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Solana’s Loopscale Suffers Setback After $5.8 Million Exploit Weeks After Launch

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  • Loopscale, a Solana-based DeFi lending protocol, was hacked two weeks after its launch, causing it to lose over $5.8 million (around 12% of its TVL) and forcing the platform to pause most of its services while investigations on the case go on.
  • The platform was launched on April 10 after a six-month closed beta.

Solana’s DeFi project, Loopscale, has been hacked and is now one of the top 2025 hacks that caused victims to lose over $5.8 million, which amounts to about 12% of its total value locked. Following the incident, the platform decided to pause its lending services so as to prevent any further damage. The exploit happened just two weeks after Loopscale’s official launch, marking a major blow to the new protocol.

On the 26th of April, attackers exploited a vulnerability in one of Loopscale’s lending markets, stealing about 5.7 million USDC and 1,200 Solana (SOL), according to Mary Gooneratne, the cofounder of the platform. The stolen funds represent almost 12% of the protocol’s total value locked (TVL).

Due to the exploit, Loopscale temporarily paused its lending but later allowed limited functions, like loan repayments, top-ups, and loop closings. Other main features like Vault withdrawals remain restricted as the investigation continues.

According to the platform, the exploit happened because of a problem with how Loopscale priced RateX-based collateral. “There is no issue with RateX itself related to this. Loss of funds explicitly affects depositors to SOL and USDC Genesis vaults,” the platform added.

Presently, an investigation is ongoing to determine the full effect of the breach and also ways for fund recovery. Gooneratne stated that their team is fully mobilized to investigate the situation, recover stolen funds, and ensure user protection.

The Launch of Solana DeFi Lending Platform

The DeFi lending platform, Loopscale, was launched on April 10 after a six-month closed beta. It aims to improve capital efficiency by directly connecting lenders and borrowers. Its main USDC and SOL vaults offer yields above 5% and 10%, while also supporting lending for tokens like JitoSOL and BONK, along with looping strategies across more than 40 token pairs.

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Uniswap Insiders Fleeing? $54M UNI Transfer After 4.5 Years

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  • A wallet linked to Uniswap transferred 9 million UNI ($53.91M) to Coinbase Prime after holding for 4.5 years, sparking sell-off speculation.
  • Despite short-term selling risks from the large transfer, Uniswap’s strong fundamentals include $2.9T volume and $3.6B TVL.
  • UNI broke out of a falling wedge and above $5.80 resistance, signaling bullish momentum with targets of $6.50 and beyond.

Uniswap has flagged down an Ethereum address, transferring 9 million UNI tokens worth roughly $53.91 million at the time. Etherscan’s on-chain data revealed that these tokens were sent to “Coinbase Prime Deposit,” a custodial service offered by the exchange meant for institutional clients.

Notably, the wallet linked with the DeFi platform deposited the amount after 4.5 years. The address received $UNI on September 17, 2020, when the price was just $3.44.

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Uniswap Insiders Fleeing? $54M UNI Transfer After 4.5 Years 3

Source: @OnchainLens

The sheer size of the transfer amount suggests the recipient is likely looking to sell or utilize these tokens through Coinbase’s institutional platform. As market watchers speculate, speculation is rife that insiders are dumping tokens in anticipation of big moves. Such large sell-offs can increase the supply on the market, potentially driving the price down due to increased selling pressure.

In another case, this could be just a routine profit-taking by early investors and advisors as part of sound financial management. This is a normal profit-taking move for maturing projects.

Uniswap’s UNI Breakout Confirmed Despite Large Transfer

While this short-term selling risk is on everyone’s radar, Uniswap fundamentals remain strong with $2.9 trillion in protocol volume and TVL above $3.6 billion.

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Uniswap Insiders Fleeing? $54M UNI Transfer After 4.5 Years 4

On the price action, UNI has now broken out with strong buying activity after a period of downtrend (marked by a falling wedge in the day-old chart). Additionally, the token has also successfully overcome a key price level ($5.80) that previously acted as a formidable resistance.

This level might now act as a support. If the price stays above $5.80, experts predict the next likely targets could be as high as $6.50 and potentially more. However, a failure to break through could push the token back to $5.80, which could be a good buying opportunity if it holds as support. The overall trend for UNI looks bullish right now.

BNB Chain Dominates USDT Transfers, Surpassing Competitors with Remarkable Growth

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  • In the last 30 days, 12 million USDT wallets were used on BNB Chain, surpassing TRON and Ethereum due to its low fees, fast transactions, and zero-fee trading on the BNB Wallet.
  • The growth in its users shows BNB’s recovery after the major bear market. The growth was driven by CZ’s efforts and the continuous rise in demand for meme coins and stablecoin transactions.

BNB Chain has become one of the most popular networks for trading USDT, surpassing other blockchain networks like TRON and Ethereum. Last month, it hit almost 12 million active wallets, showing its growth.

This increase in users could be linked to the rise in meme coin and perpetual swap trading. As a result, BNB Chain is now the main place for using and moving USDT, the leading stablecoin.

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BNB Chain Dominates USDT Transfers, Surpassing Competitors with Remarkable Growth 6

Another factor could be the zero-fee trading offer on BNB Wallet, lasting until September. USDT remains widely used in the Binance ecosystem, even though USDT trading pairs are no longer available for European users.

BNB Chain’s Increase in USDT Wallet Activity

According to a report from CryptoRank, there were about $31.1 million USDT wallets used across several blockchain platforms in the past month, with BNB Chain topping the chart. The report recorded that BNB had 12 million active addresses, higher than any other network.

TRON came next with about 11.2 million wallets, followed by Polygon, which had 2.6 million, and Ethereum, with 1.8 million. Ethereum used to be the top network, but due to its high fees and slow speed, users are moving to networks that are faster and cheaper options.

The increasing use of USDT shows that BNB Chain is constantly in use and not a forgotten one. Over the last six months, activity has grown quickly. This rise started after Changpeng ‘CZ’ Zhao began working on bringing the ecosystem back to life after the 2022–2023 market crash. The rise in stablecoin use also shows how much blockchains are active and still bringing in new apps and users.

Related Reading | Shiba Inu (SHIB) Might Reignite Crypto Frenzy Like 2021, Says Expert

Jupiter’s $JUP Price Hovers at “Golden Entry” Zone

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  • Jupiter’s $JUP token presents a potential “golden entry” at the $0.39 support level, offering a high-probability buying opportunity if it reclaims $0.59.
  • In under two months, 1.2% of $JUP’s circulating supply has been bought back at an average price 25% above the current $0.3991.
  • Recent developments like JupNet, an omnichain liquidity network, and the AI-powered Giant Unified Market (GUM) aim to enhance DeFi trading.

JUP, the native token of Jupiter exchange, is on the move, as the current price setup represents a “golden entry” point. Technically, the token is testing a key support level, characterized by a rectangular zone around the 0.39 mark. Based on this analysis, the price provides a “high-probability buying opportunity.”

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Jupiter's $JUP Price Hovers at "Golden Entry" Zone 8

This means that at the 0.39 mark, buyers might have historically stepped in, potentially making it a favorable entry point. Traders are advised to look for confirmation of upward momentum before entering a long position. A reclaim above the 0.59 would mean a break above a potential resistance level, increasing the chances of further price appreciation.

Currently, the JUP price is trading at $0.3991, and its market capitalization stands at $1.1 billion. With a price surge of 3.50% in the last 7 days, the #76 ranked token is outperforming the global cryptocurrency market, up 3.20%, while underperforming when compared to similar “Made in USA” cryptocurrencies, up 3.60%.

Jupiter Actively Reduces Supply Amid JupNet & GUM Launch

Meanwhile, the Jupiter team has bought back 1.2% of the total JUP tokens currently in circulation in less than two months. This is in line with the $JUP buyback program. Data also revealed that the weighted average price at which these tokens were bought back is $0.515, 25% higher than the current market value of JUP. This suggests that the buybacks were executed when the price was considerably higher.

In February, the DEX rolled out JupNet, advancements in the Giant Unified Market (GUM), and AI-driven innovations. JupNet, framed as the DEX omnichain liquidity network, enables high-speed transactions with enhanced security and a seamless cross-chain experience. These features are designed to overcome DeFi barriers like bridging friction & liquidity fragmentation.

The Giant Unified Market (GUM) brings an AI-powered financial system, unifying all liquidity and trading across chains. GUM offers AI-driven yield strategies and a decentralized market experience that extends beyond Solana and Ethereum.

Tether Surges Toward $1.5B Revenue Milestone as Ethereum Lags Below $200M

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  • Tether has earned up to $1.46 billion so far and is getting close to surpassing $1.5 billion soon.
  • In 2024, the company’s total equity exceeded $20 billion due to the rising adoption of USDT, strong transaction volumes, and other smart investments.

Tether’s earnings have significantly grown along with the rising value of its stablecoin. The total amount of USDT that is currently in use has risen to more than $144 billion, compared to the $109 billion it was this time last year.

Tether (USDT) has earned about $1.46 billion so far in 2025, according to TokenTerminal, and is expected to pass the $1.5 billion mark soon. This shows strong growth compared to its competitors in the crypto space.

According to the data, the platform’s income is much higher than other blockchain platforms like Tron, Circle, Solana, and Ethereum. Ethereum, which was once part of the top earners, has only brought in $157 million this year. Circle, the company behind USDC, made $620 million as it plans to go public, while Solana has earned $159 million, helped by the rise of meme tokens. Tron is the closest to reaching $1 billion.

The rise in Tether’s income could be linked to its wide use on global exchanges and the growing demand in developing countries. In contrast, Ethereum is losing revenue as more activity shifts to cheaper layer-2 networks, even though it still leads in smart contract apps.

Tether’s Continuous Growth and Strategic Expansion

In 2024, the last quarter ended with the platform’s yearly profit topping $13 billion. The company’s total equity also rose above $20 billion, thanks to the smart moves taken in different areas like clean energy, crypto mining, artificial intelligence, mobile networks, and learning.

Tether has kept growing in 2025 as more users see and turn to stablecoins for more safety and ease of use. Visa data shows that in April alone, Tether’s volume reached $266 billion, with total transactions for the year already above $1.5 trillion.

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Tether Surges Toward $1.5B Revenue Milestone as Ethereum Lags Below $200M 10

Crypto Is Not Communism BIS Report Sparks Outrage from Industry Leaders

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  • The BIS’s recent report advocates for isolating digital assets from traditional finance, sparking backlash from industry leaders who argue it could destabilize the financial system.
  • Christopher Perkins criticizes the BIS’s approach, claiming it misunderstands innovation and could create systemic risks rather than mitigate them.
  • Perkins defends crypto, stating it provides access to financial services globally, likening it to the internet rather than communism.

The Bank for International Settlements (BIS), after its latest report, advocated for the isolation of digital asset markets from traditional finance, with top industry figures warning that the proposals could destabilize rather than safeguard the global financial system.

Christopher Perkins, president of blockchain investment firm CoinFund, slammed the BIS’s April 15 report, “Cryptocurrencies and Decentralized Finance: Functions and Financial Stability Implications,” calling its recommendations “dangerous” and “uninformed.”

“Many of their conclusions, perhaps fueled by fear, arrogance, or ignorance, completely miss the mark,” Perkins posted on X on April 19. “This is not about preventing risk; this is about misunderstanding innovation.”

The BIS report urges policymakers to adopt a “containment” strategy, effectively walling off digital assets and decentralized finance (DeFi) from traditional banking and the broader economy. Perkins warns such a strategy would do the opposite of what’s intended: create systemic vulnerabilities rather than reduce them.

He points out the mismatch in operational tempo between legacy finance and blockchain-based systems: “When one market runs 24/7 in real-time and the other sleeps at night and on weekends, any artificial separation creates massive liquidity risk of unimaginable scale.”

Perkins adds, “If these proposals are implemented, they will not mitigate the systemic risk they seek to prevent.”

BIS Pushes Back as Crypto Grows in Developing Economies

The BIS’s view appears rooted in skepticism toward the anonymity of DeFi developers, the volatility of digital assets, and the growth of USD-backed stablecoins. But Perkins argues the digital asset space is a step forward, not backward.

“Crypto is not communism,” he wrote. “It’s the new internet that gives anyone with a connection access to financial services. You cannot control it any more than you can control the internet.”

As for concerns about anonymous development teams, Perkins fired back, “When was the last time a TradFi firm published a full list of its developers? Public companies disclose, yes, but those are becoming rare. Private markets now dominate.”

The BIS report also warns of potential macroeconomic instability caused by stablecoins and crypto, particularly in countries like Venezuela and Zimbabwe. But Perkins flips that argument on its head.

“If there is demand for USD stablecoins and they help improve conditions for those in developing economies, maybe just maybe that’s a good thing,” he said.

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Catalini and Perkins Call Out BIS Report

Perkins wasn’t the only one raising red flags. Christian Catalini, co-founder of Lightspark and an MIT-trained economist, offered a biting critique of the BIS’s framework.

He likened the report to “writing parking regulations for a fleet of self-driving drones earnest work, two technological leaps behind.”

Catalini and Perkins both argue that instead of containing innovation, regulators should focus on understanding and modernizing frameworks to fit a rapidly evolving financial architecture, including developments in crypto.

As policymakers scramble to keep pace with innovation, the BIS report highlights a growing ideological divide: one side seeking control through isolation, the other urging integration through modernization.

With digital assets reaching what the BIS itself called “critical mass,” how global institutions respond now could shape the financial landscape for decades to come. Whether they opt for walls or bridges may determine who benefits and who is left behind.

Related |  Bitcoin’s Battle at $84,260: Will Support Hold or Signal a Bearish Trend? 

Ethena and Securitize Set Q2 2025 Launch for Converge Blockchain, Merging DeFi and Finance

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  • Converge blockchain, which is set to launch in Q2 2025, combines DeFi with institutional finance.
  • Ethena’s USDe and USDtb stablecoins will power gas fees on the Converge network.
  • Converge leverages Arbitrum and Celestia for high performance and low latency.

Ethena and Securitize revealed their upcoming launch of Converge blockchain, which will bridge traditional finance and decentralized finance (DeFi). The mainnet launch of Converge is scheduled to occur by the end of Q2 2025 and will support permissionless DeFi applications and permissioned institutional products. 

The combination of Arbitrum with Celestia’s data availability network enables Converge to execute transactions fast and process data efficiently.

Converge’s innovation is enabled through its connection to Ethena’s USDe and USDtb stablecoins for paying gas fees, thereby reducing payment volatility while streamlining accounting procedures. The platform has been designed to attract major institutional players in DeFi through its secure and efficient features.

Technological Framework and Security

Converge blockchain will maximize its transaction speed while minimizing latency and associated costs by implementing Arbitrum sequencer technology. The incorporation of Celestia’s data availability layer into Converge enables the network to manage large volumes of data without excessive storage expenses. Arbitrum and Celestia working together will extend the boundaries of transaction performance available on Ethereum-compatible networks.

The Converge Validator Network (CVN) will ensure the security of the blockchain by acting as a governance council. Participating validators in the CVN must deposit their Ethena ENA tokens as stake while using these tokens for network governance. 

The CVN will allow activities to be paused in emergencies or for major proposals, which ensures the network remains secure and compliant with regulatory requirements. The inclusion of this security measure sets Converge apart as a platform suitable for institutional use.

Connecting DeFi and Traditional Finance

The integration of real-world assets (RWA) with DeFi represents a fundamental growth step for the financial sector. Ethena leads the DeFi sector through USDe synthetic dollar, which holds $5 billion in assets, while Securitize continues to provide tokenization services to major institutions, including BlackRock and Apollo.

The integration of Ethena’s and Securitize’s infrastructure enables Converge to create a smooth connection between institutional funding and decentralized financial protocols. The blockchain platform will let institutional issuers and individual developers deploy various financial applications, thus becoming a multi-purpose platform for crypto use cases.

OKX Re-enters the U.S. Market with Fresh Leadership After $505M DOJ Resolution

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  • OKX has re-entered the U.S. market with a new CEO and a new crypto wallet that supports over 130 blockchains, with the aim of providing more control and transparency for users.
  • The company has settled with the DOJ for $505 million and has now agreed to comply with U.S. regulations and now includes KYC checks and fraud detection.

OKX is returning to the U.S. with a new crypto wallet for U.S. citizens and a new CEO. The company left the U.S. before but is now coming back slowly with a fresh plan.

The crypto company shared the news of its coming back in a blog post on April 16 and also shared that Roshan Robert, a former director at Barclays, will now lead as the CEO in the U.S. A day before the announcement, on April 15, OKX also shared a press release saying the return includes a new Web3 wallet that people can control themselves and a fresh crypto trading platform.

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OKX Re-enters the U.S. Market with Fresh Leadership After $505M DOJ Resolution 13

The company has also added that it is focusing on improving transparency by publishing monthly reserve reports that are verified by an external firm like Hacken.

OKX New Crypto Wallet Launch for U.S.

OKX has also decided to launch a crypto wallet alongside its exchange for U.S. users. According to the report, the wallet would support over 130 blockchains and offer tools for trading, transferring funds between networks, and exploring NFTs and Web3 dApps. It would also have an AI feature that helps users find trending tokens and projects.

The wallet is designed to give users more control and freedom in the decentralized ecosystem. This relaunch comes after OKX’s settlement with the DOJ in February, where it admitted to operating without a license and agreed to comply with U.S. standards under external monitoring until 2027.

The company has now implemented a full compliance framework, including KYC checks and fraud detection.

Tether Freezes USDT Worth $870K Across Three Addresses Linked to Phishing Scam

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  • Tether froze $870,000 in USDT across three wallets that are connected to phishing scams, theft, and fraud.
  • Over time, the company has blocked over $1.3 billion in assets, collaborated with law enforcement in 40+ countries, and continues to enforce strict laws against criminal use of USDT.

Tether has frozen about $870,000 worth of USDT connected to theft, phishing scams, and pig butchering schemes. This action is part of the stablecoin ongoing push to stop illegal funds tied to crime and protect users from fraudulent activity.

On April 17, Tether froze $870,000 in USDT connected to phishing scams. The funds were kept in three separate wallets. According to SlowMist, a crypto tracing platform, the three addresses were used to move money from theft, scams, and pig butchering, although no further details were shared.

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Tether Freezes USDT Worth $870K Across Three Addresses Linked to Phishing Scam 15

Tether, which is one of the biggest stablecoin providers, has taken similar steps regarding scams and phishing. Over time, the blockchain platform has frozen billions linked to hacks, fraud, and other illegal actions.
The CEO, Paolo Ardoino, shared that more than $1.3 billion has been frozen so far for different reasons, some of which include the $1.6 million tied to terrorist funding.

Tether’s Previous Effort to Curb Scams


In recent years, Tether has continued to put in efforts to freeze suspicious wallets. In January 2022, Tether blacklisted three Ethereum wallets holding over $150 million in USDT. By October of that same year, it froze $8.2 million and later added 215 more addresses to its list.

Later in 2022, the total amount of frozen assets went above $360 million. In October 2023, the company blocked about $817,000 linked to terrorism in Ukraine and Israel. The next month, it froze another $225 million connected to romance scams.

Tether has over the years worked closely with global law enforcement and partnered with 24 agencies in over 40 nations. In 2023, it acted on 198 wallet block requests and 339 in the last three years. The firm also makes use of strict rules to stop blacklisted groups or people from using USDT. This shows the company’s interest in safety and following international laws.

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Bitcoin Dominates Crypto Market in Q1 2025 as Ethereum and Altcoins Struggle

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  • Bitcoin dominance reached 59.1% in Q1 2025, marking a significant market shift.
  • Ethereum fell 45.3% in Q1 2025, erasing all 2024 gains amid market turmoil.
  • Q1 2025 saw $633.5B wiped from total crypto market cap, down 18.6% from January.

The cryptocurrency market showed a substantial drop in value during the first quarter of 2025 following the positive outlook of late 2024. According to data from CoinGecko’s 2025 Q1 Report the total market capitalization dropped 18.6% from its mid-January peak value of $3.8 trillion to $2.8 trillion. The market faced a reversal demonstrating a contrast from the time preceding Donald Trump’s presidential inauguration. According to market statistics, the average daily trading volume experienced a 27.3% fall to $146 billion.

Bitcoin Strengthens Its Market Share Amidst Altcoin Struggles

Despite the overall market downturn, Bitcoin (BTC) strengthened its position, increasing its dominance to 59.1%, a level not seen since early 2021. Bitcoin’s dominance surged as altcoins, particularly Ethereum, took a harder hit. Bitcoin reached an all-time high of $106,182 in January, just after the inauguration, but subsequently retreated by 11.8% to close Q1 at $82,514. 

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Source: CoinGecko

In comparison, gold and U.S. Treasuries outperformed Bitcoin during this period, reflecting the growing appeal of safer assets amidst economic uncertainty. The price of Ethereum (ETH) experienced a 45.3% collapse that wiped out all its gains in 2024.

The cryptocurrency market experienced new trends, as revealed by Ethereum’s performance. The significant price decline of Ethereum caused its dominance to hit 7.9%, which marked its lowest performance since late 2019. In addition, the decrease in Ethereum’s market share was not unexpected as it coincides with the trend towards Layer 2 solutions and decreasing activity on Ethereum mainnet. 

The cryptocurrency market experienced new trends, as revealed by Ethereum’s performance. Ethereum’s significant price decline caused its dominance to hit 7.9%, which marked its lowest performance since late 2019. 

In addition, the decrease in Ethereum’s market share was not unexpected as it coincides with the trend towards Layer 2 solutions and decreasing activity on Ethereum mainnet. Additionally, despite the market difficulties, stablecoins like Tether (USDT) and USD Coin (USDC) gained ground as investors sought more stable options during the turbulent period.

Meme Coins and DeFi Experience Sharp Decline

The broader decline also affected the once-booming meme coin sector. The meme coin market was initially started by political influence, including the launch of Trump-related meme coins. However, the market experienced a drop in activity following the crash of the Libra token. Launched by Argentinian President Javier Milei, this token had a dramatic price plunge after developers rug-pulled the project. 

By the end of Q1, investor confidence in meme coins had declined substantially because of this incident, leading to a more than 56% fall in daily token deployments on pump.fun.

Meanwhile, the decentralized finance (DeFi) sector faced a significant drop in total value locked (TVL) to $48.9 billion in Q1 representing a 27.5% decrease. Ethereum’s dominance over the DeFi market segments declined to 56.6% by the end of the quarter. 

Despite these fluctuations, Solana maintained its status as the market leader by establishing itself as a leading entity in decentralized exchange (DEX) trading during this period. DEX trading on Solana reached 39.6% market share during Q1 mainly due to meme coin popularity, which started declining in the later quarter.