Trump-Backed DeFi Project $WLFI Plunges into Crisis: Justin Sun Slams ‘Absurd Governance Scam’ Amidst Investor Fury

World Liberty Financial ($WLFI), a decentralized finance (DeFi) project associated with the Trump family, is currently embroiled in a significant trust crisis. The project team has recently unveiled a highly contentious governance proposal aimed at extending the lock-up period for early supporters’ $WLFI tokens by up to four years. This move has triggered widespread investor outrage, prompting prominent crypto figure and Tron founder Justin Sun to denounce it as the “most absurd governance scam” he has ever witnessed.

The escalating conflict between Justin Sun and the World Liberty Financial management team stems from the unexpected freezing of his $WLFI tokens by the project. Sun took to X (formerly Twitter) on Wednesday, to publicly express his condemnation:

“This is not community governance at all! They package this proposal as ‘building governance consensus’ and ‘long-term commitment,’ but beneath this layer of hypocrisy, this is the most absurd governance scam I have ever seen.”

Details of the Controversial Token Lock-up Proposal

According to the specifics outlined by World Liberty Financial, the proposal seeks to convert over 62.2 billion $WLFI tokens from an “indefinite lock-up” status to a “phased unlock” mechanism. This involves distinct terms for different token holders:

• Founders, Team Members, Advisors, and Partners: The 45.2 billion tokens held by this group would be subjected to a two-year lock-up period, followed by a three-year linear unlock schedule. Additionally, 4.5 billion $WLFI tokens would be permanently burned.
• Early Supporters: Holders of over 17 billion $WLFI tokens would face a two-year lock-up period, succeeded by a two-year linear unlock schedule. This effectively means early investors would need to wait a full four years to regain access to all their tokens.

However, the most contentious element of the proposal is a “hegemonic clause” stating: “If explicit consent to accept the new proposal is not given, holders’ tokens will remain ‘indefinitely locked’ according to existing terms.” This ultimatum has been a primary driver of investor fury.

Governance Mechanism Under Scrutiny: A Path to Manipulation?

Critics also highlight the project’s governance voting mechanics as a potential avenue for manipulation. Previous World Liberty Financial governance votes, particularly those enabling token trading, saw participation from up to 11.1 billion $WLFI in voting power. In stark contrast, the current proposal sets an exceptionally low passing threshold of just 1 billion $WLFI tokens, requiring only a simple majority to pass. This disparity suggests that the founders and management team could potentially leverage a minimal portion of their holdings to easily sway the outcome and force through this highly controversial proposal.

Justin Sun’s “Logical Trap” Accusation and Allegations of Centralized Control

Justin Sun vehemently argues that the proposal is fundamentally a “logical trap.” He points out that casting a “no” vote would result in investors’ tokens being locked indefinitely, stating:

“In other words, if you vote against this proposal, you will be punished. This is not voting, this is coercion. What kind of democratic process rewards obedience and suppresses dissent?”

Sun further revealed that his governance tokens, along with those of several other significant holders (“whales”), have been frozen by the team, effectively disenfranchising them from participating in this critical vote. Beyond this, Sun alleges that the “actual control” of the $WLFI smart contract resides with an anonymous multisig wallet. Disturbingly, he claims an external account possesses the power to blacklist any token-holding address. Sun did not mince words:

“This anonymous multisig can overturn any voting result and execute any operation directly at the contract level. Frankly, the so-called governance proposals, on-chain voting, and community discussions are all just a show.”

Investor Outcry and Allegations of Fund Misappropriation

Justin Sun’s scathing critique has resonated widely across the crypto community on X, with many investors now exploring the possibility of initiating a class-action lawsuit against the project. A pervasive sentiment among users is that they are being coerced into accepting the proposal. Concerns are mounting that by the time tokens are finally unlocked, the political landscape may have shifted (post-Trump presidency), potentially rendering $WLFI’s value negligible. One user, kripu, emphatically advised:

“If you hold this garbage coin, never accept the terms. Trump will be out of office in 2 years, and by then, this thing will definitely go to zero.”

Another user, Isonips, expressed profound frustration: “We’ve been locked up for a year, and during that time the team did whatever they wanted, using tokens as collateral for loans… Now we’re forced to choose between ‘waiting another four years’ or ‘indefinite lock-up’?”

This widespread investor discontent is not new. Earlier, the World Liberty Financial team faced significant controversy when it was revealed they had used 5 billion $WLFI as collateral, depositing it into Dolomite—a DeFi lending platform co-founded by a project advisor—to borrow stablecoins valued at an astonishing $75 million. When the community raised questions regarding these suspicious fund movements, the project team dismissed the accusations as “FUD” (fear, uncertainty, and doubt), further eroding investor trust.

Taiwan’s Financial Sector Poised for Stablecoin Revolution: Six Banks Emerge as Frontrunners

Taiwan is on the cusp of a significant transformation in its digital finance landscape. The draft “Virtual Asset Service Act” has successfully navigated the Executive Yuan, and while awaiting its final legislative approval, the Financial Supervisory Commission (FSC) is proactively developing crucial sub-laws. Initial plans indicate a strategic move to exclusively permit domestic financial institutions to issue stablecoins, a development that has ignited considerable interest across the banking sector.

According to a report by the Economic Daily News, market speculation points to six prominent banks as potential pioneers in stablecoin issuance: CTBC Bank, Cathay United Bank, Taishin Bank, KGI Bank, Union Bank, and Taipei Fubon Bank.

These institutions are not newcomers to the digital realm; they have already made substantial strides in blockchain and virtual asset integration:

1. CTBC Bank: This banking giant has received FSC approval to pilot virtual asset custody services, initially focusing on Bitcoin and Ethereum. Their robust security framework utilizes cold wallets and private key sharding technology. Demonstrating long-term commitment, CTBC Bank publicly recruited blockchain engineers as early as 2025.
2. Cathay United Bank: Also approved for virtual asset custody, Cathay United is targeting high-net-worth individual clients. Furthermore, the bank is actively involved in the FSC’s Real World Asset (RWA) tokenization working group, with plans to trial the issuance of on-chain bonds.
3. Taishin Bank: Currently undergoing guidance for custody services, Taishin Bank recently forged a partnership with Taiwanese exchange HOYA BIT to offer 24/7 New Taiwan Dollar (NTD) trust services, ensuring seamless fund flows.
4. KGI Bank: Following its pilot qualification, KGI Bank has collaborated with leading Taiwanese regulated trading platforms like MaiCoin and BitoPro. This collaboration involves transferring a portion of assets to bank cold storage for enhanced security. KGI Bank also innovatively launched the “KGI Crypto Rewards Card,” allowing customers to earn cryptocurrency rewards through their spending.
5. Union Bank: Beyond securing approval for pilot custody services, Union Bank has strategically invested in MaiCoin, acquiring approximately 9.67% equity. This move significantly deepens its engagement within Taiwan’s burgeoning crypto market.
6. Fubon Bank: Fubon has established the “TWEX Taiwan Mobile Virtual Asset Exchange” through its affiliate, Taiwan Mobile. Fubon Bank plays a critical role by providing the essential trust custody and cold wallet technological infrastructure for the exchange.

The enthusiasm extends beyond these six. State-owned banks such as First Bank and Hua Nan Bank have also expressed considerable interest in stablecoins to the Commercial Times. E.SUN Financial Holding Chairman previously affirmed that the institution intends to be a key player in the stablecoin and tokenization markets.

Further signaling the market’s readiness, Capital Layer, a blockchain enterprise settlement infrastructure provider, has entered into a strategic distribution partnership with Advanced Tek, Taiwan’s largest system integrator, a move widely interpreted as foundational for stablecoin deployment.

A Look Back: The Untimely Exit of Taiwan’s First NTD Stablecoin in 2018

While the current outlook for stablecoins in Taiwan is optimistic, it’s not the nation’s first foray into this digital asset class. Years ago, Taiwanese third-party payment provider ECPay launched CryptoDT blockchain financial services and introduced TWDT-ETH, dubbed the “Taiwan Dollar Stablecoin.” Built on the Ethereum ERC-20 standard, each TWDT token was meticulously pegged 1:1 to the New Taiwan Dollar, with a corresponding NTD held in a trust account. The total circulating TWDT consistently matched the trust balance, supported by regular balance disclosures and certified by accountants.

Ironically, Dr. Qu of Qu’s Tech Classroom, a prominent tech YouTuber who has recently been a vocal critic, famously calling stablecoins “stored-value cards” and alleging they are merely speculative tools for crypto operators, once lauded TWDT as “Taiwan’s first stablecoin” and expressed immense anticipation for blockchain’s future development in Taiwan.

However, despite its innovative structure, TWDT ultimately failed to gain traction due to a lack of market demand and practical application scenarios. It was swiftly delisted by its partner exchange, making a quiet exit from the market. With Taiwan’s regulatory framework now clearer and global interest in stablecoins surging, the question remains: will ECPay re-enter the arena, or will other payment providers seize this renewed opportunity?

2026: Is Taiwan Truly Prepared for a Stablecoin Future?

The proposed regulations stipulate that stablecoin issuers must maintain full reserves of the underlying fiat currency and are explicitly prohibited from distributing interest or rewards. This raises pertinent questions about the future profitability models for these issuers.

Industry insiders, speaking to the Economic Daily News, suggest that banks’ primary motivation for issuing stablecoins is to capitalize on emerging opportunities in blockchain finance and the rapidly expanding field of Real World Asset (RWA) tokenization.

FSC Vice Chairperson Chuang Hsiu-yuan has previously highlighted that certain Taiwanese import and export traders are already actively using stablecoins for payments. As these traders accumulate increasing amounts of stablecoins, the demand for seamless integration with traditional financial institutions will inevitably grow.

Years after the initial failure of TWDT, is the Taiwanese market genuinely ready to embrace domestic stablecoins? Chuang Hsiu-yuan expresses optimism, stating, “I am confident that future demand for NTD stablecoins will be driven by supply chain payment needs. In this evolving landscape, financial institutions are poised to play a crucial role in providing a seamless bridge between fiat currency and stablecoins.”

(The content above is an authorized excerpt and reprint from our partner CryptoCity. Original link)

Tether Steps into the Spotlight with ‘The People’s Wallet,’ Championing Financial Inclusion

Tether, the world’s leading stablecoin issuer, officially announced the launch of its native self-custody digital wallet application, tether.wallet, yesterday (April 14th). This move signifies a pivotal shift for the company, long recognized as a foundational infrastructure provider in the blockchain space, as it now directly enters the consumer application market.

Paolo Ardoino, CEO of Tether, highlighted that over 570 million people globally already leverage Tether’s technology. With the introduction of tether.wallet, the company aims to deliver this robust financial infrastructure directly into the hands of end-users.

For the past decade, Tether has primarily operated behind the scenes, providing liquidity and settlement services to over 160 countries worldwide, particularly aiding developing nations lacking traditional banking access or grappling with high inflation. Ardoino describes this new product as “The People’s Wallet,” underscoring its foundational purpose: to make digital asset access and usage more approachable and inclusive.

As digital assets reach new milestones, Tether’s objective is to dismantle the complexities that have historically hindered mainstream crypto adoption, while steadfastly preserving the core values of digital assets. This wallet is designed not just for human users but is also primed for a future where billions of automated machines and trillions of AI agents can execute seamless, lightning-fast transactions. With this application, Tether evolves from a foundational clearing protocol into a comprehensive financial services platform, empowering global users to gain complete control over their assets without relying on intermediaries.

Revolutionizing User Experience: Streamlined Accounts and Innovative Fee Structures Address Blockchain Friction

To significantly enhance user experience, tether.wallet introduces several groundbreaking technical innovations, directly addressing the “friction” points that often deter newcomers from engaging with blockchain operations.

Firstly, the system replaces lengthy and error-prone hexadecimal string addresses, common in traditional blockchain, with human-readable identifiers such as “[email protected]”. Users can now conduct transfers using these simple, memorable names, drastically reducing the risk of irreversible errors associated with manual input or copy-pasting complex addresses. This design makes digital asset transfers as intuitive as sending an email or a message, aligning with everyday communication habits.

Furthermore, the wallet resolves a persistent pain point: transaction fees. In most decentralized finance (DeFi) scenarios, users must hold the native token of a network (such as Ethereum’s $ETH or Polygon’s $POL) to pay gas fees before transferring stablecoins—a significant barrier for many new users. tether.wallet allows users to pay network fees directly with the asset they are sending. For instance, when transferring $USDT, the system automatically deducts an equivalent amount of $USDT as the transaction fee. This mechanism liberates users from the burden of acquiring and maintaining multiple network tokens, truly enabling the seamless flow of a single asset.

Curated Cross-Chain Asset Support & Open-Source WDK: Fueling the Future of AI-Driven Transactions

In terms of asset support, tether.wallet adopts a strategic approach, offering a select suite of high-value assets.

The initial lineup includes Tether’s flagship stablecoin $USDT, $USAT (developed for the US market), $XAUT (a token pegged to physical gold), and Bitcoin ($BTC). Regarding blockchain network coverage, the wallet currently integrates Ethereum, Polygon, Arbitrum, and Tether’s proprietary Plasma network. Bitcoin support extends beyond traditional on-chain transactions, fully integrating the Lightning Network to ensure instant and low-cost micro-payments.

Tether has stated that following the initial release, support for more mainstream public blockchains will be continuously added.

The technical backbone of this wallet is Tether’s open-source Wallet Development Kit (WDK). This modular toolkit not only supports human users but also empowers developers, financial institutions, and AI agents to build self-custody digital asset wallets with greater ease, without reliance on centralized service providers.

In January of this year, the video platform Rumble became an early adopter, leveraging this development kit to integrate $USDT and Bitcoin payment functionalities. Tether is committed to constructing an open and neutral financial system, enabling the digital economy to operate across diverse devices and platforms, and playing a central role in the future intelligent transaction environment.

• Related News: Receive Payments Without a Bank! Tether Collaborates with Video Platform Rumble to Launch Integrated Crypto Wallet

Upholding Self-Custody and Security: Tether’s Bid for Stablecoin Retail Dominance

Security and autonomy are core tenets of tether.wallet. The wallet operates on a fully self-custodial model, meaning private keys and seed phrases remain exclusively under the user’s control. All transaction signing occurs locally on the user’s device, ensuring Tether itself has no access to user funds.

While the wallet also offers a cloud key backup option—a feature that has sparked community discussion regarding the balance of security—Tether emphasizes its design goal: to provide a simpler path for asset recovery while preserving the fundamental advantages of self-custody.

Tether’s CEO underscored that financial systems should be open and free from intermediary interference, and tether.wallet embodies the spirit of returning asset control to the user.

According to DefiLlama data, the market capitalization of $USDT has now surpassed $184 billion, commanding approximately 58% of the total stablecoin market, valued at around $317 billion.

With the launch of this wallet, Tether will directly compete with established players in the market such as MetaMask, Trust Wallet, and Phantom. Furthermore, Tether has been highly active recently, including the development of the QVAC SDK for on-device AI and the successful launch of its gold token $XAUT on BNB Chain, amidst a backdrop of gold prices rising 64% in 2025.

As of Q3 2025, Tether’s holdings of physical gold reached 116 metric tons, positioning it as one of the largest non-sovereign gold holders globally. By integrating stable value-pegged assets with convenient retail tools, Tether is strategically positioning itself across the entire spectrum of the future digital payment landscape.

(The above content is an authorized excerpt and reproduction from our partner “CryptoCity”, original link)

JPMorgan’s Wednesday report highlighted ongoing discussions between lawmakers and regulators, suggesting the bill is on the cusp of finalization, with only a handful of contentious issues remaining unresolved.

According to a senior policy official, the initial list of over a dozen disputed points has now been narrowed down to a mere “2 to 3.” Furthermore, the previously hotly debated issue of “stablecoin yield” is now moving in a more optimistic direction, signaling a potential compromise.

The CLARITY Act’s Core Pillars: Jurisdiction, Stablecoins, and DeFi

The CLARITY Act is designed to establish a much-needed clear regulatory framework for the cryptocurrency sector. Key provisions include defining jurisdictional boundaries between the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), alongside creating explicit regulations for stablecoins and decentralized finance (DeFi) platforms.

Congressional members actively involved in drafting the bill express high optimism. The JPMorgan report quotes a well-informed Senate staffer who affirmed that the legislative draft is “nearly complete,” with minor outstanding issues such as DeFi regulation and token classification expected to be resolved swiftly.

Historically, one of the most contentious aspects of the entire bill has revolved around whether stablecoin issuers should be permitted to offer yield-like rewards to users. This proposal had previously faced strong backlash from the traditional financial sector, with banking institutions arguing it effectively amounted to operating a “deposit-taking” business without equivalent regulatory oversight.

However, JPMorgan optimistically anticipates that the latest iteration of the draft will successfully garner support from both the burgeoning cryptocurrency industry and established traditional financial institutions.

Election Dynamics Pose Potential Legislative Delays

Despite the notable progress, the path to enactment for the CLARITY Act is not entirely clear of hurdles. The bill’s final text has yet to be officially released, and Congress has not scheduled a definitive timeline for a vote. Some policy experts caution that legislative delays could inadvertently push the bill into a more volatile and uncertain political environment.

JPMorgan specifically points to the unclear outlook for the 2026 midterm elections. Market expectations suggest that the Democratic Party might regain control of the House of Representatives. Should the congressional political landscape undergo a significant reshuffle, cryptocurrency legislation could potentially lose its current priority, thereby impeding the bill’s progress and prolonging its journey to becoming law.

Taiwanese Authorities Launch Crackdown on Illegal Election Betting via Decentralized Platforms

Even as the 2026 Taiwanese local elections, scheduled for November 28, are still far off and party nominations remain unsettled, a surprising development has caught the attention of law enforcement: betting markets related to the elections have already emerged on the decentralized prediction platform, Polymarket. In a swift response, the Hsinchu District Prosecutors Office (Hsinchu DPO) has initiated a robust investigation, leading to an early arrest and a stern warning to potential offenders.

Early Betting on Polymarket Triggers Nationwide Investigation

Following intelligence received by the New Taipei City Police Department’s Banqiao Precinct, the Hsinchu DPO, coordinating with the Banqiao Precinct, formed a specialized task force. Their focus: a specific Polymarket market titled “2026 Taiwanese Local Elections: Party Winner,” where individuals were found placing wagers on the upcoming electoral outcomes. This action follows a similar crackdown earlier this month by the Yunlin District Prosecutors Office, which also apprehended two individuals involved in Polymarket election betting, highlighting a growing concern among authorities.

Student Arrested in Taipei, Case Under Further Investigation

According to a report by Liberty Times, the investigation quickly bore fruit. On April 15, after meticulously tracing cryptocurrency flows and gathering irrefutable evidence, law enforcement officers located and apprehended a 22-year-old university student, identified as Mr. He, at his residence on Roosevelt Road Section 5 in Taipei City. Mr. He reportedly admitted to placing bets out of “pure curiosity” to predict election results through Polymarket. Following questioning, he was formally transferred to judicial authorities on charges of gambling and violating the Public Officials Election and Recall Act. The Hsinchu DPO has confirmed that the case is being expanded, signaling a broader effort to curb such illegal activities.

Severe Legal Consequences for Election Gambling

The Hsinchu District Prosecutors Office has unequivocally stated the legal ramifications for participating in such betting schemes. According to Article 103-1 of the Public Officials Election and Recall Act, engaging in “gambling on election or recall results using telecommunication equipment, electronic communication, the internet, or other similar methods involving property” is strictly prohibited. Violators face serious penalties, including imprisonment for up to six months, detention, or a fine of up to NT$100,000 (approximately US$3,100).

Blockchain’s Public Ledger: A Warning to Would-Be Offenders

Despite the perception of anonymity often associated with blockchain technology, authorities emphasize that the underlying nature of blockchain as a public ledger makes all transaction data openly visible. This inherent transparency significantly aids law enforcement in tracing illegal activities back to real-world identities. The public is strongly reminded that engaging in any form of election betting, regardless of the platform or method, constitutes a criminal offense under Taiwanese law. Individuals are urged to refrain from such activities to avoid severe legal repercussions.

Bitdeer Solidifies Global Bitcoin Mining Dominance with Record Hash Rate and Soaring AI Cloud Revenue

Bitdeer Technologies Group (NASDAQ: BTDR) has cemented its position as the undisputed global leader in Bitcoin mining, leveraging its superior hash rate to dominate the market. According to its latest operational report, the company delivered an outstanding performance in March 2026, self-mining an impressive 661 Bitcoins—a staggering 480% surge compared to the same period last year.

Bitdeer’s Unrivaled Mining Prowess

The report, filed on Wednesday, reveals Bitdeer’s vast operational scale, managing a total of 262,000 mining rigs, with a substantial 225,000 of these being self-owned equipment. The company is also aggressively expanding its global energy capacity, targeting 3.0 Gigawatts (GW) across existing operations and projects under construction, strategically positioning itself for future hash rate growth.

Bitdeer’s self-mining hash rate has escalated to approximately 70 Exahashes per second (EH/s), marking an astonishing 504% year-on-year increase. This achievement once again crowns Bitdeer as the world’s largest miner by self-mining hash rate. The company previously held market dominance at the end of last year with a total managed hash rate of 71 EH/s, where self-mining accounted for 55.2 EH/s.

In comparison to its peers, major mining firm MARA, currently ranked second, publicly reports a hash rate of 66.4 EH/s. CleanSpark, another strong competitor that also released its operational data on Wednesday, reported an average operational hash rate of 47.3 EH/s. By the end of March 2026, Bitdeer’s total managed hash rate, encompassing both self-owned and hosted rigs, had further climbed to an impressive 78.1 EH/s.

From a broader market perspective, the global Bitcoin total hash rate remains robust, hovering around 855 EH/s—still at historically high levels. However, the first quarter of this year saw the Bitcoin network’s total hash rate experience its largest quarterly decline in nearly five years. This downturn is attributed to a confluence of factors including subdued coin prices, intensified competition, and a strategic pivot by some mining enterprises towards the burgeoning AI computing sector.

Strategic Diversification: Bitdeer’s AI Cloud Ascendancy

Beyond its core mining operations, Bitdeer’s strategic investments in the AI high-performance computing (HPC) domain are now yielding significant returns. The report highlights a remarkable surge in the utilization rate of its “AI Cloud Services,” which soared from 64% last month to 94%. This segment now boasts an annualized revenue of $43 million, reflecting a robust 105% month-on-month growth.

Matt Kong, Bitdeer’s Chief Business Officer, commented, “This growth trend not only underscores the immense opportunities within the AI market but also validates our strong execution capabilities in delivering high-performance AI infrastructure.”

In terms of hardware innovation, Bitdeer continues to roll out cutting-edge mining rigs. Its flagship SEALMINER A4 series, boasting a top-tier energy efficiency of 9.45 J/Th (Joules per Terahash, where lower values indicate greater power efficiency), is currently in its final assembly phase and is slated for imminent deployment across Bitdeer’s self-operated mining farms.

Last month, Bitdeer also expanded its hardware offerings by introducing the specialized SEALMINER DL1 Air series of mining rigs. These units are designed for Proof-of-Work (PoW) blockchains utilizing the Scrypt algorithm, such as Litecoin (LTC) and Dogecoin (DOGE), showcasing the company’s diversified hardware strategy.

Competitor Landscape: CleanSpark and Canaan’s Latest Updates

CleanSpark’s Growth Trajectory

Meanwhile, CleanSpark, in its Wednesday report, announced a production of 658 Bitcoins in March 2026, bringing its year-to-date cumulative production to 1,799 coins.

As of the end of March, CleanSpark’s operational hash rate stood at approximately 50 EH/s. Its fleet of 224,000 mining rigs achieved a maximum energy efficiency of 16.07 J/Th, contributing to an average monthly hash rate increase of 11%. On the infrastructure front, the company commands over 1.8 Gigawatts (GW) of power, land, and data center resources across the United States, with 808 Megawatts (MW) currently activated.

CleanSpark CEO Matt Schultz revealed that, in addition to mining, his team is aggressively venturing into the AI and high-performance computing (HPC) sectors, having achieved significant breakthroughs in securing its first hyperscale AI cloud customer.

Canaan’s Resilient Performance

Another publicly traded miner, Canaan Technology, reported producing 89 Bitcoins in March 2026. The company also reached a new historical high in its cryptocurrency reserves by month-end, holding 1,808 Bitcoins and 3,952 Ethereums.

Canaan’s self-deployed hash rate currently stands at 10.97 EH/s, which does not include an additional 4.4 EH/s derived from its joint venture with Cipher Mining. In February, Canaan acquired a 49% stake in three Cipher mining farms located in West Texas.

Nangeng Zhang, CEO of Canaan Technology, stated, “Despite the Bitcoin network’s average hash rate having just experienced its largest quarterly decline since 2021, we are expanding against the trend, adding over 10 Megawatts of power capacity to the network this month.”

Tether’s Latest Bitcoin Acquisition Detailed

The recent influx of 951 Bitcoins was meticulously tracked by the on-chain data platform Arkham Intelligence. Early this morning, these BTC units were transferred from the Bitfinex exchange directly into a wallet explicitly labeled “Tether: BTC Reserve.” This designation aligns with previous confirmations from Tether CEO Paolo Ardoino, who has publicly stated that this address serves as the company’s dedicated repository for its Bitcoin holdings.

A Growing BTC Portfolio: $7.16 Billion Strong

With this latest addition, Tether’s Bitcoin portfolio now stands at an impressive 97,141 BTC, commanding a market value of approximately $7.16 billion. According to rankings compiled by Bitcoin Treasuries, if Tether were a publicly traded entity, its substantial Bitcoin reserves would position it as the second-largest corporate holder worldwide, surpassed solely by the renowned Bitcoin maximalist, MicroStrategy.

Tether’s Unique Approach to Bitcoin Accumulation

What sets Tether apart from many other corporate Bitcoin holders is its distinctive funding mechanism for these acquisitions. Unlike companies such as MicroStrategy, which typically raise capital from the market through equity issuance, convertible bonds, or capital increases to fund their crypto purchases, Tether leverages its internal financial strength. The company directly utilizes excess profits generated from its robust core business operations to strategically increase its Bitcoin reserves, showcasing a self-sustaining model for digital asset accumulation.

Strategic Diversification and Future Outlook

Tether’s journey into Bitcoin began in September 2022 when it first integrated BTC into its balance sheet. This commitment deepened in May 2023, with an official announcement to allocate 15% of its quarterly net profits towards Bitcoin purchases. This consistent accumulation underscores a long-term asset diversification strategy, aimed at strengthening its reserves and enhancing financial stability.

As the dominant force in the stablecoin market, USDT boasts a formidable market capitalization of approximately $185 billion. The sustained growth of USDT, coupled with increasing interest income from its substantial holdings in U.S. Treasury bonds, contributed to Tether achieving net profits exceeding $10 billion in 2025 – a testament to its operational efficiency and strategic financial management.

Breakdown of Tether’s Diverse Reserves

Tether’s commitment to transparency is evident in its publicly available reserve reports. According to its official website, the over $190 billion in reserve assets underpinning USDT are strategically diversified:

• U.S. Treasury Bonds: A significant $141 billion exposure, highlighting a preference for highly liquid and secure assets.
• Gold: Holdings valued at $17.4 billion, providing a traditional hedge.
• Bitcoin: Approximately 4% of the total reserves, reflecting a calculated embrace of digital assets.

Bitcoin had surged past the $76,000 mark on April 14, setting a new high since early February of this year. According to CryptoQuant’s Head of Research, Julio Moreno, in a report published on Wednesday, this price surge was primarily driven by three key factors: a preceding undervaluation of the asset, a temporary de-escalation of the US-Iran conflict, and a weakening US dollar.

Moreno further noted that while Bitcoin’s price has since retreated to around the $75,000 level, it is continuously testing what he refers to as the “on-chain realized price” for traders – essentially, the average cost at which investors acquired their Bitcoin. This critical level is estimated to be approximately $76,800.

He elaborated that this threshold historically acts as a crucial resistance point in bear markets. Past trends indicate that whenever the price rebounds to this zone, investors nearing their breakeven point often opt to cash out, triggering substantial “relief selling pressure” that tends to cap further upward price movements.

Moreno pointed to a similar scenario that unfolded in January 2026, where Bitcoin encountered significant resistance and subsequently pulled back after rallying to a comparable price range. He cautioned:

“If selling pressure continues to accumulate from current price levels, a similar script could play out again. Should the overhead resistance prove insurmountable, then $67,600 will emerge as the primary short-term support line.”

Concurrently with the rising price, a substantial volume of Bitcoin has begun flowing into exchanges. The report reveals that hourly Bitcoin inflows have surged to 11,000 BTC, marking the highest record observed since late December 2025. This metric is considered a short-term cautionary signal, as investors typically transfer assets from cold storage to exchanges when preparing to sell for profit or to cut losses. Moreno cited a parallel situation in March of this year: at that time, hourly Bitcoin inflows to exchanges reached 9,000 BTC, with 63% originating from large deposits, which was subsequently followed by a short-term price correction.

Further data analysis indicates that this recent influx is predominantly driven by “whale” investors. Moreno explained that the average quantity of Bitcoin deposited per transaction into exchanges has surged to 2.25 BTC, registering a new daily high since July 2024. Notably, Binance alone witnessed individual transfers exceeding 1,000 BTC. Moreno warned that such patterns have historically preceded significant price reversals. For instance, before Bitcoin’s sharp decline from $100,000 to $60,000 in January of this year, the average single deposit amount also approached 2 BTC.

Moreover, the proportion of large deposits has dramatically increased, skyrocketing from under 10% to over 40% within just a few days. Historical data suggests that once the share of large deposits surpasses the 40% mark, it is typically accompanied by an intensification of short-term selling pressure.

While selling pressure is clearly emerging, it has not yet reached its peak. Currently, daily realized profits – the total amount of profit taken by investors selling their holdings – stand at approximately $500 million. This figure remains below the $1 billion threshold, which in bear market conditions often symbolizes widespread profit-taking.

Summarizing the market outlook, Julio Moreno stated:

“If Bitcoin manages to firmly establish itself above $76,000, and especially if it pushes further to challenge the traders’ realized price of $76,800, then daily realized profits are highly likely to accelerate and potentially breach the $1 billion mark. This scenario would undoubtedly trigger an even larger wave of selling, significantly increasing the probability of this current rally stalling or even reversing into a sharp downturn.”

Nexon Parent NXC Divests from Crypto Exchange Holdings, Shifts Focus to Core Gaming

NXC, the parent company of Nexon, the renowned developer behind the classic MMORPG MapleStory, is undergoing a significant business restructuring. This strategic pivot involves not only an investment in European industrial solutions provider CLI Group B.V. but also a substantial withdrawal from the cryptocurrency exchange sector.

According to a report by SBS Biz, NXC has completed the sale of its shares in the cryptocurrency exchange Bitstamp to fintech platform Robinhood in 2024. These shares were originally acquired in 2018 through NXC’s Belgian investment subsidiary, NXMH. Following this transaction, Bitstamp has been delisted from NXC Group’s roster of affiliated companies.

Further solidifying its exit from the crypto exchange space, NXC’s board of directors resolved in February of this year to dispose of all its holdings in the South Korean domestic exchange, Korbit.

NXC Maintains Crypto Asset Holdings Amidst Strategic Refocus, Web3 MapleStory N Continues

Despite its divestment from crypto exchanges, NXC continues to hold a substantial portfolio of digital assets. As of the end of 2025, the company’s cryptocurrency assets were valued at approximately 147.6 billion Korean Won (KRW). This portfolio includes 2,356 Bitcoin ($BTC) and 22,420 Ethereum ($ETH). This represents a 15.2% decrease from the 174 billion KRW valuation recorded in 2024.

Beyond direct asset holdings, NXC’s subsidiary, Nexpace (under Nexon), has ventured into the blockchain gaming space with MapleStory Universe: MapleStory N. This Web3 iteration of the beloved franchise is built around the $NXPC token as its core economic driver. In 2025, 1 billion $NXPC tokens were initially issued, with a circulating supply of 996.15 million tokens after accounting for burned portions.

This strategic streamlining allows NXC to concentrate resources on its most competitive domain: gaming. Nexon’s core online and mobile gaming business has demonstrated robust growth, with revenues surging by 34.5% to reach 3.0521 trillion KRW. By shedding non-core ventures, NXC aims to bolster its leadership in the dynamic gaming industry.

• Related Coverage: “Childhood Memories” Web3 MapleStory N First Impressions: How Does the Play-to-Earn System Work? What About Earnings?

Tencent Acquisition Rumors Remain Unresolved

Following the passing of Nexon founder Kim Jung-ju, 2025 saw speculation emerge regarding a potential acquisition of Nexon by Chinese internet giant, Tencent. This rumor garnered significant attention across the industry.

In June 2025, Bloomberg reported that Tencent had approached Kim Jung-ju’s family concerning a potential acquisition. However, this report was swiftly contradicted by Chinese media outlet The Beijing News. Citing sources close to Tencent, The Beijing News stated that Tencent had neither contacted the Nexon founder’s family nor considered acquiring the company. The starkly conflicting accounts turned the potential acquisition into a “Rashomon” case, with no further developments reported since.

(The above content has been excerpted and reproduced with authorization from our partner, CryptoCity. Original Article Link)

Kevin Warsh, President Trump’s nominee for Federal Reserve (Fed) Chair, has revealed a personal fortune of $192 million combined with his wife, positioning him to become one of the wealthiest Fed Chairs in history. However, the true revelation captivating the crypto community lies in his extensive investment portfolio within the cryptocurrency sector, as detailed in his financial disclosure documents.

Through a complex web of venture capital fund structures, Warsh holds stakes in dozens of blockchain and digital asset companies. His investment reach spans a broad spectrum of the crypto ecosystem, including decentralized finance (DeFi) lending, decentralized derivatives, Layer 1 and Layer 2 networks, prediction markets, and even Bitcoin payment infrastructure. To comply with government ethics regulations, he has now committed to divesting the vast majority of these holdings.

This disclosure reveals that a potential leader, who would oversee critical areas such as U.S. stablecoin regulation, bank cryptocurrency custody policies, and the direction of Central Bank Digital Currency (CBDC) development, has already deeply invested in the very ecosystem he would regulate.

A Deep Dive into Warsh’s Crypto & Blockchain Portfolio

According to the financial disclosure documents, Kevin Warsh’s cryptocurrency and blockchain-related investments are primarily concentrated within two fund structures: DCM Investments 10 LLC (via a subsidiary named Abstract Holdings) and a series of funds identified as AVF I, AVF II, AVF III, AVGF I, and AVGF II.

DeFi & Trading Protocols:

• Compound: A prominent DeFi lending protocol.
• dYdX: A leading decentralized derivatives exchange platform.
• Lighter: A decentralized trading protocol.
• Eulith: A cryptocurrency trading platform.

Layer 1 & Layer 2 Networks:

• Solana: A high-performance Layer 1 blockchain.
• Optimism: An Ethereum scaling Layer 2 solution.
• Blast: A yield-generating Ethereum Layer 2.
• Zero Gravity: A Layer 2 AI blockchain platform.
• DeSo: A social cryptocurrency network.

Bitcoin Ecosystem:

• Flashnet: A Bitcoin Lightning Network trading platform.
• Lightning Network: Bitcoin’s off-chain payment network (direct holding).

Crypto Investment & Financial Infrastructure:

• Polychain: A prominent cryptocurrency venture capital firm.
• Scalar Capital: A blockchain venture capital firm.
• Polymarket: A decentralized prediction market platform.
• Lemon Cash: A cryptocurrency financial services platform.
• Alpaca: Financial asset API infrastructure.
• OnJuno: A crypto-native neobank.
• OneSafe: DeFi data infrastructure.
• Ridian: Cryptocurrency portfolio automation.
• SkyLink: DeFi portfolio management.
• Caliza: Stablecoin cross-border payments.
• Kinetic: A digital asset trading platform.

Web3, NFTs & Related Fields:

• Crossmint: NFT developer tools.
• CreatorDAO: A creator investment platform.
• Friends With Benefits: A Web3 community platform.
• Dapper Labs: Consumer digital assets (e.g., NBA Top Shot).
• Tenderly: An Ethereum developer platform.
• Vana: An incentivized data collection platform.
• Structure (Zaibatsu Heavy Industries): Blockchain retail trading.
• Metatheory: Web3 gaming (held via an independent SPV).

It’s worth noting that Kevin Warsh previously invested in Bitwise, a Bitcoin spot ETF issuer, though this particular investment does not appear in the latest disclosures.

According to the Office of Government Ethics (OGE) regulations, many of these holdings are held through funds and do not specify exact amounts, suggesting their individual values may be less than $1,000. This indicates that most are small, early-stage venture bets rather than heavily weighted positions.

However, Warsh still holds substantial fund positions that likely include exposure to crypto assets. For instance, he owns shares in the Juggernaut Fund LP, valued at over $100 million, and another entity named THSDFS LLC contains dozens of investments individually valued between $1 million and $5 million. As both are protected by confidentiality agreements, their asset structures are opaque and will also be subject to full divestment requirements.

Inevitable Conflicts of Interest and the “Cooling-Off” Period

Kevin Warsh’s financial disclosures have created a dual narrative within the crypto community. On one hand, past Fed Chairs have often maintained a reserved stance on cryptocurrencies, making Warsh an insider who has personally invested in the “infrastructure” of this new domain. On the other hand, federal ethics rules dictate that as a former shareholder in these companies, he must “recuse” himself from matters involving recent financial interests for his first year in office.

This recusal will directly impact the Fed’s role in several critical areas, including stablecoin regulation, policies for banks holding cryptocurrencies, tokenized deposits, and Central Bank Digital Currency (CBDC) research.

In essence, at a time when the cryptocurrency industry is entering a crucial phase of regulatory crystallization, the potential helmsman may be barred from participating in key decisions. This raises significant questions about policy continuity and direction.

One of Modern History’s Wealthiest Fed Chairs

Beyond his astute investment foresight, Kevin Warsh boasts a quintessential Wall Street elite background. His career began at Morgan Stanley, followed by a stint as an economic advisor to former U.S. President George W. Bush, and a term as a Fed Governor starting in 2006. He later joined the family office of legendary manager and Bitcoin advocate Stanley Druckenmiller, Duquesne Family Office, earning $10.2 million in advisory fees last year.

Furthermore, he has received substantial compensation from asset management firms like GoldenTree and Cerberus, both of which have digital asset trading operations. In the first half of 2025 alone, his speaking fees exceeded $780,000. When combined with his wife, Jane Lauder, an heir to the Estée Lauder family fortune, whose net worth is estimated at $1.9 billion, Kevin Warsh undoubtedly stands to become one of the wealthiest Fed Chairs in modern American history.

A Blessing or a Curse for the Crypto Industry?

The Senate Banking Committee is expected to hold his confirmation hearing next week. However, current Fed Chair Jerome Powell’s term doesn’t expire until May 15, and some senators have vowed to obstruct the voting process until a related investigation by the U.S. Department of Justice into Powell is resolved.

It is highly anticipated that this extensive list of cryptocurrency investments will become a central point of debate and scrutiny for both parties during the confirmation hearings.

For the cryptocurrency industry, Kevin Warsh’s background presents a double-edged sword. The good news is that a Fed Chair who has invested in DeFi and blockchain infrastructure is likely to possess a more accurate and objective understanding of this emerging technology than his predecessors. The bad news, however, is that strict asset divestment and recusal obligations could significantly limit his ability to implement crypto-friendly policies during his crucial first year at the helm.

比特幣「真香」！前 FED 理事：納入「投資組合」有理