PA Daily | Ghibli market value exceeds US$40 million; Terraform Labs will open the crypto asset claims portal on March 31
Reprinted from panewslab
03/28/2025·1MToday's news tips:
Terraform Labs will open the crypto asset loss claims portal on March 31 with a deadline of April 30
Spot gold hit a new high, reaching $3,060
Ghibli on Solana chain market value exceeds US$40 million
Binance Alpha has been launched on GhibliCZ (Ghibli) and Ghiblification (Ghibli)
Arthur Hayes: April will be the turning point in the market, and global liquidity will explode again
US SEC ends investigation into Crypto.com, no law enforcement action
Regulatory/Macro
According to the official account of Ezhou Intermediate People's Court, the Ezhou Court recently successfully concluded two virtual currency online fraud cases. A fraud gang composed of 34 defendants carefully planned and implemented fraud with the help of a new virtual currency trading platform. Nearly 30,000 people were cheated in just one year, with the amount involved in the case of 460 million yuan. It is reported that the fraud gang set up the "OURBIT Digital Currency Trading Platform" (OBit Platform), claiming to the public that "Singapore Registration" and other gimmicks, referring to the transaction price of the Bitcoin market, forging the transaction K-line chart, and fictitious 9 virtual currency trading false images. After trial, the court determined that the amount involved was particularly huge, and the defendants' actions constituted the crime of fraud. They sentenced 34 defendants to fixed-term imprisonment ranging from three to twelve years and fined according to law. Given the large number of people involved and the complexity of the case, the court has heard the case separately, and the judgments have now taken effect.
According to Axios, the New York Attorney General's Office (NY AG) has reached a $200 million settlement with Galaxy Digital on the manipulation of LUNA tokens. The agreement accused Galaxy Digital and its related companies of violating the Martin Act and the Enforcement Act when promoting LUNA and not disclosing their own 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 a major supporter of LUNA and posted a tattoo of "Wolf Howling Moon" on social media when LUNA broke through $100. However, according to the settlement documents, Galaxy Digital sold out a large amount of tokens during the surge in LUNA prices, making more than $100 million in profits without disclosure to the public. Settlement details: • Galaxy Digital received 18.5 million LUNA tokens at a 30% discount on 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 LUNA positions 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, with the first $40 million to be paid within two weeks. • Galaxy agrees to adopt policies to prevent conflicts of interest, including legal analysis of all token transactions and strengthen employee investment oversight. It is worth noting that Galaxy Digital did not acknowledge or deny NY AG's allegations in the settlement. In addition, at the end of last year, a subsidiary of Jump Crypto reached a $123 million settlement with the SEC over a similar LUNA manipulation case, while Terraform Labs reached a $4.7 billion settlement with the SEC.
Terraform Labs will open the crypto asset loss claims portal 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 crypto asset loss claims that meet the criteria through http://claims.terra.money. When submitting, they must provide supporting documents such as wallet address/read-only API key and fill out the complete claim form. The deadline for filing the claim is 23:59 on April 30, 2025 (East Time), and overdue payment will not be accepted.
South Carolina withdraws pledge lawsuit against Coinbase
Coinbase Chief Legal Officer Paul Grewal said on X platform that South Carolina has joined Vermont (step) and has withdrawn the stake in Coinbase. Grewal said that the staking service will soon resume opening to South Carolina users, which is not only a victory for Coinbase, but also for American consumers. He hopes the decision will affect other states that still have restrictions on pledge services. Grewal added that South Carolina users lost about $2 million in pledge rewards due to the case, and 52 million U.S. cryptocurrency holders deserve reasonable consumer protection and clear regulations. He appreciates South Carolina Attorney General Alan Wilson's efforts to resolve the matter and hopes other states that restrict pledges will pay attention to the change.
Spot gold hit a new high, reaching $3,060
Spot gold reached $3,060 per ounce, setting a new record high again, with an increase of more than 16% so far this year.
SEC terminates lawsuit against Kraken, Consensys and Cumberland
According to the SEC official website announcement, the U.S. Securities and Exchange Commission (SEC) has officially terminated civil enforcement lawsuits against Kraken (Payward, Inc. and Payward Ventures, Inc.), Consensys Software Inc. and Cumberland DRW LLC, and withdrawn the lawsuit in the form of "prejudice". The SEC said the withdrawal of the lawsuit aims to promote reform and updates of its regulatory strategy in the crypto industry, and is not based on an assessment of the allegations of the case. The SEC stressed that this decision does not affect the position of other cases.
US SEC ends investigation into Crypto.com, no law enforcement action
According to Eleanor Terrett, the Securities and Exchange Commission (SEC) has officially concluded its investigation into Crypto.com and has taken no enforcement action against the exchange. Sources revealed that Crypto.com took the initiative to sue the SEC for overreach of its authority after receiving a notification from Wells from the SEC in October last year. But in December 2024, Crypto.com withdrew the lawsuit after former U.S. President Trump announced plans to appoint crypto-backed Paul Atkins, who succeeded Gensler as the next SEC chairman.
Viewpoint
CZ: Listing of coins should not affect the price, long-term price depends on project development
Binance founder CZ responded on social media that he agreed with the view that "the listing should be depreciated" and pointed out that "the listing should not affect the price." CZ explained that although the currency may have an impact on price due to the increase in liquidity in the short term, this impact should be short-term. In the long run, the price 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 is chosen by the market itself, which is more in line with the free game state.
Arthur Hayes: April will be the turning point in the market, and global liquidity will explode again
According to Cointelegraph, BitMEX co-founder Arthur Hayes predicts that April will become a new round of growth turning point for the crypto market. He believes that Trump's tariff policy will not affect the Federal Reserve's monetary policy, the US dollar "money 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
3AC co-founder Zhu Su said that institutional investors' interest in real-world assets (RWA) stems from their hope that the total RWA lockout (TVL) per dollar can be converted into a certain proportion of the token market value. For example, with $1 billion in RWA, after tokenization, the protocol token may reach a market capitalization of $100 million. He further pointed out that just as Bitcoin L2 and Ethereum restaking are regarded as "hidden startup pools", RWA can essentially be regarded as "hidden startup pools" of the US dollar.
According to Matrixport's analysis, there are certain limitations in the correlation between rising global liquidity and rising Bitcoin price. Global liquidity indicators, measured by the total money supply of 28 central banks (USD standardization), although visually related to Bitcoin price trends, are questioned due to the nonstationarity of the time series and the size difference. Analysis points out that although the growth in money supply may have a lagging effect on the Bitcoin market, this lagging time does not have strong theoretical support. In addition, although the correlation between Bitcoin and Nasdaq has risen slightly in recent years, it is still below the 60% high during the COVID period, indicating that Bitcoin trading is more driven by its own laws than as a proxy asset for technology stocks. Matrixport believes that the widespread consolidation of Bitcoin prices may continue, and relying solely on liquidity indicators to predict market trends may not be reliable enough. By contrast, focusing on crypto-native drivers or macro variables with direct policy implications, such as political leaders supporting cryptocurrencies, may be more valuable. Although market cognition may have mathematical flaws, its widespread acceptance may still have a practical impact on market behavior.
Crypto analyst Miles Deutscher tweeted that there are currently about 37 million tokens in the crypto market, of which 99.9% are "air projects." He believes that less than 100 projects meet the following conditions: having an experienced team, having a long-term bullish attitude towards their own tokens (net buys more than net sells), having a clear business model and a roadmap to achieve sustainable profits, finding a real product market fit or 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 stressed that investors' mission is to find these long-term agreements in numerous projects and make long-term bets.
Project News
Hyperliquid optimizes risk management mechanism and will compensate JELLY multi-users
According to Hyperliquid announcement, due to abnormal trading events 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 labeled address, this compensation is beneficial to all JELLY traders. Event Review: • A trader traded a JELLY position worth USD 4 million at a price of 0.0095. • The price of JELLY then rose by more than 4 times, and HLP triggered a repurchase and liquidated the position, resulting in 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 upper limit. • The key problem is that after HLP takes over the position, it shares collateral with other strategic components, and does not trigger automatic position reduction (ADL). Hyperliquid has strengthened risk management, including: • HLP Liquidator management: Setting stricter account value caps, reducing rebalancing frequency, and introducing more complex repo clearing logic. If the loss exceeds the threshold, the Liquidator will trigger ADL instead of automatically using other components collateral. • Dynamic adjustment of OI ceiling: The open interest ceiling will be dynamically adjusted according to market capitalization. • Asset removal mechanism: Verifiers will remove assets below the threshold through on-chain voting. Hyperliquid promises to continue to optimize the system and improve risk prevention capabilities.
Coinbase International Station will support BNB perpetual contract
According to Coinbase International Exchange announcement, BNB Perpetual Contract (BNB-PERP) will be launched on Coinbase International Exchange and Coinbase Advanced. The BNB-PERP market will open trading at or after 17:30 on April 3, 2025 (Beijing time).
After voting results and due diligence, Binance launched Mubarak (MUBARAK), CZ'S Dog (BROCCOLI714), Tutorial (TUT) and Banana For Scale (BANANAS31) at 05:00 on March 28, 2025 (Beijing time), and the following spot trading pairs were opened: MUBARAK/USDT, MUBARAK/USDC, BROCCOLI714/USDT, BROCCOLI714/USDC, TUT/USDT, TUT/USDC, BANANAS31/USDT, BANANAS31/USDC. The above tokens are currently online in Binance Alpha, and the Alpha account tokens can be transferred to the spot account.
Binance Alpha has been launched on GhibliCZ (Ghibli) and Ghiblification (Ghibli)
According to the Binance APP page, Binance Alpha has been launched on GhibliCZ (Ghibli) and Ghiblification (Ghibli).
Important data
Ghibli on Solana chain market value exceeds US$40 million
On-chain data shows that the price of Ghiblification (Ghibli) tokens on Solana broke through $0.4, and Ghibli's total market value exceeded $40 million. Set a new high.
The U.S. government transfers 97.34 BTC and 884.33 ETH, involving Sae-Heng fraud case
According to Onchain Lens, the U.S. government transferred 97336 BTC (about $8.46 million) and 884.33 ETH (about $1.77 million) from the Sae-Heng Confiscated Funds address six hours ago. The funds were linked to a "pig killing" fraud case against U.S. victims, which came from Binance accounts controlled by Wanpadet Sae-Heng and were confiscated by the U.S. government. The target address of this transfer includes bc1q7qf075up5nkd6hejgkmr9ms0fal97w35asrs55, etc. The transaction occurred at 01:23 on March 28, 2025 (Beijing time).
Financing
French state-owned bank Bpifrance sets up 25 million euro fund to invest in cryptocurrency
According to Reuters, French state-owned investment bank Bpifrance plans to invest up to 25 million euros (about $26.95 million) to buy niche cryptocurrencies to support France's cryptocurrency projects. This is the first time that Bpifrance has set up a special fund to buy cryptocurrencies directly. The bank has previously invested 150 million euros in blockchain projects, but only involved "small" investment in cryptocurrencies.
Former Meta executive founded AI assistant startup Yutori and completed $15 million in funding
Yutori, an AI assistant startup founded by former Meta AI executive Devi Parikh and Dhruv Batra, completed a $15 million financing round, led by investors including Radical Ventures, Felicis, AI Queen Feifei Li, and Google DeepMind chief scientist Jeff Dean. Yutori focuses on developing autonomous AI assistants, aiming to improve AI's efficiency in performing complex tasks (such as online ordering, travel arrangements, etc.) through post-training models. The team's core members include the head of multimodal post-training for Meta Llama 3 and Llama 4 models, and Yutori will use these technologies to optimize AI's capabilities in network navigation. Yutori's goal is to build an AI agent that can truly "do things for users", rather than just a simple chatbot.
Manus wants to raise a new round of financing in Silicon Valley at a valuation of $500 million
Manus AI’s team is negotiating with potential investors, including U.S. venture capital firms, to plan a new round of financing at a valuation of at least $500 million (about 3.75 billion yuan), a valuation that is about five times higher than the previous valuation, three people familiar with the matter said. Manus's developer is Butterfly Effect.
Remittance application Abound completed $14 million in financing, led by NEAR Foundation
Abound, a remittance app spin-off in 2023 by Times Internet, raised $14 million in its first external funding round. The seed round is all equity financing, led by NEAR Foundation, with participation from Circle Ventures, Times Internet and other investors. The company plans to use new funds to expand its business scope, increase product variety and improve its technical infrastructure. Originally called Times Club, Abound allows users to send money to India, earn rewards, and receive 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, mainly working in India. The company plans to expand its workforce and form a management team in the United States.
On-chain order processing company Warlock Labs completed a $8 million financing. Polychain Capital led the investment, with Greenfield Capital, Reciprocal ventures, Symbolic Capital, Ambush Capital and TRGC participating. The company aims to prove that the flow of orders submitted has not been tampered with to ensure fair deals.
