Hello, Crypto fam!
It’s Easter season, but the crypto space isn’t taking a holiday, and neither are we. As always, we’re here with the hottest headlines. This week’s biggest story? KiloEx gets drained of $7.4 million in a cross-chain exploit. Plus, major phishing scams, Solana memecoin wars, and a sharp drop in Ethereum gas fees. First time reading? Subscribe to stay plugged in.
Happy Easter and trade safely!
Biggest Story
KiloEx Loses $7.4M in Cross-Chain Exploit
Decentralized perpetual trading platform KiloEx has suffered a $7.4 million cross-chain exploit, adding to what is already the worst quarter on record for crypto hacks. The breach, detected on April 14 by Cyvers Alerts, was carried out via a wallet funded through Tornado Cash. Attackers exploited a vulnerability in KiloEx’s price oracle access controls, manipulating the ETH/USD feed to drain funds across Base, Taiko, and BNB Chain.
KiloEx has since halted operations and is working with security firms and partners like BNB Chain and Manta Network to trace the attacker, who is reportedly using bridges like zkBridge and Meson to move funds.
Other News Making Waves
- A new phishing scam exploits Google’s infrastructure, tricking users with fake law enforcement alerts and bypassing standard email security. (More)
- Raydium hits back at Pump.fun with its new memecoin platform, LaunchLab, offering fee-free token creation and incentives for creators. RAY surged 14% on launch, intensifying Solana memecoin wars. (More)
- Ethereum gas fees drop to a five-year low amid declining network activity and economic uncertainty. The upcoming May 7 Pectra upgrade promises further fee reductions and major validator changes. (More)
- Binance, once under heavy U.S. scrutiny, is now advising governments on crypto strategy and national Bitcoin reserves. CEO Richard Teng says multiple countries have sought their help shaping digital asset policies. (More)
- Italy’s Economy Minister warns US dollar-backed stablecoins pose a bigger threat to Europe than trade tariffs, potentially weakening the euro’s role in global payments. (More)
- A hacker took over UK MP Lucy Powell’s verified X account to promote a fake Solana token called “House of Commons Coin.” The scam failed to gain traction but adds to a rising trend of political figures being targeted in crypto-related frauds. (More)
- Phantom Wallet is being sued for allegedly allowing hackers to exploit a known vulnerability, resulting in the theft of $500K in Wiener Doge tokens. Plaintiffs claim the company prioritized profits over security and accuse OKX of aiding the damage. (More)
- Arthur Cheong of DeFiance Capital slams crypto market manipulation, accusing projects and market makers of inflating token prices behind the scenes. (More)
- First Digital Labs releases an attestation report confirming FDUSD’s full backing after fraud allegations from Tron founder Justin Sun. (More)
- Odin.fun halted all trading and withdrawals after CEO Bob Bodily’s account was hacked, sparking panic and a steep memecoin selloff. (More)
- Abu Dhabi’s FSRA fined crypto firm Hayvn and ex-CEO Christopher Flinos over $12 million for AML breaches, fraudulent schemes, and unlicensed operations, revoking Hayvn’s license and banning Flinos permanently. (More)
- Commerce Secretary Lutnick confirmed that the U.S. reciprocal tariff exemption on electronics is temporary, stressing a pivot to long-term sector-specific tariffs targeting semiconductors and national security goods. (More)
Around the World: Bold Moves and Crypto Regulations
- Russia considers launching a national stablecoin to counter U.S. sanctions and crypto freezes, aiming to protect its financial infrastructure. (More)
- The UAE Central Bank approves Web3 insurance solutions, marking a major step in blockchain integration in financial services. (More)
- Swedish lawmakers urge the finance ministry to include Bitcoin in national reserves, proposing the use of seized crypto assets for a budget-neutral strategy. (More)
- Oklahoma’s Strategic Bitcoin Reserve Act fails in Senate committee, halting plans to invest state funds in crypto assets. (More)
- South Korean candidate Hong Joon-pyo vows to deregulate crypto markets like the Trump era to boost blockchain growth. (More)
- Canada approves the world’s first spot Solana ETFs with staking rewards, these funds will hold real SOL tokens, offering direct exposure and highlighting a leap in crypto investment innovation. (More)
Market Trends: Winners and Losers
Top 5 Gainers ????
According to data from CoinGecko, these are the five biggest gainers of the week:
- ArbDoge AI +290.2%, from $0.000000000071115 to $0.000000000277524
- MANEKI USD +258.3%, from $0.00099088 to $0.00355073
- PumpBTC +303.3%, from $0.03967841 to $0.160139
- LOFI +121.9%, from $0.00839446 to $0.01862703
- Rei +156.4%, from $0.01386590 to $0.03556214
Top 5 Losers ????
According to data from CoinGecko, the five biggest losers of the week are:
- MANTRA –89.0%, from $6.42 to $0.706144
- BBAChain –22.1%, from $0.214495 to $0.167015
- MetFi –44.2%, from $0.445895 to $0.249017
- MMX –19.4%, from $0.314046 to $0.253091
- deBridge –17.9%, from $0.02287130 to $0.01877617
Project Spotlight
Celestia Unveils Mamo-1 Testnet to Push Blockchain Scalability Limits
Celestia’s launch of the mamo-1 testnet marks a pivotal step in modular blockchain scalability. Capable of handling 128MB blocks every six seconds, it simulates real-world data demands while optimizing network efficiency through its new Vacuum! Protocol. By opening access to the public and integrating a full data availability layer, mamo-1 strengthens support for light nodes and high-throughput applications. This testnet is vital for pushing Celestia closer to its 1GB block goal, reinforcing its position as a leader in the data availability space amid rising competition. It’s a major leap forward for scalable, modular blockchain infrastructure.
Why It Matters:
Scalability remains one of crypto’s biggest bottlenecks. Mamo-1’s high-capacity testing environment helps developers build rollups and dApps that can operate efficiently at scale, making blockchain more accessible, practical, and ready for mass adoption.
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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