Tron founder Justin Sun has initiated a legal process against First Digital Trust, the issuer behind the FDUSD stablecoin, accusing it of embezzling nearly $500 million in client funds. On a Apr. 3 post in X, Sun said he had met with Hong Kong lawmaker Johnny Wu to report the case and submitted related materials to local regulators and judicial authorities. The alleged embezzlement centers on FDT’s handling of client assets, which Sun claims have been misappropriated. I met with Hong Kong Legislative Council member Johnny Wu and reported the embezzlement case involving nearly $500 million of client reserve funds by First Digital Trust (FDT). We have submitted relevant materials to the regulatory and judicial authorities. We are fully confident… https://t.co/GJe4jnwKBt — H.E. Justin Sun 🍌 (@justinsuntron) April 3, 2025 Sun described the incident as “a major international financial fraud involving traditional financial institutions and web3 platforms,” and said it was time to expose how “loopholes in the trust industry” are being exploited. On the same day, Sun hosted a live podcast to further expose what he called serious irregularities, warning that FDT was effectively insolvent and still operating under the cover of a public trust. You might also like: Coinbase CEO calls for US to allow interest on stablecoins Johnny Wu publicly addressed the case, confirming that he met with the complainants and raised the issue in the Legislative Council. “If the allegations are true, enforcement authorities will definitely take action,” he said. Ng emphasized Hong Kong’s strong legal system, stating, “International investors should not worry about a single incident.” 根據傳媒報道，今天有Web3企業申訴表示在港懷疑被信託公司非法轉移5億美元資產，我也在立法會回應了事件，並會見當時人申訴。不少行業朋友和傳媒向我查詢事件看法，我有以下幾點回應 : 1.… pic.twitter.com/Qm29sfsV1f — Johnny Ng 吴杰庄 (@Johnny_nkc) April 3, 2025 Sun’s accusations, which began on Apr. 2, had briefly caused First Digital USD ( FDUSD ) to lose its dollar peg and drop as low as $0.87. The stablecoin has since stabilized, trading at $0.99 as at press time. In response to Sun, FDT denied all claims and said FDUSD remains fully backed 1:1 by cash and U.S. Treasury bills. FDT dismissed Sun’s claims as “false information” and a “smear campaign.” The company warned it would take legal action to defend its name and accused Sun of spreading false information. Binance, which holds most of the FDUSD supply, confirmed the stablecoin’s 1:1 backing in an update. Its latest attestation showed $2.05 billion in reserves as of Mar. 1. Read more: WisdomTree launches tokenized fund platform on multiple blockchains
Cardano has launched Veridian, its open-source digital identity platform which provides a decentralized solution for both individuals and businesses. Veridian, launched on Apr. 3, gives users complete control over their data by enabling them to safely manage their digital identities. The platform tackles the problem of centralized identity systems that frequently result in data breaches. Without relying on third-party services, users can protect their digital identities through open-source protocols such as KERI decentralized identifiers and ACDC credentials. Introducing Veridian. An open-source identity wallet and platform—now live on iOS and Android. Veridian puts you in control of your digital identity with secure, verifiable credentials and privacy-preserving infrastructure. Get started: https://t.co/Ul25KeDR1L pic.twitter.com/yX6HM4jFaK — Cardano Foundation (@Cardano_CF) April 3, 2025 Veridian can operate independently using optional trust layers, which are security protocols built on the Cardano ( ADA ) blockchain. These help to ensure safe, authentic, and verifiable online interactions without the need for middlemen. Along with Veridian, the Veridian Wallet will provide a simple mobile app for securely storing digital credentials. The wallet creates a trusted experience across various industries by enabling users to manage and validate their credentials. You might also like: Alchemy Pay enables fiat on-ramp for HBAR and USDC on Hedera Cardano is moving forward in other areas in addition to the Veridian launch. Charles Hoskinson, the founder, revealed plans to integrate Bitcoin ( BTC ) into Cardano’s decentralized finance ecosystem in an Apr. 31 interview. Can Cardano Supercharge Bitcoin? @IOHK_Charles Reveals All ➡️BRAND NEW VIDEO: pic.twitter.com/FyNEnbmrXL — The Wolf Of All Streets (@scottmelker) March 31, 2025 Using the Hydra scaling solution, which improves Cardano’s transaction speed, and the Aiken programming language, which allows for smart contracts to be written on both Bitcoin and Cardano, the network aims to connect Bitcoin with DeFi. Hoskinson believes that within three years, institutional adoption of Bitcoin-based DeFi solutions will become a reality, thanks to Cardano’s infrastructure. On the price front, Cardano has recently seen massive volatility. The price fell 13% over the previous week to about $0.65. Jonathan Carter, a market analyst, noted on a Apr. 3 X post that ADA may dip further to a new support level around $0.59, but there is still potential for it to rebound and possibly reach $1. As Cardano continues to grow in areas like DeFi and digital identity, it may attract renewed investor interest and drive its price higher. Read more: Hyperliquid’s JELLY exploit could happen to other DeFi protocols, expert warns
Enish, a Tokyo Stock Exchange-listed gaming company, has announced the purchase of 100 million yen ($660,000) worth of bitcoin. The investment aligns with the company’s strategy to deepen blockchain integration in game development and diversify financial assets. Enish Strengthens Blockchain Game Development With Addition of Bitcoin to Financial Strategy Japanese game developer Enish Co. has
The post Big News: Coinbase Files for XRP Futures, Spot ETF Approval Soon? appeared first on Coinpedia Fintech News Coinbase Institutional has announced that Coinbase Derivatives has officially filed with the Commodity Futures Trading Commission (CFTC) to self-certify XRP futures. This move aims to offer a regulated, capital-efficient way for investors to gain exposure to XRP, one of the most liquid digital assets in the market. The XRP futures contracts are expected to go live on April 21, 2025, with more details on launch timelines and availability expected soon. While futures contracts are often associated with hedging or short-selling, this development carries broader implications, particularly for the approval of spot exchange-traded funds (ETFs) for XRP. The SEC’s approval of Bitcoin and Ethereum spot ETFs was largely influenced by the existence of regulated futures markets, and the introduction of XRP futures could pave the way for similar approval. Several major XRP ETF filings, including those from Bitwise, 21Shares Core XRP Trust, Canary, ProShares, and Franklin Templeton, are adding to the excitement. They show increasing interest from institutional investors and a growing demand for regulated crypto investment options. We're excited to announce that Coinbase Derivatives has filed with the CFTC to self-certify $XRP futures – bringing a regulated, capital-efficient way to gain exposure to one of the most liquid digital assets. We anticipate the contract going live on April 21, 2025. Stay tuned… pic.twitter.com/nKUPjjnMKW — Coinbase Institutional (@CoinbaseInsto) April 3, 2025 Additionally, Grayscale’s recent filing to convert its large-cap fund into an ETF reflects a trend toward basket ETFs, which are expected to drive major investor inflows. The latest developments in the Ripple ecosystem come after the long-running legal battle between Ripple and the SEC ended. The XRP community had been waiting for legal clarity after four challenging years. CEO Brad Garlinghouse recently announced that the SEC has decided to drop its appeal in the case, but an official statement from the SEC is still awaited.
JD Vance recently dismissed all rumors suggesting that Elon Musk will get sidelined by Trump. Vance confirmed that Musk will “remain a friend and adviser” to both the President and the Vice President. Musk would remain close to the administration even after serving 130 days as a special government employee. Rumors of Musk being sidelined first appeared on Politico. Regarding the rumors, Vance added that the billionaire “was not close to done” with his work at DOGE. VP JD Vance in an interview on Fox News. Source. Fox News Vance added that Musk signed up to serve the administration for six months, and that’s in line with the billionaire’s own plans as well. He gave these comments during an appearance on Fox News after Democrats secured a crucial election win for the Wisconsin Supreme Court. In that particular election race, Musk had spent $20 million on campaigning and appeared in rallies wearing a cheese hat. The billionaire even handed out cheques of $1 million to voters. Elon Musk holding a town hall meeting in Wisconsin. Source. YouTube Vance added, “Elon came in, we said we need you to make government efficient, shrink the bureaucracy that thwarts American people and also costs too much money.” In the debunked post, Politico mentioned that Musk would be “stepping back in the coming weeks from his current role as governing partner, ubiquitous cheerleader and Washington hatchet man.” Vance referred to these reports as “total fake news.” Trump has no intentions of cutting ties with Elon Musk Special government employees can work for 130 days in total per year. That’s slightly more than three months. However, SGEs are allowed to work throughout multiple years. Musk does not really need a long-term formal role in the government when the President and VP consider him as their close adviser and aide. According to an earlier report by the New York Times, Trump “has no intention of cutting ties with the world’s richest man, even after he leaves government.” According to the Washington Post, a familiar source clarified that Musk won’t be deterred by the setback in Wisconsin. The source added, “He’s still wanting to be heavily engaged in politics going forward.” Recent polls show that Musk isn’t particularly popular among Americans Musk, who is the richest person and also the CEO of SpaceX and Tesla has gained a lot of attention for leading DOGE. However, it’s clear that most of the Americans aren’t happy with Musk’s recent decisions, according to recent polls. A recent Reuters/Ipsos poll said that only 39% of Americans see Musk in a favorable light. For the remaining 57% of the participants, Musk is an unfavorable character. An even lesser percentage – 31% – agreed that Trump’s downsizing of federal government is justified or being done competently. This survey was conducted between 31 March – 2 April. Similarly, a Marquette Law School national survey conducted between 17 March – 24 March states that 41% of Americans approve Musk’s actions as part of DOGE. In this survey, Musk’s favorability rating was also quite low. Only 38% of the participants considered him to be favorable. Earlier last month, 54% of participants said that DOGE and Musk are harming the US, as part of a Quinnipiac University survey. Around 4 in every 10 participants agreed that Musk’s efforts are good for the country. A Fox News national poll, on the other hand, recorded Musk’s approval rating at 40% with 58% of the respondents disapproving of his actions. That is evident from the recent backlash that Musk has faced, with protests erupting at Tesla showrooms throughout the US and globally. Regardless of that, Trump wholeheartedly continues to praise Musk’s DOGE efforts. He said on Thursday, “he’s done a fantastic job. We found hundreds…of millions of dollars in fraud and abuse and waste and, they’re still….going strong.” Republicans tend to have divided opinions. Some republicans have started criticizing Elon for being a political liability. Democrats have already been targeting and placing the billionaire in negative spotlight. Cryptopolitan Academy: Coming Soon - A New Way to Earn Passive Income with DeFi in 2025. Learn More
Recent data analyzed by The Data Nerd reveals a significant uptick in **Ethereum** deposits by institutional investors on centralized exchanges (CEX) over the past 24 hours. Notably, **Grayscale** has moved
With hundreds of tokens launching and relaunching each month, it’s easy for even the most promising projects to fly under the radar. But 2025 may already have its most surprising underdog: MAGACOINFINANCE. While much of the market focuses on the usual favorites, this rising token is building quietly—but with serious purpose. Solana, TON, Optimism, and Sei are all gaining attention across the ecosystem, but behind the scenes, MAGACOINFINANCE is setting the stage for something potentially far more disruptive. PRE-SALE SELLING OUT – CLICK HERE TO SECURE A SPOT NOW MAGACOINFINANCE Quietly Moves Into Power Position Despite operating outside the typical hype cycle, MAGACOINFINANCE has already raised over $4.8 million, with its final stage now underway. Priced at $0.000245 with a confirmed listing price of $0.007, the upside potential for early-stage buyers is clear. What’s setting this project apart? Structure and timing. MAGACOINFINANCE is capped at 100 billion tokens, has no private round manipulation, and is executing a rollout that rewards community-first participation. The emphasis here isn’t on being loud—it’s on being ready. As other projects crowd the spotlight, MAGACOINFINANCE is steadily locking in support from those who recognize what it means to enter early, before momentum hits mainstream. LIMITED TIME OFFER-GET 50% EXTRA BONUS WITH CODE MAGA50X Use Promo Code MAGA50X – 50% Bonus Tokens Still Available Investors can still access a 50% bonus by using promo code MAGA50X before allocations close. With the project moving toward listing, this is a rare opportunity to gain added token volume during the final phase. Solana, TON, OP, and SEI Continue Forward Momentum Solana (SOL) remains a force in Layer-1 performance, attracting users and developers at scale. TON gains traction through Telegram integrations and a simplified user experience model. Optimism (OP) plays a central role in Ethereum Layer-2 scaling, pushing cost-effective apps forward. Sei (SEI) focuses on high-speed execution and app-focused development in trading ecosystems. CLICK HERE TO JOIN THE NEXT BIG BILLION DOLLAR PROJECT Conclusion MAGACOINFINANCE may be the most overlooked token of the year—but that status isn’t likely to last much longer. With real structure, capped supply, and a 50% bonus still live, it’s carving out space quietly—and effectively. Solana, TON, OP, and SEI continue to dominate headlines, but behind the scenes, MAGACOINFINANCE is preparing to make its own. For more information on MAGACOINFINANCE and to participate in the pre-sale, visit: Website: magacoinfinance.com Twitter/X: https://x.com/magacoinfinance Continue Reading: The Most Overlooked Crypto of the Year? MAGACOINFINANCE Could Shock Everyone
Bitcoin's liquidity and volatility make it a short-term risk proxy, impacting its perception and use in financial strategies. The post Saylor says Bitcoin’s deep liquidity turns it into a short-term risk proxy appeared first on Crypto Briefing .
XRP price started a fresh decline below the $2.050 zone. The price is now consolidating and might face hurdles near the $2.10 level. XRP price started a fresh decline below the $2.120 and $2.050 levels. The price is now trading below $2.10 and the 100-hourly Simple Moving Average. There is a short-term declining channel forming with resistance at $2.0680 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair might extend losses if it fails to clear the $2.10 resistance zone. XRP Price Attempts Recovery XRP price extended losses below the $2.050 support level, like Bitcoin and Ethereum . The price declined below the $2.00 and $1.980 support levels. A low was formed at $1.960 and the price is attempting a recovery wave. There was a move above the $2.00 and $2.020 levels. The price surpassed the 23.6% Fib retracement level of the downward move from the $2.235 swing high to the $1.960 low. However, the bears are active below the $2.10 resistance zone. The price is now trading below $2.10 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $2.070 level. There is also a short-term declining channel forming with resistance at $2.0680 on the hourly chart of the XRP/USD pair. The first major resistance is near the $2.10 level. It is near the 50% Fib retracement level of the downward move from the $2.235 swing high to the $1.960 low. The next resistance is $2.120. A clear move above the $2.120 resistance might send the price toward the $2.180 resistance. Any more gains might send the price toward the $2.2350 resistance or even $2.40 in the near term. The next major hurdle for the bulls might be $2.50. Another Decline? If XRP fails to clear the $2.10 resistance zone, it could start another decline. Initial support on the downside is near the $2.00 level. The next major support is near the $1.960 level. If there is a downside break and a close below the $1.960 level, the price might continue to decline toward the $1.920 support. The next major support sits near the $1.90 zone. Technical Indicators Hourly MACD – The MACD for XRP/USD is now losing pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level. Major Support Levels – $2.00 and $1.960. Major Resistance Levels – $2.10 and $2.120.
In a recent statement on the X platform, Michael Saylor addressed the ongoing discussion surrounding Bitcoin’s correlation with the stock market. He emphasized that, in the short term, Bitcoin behaves