CoinChapter.com presents the top crypto news of the day. Here are the highlights:
1. Hong Kong now allows residents to open personal digital wallets for China’s e-CNY, enabling cross-border payments between the two regions. To set up an e-CNY wallet, residents only need a Hong Kong mobile number. They can top up their wallets through seventeen retail banks in Hong Kong, but cross-border transactions are supported, not person-to-person transfers within Hong Kong.
2. Memecoin platform pump.fun claims that a former employee exploited the protocol for nearly $2 million through a “bonding curve” attack. The employee allegedly used their privileged access to compromise internal systems and initiate unauthorized withdrawals. Despite the hack, the platform assures that its smart contracts remain secure and plans to reimburse affected users within 24 hours.
3. US Bitcoin exchange-traded funds (ETFs) experienced a combined $257.34 million in net inflows on Thursday. Major funds like BlackRock, Fidelity, and Ark Invest saw significant inflows. Wall Street firms disclosing their stakes in Bitcoin ETFs during the first-quarter 13F reporting season contributed to the inflows. Grayscale’s GBTC product, which had been experiencing net outflows since its conversion to a spot ETF, recorded a $4.64 million inflow on Thursday.
4. The US Senate has voted to overturn an SEC accounting rule that could impact cryptocurrency custody services offered by financial institutions. The resolution gained bipartisan support, but the White House may veto it due to concerns over financial instability and market uncertainty if the SEC’s ability to regulate crypto assets is limited. A two-thirds majority vote in both chambers of Congress would be required for the resolution to pass without a presidential veto.
5. Binance’s Financial Crimes Compliance department has collaborated with Taiwanese authorities to resolve a money laundering case involving $6.2 million worth of cryptocurrencies. Criminals used fake documents, counterfeit identification, and manipulated communication records for the money laundering scheme. Through joint efforts, Taiwanese prosecutors have gathered evidence against nine individuals who are charged with offenses such as money laundering, fraud, and organized crime.
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