24-Hour Hot Cryptocurrencies and Key News｜Solana Ecosystem's Drift Protocol Hacked, Losses Exceed $200 Million; Trump Threatens Continued Strikes on Iranian Energy Facilities (April 2)
- Core View: The market exhibits a complex landscape under the influence of multiple macro and industry events, including a major security incident in the Solana ecosystem, geopolitical tensions driving up oil prices, and US regulators accelerating the formulation and enforcement of cryptocurrency-related rules.
- Key Elements:
- Solana ecosystem derivatives protocol Drift Protocol was attacked, with losses estimated at least around $200 million, potentially becoming the second-largest DeFi security incident in the ecosystem.
- Geopolitical risks intensify as Trump threatens strikes on Iranian energy facilities, pushing WTI crude oil prices above $103 per barrel, with intraday gains exceeding 4%.
- The US Treasury Department released the first draft rules for the stablecoin regulatory bill, the "GENIUS Act," focusing on clarifying the "substantially equivalent" standards for state and federal oversight.
- The US CFTC outlined five major enforcement priorities, emphasizing a "crackdown" on insider trading and market manipulation in prediction markets, and ending the "regulation by enforcement" approach.
- South Korea's leading exchange Bithumb announced a delay of its IPO plan until after 2028, citing the need to strengthen internal controls and accounting policies to meet listing requirements.
1. CEX Hot Tokens
Top 10 CEX Trading Volume and 24-hour Price Changes:
- BTC: -0.89%
- ETH: +0.23%
- SOL: -4.04%
- XRP: -0.73%
- BNB: -2.01%
- DOGE: -1.61%
- LINK: -0.46%
- TRX: +0.48%
- STO: +146.53%
- ADA: +0.08%
24-hour Top Gainers (Data Source: OKX):
- ONT: +51.47%
- XPL: +13.73%
- PHA: +13.07%
- BLUR: +8.62%
- ORBS: +8.22%
- S: +7.83%
- NMR: +7.72%
- CATI: +7.57%
- IOTA: +6.16%
- POR: +5.65%
24-hour Top Gainers in Crypto-Stocks (Data Source: msx.com):
- DEFT: 21.63%
- PL: 13.45%
- VVPR: 11.23%
- WDC: 10.61%
- BKSY: 10.53%
- MU: 9.82%
- DXYZ: 9.78%
- YSS: 9.52%
- SNDK: 9.47%
- SOXL: 9.23%
2. Top 5 On-Chain Meme Coins (Data Source: GMGN):
- ARTEMISII
- MOON
- ROCKET
- GAJAE
- FML
Headlines
WTI crude oil broke through $103 per barrel, up 4.07% intraday. Brent crude oil surged by $4 intraday, now quoted at $102.86 per barrel, up 4.06%. On the news front, Trump stated that if no agreement is reached, he will strike Iran's energy facilities.
US stock index futures fell. S&P 500 index futures were down 0.5% at the latest.
Solana Ecosystem's Drift Protocol Hacked, Losses Estimated at Least $200 Million
A security incident occurred on the Solana-based derivatives trading platform Drift Protocol. On-chain data shows losses of at least approximately $200 million, with some estimates approaching $270 million.
The project team stated that abnormal activity has been detected and is under investigation. They advised users to temporarily refrain from depositing funds into the protocol and emphasized that "this is not an April Fool's joke."
The attack involved multiple liquidity pools, including JLP Delta Neutral, SOL Super Staking, and BTC Super Staking. A single transfer of approximately 41.7 million JLP tokens was valued at around $155 million. Additionally, assets such as SOL, USDC, cbBTC, and wBTC were also transferred out.
According to statistics, this incident may become one of the largest DeFi attacks in the Solana ecosystem since the Wormhole bridge exploit.
Iran Reiterates Blocking the Strait of Hormuz as a Countermeasure
On April 1, the office of Iran's Supreme Leader posted excerpts from the first speech by Supreme Leader Mujtaba Khamenei on social media, reiterating the continued use of blocking the Strait of Hormuz as a countermeasure. The office also quoted the speech, stating that Iran is studying the opening of "other potential fronts," believing that opponents in related fields "lack experience and have obvious weaknesses." If the conflict continues, after comprehensively considering relevant factors, "these fronts will be activated."
Industry News
South Korean Cryptocurrency Exchange Bithumb Delays IPO Until After 2028
A Bithumb executive stated the company will "focus on preparing for listing by 2027." CFO Jeong Sang-gyun said at the company's annual shareholders' meeting that Bithumb is "strengthening accounting policies and internal controls" after signing an IPO consulting contract with Samjong KPMG. Bithumb had previously planned to go public in 2025.
At the shareholders' meeting, CEO Lee Jae-won was re-elected for a two-year term. During his tenure, Bithumb was ordered by South Korean regulators to suspend operations for six months and fined $24 million for alleged anti-money laundering violations.
Additionally, Dunamu, the operator of another major South Korean exchange Upbit, also plans to conduct an IPO after completing a share swap with Naver Financial, expected to take place in September.
Paradigm, a major investor in the prediction market Kalshi, is developing its own prediction market trading terminal. Paradigm partner Arjun Balaji is leading the initiative, which will target professional traders and market makers. A Paradigm spokesperson declined to comment on the matter. Furthermore, sources said Paradigm is also considering whether to establish an internal market-making division in the prediction market space, in addition to developing the trading terminal. Additionally, Paradigm is collaborating with researchers to explore the feasibility of creating a prediction market index. This would bundle multiple prediction markets into a tradable platform, similar to how the S&P 500 index combines 500 company stocks into one index.
Project News
Bitcoin Miner Riot Platforms Suspected of Selling 500 BTC Approximately 2 Hours Ago
According to Lookonchain monitoring, Bitcoin mining company Riot Platforms is suspected of selling 500 BTC approximately 2 hours ago, worth approximately $34.13 million.
SpaceX Aims for June IPO, Valuation Could Exceed $1.75 Trillion
Informed sources revealed that SpaceX has confidentially filed for an IPO, moving closer to what could be the largest IPO in history. Sources said SpaceX has submitted a draft registration for the IPO to the U.S. Securities and Exchange Commission (SEC) and could go public in June, becoming the first of three potential mega-IPOs, ahead of OpenAI and Anthropic. Sources indicated that SpaceX may seek a valuation exceeding $1.75 trillion in the IPO. The company previously acquired Musk's AI startup xAI, giving the combined entity a valuation of $1.25 trillion. Details of the listing, including the number of shares to be sold and the price range, are expected to be disclosed in subsequent filings. The fundraising size for SpaceX's IPO could be as high as $75 billion, far exceeding the current record holder Saudi Aramco's $29 billion in 2019. Sources said banks including Bank of America, Citi, Goldman Sachs, JPMorgan Chase, and Morgan Stanley will serve as the lead underwriters for the IPO.
Funding
Kulipa Completes $6.2 Million Seed Round Led by Flourish Ventures and 1kx
Stablecoin payment card infrastructure service provider Kulipa announced the completion of a $6.2 million seed round led by Flourish Ventures and 1kx, with participation from White Star Capital and Fabric Ventures. The company helps fintech firms issue white-label stablecoin payment cards without having to manage card operations themselves. According to Kulipa founder and CEO Axel Cateland, this round of funding was actually completed last December using a Simple Agreement for Future Equity (SAFE) model, but he declined to disclose details such as when the fundraising process began, the tranche structure, company valuation, and board seat allocation.
NYSE-listed Bitcoin mining company Cango announced the completion of two significant financing transactions. This includes a $65 million strategic investment, issuing a total of 49,242,424 Class A ordinary shares to two entities wholly controlled by Chairman Xin Jin and Director Chang-Wei Chiu, respectively. The transaction was settled on March 31, with proceeds settled in USDT. Additionally, the company signed a securities purchase agreement with Hong Kong-listed financial services group DL Holdings Group Limited, issuing a $10 million convertible note and warrants for up to 370,370 Class A ordinary shares, with an exercise price of $2.70 per share.
Regulatory Developments
US Treasury Releases First Draft Implementation Rule for GENIUS Act, Seeks Public Comment
The U.S. Treasury Department released the first Notice of Proposed Rulemaking (NPRM) for the stablecoin regulatory bill, the GENIUS Act, marking the entry of the bill into the specific implementation phase.
This proposal focuses on the regulatory path for "small stablecoin issuers," intending to establish criteria to assess whether state-level regulatory systems are "substantially equivalent" to the federal framework. According to the bill, institutions with an issuance scale below $10 billion can opt for state regulation, provided their regulatory regime meets federal standards.
The Treasury stated that the proposal aims to clarify the regulatory boundaries between states and the federal government and provide a clearer compliance path for the stablecoin industry.
The public will have 60 days to submit comments on the draft rule. Meanwhile, other federal regulatory agencies, including the FDIC and OCC, are also advancing related supporting rules, with the overall stablecoin regulatory framework gradually taking shape.
US SEC Approves NYSE American Listing Options for Multi-Crypto Asset Commodity Trusts
The U.S. Securities and Exchange Commission (SEC) approved NYSE American's application for a rule change to list options for multi-cryptocurrency commodity trusts. Previously, only options for single-crypto-asset commodity trusts were allowed. The approval now extends to supporting options for commodity trusts holding multiple crypto assets. Prerequisites for listing include: each crypto asset held by the trust must individually meet high liquidity standards, with an average daily market value of at least $700 million over the past 12 months, and derivative contracts for that crypto asset must have a comprehensive surveillance sharing agreement with the exchange. Additionally, the trust shares must meet the exchange's initial and continued listing standards for ETF options and be NMS stocks.
David I. Miller, Director of Enforcement at the U.S. Commodity Futures Trading Commission (CFTC), stated in a speech at New York University School of Law that future enforcement will focus on five key areas: insider trading, market manipulation, market abuse, retail fraud, and anti-money laundering (AML) and KYC violations. The CFTC explicitly stated that insider trading regulations also apply to prediction markets. Trading based on material non-public information will be considered illegal and will be "actively investigated and prosecuted."
Regarding regulatory direction, the CFTC emphasized moving away from a "regulation by enforcement" model towards focusing on core violations like fraud and manipulation. It also plans to introduce a new cooperation policy, offering leniency or even exemption paths to institutions that proactively self-inspect, cooperate with investigations, and complete rectifications. Furthermore, the CFTC stated it will strengthen collaboration with exchanges and judicial authorities, focusing on combating energy market manipulation and fraud schemes utilizing new technologies like AI.
Voices
Tom Lee: High Oil Prices May Not Necessarily Hurt US Economy, "Opportunity in Crisis" Underestimated
Tom Lee, Chairman of Ethereum treasury company Bitmine, stated on platform X that based on the economic structure of major US regions, high oil prices are not an absolute negative for the overall economy. Texas benefits from the energy industry, New York relies on public transportation reducing sensitivity to oil prices, and Florida has shorter commutes, all of which buffer the impact of rising oil prices to some extent. Additionally, Lee emphasized that the Chinese word for "crisis" (危机) itself contains both "danger and opportunity," but most investors often only focus on the risks and overlook the potential opportunities.
