Daily Report | The U.S. SEC officially withdraws lawsuits against Kraken, Consensys, and Cumberland; Hyperliquid optimizes risk management mechanisms and compensates JELLY long users
March 28 News OverviewOrganizer: Jerry, ChainCatcher
Important News:
- Binance announces the results of the first batch of voting for new tokens, launching MUBARAK, BROCCOLI714, TUT, and BANANAS31 with seed tags
- U.S. SEC officially withdraws lawsuits against Kraken, Consensys, and Cumberland
- U.S. SEC ends investigation into Crypto.com, takes no enforcement action
- South Carolina Bitcoin Reserve Bill will allow 10% of state funds to be invested in Bitcoin
- Hyperliquid optimizes risk management mechanism and will compensate JELLY long position users
- Zhao Changpeng responds to Abu Dhabi MGX's $2 billion investment in Binance: No betting clauses and strategic considerations
- Terraform Labs will open a portal for crypto asset loss claims on March 31, deadline April 30
- Zhao Changpeng: Token prices should be determined by the project's own development, and listing should not affect prices
"What important events happened in the past 24 hours"
According to the official announcement, based on the voting results and due diligence, Binance will launch Mubarak (MUBARAK), CZ'S Dog (BROCCOLI714), Tutorial (TUT), and Banana For Scale (BANANAS31) on March 28, 2025, at 05:00 (UTC+8), and open the following spot trading pairs: MUBARAK/USDT, MUBARAK/USDC, BROCCOLI714/USDT, BROCCOLI714/USDC, TUT/USDT, TUT/USDC, BANANAS31/USDT, BANANAS31/USDC.
Tokens in the first batch of voting that have not yet been listed will still be considered for listing in the future, but they must undergo ongoing performance evaluations and comprehensive due diligence.
U.S. SEC officially withdraws lawsuits against Kraken, Consensys, and Cumberland
The SEC officially announced the withdrawal of lawsuits against Kraken, Consensys, and Cumberland and has issued relevant notices.
U.S. SEC ends investigation into Crypto.com, takes no enforcement action
FOX Business reporter Eleanor Terrett stated that informed sources revealed that the U.S. Securities and Exchange Commission (SEC) has officially ended its investigation into Crypto.com and will not take any enforcement action against the trading platform.
This move came after the company received a Wells notice from the SEC last October, at which point the company proactively sued the agency, accusing it of overreach. After Trump announced plans to appoint pro-crypto Paul Atkins to replace Gensler as the next SEC chairman, Crypto.com withdrew the lawsuit in December.
South Carolina Bitcoin Reserve Bill will allow 10% of state funds to be invested in Bitcoin
According to Bitcoin Laws, the South Carolina Bitcoin Reserve Bill (H4256) will allow the state treasurer to invest 10% of state funds in Bitcoin. The cap for Bitcoin reserves is set at 1 million BTC. The bill was proposed by Representative Jordan Pace.
Hyperliquid optimizes risk management mechanism and will compensate JELLY long position users
According to Hyperliquid's announcement, due to abnormal trading events in the JELLY market, users holding long positions in JELLY will be compensated at a price of 0.037555 at settlement. This compensation benefits all JELLY traders except for marked addresses. Event recap:
- A trader self-executed a JELLY position worth 4 million USDC at a price of 0.0095.
- Subsequently, the JELLY price surged over 4 times, triggering HLP to buy back and liquidate the position, resulting in a loss of value for the HLP account.
- Although the 4 million USDC position did not exceed the dynamic open interest (OI) limit, it failed to prevent further opening after triggering the automatic limit.
- The key issue was that after HLP took over the position, it shared collateral with other strategy components, failing to trigger automatic deleveraging (ADL).
Hyperliquid has strengthened risk management, including:
- HLP Liquidator Management: Setting stricter account value limits, reducing rebalancing frequency, and introducing more complex buyback liquidation logic. If the Liquidator's losses exceed a threshold, it will trigger ADL instead of automatically using collateral from other components.
- Dynamic Adjustment of OI Limits: The open interest limit will be dynamically adjusted based on market capitalization.
- Asset Delisting Mechanism: Validators will vote on-chain to delist assets that fall below the threshold.
Hyperliquid is committed to continuing to optimize the system and enhance risk prevention capabilities.
Zhao Changpeng responded on social media regarding "Abu Dhabi MGX's $2 billion investment in Binance," stating, "There are no betting clauses, and there are no strategic considerations (at least from my personal perspective)."
Terraform Labs will open a portal for crypto asset loss claims on March 31, deadline April 30
According to the official announcement from Terra, Terraform Labs' crypto asset loss claims portal will open on March 31, 2025. Creditors can submit eligible crypto asset loss claims through the claims website, providing proof materials such as wallet addresses/read-only API keys and completing the claim form. The deadline for claim submissions is April 30, 2025, at 23:59 (Eastern Time), and late submissions will not be accepted.
Zhao Changpeng tweeted, "In fact, listing should not affect prices. Of course, listing provides liquidity, allowing for freer entry and exit. In the short term, it may have an impact on prices (both up and down). But this should be very short-term. In the long run, prices should be determined by the project's own development. The DEX model is great; all tokens are listed, and people choose for themselves."
"What are the must-read articles in the past 24 hours"
Understanding the on-chain prediction market protocol O.Labs | Crypto Seed
Is O.Labs going to create a Polymarket on Monad?
Hyperliquid PR review: After technical first aid, how should brand trust be restored?
"Not making mistakes" is a wish, but "how to respond after making mistakes" is the core capability for a project to survive long-term.
In the early history of cryptocurrency, the largest holders were often individual investors.
VCs find new marketing ideas for "VC coins"
As the crypto market gradually loses trust in VCs, they seem to be seeking transformation.
From a financial perspective, can stablecoins become mainstream?
For the U.S., stablecoins are more like a double-edged sword.
Bitcoin's repeated transactions: An interesting bug with minimal risk
Since the SegWit upgrade in 2017, Coinbase transactions can also include commitments to all transactions in a block. These blocks prior to BIP34 do not contain witness commitments. Therefore, to create a duplicate Coinbase transaction, miners need to exclude any SegWit output redemption transactions from the block, further increasing the opportunity cost of an attack, as the block may not include many other transactions that pay fees.
Meme Hot List
According to the meme token tracking and analysis platform GMGN, as of March 28, 19:50:
The top five popular Ethereum tokens in the past 24 hours are: Ghibli, PIRATE, PAI, DOPE, SPX
The top five popular Solana tokens in the past 24 hours are: REVS, BabyGhibli, Buckazoids, PIKA, Ghibli
The top five popular Base tokens in the past 24 hours are: GRK, VIRTUAL, PEPPER, BSC, BCheetos
