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On April 22, Wall Street investment bank Jefferies analyzed that the approximately $293 million attack on Kelp DAO has exposed risks in critical infrastructure, which may prompt traditional financial institutions to reevaluate the pace of blockchain and tokenization initiatives. Jefferies believes that the attackers triggered market sell-offs and liquidity strains by minting uncollateralized tokens and engaging in cross-platform lending. This incident is thought to be related to the Lazarus Group and highlights the single point of failure issues in the verification mechanisms of cross-chain bridges. As institutions accelerate the tokenization of assets such as funds, bonds, and deposits, the associated risks may lead some banks and asset management firms to delay deployments and prioritize system security. Particularly in scenarios that rely on cross-chain infrastructure, security vulnerabilities could result in market fragmentation, undermining the practical utility of tokenized assets. Despite short-term confidence being shaken, Jefferies emphasizes that the long-term trend remains unchanged. Under the backdrop of regulatory advancements and ongoing infrastructure improvements, applications like stablecoins still hold growth potential, but the industry as a whole is still in the early stages of development and requires time to enhance system robustness.

[Analysis: Kelp DAO Security Incident May Force Major Banks to Reassess Blockchain Strategies]On April 22, Wall Street investment bank Jefferies analyzed that the approximately $293 million attack on Kelp DAO has exposed risks in critical infrastructure, which may prompt traditional financial institutions to reevaluate the pace of blockchain and tokenization initiatives. Jefferies believes that the attackers triggered market sell-offs and liquidity strains by minting uncollateralized tokens and engaging in cross-platform lending. This incident is thought to be related to the Lazarus Group and highlights the single point of failure issues in the verification mechanisms of cross-chain bridges. As institutions accelerate the tokenization of assets such as funds, bonds, and deposits, the associated risks may lead some banks and asset management firms to delay deployments and prioritize system security. Particularly in scenarios that rely on cross-chain infrastructure, security vulnerabilities could result in market fragmentation, undermining the practical utility of tokenized assets. Despite short-term confidence being shaken, Jefferies emphasizes that the long-term trend remains unchanged. Under the backdrop of regulatory advancements and ongoing infrastructure improvements, applications like stablecoins still hold growth potential, but the industry as a whole is still in the early stages of development and requires time to enhance system robustness.

Analysis: Kelp DAO Security Incident May Force Major Banks to Reassess Blockchain Strategies

On April 22, it was reported that the Russian State Duma (the lower house of parliament) has passed the "Digital Currency and Digital Rights Bill" in its first reading, marking a significant step towards the legalization of crypto assets in the country. According to the bill, the Bank of Russia will become the core regulatory body for the crypto market, responsible for issuing licenses, approving or prohibiting related transactions, and defining the legality of transactions. The bill aims to classify cryptocurrencies as "property," but explicitly prohibits their use as a means of payment domestically, with the ruble remaining the only legal tender. However, in the context of Western sanctions, crypto assets can be used for cross-border trade settlements, including service payments and intellectual property transfers. Additionally, the bill allows Russian residents to legally invest in crypto assets through licensed institutions but will implement a tiered investor system, imposing testing and annual investment limits for ordinary investors (with a suggested cap of 300,000 rubles). Initially, only high-market-cap mainstream assets like Bitcoin and Ethereum will be allowed for trading, with a whitelist to be established by the central bank. The bill is expected to be formally passed and take effect by July 2026 at the latest. However, some lawmakers and banking professionals have criticized the stringent regulations, arguing that they may affect market activity and lead to funds remaining in the gray market. Furthermore, accompanying legislation is expected to introduce criminal penalties, with a maximum of 7 years imprisonment for illegal crypto trading.

[Russian State Duma Passes Digital Currency Bill in First Reading, Central Bank to Control Market Access and Transaction Regulation]On April 22, it was reported that the Russian State Duma (the lower house of parliament) has passed the "Digital Currency and Digital Rights Bill" in its first reading, marking a significant step towards the legalization of crypto assets in the country. According to the bill, the Bank of Russia will become the core regulatory body for the crypto market, responsible for issuing licenses, approving or prohibiting related transactions, and defining the legality of transactions. The bill aims to classify cryptocurrencies as "property," but explicitly prohibits their use as a means of payment domestically, with the ruble remaining the only legal tender. However, in the context of Western sanctions, crypto assets can be used for cross-border trade settlements, including service payments and intellectual property transfers. Additionally, the bill allows Russian residents to legally invest in crypto assets through licensed institutions but will implement a tiered investor system, imposing testing and annual investment limits for ordinary investors (with a suggested cap of 300,000 rubles). Initially, only high-market-cap mainstream assets like Bitcoin and Ethereum will be allowed for trading, with a whitelist to be established by the central bank. The bill is expected to be formally passed and take effect by July 2026 at the latest. However, some lawmakers and banking professionals have criticized the stringent regulations, arguing that they may affect market activity and lead to funds remaining in the gray market. Furthermore, accompanying legislation is expected to introduce criminal penalties, with a maximum of 7 years imprisonment for illegal crypto trading.

Russian State Duma Passes Digital Currency Bill in First Reading, Central Bank to Control Market Access and Transaction Regulation

On April 22, Bloomberg reported that cryptocurrency tycoon Li Lin is transferring his family office Avenir Group's trading team of about 20 people to his wealth management company Bitfire Group, in which he holds a 30% stake, to help the company attract more private banking clients. Livio Weng, CEO of the Hong Kong-listed Bitfire, stated in an interview that Bitfire will acquire the team and its trading systems from Avenir Group. Avenir has confirmed the transaction. With the new team on board, Bitfire has secured approximately $500 million in initial investment interest from family offices and listed companies. Bitfire launched its private banking business last August and has since added around 300 clients, primarily consisting of family offices, listed companies, and high-net-worth individuals. The company plans to expand its trading strategies for Ethereum and stablecoins later this year. It is expected that the assets under management for the private banking business will exceed $1 billion within two years.

[Bloomberg: Li Lin Transfers Avenir Group Trading Team to Bitfire Group, Secures $500 Million Investment Interest]On April 22, Bloomberg reported that cryptocurrency tycoon Li Lin is transferring his family office Avenir Group's trading team of about 20 people to his wealth management company Bitfire Group, in which he holds a 30% stake, to help the company attract more private banking clients. Livio Weng, CEO of the Hong Kong-listed Bitfire, stated in an interview that Bitfire will acquire the team and its trading systems from Avenir Group. Avenir has confirmed the transaction. With the new team on board, Bitfire has secured approximately $500 million in initial investment interest from family offices and listed companies. Bitfire launched its private banking business last August and has since added around 300 clients, primarily consisting of family offices, listed companies, and high-net-worth individuals. The company plans to expand its trading strategies for Ethereum and stablecoins later this year. It is expected that the assets under management for the private banking business will exceed $1 billion within two years.

Bloomberg: Li Lin Transfers Avenir Group Trading Team to Bitfire Group, Secures $500 Million Investment Interest

On April 22, Iranian state television reported that Iran urged the United Nations to demand the United States release the Iranian cargo ship 'TOUSKA' and its crew, calling the US's detention actions 'piracy.' The report stated that Iran's permanent representative to the UN, Majid Takht Ravanchi, sent a letter on the 21st to UN Secretary-General Antonio Guterres and the current president of the Security Council, requesting the UN to demand the immediate and unconditional release of the Iranian cargo ship 'TOUSKA,' its crew, and all affected individuals, including the crew's families. (Xinhua News Agency)

[Iran Urges UN to Demand Release of Detained Iranian Cargo Ship by the US]On April 22, Iranian state television reported that Iran urged the United Nations to demand the United States release the Iranian cargo ship 'TOUSKA' and its crew, calling the US's detention actions 'piracy.' The report stated that Iran's permanent representative to the UN, Majid Takht Ravanchi, sent a letter on the 21st to UN Secretary-General Antonio Guterres and the current president of the Security Council, requesting the UN to demand the immediate and unconditional release of the Iranian cargo ship 'TOUSKA,' its crew, and all affected individuals, including the crew's families. (Xinhua News Agency)

Iran Urges UN to Demand Release of Detained Iranian Cargo Ship by the US

On April 22, U.S. President Trump stated, "Iran does not want the Strait of Hormuz to be closed; they want it to remain open so they can earn $500 million a day (if it were closed, they would lose this income). The reason they claim to want to close the strait is that I have imposed a complete blockade (closure) on it, and they are just trying to 'save face.' Four days ago, someone came to me and said: Iran wants to reopen the strait immediately. But if we do that, we will never reach an agreement with Iran unless we destroy the rest of their country, including their leadership!"

[Trump: Iran Does Not Want to Close the Strait of Hormuz, Earning $500 Million Daily]On April 22, U.S. President Trump stated, "Iran does not want the Strait of Hormuz to be closed; they want it to remain open so they can earn $500 million a day (if it were closed, they would lose this income). The reason they claim to want to close the strait is that I have imposed a complete blockade (closure) on it, and they are just trying to 'save face.' Four days ago, someone came to me and said: Iran wants to reopen the strait immediately. But if we do that, we will never reach an agreement with Iran unless we destroy the rest of their country, including their leadership!"

Trump: Iran Does Not Want to Close the Strait of Hormuz, Earning $500 Million Daily

Prediction market platforms Kalshi and Polymarket announced on the same day their entry into perpetual contract trading, with underlying assets including gold, major US tech stocks, and Bitcoin, marking an expansion of their prediction market business boundaries. Analysts suggest that the launch of perpetual contracts by both platforms is aimed at competing with cryptocurrency trading platforms. However, there is a belief that perpetual contracts are no longer exclusive to cryptocurrency trading; they are a new trading type that traditional financial markets and Generation Z players are beginning to embrace. The two prediction markets seem to be particularly focused on competing with Hyperliquid, especially with the upcoming launch of HIP-4, which will venture into the prediction market space. Given Hyperliquid's current scale and momentum, Polymarket and Kalshi may be taking proactive measures.

[Kalshi and Polymarket Announce Launch of Perpetual Contract Trading, Possibly to Compete with Hyperliquid's Prediction Market Business]Prediction market platforms Kalshi and Polymarket announced on the same day their entry into perpetual contract trading, with underlying assets including gold, major US tech stocks, and Bitcoin, marking an expansion of their prediction market business boundaries. Analysts suggest that the launch of perpetual contracts by both platforms is aimed at competing with cryptocurrency trading platforms. However, there is a belief that perpetual contracts are no longer exclusive to cryptocurrency trading; they are a new trading type that traditional financial markets and Generation Z players are beginning to embrace. The two prediction markets seem to be particularly focused on competing with Hyperliquid, especially with the upcoming launch of HIP-4, which will venture into the prediction market space. Given Hyperliquid's current scale and momentum, Polymarket and Kalshi may be taking proactive measures.

Kalshi and Polymarket Announce Launch of Perpetual Contract Trading, Possibly to Compete with Hyperliquid's Prediction Market Business

According to an official announcement from Volo, a security vulnerability incident occurred involving the BTCFi and LST protocols on the Sui network, resulting in approximately $3.5 million in assets (including WBTC, XAUm, and USDC) being stolen from three specific Vaults. Following the incident, the team immediately notified the Sui Foundation and ecosystem partners, and froze all Vaults to prevent further losses. Volo stated that the vulnerability only affected the three Vaults, and that the remaining Vaults do not share the same attack vector, ensuring the safety of approximately $28 million in total value locked (TVL) assets. The official emphasized that they will bear the loss themselves and will not pass it on to users, and a complete post-incident report and remediation plan will be released after the investigation is completed.

[Sui Ecosystem DeFi Protocol Volo Hacked, Approximately $3.5 Million in Assets Stolen]According to an official announcement from Volo, a security vulnerability incident occurred involving the BTCFi and LST protocols on the Sui network, resulting in approximately $3.5 million in assets (including WBTC, XAUm, and USDC) being stolen from three specific Vaults. Following the incident, the team immediately notified the Sui Foundation and ecosystem partners, and froze all Vaults to prevent further losses. Volo stated that the vulnerability only affected the three Vaults, and that the remaining Vaults do not share the same attack vector, ensuring the safety of approximately $28 million in total value locked (TVL) assets. The official emphasized that they will bear the loss themselves and will not pass it on to users, and a complete post-incident report and remediation plan will be released after the investigation is completed.

Sui Ecosystem DeFi Protocol Volo Hacked, Approximately $3.5 Million in Assets Stolen

On April 22, Polymarket announced the upcoming launch of perpetual contract trading, allowing users to engage in leveraged long and short trading on assets such as gold, BTC, NVIDIA, and AAPL, and stated that registration will provide early access.

[Polymarket Announces Upcoming Launch of Perpetual Contract Trading]On April 22, Polymarket announced the upcoming launch of perpetual contract trading, allowing users to engage in leveraged long and short trading on assets such as gold, BTC, NVIDIA, and AAPL, and stated that registration will provide early access.

Polymarket Announces Upcoming Launch of Perpetual Contract Trading

On April 22, according to AXIOS: U.S. President Trump is considering extending the waiver period of the Jones Act to ease restrictions on oil transportation in the United States. (Jinshi)

[Trump Considering Extension of Jones Act Waiver to Ease U.S. Oil Transport Restrictions]On April 22, according to AXIOS: U.S. President Trump is considering extending the waiver period of the Jones Act to ease restrictions on oil transportation in the United States. (Jinshi)

Trump Considering Extension of Jones Act Waiver to Ease U.S. Oil Transport Restrictions

Stablecoin issuers, including Tether, Circle and others, have spent more than $1 million lobbying lawmakers on Capitol Hill since the beginning of 2022. Stablecoins have recently become a focus of attention in Washington, D.C., as pressure grows to introduce regulation of digital assets pegged to the U.S. dollar. Tether has enlisted the lobbying efforts of the law firm of Michael Jason Lee, a consulting firm with ties to both parties. According to public interest media outlet ProPublica, Tether has spent around $600,000 since the beginning of 2022, including $120,000 per quarter on lobbying the US Senate and House of Representatives. Circle, on the other hand, began lobbying with strategic consulting firm Invariant in late 2021 and has spent at least $560,000 since then, with the company's quarterly lobbying budget currently standing at $100,000.

Detail

【Stablecoin issuers including Tether, Circle and others have spent more than $1 million to lobby lawmakers since 2022】Stablecoin issuers, including Tether, Circle and others, have spent more than $1 million lobbying lawmakers on Capitol Hill since the beginning of 2022. Stablecoins have recently become a focus of attention in Washington, D.C., as pressure grows to introduce regulation of digital assets pegged to the U.S. dollar. Tether has enlisted the lobbying efforts of the law firm of Michael Jason Lee, a consulting firm with ties to both parties. According to public interest media outlet ProPublica, Tether has spent around $600,000 since the beginning of 2022, including $120,000 per quarter on lobbying the US Senate and House of Representatives. Circle, on the other hand, began lobbying with strategic consulting firm Invariant in late 2021 and has spent at least $560,000 since then, with the company's quarterly lobbying budget currently standing at $100,000.

Stablecoin issuers including Tether, Circle and others have spent more than $1 million to lobby lawmakers since 2022

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Stablecoin issuers including Tether, Circle and others have spent more than $1 million to lobby lawmakers since 2022

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