Why Bored Ape Creator Yuga Labs Just Burned $1 Million Worth of Ethereum NFTs

Bitcoin's price dropped below $80,000, marking a 27% decline from its all-time high of $109,000 in January. The recent pullback is linked to outflows from Bitcoin ETFs and changing investor sentiment amid global uncertainties.

Bitcoin hit a new yearly low, dropping 5% to $80,100, while Ethereum fell 8% to $2,150, marking a 14-month low. Liquidations in the crypto market exceeded $220 million, with Bitcoin long positions accounting for nearly half of the total.

Comedian William Banks gained attention for escaping prison and launching meme coins to support Palestine. Despite being charged for theft, he claims to have created content and launched tokens from inside prison, receiving support from the crypto community.

The Mystery Society, a Web3 game blending Among Us gameplay with a murder mystery theme, has halted development due to funding challenges. Despite initial success and plans for a MYSTRY token, the game's future is uncertain in the volatile Web3 gaming landscape.

The crypto space is facing a challenging year, with hacks causing significant losses. In 2025, hacks have already reached $1.6 billion, an 8x increase from the same period last year. Last week's Bybit exploit was the largest in history.

The Securities and Exchange Commission stated that meme coins are not considered securities under federal laws due to their characteristics. Meme cryptocurrencies, based on internet jokes and memes, are highly volatile digital assets that do not fit the classification of securities.

The SEC has dismissed its lawsuit against Coinbase, citing the decision as a move to reform its regulatory approach to the crypto industry. The agreement was reached last Friday and is pending commissioner approval.

The SEC has paused lawsuits against Binance and Coinbase, but the legal status of thousands of tokens, such as Solana and Polygon, remains uncertain. While recent developments have brought relief to the crypto industry, legal experts caution that the SEC may still target certain tokens as securities.

The MEME Act, introduced by House Democrats, aims to prevent high-ranking government officials from creating or promoting crypto tokens, with retroactive consequences for President Trump's meme coin. The bill would impose penalties on violators, including those profiting from assets issued before its enactment.

BitMEX, co-founded by Arthur Hayes in 2014, is seeking a buyer, with Broadhaven Capital Partners assisting in the sales process, unnamed sources told Coindesk. Recent M&A interest in the crypto derivatives space includes Kraken and Coinbase eyeing Deribit ownership and FalconX acquiring Arbelos Markets.