[News Brief] Apr 22, morning | KelpDAO Hackers Convert Most of Stolen 75,700 ETH Into BTC

KelpDAO Hackers Convert Most of Stolen 75,700 ETH Into BTC

KelpDAO hackers converted most of the 75,700 ETH they stole into Bitcoin (BTC) in roughly a day and a half, according to a report by PANews on the 23rd citing on-chain analyst Eugene.

According to the report, the hackers mainly used THORChain to swap ETH for BTC across multiple blockchains. The converted amount was estimated at around $175 million.

During the process, THORChain reportedly recorded $800 million in trading volume and generated $910,000 in platform fee revenue.

This movement is drawing attention because the rapid transfer of a large amount of stolen funds into Bitcoin could make tracing and recovering the assets more difficult.

Aave Total Deposits Drop Sharply From $45.8 Billion to $29.6 Billion

According to data from on-chain analytics firm Ember, Aave’s total deposits fell from $45.8 billion before the rsETH incident to $29.6 billion, dropping below the $30 billion mark.

As a result, approximately $16.2 billion flowed out of Aave. PANews said the scale of the decline reflects capital flight following the rsETH incident.

U.S. Senator Expects Crypto Market Structure Bill to Be Finalized by Late May

U.S. Senator Bernie Moreno said he expects legislation related to crypto market structure to be finalized by late May.

According to PANews, Moreno made the remarks at an event in Washington and criticized banks’ objections over stablecoin yield issues, saying, "There’s a lot of noise in the system, and it’s all fake." He also urged the banking sector to speed up innovation.

Moreno had previously warned that if the so-called "Clarity bill" was not passed during May, future progress on crypto-related legislation could stall.

Grayscale and Coinbase Submit Third Amended Filing for ‘Coinbase 50 Index ETF’

The ‘Grayscale Coinbase 50 Index ETF,’ a joint product by Grayscale and Coinbase, has submitted its third amended filing.

According to PANews on the 23rd, Bloomberg ETF analyst James Seyffart said on X that the proposed ticker is KCOI and the management fee is 0.68%.

The initial basket is expected to include Bitcoin (BTC), Ethereum (ETH), XRP, Solana (SOL), Dogecoin (DOGE), as well as Cardano (ADA), Chainlink (LINK), Bitcoin Cash (BCH), Stellar (XLM), Avalanche (AVAX), Litecoin (LTC), Shiba Inu (SHIB), and Polkadot (DOT).

The amended filing is part of the ongoing listing review process and highlights the continued expansion of multi-asset crypto ETF products.

BlackRock’s BTC Holdings Rise to 806,700 BTC

BlackRock’s Bitcoin holdings have increased to 806,700 BTC, according to an Odaily report citing Lookonchain data.

The report said BlackRock has continued buying BTC recently, bringing the total value of its holdings to about $63.73 billion.

This figure is being interpreted as another sign that institutional demand for Bitcoin remains strong.

Tokenized U.S. Treasury TVL Surpasses $14 Billion

According to panewslab.com, the total value locked (TVL) of on-chain tokenized U.S. Treasuries has surpassed $14 billion, based on data compiled by Token Terminal.

Franklin Templeton’s Benji fund posted the fastest growth among issuers, with on-chain assets increasing by more than 381% over the past month. Tokenized Treasuries are mainly issued on Ethereum, while growth has also been seen on Solana and BNB Chain.

Currently, around 33,900 wallets hold tokenized Treasuries. The main holders are DeFi teams and protocols, which use them as collateral assets on lending protocols such as Morpho, Sky, and Flux.

At a 3.68% annual yield, $14 billion in assets could generate about $515 million in yearly returns. The figure reflects growing demand for real-world asset (RWA) tokenization and rising use of on-chain dollar-denominated assets.

Ronin to Migrate to Ethereum Layer 2 on May 12

Gaming blockchain Ronin will migrate from an Ethereum sidechain to an Ethereum Layer 2 on May 12. During the transition, the mainnet will be down for about 10 hours, which may temporarily restrict game access.

According to Decrypt and PANews, the migration will begin at block height 55,577,490, with Ronin transitioning to an OP Stack-based architecture. The mainnet will be paused from 11:00 a.m. to 9:00 p.m. Eastern Time.

After the transition, the inflation rate of the RON token will fall from above 20% to below 1%, while marketplace fees will rise from 0.5% to 1.25%. The 90 million RON previously used for staking will be reallocated to the Ronin treasury.

In addition, a ‘Proof of Delegation’ system that automatically distributes RON rewards to developers will be introduced. The move is part of Ronin’s broader effort to strengthen integration with the Ethereum ecosystem and overhaul its network structure.

Thailand SEC Moves to Revise Rules for Digital Asset Derivatives Business

Thailand’s Securities and Exchange Commission (SEC) plans to revise regulations for digital asset derivatives businesses to allow existing digital asset operators to apply for licenses directly, according to PANews.

If the amendment takes effect, operators will be able to offer digital asset-based derivatives contracts without having to establish a separate company. Thailand’s SEC said the goal is to incorporate digital assets into the regulated financial system as an asset class and provide investors with additional hedging tools.

The amendment also includes requirements for digital asset exchanges applying for derivatives licenses to implement conflict-of-interest prevention systems. Financial standards for derivatives exchanges and clearinghouses will also be strengthened.

Thailand’s SEC will accept public comments on the proposed rule changes through May 20.

Binance.US Cuts Fees Across All Spot Trading Pairs

Binance.US has lowered maker fees to 0% and taker fees to 0.02% for all spot trading pairs, in a move aimed at attracting more users in the U.S. market.

According to PANews, citing The Block on the 22nd, Binance.US expanded its previous 0% or low-fee policy—once limited to certain Bitcoin (BTC) and 20 major trading pairs—to all spot trading pairs.

The report noted that the new fee structure is lower than Binance global’s base maker and taker fee of 0.10%. Coinbase charges higher fees for retail trades under $10,000.

According to CoinGecko, Binance.US recorded around $14.8 million in 24-hour trading volume, far below Binance global’s roughly $10.7 billion and Coinbase’s about $1.9 billion. Binance.US had suspended U.S. dollar deposits and withdrawals in 2023 due to the SEC lawsuit, but later resumed services after related procedures were resolved.

UK FCA Raids Eight Firms Suspected of Illegal Crypto P2P Trading

The UK Financial Conduct Authority (FCA), together with tax and law enforcement authorities, raided eight firms in London suspected of illegal crypto peer-to-peer (P2P) trading, ordered them to cease operations, and seized evidence.

According to PANews on the 22nd, citing CoinDesk, the FCA said the evidence obtained in the crackdown is being used in multiple criminal investigations. The FCA explained that these platforms increased financial crime risks by brokering or facilitating peer-to-peer crypto trading without completing registration procedures or meeting anti-money laundering obligations.

In the UK, firms must register with the FCA to provide crypto trading services. However, the FCA said there are currently no registered crypto P2P exchanges or platforms in the country.

The FCA advised users to verify counterparties’ credentials through online registration records. It also warned that using unregistered P2P platforms may leave users without access to financial complaint handling or compensation protections and expose them to the risk of misappropriation of funds.