PA Daily | Ghibli's market value exceeds $40 million; Terraform Labs will open a crypto asset claims portal on March 31

Today's news tips:

Galaxy Digital Reaches $200 Million Settlement with New York Attorney General Regarding LUNA Manipulation

Terraform Labs will open a portal for crypto asset loss claims on March 31, with a deadline of April 30

Spot gold hits a new high, reaching $3,060

Binance announces the first batch of voting results: Mubarak, CZ'S Dog, Tutorial and Banana For Scale will be listed

Solana Ghibli Market Cap Exceeds $40 Million

GhibliCZ (Ghibli) and Ghiblification (Ghibli) are now available on Binance Alpha

Arthur Hayes: April will be a turning point for the market, and global liquidity will explode again

US SEC concludes investigation into Crypto.com without enforcement action

Regulatory/Macro

Ezhou Court successfully concluded two virtual currency network fraud cases, 30,000 people were defrauded of 460 million yuan

According to the official account of the Ezhou Intermediate People's Court, the Ezhou Court has recently successfully concluded two virtual currency network fraud cases. A fraud gang consisting of 34 defendants carefully planned and implemented fraud with the help of a new virtual currency trading platform. Nearly 30,000 people were defrauded in just one year, and the amount involved was 460 million yuan. It is reported that the fraud gang set up the "OURBIT Digital Currency Trading Platform" (Obit Platform), and claimed to be "registered in Singapore" and other gimmicks. It forged trading K-line charts based on the trading price of the Bitcoin market and fabricated 9 kinds of virtual currency transactions. The court found that the amount involved was extremely huge, and the defendants' actions constituted fraud. According to the law, the 34 defendants were sentenced to fixed-term imprisonment ranging from three to twelve years and fined. In view of the large number of people involved and the complexity of the case, the court tried the case separately, and the judgments have now come into effect.

Galaxy Digital Reaches $200 Million Settlement with New York Attorney General Regarding LUNA Manipulation

According to Axios, the New York Attorney General's Office (NY AG) has reached a $200 million settlement with Galaxy Digital over the manipulation of LUNA tokens. The agreement accuses Galaxy Digital and its related companies of violating the Martin Act and the Enforcement Act when promoting LUNA and failing to disclose their interests in LUNA. Background review: LUNA and Terra USD (UST) stablecoins collapsed in 2022, causing more than $40 billion in wealth to evaporate. Galaxy Digital founder and CEO Michael Novogratz was once a major supporter of LUNA and posted a photo of a "Wolf Howling Moon" tattoo on social media when LUNA broke through $100. However, according to the settlement documents, Galaxy Digital sold a large number of tokens during the LUNA price surge, making a profit of more than $100 million without disclosing it to the public. Settlement details: • Galaxy Digital acquired 18.5 million LUNA tokens at 70% off the spot price at the time and sold most of the tokens in batches within a year. • As of March 2022, before the market crash, Galaxy had cleared almost all of its LUNA holdings and made huge profits of hundreds of millions of dollars. • The agreement stipulates that Galaxy Digital will pay a $200 million fine within three years, of which the first $40 million will be paid within two weeks. • Galaxy agreed to adopt policies to prevent conflicts of interest, including legal analysis of all token transactions and increased employee investment supervision. It is worth noting that Galaxy Digital did not admit or deny the NY AG's allegations in the settlement agreement. In addition, at the end of last year, a subsidiary of Jump Crypto reached a $123 million settlement with the SEC for a similar LUNA manipulation case, while Terraform Labs reached a $4.7 billion settlement with the SEC.

Terraform Labs will open a portal for crypto asset loss claims on March 31, with a deadline of April 30

According to Terra's official announcement, Terraform Labs' crypto asset loss claims portal will be open on March 31, 2025. Creditors can submit eligible crypto asset loss claims through http://claims.terra.money. When submitting, they need to provide supporting materials such as wallet address/read-only API key and fill in the complete claim form. The deadline for claim submission is April 30, 2025, 23:59 (EST), and claims submitted after the deadline will not be accepted.

South Carolina drops collateral lawsuit against Coinbase

Paul Grewal, chief legal officer of Coinbase, said on the X platform that South Carolina has joined Vermont in withdrawing its staking lawsuit against Coinbase. Grewal said that staking services will soon be restored to South Carolina users, which is not only a victory for Coinbase, but also a victory for American consumers. He hopes that this decision will affect other states that still have restrictions on staking services. Grewal added that South Carolina users lost about $2 million in staking rewards due to this case, and the 52 million cryptocurrency holders in the United States deserve reasonable consumer protection and clear regulations. He praised South Carolina Attorney General Alan Wilson's efforts in resolving this matter and hoped that other states that restrict staking would pay attention to this change.

Spot gold hits a new high, reaching $3,060

Spot gold has reached $3,060 an ounce, setting a new all-time high. The year-to-date increase has exceeded 16%.

SEC Discontinues Lawsuit Against Kraken, Consensys, and Cumberland

According to the announcement on the SEC's official website, the U.S. Securities and Exchange Commission (SEC) has officially terminated the civil enforcement lawsuit against Kraken (Payward, Inc. and Payward Ventures, Inc.), Consensys Software Inc. and Cumberland DRW LLC, and withdrew the lawsuit "with prejudice". The SEC stated that the withdrawal of the lawsuit is aimed at promoting the reform and update of its regulatory strategy for the crypto industry, and is not based on an assessment of the allegations in the case. The SEC emphasized that this decision does not affect the position of other cases.

US SEC concludes investigation into Crypto.com without enforcement action

According to Eleanor Terrett, the U.S. Securities and Exchange Commission (SEC) has officially ended its investigation into Crypto.com and has not taken any enforcement action against the exchange. Sources revealed that Crypto.com had proactively sued the SEC, accusing it of overstepping its authority after receiving the Wells Notice from the SEC last October. But in December 2024, after former U.S. President Trump announced plans to appoint crypto-friendly Paul Atkins to succeed Gensler as the next SEC chairman, Crypto.com withdrew the lawsuit.

Viewpoint

CZ: Listing a coin should not affect the price, and the long-term price depends on the development of the project

Binance founder CZ responded on social media that he agreed with the view that "currency listing should be de-premiumized" and pointed out that "currency listing should not affect prices". CZ explained that although currency listing may affect prices in the short term due to increased liquidity, this impact should be short-lived. In the long run, prices should be determined by the development of the project itself. He also mentioned that the DEX model allows all tokens to be listed freely and selected by the market, which is more in line with the state of free game.

Arthur Hayes: April will be a turning point for the market, and global liquidity will explode again

According to Cointelegraph, BitMEX co-founder Arthur Hayes predicted that April will be a new growth turning point for the crypto market. He believes that Trump's tariff policy will not affect the Fed's monetary policy, the dollar "printing machine" will continue to operate, and the global market is about to usher in a new round of liquidity injection.

Zhu Su: RWA is the “hidden startup pool” of the US dollar

Zhu Su, co-founder of 3AC, wrote that the interest of institutional investors in real-world assets (RWA) stems from their hope that every $1 of RWA total locked volume (TVL) can be converted into a certain proportion of the token market value. For example, with $1 billion of RWA, after tokenization, the protocol token may reach a market value of $100 million. He further pointed out that just as Bitcoin L2 and Ethereum restaking are considered "hidden launch pools", RWA can essentially be considered a "hidden launch pool" for the US dollar.

Matrixport: Liquidity indicators may be difficult to accurately predict BTC trends, and we should pay attention to crypto-native driving factors or policy impacts

According to Matrixport analysis, there are certain limitations to the correlation between rising global liquidity and rising Bitcoin prices. Although the global liquidity index, measured by the total money supply of 28 central banks (normalized to US dollars), is visually correlated with Bitcoin price movements, its predictive accuracy is questioned due to the non-stationarity of the time series and differences in scale. The analysis points out that although money supply growth may have a lagged effect on the Bitcoin market, there is no strong theoretical support for this lag time. In addition, although the correlation between Bitcoin and Nasdaq has increased slightly in recent years, it is still lower than the 60% high during the COVID period, indicating that Bitcoin trading is more driven by its own laws rather than being a proxy asset for technology stocks. Matrixport believes that the broad consolidation of Bitcoin prices may continue, and relying solely on liquidity indicators to predict market trends may not be reliable enough. In contrast, it may be more valuable to focus on macro variables that are native to cryptocurrencies or have direct policy implications, such as political leaders who support cryptocurrencies. Although market perceptions may have mathematical flaws, their widespread acceptance may still have a real impact on market behavior.

Opinion: Less than 100 projects out of about 37 million tokens in the crypto market are aligned with macro trends such as AI and RWA

Miles Deutscher, a crypto analyst, tweeted that there are about 37 million tokens in the crypto market, of which 99.9% are "air projects". He believes that there are less than 100 projects that meet the following conditions: having an experienced team, a long-term bullish attitude towards their own tokens (more net buying than net selling), a clear business model and a roadmap to achieve sustainable profits, finding a real product-market fit or a clear path, being able to deliver continuously regardless of market conditions, having real competitive barriers, and being consistent with macro trends (such as AI, RWA, stablecoins, etc.). He emphasized that the task of investors is to find these protocols with long-term potential among many projects and make long-term bets.

Project News

Hyperliquid optimizes risk management mechanism and will compensate JELLY long users

According to Hyperliquid's announcement, due to the abnormal trading event in the JELLY market, users holding JELLY long positions will be compensated at a price of 0.037555 at the time of settlement. Except for the marked address, this compensation is beneficial to all JELLY traders. Event review: • A trader self-traded a JELLY position worth 4 million USDC at a price of 0.0095. • Subsequently, the price of JELLY rose more than 4 times, and HLP triggered a buyback and liquidated the position, causing damage to the value of the HLP account. • Although the 4 million USDC position did not exceed the dynamic open interest (OI) limit, it failed to prevent further opening of positions after triggering the automatic limit. • The key problem is that after HLP took over the position, it shared collateral with other strategy components and did not trigger automatic reduction of positions (ADL). Hyperliquid has strengthened risk management, including: • HLP Liquidator management: set stricter account value limits, reduce rebalancing frequency, and introduce more complex buyback liquidation logic. If the loss of Liquidator exceeds the threshold, ADL will be triggered instead of automatically using the collateral of other components. • Dynamic adjustment of OI limit: The open interest limit will be adjusted dynamically according to the market value. • Asset delisting mechanism: Validators will delist assets below the threshold through on-chain voting. Hyperliquid promises to continue to optimize the system and enhance risk prevention capabilities.

Coinbase International will support BNB perpetual contracts

According to the announcement of Coinbase International Exchange, BNB perpetual contracts (BNB-PERP) will be launched on Coinbase International Exchange and Coinbase Advanced. The BNB-PERP market will be open for trading on or after 17:30 (Beijing time) on April 3, 2025.

Binance announces the first batch of voting results: Mubarak, CZ'S Dog, Tutorial and Banana For Scale will be listed

After voting and due diligence, Binance will list Mubarak (MUBARAK), CZ'S Dog (BROCCOLI714), Tutorial (TUT) and Banana For Scale (BANANAS31) at 05:00 (GMT+8) on March 28, 2025, and open the following spot trading pairs: MUBARAK/USDT, MUBARAK/USDC, BROCCOLI714/USDT, BROCCOLI714/USDC, TUT/USDT, TUT/USDC, BANANAS31/USDT, BANANAS31/USDC. The above tokens are currently listed on Binance Alpha, and you can now transfer Alpha account tokens to spot accounts.

GhibliCZ (Ghibli) and Ghiblification (Ghibli) are now available on Binance Alpha

According to the Binance APP page, Binance Alpha has launched GhibliCZ (Ghibli) and Ghiblification (Ghibli).

Important data

Solana Ghibli Market Cap Exceeds $40 Million

On-chain data shows that the price of Ghiblification (Ghibli) tokens on the Solana chain has exceeded $0.4, and the total market value of Ghibli has exceeded $40 million, setting a new record.

US government transfers 97.34 BTC and 884.33 ETH in Sae-Heng scam

According to Onchain Lens, the US government transferred 97,336 BTC (about $8.46 million) and 884.33 ETH (about $1.77 million) from the "Sae-Heng Confiscated Funds" address 6 hours ago. These funds are related to a "pig killing" scam targeting American victims. The funds came from a Binance account controlled by Wanpadet Sae-Heng and were confiscated by the US government. The target addresses of this transfer include bc1q7qf075up5nkd6hejgkmr9ms0fal97w35asrs55, etc. The transaction occurred at 01:23 on March 28, 2025 (Beijing time).

Financing

French state-owned bank Bpifrance sets up €25 million fund to invest in cryptocurrencies

According to Reuters, French state-owned investment bank Bpifrance plans to invest up to 25 million euros (about 26.95 million U.S. dollars) to purchase niche cryptocurrencies to support French cryptocurrency projects. This is the first time that Bpifrance has set up a fund to directly purchase cryptocurrencies. Previously, the bank has invested 150 million euros in blockchain projects, but only involved a "small amount" of cryptocurrency investment.

Former Meta executives found AI assistant startup Yutori and raise $15 million

Yutori, an AI assistant startup founded by former Meta AI executives Devi Parikh and Dhruv Batra, has completed a $15 million financing round led by Radical Ventures, with participation from Felicis, AI queen Fei-Fei Li, and Google DeepMind chief scientist Jeff Dean. Yutori focuses on developing autonomous AI assistants, aiming to improve the efficiency of AI in performing complex tasks (such as online food ordering, travel arrangements, etc.) through post-training models. Core members of the team include the head of multimodal post-training who was responsible for the Meta Llama 3 and Llama 4 models. Yutori will use these technologies to optimize AI's capabilities in network navigation. Yutori's goal is to create an AI agent that can truly "do things for users", not just a simple chatbot.

Insider: Manus plans to raise new round of financing in Silicon Valley at a valuation of $500 million

Three people familiar with the matter revealed that the Manus AI team is negotiating with potential investors, including US venture capital institutions, and plans to conduct a new round of financing with a valuation of at least US$500 million (about RMB 3.75 billion), which is about five times the previous valuation. Manus is developed by Butterfly Effect.

Remittance app Abound raises $14 million, led by NEAR Foundation

Abound, the remittance app spun out of Times Internet in 2023, has raised $14 million in its first external funding round. The seed round was all equity-funded and was led by NEAR Foundation, with participation from Circle Ventures, Times Internet, and other investors. The company plans to use the new funds to expand its business scope, increase its product offerings, and improve its technology infrastructure. Originally called Times Club, Abound allows users to send remittances to India, earn rewards, and get cash back on services such as live sports, grocery shopping, and OTT subscriptions. The company plans to explore ways to give users access to high-yield savings, India-centric investments, and cross-border credit solutions. Abound currently has 40 employees, primarily based in India. The company plans to expand its headcount and build a management team in the United States.

On-chain order processing company Warlock Labs completes $8 million financing, led by Polychain Capital

On-chain order processing company Warlock Labs has completed $8 million in financing. Polychain Capital led the investment, with participation from Greenfield Capital, Reciprocal ventures, Symbolic Capital, Ambush Capital and TRGC. The company aims to prove that the submitted order flow has not been tampered with to ensure fair trading.