Arbitrum DAO mulls winding down ‘unsustainable’ Web3 gaming fund
Members of Arbitrum’s decentralized autonomous organization (DAO) are discussing a potential clawback of funds allocated to build a gaming ecosystem on the network, citing a lack of progress and transparency. On March 24, DAO member Nathan van der Heyden submitted a proposal calling for the recovery of unused funds allocated to the Arbitrum Gaming Catalyst Program (GCP). The program, launched in 2024, aimed to position Arbitrum as a leading platform for onchain gaming development.Van der Hayden said that the GCP was approved when projections were “exceptionally optimistic.” He added that this had “proved unsustainable.” “We must wind down GCP activities and secure all possible funds in order to safeguard the DAO’s funds and restore investor confidence in the ability of this DAO to allocate capital,” van der Heyden wrote in the governance forum post.The community member also said the GCP had been reluctant to document its activities and that the program was not delivering on its promises. Source: Nathan van der HeydenArbitrum proposal splits DAO sentiment Another DAO member seconded the proposal, saying the community must secure what is left of the funds:“The DAO should step in now and secure what is there and then think about a good and meaningful way of going forward.” While many others agreed to an immediate clawback of the funds, some said it may be counterproductive. One DAO member said that while the motivation may be valid, they favored a more constructive approach. “The desire to protect DAO funds and ensure transparency is valid, but immediately resorting to a complete clawback seems overly harsh and potentially counterproductive,” they wrote. The DAO member suggested phased clawbacks instead of immediately taking the program’s funding back and proposed flexible reporting standards to allow a more streamlined approach for the GCP. Arbitrum token declined 81% since the GCP launch The GCP was introduced on March 12, 2024, as a way to fuel the growth of Web3 gaming within the Arbitrum ecosystem. It allocated about 225 Arbitrum (ARB) tokens worth roughly $468 million. The funds went to investing in promising studios and games for network development and establishing Arbitrum as a leader for onchain gaming. However, the program coincided with a $2.2 billion token unlock, which may have caused the token’s price to drop. By June 2024, the tokens allocated to the program were only worth about $215 million, more than 50% less than their original value. At the time of writing, ARB tokens are trading at $0.38, 81% down from its price during the GCP launch. Arbitrum token’s decline since the GCP launch. Source: CoinGeckoAnother project has also begun implementing a plan to navigate the bearish market. On March 14, ZKsync sunset its liquidity rewards program ZKsync Ignite, saying that current market conditions had influenced the decision to end the program. Related: Axie Infinity teases new Web3 game as NFT outlook turns positiveBroader decline Web3 gaming funding The Arbitrum DAO proposal also comes amid a decline in Web3 gaming investments. Toshiyuki Otsuka, the founder of GameFi platform Snpit, told Cointelegraph that factors like market volatility and oversaturation of low-quality projects are slowing investment in Web3 gaming. “Many investors are taking a more cautious approach, waiting to see which projects can demonstrate long-term viability before committing capital,” Otsuka said. Otsuka added that the speculative rush of the past few years has given way to a more sustainable investment landscape for Web3 gaming, where only the most promising players are able to secure funding. Magazine: Meebits and CryptoPunks are like Hot Wheels for adults: New MeebCo owner Sergito
Security concerns slow crypto payment adoption worldwide — Survey
Security concerns remain the biggest obstacle to the mainstream adoption of cryptocurrency payments, as hacks and phishing scams continue to damage the industry’s legitimacy.More than 37% of investors identified security risks as the main barrier to using cryptocurrency for payments, according to a survey of 4,599 users conducted by Bitget Wallet as part of its latest Onchain Report shared with Cointelegraph.Still, 46% of users said they preferred crypto payments over fiat for their speed and efficiency.Source: Bitget Wallet Onchain ReportBitget Wallet has implemented multi-layered protection mechanisms to make security a “top priority” and inspire more confidence in crypto payments, according to Alvin Kan, chief operating officer of Bitget Wallet:“This includes MEV protection, which is now enabled by default across major chains like Ethereum, BNB Chain, and Solana, helping users avoid common risks like front-running and sandwich attacks. ““We also introduced smart authorization detection via our GetShield engine, which actively scans smart contracts, DApps, and URLs to flag malicious behavior before users sign anything,” he told Cointelegraph.Bitget Wallet’s operations are backed by a $300 million user protection fund as an additional layer of assurance in case of an “asset loss due to platform-level issues.”Concerns over crypto payment security by region. Source: Bitget Wallet Onchain ReportSecurity concerns have plagued the industry, especially since the emergence of a new type of phishing attack known as address poisoning or wallet poisoning scams, which involve tricking victims into sending their digital assets to fraudulent addresses belonging to scammers.Victims of address poisoning scams were tricked into willingly sending over $1.2 million worth of funds to scammers in the first three weeks of March.While Gen X users cite security as their top concern, Gen Z users prioritize usability and cost-efficiency, Kan said.Related: DWF Labs launches $250M fund for mainstream crypto adoptionAfrica and Southeast Asia lead in crypto payment adoptionBitget Wallet’s report found that 52% of African respondents and 51% of Southeast Asian respondents showed interest in crypto payments, driven by high remittance costs and limited banking access.Interest in crypto payments by region. Source: Bitget Wallet Onchain ReportTo help the world’s unbanked regions, Bitget Wallet offers simplified onboarding with non-custodial wallets that don’t require a traditional bank account, Kan said, adding:“With support for over 130 blockchains and stablecoins, users can easily send and receive value globally, using assets that maintain purchasing power.”“Local fiat on-ramps and multichain support ensure that users can tap into crypto without needing deep technical knowledge or centralized platforms,” he added.Related: Crypto security will always be a game of ‘cat and mouse’ — Wallet execIn Latin America, high transaction costs associated with traditional wire transfers are the main factor driving users to adopt crypto payments, Kan said.Such remittance fees averaged 7.34% during 2024 if they involved bank account transfers, according to Statista.Magazine: Fake Rabby Wallet scam linked to Dubai crypto CEO and many more victims
How to bridge to Solana
Key takeawaysBridging assets to Solana allows you to diversify digital assets across chains and access Solana’s Web3 benefits, which include DApps, DeFi and NFTs.Decentralized bridging platforms like Portal provide an efficient way to bridge to Solana from multiple blockchains. You can connect your wallets and transfer in minutes.Centralized platforms like OKX and Binance offer an alternative method linked to your exchange account and wallet for those nervous about decentralized mechanisms.The Solana bridging process involves connecting your source and destination wallets to a bridging platform, inputting the transaction details, and confirming the transfer. The world of digital assets is filled with opportunity. Once you understand the basics of blockchains and Web3, it’s natural to start looking for new ways to diversify your portfolio, whether through trading new tokens, trying out different decentralized applications (DApps), or earning from decentralized finance (DeFi) infrastructure. To get the most out of your digital assets, you’ll need to learn how to transfer assets between various blockchains, such as how to bridge to Solana from Ethereum. The only problem is that moving assets between blockchains can feel like a complex, daunting task, especially for those who are not tech-savvy. Bridging assets can seem fraught with risks, such as losing funds due to transaction mistakes or security vulnerabilities. But the good news is that bridging to Solana doesn’t have to be a stressful experience. This Solana token bridge guide offers a step-by-step process, including explanations and images. So, in just a few minutes, you’ll know how to bridge to Solana safely and securely. What is a Solana bridge?Crypto bridges are now a core part of the blockchain industry, enabling interoperability between multiple networks. As the name suggests, a bridge is a way to transfer assets and information from one blockchain to another. Solana is one of the busiest blockchain networks, and it uses bridges to interact with other chains. This allows users and developers to build a flow of crypto tokens and data between Solana and other networks. For example, people regularly transfer stablecoins between Ethereum and Solana using crosschain bridges, meaning a bridge can be used to transfer Tether’s USDt (USDT) from Ethereum to Solana and vice versa. The precise process required to bridge can vary depending on the assets, chains and bridge platform used. Most commonly, the Solana bridging mechanism will lock the collateral assets to the source chain. Then, it will mint the equivalent value of the mirrored asset on the destination chain. This is known as a lock-and-mint system.While the circulating supply of the original asset remains unaffected, the process effectively creates a wrapped version of the asset on the destination chain, which has its own supply metrics.In the reverse process, called burning and minting, the system burns (destroys) the wrapped asset and mints (releases) the locked token, putting it back into circulation on the native blockchain.Did you know? The process of transferring tokens between different blockchains, commonly known as “wrapping,” is facilitated by Wormhole, one of the bridging solutions for Solana. Wormhole securely enables cross-chain asset transfers, making tokens from one blockchain usable on another.Preparing for a crosschain bridge to SolanaBefore jumping into the Solana bridging process, there’s a bit of housekeeping to attend to.Firstly, you’ll need to ensure you have the correct wallets for the process. Presumably, you already have a crypto wallet with existing funds that is compatible with the current chain your assets are sitting on, such as Ethereum or BNB Chain.You’ll also need a Solana-compatible wallet, as this will be the destination for your newly bridged tokens. Phantom and Solflare are two such examples of Solana wallets, while hardware options like Ledger offer an alternative, security-focused option.You’ll need to have enough funds to cover your transactions, so ensure you have a little extra in your wallet, as you’ll need this to cover gas and transaction fees along the way.With your wallets and funds ready, it’s time to start bridging to Solana. First, you’ll learn how to use a decentralized Solana bridge. Did you know? Hackers involved in the $625 million Ronin Bridge hack (linked to North Korea’s Lazarus Group) moved stolen Ether across blockchain bridges, swapping it into other cryptocurrencies and using mixers like Tornado Cash to obscure the funds’ origin.Step-by-step guide to bridge to SolanaTo bridge to Solana, follow these general steps, after which your assets will have been transferred from another blockchain (like Ethereum or BNB Smart Chain) to Solana. The specific steps can vary depending on the bridging service used, but here’s a common approach:Step 1: Choose a bridge platformFirst, select a trusted bridge that supports Solana, such as:Wormhole (Ethereum to Solana, BNB Smart Chain to Solana)Allbridge (Multichain support)Portal (powered by Wormhole)Step 2: Connect your walletTo interact with the bridge, you will need a cryptocurrency wallet that supports Solana, such as:PhantomSollet WalletSolflareEnsure your wallet is set up and has the necessary tokens for the transaction.Step 3: Select the asset to bridgeOn the bridge platform, choose the token you want to transfer. Most bridges support popular assets like USDC (USDC), Ether (ETH) and Bitcoin (BTC), but you might need to check whether the token is supported on both the originating and destination blockchains.Step 4: Specify the source chain and target chainSelect the blockchain you’re transferring from (for example, Ethereum or BNB Smart Chain) and put the destination as Solana.Step 5: Initiate the transferFollow the platform’s instructions to initiate the transfer. This typically involves:Approving the transaction in your wallet.Paying any required network fees (for both the source and destination chains).Confirming the transfer details.Step 6: Wait for confirmationOnce you approve the transaction, the bridge will handle the transfer process. Depending on the bridge service, it may take anywhere from a few minutes to an hour for the transfer to be completed.Step 7: Check your Solana walletAfter the transfer is confirmed, check your Solana wallet for the received assets. They should appear as Solana-compatible tokens in your wallet.How to bridge to Solana using the Portal decentralized bridge platformPortal is a multichain app enabling fast, secure token transfers between numerous networks. Powered by Wormhole, it allows users to easily move tokens and non-fungible tokens (NFTs) across blockchains, including transfers to and from Solana. Here’s how to transfer tokens to Solana:Step 1: Select the blockchainsHead to portalbridge.com, and select your source blockchain (the chain the assets are coming from) and the target blockchain (Solana).Step 2: Connect the walletNext, connect your crypto wallets to the platform using the “Connect” button for both the “from” and “to” wallet. A prompt will appear asking you to select from an array of supported wallet providers and connect the wallet to the bridge.Step 3: Select an asset to transferAfter a wallet is connected to the bridge, select an asset from the “Select a Token” drop-down menu. Click any one from the list of supported assets or search for the asset you want to transfer.Usually, the interface displays the balance for the selected asset, enabling you to identify the correct token. After that, you’ll need to enter the amount you wish to transfer.Step 4: Connect your Solana walletNext, click the “Connect Destination Wallet” button. The interface displays an array of supported Solana wallets, and you can select from the options presented.Click on the relevant option and follow the prompts in the wallet to connect to the bridge.Step 5: Create associated token accountOnce the origin and target wallets are linked, you need to create a token account in the Solana wallet by clicking the “Create Associated Token Account” button to receive the tokens. If you already have an associated token account, you can move to the next step.Step 6: Bridge the fundsNow you’re ready to approve the token transfer through the bridge interface and confirm the transaction in the connected wallet. You can send assets to the bridge using the “Approve Tokens” button. Portal then processes the bridging of funds between chains.Step 7: Claim the fundsWhen the bridging of funds is complete, you can use the “Redeem” button to claim the tokens from the bridge using your Solana wallet.Did you know? Solana has a vibrant ecosystem with a wide range of DApps covering DeFi, NFTs, gaming and memecoins. Thanks to its high throughput and smart contract functions, it has become popular among developers and users, making it one of the most commonly bridged blockchains.How to bridge to Solana using a centralized platformIf you’re uncomfortable using a decentralized bridge, several centralized exchange platforms have Web3 and bridging features built in. There are a number of reputable operators to choose from, including exchanges like OKX and Binance. This example will show how to use OKX to bridge to Solana:Step 1: Transfer the funds to centralized walletStart by setting up an OKX exchange account at okx.com. You’ll need to submit and verify your identity to abide by Know Your Customer (KYC) regulations along the way. Once set up, you can transfer the tokens you want to bridge to your OKX wallet. Then, head over to the section called “Bridge.”Step 2: Connect walletClick “Connect wallet” and scan the QR code to link to OKX Wallet. To add the wallet extension to your browser, select “OKX Wallet extension.” If you are using another wallet, such as MetaMask, select “Other.” You’ll need to enter your OKX Wallet password and select “Confirm” to link the wallet with OKX Swap.Step 3: Bridge your assetsNow you can select the source blockchain and destination Solana wallet. You’ll also need to choose the source and destination tokens you wish to bridge. OKX Bridge will then show you the number of tokens you will receive. If satisfied, click “Swap across chains,” and confirm the transaction to complete the transfer.Potential risks of using blockchain bridgesWhile bridging tokens between blockchains offers exciting opportunities — such as accessing different ecosystems, DApps, and DeFi protocols — it also comes with risks that users should understand before initiating a transfer. Below are the primary factors to keep in mind:1. Smart contract vulnerabilitiesBridge exploits: Bridges have been a prime target for hackers, leading to high-profile exploits in the past (e.g., Wormhole and Ronin). Attackers often exploit bugs in bridge smart contracts or associated platforms, resulting in large-scale fund losses.Audits and trust: Look for well-audited bridges with a proven track record. Even audited platforms can be compromised, but a strong security record and a reputable team are good indicators of safety.2. Counterparty risk (centralized exchanges)Dependency on custody: When using a CEX, you temporarily hand over control of your funds. If there are technical issues, hacks or policy changes, access to your tokens could be delayed or restricted.KYC and privacy concerns: Many CEXs require identity verification. This may be a dealbreaker for users concerned about privacy or regulations.3. Incorrect address or chain selectionLoss of funds due to mistakes: Sending assets to the wrong chain or an incompatible address can result in permanent loss. Double-check wallet addresses and network selections to avoid errors.Associated token accounts: On Solana, you often need an associated token account to receive bridged tokens. Forgetting to create it can delay or confuse the process.4. Network congestion and feesGas fees: Busy networks (like Ethereum) can have high gas fees during peak usage. This can make bridging unexpectedly expensive.Transaction delays: Network congestion could cause longer confirmation times, meaning your assets may appear “in transit” for an extended period.5. Liquidity constraints and slippageWrapped asset liquidity: Once you bridge tokens, you end up with a wrapped version of the token on the destination chain. If there’s insufficient liquidity for that wrapped token in DeFi pools, you may face slippage (unfavorable price changes) when trading.Volatility: If the token is volatile, rapid price fluctuations can affect the value of your assets mid-transfer.6. Operational and technical risksPlatform downtime or upgrades: Decentralized bridges occasionally undergo maintenance or upgrades. If the bridge goes down mid-transaction, you may need support to finalize the transfer.Phishing attacks: Always ensure you’re using the correct URL and interacting with the legitimate bridge contract or CEX. Phishing sites can mimic authentic interfaces and steal funds.7. Regulatory environmentCompliance issues: Some jurisdictions may restrict crosschain activity, especially via centralized exchanges that enforce specific user policies.Evolving regulations: Crypto regulations vary by region and frequently change, potentially impacting bridging services and the availability of certain networks or tokens.To mitigate the risks associated with bridging assets from one blockchain to another, you should take a cautious and well-informed approach. Start by researching and selecting reputable bridging platforms with strong security records and community trust. Before committing to a large transfer, test the process with a small amount to ensure smooth execution. Keeping wallet software and bridging interfaces updated is crucial, as updates often include security patches that protect against vulnerabilities. For enhanced security, consider using a hardware wallet and enabling two-factor authentication (2FA) on centralized exchange accounts. Always double-check wallet addresses and ensure you are selecting the correct blockchain network before submitting a transaction to prevent irreversible losses. Additionally, staying informed by following a bridge project’s official channels — such as X, Telegram and Discord — can help you stay aware of potential downtime, security patches or known vulnerabilities.
Binance suspends staffer after internal investigation into insider trading
Crypto exchange Binance has suspended a member of its Binance Wallet team, adding it could take further legal action after launching an internal investigation over allegations of insider trading.The exchange’s crypto wallet business, Binance Wallet, launched an investigation on March 23 after it “received a complaint alleging that one of our staff members engaged in front-running trades using insider information to gain improper profits,” it said in a March 25 X post.It claimed a preliminary investigation found a Binance Wallet staffer who joined the team last month was suspected of using information from a former position in a business development role at BNB Chain to “front-run” trades of a project token. “The employee was aware the project was planning a Token Generation Event (TGE) and anticipated it would generate significant community interest,” Binance Wallet wrote.It claimed the staffer “used multiple linked wallet addresses to purchase a large volume of the project’s tokens” before it publicly announced the token launch and then, after the announcement, “quickly sold part of his holdings to realize significant profits.”Binance Wallet accused the staff member of front-running trades based on non-public information gained from a previous role in breach of company policy. It added the staff member was “suspended immediately and pending further disciplinary action,” and the company would cooperate with authorities in the relevant jurisdiction to take legal action.The company did not name the staff member but noted the allegations circulating on X prompted the investigation. Earlier this week, multiple X users pointed to a former operations manager at BNB Chain — Freddie Ng — whose LinkedIn shows he joined Binance Wallet’s business development team last month.As noted by X user “py,” one of the wallets that DEX Screener shows has profited $82,400 from the token in question, U DEX Platform (UUU), is a wallet that received UUU tokens from another wallet initially funded by the address “freddieng.bnb” — which Ng had shared on his X account.A wallet allegedly linked to a Binance staffer sold holdings of a token just minutes after it debuted on March 23 and hit a peak value of $31.5 million. Source: DEX ScreenerBinance did not immediately respond to a request for comment. Ng was contacted for comment.Related: BNB Chain launches $100M liquidity program Binance Wallet said it appreciated the public efforts, but it would only reward those who submitted reports to a whistleblowing email “to protect whistleblowers’ interests.”It said it would hand out $100,000 equally distributed among four anonymous whistleblowers who emailed the exchange.Magazine: What are native rollups? Full guide to Ethereum’s latest innovation
Kentucky governor signs ‘Bitcoin Rights’ bill into law
Kentucky governor Andy Beshear has signed a measure known as the “Bitcoin Rights” bill, into law, enshrining protections for crypto users, as two other US states’ Bitcoin reserve legislation advanced.Crypto advocacy group the Satoshi Action Fund said in a March 24 statement to X that House Bill 701 protects the “right to self-custody, run a node, and use of digital assets” without “fear of discrimination.” First introduced to the Kentucky House by Rep Adam Bowling on Feb. 19, HB701’s description says it safeguards the right to use digital assets and self-custody wallets and bans local zoning changes that discriminate against crypto mining. Source: Satoshi Action FundAt the same time, the legislation provides guidelines for running a crypto node, excludes crypto mining from money transmitter license requirements, and specifies that mining and staking are not considered offering or selling a security.The bill passed Kentucky’s House of Representatives on Feb. 28, with all 91 representatives voting in favor, and passed the state Senate on March 13, with all 37 senators voting in favor. It was then signed into law by Beshear on March 24. The legislation mirrors similar legislation signed into law by Oklahoma Governor Kevin Stitt in May 2024. Kentucky’s Bitcoin Rights bill enshrines protections for crypto users in the state. Source: Kentucky General AssemblyKentucky has also introduced a bill to establish a Bitcoin reserve, allowing the State Investment Commission to allocate up to 10% of excess state reserves into digital assets, including Bitcoin (BTC); the bill is still under review. Other Bitcoin reserve bills move forwardMeanwhile, Oklahoma’s House Bill 1203 (HB 1203), known as the Strategic Bitcoin Reserve Act, has passed the State House of Representatives 77 to 15, according to the crypto advocacy group, the Oklahoma Bitcoin Association.The bill was introduced to the Oklahoma House of Representatives on Jan. 15 by state Representative Cody Maynard and passed the Government Oversight Committee with a 12–2 vote on Feb. 25. Related: Crypto bills stack up across the US, from Bitcoin reserves to task forcesIt must now pass through the Senate before the Oklahoma governor can veto or sign the bill into law. Oklahoma state Senator Dusty Deevers also filed legislation on Jan. 8 that would allow residents in the state to receive salaries in Bitcoin. Bitcoin legislation tracker group Bitcoin Laws said in a March 24 X post that Oklahoma has now moved into equal second place with Texas in the State Bitcoin reserve race.Oklahoma has now moved into equal second place in the State Bitcoin reserve race. Source: Bitcoin LawsArizona remains in the lead after two strategic digital asset reserve bills cleared Arizona’s House Rules Committee on March 24 and headed to the House floor for a full vote.Bitcoin Laws speculates that because Republicans dominate the Oklahoma Senate and the governor is Republican, the bill “has a good chance to pass into law.” Missouri’s Special Committee on Intergovernmental Affairs is also in the process of evaluating the state’s Bitcoin reserve bill, according to Bitcoin Laws.Magazine: How crypto laws are changing across the world in 2025
Massive Bitcoin whale buys $200M in BTC, another wakes up after 8 years
A massive Bitcoin whale wallet holding has just added $200 million worth of Bitcoin to its position after selling over 11,400 Bitcoin over the last few months — coinciding with a recent rebound for the original cryptocurrency. The Bitcoin (BTC) whale added 2,400 Bitcoin — worth over $200 million — to their stash on March 24, blockchain analytics firm Arkham Intelligence said in an X post.Data shared by the firm shows that despite some sales in February, after the latest purchase, the whale holds over 15,000 Bitcoin in its wallet, worth over $1.3 billion, at current prices. “A $1 billion Bitcoin Whale just withdrew $200 million of Bitcoin this morning from Binance,” Arkham said.The whale started acquiring Bitcoin five days ago after selling off its stash when Bitcoin’s price was between $100,000 and $86,000 in February. CoinGeck data shows on Feb. 1, Bitcoin was worth over $104,000, but it steadily declined to hit a low of $78,940 on Feb. 28. Source: Arkham IntelligenceThe whale movement comes amid a recent Bitcoin price rebound. Bitcoin has been trading $81,000 and $88,000 in the last seven days, according to CoinGecko, with a price surge of 3% on March 24, distancing itself from its $76,900 low on March 11.Bitcoin whale wakes from slumber At the same time, another Bitcoin whale has woken up after eight years of dormancy, moving over 3,000 Bitcoin, worth $250 million, in one transaction on March 22.“His Bitcoin stack went from $3M in early 2017 to over $250M today — and he’s held Bitcoin on one address for over 8 years,” Arkham said in a March 22 X post. Another huge Bitcoin holder, BlackRock, the world’s largest asset manager with approximately $11.6 trillion in assets under management, has been steadily accumulating more Bitcoin over the last week as well, according to Arkham.Across 15 transactions, the asset manager bought an extra 4,054 Bitcoin, giving it a total stash of 573,878, worth over $50 billion, data on Bitbo’s Bitcoin treasury tracker shows. BlackRock’s iShares Bitcoin Trust (IBIT) also led a rally of spot Bitcoin exchange-traded funds (ETFs) in the US, snapping a five-week net outflow streak by clocking a net inflow of $744.4 million. The bulk of net inflows came from BlackRock’s iShares, which recorded $537.5 million, followed by Fidelity’s Wise Origin Bitcoin Fund (FBTC) with $136.5 million.Bitcoin whales weren’t the only ones accumulating more crypto. Lookonchain used Arkham data to track a lone Ether whale who added 7,074 Ether (ETH) to its stash on March 21, worth $13.8 million.Source: LookonchainEther has been moving between $1,876 and $2,097 in the last seven days, CoinGecko data shows. It’s still down over 57% from its all-time high of $4,878, which it hit in November 2021.However, its open interest surged to a new all-time high on March 21, and the number of addresses with at least $100,000 worth of Ether started rising at the beginning of March, from just over 70,000 addresses on March 10 to over 75,000 on March 22.Magazine: Crypto fans are obsessed with longevity and biohacking: Here’s why
BugsCoin (BGSC) booms: 50% burn & trading surge signal global Web3 ascent
Bugs Coin (BGSC), created by the renowned Korean trading YouTuber Inbum with 630,000 subscribers, is quickly making its mark in the global cryptocurrency market. Originally launched as an innovative Web3-based cryptocurrency project, BGSC aims to transcend the traditional limitations of meme coins by integrating cultural and artistic elements to build a strong, community-driven ecosystem.Currently, BGSC is listed on major global exchanges. Built on the BNB Smart Chain (BSC), BGSC provides users with fast transaction speeds and low fees, enhancing overall user experience.Gate Ventures invests $8.5M in Bugs Coin ecosystemGate Ventures, recently announced via its official channels that it has made a strategic investment of $8.5 million in the Bugs Coin ecosystem.This investment will be used to accelerate the development of the AntTalk trading platform and the BGSC token. Gate Ventures stated, “Our strategic collaboration with BGSC aims to promote cryptocurrency education and trading while increasing global market participation.”Explosive trading volume growth: BGSC futures skyrocket 1,300% in 24 hoursRecently, BGSC has witnessed a massive surge in futures trading volume, drawing significant attention from global traders.According to CoinMarketCap, BGSC’s futures trading volume on Bitget skyrocketed by 1,300% within 24 hours, surpassing $30 million. This remarkable growth in trading volume outpaced several major cryptocurrencies and highlighting BGSC’s rapid expansion in the market.Additionally, CoinGlass data indicates that as of 20:00 PM (UTC) on the 17th, BGSC’s 24-hour liquidation volume reached $1.2 million, reflecting increased volatility alongside the rising trading volume.Massive token burn: BGSC supply slashed by 50%Bugs Coin recently completed a token burn of 50 billion BGSC, equivalent to approximately $3.25 billion. The burn was executed at 5:20 AM (UTC) on the 19th, effectively reducing the total BGSC supply from 100 billion to 49.845 billion tokens.The Bugs Coin team stated, “This strategic burn aims to decrease excess supply, increase BGSC’s scarcity, and enhance its long-term value while alleviating investor concerns regarding rug pulls and scams.” Furthermore, the team announced plans to allocate reserve and marketing funds via smart contracts to further reinforce decentralization.AntTalk Platform Drives Community Growth and Introduces a BGSC Mining Model.Bugs Coin is actively expanding community engagement through its AntTalk platform, a cryptocurrency information and simulated trading platform. Users can earn Bugs Points by participating in various activities on AntTalk, which can be converted into BGSC tokens.Key features of AntTalk:BGSC Mining via Simulated Trading – Users can earn BGSC through AntTalk’s simulated trading system without requiring complex mining equipment.Weekly Swap Feature – Bugs Points can be exchanged for BGSC on a weekly basis.Community-Driven Rewards – Airdrops, events, and community participation incentives reward active users.Fair Reward Distribution – AntTalk regularly allocates points based on trading performance to ensure fair rewards.Global Expansion – Designed to help beginners gain crypto investment experience, expanding its user base worldwide.BugsFunded Prop Trading System set for introductionTo further expand its ecosystem, Bugs Coin is set to introduce the BugsFunded Prop Trading System.BugsFunded is a decentralized crowdfunding and prop trading system that offers community-driven investment opportunities, allowing professional traders and retail investors to participate in a transparent and fair trading model.Key features of the BugsFunded Prop Trading System:Prop Trading Integration – The system utilizes a robust global trading infrastructure to deliver a secure and efficient trading environment.Community-Driven Investment Model – Users can fund traders via prop funding and share profits based on their performance.Decentralized Operations – Funds are managed transparently through smart contracts, eliminating intermediaries.Professional Trader Verification – Traders must undergo a performance-based evaluation before participating in prop trading.Transparent Profit Distribution – Investment returns are automatically recorded on the blockchain and distributed fairly through smart contracts.The BugsFunded Prop Trading System is expected to enhance BGSC’s liquidity and create a fair and collaborative investment environment for both professional traders and everyday investors.Future outlook for Bugs CoinBugs Coin is evolving beyond just a meme coin, establishing itself as an innovative cryptocurrency project with a robust ecosystem and real-world utility.Listed on several major global exchanges24-hour futures trading volume surged by 1,300%50 billion BGSC burned – Total supply reduced by 50%AntTalk platform driving simulated trading and BGSC miningBugsFunded Prop Trading System set for introductionCommunity-driven growth and increased decentralizationAs of March 24, BugsCoin has surpassed $0.0105Bugs Coin is committed to continuous ecosystem expansion and innovation, aiming to provide long-term value in the global cryptocurrency market.
USDC stablecoin receives approval for use in Japan, says Circle
Circle said it will officially launch its stablecoin in Japan on March 26 after one of its local partners received regulatory approval to list the US dollar stablecoin three weeks ago.USDC (USDC) will first be listed on the “SBI VC Trade” crypto exchange under a joint venture between its parent firm — Japanese financial conglomerate SBI Holdings — and Circle’s Japanese entity Circle Japan KK, Circle said in a March 24 statement.The news comes three weeks after SBI VC Trade secured an industry-first regulatory approval on March 4 to list USDC under the Japan Financial Services Agency’s stablecoin regulatory framework.Circle is also looking to list USDC on Binance Japan, bitbank, and bitFlyer in the near future.Japan’s bitbank and bitFlyer are two of the country’s largest crypto exchanges — having processed more than $25 million each over the last day with over 1.85 million visits to their websites in the last month.The regulatory approval comes after two years of back-and-forth negotiations with regulators, banking partners, and industry players, Circle’s Jeremy Allaire said in a March 24 X post.“[This] unlocks tremendous opportunities not just in trading digital assets, but more broadly in payments, cross border finance and commerce, FX,” he added.Source: Jeremy AllaireSBI Holdings CEO and president Yoshitaka Kitao said the USDC launch would enhance financial accessibility and drive crypto innovation in Japan’s evolving digital economy.“[This aligns] with our broader vision for the future of payments and blockchain-based finance in Japan.”Related: Gold-backed stablecoins will outcompete USD stablecoins — Max KeiserMeanwhile, USDC and Circle’s euro-backed EURC (EURC) stablecoin were recognized as the first stablecoins under the Dubai Financial Services Authority’s new regime on Feb. 24.The recognition allows companies operating in the Dubai International Financial Centre — a free economic zone — to integrate the two stablecoins into a range of digital asset applications, including payments, treasury management and services.USDC remains the second largest stablecoin by market cap at $59.7 billion, trailing only Tether’s USDT at $143.8 billion, CoinGecko data shows.Magazine: SEC’s U-turn on crypto leaves key questions unanswered