Crypto Morning News: WLFI Plans to Launch Institutional-Grade Stablecoin USD1, Movement Initiates $38 Million Buyback Program
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Crypto Morning News: WLFI Plans to Launch Institutional-Grade Stablecoin USD1, Movement Initiates $38 Million Buyback Program
The U.S. SEC's Crypto Task Force will hold four new roundtable meetings between April and June.
Navigating Web3 tides with focused insightsAuthor: TechFlow
Yesterday's Market Dynamics
SEC Crypto Task Force Announces Four New Roundtable Sessions from April to June
The U.S. Securities and Exchange Commission (SEC) Crypto Assets Task Force announced it will host four new roundtable discussions between April and June this year to further examine regulatory issues related to crypto assets.
According to the announcement published on the SEC’s official website, the specific schedule for these four sessions is as follows:
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April 11: "Between Blocks and Boundaries: Tailoring Regulation for Crypto Trading";
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April 25: "Know Your Custodian: Key Considerations in Crypto Custody";
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May 12: "Tokenization of Assets – On-Chain Assets: The Intersection of Traditional Finance and Decentralized Finance";
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June 6: "DeFi and the American Spirit";
All meetings will be open to the public at the SEC headquarters in Washington, D.C. (address: 100 F Street, N.E., Washington, D.C.) and live-streamed on SEC.gov. Attendance in person requires prior registration, though spots are limited and visitors must pass security screening. Online viewing does not require registration, and recordings of the sessions will later be posted on the SEC’s official website.
Hester M. Peirce, head of the Crypto Assets Task Force and SEC Commissioner, said: “The task force’s roundtables offer an opportunity to hear robust discussions from experts on regulatory challenges and what actions the Commission might take to address them.”
Matrixport: Bitcoin-Nasdaq Correlation Approaching 70%, Divergence Likely Ahead
Matrixport’s chart analysis today shows that the 30-day realized correlation between Bitcoin ETF IBIT and the Nasdaq has nearly reached 70%. This level has only occurred twice before in history, indicating that Bitcoin is currently driven by the same macroeconomic factors affecting other risk assets.
The analysis suggests this high correlation primarily reflects market repricing of earnings expectations ahead of the first-quarter earnings season, along with negative sentiment stemming from uncertainty around tariff policies—causing Bitcoin’s recent price action to closely mirror that of the tech sector. Historical data indicates such elevated correlations are typically unsustainable, signaling a potential divergence between Bitcoin and the Nasdaq in the near future.
Trump Family Crypto Project WLFI Officially Announces Plans to Launch Institutional-Grade Stablecoin USD1
World Liberty Financial Inc. (WLFI) announced plans to launch a stablecoin named USD1, which will be pegged 1:1 to the U.S. dollar.
USD1 will be fully backed by short-term U.S. Treasury securities, U.S. dollar deposits, and other cash equivalents. Initially, USD1 tokens will be issued on Ethereum and Binance Smart Chain, with plans to expand to additional blockchains in the future. Each token is designed to maintain a value of one U.S. dollar and will be fully supported by reserves subject to regular audits conducted by independent accounting firms.
The USD1 reserves will be custodied by BitGo, while BitGo Prime will also support USD1 by providing institutional clients with deep liquidity and trading services.
Cboe BZX Exchange Submits Application to SEC for Fidelity Solana ETF Listing
Documents filed with the U.S. Securities and Exchange Commission (SEC) show that Cboe BZX Exchange has submitted a Form 19b-4 application to list and trade the Fidelity Solana ETF.
Arthur Hayes: ETH Will Rise to $5,000 First, Then SOL to $300
Arthur Hayes, co-founder of BitMEX, posted on X: “ETH will rise to $5,000 first, then SOL to $300. Who’s with me?”
Movement: Reclaiming Funds from Market Maker to Establish Strategic Reserve, Launching $38 Million Buyback Program
The Movement Network Foundation released a statement disclosing an issue involving a market maker and its resolution. On March 11, Binance notified the Movement Network Foundation that it was investigating a market maker involved in multiple tokens, including MOVE.
The investigation revealed that shortly after the MOVE token generation event in December 2024, the market maker sold large quantities of MOVE without placing meaningful buy orders, violating the agreement to provide liquidity on both sides of the MOVE/USDT trading pair.
In response, the Movement Network Foundation has taken several measures: terminating all relationships with the market maker, including ecosystem partnerships; notifying other major exchanges about the ongoing investigation; actively cooperating with Binance; and establishing a fund recovery plan.
The foundation pledged to use recovered funds to build a Movement Strategic Reserve—a $38 million buyback program aimed at purchasing MOVE tokens on the open market and returning USDT liquidity to the Movement ecosystem.
The statement noted that the repurchase of MOVE using the recovered $38 million in USDT will occur over the next three months on Binance. Purchased MOVE tokens will be regularly transferred to the Movement Strategic Reserve’s on-chain wallet: 0xA14C8e3eBb2Da43d027dC2c1b763387B9D59cACe.
PeckShield: GMX and Abracadabra Contracts Hacked, Losses Estimated at $13 Million
According to blockchain security firm PeckShield, smart contracts associated with GMX and Abracadabra (@MIM_Spell) were hacked, resulting in losses of approximately 6,260 ETH, valued at around $13 million.
David Sacks: FDIC’s Removal of ‘Reputational Risk’ as a Banking Supervision Factor Is a Win for Crypto Industry
The Republican X account of the U.S. Senate Banking Committee announced that the Federal Deposit Insurance Corporation (FDIC) will remove “reputational risk” as a factor in bank supervision.
David Sacks, Special Advisor to the White House on AI and Cryptocurrency, commented that this marks a victory for the crypto industry. Previously, the vague and subjective “reputational risk” standard led banks to deny services to legitimate cryptocurrency businesses. Sacks believes banking standards should be more objective and quantifiable rather than based on potentially unfounded negative publicity.
Binance Reports Employee Engaged in Front-Running Using Inside Information; Individual Suspended and Facing Legal Action
According to an official Binance announcement, on March 23, 2025, Binance’s internal audit team received a report alleging that an employee used inside information to conduct front-running trades for personal gain. Binance took the allegation seriously and immediately launched a comprehensive internal investigation. The preliminary findings are as follows:
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Investigation Summary
No insider access related to Binance Wallet team: The employee was part of the Binance Wallet team, which had no business relationship or collaboration with the relevant project and therefore did not have access to any non-public information.
Alleged misuse of prior-position knowledge: The investigation found that the employee had transferred from a business development role on the BNB Chain team to the Wallet team one month earlier. In their previous role, they were familiar with on-chain projects and knew that a certain project planned a token generation event (TGE), expected to attract significant community attention. Before the project publicly announced its token issuance, the employee purchased substantial amounts of the token through multiple linked wallet addresses and quickly sold part of their holdings for profit after the announcement, while retaining a significant unrealized gain on the remaining tokens. This behavior constitutes front-running using non-public information and clearly violates company policy.
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Disciplinary Actions
Immediate suspension: The employee has been immediately suspended and will face further disciplinary measures.
Legal proceedings: Binance will fully cooperate with relevant authorities in the jurisdiction where the employee resides and take appropriate legal actions under applicable laws. All related assets will be handled strictly in accordance with legal requirements.
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Reward for Whistleblowers
To recognize the contribution of the whistleblowers, Binance has completed verification and deduplication processes and will distribute the promised $100,000 reward equally among the reporters:
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7a@g.com
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Additionally, Binance notes that some reports were publicly shared on X. While the company appreciates the transparency, rewards are only granted for valid reports submitted through official channels (audit@binance.com).
ZachXBT Accuses Crypto.com of Reissuing 70 Billion Previously 'Burned' CRO Tokens, Calling It 'Indistinguishable From a Scam'
On-chain investigator ZachXBT accused the Crypto.com team on social media of recently reissuing 70 billion CRO tokens previously pledged as “permanently burned” in 2021—amounting to 70% of the total token supply.
ZachXBT wrote in a post: “CRO is indistinguishable from a scam. Your team reissued 70 billion CRO—previously claimed to be ‘permanently burned’—just last week, going directly against community expectations and maintaining control over the majority of circulating supply.”
He also questioned Truth’s partnership decision: “I don’t understand why Truth chose to partner with Crypto.com instead of platforms like Coinbase, Kraken, or Gemini under these circumstances.”
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