Hello crypto fam!
From Gotbit’s founder striking a plea deal to Peter Schiff predicting Bitcoin’s doom (again), and hackers making their presence felt, the past few days have been anything but dull.
Here is the recap of everything that happened in the crypto space this week.
Biggest Story
Gotbit Founder Accepts Plea Deal, Forfeits $23M in Crypto
Gotbit founder Aleksei Andriunin has pleaded guilty to market manipulation and wire fraud, reaching a deal with U.S. prosecutors that caps his prison sentence at 24 months. In exchange, he will forfeit approximately $23 million in stablecoins, avoiding additional financial penalties. Originally facing over 20 years in prison, he will also be barred from participating in crypto-related activities for three years after his release.
The charges stem from a years-long wash trading scheme that artificially inflated trading volumes between 2018 and 2024. Andriunin’s company, Gotbit, was among four firms targeted in the first U.S. criminal prosecution for crypto market manipulation. While the case highlights fraudulent practices, analysts suggest it could drive regulatory improvements. The plea deal now awaits court approval, which will determine if he secures the reduced sentence.
Other News Making Waves
- Coinbase solidifies its dominance as Ethereum’s largest node operator. It now controls 11.42% of staked ETH worth $6.8B. (More)
- Ethereum Foundation eyes a more founder-driven approach to boost network growth and address concerns over its governance (More)
- Bakkt Holdings faces a major shakeup as Bank of America and Webull exit; new co-CEO Akshay Naheta aims to refocus on core crypto services and integrate stablecoin-based payments (More)
- Ripple CEO Brad Garlinghouse predicts XRP ETFs will launch in the U.S. by late 2025. (More)
- Filmmaker Carl Erik Rinsch indicted for allegedly gambling, trading crypto with the funds for producing his sci-fi series (More)
- Cumberland secures in-principle approval from Singapore’s MAS for a Major Payment Institution license. (More)
- Four.Meme suffers another security breach, its second attack in two months. (More)
- New York Supreme Court to review Libra token scandal; lawsuit alleges project insiders manipulated liquidity pools to siphon $100M (More)
- Wemix CEO denies covering up $6M hack, cites security concerns for the delay. (More)
- Economist Peter Schiff warns Bitcoin could plummet if the NASDAQ downturn deepens; predicts a potential crash to $20K (More)
- OKX halts its DEX aggregator following an attempted breach by North Korea’s Lazarus Group (More)
- Telegram founder Pavel Durov returns to Dubai after months in France amid legal scrutiny (More)
- ECB official warns Trump’s pro-crypto stance could trigger a U.S.-led financial crisis (More)
- Kevin O’Leary predicts crypto will become the U.S. economy’s 12th sector; praises Trump’s regulatory shift, saying it moves the industry into mainstream finance (More)
- Deribit warns of rising crypto job scams; says fraudsters pose as recruiters, using fake LinkedIn profiles to lure professionals into malware downloads, fake job offers. (More)
- Malaysia sees a spike in crypto scams targeting seniors and professionals; authorities warn of deepfake technology used in fraud and intensify crackdowns on illicit mining operations (More)
- Microsoft uncovers StilachiRAT malware, which targets Chrome wallet extensions to steal crypto; warns of increasing threats against digital assets (More)
- Solana deletes controversial ad after backlash; video criticized for trivializing gender identity and sparking political debate (More)
Around the World: Bold Moves and Crypto Regulations
- Pakistan moves to legalize crypto trading, aiming to attract foreign investment (More)
- South Korea’s central bank rejects Bitcoin for foreign reserves, citing high volatility and IMF standards, despite global interest in national crypto holdings (More)
- Dubai launches its first Tokenization Regulatory Sandbox, allowing crypto firms to test and develop tokenized investment products under regulatory supervision (More)
- North Dakota Senate passes a bill tightening crypto ATM regulations, mandating licenses, transaction limits, and fraud detection measures to curb scams (More)
- Minnesota introduce Bitcoin Act to integrate crypto into state investments, tax payments, and retirement funds, (More)
Market Trends: Winners and Losers
Top 5 Gainers 📈
According to data from CoinGecko, these are the five biggest gainers of the week:
- Tutorial USD +5,937%, from $0.00079746 to $0.04814279
- Keeta +388%, from $0.02986710 to $0.145795
- BugsCoin +255%, from $0.00162236 to $0.00576627
- Doginme +333%, from $0.00036597 to $0.00158325
- Bubblemaps +148%, from $0.092751 to $0.230380
Top 5 Losers 📉
According to data from CoinGecko, the five biggest losers of the week are:
- WhiteRock -43%, from $0.00060985 to $0.00034935
- Pi Network -29%, from $1.65 to $1.17
- Solv Protocol -9%, from $0.04399985 to $0.03996490
- Elixir -26%, from $0.467909 to $0.344971
- Ethernity Chain -25%, from $1.90 to $1.43
Project Spotlight
Raydium is Developing LaunchLab, A New Competitor to Pump.fun
Raydium, Solana’s largest DEX, is reportedly developing a token issuance platform designed to simplify on-chain launches. The new platform,which is dubbed LaunchLab, features customizable bonding curves and flexible fee structures. According to a core contributor on the DEX’s team, the platform aims to offer developers greater control over pricing and access.
Why It Matters
LaunchLab directly challenges Pump.Fun, Solana’s leading token launchpad, by providing a neutral, permissionless alternative. With memecoins driving massive trading volumes, competition between Raydium and Pump.Fun could reshape Solana’s token launch ecosystem. Notably, Pump.Fun is also reportedly developing its own AMM to compete with Raydium.
The DEX move signals the dawn of a new battle for liquidity, fees, and dominance in the space.
Disclaimer: This article is intended solely for informational purposes and should not be considered trading or investment advice. Nothing herein should be construed as financial, legal, or tax advice. Trading or investing in cryptocurrencies carries a considerable risk of financial loss. Always conduct due diligence.
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