KEYTAKEAWAYS
- Ethereum developers announce new Hooli testnet to resolve previous Pectra testing failures, with mainnet upgrade planned for late April to early May after final testing phase.
- US Senate Banking Committee passes the GENIUS Act regulating payment stablecoins with bipartisan support, aiming for President Trump's signature by end of April.
- Three Arrows Capital receives court approval to increase FTX bankruptcy claim from $120M to $1.53B, marking a significant victory in ongoing cryptocurrency bankruptcy litigation.
CONTENT
Welcome to the CoinRank Crypto News Roundup. CoinRank will provide daily important crypto news in this column series, allowing readers to quickly obtain the latest crucial updates from the cryptocurrency market.
MORNING NEWS
1. Ethereum to Launch New ‘Hooli’ Testnet for Pectra Upgrade
Ethereum core developers have announced the launch of a new testnet named ‘Hooli’ on March 17. This testnet aims to conduct the final testing phase for the Pectra upgrade, with plans to deploy it to the mainnet between late April and early May. Previous attempts to test Pectra on the Sepolia and Holesky testnets encountered failures due to configuration errors, with Holesky experiencing weeks of downtime. The Pectra test upgrade on Hooli is scheduled for March 26, and if successful, developers plan to initiate the mainnet upgrade 30 days later.
2. US Senate Banking Committee Passes Stablecoin Regulation Bill
The US Senate Banking Committee passed the GENIUS Act to regulate payment stablecoins by a vote of 18 to 6, despite the defeat of numerous Democrat-proposed amendments during the markup session. The latest iteration of the bill excludes stablecoins that provide interest or yield. The goal is to have a bill for President Trump’s signature by the end of April, though several steps remain, including a full Senate vote and integration with the House STABLE Act. A bipartisan package of amendments was approved, covering ‘integrity’ assessments of stablecoin issuers. Senator Warren expressed concerns about reports that the Trump family had discussions about working with Binance, which was previously fined $4.3 billion.
3. Trump Family Reportedly in Talks to Acquire Stake in Binance US
According to a Wall Street Journal report, President Trump’s family has been considering an investment in Binance.US, just a couple of years after the exchange pleaded guilty to violating anti-money laundering regulations. As part of that guilty plea, Binance founder Changpeng Zhao (CZ) paid a $4.3 billion fine and served four months in prison in 2023. CZ, currently the 24th richest person globally according to Forbes, is reportedly seeking a pardon from the Trump administration. However, CZ refuted the WSJ’s reporting, stating on X: “I have had no discussions of a Binance U.S. deal with … well, anyone.”
4. Meteora Increases LP Rewards from 10% to 15%
According to Meteora’s disclosure during a live broadcast, the M3M3 ecosystem (including token holders and stakers) will receive a team allocation of 2% of the token supply, which has already been snapshot. LP rewards have increased from 10% to 15%. Meteora expressed gratitude for community feedback, emphasizing its importance for the platform’s future development.
5. Hyperliquid Announces Network Upgrade to Strengthen Margin System
On-chain derivatives platform Hyperliquid has announced a network upgrade scheduled for March 15 at 08:00 UTC+8. Following a recent incident highlighting the need to strengthen their margin system under extreme conditions, the upgrade will adjust margin transfer requirements, setting the margin ratio at 20%. This change will affect funds transferred from cross-margin wallets and isolated margin positions.
NOON NEWS
1. Three Arrows Capital’s Claim Against FTX Increases to $1.53 Billion
Singapore-based crypto hedge fund Three Arrows Capital (3AC) has received approval from US courts to increase its bankruptcy claim against FTX by more than tenfold, from $120 million to $1.53 billion. This ruling by the US Bankruptcy Court for the District of Delaware follows a motion filed by 3AC liquidators, who argued that FTX had liquidated and seized approximately $1.33 billion of 3AC’s assets two weeks before the latter’s downfall in June 2022. The courts highlighted that FTX withheld vital records, forcing liquidators to leverage raw data to evaluate losses, resulting in significant delays. This approval is subject to further litigation and the FTX creditor redistribution plan.
2. 50x Leveraged Whale Makes $16.39 Million Profit on Hyperliquid
According to Lookonchain monitoring, a trader using 50x leverage has made a profit of $16.39 million on Hyperliquid in the past month. Six hours ago, the trader went long on ETH and HYPE again, earning another $1.18 million. Over the past month, this whale has conducted a total of 8 trades on Hyperliquid through 2 wallets, all profitable, with a cumulative profit of $16.39 million.
3. Bitcoin and Ethereum ETFs See Continued Outflows
Bitcoin ETFs saw a net outflow of $143 million on Thursday, March 13, resuming their downward trend, while Ethereum ETFs continued their decline with a $74 million outflow, marking seven consecutive days of losses. Fidelity’s FBTC led the Bitcoin ETF downturn with $75.48 million in outflows, followed by Ark 21Shares’ ARKB with $60.23 million. Only BlackRock’s IBIT managed to attract an inflow of $45.75 million. For Ethereum ETFs, Grayscale’s ETHE bore the brunt with a $41.70 million outflow. The total net assets for Bitcoin ETFs have fallen to $89.60 billion, while Ethereum ETFs now stand at $6.49 billion, reflecting cautious investor sentiment.
4. Trump-Backed WLFI Completes $550 Million Token Sale
World Liberty Financial (WLFI), a decentralized finance project backed by Donald Trump, has successfully concluded its latest public token sale, raising approximately $550 million. The sale involved 25% of its total supply, amounting to 100 billion tokens, bringing the project’s total capital raised to $590 million, including prior private rounds. Co-founder Zak Folkman indicated that 63% of the total token supply is intended for public sale, suggesting possible future offerings. Tron founder Justin Sun invested $30 million in November, leading to his appointment as an advisor. WLFI token holders receive voting rights and can propose governance changes, though tokens cannot be transferred within the first 12 months of launch.
5. Base Ecosystem Experiences Significant Growth
Base, an Ethereum Layer 2 network incubated by Coinbase, has been attracting significant market attention with its rapid growth. Funds and users are continuously entering the ecosystem, increasing activity with rising trading volume and total value locked (TVL). Industry insiders refer to this as the “Base Season,” with this wave of enthusiasm potentially becoming a highlight of the crypto market in 2025. The growth is driven by continuous capital influx and increasing ecosystem activity.
EVENING NEWS
1. Gold Breaks $3,000 Barrier Amid Economic Uncertainty
Gold broke through the key $3,000 barrier on Friday for the first time as investors sought safety amid economic uncertainty sparked by President Trump’s tariff war. Spot gold hit an all-time high of $3,004.86 before easing to $2,981.42 due to profit-taking. The precious metal has risen nearly 14% so far this year, driven by concerns over tariff impacts and the resultant stock market selloff. Gold has also been supported by central bank demand, with China building its bullion reserves for a fourth straight month in February, and expectations of monetary easing by the Federal Reserve, with traders betting on rate cuts resuming in June.
2. BRICS Bloc Shifting Toward Cryptocurrency for Trade
The BRICS economic bloc (Brazil, Russia, India, China, and South Africa) is increasingly turning to cryptocurrency and blockchain payment systems to facilitate cross-border trade and reduce reliance on the US dollar. Brazil, assuming the BRICS Presidency in January 2025, is reportedly formulating a plan for a blockchain payment system within the bloc, to be considered during the July summit in Rio de Janeiro. Russia has already begun using Bitcoin, Ethereum, and stablecoins for international trade, particularly for oil firms swapping Chinese yuan and Indian rupees for rubles. While there is no official decision about issuing a BRICS crypto token, discussions have centered on utilizing existing CBDCs and stablecoins for settlements.
3. Four.Meme Establishes $10 Million Ecosystem Fund
Four.Meme has officially announced the establishment of a $10 million ecosystem fund to support innovation in the MemeFi field and promote long-term value and sustainability. The fund will provide financial support to selected projects and optimize revenue strategies based on consensus from projects and communities. Capital will be used for market expansion, token buybacks, and community airdrops. Four.Meme is a launchpad platform specialized in memecoins on the BNB Chain, focusing on supporting projects through fair launches while building a community-connected ecosystem.
4. Solana Community Passes SIMD-0123 Proposal
The Solana community has successfully passed the SIMD-0123 proposal through a community vote, with 42.3% in favor, 14.2% against, and 0.7% abstaining, resulting in a 56.9% voter turnout. The proposal introduces an on-chain mechanism to allocate Solana’s priority fees to validator stakers, allowing traders to pay additional fees to expedite transaction processing. Currently, priority fees account for 40% of network income, but validators do not share these with stakers. The initiative aims to increase staking rewards, disallow off-chain transaction protocols, and strengthen on-chain execution, potentially attracting more validators to the network and improving decentralization and security.
5. Crypto Trader Robbed of 318,000 HKD in Hong Kong
According to Hong Kong’s Ming Pao, a 41-year-old man reported to police that he was attacked with a wooden stick and robbed of 318,000 HKD (approximately $40,800) in cash at Lai Chi Kok Park. The victim had earlier traded cryptocurrency at Song Wong Toi, receiving over 300,000 HKD in cash, and was on his way home when the robbery occurred. The police have classified the case as robbery and are searching for a suspect approximately 1.75 meters tall, who was wearing a black long-sleeve shirt during the incident.
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