The cryptocurrency and blockchain landscape is constantly evolving, with significant developments occurring across market trends, regulatory frameworks, and technological innovation. This overview captures the essential updates from the past 24 hours, providing a clear picture of the forces shaping the digital asset space. From major corporate investments and new product launches to critical security warnings and government policy shifts, these events highlight the dynamic interplay between innovation, adoption, and security.
Major Exchange and Protocol Updates
Binance Supports IOTA Network Upgrade
Leading cryptocurrency exchange Binance has announced it will support the upcoming network upgrade and hard fork for IOTA (IOTA). To facilitate this process, deposits and withdrawals of IOTA tokens will be temporarily suspended starting at 14:00 (UTC+8) on May 5, 2025. The project's development team is scheduled to execute the network upgrade and hard fork at approximately 15:00 (UTC+8) on the same day. Users are advised to complete any necessary transactions before the suspension period.
Binance Wallet Announces New TGE for B² Network
Binance Wallet has revealed details for its 14th exclusive Token Generation Event (TGE), featuring the B² Network. The event is set to take place on PancakeSwap from 08:00 to 10:00 UTC on April 30. Participation will require users to hold a specific threshold of Alpha Points, with exact details to be announced closer to the event. An additional 8.4 million B2 tokens have been allocated for subsequent market activities.
Critical Security Warnings for Investors
A sophisticated new phishing scam targeting Ledger hardware wallet users has emerged, moving beyond digital communication to physical postal mail. Fraudsters are sending counterfeit "Ledger Security Update" notices that include branded QR codes. These codes direct users to a fraudulent website designed to steal their 24-word recovery phrase.
This scam is potentially connected to the July 2020 Ledger data breach, which exposed the personal information of over 270,000 users, including names, phone numbers, and physical addresses. The circulation of this data has previously led to threats, including the mailing of tampered hardware devices to victims in 2021.
The fundamental security principle for all hardware wallet users is that the recovery seed should never be entered online or shared with anyone. Legitimate companies will never ask for this information. The core value of a hardware wallet is its ability to keep private keys in a physically isolated, offline environment.
👉 Learn how to secure your recovery phrase and protect your assets
Layer 2 and Ecosystem Growth
The Ethereum Layer 2 ecosystem continues to demonstrate explosive growth. The number of unique addresses active on L2 networks has reached a new all-time high of 13.6 million, representing a staggering 74% increase over a seven-day period. This surge in user adoption is further underscored by the networks' transaction throughput; weekly transaction volume has surpassed 832,000, cementing L2s' dominance with a factor of 6.69 over the main Ethereum chain.
Notable Market Movements and Investments
Large Transfers to Exenses
Significant token movements have been observed on-chain. An address associated with a partner at Standard Crypto transferred 2,000 MKR (approximately $3.06 million) and 20,000 AAVE (approximately $3.31 million) to Coinbase. These assets were initially acquired on-chain in late February and early March, and the move suggests a realized loss of roughly $262,000.
In a separate transaction, a large investor or institution transferred 9 million UNI tokens (valued at approximately $47.07 million) to Coinbase Prime. This address had originally received the UNI allocation from Uniswap in September 2020.
Corporate and Fund Bitcoin Strategies
Cardone Capital, a real estate investment firm, has established a new fund comprising 10 properties with a total of 2,500 units. The firm has stated that the proceeds from this fund will be used to acquire over 1,000 Bitcoin, signaling a significant corporate move into the digital asset.
On a national level, El Salvador has reaffirmed its commitment to its Bitcoin strategy. Economic Minister María Luisa Hayem confirmed that the country will continue its Bitcoin accumulation program despite having signed a loan agreement with the International Monetary Fund (IMF) that included provisions to halt such purchases. President Nayib Bukele's office announced that the national treasury had added 8 BTC in the past week, bringing its total holdings to 6,162.18 BTC.
Evolving Regulatory Landscape
United States
The U.S. Senate is scheduled to vote on the proposed GENIUS Act in May. This legislation aims to establish clear reserve requirements and regulatory frameworks for stablecoin issuers, seeking to balance financial innovation with robust consumer protection.
In a significant development for the asset management industry, Nasdaq has filed an application with the SEC to list and trade the 21Shares Dogecoin ETF. The proposed trust would be managed by 21Shares US LLC, with Coinbase Custody serving as the custodian for the underlying DOGE assets. The ETF would track the DOGE-USD Benchmark Index and would only allow for cash creations and redemptions.
United Kingdom
The U.K. Treasury has unveiled a draft regulatory framework for crypto assets, marking a decisive step towards formalizing the industry. The new rules propose bringing a wide range of activities—including the operation of cryptocurrency exchanges, stablecoin issuance, custody services, staking, and market-making—under the oversight of the Financial Services and Markets Act 2000.
The policy statement also clarifies definitions for "qualifying crypto assets" and "qualifying stablecoins," while introducing accompanying modifications for transparency, anti-money laundering (AML) compliance, and financial promotions. The Treasury aims to complete the legislative process within 2025. Furthermore, the U.K. has expressed its intention to collaborate with the United States to foster innovation within the crypto sector.
Global Regulatory Developments
Circle, the issuer of the USDC stablecoin, has received preliminary approval from the Abu Dhabi Global Market (ADGM) Financial Services Regulatory Authority to operate as a Money Service Provider. This move is part of Circle's broader strategy to expand its presence across the Middle East and Africa.
New Platforms, Tokens, and Fundraising
New Launches and Projects
NFT influencer and whale "dingaling" has announced the upcoming launch of boop, a new token launch platform on the Solana blockchain. The platform will initiate an airdrop to reward early users upon launch, explicitly foregoing a points-based reward system. Detailed information is expected soon.
Former Meta engineers have secured $25 million in a seed funding round for Miden, a privacy-focused blockchain that utilizes zero-knowledge proofs (ZKPs). The round was co-led by Andreessen Horowitz (a16z) Crypto, Hack VC, and 1kx. Notably, Polygon Labs did not directly invest but has an agreement in place to allocate approximately 10% of any future Miden token to Polygon (MATIC) holders.
Trump-Linked Digital Initiatives
Several initiatives connected to former President Donald Trump have advanced. Trump Media & Technology Group (TMTG) is reportedly exploring the development of a utility token for its Truth Social ecosystem. The token could be used for payments, including subscriptions to Truth+ and other services within the platform. This follows a trademark filing for "Truth.Fi" in November, which mentioned digital wallet software.
In a separate development, the Trump Organization has announced that it will accept cryptocurrency payments for a new $1 billion real estate development in Dubai, a project undertaken in partnership with Dar Global.
Additional Funding Rounds
- Unto Labs: Raised $14.4 million in a round led by Framework Ventures and Electric Capital to develop a new blockchain based on the RISC-V architecture, aiming for better compatibility with traditional hardware.
- Camp Network: Secured $25 million in a Series A round co-led by 1kx and Blockchain Capital. The project is building a blockchain-based platform for content creators to manage on-chain storage and licensing, with a token launch planned for this year. The company later announced a total raise of $30 million.
Enterprise Blockchain Adoption
Traditional finance continues to embrace blockchain infrastructure. Asset management giant BlackRock has filed for a "DLT Shares" digital share class for its $150 billion money market fund. These shares will be sold exclusively through BNY Mellon, which intends to use blockchain technology to mirror and record share ownership. This move is seen as preparatory work for the future use of digital currencies and cash settlements within traditional finance.
Similarly, fintech company SoFi has announced plans to restart its cryptocurrency services by the end of 2025. CEO Anthony Noto stated that the return would be more strategic than its previous offering, with plans to integrate blockchain technology across all its major products over the next 24 months. The restart was made possible by new guidance from the Office of the Comptroller of the Currency (OCC) that reduced the compliance burden for banks engaging in crypto activities.
Pundi AI, a company focused on building an open AI ecosystem, has joined the NVIDIA Inception program. This accelerator provides startups with support for market development, hardware discounts, cloud resources, and technical training, which will aid Pundi AI in developing its cross-chain data layer and AI data marketplace.
Frequently Asked Questions
What should I do if I receive a letter about my hardware wallet?
You should immediately be suspicious. Reputable companies like Ledger will never contact you via postal mail to request your recovery phrase or private keys. Do not scan any QR codes or visit any websites linked in the letter. Instead, contact the company directly through their official website to verify the communication.
How is Layer 2 scaling improving Ethereum?
Layer 2 networks process transactions off the main Ethereum chain, significantly reducing fees and increasing transaction speed (throughput). This makes using Ethereum-based applications cheaper and faster for users, which is driving the massive growth in unique addresses and transaction volume seen on L2s.
What is the significance of a Bitcoin ETF?
A Bitcoin ETF (Exchange-Traded Fund) allows traditional investors to gain exposure to Bitcoin's price movements through a regulated stock brokerage account without the technical complexities of directly buying, storing, and securing the cryptocurrency themselves. This opens up Bitcoin investment to a much wider audience.
Why are stablecoin regulations important?
Stablecoins are designed to maintain a stable value, typically pegged to a fiat currency like the U.S. dollar. Regulations are crucial to ensure that issuers actually hold sufficient reserves to back all the stablecoins in circulation. This protects consumers from potential losses if an issuer becomes insolvent and helps maintain overall financial stability.
What does it mean when a company says it will "accept cryptocurrency payments"?
This typically means that at the point of sale, a customer can pay using specified cryptocurrencies. The merchant often uses a payment processor that instantly converts the crypto into local currency, shielding the merchant from price volatility. Alternatively, some companies may choose to hold the received cryptocurrency on their balance sheet.
What is a token generation event (TGE)?
A Token Generation Event (TGE) is the process by which a new cryptocurrency is initially distributed and made available to the public. This can happen through various methods, including public sales, private sales to investors, and airdrops to early supporters or users of a platform.