Texas Brothers Plead Guilty to $8M Crypto Kidnapping

A crypto whale in Puerto Rico sued Coinbase for not releasing funds stolen in a 2024 hack. The lawsuit alleges that the stolen funds were traced back to a Coinbase account, but the exchange has not returned them. The victim fell for a phishing scam, apparently losing over $55 million in DAI.

Bullish, a NYSE-listed crypto exchange, will acquire Equiniti, a transfer agent, for $4.2 billion. The deal aims to lead the transition to tokenized securities markets, with Equiniti's robust client base and infrastructure.

Ripple's CEO, Brad Garlinghouse, closely monitors the U.S. Senate's progress on the crypto market structure bill, emphasizing the pivotal next two weeks for its fate. The stablecoin compromise in the bill aims to strike a balance for crypto firms without resembling traditional banking practices.

Jito Labs has introduced JTX, a new crypto trading platform for Solana users, offering advanced trading tools and self-custody features. The platform aims to provide faster trade execution, stop-loss orders, preset strategies, and detailed market charts powered by TradingView.

Despite a turbulent week with significant outflows, crypto investment products managed to secure $117.8 million in inflows, extending a five-week winning streak. The total assets under management remained flat at $155 billion, with Bitcoin leading the optimism by drawing $192.1 million.

Andreessen Horowitz has raised $2.2 billion for its fifth crypto fund, totaling nearly $9.8 billion in crypto capital under management. The firm's a16z Crypto arm has supported major industry players like Coinbase, Solana, and Uniswap, aiming to invest in crypto infrastructure and products.

State Street Investment Management and Galaxy Asset Management have introduced a tokenized fund, SWEEP, allowing investors to earn yield on stablecoins while maintaining liquidity. The fund operates continuously on blockchain, unlike traditional money market funds, reflecting a growing trend in tokenized finance products.

Bitcoin has surged to $81,000, with a 30-day average negative funding rate for perpetual swaps lasting 66 consecutive days. This streak has coincided with a 12% rally in April, raising questions about its significance in the market.

Coinbase CEO Brian Armstrong announced a 14% reduction in the workforce, attributing it to market conditions and a shift towards an AI-centric model. The restructuring aims to streamline operations and enhance efficiency through AI integration.

SC Ventures, the venture capital arm of Standard Chartered PLC, invested $150 million in GSR, a crypto capital markets firm. The partnership aims to bridge traditional finance with digital assets and meet the growing demand for regulated crypto services.