largest cryptocurrencies by market capitalization and charge a fee of 0.35%.

▌Cyvers Alerts: BXH hackers transferred 300 ETH to Tornado Cash

According to the monitoring of the Cyvers Alerts system, the BXH hackers started to act again after 545 days, and have now transferred 300 ETH to Tornado Cash through an intermediate address.

▌Solana chain's Froganas NFT series sales reached $1.45 million in the past 24 hours, an increase of 20.4%

According to CryptoSlam data, the Froganas NFT series on the Solana chain jumped to the top of the NFT market on Friday, with significant sales performance, with cumulative sales reaching $1.45 million in the past 24 hours ending at 11 a.m. EST on Friday, a 24-hour increase of 20.49%.

▌OpenSea: L2 network Blast NFT has been launched

OpenSea said on the X platform that L2 network Blast NFT has been launched, and Blast NFT can now be sold, bought or quoted on OpenSea. Blast said that using WETH to bid for Blast NFT on OpenSea means that users will automatically receive native Blast points when bidding for NFTs.

▌RuneStone's total transaction volume exceeds 3,000 BTC

Data shows that RuneStone's transaction volume in the Magic Eden market is currently 1,355 BTC, and its transaction volume in the OKX Web3 wallet market is currently 1,760 BTC. The total transaction volume of the two markets has reached 3,115 BTC. As of press time, the floor price is 0.048 BTC.

▌Yesterday's spot Bitcoin ETF GBTC funds outflow of US$199 million, BITB inflow of US$7.5 million

According to HODL15Capital monitoring, yesterday (April 5), the spot Bitcoin ETF GBTC funds outflow of US$199 million, BITB funds inflow of US$7.5 million. The spot Bitcoin ETF transaction volume data on April 5 shows that the details are as follows: IBIT US$1.09 billion, GBTC US$554 million, FBTC US$420 million, ARKB US$121 million, BITB US$101 million.

▌More than $13 billion has been involved in Saga staking mining, making it the largest Launchpool on Binance so far

Saga, Binance's new coin mining project, posted on social platforms that more than $13 billion has been involved in staking mining within 24 hours, making SAGA the largest Launchpool in Binance's history.

Important Economic Dynamics

▌Federal Reserve Board Member Bowman: It's not time to cut interest rates yet

Federal Reserve Board Member Bowman said that it is still expected that interest rates will remain stable and inflation will continue to decline; it is "not" the time to lower interest rates; if inflation progress stagnates, we are still willing to raise interest rates; inflation is still expected to face some upside risks; US employment growth in the first quarter was very strong.

▌The three major U.S. stock indexes closed up collectively

The three major U.S. stock indexes closed up collectively, with the Dow up 0.80%, down 2.27% this week, and the Nasdaq up 1.24%, down 0.80% this week; the S&P 500 rose 1.11%, down 2.27% this week. Most large technology stocks rose.

Golden Encyclopedia

▌What is an NFT swap order?

NFT swap orders are usually made based on predefined parameters agreed upon by both parties, including information about the assets being traded, the quantities involved, and any additional terms or conditions. As the NFT market develops, swap orders are essential to enabling the transfer of digital assets and collectibles between investors, artists, and collectors.

Disclaimer: As a blockchain information platform, Golden Finance publishes articles for information reference only and is not intended as actual investment advice. Please establish a correct investment philosophy and be sure to raise your risk awareness.