Today's top news highlights:
Coinbase, Kraken, and Gemini are lobbying the US Senate to ease regulations on small-cap tokens.
Arthur Hayes: 99% of altcoins will eventually go to zero, but this is a normal market correction.
LayerZero Labs apologized for the security incident and disclosed corrective measures.
Tether destroyed 2 billion USDT on the Ethereum network in the early hours of the morning.
Regulation & Macro
Bank of America's latest forecast indicates that the Federal Reserve will postpone interest rate cuts until the second half of 2027 due to high inflation and strong job growth. Previously, it projected two rate cuts this year, one in September and one in October, but now no longer anticipates any cuts this year. Multiple shocks impacting the economy, including the Iran war, tariffs, and the rise of artificial intelligence, have made interest rate forecasting more difficult.
Bank of Canada: Stablecoin regulations may be introduced in mid-to-late 2027
Carolyn Rogers, senior deputy governor of the Bank of Canada, testified before the Senate that the design of regulations for stablecoins is in full swing and is expected to be launched in mid-to-late 2027, a more aggressive target than the previously planned early 2027 target.
Trump says he may revive the "Freedom Project"
US President Trump stated on the 8th that he might resume the "Freedom of Movement" operation aimed at clearing ships stranded in the Strait of Hormuz, and expected to receive a response from Iran that evening regarding the proposed US-Iran agreement. If the situation remains unresolved, he may restart an upgraded version of the "Freedom of Movement" with additional measures.
Coinbase, Kraken, and Gemini are lobbying the US Senate to ease regulations on small-cap tokens.
Coinbase, Kraken, and Gemini submitted amendments to the U.S. Senate Agriculture Committee, requesting the removal of a provision in the Crypto Markets Structure Act requiring exchanges to list only "manipulated" tokens. They argue that this provision would make it more difficult to list small-cap tokens and could be used by the CFTC as an enforcement tool. Their goal is to push for a regulatory framework more suitable for the spot crypto market.
Project Updates
Trump Media & Technology reported a net loss of $405.9 million in the first quarter, primarily driven by unrealized losses on digital assets and equity securities, which amounted to $368.7 million. The company's crypto treasury has a cost basis of $1.24 billion, a current valuation of $821.9 million, and holds 9,542 bitcoins worth $767 million, with an average cost of $118,529 per bitcoin. First-quarter revenue was only $900,000, while operating cash flow was $17.9 million, marking the fourth consecutive quarter of positive cash flow.
Research: North Korean hacker group Lazarus uses Git Hooks to hide malware
The North Korean hacking group Lazarus hid its second-stage loader within pre-commit scripts of Git Hooks in attacks such as "Infectious Interview" and "TaskJacker." The group tricked developers into cloning malicious code repositories by faking cryptocurrency/DeFi recruitment processes, stealing crypto assets and credentials. Researchers recommend that developers run cloned code in isolated environments, avoiding the use of personal browser configurations, SSH keys, and encrypted wallets.
Bitcoin mining company TeraWulf reported a net loss of $427 million in the first quarter, with revenue of $34 million. 60% of this revenue came from AI computing, a 117% increase quarter-over-quarter; Bitcoin mining revenue declined by 50% to approximately $13 million. The company is shifting towards a more stable contract revenue model, reducing its reliance on the volatility of Bitcoin mining. At the end of the quarter, it held approximately $3.1 billion in cash and cash equivalents.
The de facto controller of the recently collapsed European cryptocurrency exchange Zondacrypto is reportedly hiding in Dubai, with customer losses potentially exceeding $100 million. Formerly known as BitBay, the exchange relocated to Estonia in 2021 and may have been controlled by the Tambov Mafia in Russia, with approximately 30,000 Polish citizens potentially among the victims. Founder Sylwester Suszek disappeared in 2022, and the wallet keys containing 4,500 bitcoins in his possession were never handed over.
According to on-chain analysts, F2Pool co-founder Wang Chun withdrew 7,461 ETH from Binance, worth $17.27 million, five hours ago and subsequently deposited them into Spark.
Aave has announced the progress of the second phase of the rsETH recovery process. The attacker's eight positions on Aave V3 have been liquidated, and the recovered rsETH collateral has been transferred to Recovery Guardian. Governance proposals from both Mantle DAO and Arbitrum DAO have been passed. Court approval has been granted to transfer the frozen ETH to Aave LLC. The next phase will involve burning the liquidated rsETH, restoring asset backing, and reopening rsETH withdrawals.
Coinbase CEO: We will reassess architectural trade-offs and significantly reduce future downtime.
Coinbase CEO Brian Armstrong apologized for the service outage, citing the simultaneous failure of multiple cooling devices in the AWS data center, which caused the data center to overheat. He explained that centralized exchange architectures, optimized for low latency and customer co-location, struggle to balance availability zone fault tolerance. The team will reassess architectural trade-offs to significantly reduce future downtime.
The Moscow Exchange will launch futures trading for Solana, Ripple, and Tron on May 14.
The Moscow Exchange announced the launch of new settled futures trading for the Solana, Ripple, and Tron digital asset indices on May 14th. Trading will be open to accredited investors only, settled in Russian rubles, and will not involve physical delivery. The contracts will have a one-month term, with the last trading day being the last Friday of each month. The four cryptocurrency indices will be calculated and published starting May 13th.
Fidelity transferred 23,919 ETH, equivalent to approximately $54.44 million, to Coinbase Prime.
On-chain data shows that Fidelity transferred 23,919 ETH, worth approximately $54.44 million, to Coinbase Prime in the past hour.
LayerZero Labs apologized for the security incident and disclosed corrective measures.
LayerZero Labs apologized for the security incident, disclosing that its internal RPC was attacked by Lazarus Group, while its external RPC provider was simultaneously subjected to a DDoS attack, resulting in the contamination of the DVN data source. The protocol itself was not affected, but the team mistakenly allowed DVN to process high-value transactions with a 1/1 configuration. Corrective measures include migrating to a 5/5 or 3/3 signature configuration, developing a second Rust DVN client, and launching a unified management platform, Console. Previously, multi-signature wallet transactions for Meme coins and risks associated with default library contract upgrades were also exposed.
Tether sues Titan Holding in Brazil to recover $300 million in defaulted loans.
Tether has sued Titan Holding in a São Paulo court in Brazil, demanding repayment of a $300 million defaulted loan. The loan, issued in March 2025 and due in March 2026, remains unpaid. Tether is requesting the freezing of the defendant's bank accounts and other assets. Daniel Vorcaro, owner of Titan Holding's parent company, has been arrested, and his former company, Banco Master, has been liquidated due to a $2.2 billion reserve shortfall.
Garrett Jin deposited over 78,000 ETH into Binance.
On-chain data tracking shows that Garrett Jin (labeled "Bitcoin OG 10/11") deposited 78,077 ETH, equivalent to approximately $178 million, into Binance.
The MegaETH Foundation announced the launch of its MEGA token buyback program, with the first buyback completed on May 7th. Funds were drawn from the cumulative net proceeds of USDm issuers as of the end of April. The current supply of USDm is approximately $480 million. Future buybacks will be conducted automatically via a programmatic mechanism. USDm is not issued or operated by the MegaETH Foundation or MegaLabs.
Robinhood now offers spot trading of BLEND.
Tether destroyed 2 billion USDT on the Ethereum network in the early hours of the morning.
Tether burned 2 billion USDT on the Ethereum network. Since April 18, it has minted a total of 5 billion USDT, of which 2 billion were burned 5 hours ago.
Upbit will launch Pharos (PROS) spot trading on May 8th at 20:30.
South Korean cryptocurrency exchange Upbit will list PROS on May 8th at 20:30, opening trading markets for KRW, BTC, and USDT, and supporting deposits and withdrawals on the Pharos network. PROS is an EVM-compatible Layer 1 public chain Pharos ecosystem token used for transaction fees, staking, and incentives, aiming to support the RWA financial ecosystem.
BlackRock transferred 1224 BTC and 11475 ETH to Coinbase.
BlackRock transferred 1,224 BTC (approximately $98.16 million) and 11,475 ETH (approximately $26.27 million) to a Coinbase address, with on-chain data suggesting that further transfers may follow.
Investment and financing news
DeepSeek founder and CEO Liang Wenfeng plans to invest the largest amount in the company's first round of financing, aiming to raise up to 50 billion yuan, potentially setting a record for the largest single financing round for a Chinese AI company. The company plans to accelerate the iteration of its large models, releasing version V4.1 in June to expedite commercialization and profitability.
Opinions & Analysis
Strike CEO refutes claim that "Wall Street is threatening Bitcoin"
Strike CEO Jack Mallers stated that Wall Street's involvement with Bitcoin does not pose a threat, as Bitcoin's philosophy is to make it accessible to everyone, including adversaries. He believes Wall Street's involvement is inevitable as Bitcoin competes for global capital. While some supporters worry about concentrated ownership, Mallers argues that Bitcoin's value lies in its ability to transfer value outside the traditional financial system.
Liquid Capital founder Yi Lihua stated that with the war over, there's no reason for the US and Iran to continue fighting. Bitcoin has rebounded above $80,000, and he will gradually close out his positions. In the long run, AI has no bubble; SK Hynix and Samsung have profits exceeding one trillion, and everyone will consume tokens daily in the future. Some cryptocurrency miners have already transitioned to AI computing power, and investors should allocate funds to AI equity and stocks.
Arthur Hayes: 99% of altcoins will eventually go to zero, but this is a normal market correction.
At Consensus Miami 2026, Arthur Hayes stated that 99% of altcoins will eventually go to zero, but this is a normal market cleansing process, similar to the stock market. He believes that Bitcoin's price depends on the amount of fiat currency created, not politics or regulation; the more money printed, the higher Bitcoin's value. He criticized the industry for focusing too much on traditional finance, emphasizing that Bitcoin's value lies in its ability to transfer value outside the traditional financial system.
Important data
Yesterday (May 8th, Eastern Time), Bitcoin spot ETFs saw a total net outflow of $146 million. The largest single-day net inflow was seen in the Morgan Stanley ETF (MSBT), with a net inflow of $5.7385 million, bringing its historical total net inflow to $194 million. The largest single-day net outflow was seen in the Fidelity ETF (FBTC), with a net outflow of $97.6041 million, bringing its historical total net inflow to $11.134 billion. The total net asset value of Bitcoin spot ETFs is $106.611 billion, representing an ETF net asset ratio of 6.67%, with a historical cumulative net inflow of $59.34 billion.
According to a SEC 13F filing, UBS recently purchased 551,121 shares of Strategy&MSTR stock, worth approximately $98 million, bringing its total holdings to 6.31 million shares, worth approximately $1.12 billion.
a16z Crypto: The tokenized RWA market has exceeded $30 billion, growing tenfold in two years.
According to a16z Crypto, the tokenized real-world assets (RWA) market has grown tenfold in two years, exceeding $30 billion, with nearly half being US Treasury bonds. Institutional demand for putting traditional financial instruments on blockchain is rising, and more asset classes have gained significant share in recent quarters.
April non-farm payrolls fell as expected but were better than anticipated.
U.S. nonfarm payrolls increased by 115,000 in April, a significant drop as expected, but higher than the market expectation of 62,000.
The US unemployment rate remained stable, in line with expectations.
The U.S. unemployment rate was 4.3% in April, unchanged from the previous month and in line with market expectations.
