Are you wondering what crypto stories have made headlines over the last seven days? Well, stick around! Here at ForexTraderSecrets, we have prepared this article to keep you in the know of the latest developments.
Team behind MANTRA to Burn Its Tokens
After Mantra’s native token, OM, saw its price suddenly plummet by nearly 90% last week, the team behind the project has announced plans to burn its token holdings in an effort to win back community trust.
Last Wednesday, Mantra boss John Mullin said the firm will destroy 300 million OM tokens.
Although the crypto community has accused the Mantra team of masterminding OM’s massive price drop, Mullin has denied involvement, arguing that the token was affected by forced liquidations on various exchanges.
Oregon AG Targets Coinbase After US SEC Dismisses Its Lawsuit
A few weeks after the US SEC (Securities and Exchange Commission) dropped charges against Coinbase, the exchange got slapped with another lawsuit filed by Oregon Attorney General Dan Rayfield last week.
While revealing the lawsuit, Chief Legal Officer at Coinbase, Paul Grewal, said the charges brought against the company were similar to those dropped by the SEC. According to him, Rayfield is picking up where former SEC Chair Gary Gensler left off.
TRUMP Tokenholders Prepare for Further Dip as Unlock Starts
Donald Trump’s official meme coin, TRUMP, could face a sharper correction as the token unlocking period begins. On April 18th, the team behind the project released 40 million TRUMP tokens worth over $300 million. Considering the decreased demand for the meme coin, analysts say the increased supply could cause a huge price drop.
TRUMP peaked at $73 two days into its launch in January. However, data from CoinGecko shows that the token is down 88% from its all-time high to $8.04 at press time.
DappRadar Reports a Decrease in Crypto Rug Pulls
Onchain analytics company DappRadar has revealed that the number of rug pulls in the crypto industry has reduced by 66% in the last three months. However, the firm’s report indicates that the amount of funds stolen in rug pull incidents in recent months has risen significantly.
DappRadar says crypto users have lost over $6 billion to bad actors since the start of this year. In comparison, losses to rug pulls amounted to $90 million in 2024 Notably, it claims that OM’s sudden price crash was a rug pull despite Mantra’s team denying involvement.
US Authorities Move SBF to Prison Once Housed Well-Known Gangster
Late last week, the Federal Bureau of Prisons transferred FTX founder Sam Bankman-Fried, popularly known as SBF, to a prison in California that was once home to well-known criminal Al Capone in 1932 after being found guilty of evading taxes.
SBF was moved to the facility after conducting an unauthorized interview in March, where he revealed alleged reasons behind the collapse of his cryptocurrency exchange.
Altcoins Are Going to the Moon This Quarter, Claims Sygnum
Swiss bank Sygnum has said that improved regulations could trigger an altcoin season this quarter after several weeks of price correction. According to the financial institution, the crypto markets haven’t priced in these positive developments as they are overshadowed by the ongoing trade wars started by Donald Trump.
However, once the uncertainty caused by these wars fades away, Sygnum expects utility coins to witness massive price surges.
Hacker Steals ZK Tokens Worth $5 Million
On Tuesday, Zksync’s admin account got compromised, with the hacker stealing unclaimed ZK airdrop tokens worth $5 million. According to the project’s team, user funds were not affected.
The investigation findings showed that the hacker took over the admin role and gained access to several airdrop distribution contracts to mint 100 million ZK tokens.
How Have Bitcoin and Ethereum Performed?
Bitcoin bulls have held their ground amid the trade wars. CoinGecko data shows the asset priced at $87,143 after surging 2.4% in the past seven days. Meanwhile, Ethereum is down 3.5% to $1,617 within the same timeframe. However, it’s up 3.2% in the last 24 hours.
