BitKeep Compensates Users Affected by $8 Million Hack, Rebrands to Bitget Wallet

On March 29, BitKeep announced that it had fully compensated users affected by the 7.2.9. Android Package Kit (APK) exploit that resulted in an estimated $8 million loss of funds from users who downloaded the malware.
> The multichain wallet reimbursed 11,090 wallets affected by the incident as of March 29, and its customer service channels remain open to processing several “irregular” claims and appeals.
> BitKeep also revealed that it would rebrand to Bitget Wallet after receiving a $30 million investment from the cryptocurrency derivatives exchange.
> BitKeep will have access to Bitget’s $300 million Bitget User Protection Fund in the event of future security threats. Karry Cheung will replace incumbent BitKeep CEO, Kevin Como. Continue reading.

Bitcoin Rebounds with a Bang in 2023, Surging by 72% and Marking its Best Quarterly Gain in Two Years

Bitcoin (BTC) has surged in the first quarter of 2023, experiencing its best quarterly gain in two years, according to CoinDesk data.
> The cryptocurrency has risen by almost 72%, hitting $28,500, and has a market value of $542 billion.
> This rally comes after some experts speculated that Bitcoin could fall as low as $12,000 this quarter, given its 76% decline in valuation since November 2021.
> Bitcoin's resurgence has surpassed that of the second-largest cryptocurrency by market value, Ether, which is on track for a 50% quarterly gain, as well as gold, which added over 7%, and Nasdaq, which rallied 15%.
> The surge has been attributed to expectations that central banks, led by the Federal Reserve (Fed), will abandon aggressive rate increases in response to recession signals. More here.

Safemoon Token Liquidity Pool Drained $9 Million in Smart Contract Attack

Safemoon, a decentralized finance (DeFi) token, suffered a massive blow on Wednesday when attackers drained its liquidity pool of nearly $9 million worth of tokens.
> The attack was reportedly carried out by manipulating a faulty feature on the token's smart contracts.
> According to blockchain data, the attackers exchanged several tokens in a single transaction, ultimately stealing billions of Safemoon's SFM tokens locked in the LP.
> As a result, the value of SFM tokens plummeted over 40% in early Asian hours before slightly recovering.
> Safemoon is known for its unique features, including fee reflection, LP acquisition, token burn, and growth fund, which contributed to its success during the 2021 bull market.
> However, the recent attack has raised concerns about the token's security and its vulnerability to such attacks. Details here.

FTX's Asset Sale to Abu Dhabi Approved for $45 Million by Delaware Bankruptcy Judge

According to a court filing on Tuesday, a Delaware bankruptcy judge has given the go-ahead for Abu Dhabi's investment arm to acquire FTX's assets in Sequoia Capital Fund for $45 million.
> The sale to Al Nawwar Investments RSC Limited satisfies the restrictions set by US bankruptcy law, said Judge John Dorsey, in response to FTX's request for a declaration on March 8.
> The bankrupt crypto exchange has also asked for a delay on the sale of its stock-clearing business, Embed, which was intended to generate funds for outstanding creditors.
> The hearing, originally set for Feb. 27, has been postponed indefinitely without explanation.
> FTX filed for bankruptcy in November 2022 and is currently under the management of restructuring expert John J. Ray III. Full report here.

Voyager Digital Begins Cashing Out $610M Worth of USDC Flushed into Bankrupt Crypto Lender’s Coffers

Voyager Digital has reportedly started cashing out US dollars from the sale of Shiba Inu, Ether, and the Voyager Token.
> The bankrupt crypto lender had received $610 million worth of USDC last month, of which Voyager has now sent $150 million dollars to Circle to eventually redeem for US dollars, according to on-chain analytics service Lookonchain.
> Voyager's holdings of altcoins such as Shiba Inu and Ethereum are still significant, although it has been selling its assets since February.
> The renewed suspension of Binance.US's acquisition of the assets has once again been put on hold, following a US federal court's decision to give the US government more time to review the legality of the deal. Details here.

US SEC Chair to Testify on Digital Assets in House Oversight Hearing

US Securities and Exchange Commission (SEC) Chair Gary Gensler is set to appear before the House Financial Services Committee on April 18th to face questions regarding his approach to rule-making and digital assets.
> Chairman of the Financial Services Committee, Representative Patrick McHenry, confirmed Gensler’s appearance in a recent interview, stating that this will be the first oversight hearing with the SEC.
> McHenry also noted that the committee holds significant control over the SEC and will be discussing “laying down a regulatory sphere for digital assets”.
> The SEC chairman’s stance on cryptocurrencies has been a topic of discussion in recent years. More here.

Upbit Exchange Withdraws 20 Million XRP, Causes Surge in Trading Volume

South Korean exchange Upbit withdrew 20 million XRP worth $11.4 million, which was then redirected to various addresses.
> While 19 million XRP were transferred elsewhere, 4 million XRP were returned to Upbit. This move comes as XRP prices surged, breaking the 768 KRW per token mark and posting a 27.4% increase in three days.
> XRP continues to hold the top spot in trading volume on Upbit, accounting for a 35% share of the $1.93 billion total.
> The combined volume of XRP trading on all known cryptocurrency exchanges is $4 billion, nearly four times that of Bitcoin. Details here.

MetaMask Warns Users of Dangerous Airdrop Rumors

MetaMask, a popular Web3 wallet provider, has issued a warning to its users about rumors circulating on social media regarding an imminent AirDrop.
> Reports of the AirDrop have been circulating on Twitter, with some users falling for the scam.
> Crypto influencers have published guides on how to participate in the AirDrop, leading to an increase in activity on MetaMask.
> However, bad actors were likely motivated to spread rumors about the AirDrop after ConsenSys CEO Joe Lubin appeared in an interview at ETHDenver earlier this month, where he revealed that his team was looking to launch a token in line with the firm’s push towards decentralization. Full report here.

Lido to End Staking Program on Polkadot and Kusama blockchains

Decentralized finance staking service Lido (LDO) announced that it will end its staking program on the Polkadot (DOT) and Kusama (KSM) blockchains on August 1, as stated by a recent blog post by the pseudonymous Lido developer MixBytes.
> MixBytes cited several reasons for stopping the service, including adoption and growth not meeting "business case expectations to sustain investment" and "challenged macroeconomic factors and adjacent lack of liquidity in Polkadot's DeFi ecosystem undermining the value proposition of liquid staking."
> Lido is a liquid staking protocol that allows users to use staked ether (stETH) on other protocols and blockchains while reaping the staking rewards.
> Deposits are no longer being accepted on Polkadot and Kusama, and on June 22, all assets will be automatically "unstaked." The official termination date is August 1. Continue reading.

AI Blockchain Platform Fetch.ai Secures $40M Investment from DWF Labs

Fetch.ai has secured $40 million in new funding from DWF Labs. The funding is a combination of equity and Fetch.ai (FET) tokens at a combined valuation of approximately $250 million.
> The investment will be used to grow Fetch.ai’s ecosystem, particularly in Asia. The blockchain platform aims to use artificial intelligence to automate tasks.
> DWF Labs, a web3 investment firm based in Asia, will also provide support in building developer communities to aid in launching new applications.
> The investment has already seen almost half of the funding invested by DWF, with the rest to be invested in the coming month. Details here.

XRP Surges in Value, Bitcoin Holds Steady Amidst Banking Crisis

> Bitcoin and XRP are two cryptocurrencies that have been performing differently in recent days.
> While Bitcoin has been trading between $27,000 and $28,000 over the past two weeks, XRP has seen a sharp uptick, currently trading at around $0.60.
> XRP's performance could indicate how investors feel about the upcoming lawsuit brought by the US Securities and Exchange Commission against Ripple, the payments firm that initially launched the token in 2012.
> Bitcoin, on the other hand, is currently trading at around $28,329, up 5.4% on the last day.