Today's top news highlights:

1. Aave leads rsETH bad debt repayment; DeFi United has secured nearly 70,000 ETH in commitments.

2. Morgan Stanley's Bitcoin ETF increased its holdings by approximately 120 Bitcoins, bringing its total holdings to 1,834 Bitcoins.

3. Nvidia's market capitalization surpasses $5 trillion again.

4. a16z: Stablecoins are evolving into global financial infrastructure, with transaction volume reaching $4.5 trillion in Q1 2026.

5. The Ethereum Foundation sold 10,000 ETH via OTC, with BitMNR as the counterparty.

6. APE's stock price doubled in a short period, with suspected insider traders profiting $2.27 million through long-short arbitrage.

Regulation & Macro

South Africa plans to include crypto assets in its foreign exchange control framework.

South Africa's Treasury has released a draft of the Capital Flows Management Regulations 2026 for public comment. Based on the Currency and Foreign Exchange Act, the draft proposes a restructuring of the existing foreign exchange control framework, focusing on: aligning with OECD and FATF recommendations on anti-money laundering, counter-terrorism financing, and curbing illicit financial flows; including crypto-assets within the scope of foreign exchange controls for the first time to strengthen risk management and oversight; further clarifying exemptions, licenses, and applicable conditions; and introducing administrative penalties for violations. Comments must be submitted by email to the designated address of the Treasury within 30 days of the announcement.

Nvidia's market capitalization surpasses $5 trillion again.

According to Yicai Global, Nvidia's stock price surged over 4% at the close of trading on April 24, pushing its market capitalization above $5 trillion for the first time in nearly six months. Global AI demand continues to explode, with industry leaders optimistic about the sector's prospects. The semiconductor market is approaching a trillion-dollar mark, and high-end AI chip production capacity remains scarce. Coupled with the surge in computing power consumption driven by application expansion, Nvidia's high-end GPU leasing prices have risen sharply. Global cloud service and hardware costs are also rising simultaneously, highlighting the computing power shortage. With the rapid popularization of generative AI, the industry's long-term growth logic remains solid. Furthermore, the domestically developed high-performance large-scale model DeepSeek-V4 has been officially released, compatible with Huawei's Ascend computing power. The domestic computing power ecosystem is maturing rapidly, potentially creating competition and diversion in the computing power market dominated by Nvidia.

Google plans to invest up to $40 billion in Anthropic.

Market news: Google plans to invest up to $40 billion in Anthropic.

Google initially pledged a $10 billion cash investment in Anthropic, and if that goal is achieved, it will invest up to an additional $30 billion. Google will also provide Anthropic with at least 5 gigawatts of computing power.

A US judge dismissed Musk's fraud charges against OpenAI and its founders.

According to Jinshi News, a US judge dismissed Musk's fraud allegations in his lawsuit against OpenAI and OpenAI founder Altman, and plans to continue the trial on other allegations against Musk.

Mastercard joins the Blockchain Security Standards Committee

According to Blockchainssc, payment giant MasterCard has joined the Blockchain Security Standards Committee (BSSC), a non-profit consortium dedicated to developing and maintaining blockchain security standards. Other members of the committee include Figment, Coinbase, Fireblocks, and Anchorage Digital. MasterCard also reportedly plans to actively participate in the BSSC's security and privacy working group, contributing technical guidance and operational experience.

Trump reported large bond purchases in March in his latest disclosure filing.

According to Jinshi News, a financial disclosure report revealed that US President Trump made dozens of bond purchases and sales transactions in March, totaling millions of dollars. The latest report, released Friday evening, shows a total of 175 transactions, the vast majority of which were purchases, with only 11 sales. These transactions were almost entirely bonds, but appear to also include some bank stocks. The report did not detail every single purchase, but the amounts of the dozens of bond purchases ranged across several price ranges, with many reaching at least $1 million. These bond transactions covered numerous issuers, including Nvidia (NVDA.O), General Motors (GM.N), Netflix (NFLX.O), and Boeing (BA.N). Trump also disclosed that he appears to have purchased shares in Bank of America (BAC.N) and Wells Fargo (WFC.N). Specific purchase amounts were not detailed, but the total amount of these four transactions is roughly between $130,000 and $300,000.

Singapore launched a special anti-fraud operation targeting cryptocurrencies, intercepting over S$2.86 million in fraudulent funds within a month.

According to Lianhe Zaobao, the Singapore Police Anti-Scam Centre, in conjunction with the Cyber Investigation Department and several cryptocurrency exchanges including Coinbase and Coinhako, conducted a month-long special anti-fraud operation from March 16 to April 15. Law enforcement utilized on-chain analytics tools such as Chainalysis and TRM Labs to investigate various scams involving impersonation of public officials, investment scams, online romance scams, and job scams. They conducted over 90 offline and remote interventions, successfully intercepting over S$2.86 million in illicit funds. Police stated that efficient cross-agency and government-enterprise information sharing was key to this operation, and they will continue to strengthen cooperation to routinely prevent various cryptocurrency-related scams.

OpenAI launches GPT-5.5 biosecurity vulnerability bounty program

OpenAI has announced a bounty program for biosecurity vulnerabilities in GPT-5.5, inviting researchers with experience in AI red teams, security, or biosecurity to test their models' protection. The challenge is to construct a "universal jailbreak hint" that passes a five-question biosecurity test without triggering a review. The first successful participant will receive a $25,000 reward, with partial successes also potentially receiving prizes. Applications close on June 22, and the testing period runs from April 28 to July 27. All research is subject to confidentiality agreements.

Project Updates

Coinbase will list Fluent (BLEND) spot trading.

Fluent launched its mainnet and introduced its native token BLEND, achieving a liquidity level of $50 million on the first day.

Fluent officially launched its Ethereum Layer 2 mainnet and released its native token, BLEND, committing $50 million in liquidity on its first day. The network features a "hybrid execution" architecture, allowing different virtual machines (such as EVM, SVM, and Wasm) to run within the same chain state. Its core module, Prints, translates on-chain and off-chain behavior into programmable reputation for application distribution and risk control. Seven applications were integrated at mainnet launch, including Vena, a lending protocol with reputation-based interest rate adjustments. BLEND is used for fee payments, staking, and governance, with an initial supply of 1 billion tokens. A public sale of 10 million tokens (1% of the total) was conducted at $0.10 each. The project has raised a total of $11.2 million and plans to later open a validator staking mechanism.

Aave leads rsETH bad debt repayment; DeFi United has secured nearly 70,000 ETH in commitments.

According to on-chain analyst Ember, Aave, the lending platform directly affected by the rsETH incident, contributed 25,000 ETH (US$57.75 million) to cover bad debts. The total bad debt shortfall was 75,081 ETH, and Aave coordinated the establishment of the "DeFi United" program to receive aid funds to fill the gap. Currently, it has received 69,576 ETH in aid commitments (loans and donations), leaving only a 5,505 ETH shortfall.

Balancer hackers conducted a large-scale cross-chain cryptocurrency swap, exchanging a total of 419 BTC.

According to on-chain analyst Ember, the Balancer hacker began exchanging ETH for BTC via THORChain yesterday, and has so far exchanged 14,300 ETH for 419.3 BTC (US$32.51 million). He now has 7,700 ETH on the ETH chain and 419.3 BTC on the BTC chain, worth US$50.4 million. He stole assets worth US$98 million last November, which has now shrunk considerably because ETH was priced at around US$3,600 at the time.

APE's stock price doubled in a short period, with suspected insider traders profiting $2.27 million through long-short arbitrage.

According to Onchain Lens monitoring, as APE's price surged by over 110% in a short period, a suspected insider trader profited over $2.27 million by simultaneously establishing long and short positions. On-chain data shows that the address initially deposited 75 ETH (approximately $174,000) as margin to open long and short positions in APE. Subsequently, it purchased 1,027 ETH (approximately $2.37 million) on the HyperLiquid platform and withdrew the funds. Furthermore, it purchased an additional 26 ETH on-chain, totaling 1,053 ETH, ultimately realizing a profit of 978 ETH, equivalent to approximately $2.27 million. This operation, due to its precise timing and unusually high returns, has sparked widespread suspicion of insider trading within the community.

Only one person has been approved for the Trump Gold Card program, despite previous claims of selling $1.3 billion worth of cards.

U.S. Commerce Secretary Howard Lutnick confirmed at a congressional hearing that only one applicant has been approved so far for the Trump administration's "Gold Card" visa program. This program, an alternative to the traditional EB-5 immigrant investor program, requires foreigners to pay at least $1 million for legal residency, work authorization, and ultimately citizenship in the United States.

It is worth noting that Lutnick had previously publicly stated that the Gold Card program had sold $1.3 billion worth of slots and projected that it would generate $1 trillion in revenue to alleviate the US fiscal deficit. However, at this hearing, he admitted that only one person has been officially approved so far, with hundreds more applicants in the review process.

Bitcoin developer Paul Sztorc announced plans for a hard fork of eCash in August.

On April 24, Bitcoin developer Paul Sztorc announced plans to implement a hard fork on the Bitcoin network in August, launching a new chain called eCash. This fork will use a replica of the BTC Core client and the SHA-256 algorithm, reducing initial mining difficulty. Bitcoin holders can exchange their Bitcoin for eCash at a 1:1 ratio. It will also add seven Layer 2 scaling networks, known as "drivechains," to increase transaction throughput and support optional on-chain privacy features.

Sztorc emphasized that eCash differs from Bitcoin Cash (BCH) in 2017 by "manually" redistributing approximately 1.1 million BTC from Satoshi Nakamoto to early investors, calling it a "permanent solution to the Bitcoin problem." This proposal sparked strong opposition from the community, with Bitcoin advocates criticizing it as "stealing Satoshi's tokens" and questioning the limited existing applications of eCash, predicting the project's complete failure within two to three years. Currently, the Bitcoin community is engaged in heated discussions surrounding protocol upgrades, privacy protection, and post-quantum resistance.

Investment and financing news

Yiming Zhang, former core quantitative researcher at Jump, receives seed funding from Millennium.

According to Business Insider, Yiming Zhang, a former senior quantitative analyst at Jump Trading, has received seed funding from hedge fund giant Millennium Management after leaving the company and will work as an external manager. Zhang worked at Jump for 17 years and was a key member of its core strategy department. His new role, which was subject to a non-compete clause, is expected to begin after the non-compete period ends. Industry insiders point out that Millennium Management has been expanding its reach by providing funding to external teams in recent years, becoming a significant "incubator" in the hedge fund industry.

Opinions & Analysis

Analysis: Security vulnerabilities exposed in Anthropic and OpenAI have raised concerns about the security of AI models.

Security incidents at Anthropic and OpenAI have raised concerns about the security of AI models themselves. Anthropic is currently investigating the possibility that its Claude Mythos model was accessed without authorization. Almost simultaneously, OpenAI was also exposed for accidentally releasing several unreleased models in its Codex application. Industry experts point out that these vulnerabilities have heightened scrutiny of the security governance capabilities of AI companies and reflect that, despite the rapid development of AI technology, security systems still need improvement.

Analysts believe that even AI model providers that emphasize cybersecurity capabilities still face significant security challenges. As AI is increasingly used to defend against cyberattacks, platform security and access control issues have also become critical risk points.

Important data

Bitcoin spot ETFs saw a net inflow of $14.4489 million yesterday, marking the ninth consecutive day of net inflows.

Ethereum spot ETFs saw net inflows of $23.3807 million yesterday, with only BlackRock ETHB experiencing net inflows.

The Ethereum Foundation sold 10,000 ETH via OTC, with BitMNR as the counterparty.

The Ethereum Foundation announced today the sale of 10,000 ETH via over-the-counter (OTC) trading at an average price of $2,387, with BitMNR as the counterparty. The proceeds will be used for the Foundation's core operations and activities, including protocol development, ecosystem growth, and community funding.

Morgan Stanley's Bitcoin ETF increased its holdings by approximately 120 Bitcoins, bringing its total holdings to 1,834 Bitcoins.

According to data monitored by Arkham, Morgan Stanley Bitcoin Trust (MSBT), a spot Bitcoin exchange-traded fund under Morgan Stanley, added 120.413 BTC to its on-chain wallet address five hours ago, worth $9.35 million. As of now, MSBT's total Bitcoin holdings have reached 1,834, worth approximately $142 million.

Bitmine has staked another 112,040 ETH in the past four hours, worth over $260 million.

According to Onchain Lens monitoring, Bitmine pledged another 112,040 ETH in the past four hours, worth over $260 million.

a16z: Stablecoins are evolving into global financial infrastructure, with transaction volume expected to reach $4.5 trillion in Q1 2026.

A recent report from a16z indicates that stablecoins have successfully transitioned from cryptocurrency transaction settlement and store-of-value tools to global financial infrastructure, with their application focus shifting from cross-border payments to local payments, and their penetration in markets such as Asia and Brazil accelerating significantly. Key data includes:

1. Transaction volume: Following the enactment of the GENIUS Act, the adjusted transaction volume in Q1 reached $4.5 trillion;

2. C2B payments: Consumer-to-merchant transactions increased by 128% year-on-year, reaching 284.6 million transactions;

3. Stablecoin cards: Monthly collateralized deposits increased from nearly zero at the end of 2024 to over $300 million, with payment scenarios expanding rapidly;

4. Circulation efficiency: The circulation speed increased from 2.6 times at the beginning of 2024 to 6 times, marking a shift from "holding" to "high-frequency use".

The report emphasizes that clear regulation and improved underlying blockchain performance (low cost, second-level settlement) are key drivers for stablecoins to break free from the crypto speculation cycle and integrate into the real economy, reshaping the global payment and clearing landscape.

Jane Street's annual trading revenue reached $39.6 billion, surpassing major Wall Street banks.

According to Bloomberg Terminal, quantitative trading firm Jane Street Group is projected to generate approximately $39.6 billion in trading revenue by 2025, with $15.5 billion coming from the fourth quarter, a Wall Street record. The company has only about 3,500 employees, but its annual revenue is approximately 11% higher than its main competitor, JPMorgan Chase & Co., demonstrating that this quantitative trading giant has surpassed traditional investment banks in profitability.

Maggie's long ETH positions were partially liquidated, just $30,000 shy of a loss exceeding $30 million.

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