This week saw significant developments across the cryptocurrency landscape, from major security breaches to institutional adoption milestones. North Korean hackers drained $21 million from SBI Group’s mining pool while Vanguard considers offering crypto ETFs to clients. Meanwhile, Starknet launched Bitcoin staking and multiple platforms announced major funding rounds.
about Crypto Weekly: SBI Hack, Vanguard ETFs, Starknet StakingAndre Cronje
0 posts last weekFlying Tulip Raises $200M for On-Chain Exchange Platform
Andre Cronje’s latest venture, Flying Tulip, has secured $200 million in private funding to build what it describes as a comprehensive on-chain exchange platform. The New York-based startup, which plans to launch a public token sale at the same valuation, aims to create a unified market structure combining native stablecoin, spot and derivatives trading, money markets, and on-chain insurance in a single, capital-efficient system designed to serve both retail and institutional users.
about Flying Tulip Raises $200M for On-Chain Exchange PlatformFlying Tulip Raises $200M, Launches $FT Token with Onchain Protection
Flying Tulip, a comprehensive onchain financial marketplace, has secured $200 million in private funding from prominent investors including Brevan Howard Digital and CoinFund, while announcing a public token sale for its $FT token at the same valuation. The platform introduces an innovative onchain redemption mechanism that allows investors to recover their initial investment, representing a significant advancement in investor protection within the decentralized finance space. This funding round and token launch come as part of the company’s broader vision to create institutional-grade market structure with transparent risk management and capital efficiency.
about Flying Tulip Raises $200M, Launches $FT Token with Onchain ProtectionFlying Tulip Raises $200M, Launches Onchain Exchange with Redemption Rights
Flying Tulip has secured $200 million in private funding from major institutional investors and announced an upcoming public token sale for its comprehensive onchain exchange platform. The New York-based company is building a unified financial marketplace that integrates spot trading, derivatives, and risk management within a single cross-margin system, with a key innovation being onchain redemption rights that provide downside protection for investors while preserving unlimited upside potential.
about Flying Tulip Raises $200M, Launches Onchain Exchange with Redemption RightsYearn.finance’s YFI Token Surges 87% on $7.5M Buyback News
Yearn.finance’s native YFI token has delivered one of the most impressive performances in the DeFi sector, surging 87% in just seven days following the announcement of a $7.5 million buyback program. The token’s remarkable rally from approximately $18,566 to $37,052 demonstrates growing investor confidence in the platform’s strategic initiatives and underscores the potent impact of tokenomics in the decentralized finance landscape.
about Yearn.finance's YFI Token Surges 87% on $7.5M Buyback NewsTrust Wallet Adds Sonic Network Token Swaps
Trust Wallet now allows users to swap tokens directly on the Sonic network via mobile or browser extension, eliminating the need for third-party bridges or dApps. The integration supports cross-chain swaps between networks like Ethereum and Arbitrum, offering speed and low gas fees. Sonic Labs, transitioning from Fantom Opera to a high-speed Layer-1, boasts 10,000 TPS and near-zero fees. Meanwhile, Sonic faces legal hurdles, including the shutdown of Multichain Foundation post-$210M breach and the search for a new market maker after parting ways with Wintermute. Additionally, co-founder Andre Cronje introduced a new algorithmic stablecoin project, promising up to 23% annual returns but emphasizing caution post-TerraUSD collapse. The S token is currently trading at $0.4985, showing modest gains.
about Trust Wallet Adds Sonic Network Token SwapsAndre Cronje’s Departure from DeFi Due to SEC Investigations and Challenges
Andre Cronje, a key figure in DeFi, left the sector in 2022 due to ongoing legal challenges from the SEC regarding his projects, particularly Yearn Finance. Despite raising no funds or selling tokens, the SEC’s inquiries consumed his time and resources, ultimately leading him to step away from innovation. Now, with a shift in the SEC’s leadership, Cronje has returned to the crypto space as co-founder of Sonic Labs, focusing on a new blockchain solution.
about Andre Cronje's Departure from DeFi Due to SEC Investigations and ChallengesDebate Surrounds Ethereum Foundation and Proposal for Second Foundation
The Ethereum Foundation (EF) faces criticism for its governance, spending, and insularity, with calls for a restructuring to enhance transparency and effectiveness. Amid discussions of a potential “Second Foundation” to alleviate some of EF’s responsibilities, Vitalik Buterin acknowledges the need for change while maintaining his leadership role. Critics argue that without significant shifts, the EF risks becoming irrelevant in a rapidly evolving ecosystem.
about Debate Surrounds Ethereum Foundation and Proposal for Second FoundationZachXBT Faces Scrutiny Over Alleged Four Million Dollar Memecoin Withdrawal
ZachXBT, a blockchain investigator, faces scrutiny for allegedly withdrawing nearly $4 million from a memecoin project linked to his name. After receiving half of the total supply of ZACHXBT tokens, he created liquidity and withdrew significant amounts, prompting community support for his investigative work amid concerns over financial rewards. A fundraising campaign initiated by investor Joey Moose quickly raised over $50,000 to assist ZachXBT, highlighting his contributions to fraud recovery in the crypto space.
about ZachXBT Faces Scrutiny Over Alleged Four Million Dollar Memecoin Withdrawal