Movement Labs has terminated co-founder Rushi Manche in light of a recent market maker scandal and rebranded itself as Move Industries. The protocol will be led by Torab Torabi as the new CEO. On May 7, the network announced that…

Movement Labs drops co-founder Rushi Manche, appoints new leadership and rebrands

Braden John Karony, the former CEO of crypto firm SafeMoon, made an out-of- 
court statement claiming innocence as his criminal trial began in New York.
In a May 6 X post after court proceedings had likely ended for the day, Karony 
said he was innocent and &#8220;did not commit fraud&#8221; in response to media coverage 
of his trial. The former CEO, as well as SafeMoon creator Kyle Nagy and former 
chief technology officer Thomas Smith, were charged in 2023 for having 
allegedly &#8220;diverted and misappropriated millions of dollars&#8217; worth&#8221; of the 
platform&#8217;s SFM token.
According to reporting from the US District Court for the Eastern District of 
New York (EDNY) on May 6, Karony implied that Nagy, who reportedly fled to 
Russia after authorities filed charges, was responsible for some of the 
alleged fraud at SafeMoon. On the first day of the trial, after jury 
selection, Smith reportedly appeared as a witness for the prosecution with a 
SafeMoon victim.
The trial, expected to run until May 26, has arguably received less media 
attention and scrutiny than other crypto cases, such as the 2023 trial of 
former FTX CEO Sam Bankman-Fried and the sentencing of former Binance CEO 
Changpeng Zhao. Karony pleaded not guilty to charges of securities fraud 
conspiracy, wire fraud conspiracy and money laundering conspiracy, and has 
been free on a $3 million bond since February 2024.
_**Related:**__**What do crypto users want to happen to Alex Mashinsky?**_
Many high-profile individuals from the crypto industry who faced criminal 
charges did not publicly comment on social media until the conclusion of their 
cases, likely on the advice of counsel. Such statements may be used at trial.
## **Trump&#8217;s interim appointee moves in without Senate confirmation**
Karony&#8217;s case, first filed in November 2023, came as Donald Trump appointee 
Joseph Nocella assumed the role of interim US Attorney for the court district. 
EDNY&#8217;s courts have previously handled cases involving allegations of crypto 
fraud, but it&#8217;s unclear whether politics will play a role moving forward, 
given Trump&#8217;s alignment with the crypto industry.
In the neighboring US District Court for the Southern District of New York, 
Alex Mashinsky is scheduled to be sentenced on May 8. The former Celsius CEO 
pleaded guilty to two felony charges in December 2024. Prosecutors have asked 
a judge to impose a 20-year sentence.
_**Magazine:**__**Bitcoiner Adam Back on Blockstream conspiracy theories and 
Satoshi question**_

Ex-SafeMoon CEO claims innocence, blames founder as trial begins

Binance-affiliated BNB Chain has rebounded after a period of stagnation in 
2023 amid accelerating institutional and decentralized finance (DeFi) 
adoption.
During the past year, BNB Chain has benefited from multibillion-dollar inflows 
into DeFi, US exchange-traded funds (ETFs), and rising trading volume at 
affiliated centralized exchange (CEX) Binance.
Consequently, the blockchain network&#8217;s native BNB token (BNB) has emerged as 
among the market&#8217;s most resilient cryptocurrencies, surpassing all-time highs 
in the first quarter of 2025 even as the broader crypto market trended 
downward.
&#8220;This resilience isn&#8217;t just about price action &#8212; strong fundamentals also 
back it,&#8221; Joao Wedson, CEO of investing analytics platform Alphractal, said in 
an April X post. &#8220;Binance has built a massive ecosystem where BNB is used 
extensively,&#8221; Wedson added.
Asset manager Standard Chartered expects the BNB token&#8217;s price to continue to 
rise, reaching highs of $2,775 by the end of 2028. As of May 7, BNB trades at 
around $600 per coin. It has a market capitalization of nearly $85 billion, 
according to CoinMarketCap.
Meanwhile, asset manager VanEck proposed on May 5 the first BNB ETF in the 
United States.
_DeFi activity on BNB Chain (formerly BSC). Source:__DeFiLlama_
 _**Related:**__**Standard Chartered predicts BNB will more than double in 
2025**_
## DeFi inflows
Since the start of 2024, BNB Chain&#8217;s TVL has increased from around $3.5 
billion to more than $6 billion, according to data from DefiLlama. It still 
hasn&#8217;t recovered fully to all-time highs of more than $20 billion in 2022.
As of May 7, BNB Chain ranks fourth among layer-1 blockchain networks by TVL, 
the data shows.
According to Standard Chartered, BNB Chain&#8217;s &#8220;use cases remain almost entirely 
on decentralised exchanges [DEXs], lending protocols, and liquid staking. This 
makes it a much more concentrated and &#8216;old-fashioned&#8217; smart contract platform 
than rivals,&#8221; it said in a May research note reviewed by Cointelegraph.
&#8220;While this caps upside potential, it also provides a degree of stability,&#8221; 
according to the asset manager.
PancakeSwap is among BNB Chain&#8217;s largest DEXs, with roughly $1.5 billion in 
TVL, according to DefiLlama.
_USD1 on BNB Chain vs. Ethereum. Source:__BSC Scan_
## Institutional adoption
Institutional adoption is growing on the blockchain network, with performance 
partly driven by its ties to Binance, the network&#8217;s affiliated CEX.
The exchange clocked an all-time high trading volume of around $76 trillion in 
2024. It accounts for roughly 40% of spot trading volumes globally, according 
to Standard Chartered.
In addition, US President Donald Trump-backed stablecoin USD1 has been issued 
primarily on the BNB Chain. Data from BscScan shows that more than $2 billion 
worth of USD1 &#8212; or 99% of its circulating supply &#8212; has been issued on BNB 
Chain.
_**Magazine: **__**12 minutes of nail-biting tension when Ethereum &#8216;s Pectra 
fork goes live**_

Binance's BNB Chain rebounds amid institutional, DeFi adoption

The American financial services firm Robinhood is said to be preparing the 
rollout of its own blockchain, according to two individuals with direct 
insight into the initiative. Sources noted that both Arbitrum and Solana have 
been evaluated as potential partners in the project’s development. Robinhood 
Plots Bold Blockchain Leap Much like its counterparts in the […]

Robinhood Quietly Prepping Blockchain With Crypto Powerhouses, Insiders Claim

In an update on X, crypto analyst Jascrypto pointed out that Polkadot (DOT) is 
currently forming a textbook bullish falling wedge pattern on the daily chart. 
This technical setup is often associated with a potential trend reversal, 
signaling the end of a downtrend and the beginning of a bullish breakout. As 
DOT continues to consolidate within the narrowing bounds of the wedge, market 
participants are starting to take notice. The structure suggests that bearish 
momentum may be weakening, allowing buyers to step in. With volume expected to 
increase upon a breakout, this pattern could mark a pivotal shift for DOT and 
spark a strong upside move, potentially starting a new bullish phase. Why The 
Polkadot Falling Wedge Is Bullish Crypto analyst Jascrypto recently 
highlighted that Polkadot has completed a breakout from a multi-month falling 
wedge pattern. Falling wedges are typically viewed as reversal patterns, and 
DOT’s successful breakout suggests that downward pressure may be easing after 
months of consolidation. This structural shift reflects growing optimism and 
signals that the asset could be preparing for a larger upward trend. Related 
Reading: Polkadot Price Caught In A 5-Year Channel – Can It Finally Break 
Free? Jascrypto pointed out that DOT is currently testing the 100-day and 
200-day Exponential Moving Averages (EMAs), key technical levels that often 
act as strong resistance in bearish conditions. He emphasized that a decisive 
daily close above these EMAs would validate the breakout and signal a shift in 
market sentiment. According to Jascrypto, if Polkadot maintains momentum and 
closes above these critical levels, it may pave the way for a rally toward the 
$5.5 to $6.0 range in the near term. This move would mark a significant 
recovery phase for DOT, attracting fresh bullish interest from investors. In 
an alternative scenario, Jascrypto noted that the worst-case outcome might see 
Polkadot dipping as low as $3.120 on higher timeframes. However, he added that 
such a move could set the stage for a much stronger rebound, propelling the 
price above the $7 mark once momentum returns. Momentum Indicators Lean 
Bullish – Is DOT Ready To Run? Momentum indicators are beginning to align in 
favor of the bulls, offering promising signals that Polkadot may be gearing up 
for a meaningful move higher. The 4-hour Relative Strength Index (RSI) has 
rebounded from oversold territory, hovering near the midpoint around 50. This 
shift indicates that bearish momentum is fading, and buyers may be gradually 
regaining control. Related Reading: Polkadot (DOT) Nears Critical Zone: A 
Reversal Could Trigger 180% Surge Adding to the optimistic trend, the 4-hour 
Moving Average Convergence Divergence (MACD) has shown a bullish crossover, 
where the MACD line crosses above the signal line. A move that often marks the 
beginning of a new uptrend or a pause in prior downside pressure. Combined, 
the RSI’s recovery and the MACD’s bullish signal suggest that DOT’s momentum 
is shifting favorably, setting the stage for a potential breakout continuation 
if price action remains strong. Featured image from Medium, chart from 
Tradingview.com

Polkadot (DOT) Prints Classic Bullish Falling Wedge – Big Breakout Imminent

U.S. stocks closed higher Wednesday after the Federal Reserve kept interest 
rates unchanged and Chair Jerome Powell acknowledged growing uncertainty 
surrounding the economic outlook. The S&amp;P 500 edged up 0.43%, while the Nasdaq 
Composite rose 0.27% and the Dow Jones…