Weekly Crypto News Recap - May 5, 2023

May 5, 2023


First Republic Bank seized, sold in fire sale to JPMorgan

AP News
Regulators seized troubled First Republic Bank early Monday, making it the second-largest bank failure in U.S. history, and promptly sold all of its deposits and most of its assets to JPMorgan Chase in a bid to end the turmoil that has raised questions about the health of the U.S. banking system. It’s the third midsize bank to fail in less than two months. The only larger bank failure in U.S. history was Washington Mutual, which collapsed at the height of the 2008 financial crisis and was also taken over by JPMorgan in a similar government-orchestrated deal.

Speedy Sui Blockchain Officially Launches on Mainnet

The much-anticipated Move-based layer 1 blockchain network Sui finally launched on mainnet. Developed by former Meta (Facebook) engineers who worked on the now-defunct Novi project, Sui is the latest speed-focused alternative layer 1 network. According to the testnet’s performance, the blockchain can reportedly achieve high throughputs between 10,871 transactions per second (TPS) to 297,000 TPS on various workloads. For comparison, Solana, one of the fastest layer-1 blockchains, boasts a TPS of roughly 4,000.

SEC steps back from defining digital assets in new hedge fund rules

The United States securities regulator is holding off from ratifying the definition of the term “digital assets” in rules that govern reporting disclosures for hedge and private equity funds, despite proposing to do so some nine months ago. The SEC originally included a digital assets definition in an August 2022 proposal for the changes that would have been the first time the SEC defined “digital assets.” Fast forward to today, the SEC said, “We proposed adding ‘digital assets’ as a new term to the Form PF Glossary of Terms. The Commission and staff are continuing to consider this term and are not adopting ‘digital assets’ as part of this rule at this time.”

Bitcoin BRC-20 token standard becomes new destination for meme tokens


Coinbase launches international perps exchange — starting with 5x leverage

The Block
Crypto exchange Coinbase is officially entering the crypto perps market with the launch of Coinbase International Exchange. The firm, which has made headlines in recent weeks for its brouhahas with U.S. regulators and its plans to set up shop overseas, said Tuesday that it would enable institutional users in eligible jurisdictions to trade perpetual futures with up to 5x leverage through its new offshore platform.


Jack Dorsey’s Cash App Posts $2.16B in Bitcoin Revenue for Q1 2023
Memecoin hype drives Bitcoin transaction fees to multi-year highs
New Bitcoin Token Overtakes WBTC on Avalanche
Blockstream Developer Neigut Expects ‘Cambrian Explosion’ of Bitcoin Layer 2 Protocols
Bitcoin Ordinals Surge to 3M Inscriptions, but Most Are Just Text
Balaji pays out his crazy $1M Bitcoin bet, 97% under price target
Bitcoin spot trading volume plunged more than 65% in April as Binance added back fees
MicroStrategy says it could sell Bitcoin to pay long-term debt obligations


Ethereum Developers In ‘Final Stages Of Planning’ Next Major Upgrade
Ethereum’s high gas fees see users flock to EVM-compatible chains


Pepe climbs to new ATH as market cap approaches $1B
Decentralized Exchange SushiSwap Rolls Out V3 Liquidity Pool on 13 Chains
Liquid Staking Platform Lido Surpasses 6M Ether Deposits as Shanghai Upgrade Spurs Inflows
Layer 2 Network Optimism to Use Ethereum Attestation Service to Promote User Trust
Arbitrum-Based Exchange Chronos Attracts $170M to Yield Pools in a Single Day
Funding Rates in the $500M Market Cap PEPE Token Remain Negative
Arbitrum Teams Up With AltLayer In Layer 3 Push
Rocket Pool Adoption Surges After Atlas Upgrade
LayerZero Usage Triples After Arbitrum Airdrop
XEN Token Accounts For 11% of Ethereum Gas Consumption
Aragon Bans at Least 6 DAO Members During Treasury Discussion, Alleging ‘Coordinated’ Assault
Whales take profits on pepe’s surge, market cap drops nearly $200 million: Nansen
PEPE Meme Coin Liquidity Pool Becomes Most Active on Uniswap
Sui Token Surges to $2 on Trading Debut as Network's Fully Diluted Value Hits $13B
New Cosmos chain will use liquid staking tokens from other networks for security
Binance Users Deposited Over $4B to Farm SUI Tokens Ahead of Mainnet Launch
Where to Get SUI and How Will Its Tokenomics Work?
PEPE Token Soars to $500M Market Cap as Memecoin Fever Grips Crypto Traders
Axelar enables Sommelier DeFi vaults to connect to Arbitrum
Blur NFT lending protocol gets mixed reactions from the community
Over $790M worth token unlocks scheduled for May
MakerDAO To Shutter SocGen’s $30M Credit Line
Ripple Sold $336M Worth of XRP Tokens in Q1, Reports Strong XRPL Growth


Curve to redeploy crvUSD stablecoin on Ethereum after ‘mistake in deployment script’
TUSD Lending Rates Spike After Stablecoin Briefly Rallies To $1.20
Binance USD stablecoin activity slides to two-year low
Curve Finance’s crvUSD stablecoin deployed on Sepolia testnet ahead of Ethereum mainnet launch


Fuse blockchain pledges $10M for ecosystem development
Securities token platform launches MPC wallet for institutions
MoonPay pushes into retail space with new crypto app
ConsenSys Layer 2 network Linea adds loyalty NFT campaign to drive adoption
Institutionally-Focused Crypto Exchange Bullish Partners With Market Maker B2C2 in Liquidity Drive
Phantom Solana Wallet Adds Ethereum and Polygon Support
Liquid staking solutions now have more TVL than DEXs: DefiLlama
Gemini Warns Barry Silbert's Digital Currency Group of $630M Default Risk
Genesis Bankruptcy Parties Agree to 30-Day Mediation Period
What’s in a name? Lens Protocol swiftly rebrands scaling solution from Bonsai to Momoka


Bitcoin Ordinals faces new challenge after developer inserts bug to throw out numbering
Solana Foundation launches NFT pitch contest for aspiring creators
LeBron James Spotted in RTFKT Nike Sneakers—Clone X NFT Holders Rejoice
Sports Illustrated launches Polygon-based NFT ticketing platform
Blur NFT lending surpasses $16M in loans, led by Machi Big Brother
Art Auction Giant Sotheby's Unveils On-Chain NFT Secondary Marketplace
Increased liquidity is causing a paradigm shift in NFT markets, Floor founders say
Battle Royale Shooter 'Grit' Plays Like a Wild West PUBG—With NFTs
Adidas and Pharrell Release Digital Clothing for Doodles NFT Holders


Stronghold Digital to Add 400 PH/s Capacity Via 4K Bitcoin Miners From Canaan Subsidiary
Kazakhstan’s Bitcoin mining industry has several challenges ahead
Bitdeer expands to Bhutan, expects to raise $500M
White House advisers renew push for 30% digital mining energy tax
Canadian province New Brunswick has denied energy to crypto miners for months
Bitfarms Bitcoin production declined 10% in April despite hashrate growth
Jack Dorsey’s nano Bitcoin mining chip heads to prototype
Bitcoin Miner Bitfarms Hits New Hashrate High Amid Argentine Expansion
Amid Bankruptcy, Core Scientific Signs Bitcoin Mining Hosting Contracts for Almost 18,000 Machines


Coinbase earnings beat estimates, interest income from USDC nears $200 million
Coinbase to stop issuing Bitcoin-backed loans from next week
Crypto Trading Platform Enclave Starts Fully Encrypted Spot Exchange
Gemini launches derivative platform in 30 countries
3AC founders run into fresh trouble in Dubai over new exchange OPNX
Bybit joins crypto exchanges offering crypto lending services
Poloniex to Pay $7.6 Million In Sanctions Violations Settlement
Aussie crypto exchange kicks off US expansion despite ‘regulatory risk’
Dave Ripley takes over as Kraken CEO, set on next phase of growth and expansion


$1.4 Trillion Investment Firm Launches Tokenized Mutual Fund on Polygon
New Crypto VC Firm Credibly Neutral Raises $5.5M
Interest rate hike speculation triggers outflows from crypto investment products: Report
While Binance battles regulators, its $9 billion VC arm keeps growing


Deloitte enters the Polkadot ecosystem to issue reusable digital credentials
US regional bank shares sink despite Fed calling banking system ‘sound’
Fearing Leaks, Samsung Bans Employees From Using ChatGPT
Regional banks extend losses and some paused due to volatility; Bitcoin up 2%
Coinbase Faced With Too Much Regulatory Uncertainty, Rating Cut to Neutral: Citi
Digital Bank Revolut Now Offering Crypto Investments in Brazil
Samsung employees banned from using ChatGPT-like AI tools
First Republic Bank Seized by Regulators and Sold to JPMorgan Chase
How to Get Bluesky Invite Codes as Chrissy Teigen Joins Decentralized Twitter Rival
Elon Musk introduces Twitter monetization avenues for content creators
JPMorgan Pursues Tokenization Plans Despite Crypto Downturn and Regulatory Hurdles


BNP Paribas Will Link Digital Yuan to Bank Accounts for Promoting CBDC Use: Report
North Carolina joins Florida in passing anti-CBDC legislation
Hebei, China, Issues Digital Yuan Discount Coupons
Visa to Develop Brazilian Blockchain-powered CBDC Project


FDIC alleges Cross River engaged in ‘unsafe’ lending practices sur
White House to build international standards for DLT
House Financial Services and Agriculture Subcommitees To Hold Digital Assets Hearing
President Bukele eliminates all taxes on tech innovations
SEC has 10 days to respond to Coinbase complaint: Legal exec
Blockchain Association Leaves New York as Federal Regulatory Fight Looms
UK Set to Ban Cold Calls Selling Financial Products, Including Crypto
BitFlyer USA Fined $1.2M by NYDFS for Not Meeting Cybersecurity Requirements
Nigeria's SEC May Permit Asset-Backed Tokens, Crypto Trading Remains Off-Limits
Kenya introduces 1.5% tax to crypto companies
Nigeria SEC will support asset-backed tokens: Bloomberg
Liechtenstein adapts blockchain laws to developing crypto landscape
FDIC pins Signature Bank’s failure on poor governance and illiquidity
Crypto Tax Guidance Could Come in '12-ish' Months, Says IRS Official
Tax law researchers propose IRS framework for deducting crypto losses


Voyager creditors could start seeing funds in the ‘next few weeks’
Judge Upholds Freeze on SpartacusDAO's $35M in Lawsuit Served Via Discord, NFT
Jailed French Crypto ‘Fraudster’ Loses Appeal in Morocco
‘WallStreetBets’ Themed Tokens Plummet 90% as Insider Dumps Treasury Holdings
First NFT Insider-Trading Trial Results in Guilty Verdict for Ex-Opensea Manager
Federal Reserve Raises Fed Funds Rate by 25 Basis Points, Signals Possible Pause
Crypto influencer named in FTX lawsuit served via tweet
Lisbon, Berlin, Paris among emerging crypto hubs in Europe, survey finds
Celsius eyes merge of entities as creditors claim distinctions were a ‘sham’
Law enforcement agencies seize dark-web market amid crackdown on illicit crypto transactions
Coinbase insiders got $1 billion richer by not disclosing negative information, lawsuit claims
Temasek denies investing in Array as another crypto project issues confusing announcement
Hundreds of Bitcoin Wallets Controlled by Russian Intelligence Agencies Exposed: Report
Justin Sun to Reverse $56M Binance Transfer After CEO Zhao Warns Against Potential SUI Token Grab
Hackers stole $93M from crypto projects in April
Polygon Lending Protocol 0VIX Pauses Protocol After $2M Exploit
Tornado Cash developer Alex Pertsev tweets for first time following prison release

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