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According to market news, Hyperliquid founder Jeffrey Yan received an investment intention based on a valuation of about $1 billion and a scale of about $100 million less than a year after the project went live. However, after careful consideration, he ultimately chose to reject the investment terms.Reports indicate that before and after the financing proposal was made, the team had been continuously using personal funds to maintain operations, consuming the founder's personal finances each month to cover project costs. During the investor's engagement, Jeff communicated with several entrepreneurs and VCs about the nature and significance of financing, but he was never convinced that external capital could enhance its intrinsic value. Ultimately, he clearly informed the team on Monday that he would reject the financing proposal.Relevant insiders described that the team members managing funds were shocked by this decision, as several preparations had already been made around the financing. Jeff's core reason was that Hyperliquid is not a traditional company but an on-chain protocol that needs to maintain neutrality. He believed that once external equity capital was introduced, it could undermine the protocol's permissionless and neutral positioning, conflicting with its long-term design goals.He had previously stated that if Bitcoin had accepted VC financing in its early days, its neutrality narrative might have been weakened. Following the same logic, he chose to continue maintaining Hyperliquid's investor-free structure and to support part of the operating expenses with personal funds in the long term. On January 28, 2024, he summarized the project's principles on social media: · No investors · No paid market makers · No fees charged to the development team (or the development team does not take fees) · No insiders (or internal privileged participants). This statement is also seen as a core footnote to Hyperliquid's extreme decentralization/decapitalization approach.

The U.S. Department of Justice (DOJ) has expressed clear opposition to the latest request by Tornado Cash co-founder Roman Storm to dismiss criminal charges, stating that the recent Supreme Court ruling is unrelated to this case and should not serve as a basis for dismissal.Storm's attorney previously informed the court that he intends to cite a new Supreme Court ruling (involving a civil case of copyright infringement) to support the motion to dismiss. However, U.S. prosecutors pointed out in a letter to the federal judge that the ruling addresses a situation and industry completely different from the current criminal charges and therefore should not affect the handling of this case.This legal battle reflects the contradictory stance of the Trump administration towards the cryptocurrency sector: on one hand, the U.S. government has shown a relatively supportive policy inclination towards cryptocurrency, while on the other hand, it still insists on pursuing criminal liability against certain cryptocurrency project developers. Given the current situation, Storm may still face a retrial, and the case is expected to enter the courtroom again.

Judge Lewis Kaplan of the Federal Court for the Southern District of New York ruled to deny the motion to dismiss filed by the defendants in the TradeAI/Stakx case, allowing the case to proceed.The case was brought by the cryptocurrency law firm Burwick Law, accusing multiple defendants of operating a fraudulent scheme resembling a Ponzi scheme using NFTs and cryptocurrency investment pools, promising high returns to investors. The estimated losses have exceeded $20 million, with a total scale of approximately $440 million involved. The court rejected all defense arguments from the defendants regarding jurisdiction, venue, and service of process.Regarding defendant Cyrus Abraham's refusal to respond to the lawsuit on the grounds of technical defects in the service of process, the judge clearly stated that litigation is not a game of hide and seek, requiring Abraham to disclose his current residential address to the plaintiff's law firm by March 31, or he would face a default judgment and further sanctions. The court also officially extended the deadline for service to April 22 and has allowed alternative methods of serving legal documents through Ethereum wallets, email, and social media.

According to market news, the Seoul Central District Court in South Korea rejected the temporary injunction application filed by the Flow Foundation and Dapper Labs against Upbit, Bithumb, and Coinone, which aimed to suspend the decision of the three exchanges to terminate support for FLOW trading.Previously, these three exchanges decided to terminate trading support for the Flow token due to the FLOW hacking incident that occurred in February. The court found that there was currently insufficient evidence to suspend the delisting decision, and the exchanges' judgment regarding unresolved risks was not obviously erroneous, emphasizing the need to protect potential investors. FLOW can still be traded on the South Korean crypto exchange Korbit, but it was delisted as scheduled by Upbit, Bithumb, and Coinone at 3 PM local time.

According to Bloomberg, U.S. prosecutors stated that FTX co-founder Sam Bankman-Fried's request for a retrial should be denied because he failed to prove that his conviction was unjust.SBF is serving a 25-year prison sentence after a jury found him guilty of fraud and conspiracy in connection with the collapse of the FTX cryptocurrency exchange in 2023.

The Chief Judge of the U.S. District Court for the Southern District of Ohio, Sarah D. Morrison, ruled that there is no historical evidence indicating that Congress intended for federal law to take precedence over state regulation of sports gambling, and thus denied the preliminary injunction request filed by the prediction market platform Kalshi.Kalshi had previously sued the Ohio Casino Control Commission in an attempt to prevent it from taking enforcement action against the platform's event contracts under state gambling laws. Last year, the regulatory agency accused Kalshi of operating illegal sports gambling in Ohio.Kalshi argued that the event contracts it offers are derivatives regulated under the Commodity Exchange Act and should fall under the jurisdiction of the CFTC, thereby asserting that federal regulation should take precedence over state gambling laws.However, the judge stated that there is no evidence from historical and legislative context to suggest that Congress intended for the law to supersede state sports gambling regulations, noting that when the Dodd-Frank Act amended relevant laws in 2010, sports gambling was still widely restricted in the U.S.Kalshi announced that it would appeal the ruling. The case is seen as an important test of the legal status of prediction markets, and its outcome could affect the future compliance prospects of other prediction platforms in the U.S., including Polymarket.

A local court in Nevada, USA, has rejected the state regulator's request for an emergency ban on Coinbase's operation of prediction markets.The Nevada Gaming Control Board had previously filed a lawsuit, accusing Coinbase of offering unlicensed sports event contract betting products in the state and seeking a temporary restraining order. The court did not approve the emergency injunction but instead decided to hold a hearing next week, allowing Coinbase to respond. Coinbase's Chief Legal Officer Paul Grewal stated that the company has simultaneously filed a lawsuit in the state's federal court, claiming that the Commodity Exchange Act grants the Commodity Futures Trading Commission (CFTC) "exclusive jurisdiction" over swaps and event contracts listed on regulated exchanges, and that the state regulator's attempt to classify these tools as state-level gambling conflicts with the federal derivatives regulatory framework.

According to Cointelegraph, a local court in Nevada, USA, has dismissed the request from state regulators to urgently prohibit Coinbase from operating prediction markets.The Nevada Gaming Control Board previously filed a lawsuit, accusing Coinbase of offering unlicensed sports event betting products in the state and seeking a temporary restraining order. The court did not approve the emergency injunction but decided to hold a hearing next week, allowing Coinbase to respond. Coinbase's Chief Legal Officer Paul Grewal stated that the company has simultaneously filed a lawsuit in the state's federal court, asserting that the Commodity Exchange Act grants the Commodity Futures Trading Commission (CFTC) "exclusive jurisdiction" over swaps and event contracts listed on regulated exchanges, and that the state regulators' attempt to classify these tools as state-level gambling conflicts with the federal derivatives regulatory framework.

According to CoinDesk, the Polish Sejm has once again passed the "Cryptocurrency Market Bill," which was previously vetoed by President Karol Nawrocki, and sent it to the Senate for further review.The bill was approved on Thursday with 241 votes from lawmakers, and its content is identical to the version that was previously vetoed. The bill aims to align Polish law with the EU's "Regulation on Markets in Crypto-Assets" (MiCA), but critics argue that it exceeds EU standards and grants the Polish Financial Supervision Authority (KNF) overly broad enforcement powers, including website blocking and fines in the millions of zlotys.Nawrocki's reasons for vetoing the bill included vague legal provisions, excessive regulation, and high compliance costs, warning that the relevant clauses could harm small businesses and allow for "one-click" domain shutdowns. Despite facing opposition, Prime Minister Donald Tusk's government has made no modifications to resubmit the bill. After the Senate review, the bill may face another presidential veto.

Binance founder Zhao Changpeng stated, "Anyone claiming they can help you get listed on Binance (listing on Binance) is a scammer. If you see anyone (including so-called intermediaries, consultants, former employees, or current employees) making such claims, please be sure to report them. Relevant individuals will be blacklisted, and in some cases, may even be publicly disclosed.Recently, even a national president inquired whether I could assist with a listing, and I made it clear: I cannot help."

FTX creditor Arush disclosed on social media that there were three final bidders with financial strength for the FTX 2.0 reboot project, but they were ultimately rejected by the bankruptcy lawyers.Arush revealed that he was recruited by Arj to be responsible for the FTX 2.0 reboot bidding, and his consortium became one of the three final bidders. The three bidders were: Arj/Tribe in partnership with an undisclosed public exchange; Thomas Farley's Bullish; and Mike Cagney's Figure.According to him, each bidding proposal included significant equity components, which could have brought hundreds of billions of dollars in value to FTX creditors.

ChainCatcher news, the Rainbow Foundation has proposed to acquire the Clanker protocol and announced the token distribution plan: SCLANKER holders will receive 4% of the total supply of the new Rainbow token SRNBW (approximately 20% of the TGE circulation); all assets in the Clanker treasury will be airdropped to SCLANKER holders; LP fees generated by the Clanker protocol will be permanently allocated to SCLANKER holders.Rainbow promises to incorporate Clanker into its product ecosystem and provide SRNBW rewards for related transactions. Clanker responded that it informed Rainbow last week of its refusal to accept the acquisition, and there are differences in communication between the two parties.Clanker officially announced today that it has rejected Rainbow's acquisition proposal.

ChainCatcher news, the WeChat official account of the Wuxi Intermediate People's Court disclosed a case involving "virtual US dollars." The parties involved entrusted others to invest 84,350 yuan on a certain platform to exchange for 13,000 platform US dollars, but then the platform suddenly crashed, showing that it could only be converted to 0.1 yuan for withdrawal.Upon investigation, it was found that the virtual US dollars the parties entrusted others to exchange were from a certain platform, which was an investment decision made by themselves. Moreover, the account number and password of the platform account were controlled by them. In this case, the parties did not follow the regulations to complete the corresponding registration procedures when investing on the overseas platform. This investment behavior is not protected by Chinese law, and the corresponding investment risks are borne by themselves. The court dismissed the lawsuit.

ChainCatcher news, according to the Straits Times, Do Kwon, co-founder of the now-defunct blockchain company Terraform Labs, demanded about 50% of the purchase price for a top-floor apartment on Orchard Road in Singapore, but was rejected by the Singapore High Court.Five months before the collapse of his cryptocurrencies TerraUSD and Luna in 2022, Do Kwon had set his sights on the Sculptura Ardmore apartment valued at 38.8 million SGD. He selected a 7,600 square foot duplex four-bedroom penthouse located on the 19th floor of the project, one of only three penthouses in the development. Do Kwon paid approximately 19.4 million SGD in option fees and subsequent payments, nearly half of the purchase price. However, he ultimately failed to complete the purchase, and the apartment was eventually resold for 34.5 million SGD. Although it is claimed that the developer has confiscated the payments made by Do Kwon, he argued that the confiscation was invalid and entrusted his wife to file a lawsuit in the Singapore High Court. Do Kwon's application was rejected on July 26.

ChainCatcher news, according to reports from the Justice Network, from May to August 2023, Li and others, under the guise of issuing a certain virtual currency, established a hierarchical reward mechanism based on invitation relationships. They formed groups on social platforms to promote both online and offline, publicizing to the general public and enticing participants to gain entry qualifications by purchasing virtual currency, staking assets, and bidding on virtual cards, while obtaining rebates based on the number of downline members developed. By October 2023, when the case was uncovered, the organization had developed multiple levels and absorbed funds equivalent to over 20 million yuan.The Shishi City People's Procuratorate in Fujian Province reviewed and determined that although the organization packaged itself with emerging concepts such as virtual currency and NFTs, its operational model still conformed to the crime of organizing and leading pyramid selling activities as stipulated in the Criminal Law of the People's Republic of China: First, the project established a "threshold fee" in disguise through the purchase of virtual currency and participation in private placements of virtual assets as a prerequisite for joining and developing others; second, it established clear superior-subordinate relationships and hierarchical structures, using the number of personnel developed and the performance of subordinates as the basis for compensation and rebates; third, there were no real business activities or sustainable sources of income, and the operation of funds relied on the payments from new members to provide returns to earlier members, exhibiting obvious characteristics of fraud.Li and others created an illusion of profit by manipulating backend parameters and artificially intervening in the so-called "synthesis probability" and "release mechanism," enticing participants to continuously invest and develop downlines, which constitutes the use of new technological concepts to cover up traditional pyramid scheme crimes, severely infringing on the property rights of the public and disrupting the economic and social order.In June 2024, the Shishi City People's Procuratorate legally prosecuted the members of the gang. In December 2024, the court sentenced four defendants to prison terms ranging from six years and six months to three years for organizing and leading pyramid selling activities, imposed fines, and confiscated illegal gains. After the defendants filed an appeal, in July 2025, the appellate court ruled to dismiss the appeal and upheld the original judgment.

ChainCatcher news, according to Yuan Feichuan's report, at the launch ceremony of the RWA registration platform in Hong Kong, Ant Group's Vice President and President of Ant Digital Technology's Blockchain Business, Bian Zhuoqun, disclosed that Ant Digital Technology has rejected high-risk RWA projects such as agricultural products, red wine, and famous paintings in the past year, emphasizing that "we absolutely do not touch what cannot be done."Its selection criteria focus on three core aspects: value stability (excluding volatile assets), clarity of legal ownership (must have clear ownership), and verifiability of off-chain data (requiring IoT real-time on-chain). Currently, Ant has built a "two chains and one bridge" technical architecture and is collaborating with licensed institutions in Hong Kong to establish a tokenized issuance system, with new energy and computing power becoming its key focus areas. The Hong Kong RWA platform is expected to complete the registration of over 10 billion assets within the year.

ChainCatcher news, according to Cointelegraph, a U.S. federal court ruled that influencer Logan Paul cannot blame the co-founder of CryptoZoo in the fraud lawsuit, and the judge has dismissed his request for a default judgment against the co-founder.

ChainCatcher news, according to Cryptonews, the International Monetary Fund (IMF) has rejected Pakistan's plan to provide preferential electricity rates for cryptocurrency mining. The Secretary of the Ministry of Power of Pakistan informed the Senate Power Committee that the IMF believes the plan could exacerbate the burden on the power system and cause market distortions. Currently, the Pakistani government is renegotiating the electricity subsidy scheme with international institutions. The Senate Power Committee also discussed technical solutions to combat electricity theft and requested the power department to submit a detailed response on related issues before the next meeting.In May of this year, the Pakistani government announced plans to allocate 2,000 megawatts of electricity for cryptocurrency mining and artificial intelligence data centers, aiming to attract foreign investment. This plan was promoted by the Pakistan Crypto Committee and supported by the Ministry of Finance. However, the IMF pointed out that Pakistan did not consult with it before announcing the plan and questioned the legality of cryptocurrency mining locally, as well as the potential additional pressure it could place on an already overburdened power grid.

ChainCatcher news, according to Jinshi Data reports, on June 27 local time, the U.S. Senate voted down a proposal led by the Democrats to limit Trump's authority to use military force against Iran.