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Galaxy Digital, a prominent cryptocurrency investment firm led by Michael Novogratz, has agreed to a $200 million settlement with the New York Attorney General’s office. The settlement addresses allegations that the firm promoted the cryptocurrency LUNA without adequately disclosing its financial interests, while simultaneously selling substantial holdings of the token at a profit prior to its collapse.

The Terra ecosystem, which included the algorithmic stablecoin TerraUSD and its sister token LUNA, experienced a catastrophic collapse in May 2022. At its peak, LUNA boasted a market capitalization of approximately $40 billion, ranking among the top cryptocurrencies globally. The collapse of UST and LUNA resulted in significant financial losses for investors and raised concerns about the stability of algorithmic stablecoins.

According to the settlement details, Galaxy Digital actively promoted LUNA to investors while concurrently liquidating its own holdings without proper disclosure of these transactions. This dual action allegedly misled investors regarding the firm’s financial interests and the stability of the Terra ecosystem. The New York Attorney General’s office emphasized that such practices undermine market integrity and investor trust.

The $200 million settlement is structured to be paid over a three-year period. Notably, while Galaxy Digital has agreed to the financial terms, the firm has neither admitted nor denied the allegations put forth by the Attorney General’s office.

The collapse of Terra’s tokens had far-reaching implications beyond individual investor losses. The event triggered a broader market downturn, leading to increased scrutiny of the cryptocurrency industry by regulators worldwide. In the aftermath, several firms associated with Terra faced legal actions and financial penalties. For instance, Jump Trading Group agreed to a $123 million settlement with the U.S. Securities and Exchange Commission over allegations related to misleading investors about the stability of TerraUSD.

Terraform Labs, the company behind the Terra blockchain, filed for bankruptcy in January 2024. Subsequently, the firm reached a $4.47 billion settlement with the SEC to address allegations of fraud related to the collapse of TerraUSD and LUNA. The bankruptcy proceedings are ongoing, with efforts focused on winding down operations and compensating affected stakeholders.

Do Kwon, co-founder of Terraform Labs, has also faced legal challenges. After being detained in Montenegro in March 2023, Kwon was extradited to the United States to face federal fraud charges related to the collapse of TerraUSD and LUNA. The charges include wire fraud, commodities fraud, securities fraud, and conspiracy.

The Terra incident has prompted regulators to intensify their oversight of the cryptocurrency industry, particularly concerning the promotion and stability of digital assets. The SEC and other regulatory bodies have been actively investigating and, in some cases, penalizing firms that fail to provide transparent disclosures to investors or engage in misleading promotional activities.

Galaxy Digital’s settlement underscores the importance of transparency and ethical practices within the cryptocurrency sector. As digital assets continue to gain mainstream adoption, regulatory authorities are likely to maintain rigorous enforcement to protect investors and ensure market integrity. Firms operating in this space are increasingly expected to adhere to stringent disclosure requirements and ethical standards to foster trust and stability in the evolving financial landscape.

The repercussions of the Terra collapse serve as a cautionary tale for both investors and firms within the cryptocurrency industry. Investors are urged to conduct thorough due diligence and remain cautious of high-yield investment opportunities that lack transparency. Simultaneously, firms are reminded of the critical need to maintain ethical standards and comply with regulatory requirements to sustain the industry’s credibility and foster long-term growth.

As the cryptocurrency market continues to evolve, the balance between innovation and regulation remains a focal point. The outcomes of legal actions, such as the settlement involving Galaxy Digital, highlight the ongoing efforts by authorities to establish a regulatory framework that protects investors while accommodating the dynamic nature of digital assets.

GameStop Corp. has unveiled plans to raise $1.3 billion through a private offering of 0.00% Convertible Senior Notes due in 2030, with intentions to utilize the proceeds for general corporate purposes, including the acquisition of Bitcoin. This strategic move underscores the company’s commitment to integrating cryptocurrency into its financial strategy.

The announcement led to a 13% surge in GameStop’s stock during premarket trading, reflecting investor optimism. However, the stock experienced a 5.7% decline in after-hours trading following the detailed disclosure of the bond offering. This volatility highlights the market’s mixed reactions to the company’s cryptocurrency endeavors.

GameStop’s board has unanimously approved an update to its investment policy, incorporating Bitcoin as a treasury reserve asset without specifying a maximum investment limit. The investment committee, chaired by CEO Ryan Cohen, is tasked with balancing liquidity and investment returns. This initiative aligns GameStop with other corporations adopting Bitcoin as part of their treasury management strategies.

In the fourth quarter, GameStop reported earnings of 30 cents per share, surpassing analysts’ expectations. However, revenue fell short at $1.28 billion against the anticipated $1.48 billion. The company held $4.775 billion in cash and equivalents by the end of the quarter, following the divestiture of its Italy operations and store closures in Germany.

Analysts have expressed caution regarding GameStop’s pivot towards cryptocurrency. Michael Pachter, an analyst at Wedbush Securities, questioned the rationale behind investing in GameStop stock for Bitcoin exposure, suggesting that direct Bitcoin ETFs might be more appealing. Wedbush has maintained an “Underperform” rating for GameStop, adjusting the price target from $10 to $11.50, reflecting the company’s cash balance and operating value.

This move follows a proposal from Strive Asset Management, led by CEO Matt Cole, urging GameStop to invest its cash reserves into Bitcoin. The proposal highlighted Bitcoin’s potential as a hedge against inflation and a strategic reserve asset. CEO Ryan Cohen acknowledged receipt of the proposal, indicating consideration of the strategy.

GameStop’s foray into cryptocurrency is part of a broader effort to revitalize its business model amid declining sales and increased competition from digital gaming platforms. The company’s strategic direction includes closing physical stores and exploring new markets such as trading cards and cryptocurrencies. Despite these initiatives, analysts remain skeptical about the long-term sustainability of such moves.

South Korea’s Financial Intelligence Unit has directed Google to restrict domestic access to 17 unregistered cryptocurrency exchange applications on the Google Play Store. Effective March 25, users in South Korea are unable to install or update apps from platforms including KuCoin, MEXC, Phemex, Poloniex, and BitMart.

The FIU’s action targets foreign virtual asset service providers operating without proper registration, as mandated by the Act on Reporting and Using Specified Financial Transaction Information. This legislation requires all VASPs conducting business in South Korea to register with the authorities to ensure compliance with anti-money laundering and know-your-customer regulations.

The 17 affected exchanges are KuCoin, MEXC, Phemex, XT, Bitrue, CoinW, CoinEx, ZoomEX, Poloniex, BTCC, DigiFinex, Pionex, Blofin, Apex Pro, CoinCatch, WEEX, and BitMart. Users attempting to access these platforms via their mobile applications will encounter restrictions, preventing new installations and updates.

The FIU has been actively identifying and addressing unregistered foreign exchanges targeting South Korean investors. In 2022, the agency identified 16 such operators, followed by six more in 2023. The current enforcement action reflects the government’s commitment to safeguarding its financial system from potential risks associated with unregulated cryptocurrency trading.

Operators of unregistered exchanges face legal consequences, including up to five years in prison or fines of up to 50 million won . The FIU is collaborating with Apple Korea and the Korea Communications Standards Commission to extend these restrictions to the Apple App Store and to block associated websites, further curbing access to unregistered platforms.

This crackdown is part of South Korea’s ongoing efforts to balance innovation in the cryptocurrency sector with the need for regulatory oversight. By targeting unregistered exchanges, the government aims to protect investors and maintain the integrity of its financial system.

Samsung Electronics has announced the sudden passing of its co-chief executive officer, Han Jong-Hee, who died on Tuesday at the age of 63 due to cardiac arrest. Han was instrumental in overseeing the company’s consumer electronics and mobile devices divisions.

Han’s tenure at Samsung began in 1988, with a significant portion of his career dedicated to the television sector. Under his leadership, Samsung ascended to become the world’s leading TV manufacturer. In 2022, he was appointed as co-vice chairman and CEO, roles in which he continued to drive innovation and market dominance in consumer electronics.

His unexpected death comes at a challenging time for Samsung. The company has been grappling with declining earnings and a decrease in share prices, having lost its leading position in smartphone sales to Apple in 2024. Additionally, Samsung has faced setbacks in the advanced memory chip market, trailing behind competitors such as SK Hynix and TSMC.

The company’s leadership had previously acknowledged these difficulties, describing the current period as a “crisis” for Samsung. Factors contributing to this situation include losing AI chip supply contracts to rivals and ceding the top smartphone sales position to Apple.

In light of Han’s passing, co-CEO Jun Young-Hyun, who has been leading the semiconductor division, is set to assume the role of sole CEO. Jun’s leadership will be pivotal as Samsung navigates these turbulent times, aiming to reclaim its competitive edge in the technology sector.

Han’s contributions to Samsung were profound, particularly his efforts in transforming the company’s television business into a global powerhouse. His strategic vision and dedication have left an indelible mark on the company and the broader consumer electronics industry.

Airlines across the globe are tightening regulations concerning the use and carriage of power banks on flights, following a series of incidents involving lithium-ion batteries. These measures aim to enhance passenger safety by mitigating the risks associated with battery malfunctions.

In January, an Air Busan aircraft in South Korea was engulfed in flames while preparing for departure. Investigations suggest that a power bank was the likely cause of the fire. In response, Air Busan revised its policies, now requiring passengers to carry power banks on their person rather than storing them in overhead compartments. By March 1, South Korean authorities mandated all national airlines to enforce stricter regulations, including prohibiting the charging of devices onboard.

Singapore Airlines and its budget subsidiary, Scoot, announced that from April 1, passengers would be prohibited from charging portable power banks via onboard USB ports or using them to charge personal devices during flights. The airline emphasized that safety remains its top priority and that in-flight procedures are regularly reviewed to ensure passenger well-being.

Kazakhstan’s Air Astana implemented similar measures on March 13, banning the charging or use of power banks during flights. The airline specified that lithium batteries, external batteries, and e-cigarettes must be kept in hand luggage and placed in the overhead bins.

Taiwanese carriers EVA Air and China Airlines introduced prohibitions starting March 1, disallowing the charging and use of power banks and spare lithium batteries during flights. Both airlines advised passengers to utilize the USB power outlets available at most seats for charging other devices.

Thai Airways followed suit on March 15, banning the use and charging of power banks and portable batteries during flights. The airline’s decision aligns with a broader industry trend aimed at reducing in-flight fire hazards associated with lithium-ion batteries.

Hong Kong’s Civil Aviation Department expressed significant concern over safety incidents involving passengers using lithium power banks during flights. Consequently, from April 7, passengers on Hong Kong-based airlines will be prohibited from using or charging power banks during flights and from storing them in overhead compartments. Instead, power banks should be kept under the seat or in the seat pocket in front of passengers.

These regulatory changes are in response to a rising number of incidents involving lithium-ion batteries. In 2024, the U.S. Federal Aviation Administration recorded three incidents of overheating lithium batteries on planes every two weeks, up from just under one per week in 2018. Such statistics underscore the growing concern within the aviation industry regarding the safety of these devices.

President Donald J. Trump has initiated a significant overhaul of the United States Agency for International Development , rebranding it as the U.S. International Humanitarian Assistance and integrating blockchain technology into its operations. This restructuring places the agency under the direct authority of Secretary of State Marco Rubio, aiming to enhance transparency and efficiency in foreign aid distribution.

An internal memo circulating within the State Department outlines the administration’s plan to utilize blockchain technology to secure and trace aid disbursements. The objective is to improve the transparency, security, and efficiency of aid distribution by leveraging blockchain’s immutable ledger capabilities. However, the specifics of this integration—whether it involves the use of cryptocurrencies or solely blockchain ledgers—remain unclear. The administration emphasizes a shift towards outcomes-based funding, intending to ensure that aid programs deliver measurable results.

Despite these intentions, the proposed reorganization has encountered legal challenges. A federal judge recently ruled that the dismantling of USAID by the Department of Government Efficiency , led by Elon Musk, likely violates the Constitution. The court issued an indefinite injunction blocking further actions against USAID and mandated the reinstatement of email and computer access to affected employees. This ruling does not reverse all personnel changes or fully restore the agency but highlights concerns over the administration’s approach to restructuring.

Critics argue that while blockchain technology offers potential benefits, its application in humanitarian contexts may not be necessary or cost-effective. Some experts caution that such technological solutions could impose additional burdens on smaller non-governmental organizations and may not provide substantial advantages over existing systems. They suggest that the focus should remain on addressing the immediate needs of aid recipients rather than implementing complex technological frameworks.

The administration’s broader strategy includes reducing the size of the federal government and reallocating resources to align more closely with American geopolitical interests. This involves concentrating on areas such as global health, food security, and disaster response, while politically oriented programs may be redirected to other sections within the State Department. The restructuring plan also proposes the elimination of multiple regional bureaus, aiming to streamline operations and enhance efficiency.

Secretary of State Marco Rubio has indicated that the reorganization will proceed with input from Congress, underscoring the administration’s commitment to aligning foreign aid programs with the interests of U.S. taxpayers and strategic objectives. However, the legal setbacks and critiques from various stakeholders suggest that the path forward may be complex and contentious.

The International Monetary Fund has officially incorporated Bitcoin and other cryptocurrencies into its global economic statistics, reflecting their growing significance in the financial landscape. The IMF’s Balance of Payments Manual, Seventh Edition , released on March 20, 2025, provides detailed guidance on the classification and treatment of digital assets, marking a pivotal shift in international financial reporting standards.

In this updated manual, the IMF categorizes digital assets into two primary types: fungible and non-fungible tokens. Fungible tokens, such as Bitcoin, are further divided based on the presence or absence of corresponding liabilities. Cryptocurrencies like Bitcoin, which do not have associated liabilities and function as mediums of exchange, are classified as non-produced nonfinancial assets. These assets are recorded separately in the capital account, acknowledging their unique nature and economic role.

Conversely, digital assets with corresponding liabilities, such as certain stablecoins, are treated as financial instruments. This distinction underscores the IMF’s effort to accurately reflect the economic realities of various digital assets within the global financial system.

The BPM7 also addresses the classification of tokens tied to specific platforms. For instance, cryptocurrencies like Ethereum and Solana, which are integral to their respective platforms, may be treated akin to equity holdings in the financial account. This approach aligns with traditional financial principles, where ownership of platform-specific tokens is comparable to holding equity in a company.

The IMF recognizes activities such as staking and mining, which are essential for validating cryptocurrency transactions, as income-generating services. Rewards from these activities are treated similarly to dividends and are recorded as income, depending on the size and purpose of the holdings. This recognition reflects the growing economic impact of digital assets and adds visibility to related services in macroeconomic statistics.

The inclusion of cryptocurrencies in the IMF’s standards signifies a broader trend of acknowledging the role of decentralized digital currencies in the financial system. By treating cryptocurrencies as non-produced assets, the IMF acknowledges their unique characteristics and the need for specialized economic analysis.

This development is expected to enhance transparency and provide a more comprehensive view of global economic activities. It also highlights the IMF’s commitment to staying abreast of technological advancements and their impact on the global economy. As cryptocurrencies continue to evolve, this recognition by the IMF sets a precedent for other international organizations and governments to follow suit, potentially leading to more standardized and regulated approaches to digital currencies.

The IMF’s updated framework also addresses the complexity of staking and crypto yields, noting that rewards from holding tokens could be treated like equity dividends and recorded as income, based on the size and purpose of the holdings. Notably, this update helps countries better track the economic impact of digital assets. The IMF now treats activities like mining or staking, which help validate crypto transactions, as services. These will be included in computer services exports and imports.

Coinbase Global Inc., the largest U.S.-based cryptocurrency exchange, is in advanced discussions to acquire Deribit, a leading platform for Bitcoin and Ether options trading. The potential acquisition has been communicated to regulators in Dubai, where Deribit holds a license.

Deribit, founded in 2016 and headquartered in the Netherlands, has established itself as a dominant force in the cryptocurrency options market, particularly for Bitcoin and Ether contracts. In 2024, the exchange’s options notional trading volume surged 99% year-over-year to $743 billion, with total trading volume nearing $1.2 trillion. This growth underscores the increasing adoption of options and futures among institutional traders seeking risk management tools and leverage in crypto markets.

The potential acquisition aligns with Coinbase’s strategic push to expand its institutional offerings and underscores the growing importance of derivatives in the digital asset space. By integrating Deribit’s robust derivatives platform, Coinbase aims to enhance its product suite for institutional clients and strengthen its position in the competitive cryptocurrency exchange landscape.

While Coinbase’s interest has progressed to advanced stages, it is noteworthy that Kraken, another major U.S. cryptocurrency exchange, has also been in talks with Deribit regarding a potential acquisition. Contrary to earlier reports suggesting that Kraken had withdrawn from negotiations, sources indicate that discussions between Kraken and Deribit are ongoing. This simultaneous interest from two prominent exchanges highlights Deribit’s significant value proposition in the crypto derivatives market.

Deribit’s valuation has been a focal point in these discussions. In January, reports estimated the company’s worth to be between $4 billion and $5 billion. However, with the recent surge in crypto market activity and the heightened interest from major exchanges, the valuation could potentially be higher. Despite the advanced nature of the talks, it remains unclear if Coinbase has reached a final agreement with Deribit, and the discussions may not necessarily result in a deal.

The potential acquisition has been communicated to regulators in Dubai, as Deribit holds a license in the city. This license would be transferred to the acquiring entity, in this case, Coinbase. This regulatory aspect adds a layer of complexity to the negotiations, as compliance with international financial regulations is paramount for both entities.

The cryptocurrency industry has witnessed a surge in mergers and acquisitions, reflecting a maturation of the market and a drive towards consolidation. Exchanges are increasingly seeking to diversify their offerings to cater to a broader clientele, particularly institutional investors who demand sophisticated trading instruments like options and futures. By potentially acquiring Deribit, Coinbase would not only expand its product offerings but also solidify its position as a comprehensive platform for various trading strategies.

For Deribit, integration with a major exchange like Coinbase could provide access to a wider user base and additional resources, potentially accelerating its growth and innovation in the derivatives market. However, such an acquisition would also entail significant integration efforts, including aligning technological infrastructures, compliance protocols, and corporate cultures.

The Open Network Foundation has addressed circulating reports suggesting it raised $400 million in a funding round. Contrary to these claims, the Foundation clarified that prominent venture capital firms have collectively acquired over $400 million worth of Toncoin, the native cryptocurrency of the TON blockchain, through purchases from early investors.

Among the investors are notable firms such as Sequoia Capital, Ribbit, Benchmark, and Kingsway. Additional participants include Vy Capital, Draper Associates, Libertus Capital, CoinFund, Hypersphere, SkyBridge, and Karatage. These investments were made directly in Toncoin, rather than through traditional equity or cash transactions. A spokesperson for the TON Foundation emphasized that this is not a fundraising round but rather a strategic move by these venture capitalists, reflecting their confidence in the future success and utility of the TON blockchain and its expanding ecosystem.

The TON blockchain, originally developed by the founders of the messaging app Telegram, operates as a decentralized network supporting the development of Mini Apps within the Telegram ecosystem. In January, the Foundation strengthened its partnership with Telegram, designating TON as the exclusive blockchain for Telegram’s Mini Apps Ecosystem. This collaboration aims to provide Telegram’s extensive user base, which significantly exceeds 1 billion monthly active users, with seamless access to financial applications, including efficient payment solutions for goods and services.

Over the past year, the TON blockchain has experienced substantial growth. The number of active accounts surged from 4 million to 41 million, and Toncoin holders surpassed 121 million, exceeding the number of wallets holding Bitcoin. This remarkable expansion has attracted institutional investors globally, underscoring the network’s robust capabilities and potential.

Looking ahead, the TON Foundation aims to onboard 30% of active Telegram users to the TON blockchain by 2028. This ambitious goal will be driven by four key verticals:

1. Attracting users through Telegram’s native intellectual property, such as stickers, gifts, and on-chain collectibles.

2. Introducing engaging and rewarding multiplayer mini-games.

3. Providing decentralized finance solutions that offer user-friendly savings options with sustainable returns.

4. Creating practical payment applications that deliver real-world utility for crypto holdings.

Shaun Maguire, Partner at Sequoia Capital, expressed enthusiasm about the collaboration, stating, “The TON team is the best in the world at the intersection of consumer product thinking and crypto infrastructure. When you combine this with the global distribution of Telegram, we’re very excited to see where they go.”