KEYTAKEAWAYS
- SEC secured a judgment against CLS Global for crypto wash trading in a case involving an FBI-created "trap token," highlighting increasing regulatory enforcement against market manipulation.
- Circle's new Refund Protocol integrates on-chain dispute resolution for stablecoin payments, potentially strengthening USDC's position against market leader USDT in the battle for stablecoin dominance.
- While crypto rug pulls have decreased by 66% year-over-year, they've grown more devastating in scale, with retail adoption progressing as SPAR tests Bitcoin payments in Switzerland.
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. Stablecoin Growth Rate Slows, Indicating Market Liquidity Contraction
Glassnode reports that while stablecoin supply continues to grow, the rate has significantly slowed in recent weeks. As stablecoins serve as core pricing assets in the crypto market, this slowdown confirms a trend of liquidity contraction and declining risk appetite across the digital asset landscape.
2. SEC Secures Final Judgment Against UAE Crypto Market Maker in Wash Trading Case
The SEC has won its market manipulation case against CLS Global FZC LLC, a UAE-based crypto market maker. The U.S. District Court for Massachusetts issued a final judgment on April 7, 2025, after the SEC accused CLS of orchestrating a scheme to manipulate trading for “NexFundAI,” a token created by the FBI as a sting operation. CLS Global engaged in wash trading that accounted for 98% of the token’s volume. The firm must pay a $425,000 civil penalty, disgorge $3,000 in profits, implement strict compliance measures, and is banned from conducting business with U.S. entities.
3. Ethereum Foundation Opens Applications for 6th Protocol Fellowship Program
The Ethereum Foundation has announced that applications are now open for the 6th batch of its Ethereum Protocol Fellowship program (EPF6). The application window closes on April 30, with the program running from June to November 2025. Participants will have opportunities to connect with mentors from the core development community. An informational session will be held on April 21 at 4 PM UTC to answer questions about the program.
4. Circle Launches Refund Protocol for Transparent Stablecoin Dispute Resolution
Circle has introduced the Refund Protocol, an advanced smart contract framework for decentralized stablecoin payments. Developed by Circle Research, this innovation embeds on-chain dispute resolution mechanisms directly into the blockchain, addressing limitations in traditional stablecoin payment models that lack transparent refund processes. The protocol functions as a non-custodial escrow system, eliminating reliance on third-party intermediaries and potentially strengthening USDC’s position against market leader USDT, which currently holds over 61% market share.
5. Binance Advising Multiple Governments on Crypto Regulations and National Bitcoin Reserves
Binance is advising several governments on developing crypto regulations and establishing national Bitcoin reserves, according to CEO Richard Teng. Following the U.S. shift toward crypto-friendly policies, many countries are seeking similar approaches. Teng told the Financial Times that Binance has “been approached by quite a lot” of countries for regulatory guidance and assistance with creating strategic crypto reserves, though he declined to name specific nations. This advisory role comes months after Binance paid $4.3 billion in fines for money laundering charges in the U.S. in 2023.
NOON NEWS
1. Walrus Protocol Issues Airdrop to SuiPlay0X1 Device Holders
Decentralized data storage protocol Walrus announced via Twitter that it has issued an airdrop to SuiPlay0X1 device holders. Eligible holders can claim Non-Fungible Tokens (NFTs) through WAL.
2. Virtuals Launches Genesis Token Issuance Mechanism
Virtuals has officially launched Genesis, a new point-based token issuance mechanism where users can accumulate points through purchasing ecosystem tokens, holding VIRTUAL, staking VADER, and other activities. This grants them access to participate in new project launches. The first token issuance under this system is h011yw00d (HOLLY), with subscriptions closing at 21:00 tonight. Users who have already accumulated points can participate using their points and VIRTUAL tokens.
3. Magic Eden Completes Season 1 Airdrop, Opens Season 2 Event
Magic Eden announced on Twitter that its Season 1 airdrop has been completed and Season 2 is now open. Users can participate by staking ME tokens and trading on the platform. Upcoming updates will include leaderboard rankings, a 0.5% EVM fee, and a complete overhaul of the NFT platform.
4. Chainlink Market Cap Surpasses The New York Times
$LINK has surpassed the market capitalization of The New York Times, now valued at $8.25 billion.
5. Synthetix Founder Addresses sUSD Depegging Issues
Synthetix founder Kain has changed his personal Twitter username to kain.depeg. Responding to community concerns about sUSD depegging, he stated: “No one wants to see depegging happen, and multiple solutions are currently being studied.” According to Parsec analysis, the recent sUSD depegging is not due to bad debt or protocol failure, but rather a side effect of the SIP-420 mechanism adjustment, which introduced a shared debt pool that eliminated the previous self-regulation mechanism.
EVENING NEWS
1. Manta Network Co-Founder Exposes Sophisticated North Korean Phishing Attack
Kenny Li, co-founder of Manta Network, recently evaded a sophisticated Zoom phishing attack orchestrated by North Korea’s Lazarus Group. The attackers used stolen real videos of team members to lure Li into downloading malicious scripts during a video conference. Li noticed the suspicious request to download files and immediately terminated the call. He warned that the attack specifically targets crypto executives by exploiting trust in sudden meeting requests and fatigue from information overload. Several industry insiders have confirmed encountering similar attacks, including requests to download a “business-only version” of Zoom.
2. Hyperliquid Dominates Onchain Perpetuals Market with 70% Share
Hyperliquid now dominates the onchain perpetuals market with $175 billion in March trading volume, capturing nearly 70% of the market share.
3. Trump Launches Attack on Fed Chair Powell, Threatens Removal
President Donald Trump launched a series of attacks against Federal Reserve Chair Jerome Powell, accusing him of “playing politics” by not cutting interest rates. Trump asserted he had the power to remove Powell “real fast” and stated Powell’s termination “cannot come fast enough.” These remarks echo similar language from Trump’s first term and raise concerns about Fed independence. According to the Wall Street Journal, Trump has privately discussed firing Powell for months. Treasury Secretary Scott Bessent has reportedly cautioned White House officials against attempting to remove Powell, warning it could destabilize financial markets.
4. Crypto Rug Pulls Decrease in Frequency but Increase in Size
Blockchain analytics platform DappRadar reports a 66% year-on-year decrease in crypto rug pulls, with only seven incidents in 2025 compared to 21 in early 2024. However, the size of each rug pull has increased dramatically, with nearly $6 billion lost so far in 2025, versus $90 million during the same period in 2024. DappRadar analyst Sara Gherghelas noted that while rug pulls are becoming less frequent, they are “far more devastating when they do occur,” with scams becoming increasingly sophisticated. Memecoins have emerged as the primary vehicle for rug pulls in 2025, compared to a more diverse range across DeFi protocols, NFT projects, and memecoins in 2024.
5. SPAR Tests Bitcoin Lightning Network Payments in Swiss Store
International retail giant SPAR, with over 13,900 stores in 48 countries, has launched a pilot program accepting Bitcoin payments at a store in Zug, Switzerland. The system utilizes the Lightning Network for fast, low-cost transactions suitable for retail environments. Zug, known as the European “Crypto Valley,” was chosen for its established blockchain community and previous cryptocurrency initiatives. If successful, this test could legitimize crypto in retail, demonstrate the technical feasibility of Bitcoin-based payment systems, and potentially lead to wider adoption across SPAR’s global network.
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