NewsBriefs - Arbitrum co-founder defends layer 2 networks amid Ethereum's underperformance

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Arbitrum co-founder defends layer 2 networks amid Ethereum's underperformance

Arbitrum CEO Steven Goldfeder refutes claims that layer 2 networks are parasitic to Ethereum. Despite generating $32 million since 2021, Goldfeder argues layer 2s aim to grow Ethereum's ecosystem. Critics point to Ethereum's 3% growth compared to Bitcoin's 42% and Solana's 31% in 2023. With 78 Ethereum layer 2s now active, Goldfeder remains optimistic about future growth, emphasizing security and decentralization over immediate expansion. The $12 billion layer 2 market continues to evolve amid debates over its impact on Ethereum's performance.

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May 15, 9:33 AM The Block

Sonic Labs secures Singapore High Court order to liquidate Multichain Foundation

The High Court of Singapore approved Sonic Labs' request to liquidate Multichain Foundation following a $210 million exploit in July 2023. Sonic Labs, aiming to recover funds lost in the exploit, will have KPMG Singapore as joint liquidators. The liquidation was necessitated by Multichain's failure to address its accountability, coupled with the arrest of its CEO Zhaojun He before the exploit.

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May 14, 11:25 AM The Block

Bitwise CIO advocates for diversified crypto investment, drawing parallels to early internet era

Matt Hougan, CIO at Bitwise, emphasizes the importance of diversified crypto investment, comparing the current situation to investing in the internet in 2004. Although Bitcoin remains the most prominent and liquid crypto asset, akin to 'digital gold,' the recent rise of other assets like Ethereum and the implementation of upgrades such as Ethereum's Pectra illustrate the benefits of a broader investment approach. Hougan argues that just as early internet investors profited from expanding beyond Google to include leaders in other technology sectors, modern crypto investors might achieve better outcomes by diversifying their portfolios across different blockchain technologies and applications.

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May 14, 10:00 AM CoinDesk

White House's Bo Hines confirms President Trump likely to sign crypto legislation by August

Bo Hines, White House official and executive director of the President's Council of Advisers on Digital Assets, stated that despite setbacks, President Donald Trump is expected to sign legislation regarding stablecoins and market structure before the congressional August recess. Speaking at Consensus 2025, Hines expressed optimism about the ongoing negotiations and stressed the importance of establishing the US as a leader in digital asset financial technology. Additionally, Hines addressed potential conflicts of interest regarding Trump's family's involvement in crypto, declaring no conflicts exist as they are private business people.

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May 14, 3:41 AM The Block

DeFi Development boosts Solana position, surpasses $100 million in holdings

DeFi Development, previously known as Janover, acquired 172,670 SOL valued at approximately $23.6 million, elevating its total holdings of Solana to over $100 million. This purchase was part of a strategic move towards constructing a Solana-centric treasury, following their acquisition of a Solana validator business. The purchase was funded by a recent $24 million private placement aimed at bolstering its crypto assets. The company's Solana holdings now total 595,988 SOL, worth about $102.7 million.

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May 13, 5:08 PM The Block

Thailand to offer $150 million in G-Token for public investment within two months

Thailand's Finance Ministry, under Finance Minister Pichai Chunhavajira, plans to issue $150 million worth of digital investment tokens, named G-Token, within the next two months. This initiative, approved by the cabinet, aims to enable higher returns than bank deposits for investors and will help raise funds for the budget without constituting debt. It aligns with growing global interest in government-backed cryptocurrencies and digital investment strategies.

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May 13, 8:49 AM CoinDesk

Cantor Equity Partners announces $458M Bitcoin purchase in merger with Twenty One Capital

Cantor Equity Partners disclosed a $458.7 million Bitcoin acquisition related to its upcoming merger with Twenty One Capital, a crypto-focused investment firm backed by Tether, Bitfinex, and SoftBank. This complex deal involves Tether Investments, Tether's El Salvador affiliate, and iFinex, Bitfinex's parent company, purchasing and holding 4,812 BTC in escrow, which will then be transferred to the merged entity. Additionally, blockchain data confirmed that the escrow wallet received these Bitcoins from a Bitfinex hot wallet. The new company, launching under a SPAC structure led by Strike CEO Jack Mallers, plans to control over 42,000 BTC.

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May 13, 8:30 AM CoinDesk

Bitcoin nears $105K on cooler CPI and historic S&P 500 debut for Coinbase

Bitcoin surged to approximately $104.5K, driven by positive inflation data, favorable remarks from President Trump, and Coinbase's recent inclusion in the S&P 500. The crypto asset experienced a pullback despite nearing the $105,000 mark, while most altcoins saw significant gains. Analysts suggest the rally may continue due to a rebound in global risk appetite and increasing mainstream crypto adoption. Keynotes include cooling consumer inflation and upcoming comments by Fed Chair Jerome Powell, which could influence future financial policies.

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May 13, 4:27 AM Globe Newswire

GD Culture Group commits $300 million to build crypto reserve including Bitcoin and Trump Coin

GD Culture Group, through its subsidiary AI Catalysis, has secured a funding commitment of up to $300 million through a Common Stock Purchase Agreement with an investor to support its crypto asset treasury strategy. This strategy involves purchasing and holding Bitcoin and Trump Coin to strengthen its balance sheet and align with the decentralized finance ecosystem. The initiative reflects the company's confidence in crypto's role in facilitating a decentralization transformation and enhancing long-term shareholder value.

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May 12, 10:05 PM The Block

Coinbase to join S&P 500, becoming first major crypto exchange in index

Coinbase, the largest crypto exchange in the US, will join the S&P 500 index, replacing Discover Financial Services. This milestone marks Coinbase as the first significant, dedicated crypto firm in the index. Despite historical market volatility impacting earnings, Coinbase's growth, including a recent $2.9 billion acquisition of Deribit, has positioned it for inclusion in the benchmark. Shares of Coinbase surged 8% following the announcement.

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May 12, 6:28 PM Pump.fun

Pump.fun launches creator revenue sharing with 50% of PumpSwap earnings

Pump.fun has introduced a creator revenue sharing system where 50% of PumpSwap's revenue is distributed to coin creators. Creators can now earn 0.05% in SOL from each trade made on their coins. This applies to all coins newly created, trading on Pump.fun's bonding curve, or that have graduated to PumpSwap, with earnings calculated from the launch date.

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May 12, 5:37 PM The Block

Trump's direct crypto links raise conflict concerns as stablecoin bill stalls

Former President Donald Trump's growing involvement in the crypto sector is raising conflict-of-interest concerns among US lawmakers, coinciding with the stalling of stablecoin legislation in Congress. Trump's ties to a new stablecoin and a foreign crypto exchange previously scrutinized by the Department of Justice have sparked criticism, particularly as the market cap of the stablecoin surged to over $2 billion following a significant deal. This controversy undermines the progress of the GENIUS stablecoin bill and poses questions about the influence of Trump's financial interests on legislative processes.

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May 12, 5:12 PM The Block

SEC Chair Paul Atkins announces new regulatory approach for crypto

SEC Chair Paul Atkins has unveiled a shift in the agency's crypto regulation strategy, emphasizing a move away from ad hoc enforcement to a rules-based approach that includes drafting specific guidelines for digital assets deemed securities. Atkins criticized the previous administration's less cooperative stance and plans to revise custody rules and explore conditional exemptive relief for new crypto products and services.

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May 12, 12:06 PM The Block

Strategy buys additional 13,390 BTC for $1.3 billion, brings total to 568,840 BTC

Strategy acquired an additional 13,390 BTC for approximately $1.34 billion at an average price of $99,856 per bitcoin, expanding its total holdings to 568,840 BTC valued over $59 billion. These acquisitions were funded through the sale of MSTR and STRK shares. Strategy's total BTC represents more than 2.7% of the entire bitcoin supply, reflecting significant paper gains and continual investment, despite a recent $4.2 billion net loss in Q1 due to unrealized losses on bitcoin under new accounting rules.

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May 11, 5:39 PM The White House

US and China progress in trade talks, detail release set for tomorrow

The US and China have made "substantial progress" in trade talks held in Switzerland, with a detailed announcement planned for tomorrow. US Treasury Secretary Scott Bessent and US Trade Representative Ambassador Jamieson Greer reported productive discussions, emphasizing swift agreement and the groundwork laid over two days. The meetings also involved high-level officials from both sides and direct communication with President Trump.

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May 11, 1:48 PM The Block

Ledger regains control of Discord server after hacker attack

Ledger regained control of its Discord server after a hacker compromised a moderator's account and attempted to scam users by asking them to input their seed phrases into a third-party website. The company swiftly removed the hacked account, deleted the malicious bot, reported the scam website, and secured server permissions to prevent further incidents.

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