Aave commits to 69,576 ETH aid; Musk's claim dismissed

Headlines

▌Aave secures aid commitments totaling 69,576 ETH, with the gap now only 5,505 ETH

On April 25, as a lending platform directly affected by the rsETH incident, Aave itself contributed 25,000 ETH ($5775 thousand ) to cover bad debt. The total bad debt shortfall is 75,081 ETH. Aave coordinated the establishment of the “DeFi United” plan to receive aid funds to make up for it. It has now received aid commitments totaling 69,576 ETH (loans and donations), leaving only a 5,505 ETH gap.

▌U.S. judge rejects Elon Musk’s fraud claims in lawsuit against OpenAI and Altman

On April 25, a U.S. judge rejected Elon Musk’s fraud claims in the lawsuit against OpenAI and Altman, and Musk’s remaining claims will proceed to trial.

Market

As of the time of writing, according to CoinGecko data:

BTC price is $77,480.47, up or down +0.9% over the past 24 hours;

ETH price is $2,317.16, up or down +0.4% over the past 24 hours;

BNB price is $636.08, up or down +0.6% over the past 24 hours;

SOL price is $86.26, up or down +0.2% over the past 24 hours;

DOGE price is $0.09859, up or down +1.5% over the past 24 hours;

XRP price is $1.43, up or down +0.0% over the past 24 hours;

TRX price is $0.3230, up or down +1.7% over the past 24 hours;

WLFI price is $0.07582, up or down +2.6% over the past 24 hours;

HYPE price is $41.09, up or down +0.1% over the past 24 hours.

Policy

▌U.S. Department of Justice stops investigating the Federal Reserve—possibly paving the way for Walsh’s nomination to be approved by the Senate

On April 25, U.S. District Prosecutor Jinina Pirola said on the 24th that, given the Federal Reserve Board is expected to conduct an internal investigation into cost overruns related to an office building renovation project, she has instructed the D.C. U.S. Attorney’s Office to end its investigation into the Federal Reserve’s office renovation project. According to analysis by U.S. media, the DOJ’s decision to end the related criminal investigation into Federal Reserve Chair Jerome Powell would pave the way for Senate approval of the next Fed chair candidate Kevin Walsh, nominated by President Trump. Pirola posted on social media that the Federal Reserve Inspector General has been asked to review billions of dollars in construction cost overruns borne by taxpayers. She believes the outcome of the investigation will help “resolve the issue,” and she also said that if circumstances require it, she will not hesitate to restart a criminal investigation. (Xinhua News Agency)

Addendum: The total bad debt shortfall is 75,081 ETH. Aave coordinated the establishment of the “DeFi United” plan to receive aid funds to make up for it. It has now received aid commitments totaling 69,576 ETH (loans and donations), leaving only a 5,505 ETH gap.

▌The White House: The investigation into Powell is still ongoing**

On April 25, the White House said that the investigation into Federal Reserve Chair Jerome Powell is still ongoing. The Fed’s case may not be dismissed.

****▌Tennessee fully bans crypto ATMs nationwide, upgrading crackdown on scam activity

On April 25, Tennessee Governor Bill Lee signed a bill that bans cryptocurrency ATM operations statewide, becoming the second state after Indiana to implement a comprehensive ban. The bill (HB 2505) has officially taken effect and will be enforced starting July 1. Under the regulations, installing or operating “virtual currency self-service terminals” (i.e., Bitcoin ATMs) will be treated as a Class A misdemeanor, carrying up to one year in imprisonment and a $2,500 fine. Merchants that allow the devices to operate on their premises will also bear legal responsibility. At present, most U.S. states have strengthened regulation by adopting licensing systems, transaction limits, and other measures, but outright bans remain uncommon. Data shows that since 2026, 30 states have proposed related legislation, and 20 states have passed laws, indicating a continued tightening of oversight against crypto ATM scam risks.

▌Federal Reserve Chair Powell’s term is ending—whether he stays on remains uncertain

On April 25, Federal Reserve Chair Jerome Powell may be in the final few weeks of his central bank leadership career. After the Justice Department made its decision on Friday, he now faces a choice: whether to continue serving at the institution. U.S. Prosecutor Jenna Pirola announced on social media that she will hand over the criminal investigation into the Federal Reserve headquarters renovation to the central bank’s internal inspector general—effectively moving the DOJ out of the investigation, at least for now. Krishna Guha, global head of policy and central bank strategy at Evercore ISI, said in a report: “Powell has been tight-lipped. If this investigation hadn’t happened, we believe he would be completely out of the Federal Reserve on May 15. But we believe the DOJ’s move may be too late—and the threat of the investigation being restarted is too uncertain—for Powell not to leave on May 15.” Guha speculates that, instead, Powell may continue to serve for a period of time, even if he does not fully complete a term as a governor that would expire in January 2028.

▌U.S. judge questions lawsuit alleging IRS leaks worth $10 billion involving Trump

On April 25, a judge expressed doubts about whether a $10 billion privacy lawsuit filed by President Donald Trump against the Internal Revenue Service (IRS), an agency under the U.S. Department of the Treasury, and the U.S. Treasury can proceed, because Trump effectively controls both sides of the litigation. A U.S. District Judge, Kathleen Williams, ordered the Justice Department to explain in writing by May 20 how she will oversee the case when, under constitutional requirements, the court must have jurisdiction based on a legitimate “adversarial dispute.” The judge said that, given that Trump is the sitting president and the named opponent is an entity led by him, it is currently “unclear whether both parties have sufficient adversarial standing” to establish jurisdiction.

▌CFTC submits an amicus brief to the Massachusetts Supreme Court, defending federal regulatory authority over prediction markets

On April 25, the U.S. Commodity Futures Trading Commission (CFTC) filed an amicus brief with the Massachusetts Supreme Judicial Court today, reaffirming its exclusive jurisdiction over the U.S. commodity derivatives market (including prediction markets). The case is Commonwealth of Massachusetts v. KalshiEx LLC (Case No. SJC-13906). CFTC Chairman Michael S. Selig said Congress has authorized the CFTC with sole regulatory authority over commodity derivatives markets, and warned that any state attempting to override federal law “will see you in court.” The brief details the legislative history and framework of the Commodity Exchange Act, clarifying that the federal regulatory system has priority over relevant state laws. Previously, the CFTC has filed lawsuits against Arizona, Connecticut, Illinois, and New York in succession, and successfully obtained a temporary restraining order against Arizona, preventing it from applying state-level jurisdiction to prediction markets under CFTC oversight.

▌Trump’s lawsuit against the U.S. Treasury and the IRS faces court scrutiny

On April 25, local time on April 24, a U.S. court questioned a lawsuit filed by U.S. President Donald Trump against the IRS and the Treasury Department. A U.S. District Judge, Kathleen Williams, pointed out that, given Trump’s influence over both sides of the lawsuit, whether the case involves a “genuine adversarial dispute” is in question. She also asked the Justice Department to submit a written explanation by May 20, explaining how the court has judicial jurisdiction to hear the case. (Jinxi)

Blockchain Applications

▌NYSE Arca applies to list and trade the “T. Rowe Price Active Crypto ETF” (an actively managed crypto ETF)

On April 25, the U.S. Securities and Exchange Commission (SEC) announced that NYSE Arca has proposed rule amendments to list and trade the “T. Rowe Price Active Crypto ETF” (T. Rowe Price Active Crypto ETF). The fund will primarily invest in a diversified basket of 5 to 15 crypto assets, including cryptocurrencies such as Bitcoin and Ethereum, and will hold USDC stablecoins as tokenized cash, aiming to achieve long-term capital growth through an active strategy. The SEC is currently seeking public comments on this proposal.

Cryptocurrency

▌U.S. freezes $344 million in crypto related to Iran

On April 25, U.S. Treasury Secretary Scott Bessent said the Treasury is sanctioning multiple wallets related to Iran and will track and target all financial lifelines associated with the regime. Tether previously announced that it helped the U.S. government freeze $344 million worth of cryptocurrency in two addresses. Chainalysis data shows that the activity patterns of these wallets are consistent with on-chain fund flow characteristics of Islamic Revolutionary Guard Corps wallets. U.S. officials said blockchain analysis found that the relevant funds were transacted through intermediary addresses linked to a wallet associated with Iran’s Central Bank, used to evade sanctions and facilitate international trade. In 2025, Iran’s cryptocurrency holdings reached $7.8 billion, with the Islamic Revolutionary Guard Corps holding about 50% of that amount in the fourth quarter of last year.

****▌Morgan Stanley’s Bitcoin ETF adds about 120 BTC, bringing total holdings to 1,834 BTC

On April 25, according to Arkham monitoring data, Morgan Stanley’s spot Bitcoin exchange-traded fund, Morgan Stanley Bitcoin Trust (MSBT), increased its on-chain wallet holdings by 120.413 BTC about five hours ago, worth $9.35 million. As of now, MSBT’s total Bitcoin holdings have reached 1,834 BTC, valued at approximately $142 million.

****▌Bitmine re-stakes 112,040 ETH, worth over $260 million

On April 25, according to OnchainLens monitoring, Bitmine re-staked 112,040 ETH again within the past four hours, worth over $260 million.

Major Economic Developments

▌U.S. government’s Intel share value surges 300%

On April 25, after the chipmaker Intel’s financial outlook showed a recovery in sales, the value of the shares of Intel (INTC.O) held by the U.S. government surged 300%, reaching about $36 billion. Since Intel and the U.S. government announced this investment last August, the paper return is equivalent to nearly $27 billion. The company’s CEO won the White House’s support through a charm offensive, repaired relations with President Trump, and ultimately secured this unusual investment.

****▌Nasdaq and S&P 500 close at fresh highs again

On April 25, U.S. stocks’ three major indexes closed mixed: the Nasdaq rose 1.63%, and the S&P 500 increased 0.8%, with both hitting new highs again. The Dow fell 0.16%. Popular tech stocks surged broadly, with Intel up more than 23%, Nvidia up more than 4%, Amazon up more than 3%, and Microsoft and Meta up more than 2%, while Google rose more than 1%. Semiconductor, computer hardware, and storage concept stocks led the gains, with Arm up more than 14%, AMD up more than 13%, Qualcomm up more than 11%, Super Micro Computer up more than 8%, and Micron Technology up more than 3%.

The Golden Encyclopedia

▌Amid geopolitical crises, can Bitcoin still be called “digital gold”?

Every time a geopolitical crisis erupts, gold prices rise while Bitcoin prices plunge. After six tests, the claim that “digital gold” has never been substantiated by data. Countries hoard gold but exclude Bitcoin from their reserves. For investors, Bitcoin has asymmetries: it falls when stocks fall, but it does not rise when stocks rise. Three structural asymmetries prevent Bitcoin from attaining safe-haven status: an overabundance of derivatives (market structure), the dominance of leveraged traders (participant composition), and the lack of repeated behavioral records (behavioral accumulation).

Bitcoin is not a safe-haven asset, but it is a “useful asset in crises.” In situations like borders closing and banks failing, it can indeed play a role. If these three asymmetries shrink, Bitcoin may no longer be a copy of gold, but instead become a brand-new “next-generation gold.” Intergenerational shifts and the widespread application of algorithms are key factors that could accelerate this process.