PA Daily | U.S. court approves 3AC to expand $1.53 billion claim against FTX; giant whale that goes long for ETH 50 times begins to go long for LINK
Reprinted from panewslab
03/15/2025·3MToday's news tips:
U.S. court approves 3AC to expand $1.53 billion claim against FTX
The U.S. Treasury meets with crypto custodian companies to discuss Bitcoin reserve management plans
Democratic lawmakers pressurize Treasury Department to stop Trump's Bitcoin reserve plan
Trump-backed World Liberty Financial completes token sale, with total financing of $550 million
Coinbase includes DOGINME (doginme) in asset roadmap
World Liberty Finance increased its SEI token by $100,000 4 hours ago
Lit Protocol announces LITKEY token economics: 4.8% is used for ecological air investment
Regulatory/Macro
U.S. court approves 3AC to expand $1.53 billion claim against FTX
According to Decrypt, the U.S. bankruptcy court has approved liquidated hedge fund Three Arrows Capital (3AC) to expand its claim against FTX to $1.53 billion, dismissing the objection of FTX debtors. The court ruled that 3AC was blocked from the investigation due to FTX's failure to provide relevant records in a timely manner and delayed filing of the revised claim. 3AC initially filed a $120 million claim against FTX in June 2023, which was subsequently expanded to include allegations such as contract breach, unjust enrichment and breach of fiduciary liability. Court documents show that on June 12, 2022, 3AC held $1.53 billion in FTX, but was liquidated two days later to repay $1.3 billion in debt. 3AC entered liquidation process in the British Virgin Islands in June 2022, with founders Su Zhu and Kyle Davies failing to bet on assets such as TerraUSD (UST), and triggering a ripple effect in the crypto industry.
The U.S. Treasury meets with crypto custodian companies to discuss Bitcoin reserve management plans
According to Decrypt, the U.S. Treasury Department met with executives of three crypto custodian companies this week to discuss how to ensure the security of national strategic bitcoin reserves. Anchorage Digital CEO Nathan McCauley confirmed that the conference focused on best practices in Bitcoin custody, impact on stablecoins and market structure. People familiar with the matter revealed that the Ministry of Finance is still studying whether a third party will custody Bitcoin reserves or will eventually be kept by the government. At present, multiple confiscated crypto assets held by the government may still need to be custodialized by third parties for a long time. Last year, the U.S. Marshals appointed Coinbase to host some large digital assets, but did not disclose that it specifically involves Bitcoin reserves.
Democratic lawmakers pressurize Treasury Department to stop Trump's Bitcoin reserve plan
According to The Block, Gerald Connolly, a senior Democrat of the U.S. House Committee on Government Oversight and Reform, wrote a letter to the Treasury Department to stop the Trump administration's plan to establish a national Bitcoin reserve, accusing him of "obvious conflict of interest." Connolly pointed out that Trump's push for the plan without Congress' approval may benefit his individuals and allies, while also harming the interests of U.S. taxpayers. It has been reported that Democrat of the U.S. House of Representatives Gerald Connolly called for a moral investigation into Trump's crypto project.
Putin says Russia agrees to a 30-day ceasefire
According to CCTV News, Russian President Putin said that Russia agreed to a 30-day ceasefire, but Russia currently has an advantage in the front line of Kursk. Whether the Ukrainian army retreats without any injury or surrenders on the spot, these issues need to be resolved. Putin also said that further discussion is needed on how all parties supervise the ceasefire and how to resolve many details. Putin said he may communicate with Trump on the above issues.
US stocks close: Nasdaq fell nearly 2%, Apple fell more than 3%
U.S. stocks closed on Thursday, with the Dow Jones Industrial Average initially closing down 1.3%, the S&P 500 fell 1.39%, and the Nasdaq fell 1.96%. NVDA.O fell slightly, Tesla (TSLA.O) fell nearly 3%, and Apple (AAPL.O) fell 3.3%. Among blockchain concept stocks, Strategy (MSTR.O) rose 0.27%, Coinbase (COIN.O) fell 7.43%, Robinhood (HOOD) fell 7.45%, MARA Holdings (MARA) fell 7.25%, Riot Platforms fell 6.88%, and Bitdeer (BTDR) fell 8.68%.
Viewpoint
Matrixport: Liquidity improves but Meme lags, Bitcoin risk remains
Matrixport released this week's report pointing out that despite the recent weakening of the dollar and improving inflation data, the Meme coin sector has not recovered yet, and the weakness of the altcoin market has continued since December 2024, and pointed out that the current market expectations for the Fed's easing policy are relatively pessimistic. The report believes that Bitcoin prices are still at risk in this environment.
3AC co-founder Zhu Su pointed out on the X platform that FTX had illegally sold 3AC's assets worth $1.53 billion in May 2022 and converted it into US dollars, rather than the previously claimed $120 million. He said the assets were not lent to FTX and FTX has no right to liquidate. Zhu Su called for no pardon of FTX founder Sam Bankman-Fried (SBF), calling for a sentence of 250 years in prison. Previously, the U.S. court approved 3AC to expand its $1.53 billion claim against FTX.
Memecoins concentrates speculation in one area, allowing the rest of the crypto market to focus fundamentals, said Maria Shen, partner at Electric Capital. In the future, DeFi, infrastructure and other fields will pay more attention to practicality, sustainable income and token value paths. She expects earnings tokens, strict capital conditions, clear supervision and consumer-friendly products to become trends, and the project will focus more on practicality.
Project News
Trump-backed World Liberty Financial completes token sale, with total financing of $550 million
According to the official website information, World Liberty Financial (WLFI) has completed its token sale, with a total financing of US$550 million. The project is backed by former President Donald Trump and focuses on decentralized finance (DeFi) services.
Lit Protocol announces LITKEY token economics: 4.8% is used for ecological air investment
According to Lit Protocol official, LITKEY will be used as its native token to pay for network services, incentivize node operators, and participate in the development of the protocol as a governance token. LITKEY will airdrop it to early ecological builders, test network node operators, etc. before the launch of Lit V1 main network Naga. The total supply of LITKEY is allocated as follows: Investors and team tokens need to be locked for one year and unlocked for four years in a linear manner, 4.8% is used for ecological airdrops, and the rest is allocated to public, private and ecological incentives. Naga mainnet will introduce proxy app stores, new signature algorithms and optimized payment models to improve performance and scalability.
BlackRock's BUIDL becomes the first on-chain fund with a management scale of over $1 billion
According to The Block, BlackRock's BUIDL fund has exceeded US$1 billion in asset management, becoming the first institutional-level on-chain fund to reach this milestone. BUIDL is backed by short-term Treasury bonds and provides daily income to qualified investors, similar to the on-chain stablecoin. Since its launch in March 2024, BUIDL has surpassed Franklin Templeton's BENJI and Hashnote's USYC to become the world's largest on-chain fund, accounting for about a quarter of the entire $4.2 billion on-chain treasury bond market. BUIDL runs on the Ethereum main network and extends to Aptos, Arbitrum, Avalanche, Optimism and Polygon, supporting cross-chain Wormhole bridging. The custodians include Anchorage Digital, BitGo, Copper and Fireblocks, and the settlement of funds is under the responsibility of Bank of New York Mellon. BlackRock is accelerating its Web3 layout and providing institutional-level crypto asset management services through Coinbase.
Ethereum developers will launch Hoodi testnet to prepare for Pectra upgrade
According to The Block, Ethereum Foundation developers will launch a brand new "Hoodi" test network on March 17 to conduct final testing of the Pectra upgrade. Previously, Pectra had configuration problems during the activation of Holesky and Sepolia test networks, resulting in delays in the official release plan. The Pectra upgrade aims to improve the availability and scalability of Ethereum. The main optimizations include reducing the cost of Layer 2 data availability, increasing the staking ceiling, and introducing account abstraction, enhancing smart contracts and wallet functions. If the test goes well, the upgrade may be officially deployed to the Ethereum main network as early as April 25. Hoodi Test Network will focus on validators to exit testing, avoiding Holseky's inability to support related research due to the backlog of exit queues.
World Liberty Finance increased its SEI token by $100,000 4 hours ago
According to Onchain Lens monitoring, World Liberty Finance purchased 541,242 SEIs for US$100,000 USDC 4 hours ago, with an average transaction price of US$0.18. After this increase, the institution's total SEI holdings reached 1,089,232, currently worth about US$206,000.
Solana's SIMD-0228 proposal failed, with support rate of 61.4% below 2/3
Solana's Epoch 755 is now over. Although the on-chain vote on the SIMD-0228 proposal has reached the quorum, the support votes (Yes votes) account for 61.4% of the total number of support votes (Yes + No), which is lower than 66.67% (i.e. 2/3) of the support rate. The proposal was not passed. Dune Analytics data shows that 910 validators have voted on the proposal. 43.6% voted for the proposal, 27.4% opposed it, and 3.3% abstained. Related Reading: Solana Inflation Revolution: SIMD-0228 proposal triggers community controversy, and there is a hidden risk of "death spiral" behind the 80% reduction in additional issuances
Coinbase includes DOGINME (doginme) in asset roadmap
According to official Coinbase, Coinbase has added DOGINME (DOGINME) to its asset roadmap.
Important data
The giant whale that went long for 20 times was liquidated and lost $1.076 million
According to @ai_9684xtpa monitoring, the giant whale that had previously been long for $LINK on Hyperliquid with 20 times leverage has been liquidated, and all of its 1.076 million USDC recharged lost. This is his first loss since March 2. Despite making profits many times before, the risk of rolling the position operation this time is too high, resulting in losses. This liquidation reduced its cumulative profit from $16 million to $11.31 million. Previous news, the giant whale, which made a profit of $16 million with a 50-fold leverage, was long for LINK, and the liquidation price was US$13.37.
According to @ai_9684xtpa monitoring, the giant whale, which once made a profit of US$16 million through 50 times leverage on the Hyperliquid platform, opened its position again. This time, he was long with 20x leverage for the first time. He recharged 1.076 million USDC as margin 7 minutes ago to Hyperliquid. He has now opened a 20x leverage long order and holds a position of 1.45 million USD (about 20.51 million USD). The opening price is US$13.78 and the liquidation price is US$13.37.
Bitcoin spot ETF net outflows of US$143 million yesterday, with a net asset ratio of 5.62%.
According to SoSoValue data, (East Time) the total net outflow of Bitcoin spot ETFs was US$143 million on March 13. Among them, BlackRock's net inflow of IBIT was US$45.7467 million, with a total historical net inflow of US$39.333 billion, the ETF with the most inflows on the day. Fidelity FBTC had a net outflow of US$75.48 million, with a historical net inflow of US$11.25 billion, the most outflows of ETFs on the day. As of press time, the total net asset value of Bitcoin spot ETF was US$89.605 billion, the net asset ratio of ETF reached 5.62%, and the historical cumulative net inflow was US$35.272 billion.
Tether freezes over USDT due to phishing activities
According to MistTrack monitoring, Tether has frozen USDT, involving the TRON address THsPNvWc47swNQp2GmAoH96KtYfSR4bz9F, which is suspected to be related to phishing activities. In addition, the UniswapV2Pair contract address (0x652d…89E) was also frozen for USDT.
According to EmberCN, an institution suspected of Blockchain Capital stockpiled a large amount of ENS lows, and then sold one after the ENS price exceeded $40. It sold 766,000 ENS (about $17.71 million) in three months, making a profit of $8.2 million. In 2023, the institution withdraws 1.306 million ENS from Binance through 4 addresses (average price of US$12.4, total value of US$16.23 million). After the ENS price exceeded US$40 at the end of 2024, it began to transfer to exchanges such as OKX, Bybit, Gate, etc. Currently, 766,000 pieces have been sold (average price of US$23.1), and 540,000 pieces of ENS (about US$8.85 million).
Thousands of dollars in AVAX tokens were transferred 9 hours ago by the US government wallet address
According to Arkham monitoring data, the U.S. government wallet address has transferred approximately 298.937 AVAX (valued at approximately $5,480) to the new wallet in the past nine hours, and another small transfer of 0.546 AVAX (approximately $9.99).
Financing
RedotPay completes US$40 million Series A financing, led by Lightspeed
According to the official announcement of RedotPay, it has completed a US$40 million Series A financing, led by Lightspeed, with investments including HSG, Galaxy Ventures, DST Global Partners, Accel, Vertex Ventures and others. This round of financing will be used to accelerate the expansion of global crypto payment solutions. Founded in April 2023, RedotPay has developed more than 3 million users, providing seamless cryptocurrency payment and fiat currency conversion services, and is committed to providing financial services to unbanked groups.
According to Pitchbook data, US crypto-invested venture capital in the U.S. in the first quarter of 2025 was approximately US$861 million, while the AI industry attracted nearly US$20 billion, and the flow of funds is still clearly inclined toward artificial intelligence. Large-scale financing in the AI field include: Databricks US$15.3 billion and Anthropic US$2 billion, with a total of 795 transactions. The largest financing in the crypto industry is Abu Dhabi MGX invested $2 billion in Binance, and other notable transactions include $82 million for Mesh, $70 million for Bitwise, and $58 million for Sygnum Bank. Historical data shows that AI financing increased from US$670 million in 2011 to US$36 billion in 2020, with the overall growth rate far exceeding the crypto field. In 2021, crypto financing briefly exceeded AI due to classification adjustments. Although AI funds dominate, the crypto industry still acquires funds through unique mechanisms such as airdrops, such as the 11 major airdrops from 2020 to 2024, creating a total of US$7 billion.
Templar Protocol completes $4 million in Pre-Seed round of financing
According to official news, Templar Protocol, the crypto lending agreement, announced the completion of a US$4 million Pre-Seed round of financing, with Robot Ventures, Digital Asset Capital Management, Proximity Labs, Blackdragon Capital, NEAR Protocol and several strategic angel investors participating in the investment. This funding will accelerate Templar's development roadmap and product releases.
Aura completed a $5.5 million seed round of financing in on-chain AI model verification and leasing market, led by Daxos Capital, Manifold Trading and Selini Capital, and Hermeneutic Investments participated. With the completion of this round of financing, Aura is accelerating its technology roadmap and preparing for the next phase of platform development.
Solv raises $10 million for Bitcoin reserve issuance to drive adoption of institutional BTC finance
Bitcoin staking platform Solv has raised $10 million for its Bitcoin Reserve Issuance (BRO) to build a $100 million BTC reserve. Solv will deploy the raised BTC into various revenue-generating tools, such as liquid staking tokens, and invest in decentralized finance (DeFi), real-world assets (RWA), and institutional financial products.
