LIBRA memecoin orchestrators named as defendants in US class-action suit
The Libra token scandal is set to be reviewed by the Supreme Court of New York after a newly filed class-action lawsuit accused its creators of misleading investors and siphoning over $100 million from one-sided liquidity pools.Burwick Law filed the suit on behalf of its clients against Kelsier Ventures, KIP Protocol and Meteora on March 17 for launching the Libra (LIBRA) token in a “deceptive, manipulative and fundamentally unfair” manner. The token was then promoted by Argentine President Javier Milei on X as an economic initiative to stimulate private-sector funding in the country.The law firm slammed the two crypto infrastructure and launchpad firms behind LIBRA — KIP and Meteora — claiming that they used a “predatory” one-sided liquidity pool to artificially inflate the memecoin’s price, allowing insiders to profit while “everyday buyers bore the losses.”Within hours, the insiders “rapidly siphoned approximately $107 million from the liquidity pools,” causing a 94% crash in LIBRA’s market value, Burwick Law said in a March 17 filing shared on X.Source: Burwick LawPresident Milei was mentioned in the lawsuit but wasn’t named a defendant.Burwick accused the defendants of leveraging Milei’s influence to aggressively promote the token, deliberately creating a false sense of legitimacy and misleading investors about its economic potential.Approximately 85% of LIBRA’s tokens were withheld at launch and the “predatory infrastructure techniques” allegedly used by the defendants weren’t disclosed to investors, Burwick said.“These tactics, combined with omissions about the true liquidity structures, deprived investors of material information.”Burwick is seeking compensatory and punitive damages, the disgorgement of “unjustly obtained” profits and injunctive relief to prevent further fraudulent token offerings.Related: Law firm demands Pump.fun remove over 200 memecoins using its IPData from blockchain research firm Nansen found that of the 15,430 largest Libra wallets it examined, over 86% of those sold at a loss, combining for $251 million in losses.Only 2,101 profitable wallets were able to take home a combined $180 million in profit, Nansen noted in a Feb. 19 report.The venture capital firm behind the LIBRA token, Kelsier Ventures, and its CEO, Hayden Davis, were apparently two of the biggest winners from the token launch. They claim to have netted around $100 million.Davis, who is now facing a potential Interpol red notice following an Argentine lawyer’s request, said on Feb. 17 that he didn’t directly own the tokens and wouldn’t sell them.Meanwhile, Milei has distanced himself from the memecoin, arguing he didn’t “promote” the LIBRA token — as fraud lawsuits filed against him have alleged — and instead merely “spread the word” about it.Argentina’s opposition party called for Milei’s impeachment but has had limited success thus far.Magazine: Meet lawyer Max Burwick — ‘The ambulance chaser of crypto’
‘Bitcoin bull cycle is over,' CryptoQuant CEO warns, citing onchain metrics
CryptoQuant’s head chief says Bitcoin’s bull market could already be over — changing his stance from earlier in the month when he said the Bitcoin bull cycle will be slow but “is still intact.”“Bitcoin bull cycle is over, expecting 6-12 months of bearish or sideways price action,” CryptoQuant founder and CEO Ki Young Ju said in a March 17 X post.All signals are currently bearish, says JuJu said that all Bitcoin (BTC) onchain metrics indicate a bear market. “With fresh liquidity drying up, new whales are selling Bitcoin at lower prices,” Ju said. It comes only days after Cointelegraph reported that Bitcoin funding rates, which reflect the cost of holding long or short positions in crypto futures, are hovering close to 0%, indicating increasing indecisiveness among traders.Ju’s claim is in stark contrast to his March 4 post, where he said the Bitcoin bull cycle will remain slow but “is still intact,” pointing to neutral readings on key indicators. “Fundamentals remain strong, with more mining rigs coming online,” Ju said in a March 4 X post.Other analysts aren’t as bearish. Swyftx lead analyst Pav Hundal told Cointelegraph that “there is no reason to panic.”Hundal explained that while investors are “spooked” by US President Donald Trump’s tariffs, “all the numbers show a global economy that is pointing in the right direction.”“Money will move to on-risk assets when the market is ready to take on risk.”At the time of publication, Bitcoin is trading at $83,030, down 14.79% over the past month, according to CoinMarketCap data.Bitcoin is down 14.89% over the past month. Source: CoinMarketCapSome analysts think that given that the global M2 money supply has just reached new highs, Bitcoin could be set for an uptrend.“I’m saying Global Money Supply just made another new ATH. We are about to see Bitcoin rally again,” crypto analyst Seth said in a recent X post.Likewise, CoinRoutes CEO Dave Weisberger said that if the historical trend persists, Bitcoin could reach all-time highs by late April.“Expect Bitcoin to hit a new ATH within a month if its BETA correlation to money supply holds,” Weisberger said in a March 17 X post.Related: Bitcoin price fails to go parabolic as the US Dollar Index (DXY) falls — Why?However, based on historical data, Bitcoin’s current price is 67% lower than the lower bound should be, according to former Phunware CEO Alan Knitowski.“At this stage of the cycle, the lower bound of the historical range should be around $250,000,” Knitowski said in a March 17 X post.Source: Alan KnitowskiSwan Bitcoin CEO Cory Klippsten recently told Cointelegraph that “there’s more than a 50% chance we will see all-time highs before the end of June this year.” Bitcoin’s current all-time high of $109,000 was reached on Jan. 20, just hours before Trump was inaugurated as US President.Magazine: Crypto fans are obsessed with longevity and biohacking: Here’s whyThis 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.
Canary Capital proposes first Sui ETF in US SEC filing
Canary Capital has filed its sixth proposed crypto exchange-traded fund (ETF) with US regulators, this time for one tracking the spot price of the crypto token Sui.In a March 17 Form S-1 filing to the Securities and Exchange Commission, the crypto investment firm requested to list the Canary SUI ETF, which didn’t include information on what exchange it would trade on or the proposed ticker symbol.The ETF would directly hold Sui (SUI), the native token of the layer-1 blockchain used for fees and staking, which is the 23rd largest cryptocurrency with a market value of around $7.36 billion, per CoinGekco.Sui is trading up 1.3% over the last day to $2.31 and has gained 7.3% over the week. It has, however, fallen 56.5% from its Jan. 5 all-time peak of $5.35.Sui’s price over the last 24 hours hit a high of $2.38 but has since slightly fallen. Source: CoinGekcoCanary had registered a trust in Delaware on March 6 for the fund, and it must also file a Form 19b-4 with the SEC before the agency can consider whether to list it for trading.Canary’s Sui filing is its sixth crypto ETF bid with the SEC. In the past few months, it filed for ETFs tracking Solana (SOL), Litecoin (LTC), XRP (XRP), Hedera (HBAR) and Axelar (AXL).The filing comes after Sui said on March 6 that it partnered with World Liberty Financial, the crypto platform backed by US President Donald Trump.Part of the partnership saw World Liberty include the Sui token in its so-called “Macro Strategy” token reserve and explore further product opportunities together.Related: Hashdex amends S-1 for crypto index ETF, adds seven altcoinsTrump has promised to relax regulatory enforcement against crypto, which has sparked a flurry of crypto ETF filings amid optimism that the SEC under his administration will move to greenlight them.The SEC has delayed making decisions on multiple crypto ETF filings, but Commissioner Hester Peirce said last month that the agency would wait until the Senate confirms Trump’s pick to chair the SEC, Paul Atkins, before deciding on an agenda for crypto.A Senate confirmation hearing for Atkins is reportedly slated for March 27, having been delayed due to issues with financial disclosures.Magazine: Crypto fans are obsessed with longevity and biohacking — Here’s why
Microsoft warns of new remote access trojan targeting crypto wallets
Microsoft has recently issued a warning about a new remote access trojan (RAT) that specifically targets cryptocurrency wallets. This malware, known as StilachiRAT, has the ability to steal sensitive information such as credentials, digital wallet data, and even data stored in the clipboard. The tech giant’s Incident Response Team discovered the malware last November and has since found that it targets 20 different cryptocurrency wallet extensions for the Google Chrome browser.
According to Microsoft’s blog post, the StilachiRAT malware uses various methods to extract information from the target system. This includes scanning for configuration information for popular crypto wallet extensions like Coinbase Wallet, Trust Wallet, MetaMask, and OKX Wallet. The malware also has capabilities for detection evasion and anti-forensics, making it difficult to detect and analyze.
In addition to stealing information, StilachiRAT can also monitor clipboard activity for sensitive data like passwords and crypto keys. It can also clear event logs and check for signs that it is running in a sandbox, further complicating analysis attempts.
While Microsoft has not been able to identify the perpetrators behind this malware, they hope that by publicly sharing this information, they can prevent more people from falling victim to it. The tech giant advises users to have antivirus software and cloud-based anti-phishing and anti-malware components on their devices to protect against such threats.
Unfortunately, crypto-related scams, exploits, and hacks have been on the rise, with losses totaling nearly $1.53 billion in February alone. This includes the $1.4 billion Bybit hack, which accounted for the majority of losses. According to blockchain security firm CertiK, this highlights the need for increased security measures in the crypto industry.
In its 2025 Crypto Crime Report, blockchain analytics firm Chainalysis also noted the professionalization of crypto crime, with the use of AI-driven scams, stablecoin laundering, and efficient cyber syndicates. The report also revealed that there was $51 billion in illicit transaction volume in the past year.
As the crypto industry continues to grow, it is crucial for users to remain vigilant and take necessary precautions to protect their assets. With the increasing sophistication of cybercriminals, it is important to stay informed and stay ahead of potential threats.
Musk says he found ‘magic money computers’ printing money ‘out of thin air’
Elon Musk, the cost-cutting czar of the US government, has made a shocking revelation about the existence of “magic money computers” within various federal departments. In a recent episode of Senator Ted Cruz’s podcast, Musk claimed to have found at least 14 of these computers, which have the ability to create money out of thin air.
According to Musk, these computers are present in departments such as Treasury, Defense, and Health and Human Services, and can essentially issue payments and send money without any actual funds backing them. This means that the numbers presented to senators and other government officials may not be accurate, as these computers can manipulate and create money at will.
Musk’s statement has caused quite a stir, with many questioning the integrity of the government’s financial system. Jameson Lopp, the chief security officer at Bitcoin custody company Casa, even commented that “Bitcoin fixes this,” referring to the cryptocurrency’s ability to hedge against currency devaluation.
In addition to the issue of these “magic money computers,” Musk also uncovered other instances of waste and incompetence within the government. He found that some departments have more media, software subscriptions, and credit cards than actual employees, leading to a significant amount of unnecessary spending.
However, Musk believes that most of these cases are due to incompetence rather than a malicious scheme. He explained that in some instances, companies are being sent money by mistake, and no one from the government is asking for it back. This raises concerns about the government’s financial management and accountability.
Musk’s focus on cost-cutting measures has also caused backlash, with some of his other business ventures, such as Tesla, being targeted by vandals protesting against his actions. Despite this, Musk remains determined to uncover and address the issues within the government’s financial system.
In conclusion, Musk’s revelation about the existence of “magic money computers” has shed light on the flaws and inefficiencies within the government’s financial management. It also highlights the potential benefits of using blockchain technology, such as Bitcoin, to ensure transparency and accountability in financial transactions.
Bitcoin’s recent $12B open interest wipeout was essential, says analyst
Bitcoin’s nearly $12 billion open interest shakeout earlier this month might be just the catalyst needed for the asset to regain its upward momentum, according to a crypto analyst.“This can be considered as a natural market reset, an essential phase for sustaining a bullish continuation,” CryptoQuant contributor DarkFost said in a March 17 markets report.“Looking at historical trends, each past deleveraging like this has provided good opportunities for the short to medium term,” the analyst said.CoinGlass data shows that on Feb. 20, Bitcoin’s (BTC) open interest (OI) — a metric tracking the total number of unsettled Bitcoin derivative contracts such as options and futures — stood at $61.42 billion before dropping 19% to $49.71 billion by March 4. Bitcoin’s open interest is sitting at $49.02 billion at the time of publication. Source: CoinGlassIt came amid volatile price swings due to uncertainty over US President Donald Trump’s imposed tariffs and the future of US interest rates.“Following the recent panic triggered by political instability linked to Trump’s decisions, we witnessed a massive liquidation of leveraged positions on Bitcoin,” DarkFost said.Bitcoin’s price fell below two crucial price levels during the two-week period, bringing it closer to the levels seen in the days after Trump’s election win in November. Feb. 25 saw Bitcoin’s price retrace below $90,000, and just two days later, on Feb. 27, Bitcoin dropped below $80,000 for the first time since November. It’s now trading at $83,400, according to CoinMarketCap data.Bitcoin is down 14.58% over the past 30 days. Source: CoinMarketCapBitget chief analyst Ryan Lee recently told Cointelegraph that with Bitcoin hovering in the low $80,000s, its price and OI could see more volatility if the March 19 Federal Open Market Committee meeting delivers any surprises.“The market largely expects the Fed to hold rates steady, but any unexpected hawkish signals could put pressure on Bitcoin and other risk assets,” he added. Related: Bitcoin experiencing ‘shakeout,’ not end of 4-year cycle: AnalystsMarkets are currently pricing in a 99% chance that the Fed will keep interest rates steady, according to the latest estimates of the CME Group’s FedWatch tool.At the time of publication, Bitcoin OI is sitting at $49.02 billion, representing an approximate 6.5% increase over the past five days.Magazine: Crypto fans are obsessed with longevity and biohacking: Here’s whyThis 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.
Solana deletes ‘cringe’ ad criticized for being ‘tone deaf’ on gender issues
Solana, a popular blockchain network, recently faced backlash for a controversial advertisement posted on its X account. The ad, which was promoting the upcoming Solana Accelerate conference, depicted a man in a therapy session discussing his thoughts on innovation and crypto. However, the therapist responds by suggesting he focus on pronouns and coming up with a new gender, leading the man to launch into a monologue about wanting to focus on technology rather than gender.
The ad received over 1.2 million views and sparked a heated debate on social media. Many criticized it for making light of a highly divisive political issue and for being tone deaf on gender identity. Some even called for a boycott of the conference.
After facing immense backlash, the Solana team decided to delete the ad. However, the move was met with skepticism, with some speculating that it was done to protect the company’s image rather than out of genuine concern.
The controversy surrounding the ad highlights the ongoing cultural and political divide in the crypto community. While some praised the ad for its boldness and risk-taking, others saw it as a missed opportunity to address deeper cultural issues.
In the end, even those who initially supported the ad retracted their statements and apologized for their initial reactions. The incident serves as a reminder that in today’s society, companies must be careful with their messaging and avoid alienating any portion of their audience.
Solana has not yet commented on the reason for deleting the ad, but it serves as a lesson for companies to be mindful of the impact of their marketing and messaging, especially in a highly polarized world. As the crypto industry continues to grow and gain mainstream attention, it is crucial for companies to be aware of the potential consequences of their actions and to strive for inclusivity and sensitivity in their messaging.
Arbitrum devs launch incubator-style program ‘Onchain Labs’
Offchain Labs, the developers of Ethereum layer-2 network Arbitrum, have announced a partnership with the Arbitrum Foundation to launch a new incubator-style program called Onchain Labs.According to a March 17 post by Offchain Labs, the new incubator is aimed at rapidly adding to Arbitrum’s existing decentralized application (DApp) offerings with a particular focus on supporting “innovative and experimental” projects. Offchain Labs said this support will primarily come in the form of product and go-to-market advice and won’t provide engineering or other operational resources. It also added that while it’s possible — there’s no guarantee that its venture capital arm, Tandem, will purchase any of these project tokens in public markets. Source: Offchain LabsOffchain Labs said the continued development of Arbitrum over the past few years has seen it grow to become one of the “most performant ecosystems in the space.” But now, with the launch of Onchain Labs, the focus will shift to building out the network’s application landscape.“Through Onchain Labs, we’re dedicating resources to support developers looking to rapidly expand the application layer by ideating with them from the ground floor to bring the best user experiences to Arbitrum,” the company said. “With Offchain Labs’ support, we’re confident we’ll see industry-leading applications that are uniquely possible on Arbitrum.”However, it’s not just about building more applications.The firm has also said it will only support projects that launch fairly. Offchain Labs claimed the industry’s recent trend toward extractive zero-sum launches “stands in stark contrast to the core ethos of crypto,” adding that “as an industry, we can — and must — do better.”It will seek to counter this trend by only working with teams that commit to equitable launches, which it said was “essential for fostering community alignment. There’s no reason why all participants in an ecosystem can’t succeed together.”The rise of layer 2s is creating problems for EthereumArbitrum was one of the earliest layer 2s (L2s) on Ethereum, but there’s been an explosion in new L2 networks since Ethereum’s Dencun upgrade last year. According to L2Beat, there are now over 70 layer 2s and many more on the way. This has created some issues for Ethereum, according to some industry professionals. The first is the fracturing of the Ethereum ecosystem, as different DApps run on different layer 2s, which may or may not be interoperable.“We currently have too many, the more L2s we build, the less interoperability we will have, creating other problems around infrastructure,” Vitali Dervoed, the co-founder and CEO of perpetual exchange Composability Labs, told Cointelegraph in August. Related: DigiFT launches Invesco private credit token on Arbitrum“Developers might have good intentions when building the next super-fast, low-gas-fee, easy-to-use blockchain, but in the long run, it’s counterproductive as it creates a more fragmented ecosystem,” he added. Another issue is that lower-cost layer 2s like Base and Arbitrum are eating into Ethereum’s revenue and impacting the layer 1’s market cap. It comes on the same day Standard Chartered downgraded its 2025 price target for Ethereum by a whopping 60%, from US$10,000 to just US$4,000, with the bank’s head of digital asset research, Geoff Kendrick, saying, “We expect ETH to continue its structural decline.” Kendrick cited the impact of low-cost layer 2s like Base and Arbitrum as one of the key drivers of this decline. “Layer 2 blockchains were meant to improve ETH scalability, but we estimate that Base (a key layer 2) has removed USD 50bn from ETH’s market cap.”Magazine: ETH may bottom at $1.6K, SEC delays multiple crypto ETFs, and more: Hodler’s Digest, March 9 – 15