Crypto Morning News: Trump to consider banning congressional stock trading, ZKsync airdrop contract hacked with approximately 111 million $ZK stolen
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Crypto Morning News: Trump to consider banning congressional stock trading, ZKsync airdrop contract hacked with approximately 111 million $ZK stolen
The U.S. SEC concludes its over two-year financial disclosure review of Coinbase, requiring no amendments or restatements.
Navigating Web3 tides with focused insightsAuthor: TechFlow
Yesterday's Market Dynamics
White House: Trump to Consider Banning Congressional Stock Trading
According to Jinshi Data, the White House stated that Donald Trump will consider banning members of Congress from trading stocks.
Eric Trump to Attend Dubai TOKEN2049 Conference
Per an official announcement from TOKEN2049, Eric Trump will attend the Dubai TOKEN2049 conference for a discussion with World Liberty Finance on cryptocurrency, global business, and American influence. The event will take place from April 30 to May 1.
U.S. SEC Concludes Over Two-Year Financial Disclosure Review of Coinbase Without Requiring Amendments
According to CryptoSlate, the U.S. Securities and Exchange Commission (SEC) has completed its financial disclosure review of cryptocurrency exchange Coinbase without requiring any amendments or restatements. The review, lasting over two years, covered the company’s Form 10-K filings for 2022 and 2023.
Coinbase Chief Legal Officer Paul Grewal stated on social media that all disclosure-related issues have been fully resolved. The SEC confirmed the conclusion of the review in a letter addressed to Coinbase CFO Alesia Haas, while emphasizing that this does not constitute endorsement of the filings.
Standard Chartered Expects Stablecoin Supply to Reach $2 Trillion by 2028
According to The Block, analysts at Standard Chartered predict that as U.S. stablecoin legislation progresses, total stablecoin supply could grow nearly tenfold from the current $23 billion to $2 trillion by the end of 2028. Analysts believe the upcoming GENIUS Act will legitimize the stablecoin industry and accelerate adoption. This growth would lead stablecoin issuers to purchase approximately $1.6 trillion in U.S. Treasury bills as reserves—enough to absorb all new Treasury issuance during a second Trump administration.
Trump to Launch Monopoly-Style Cryptocurrency Real Estate Game
According to Fortune magazine, former U.S. President Donald Trump is set to launch a blockchain-based real estate video game with gameplay similar to "Monopoly." The project is being developed by Trump’s long-time business partner Bill Zanker and is scheduled for release in late April 2025.
ZKsync Airdrop Contract Attacked, Minting Approximately 111 Million ZK Tokens
The ZKsync official team announced that the administrator account of its airdrop distribution contract was compromised. The attacker called the sweepUnclaimed() function to mint around 111 million unclaimed ZK tokens from the airdrop contract. The team clarified that the incident was limited to the airdrop distribution contract only, and that the ZKsync protocol, ZK token contract, governance contracts, and all active Token Program minter roles remain unaffected and cannot be exploited further via this method. Most of the stolen funds are still held by the attacker. The ZKsync team is cooperating with security firms and exchanges to recover the assets and urging the attacker to contact their official email to discuss fund return and avoid legal consequences.
GPS Buyback Address Completes Burning of 177 Million GPS Tokens
On-chain analyst Ai Auntie (@ai9684xtpa) reported that the GPS buyback address has completed the burning of 177 million GPS tokens, worth $3.07 million. Previously, the project team committed to repurchasing GPS worth 4.34 million USDT. Between March 19 and April 14, they withdrew tokens worth $4.04 million from Binance in seven separate transactions, marking substantial completion of the buyback (note: withdrawal prices may differ from actual buyback prices, so this progress is for reference only).
Mantra CEO Proposes Burning Personal OM Token Allocation to Regain Investor Trust
According to CryptoSlate, Mantra CEO John Patrick Mullin has proposed burning his personally allocated share of OM tokens to restore investor confidence.
Mullin currently holds approximately 772,000 OM tokens, less than 1% of circulating supply. His token allocation is scheduled to unlock in April 2027.
Bitwise CIO: Bitcoin May Outperform Stocks During Market Downturn for the First Time
Matt Hougan, Chief Investment Officer at Bitwise, recently stated that Bitcoin is exhibiting behavior “distinctly different” from previous market corrections. Despite market volatility triggered by Trump’s tariff policies, Bitcoin’s price fluctuated by only 0.07% over the past month—an unusual level of stability. Since Bitcoin surpassed $1 in 2011, it has never outperformed equities during a broad market correction. However, Hougan believes this time might be different. As more corporations, institutions, and governments begin holding Bitcoin, its narrative as a safe-haven asset is gradually replacing its classification as a risk asset—signaling growing maturity in the crypto market.
Analyst: GSR Markets and Flow Traders Are Market Makers for WCT, Holding 8% of Initial Circulating Supply
On-chain analyst Ai Auntie (@ai_9684xtpa) reported that GSR Markets and Flow Traders are market makers for WCT, the new token on Binance Launchpool.
GSR Markets received 7.5 million WCT tokens for market making, with 2.8 million already deposited to exchanges; Flow Traders also received 7.5 million WCT tokens and is currently conducting small transfer tests to exchanges. Together, these two market makers hold 8% of WCT’s initial circulating supply.
WCT has a total supply of 1 billion tokens. Binance Launchpool rewards amount to 40 million WCT (4% of total supply), with an initial listing circulation of 186.2 million WCT (18.62% of total supply).
CleanSpark Expands Capital Strategy, Secures $200M Bitcoin-Collateralized Credit Line from Coinbase Prime
According to an official announcement, U.S.-based Bitcoin miner CleanSpark (Nasdaq: CLSK) has expanded its credit facility with Coinbase Prime to $200 million and transitioned to a self-funded operating model. The company will begin selling a portion of its monthly Bitcoin production to support daily operations and has initiated institutional-grade Bitcoin treasury management. CleanSpark currently holds over 12,000 Bitcoin, valued at approximately $1 billion. CEO Zach Bradford stated the company has reached “escape velocity,” enabling it to self-fund through operating cash flow, increase Bitcoin reserves, and support capital expansion. This balanced strategy is expected to enhance long-term shareholder value.
Market Data
Suggested Reading
Crypto Holdings of Trump Administration Officials Revealed: BTC Remains Top Choice
This article reveals the crypto asset holdings of Trump administration officials, showing that Bitcoin remains the preferred choice for most. Although Vice President JD Vance holds the smallest portfolio among senior officials, he still owns a notable amount of Bitcoin. Other figures such as White House AI and Crypto Lead David Sacks, SEC Chair Paul Atkins, and U.S. Treasury Secretary Scott Bessent also hold varying levels of crypto assets.
Vitalik’s New Article: How Are AI and Crypto Changing Privacy?
Authored by Ethereum co-founder Vitalik Buterin, this article explores how artificial intelligence and cryptographic technologies are reshaping privacy. It emphasizes the importance of privacy as a foundation for freedom, order, and progress. The author argues that while technological advances may threaten privacy, strong encryption can safeguard it—thereby promoting societal safety and technological innovation.
Interview with Bitwise Alpha Strategy Head: Bitcoin Will Reach $200,000 by Year-End
This article discusses the current state of the cryptocurrency market and its relationship with macroeconomic trends, particularly Bitcoin’s performance under various economic conditions. It also covers recent developments within the crypto industry, including Ripple’s acquisition of Hidden Road and Circle’s postponed IPO.
Altcoin ETF Boom: A Comprehensive Look at 2025 Crypto ETF Filings
This article examines the current landscape of cryptocurrency exchange-traded funds (ETFs) and their potential impact on traditional financial markets. As the U.S. government shifts toward a more favorable stance on digital assets, numerous asset managers are filing for ETFs covering altcoins, meme coins, and NFTs. Approval of these ETFs could significantly expand the reach of crypto assets within traditional finance.
A Review of Web3 Consumer Application Paradigms and Investment Theories
This article explores investment theories and paradigms in Web3 consumer applications. Alliance DAO notes that foundational ecosystem tools are maturing, and greater focus is now needed on application-layer projects to deliver real value. The article summarizes key investment principles in the Web3 consumer space, analyzes prevailing application models, identifies challenges and opportunities, and offers insights into future investment frameworks for Web3 consumer apps.
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