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Solana

Breaking Solana, Ethereum Staking Etfs Hit Roadblock With New Sec Letter
GameFi Guides

Solana, Ethereum Staking ETFs Hit Roadblock with New SEC Letter

by admin May 31, 2025



The plan to launch two new crypto ETFs tied to Solana and Ethereum has hit a snag after the U.S. Securities and Exchange Commission (SEC) raised concerns that they are not fit for ETFs

On Friday, SEC reportedly sent a letter to RexShares, the company behind the ETFs, saying that the ETFs do not fit the legal definition of an “investment company.” That’s a requirement for any ETF that wants to be traded on the stock market.

The SEC also said the registration forms may have been “improperly filed” and that some of the information shared could be “potentially misleading.” In short, the agency thinks parts of the paperwork could confuse investors.

Meanwhile, Rex shared that it got a green light to launch the ETFs and was hoping to start trading both by the middle of June. Now, that plan might be delayed. The ETFs were initially created to allow inventors to earn rewards through staking. In simpler terms, Investors could earn extra crypto by locking up their assets which in turn would be used to run the blockchain network. 

In response to this, Greg Collett, a general counsel at Res Financial said, “We think we can satisfy the SEC on the investment company question, and we don’t intend to launch the funds until we do that.” This means REX is prepared to work with SEC on this issue before moving forward with the launch. 

Bloomberg ETF analyst James Seyffart shared some details of the letter on X. He explained that the agency’s main issue is with Rule 6c-11, also known as “The ETF Rule.” This rule allows ETFs to launch quickly without going through a lengthy approval process. According to Seyffart, the SEC believed these staking ETFs don’t qualify under this rule, which could prevent them from listing. 

Meanwhile, this is not the first time the agency will intervened in such an event. In March 2025, the SEC publicly questioned an ETF from State Street and Apollo Global Management that invested in private credit just hours after it was listed.

Also Read: Meta Says No to Bitcoin Treasury, Is Ripple’s XRP on Cards?



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May 31, 2025 0 comments
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Crypto Trends

Central African Republic to Tokenize Land Using National Solana Meme Coin

by admin May 31, 2025



In brief

  • Starting in June, more than 1,700 hectares of land west of the capital Bangui will be tokenized and sold online using the $CAR token via the Solana blockchain.
  • The presidential decree cites the country’s mining code and tokenization laws, indicating the land may be designated for mining activities such as gold or diamond extraction.
  • The $CAR token rose 21% on the day of the announcement and is up over 127% this week, though gains began prior to the news.

The Central African Republic’s national meme coin, $CAR, surged on Thursday mere hours before President Faustin-Archange Touadéra announced the country would begin tokenizing over 1,700 hectares of land.

“Starting June, land concessions will be accessible online using $CAR, directly on Solana,” Touadéra said Thursday on X. He also shared a presidential decree authorising the tokenization of the land. “A new era of access and transparency begins.”

The decree marks the country’s latest effort to integrate crypto with national development.

The land, which spans an area equivalent to almost 2,500 football pitches, is situated west of the village of Bossongo, located 45 km west of the capital, Bangui. 

The decree also references the country’s mining code and 2023 laws related to tokenizing natural resources, suggesting that the land may be used for mining purposes. 

The industry is big business in the country—Russia’s Wagner Group has run several mining projects there during Touadéra’s tenure, particularly when it comes to gold and diamonds.

However, the price began rising well before the official announcement was made. After hovering around $0.025 on May 26, $CAR experienced notable gains earlier this week.

$CAR is up 21% on the day to $0.05. It’s up more than 127% over the past week, according to CoinGecko, with a current market cap of $56.63 million and over 18,400 holders.



$CAR was launched in February after President Touadéra posted a flurry of social media messages declaring the coin an experiment in uniting citizens and spotlighting the country on the global stage. 

The token briefly hit a peak market cap of $884.31 million a day after launch, before crashing due to unclear utility and waning interest. Despite the current rally, the coin remains down 92.7% from its all-time high of $0.7.

Even still, President Touadéra has continued to post about it regularly on X.

Reminiscent of Donald Trump’s $TRUMP token rollout, Touadéra also offered the top 100 $CAR holders a chance to meet him in Dubai on April 30.

The land tokenization push comes amid the winding down of CAR’s earlier crypto venture, Sango Coin. Launched in 2022 as a national digital currency initiative, the project sparked controversy and frustration among investors.

On April 29, the Sango team said, “The original Sango project… will not continue in its previous form” but hinted at a reboot.

“After careful consideration and strategic planning, we are preparing a new direction that honors the initial ambition, but adapts it to a stronger path forward,” it wrote on X at the time.

Edited by Sebastian Sinclair

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GameFi Guides

XRP, Solana and Dogecoin Slide as Crypto Market Contracts by 5%

by admin May 31, 2025



In brief

  • Top altcoins are underperforming Bitcoin as the crypto market slides and Bitcoin dominance rises.
  • Solana and XRP have each fallen around 5% in the last 24 hours.
  • Other alts, like Dogecoin, Chainlink, and Avalanche have fallen even further.

Back and forth headlines about the institution of President Donald Trump’s trade tariffs have led to volatility in the crypto market, now down nearly 5% in the last 24 hours according to CoinGecko. It’s been led by a pullback in alts like XRP and Solana.

The pair have dropped by 4.5% and 5.1% respectively, underperforming Bitcoin in the process, which has only fallen by 1.6% to $105,370 in the same time frame.

Other popular alternative crypto assets, like Dogecoin and Sui have fallen as well, dropping nearly 8% and 3.3% respectively in the last 24 hours. Further down the list, other altcoin darlings like Chainlink and Avalanche have dropped at least 5%.

Given the slide in alts, Bitcoin dominance is once more on the rise, now tracking at 64.14% according to TradingView after hitting a four-year high earlier this month.

The market’s slide amid confirmed GDP contraction and cooling ETF activity has some analysts cautious in the near-term.

For example, investment firm BRN is de-risking in the near-term, but  maintaining its overweight position in Bitcoin, but trimming its SOL position thanks to recent underperformance.

“Bitcoin’s dominance rose again, reinforcing its resilience during market downturns. However, we expect further short-term weakness, especially with limited ETF activity over the weekend,” wrote BRN Lead Research Analyst Valentin Fournier in a Friday market note.



“We expect a temporary drop toward the $100K level before a broader move toward $130K-$150K, after which altcoins could take over. We reduce exposure and maintain overweight on Bitcoin.”

Further market uncertainty could be in the cards as courts continue the back-and-forth over Trump’s trade tariffs, but one analyst recently told Decrypt that the outlook could change quickly if policy clarity is found.

Edited by Stacy Elliott.

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Rexshares Files For Solana &Amp; Ethereum Staking Etfs In Us
Crypto Trends

REXShares Files for Solana & Ethereum Staking ETFs in US

by admin May 30, 2025



REXShares has just taken a big step in the crypto world by filing a prospectus for new staking ETFs based on Solana (SOL) and Ethereum (ETH) that will be available in the US. While the exact launch date isn’t out yet, experts think these funds could start trading in the coming weeks.

Source: X

James Seyffart, a Bloomberg ETF analyst, shared this news on social media and confirmed the details about REXShares’ filing. He said:

“REXShares just filed an effective prospectus for Solana and Ethereum staking ETFs to list here in the US. Don’t know launch date but could be within the next few weeks. These are 40-act funds with a unique structure and do not go through the 19b-4 process.”

ETF expert Eric Balchunas also weighed in on the filing, noting that these could be the first-ever staked Ethereum and Solana ETFs to launch in the US. He pointed out that since the REXShares filing has already gone effective, a launch is likely just around the corner.

First-ever staked Ether and Solana ETFs could be launching soon. REX filing went effective (meaning launch likely in near-term). Would also be first-ever spot Solana too (only futures exist curr). This is the benefit of using 40 Act, it’s faster track to mkt but more work/boxes… https://t.co/GzSUbtLkq7

— Eric Balchunas (@EricBalchunas) May 30, 2025

Balchunas added that this would also mark the debut of the first spot Solana ETF—until now, only futures-based products have existed. He explained that using the 40 Act gives issuers a quicker path to market, although it requires meeting more regulatory requirements compared to the traditional 33 Act route. “Interesting,” he added, highlighting the significance of this move.

These ETFs will operate under the Investment Company Act of 1940, or the “40-Act,” which is a set of rules that carefully regulate investment funds and how they work with investors.

The big difference with these new ETFs is that they don’t have to wait for the usual, slow SEC approval process called “19b-4.” Instead, they use the 40-act rules, which are already SEC-approved. That means getting these funds to market can happen faster and smoothly.

This is a pretty big deal for crypto ETFs in the US. Soon, investors will have new, regulated ways to earn staking rewards from Solana and Ethereum, giving them more solid options to put their money into crypto.

Also Read: CRO Price Surges as Canary Files for Staked Cronos ETF





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May 30, 2025 0 comments
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$161,023,918 in Solana (SOL) Moved Mysteriously as Price Falls Deeper
Crypto Trends

$161,023,918 in Solana (SOL) Moved Mysteriously as Price Falls Deeper

by admin May 30, 2025


  • Nearly 1 million SOL moved
  • What’s next for SOL?

The crypto market is dumping, and whales have been spotted actively moving large amounts of tokens, fueling speculation among the crypto community. On-chain tracking platform Whale Alert has spotted another large crypto transfer involving substantial amounts of Solana on May 30.

Nearly 1 million SOL moved

According to the data source, the transfer saw a massive 999,998 SOL change hands among unknown wallets in a single transaction. Notably, this large transfer was worth about $161 million per SOL price at the time the transaction was executed.

The tokens were transferred by an unidentified sender with the wallet “36ZYBfaz2,” which has not been active for the last six months, to a mysterious destination that appears to be consistent in trading tokens.

Just as the identity of the parties behind this significant SOL movement remains unknown, the reason behind the transfer, which occurred amid the persisting market downturn, could not be ascertained either. Investors are particularly curious about large crypto transfers like this happening on a typically high-volatility day.

What’s next for SOL?

This massive transaction occurred when the broad crypto market was experiencing a massive downturn, with the price of leading cryptocurrencies crashing to previous lows.

Following this negative trend, SOL has also traded bearishly in recent days, projecting a notable decline of about 6% over the last day. This has seen SOL give back recent gains, trading at $158 as of press time—a level it last reached on May 5.

Source: CoinMarketCap

Amid this massive price dip, SOL has seen its trading volume surge to $4.47 billion, a substantial increase of 36.53% over the last 24 hours. Usually, when a substantial increase in trading volume accompanies a significant downturn in a token’s value, it signals massive sell activity from holders. This indicates that holders are actively moving notable amounts of tokens out of exchanges.

Thus, SOL’s trading pattern today suggests that the large SOL transfer witnessed earlier might be an attempt by a large investor to sell off a significant portion of their holdings.

While the potential performance of SOL remains uncertain, investors are optimistic that the massive market fall will be succeeded by another bull run, which could push the token toward a new high.



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Lowest Level in 2025? Solana (SOL) Bullish Storm Approaching?
Crypto Trends

Lowest Level in 2025? Solana (SOL) Bullish Storm Approaching?

by admin May 30, 2025


  • Shiba Inu stagnation
  • Solana under tension

The price of XRP is consolidating between two significant exponential moving averages — the 26 EMA and the 50 EMA — and is trapped in a narrow range, displaying indecision. Since a major breakout or breakdown is usually indicated by this zone of compression, XRP’s current position in the market is among the most crucial in weeks. Over the past few sessions, XRP has been testing the 26 and 50 EMAs numerous times, but it hasn’t been able to establish a clear advantage above or below, as the daily chart shows.

A squeeze like this frequently functions as a coiling spring, accumulating energy that, when the market determines which way to lean, could cause an explosive move. Right now, XRP is trading at about $2.29, which is the middle of this compression zone. While the 50 EMA serves as resistance, the 26 EMA is maintaining its position as a dynamic support.

XRP/USDT Chart by TradingView

The market’s hesitancy to choose a direction is reflected in the RSI, which is balanced around 50, creating an atmosphere of anticipation. With a clear break above the 50 EMA, XRP may soon retest the $2.50–$2.60 range. But given that low-volume conditions amplify the impact of any breakout or breakdown, a break below the 26 EMA could signal a swift decline toward $2.20 or even lower.

The good news is that this kind of squeeze typically ends with a significant directional move, which could present traders with a chance for either dramatic losses or sharp gains depending on where they are in the volatility explosion. The important thing right now is to keep a close eye on these EMAs, because the one that breaks first will probably determine the direction of XRP’s next significant move. 

Shiba Inu stagnation

As the price of Shiba Inu continues to stagnate with little to no movement, it is currently at some of its lowest volatility levels in 2025. The current trading price of $0.00001427 has repeatedly failed to break above the 50 EMA (blue), 100 EMA, and 200 EMA, leaving it trapped in a narrow range. The price is not the only factor contributing to this stagnation; the total collapse in volatility is perhaps more significant for memecoins like SHIB.

The issue is obvious: speculative momentum, viral trends, and explosive moves are what make memecoins thrive. The excitement fades along with the volatility, and without it, SHIB is just another token lost in the commotion of the cryptocurrency markets. A market in balance is indicated by the Relative Strength Index (RSI), currently hovering around the 50 mark, but this also indicates that traders are not particularly enthusiastic.

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Since May, the price of SHIB has kept to the lower end of its consolidation range, effectively flatlining. In the face of this low-volatility environment, the memecoin hype that once drove SHIB to astronomical highs appears to have disappeared, and there is just no narrative to keep investors interested in the market without any spikes or surges.

For SHIB, that is a more significant problem than the price itself because the memecoin craze is fueled by volatility rather than price stability. This could turn SHIB’s memecoin status from a strength to a weakness if it persists. A far cry from the times when its erratic price swings made it the talk of cryptocurrency, SHIB runs the risk of losing its relevance unless volatility returns. SHIB’s days as a meme-fueled darling appear to be coming to an end, but for the time being, the market is waiting for something to break the monotony.

Solana under tension

Right now, Solana is coiling up around $170, displaying tension and potential energy that could blow up at any moment. The asset has spent the last few weeks grinding up against its 50 EMA, 200 EMA, and 100 EMA. The convergence of the moving averages typically indicates an impending storm that could cause Solana to either spiral downward or return to a bullish position.

As of right now, SOL has failed to break out above resistance and is stuck below $180. The price action is displaying a bearish double top pattern, which could indicate more declines if buyers don’t intervene quickly. Despite that impending danger, there’s a good chance that the moving averages’ alignment will provide a bullish springboard, particularly if the price can recover $180 with volume.

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It would indicate that SOL is prepared to test the psychological barrier again at $200 and, perhaps, move back toward the $240 mark, which was its previous peak. However, if the asset is unable to hold the $165–170 support zone and those overlapping EMAs turn into resistance, SOL may experience a rapid decline to $150 or even $140. Even though the RSI is currently in neutral territory at 58, a further decline could quickly intensify bearish sentiment.

All things considered, Solana’s consolidation between these convergent EMAs is a formula for a major move. There is no doubt that the calm before the storm is almost over, but how buyers respond over the next few days will determine whether it goes up or down. The next big trend in Solana is about to emerge, so prepare for the storm and expect volatility to return.



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May 30, 2025 0 comments
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Solana compresses near resistance, breakout to $241 likely if confirmed
Crypto Trends

Solana compresses near resistance, breakout to $241 likely if confirmed

by admin May 29, 2025



Solana is tightening beneath a major resistance zone at $178. With bullish structure and a strong upward trend from $95, a breakout could send SOL soaring toward $241 in the near term.

Solana’s (SOL) price action has been consolidating in a bullish manner underneath high time frame resistance at $178. After a strong trend that began with a low near $95, SOL has steadily climbed while respecting every key support level.

Key technical points

  • $178 High Time Frame Resistance: Currently acting as overhead supply, but showing signs of weakening as price consolidates just below.
  • Apex Zone with Dynamic Support: Higher lows are compressing against resistance, supported by rising trendline confluence at $175.
  • $241 Target: Next major high time frame resistance level if a breakout above $178 occurs with volume.

SOLUSDT (4H) Chart, Source: TradingView

What makes this setup especially compelling is how Solana has completed a textbook market auction. Price rotated from a value area low near $95 to the point of control at $124.56, also a major support, and then advanced toward the value area high, now pressing into the supply zone at $178. This full rotation signals sustained strength and growing bullish conviction.

This consolidation beneath resistance appears constructive rather than bearish. The consistent formation of higher lows indicates that buyers are stepping in earlier on each dip, often a precursor to a breakout. The apex zone forming between $175 and $178 points to a potential breakout in the very near term.

Volume remains subdued, which is typical in the final stages of a consolidation. The key signal to watch will be a spike in volume accompanying a move above $178. If that occurs, it would likely trigger a strong upward expansion toward the $241 resistance level.

Solana’s historical reactions to key supply zones suggest that when price compresses under resistance while forming higher lows, breakouts tend to follow with strong momentum. This pattern has repeated across previous cycles, where SOL paused beneath resistance before rapidly breaking out. If the current setup mirrors past behavior, the next leg higher could not only reach $241 but also establish the foundation for further upside—especially if supported by broader market strength.

What to expect in the coming price action

As long as Solana holds above dynamic support near $175 and continues to press into $178, a breakout remains the most likely scenario. A move above this level on rising volume would likely send SOL surging toward $241, maintaining its bullish market structure.



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May 29, 2025 0 comments
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Solana signals 40% crash versus Ethereum amid cooling memecoin craze
Crypto Trends

Solana signals 40% crash versus Ethereum amid cooling memecoin craze

by admin May 29, 2025



Key takeaways:

  • SOL/ETH has broken below a rising wedge pattern, signaling a potential 40% decline.

  • Solana’s memecoin revenue has collapsed since April, weakening its core value proposition.

  • Standard Chartered warns Solana may underperform as Ethereum’s L2 ecosystem grows more competitive.

Solana’s (SOL) multiyear outperformance against Ethereum’s native token, Ether (ETH), is losing momentum, with technical breakdowns and weakening onchain activity pointing to a potential sharp decline in the SOL/ETH pair next.

SOL enters rising wedge breakdown stage

As of May 29, the SOL/ETH pair has confirmed a breakdown from its multimonth rising wedge pattern, a bearish structure that often precedes significant declines.

In technical terms, a rising wedge breakdown typically results in a drop equal to the pattern’s maximum height.

SOL/ETH weekly price chart. Source: TradingView

For SOL/ETH, this projects a downside target for July, near 0.038 ETH, representing a 40% decline from current levels.

The 50-week exponential moving average (50-week EMA; the red wave) around 0.0628 ETH is offering interim support. A decisive weekly close below this level would likely confirm the bearish continuation toward the 0.038 ETH target.

A bounce, on the other hand, could have SOL reclaim the wedge’s lower trendline as support, which may delay the breakdown scenario. Breaking above the wedge’s upper trendline will likely invalidate the 40% crash setup altogether.

Cooling memecoin frenzy hints at SOL/ETH crash

The breakdown in SOL/ETH aligns with a visible decline in memecoin-driven activity on Solana.

A key indicator is Pump.fun, the largest memecoin launch platform on the network, which shows a sharp drop in daily fee revenue since early April.

Daily fees peaked in Q1 2025 but have since fallen to near-yearly lows, signaling reduced speculative activity on the chain, according to Dune Analytics.

Pump.Fun fee and revenue chart. Source: Dune Analytics

The platform had been a major contributor to Solana’s revenue growth, especially between December 2024 and March 2025.

During this period, total cumulative fees surged past 3 million SOL as retail traders flooded the network to launch and trade meme tokens. These metrics have crashed ever since, weakening one of Solana’s primary value drivers.

A May 27 report from Standard Chartered further reinforces the downside narrative. The bank warned that Solana may underperform if it cannot diversify beyond memecoins, which currently dominate its transaction activity.

Solana’s decentralized exchange volume. Source: Standard Chartered

Standard Chartered said that Ethereum is gaining ground with scalable layer-2 solutions that offer comparable fees and deeper infrastructure for real-world applications.

Related: Ethereum flashes ‘altseason’ signal as ETH price eyes $4.1K

Chartist Alex Clay asserts that a so-called “Ethereum outperformance season” has already arrived, reiterating confidence in the rising wedge breakdown on the SOL/ETH charts.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.



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Crypto Trends

SOL Strategies Files $1B Shelf Prospectus to Boost Solana Investment ‘Flexibility’

by admin May 29, 2025



In brief

  • SOL Strategies filed a $1 billion preliminary base shelf prospectus to expand its capital-raising options.
  • The filing gives the company flexibility to issue various securities over time, including shares and debt.
  • No immediate offerings are planned, but the move positions SOL Strategies to act quickly on Solana-related opportunities.

SOL Strategies, a Canadian public company focused on the Solana blockchain, has filed a $1 billion preliminary short-form base shelf prospectus as it doubles down on its investments in the world’s sixth-largest crypto.

The company said the move aims to provide it with increased “financial flexibility” to capitalize on emerging opportunities within the Solana ecosystem, according to a filing on Tuesday.

In other words, the move will allow SOL Strategies to prepare for potential capital raises, allowing it to move quickly on investment opportunities in the Solana ecosystem without delay due to additional regulatory approvals.

The document was submitted to securities regulators in all Canadian provinces and territories, and once finalized, will permit the company to make offerings of a variety of instruments, including common shares, debt securities, warrants, and subscription receipts.

“The filing of a base shelf prospectus supports our growth strategy by providing us with the flexibility to access capital as future opportunities arise in the rapidly evolving Solana ecosystem,” Leah Wald, CEO of SOL Strategies, wrote in a statement. 

The company also stated that it has no current plans to issue securities under the prospectus and may ultimately decide not to do so.

“This strategic move enhances our ability to act decisively when compelling investment opportunities present themselves,” Wald added.

SOL Strategies, formerly known as Cypherpunk Holdings, specializes in investing in and providing infrastructure for the Solana blockchain. 

Traded on the Canadian Securities Exchange under the ticker HODL, the company aims to fuel the development of decentralized applications and services that leverage Solana’s high-speed, low-cost network.

The company said there are currently no immediate plans to issue securities under the new shelf prospectus, but it allows SOL Strategies to respond swiftly should investment opportunities arise.

The move follows SOL Strategies’ April announcement that it had secured a $500 million convertible note to fund additional Solana purchases.

Solana remains one of the top digital assets, with a valuation of roughly $89.8 billion. The asset is trading down slightly on the day to $172.29, CoinGecko data shows.

Edited by Sebastian Sinclair

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GameFi Guides

Circle Freezes $58 Million Worth of USDC in Solana Wallets Tied to Libra Scandal

by admin May 29, 2025



In brief

  • USDC token accounts tied to the Libra team were frozen by stablecoin issuer, Circle.
  • The accounts held nearly $58 million worth of USDC, which is now immovable.
  • The Libra token launch ignited a political scandal which rocked Argentina and the cryptocurrency market in February.

The Libra meme coin scandal, which rocked the cryptocurrency market and global politics earlier this year because of its association with Argentine President Javier Milei, has taken another turn.

USDC accounts belonging to two wallets tied to the Libra meme coin team and token deployer were frozen on Tuesday, locking up nearly $58 million worth of stablecoins on Solana that can no longer be sold or transferred. 

The accounts, tagged as frozen on Solana block explorer Solscan, maintain $44.59 million and $13.06 million in USDC, a stablecoin issued by Circle that is pegged to the value of the U.S. dollar. 

ALERT: $57M OF USDC ASSOCIATED WITH LIBRA FROZEN BY CIRCLE

Two Libra accounts have just been frozen by Circle, including the Libra deployer wallet.

These accounts contained a combined $57M in USDC which is now immobile. pic.twitter.com/HpmaM5HwVJ

— Arkham (@arkham) May 28, 2025

Because the USDC stablecoin’s minting and issuance is controlled by Circle, the firm is able to freeze or “blacklist” tokens in accordance with its blacklisting policy. Major stablecoin issuers like Circle and Tether have been known to blacklist addresses when connected to major exploits, like the $1.4 billion hack of Bybit back in February.

Circle did not immediately respond to Decrypt’s request for comment. At the moment, it’s unclear who, exactly, requested the freeze, with multiple parties taking to X to claim credit.



Crypto-focused law firm Burwick Law said that the freeze is due to a temporary restraining order issued at its request. Meanwhile, Martin Romeo, a plaintiff in the Argentinian case around the Libra token, famously promoted by President Javier Milei, said the freeze resulted from a request from Argentina’s justice department. 

“Yesterday, a federal court in SDNY entered a temporary restraining order at our request, Burwick Law, supported by Tim Treanor, freezing approximately 57.65 million USDC held at Circle, which you can now see confirmed on Solscan,” Max Burwick said in a statement shared with Decrypt. “We’ll return to court on June 9, 2025 for a preliminary injunction hearing to keep those assets frozen through the rest of this litigation.”

Burwick previously filed a class-action suit against Kelsier Ventures and Meteora, including some named executives from the parties, for their respective roles in the Libra token scandal.

The Solana-based Libra token, which President Milei promoted at launch on X in February, quickly shot up to a multi-billion-dollar market cap before plummeting nearly 90% shortly thereafter, leading to accusations of a pump-and-dump scheme as wallets connected to the token cashed out profits.

Later, President Milei was charged with fraud, and the government set up a task force to investigate the matter. That task force was scrapped last week.  

On Tuesday, Circle filed for its initial public offering (IPO) on the New York Stock Exchange, targeting a $6.7 billion valuation.

Edited by Andrew Hayward

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