The Pi Network price has continued to consolidate since the first week of April as demand from investors wanes. Pi Coin (PI) was trading at $0.60 on Monday, much lower than its all-time high of $3. It has erased over…

A 90-year-old theory suggests the Pi Network price may surge soon

Ethena’s USDe stablecoin is now live on Hyperliquid’s decentralized exchange 
and HyperEVM blockchain, enabling daily rewards for users and cross-chain DeFi 
integrations. Hyperliquid Users Earn Rewards via USDe Balances on Hypercore 
and HyperEVM The USDe stablecoin, developed by Ethena Labs, has launched on 
Hyperliquid’s exchange and HyperEVM network, marking its expansion within the 
Hyperliquid ecosystem. […]

Ethena’s USDe Stablecoin Launches on Hyperliquid Exchange and HyperEVM

Asset manager VanEck has asked US regulators for permission to list an 
exchange-traded fund (ETF) holding BNB, the native token of Binance&#8217;s BNB 
Chain, regulatory filings show.
The ETF is designed to accumulate spot BNB (BNB) tokens and &#8220;may, from time to 
time, stake a portion of the [fund&#8217;s] assets through one or more trusted 
staking providers,&#8221; according to the ETF&#8217;s S-1 prospectus. The filing marks 
the first time an asset manager has filed for a BNB ETF in the United States.
The BNB token has a market capitalization of roughly $84 billion, according to 
data from CoinMarketCap. As of May 5, BNB stakers earn a yield of 
approximately 2.5%, according to data from Stakingrewards.com.
Binance&#8217;s BNB Chain is among the most popular smart contract networks, with a 
total value locked (TVL) of nearly $6 billion, according to data from 
DefiLlama.
_BNB Chain is among the most popular blockchain networks. Source:__DeFILlama_
 _**Related:**__**Binance co-founder CZ proposes Bitcoin, BNB for Kyrgyzstan 
reserves**_
## Bitcoin&#8217;s &#8220;spillover&#8221; effect?
The filing comes days after Binance co-founder Changpeng &#8220;CZ&#8221; Zhao reportedly 
said he expects the popularity of Bitcoin (BTC) ETFs to eventually &#8220;spill 
over&#8221; into altcoins.
&#8220;This cycle so far has been the ETFs. And it&#8217;s almost all Bitcoin. Ether 
hasn&#8217;t had as much success but Bitcoin success will spill over to the others 
eventually,&#8221; CZ reportedly said during the Token2049 conference in Dubai.
Spot Bitcoin ETFs attracted net inflows of more than $40 billion since 
launching in January of 2024, according to data from Farside Investors.
_Cumulative inflows into spot BTC ETFs. Source:__Farside Investors_
VanEck&#8217;s filing is the newest in a flurry of filings seeking to list ETFs 
holding altcoins.
The US Securities and Exchange Commission (SEC) has acknowledged dozens of 
cryptocurrency ETF proposals since US President Donald Trump took office on 
Jan. 20.
They include plans for ETFs holding native layer-1 tokens such as Solana (SOL) 
as well as memecoins such as Dogecoin (DOGE).
VanEck has filed to list other cryptocurrency ETFs over the past few months, 
including funds holding Solana and Avalanche (AVAX).
_**Magazine: **__**ZK-proofs are bringing smart contracts to Bitcoin &#8212; 
BitcoinOS and Starknet**_

VanEck files for BNB ETF, first in US

Indonesia has temporarily frozen World’s Electronic System Organizer 
Registration Certificate (TDPSE) due to alleged violations of electronic 
system regulations. World’s Violation of Electronic System Rules The 
Indonesian Ministry of Communication and Digital has temporarily frozen the 
Electronic System Organizer Registration Certificate (TDPSE) for World 
(formerly Worldcoin) and Worldid services, citing alleged violations of 
electronic system […]

Indonesia Freezes World’s License Over Regulatory Violations

With Bitcoin&#8217;s market cap nearing $2 trillion, Solv Protocol&#8217;s Ryan Chow says 
BTCFi could scale far beyond Ethereum&#8217;s decentralized finance if even a 
fraction becomes productive. Bitcoin&#8217;s (BTC) decentralized finance space — 
better known as BTCFi — is still in…

Solv founder sees BTCFi outpacing Ethereum DeFi on $2t potential

Crypto users are weighing in as Alex Mashinsky, the former CEO of Celsius 
Network, prepares to stand before a judge on May 8 to face sentencing for 
commodities fraud and a fraudulent scheme to manipulate the price of the 
platform&#8217;s token.
In a May 2 filing in the US District Court for the Southern District of New 
York (SDNY), prosecutors released several impact statements from individuals 
affected by the collapse of Celsius filed after the initial deadline. Though 
at least one suggested clemency for the former CEO, many told the court about 
the financial and personal losses caused by the crypto firm filing for 
bankruptcy, and hinted that Mashinsky should be held accountable for 
misrepresenting the company.
&#8220;Many of the people who participated in this fraud, benefited from this fraud, 
and potentially orchestrated this fraud will get away with zero legal 
consequences,&#8221; said Daniel Frishberg of Hillsborough County, Florida, in an 
April 24 statement. &#8220;Please do not allow Mr. Mashinsky to be one of those 
people (such as with probation/house arrest, as some people supporting him 
have requested). Please throw the book at him.&#8221;
_A victim impact statement from a Celsius user filed with the SDNY on May 2. 
Source: PACER_
Prosecutors have requested that Mashinsky serve up to 20 years in prison for 
his role in Celsius&#8217; fraud, while the former CEO&#8217;s legal team asked for a year 
and one day. The judge will consider guidelines and victim statements at 
sentencing on May 8.
## Calls for leniency and harsh prison time
Not everyone who sent in a letter to the prosecutors seemed to be in favor of 
Mashinsky being sent away for decades, as was former FTX CEO Sam &#8220;SBF&#8221; 
Bankman-Fried. SBF stood before a different federal judge in the same district 
in March 2024 and was handed a 25-year sentence, which he is currently serving 
in a California prison.
&#8220;While Celsius [sic] collapse caused significant losses, particularly for 
Bitcoin holders, shareholders, and borrowers, despite his mistakes, Mr. 
Mashinsky was, at times, the more conservative voice in an industry 
overflowing with unchecked greed,&#8221; said Artur Abreu in a victim impact 
statement.
&#8220;The twenty-year sentence suggested by the US DOJ is fair in my opinion, as 
Mashinsky caused pain and suffering for many crypto investors across the globe 
&#8211; even resulting in suicide for some of those involved,&#8221; said Web3 Deep Dive 
podcast host and former Cointelegraph reporter Rachel Wolfson, who lost access 
to Bitcoin worth about $5,000 at the time. &#8220;Harsh punishment for bad actors in 
the crypto industry has become necessary to ensure that the space legitimizes 
over time.&#8221;
Mashinsky&#8217;s sentencing will be one of the first in significant crypto cases in 
the district since Jay Clayton became interim US Attorney for SDNY. A Trump 
appointee, Clayton was previously the chair of the US Securities and Exchange 
Commission and a crypto proponent on many issues.
Critics have suggested that Clayton would take a softer approach to crypto 
enforcement, given his ties to Wall Street firms and the industry. However, he 
also released a statement in April regarding a $12-million crypto case, 
suggesting that he supported accountability for fraudulent actions. His 
response to Mashinsky&#8217;s sentencing and other future cases could be a 
bellwether for the US Attorney&#8217;s approach to crypto.
_**Related:**__**US prosecutors file over 200 victim statements in Celsius ex- 
CEO &#8216;s case**_