Amid Ghibli Art fever, OpenAI Finalizes $40bn Funding
By Shikha Singh
Amid the rising fever of Ghibli Art introduced by ChatGPT, its creators, OpenAI, the world’s largest artificial intelligence (AI) company, have just secured a mammoth $40 billion in funding with SoftBank Group. The US tech giant OpenAI announced the finalization of its first round of funding; it raised $40 billion from SoftBank Group Corp. and other investors. With this deal, OpenAI’s money valuation has increased to $300 billion. Further, the list of investors who will be investing in the company includes Microsoft Corp., Coatue Management, Altimeter Capital Management, and Thrive Capital.
Metaplanet Ups Bitcoin Holding to Over 4K BTC, Rakes Up Another 696 BTC
Japanese hotel company Metaplanet has purchased an additional 696 BTC worth $58.5 million, taking its total stash to 4,046 BTC. The company’s total BTC holdings were bought for an average price of around $86,500.57 per coin. Metaplanet financed its purchases in Q1 through the sale of cash secured BTC put options – futures contracts which bet on the price of the underlying asset going down. Metaplanet’s latest BTC purchase makes it the ninth largest public holder of bitcoin, according to data tracked by Bitcoin Treasuries.
Ethereum Reclaims No. 1 Spot as Leading DEX Chain for First Time Since September, Overtakes Solana
Ethereum reclaimed its position as the leading smart contract blockchain for decentralized exchange (DEX) trading in March, surpassing Solana for the first time since September. The shift in leadership occurred amidst a bearish market sentiment, particularly within the memecoin sector, leading to a significant decline in activity on Solana-based DEX, Raydium and Pump.fun. Despite Ethereum’s outperformance, its ether token fell over 18% in March, attributed to inflationary tokenomics and the growing popularity of Layer 2 solutions.
Coinbase Staking Suit Axed In Three US States As Regulatory Winds Shift
Kentucky’s Department of Financial Institutions has dropped its lawsuit against Coinbase, which had accused the crypto exchange of violating state securities laws by offering digital asset staking services. The dismissal was made “without prejudice,” meaning it could be revisited later. This move follows similar actions from other states, like Vermont and South Carolina, which also ended their lawsuits against Coinbase. However, seven states, including California and Illinois, still have ongoing cases against the platform. The lawsuits were part of a broader regulatory effort, which also included the SEC’s case against Coinbase for allegedly offering unregistered securities.
Crypto Investment Products See $226 mn in Inflows, Signaling Cautious Optimism
Last week, digital asset investment products saw $226 million in inflows, signaling cautious optimism among investors. This marked nine consecutive days of inflows, except for a small outflow of $74 million on Friday, likely due to stronger-than-expected US core personal consumption data, which could indicate a hawkish Federal Reserve stance. Bitcoin led the inflows with $195 million, while short-Bitcoin products saw outflows for the fourth week in a row. Bitcoin’s total assets under management dropped to $114 billion, the lowest since the US election. For the first time in five weeks, altcoins saw inflows of $33 million, with Ethereum, Solana, XRP, and Sui benefiting the most. Inflows were seen across major regions, particularly the US with $204 million inflows, Switzerland with $14.7 million inflows, and Germany $9.2 million inflows, while Sweden, Hong Kong, and Brazil experienced minor outflows.
Stablecoin issuer Circle taps JP Morgan Chase, Citi ahead of its planned IPO filing in late April
Circle Internet Financial, the issuer of USDC, has enlisted JP Morgan Chase and Citi to assist with its upcoming initial public offering (IPO) planned for late April, according to sources cited by Fortune. Circle previously attempted to go public through a SPAC merger in 2021 and a confidential S-1 filing in 2024. The IPO timeline could be subject to changes depending on regulatory approvals. Circle joins other crypto companies like Kraken, Gemini, and BitGo, which also plan to go public under a crypto-friendly administration and SEC. USDC is the second-largest USD-pegged stablecoin, behind Tether’s USDT.
Bithumb Records $110 mn Net Profits in 2024
Seoul-based crypto exchange Bithumb reported a significant profit surge, booking $110 million in net profits for 2024, a 560% increase compared to the previous year. This growth was driven by a bullish global crypto market and rising institutional adoption in the U.S. However, Bithumb faced numerous challenges in the past, including security breaches in 2018 and 2019, market manipulation allegations, and legal investigations. Despite these issues, Bithumb has worked to rebuild its reputation through partnerships, including one with Kookmin Bank. The exchange plans to go public in 2025, potentially targeting a Nasdaq listing.
NFT Marketplace X2Y2 to Shut Down Amid Dwindling Trading Volume, Plans Crypto AI Pivot
NFT marketplace X2Y2, launched in February 2022, is shutting down on April 30 due to dwindling trading volumes and increased competition from platforms like Blur. Despite initially peaking at $209 million in monthly trading volume, X2Y2 faced a 90% decline in market activity since the 2021 NFT boom. In a blog post, the pseudonymous founder TP announced the decision, emphasizing that marketplaces rely on network effects, and it was time to move on. However, the platform’s smart contracts will remain active. Following the news, X2Y2’s token dropped 7%, reflecting its 89% decrease in value over the past year. X2Y2 plans to pivot into the competitive field of AI, exploring decentralized, AI-powered crypto innovations.
Crypto Hacks Surge in Q1 2025
In Q1 2025, cryptocurrency attacks surged, resulting in $1.63 billion in losses across over 60 incidents, a 131% increase from Q1 2024. March alone saw 20 attacks, with $33.46 million in losses. The biggest loss in March was $13 million from Abracadabra.money, which accounted for 39% of the month’s total thefts. Other major incidents included attacks on the Zoth protocol ($8.32 million) and 1inch protocol ($5 million), with 90% of the latter’s funds recovered. DeFi protocols were the hardest hit, with $27.07 million lost in March. Phishing attacks also remained prevalent, accounting for $4.5 million in losses. Although some recovery efforts, like the 1inch hack, resulted in the return of 90% of funds, overall recovery rates were low, with only 14% of stolen funds from the quarter being reclaimed. Attackers primarily exploited code vulnerabilities, wallet compromises, and access control issues.
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