Galaxy Digital to pay $200M over Terra promotion fallout
Michael Novogratz’s crypto investment firm Galaxy Digital agreed to pay $200 million in a settlement related to its alleged promotion of the now-collapsed cryptocurrency Terra (LUNA)According to New York Attorney General’s Office documents filed on March 24, Galaxy Digital acquired 18.5 million LUNA tokens at a 30% discount, then promoted them before selling them without abiding by disclosure rules. The filing states:“Ultimately, Galaxy helped a little-known token increase its market price from $0.31 in October 2020 to $119.18 in April 2022, while profiting in the hundreds of millions of dollars.“As part of the settlement agreement, Galaxy will pay $200 million in monetary relief over three years: $40 million within 15 days, another $40 million within one year, and two additional payments of $60 million due within the second and third years, respectively.Related: A beginner’s guide on algorithmic stablecoinsGalaxy Digital reportedly spread fake newsThe filing also accused Galaxy Digital and Novogratz of spreading false claims about Terra’s usage. In particular, the firm allegedly stated that the South Korean payments app Chai was built on the Terra blockchain, which was not accurate.This claim was also included in a press release sent to Bloomberg highlighting that the app “hosts over 2 million users and generates $1.2 billion in annualized transaction volume.” The release reads:“These statements were false. They were based on representations by Kwon and Terraform to Galaxy, but Galaxy failed to independently verify them.“Galaxy Digital’s Novogratz mentions Terra usage in Chai following Terra’s collapse. Source: Galaxy DigitalRelated: Terra’s Do Kwon’s US court hearing delayed as prosecutors review a swath of new evidenceTerra’s collapse and market falloutTerra and its algorithmic stablecoin, TerraUSD (UST), both experienced a dramatic collapse due to a breakdown in the mechanism designed to maintain UST’s peg to the US dollar back in May 2022. The event occurred when a large holder sold a substantial amount of UST.The large sell-off triggered market panic, causing UST to deviate from its expected value. The mechanism intended to stabilize UST involved minting new LUNA tokens to buy back UST, resulting in massive LUNA supply inflation and creating intense downward pressure on LUNA’s price.As Cointelegraph reported at the time, if the market cap of LUNA became lower than that of UST, there would not be enough funds to maintain the peg of the stablecoin. With the asset backing the stablecoin losing value as its supply continued to increase, the assets entered a self-reinforcing spiral, which caused both assets to lose nearly all their value within hours.This wiped out billions in market capitalization and triggered a broader cryptocurrency market downturn. The memory of the event is still fresh, with the Sonic blockchain’s recent unveiling of a high-yield algorithmic stablecoin being met with fears due to perceived similarities.Magazine: Bitcoiner sex trap extortion? BTS firm’s blockchain disaster: Asia Express
XRP price may drop another 40% as Trump tariffs spook risk traders
The XRP (XRP) market is flashing warning signs as a bearish technical pattern emerges on its weekly chart, coinciding with macroeconomic pressures from anticipated US tariffs in April.XRP descending triangle pattern hints at 40% dropSince its late 2024 rally, the XRP price chart has been forming a potential triangle pattern on its weekly chart, characterized by a flat support level mixed with a downward-sloping resistance line.A descending triangle pattern forming after a strong uptrend is seen as a bearish reversal indicator. As a rule, the setup resolves when the price breaks below the flat support level and falls by as much as the triangle’s maximum height.XRP/USD weekly price chart. Source: TradingViewAs of March 28, XRP was testing the triangle’s support for a potential breakdown move. In this case, the price may fall toward the downside target at around $1.32 by April, down 40% from current price levels.XRP’s descending triangle target echoes veteran trader Peter Brandt’s prediction. He warned of a possible decline to as low as $1.07 due to a “textbook” head-and-shoulders pattern forming on the daily chart. XRP/USD daily price chart. Source: Peter BrandtConversely, a rebound from the triangle’s support level could lead the price toward its upper trendline at around $2.55. A clear breakout above this resistance level risks invalidating the bearish structures altogether, instead sending the price toward the previous high of $3.35.Trump tariffs could amplify XRP sell-offThe broader market, meanwhile, has turned increasingly cautious in response to President Donald Trump’s 25% tariffs on auto imports, set to go live on April 3.These tariffs are likely to result in higher prices for US manufacturers and consumers. The February 2025 US CPI report already showed a 0.2% month-over-month increase.Related: Is altseason dead? Bitcoin ETFs rewrite crypto investment playbookSt. Louis Federal Reserve President Alberto Musalem estimated that these tariffs might contribute approximately 1.2 percentage points to inflation, with about 0.5 percentage points stemming from direct effects and 0.7 percentage points from indirect effects.According to the CME FedWatch Tool, the probability of the Federal Reserve cutting rates to a target range of 400–425 basis points in June has fallen to 55.7% as of March 28, down from 67.3% a week earlier and 58.4% just one day ago.Target rate probabilities for the June Fed meeting. Source: CMEA delayed rate cut would reduce the flow of capital into speculative markets, stalling momentum for XRP and other digital assets that thrive in a low-rate, risk-on environment.This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
UAE expects digital dirham rollout in Q4 2025
The United Arab Emirates expects its digital dirham central bank digital currency to roll out in the fourth quarter of 2025. According to a report in the Khaleej Times, Central Bank of the UAE Governor Khaled Mohamed Balama reportedly said that the blockchain-based currency could improve financial stability and help combat financial crime. According to the report, the retail sector could expect the issuance of a digital dirham in the last quarter of 2025. “It [digital dirham] will further enable the development of innovative digital products, services, and new business models while reducing cost and increasing access to international markets,” Balama reportedly said.The report also stated that the digital dirham and its physical counterpart will be accepted as a payment method in all payment channels. The news comes as the digital dirham received a rebrand. The first letter of the dirham will be its international symbol, along with two horizontal lines representing the currency’s stability, inspired by the UAE flag. The new symbol for UAE dirhams. Source: Khaleej TimesThe road to digital dirhams in the UAEIn June 2024, the CBUAE approved a licensing framework for regulating stablecoins. In a meeting with the CBUAE board of directors in Abu Dhabi, UAE officials discussed the government’s financial infrastructure program and approved the framework. The new rules clarified the issuance, licensing and supervision of payment tokens backed by the UAE dirham. Following the framework’s approval, stablecoin issuer Tether announced its plans to launch a dirham-backed stablecoin with local partners Phoenix Group and Green Acorn Investments. The collaboration aims to establish a fully-backed digital representation of the UAE dirham currency. After the framework approval, other players joined the race to create a dirham-backed stablecoin. On Oct. 18, 2024, a company called AED Stablecoin received in-principle approval for issuing a regulated dirham-pegged stablecoin in the UAE. On Nov. 1, The Open Network (TON) announced that Tether’s dirham-pegged stablecoin will be launched on its blockchain network. Related: Abu Dhabi’s financial free zone signs MoU with Chainlink for tokenization frameworksStablecoins in the UAEApart from dirham-backed stablecoins, US dollar and euro stablecoins have also gained traction in the country. On Feb. 24, the Dubai Financial Services Authority, the independent regulator for the Dubai International Financial Centre (DIFC), recognized Circle’s USDC and EURC as the first stablecoins under its crypto token regime. Meanwhile, a Ripple spokesperson previously told Cointelegraph that the company is working to understand the country’s stablecoin requirements. The spokesperson said they are monitoring the developments closely and that their RLUSD stablecoin is available in the UAE. Magazine: The 1 true sign an NFT bull market is back on: Wale, NFT Collector
Lazarus Group’s 2024 pause was repositioning for $1.4B Bybit hack
North Korea-affiliated hackers may have scaled back their operations in the second half of 2024 while preparing for what became the largest crypto hack in history.The crypto industry was rocked by the enormous hack on Feb. 21 when Bybit lost over $1.4 billion to the infamous North Korean Lazarus Group, which seems to have prepared the attack months in advance.According to blockchain analytics firm Chainalysis, illicit activity tied to North Korean cyber actors sharply declined after July 1, 2024, despite a surge in attacks earlier that year.The slowdown in crypto hacks by North Korean agents had raised significant red flags, according to Eric Jardine, Chainalysis cybercrimes research Lead.North Korean hacking activity before and after July 1. Source: ChainalysisNorth Korea’s slowdown “started when Russia and DPRK [North Korea] met for their summit that led to a reallocation of North Korean resources, including military personnel to the war in Ukraine,” Jardine told Cointelegraph during the Chainreaction show on March 26, adding:“So, we speculated in the report that there might have been additional things unseen in terms of resources reallocation from the DPRK, and then you roll forward into early February, and you have the Bybit hack.”https://t.co/jOlqMt4Hag— Cointelegraph (@Cointelegraph) March 26, 2025“The slowdown that we observed could have been a regrouping to select new targets, probe infrastructure, or it could have been linked to those geopolitical events,” he added.Related: Hyperliquid whale still holds 10% of JELLY memecoin after $6.2M exploitIt took the Lazarus Group 10 days to launder 100% of the stolen Bybit funds through the decentralized crosschain protocol THORChain, Cointelegraph reported on March 4.Still, blockchain security experts were hopeful that a portion of the funds could be frozen and recovered by Bybit. As of March 20, over 80% of the stolen $1.4 billion was still traceable as blockchain investigators continue their efforts to freeze and recover the funds.Related: Polymarket faces scrutiny over $7M Ukraine mineral deal betHow hackers staged the world’s biggest crypto hackThe Bybit attack highlights that even centralized exchanges with strong security measures remain vulnerable to sophisticated cyberattacks, analysts said.The attack shares similarities with the $230 million WazirX hack and the $58 million Radiant Capital hack, according to Meir Dolev, co-founder and chief technical officer at Cyvers.Dolev said the Ethereum multisig cold wallet was compromised through a deceptive transaction, tricking signers into unknowingly approving a malicious smart contract logic change.“This allowed the hacker to gain control of the cold wallet and transfer all ETH to an unknown address,” Dolev told Cointelegraph.North Korea hacking activity. Source: ChainalysisThroughout 2024, North Korean hackers stole over $1.34 billion worth of digital assets across 47 incidents, a 102% increase from the $660 million stolen in 2023, according to Chainalysis data.This accounted for 61% of the total crypto stolen in 2024.Magazine: Memecoins are ded — But Solana ‘100x better’ despite revenue plunge
NFT sales plunge 63% in Q1, but Pudgy Penguins, Doodles buck trend
Sales of non-fungible tokens (NFTs) dropped sharply in the first quarter of 2025, plunging 63% year-over-year. Still, a few standout collections defied the downturn and posted gains.NFTs recorded $1.5 billion in total sales from January to March 2025, down from $4.1 billion during the same period in 2024, according to data from aggregator CryptoSlam. March accounted for the steepest decline, with sales falling 76% to $373 million compared with $1.6 billion last year.Despite the slowdown, collections including Doodles, Milady Maker and Pudgy Penguins outperformed expectations, showing strength amid the downturn.Pudgy Penguins, Doodles, Milady defy NFT downturn in Q1Among the largest NFT collections, CryptoPunks recorded $60 million in Q1 2025 sales, down 47% from $114 million in the first quarter of 2024.The Bored Ape Yacht Club (BAYC) had an even bigger drop of 61%. The monkey-themed NFT collection had a sales volume of only $29.8 million in Q1 2025, down from $78 million in Q1 2024. Among the popular collections reviewed by Cointelegraph, Pudgy Penguins recorded the highest sales volume in Q1 2025. The collection recorded $72 million for the quarter, a 13% increase on its $63.5 million in Q1 2024. Doodles also defied the broader market downturn, with sales jumping to $32 million in Q1 2025 from $22.6 million in Q1 2024, possibly driven by its growing mainstream presence and a recent partnership with McDonald’s.Meanwhile, Milady Maker recorded the highest percentage increase among top collections. The Ethereum-based NFT collection had a sales volume increase of 58%. The anime-themed project, endorsed by Ethereum co-founder Vitalik Buterin, has continued to gain attention across social media platforms.The collection includes 10,000 anime-inspired avatars and it has gained traction from promotion by controversial Three Arrows Capital co-founder Su Zhu. Related: Sony’s Soneium blockchain, Animoca Brands bring anime to Web3Bitcoin NFTs average price increased in Q1 2025While the overall NFT market declined, NFTs built on Bitcoin saw a rise in average price, even as total sales volume shrank significantly.In the first quarter of 2025, NFTs on Bitcoin saw their average value increase to $633.24. According to data aggregator DappRadar, the average price of Bitcoin NFTs climbed from $63.45 in 2023 to $559.05 in 2024 before reaching its current average. However, Bitcoin-based NFT sales declined sharply to $291 million in 2025, a 79% drop. In the first quarter of 2024, Bitcoin NFTs had a sales volume of $1.4 billion.In a previous interview with Cointelegraph, Bitlayer co-founder Charlie Hu said that Bitcoin Ordinals are one of the most overhyped narratives in the Bitcoin ecosystem. The executive told Cointelegraph that while the asset class went to the moon, that era is “completely gone.”Magazine: Trump-Biden bet led to obsession with ‘idiotic’ NFTs —Batsoupyum, NFT Collector
Understanding recent credential leaks and the rise of InfoStealer malware
Opinion by: Jimmy Su, Binance chief security officerThe threat of InfoStealer malware is on the rise, targeting people and organizations across digital finance and far beyond. InfoStealers are a category of malware designed to extract sensitive data from infected devices without the victim’s knowledge. This includes passwords, session cookies, crypto wallet details and other valuable personal information.According to Kaspersky, these malware campaigns leaked over 2 million bank card details last year. And that number is only growing.Malware-as-a-serviceThese tools are widely available via the malware-as-a-service model. Cybercriminals can access advanced malware platforms that offer dashboards, technical support and automatic data exfiltration to command-and-control servers for a subscription fee. Once stolen, data is sold on dark web forums, Telegram channels or private marketplaces.The damage from an InfoStealer infection can go far beyond a single compromised account. Leaked credentials can lead to identity theft, financial fraud and unauthorized access to other services, especially when credentials are reused across platforms.Recent: Darkweb actors claim to have over 100K of Gemini, Binance user infoBinance’s internal data echoes this trend. In the past few months, we’ve identified a significant uptick in the number of users whose credentials or session data appear to have been compromised by InfoStealer infections. These infections don’t originate from Binance but affect personal devices where credentials are saved in browsers or auto-filled into websites.Distribution vectorsInfoStealer malware is often distributed via phishing campaigns, malicious ads, trojan software or fake browser extensions. Once on a device, it scans for stored credentials and transmits them to the attacker.The common distribution vectors include:Phishing emails with malicious attachments or links.Fake downloads or software from unofficial app stores.Game mods and cracked applications are shared via Discord or Telegram.Malicious browser extensions or add-ons.Compromised websites that silently install malware (drive-by downloads).Once active, InfoStealers can extract browser-stored passwords, autofill entries, clipboard data (including crypto wallet addresses) and even session tokens that allow attackers to impersonate users without knowing their login credentials.What to watch out for Some signs that might suggest an InfoStealer infection on your device:Unusual notifications or extensions appearing in your browser.Unauthorized login alerts or unusual account activity.Unexpected changes to security settings or passwords.Sudden slowdowns in system performance.A breakdown of InfoStealer malwareOver the past 90 days, Binance has observed several prominent InfoStealer malware variants targeting Windows and macOS users. RedLine, LummaC2, Vidar and AsyncRAT have been particularly prevalent for Windows users. RedLine Stealer is known for gathering login credentials and crypto-related information from browsers.LummaC2 is a rapidly evolving threat with integrated techniques to bypass modern browser protections such as app-bound encryption. It can now steal cookies and crypto wallet details in real time.Vidar Stealer focuses on exfiltrating data from browsers and local applications, with a notable ability to capture crypto wallet credentials.AsyncRAT enables attackers to monitor victims remotely by logging keystrokes, capturing screenshots and deploying additional payloads. Recently, cybercriminals have repurposed AsyncRAT for crypto-related attacks, harvesting credentials and system data from compromised Windows machines.For macOS users, Atomic Stealer has emerged as a significant threat. This stealer can extract infected devices’ credentials, browser data and cryptocurrency wallet information. Distributed via stealer-as-a-service channels, Atomic Stealer exploits native AppleScript for data collection, posing a substantial risk to individual users and organizations using macOS. Other notable variants targeting macOS include Poseidon and Banshee.At Binance, we respond to these threats by monitoring dark web marketplaces and forums for leaked user data, alerting affected users, initiating password resets, revoking compromised sessions and offering clear guidance on device security and malware removal.Our infrastructure remains secure, but credential theft from infected personal devices is an external risk we all face. This makes user education and cyber hygiene more critical than ever.We urge users and the crypto community to be vigilant to prevent these threats by using antivirus and anti-malware tools and running regular scans. Some reputable free tools include Malwarebytes, Bitdefender, Kaspersky, McAfee, Norton, Avast and Windows Defender. For macOS users, consider using the Objective-See suite of anti-malware tools. Lite scans typically don’t work well since most malware self-deletes the first-stage files from the initial infection. Always run a full disk scan to ensure thorough protection.Here are some practical steps you can take to reduce your exposure to this and many other cybersecurity threats:Enable two-factor authentication (2FA) using an authenticator app or hardware key.Avoid saving passwords in your browser. Consider using a dedicated password manager.Download software and apps only from official sources.Keep your operating system, browser and all applications up to date.Periodically review authorized devices in your Binance account and remove unfamiliar entries.Use withdrawal address whitelisting to limit where funds can be sent.Avoid using public or unsecured WiFi networks when accessing sensitive accounts.Use unique credentials for each account and update them regularly.Follow security updates and best practices from Binance and other trusted sources.Immediately change passwords, lock accounts and report through official Binance support channels if malware infection is suspected.The growing prominence of the InfoStealer threat is a reminder of how advanced and widespread cyberattacks have become. While Binance continues to invest heavily in platform security and dark web monitoring, protecting your funds and personal data requires action on both sides.Stay informed, adopt security habits and maintain clean devices to significantly reduce your exposure to threats like InfoStealer malware.Opinion by: Jimmy Su, Binance chief security officer.This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
LINE says it’s not in bed with Sony’s Soneium after all
LY Corporation denied that its Web3 venture, Line Next, had entered into a business partnership with Soneium, a Sony-backed Ethereum layer-2 network.The statement, issued on March 28, followed media reports and social media coverage that suggested a partnership had been finalized between LY and Soneium.“These reports were based on an announcement made by Soneium on [March 12] that it plans to expand its business by using the LINE API and LINE Mini Apps on our platform, although no business partnership or the like has been established between Soneium and LY Corporation,” LY said.In response, a Soneium spokesperson told Cointelegraph: “Our March 12 announcement refers to a collaboration, which involves exploring the integration of onchain Mini Apps within the Line ecosystem. We stand by the accuracy of all content published in our official statement. “LY Corporation has also directed readers to our announcement for context and clarification. Additionally, Soneium received permission to reference Line in that announcement, and the Kaia Mini App is not exclusive to any single provider,” the spokesperson added.Related: Hamster Kombat destined for Guinness World Record?Japanese tech titans and their blockchain venturesLY Corporation is a Japanese tech giant formed through the merger of several major entities, including Line — Japan’s largest messaging platform — and Yahoo Japan. The 2023 merger also brought Line’s Web3 arm, Line Next, under the LY umbrella.Line Next was established in late 2021 and raised $140 million in December 2023 from a consortium led by Crescendo Equity Partners. In January, it launched “Mini Dapps,” which offer games and social content within the LINE messenger — echoing the popularity of Telegram’s Mini Apps, which soared in popularity through tap-to-earn games and airdrops.Line’s Mini Dapps are powered by Kaia, a layer-1 blockchain formed by merging Line’s Finschia chain with Kakao’s Klaytn network. On March 6, Line announced that its Mini Dapps had surpassed 35 million users.The top Mini Dapp generated $773,000 during the launch month on Line. Source: Line CorporationLike Line Next, Soneium is backed by a Japanese tech heavyweight, in this case, Sony. Developed by Sony Block Solutions Labs, Soneium launched its mainnet in January with features such as NFTs tied to Amazon Prime Video content.Soneium taps into the global power of Japanese animeOn March 28, Soneium announced a separate partnership with Animoca Brands to promote anime culture in Web3.Through the partnership, Animoca’s digital identity platform, Moca Network, will create a decentralized identity layer on Soneium, starting with Anime ID, a reputation-based identifier for anime fans.The move comes amid surging global interest in anime content. In a 2024 media interview, Rahul Purini, president of anime streaming app Crunchyroll, said the platform’s research found 800 million people outside of China and Japan — where Crunchyroll’s library and access are limited — watch anime content.Magazine: Bitcoiner sex trap extortion? BTS firm’s blockchain disaster: Asia Express
'Bitcoin Macro Index' bear signal puts $110K BTC price return in doubt
Bitcoin, the world’s first and most popular cryptocurrency, is facing a potential bear market as a number of key metrics are showing a “bearish divergence.” This means that while the price of Bitcoin has been rising, other indicators are suggesting a downward trend.
The Capriole Investments’ Bitcoin Macro Index, which uses machine learning to analyze data from various metrics, has been showing lower highs since late 2020 while the price of Bitcoin has been reaching higher highs. This is a concerning sign for the overall health of the market, as it could indicate that Bitcoin has already reached its peak for this cycle.
The creator of the index, Charles Edwards, has acknowledged this bearish divergence and stated that it is “not great.” However, he also noted that he will not be fighting against the index if it turns positive in the future.
Other onchain metrics, such as the Market Value to Realized Value (MVRV) and Net Unspent Profit/Loss (NUPL), are also showing signs of turbulence in the short to mid-term. However, they do not suggest that Bitcoin has reached its peak yet.
In order for the market to turn bullish again, the Inter-Exchange Flow Pulse (IFP) metric, which flipped bearish in February, would need to return above its 90-day simple moving average. This would indicate a shift in sentiment and potentially lead to a recovery in the market.
Despite these concerning signals, it is important to note that this article does not contain investment advice or recommendations. Every investment and trading decision involves risk, and it is important for individuals to conduct their own research before making any decisions.
In conclusion, while the current state of the market may be uncertain, it is important for investors to stay informed and make decisions based on their own research and risk tolerance. Only time will tell if Bitcoin will continue its upward trend or if a bear market is on the horizon.