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Coinbase sees worst quarter since FTX collapse amid industry bloodbath

Publicly traded US-based crypto exchange Coinbase saw its worst quarter since the collapse of crypto exchange FTX in 2022.

Coinbase shares started 2025 trading at just over $257 on Jan. 2 and ended the quarter at a little over $172 on March 31, a dip of 33%, according to market data.

This makes the first quarter of 2025 the worst for Coinbase’s stock performance since the collapse of FTX in November 2022. In Q4 of that year, its share price went from nearly $66 on Oct. 3 to $35.4 on Dec. 30, a loss of 46.4%.

Coinbase shares year-to-date price chart. Source: Google Finance

Coinbase has gained a significant foothold in the crypto market. Its prevalence is substantial enough that some industry experts recently told Cointelegraph its emergence as the Ethereum network’s largest node operator raises concerns about network centralization.

Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/south-carolina-dismisses-staking-lawsuit-against-coinbase"

Hacker transfers $70M out of payment platform UPCX

Update April 1, 1:42 pm UTC: This article has been updated to add comments from Cyvers co-founder and chief technology officer Meir Dolev.

An unauthorized party withdrew approximately $70 million in digital assets from open-source payment platform UPCX, according to a security alert issued on April 1.

The blockchain security firm Cyvers flagged suspicious activity involving 18.4 million UPC tokens, estimating the value of the compromised funds at around $70 million.

Cyvers said someone accessed a UPCX address and upgraded its ProxyAdmin contract. The attacker then executed a function that allows admins to withdraw, leading to fund transfers from three different management accounts.

At the time of writing, the stolen tokens had not been swapped for other crypto assets.

Cointelegraph has contacted UPCX for comments but did not receive an immediate response.

UPC price dips by 7% amid unauthorized transfer

UPCX acknowledged it had detected “unauthorized activity” involving its management accounts.

Smart money concepts (SMC) in crypto trading: How to track & profit

Key takeaways

Smart money consists of institutional investors with advanced tools and knowledge that can influence crypto market trends.

Key concepts like order blocks, liquidity zones and fair value gaps can help traders align with smart money strategies.

Real-time tracking tools such as Glassnode, Nansen and CoinGecko allow traders to follow smart money’s moves and capitalize on them.

Following the movements of smart money is akin to navigating the open sea, using their wake to position yourself for success in the crypto market.

Smart money refers to the money being invested by individuals or organizations that know the markets inside and out. We’re talking about institutional investors, hedge funds and well-seasoned traders. These are the big players who have access to more information and tools than most of us, and they use that knowledge to make strategic decisions.

In the crypto world, “smart money” is especially powerful because the market is

Former Blade of God X exec claims game ‘abandoned’ Web3

A former executive of the Web3 game Blade of God X (BOGX) accused the project of abandoning its blockchain-based roadmap after raising funds through the crypto space.

On April 1, BOGX’s former chief marketing officer Amber Bella claimed in an X post that despite being funded by Web3 sources, the game “completely abandoned” its Web3 goals and the team working on its Web3 features.

“Web3 was completely abandoned, and my Web3 team’s salaries went from delayed payments to no payments at all,” Bella claimed.

The former game executive also said that instead of compensating users and repaying funds to non-fungible token (NFT) buyers, the game’s founder, Tnise Liu Yang, decided to block her from all personal communication channels.

Former BOGX exec says founder avoided refund conversation

In the X thread, Bella <a

Bitcoin mining using coal energy down 43% since 2011 — Report

The use of hydrocarbon fuels in Bitcoin mining has seen a sharp decline over the past 13 years, with the use of coal energy dropping significantly.

The share of coal energy use in Bitcoin (BTC) mining has dropped from 63% in 2011 to 20% in 2024, according to a new report released by the industry organization MiCA Crypto Alliance in collaboration with the risk metrics data platform Nodiens.

In parallel, the share of renewable energy used in Bitcoin mining has steadily increased, growing at an average rate of 5.8% per year.

Bitcoin absolute energy consumption trends and share of renewable and coal energy. Source: MiCA Crypto Alliance

The data reflects a steady shift of Bitcoin mining to cleaner and more sustainable energy solutions, with the study forecasting further decarbonization and mitigation of BTC’s environmental footprint in the coming years.

Global coal energy use surged

Metaplanet adds $67M in Bitcoin following 10-to-1 stock split

Japan-based Metaplanet has expanded its Bitcoin holdings, purchasing 696 BTC for 10.152 billion yen ($67 million), the company announced in an April 1 post on X.

The investment pushes Metaplanet’s total Bitcoin stash to 4,046 BTC, valued at over $341 million at the time of writing.

Source: Metaplanet

Stock split targets investor accessibility

The acquisition comes shortly after Metaplanet issued 2 billion Japanese yen ($13.3 million) of bonds to buy more BTC, Cointelegraph reported on March 31.

Source: Simon Gerovich

The move also comes shortly after Metaplanet’s 10-to-1 reverse stock split. The company had previously warned in a Feb. 18 filing that its share price had risen significantly, creating a high barrier to entry for retail investors.

“We implemented a reverse stock split consolidating 10 shares into 1. Since then, our stock price has risen

Tether adds 8,888 Bitcoin in Q1 as holdings exceed $8.4B

Tether, issuer of the USDT stablecoin, acquired 8,888 Bitcoin in the first quarter of 2025, according to onchain data.

Onchain transaction data shows that Tether moved its newly acquired Bitcoin (BTC), worth roughly $750 million at the time of writing, from a Bitfinex address to a wallet it controls. Data provided by onchain analytics platform Arkham Intelligence shows that the firm currently holds 100,521 BTC, worth about $8.46 billion.

Tether’s Bitcoin balance chart. Source: Arkham Intelligence

The news follows mid-February reports that Tether could be forced to sell part of its Bitcoin holdings to comply with proposed US regulations. JP Morgan wrote in a report that potential stablecoin regulation could consider a significant portion of the firm’s current reserve as non-compliant:

“Under the proposed bills, Tether would have to implicitly replace its

Crypto ETP outflows, explained — What investors need to know

What are crypto ETP outflows?

Crypto ETPs give exposure to digital assets via traditional financial instruments. When more money exits these products rather than entering them, it is known as an “outflow” rather than an “inflow” — i.e., more people are selling than buying.

Crypto exchange-traded products (ETPs) hold crypto assets as their underlying commodity. The goal is for them to provide an exchange-traded investment for investors who want exposure to crypto without directly buying the digital assets.

Many investors, particularly institutions, prefer this method, as it opens up crypto investing within traditional financial instruments. There is no need to venture into unregulated market areas or take responsibility for the security and safety of crypto assets.

There are several types of crypto ETPs available, including exchange-traded funds (ETFs), exchange-traded commodities (ETCs) and exchange-traded notes (ETNs). Most famously, Bitcoin ETFs were approved and began trading in

Read More at https://cointelegraph.com/explained/crypto-etp-outflows-explained-what-investors-need-to-know?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound

Trump-linked crypto ventures may complicate US stablecoin policy

A US dollar-pegged stablecoin launched by a cryptocurrency platform tied to US President Donald Trump’s family could complicate ongoing bipartisan efforts to pass stablecoin legislation in Congress, raising concerns about potential conflicts of interest.

The Trump-linked World Liberty Financial (WLFI) crypto platform launched the World Liberty Financial USD (USD1) US dollar-pegged stablecoin in early March, prompting concerns over potential conflicts of interest.

Despite political pushback from Democratic Party lawmakers, WLFI’s stablecoin plans are in line with the current US stablecoin legislation, according to Anastasija Plotnikova, co-founder and CEO of blockchain regulatory firm Fideum.

“The planned backing, audits, qualified custody, public blockchains and no native yield-bearing — all these elements are well in line with the GENIUS and STABLE acts,” she said in an interview with Cointelegraph.

“I would argue that this is a direct expression of support to the US-based stablecoins, and in any

Crypto hacks top $1.6B in Q1 2025 — PeckShield

Hackers stole more than $1.63 billion in cryptocurrency during the first quarter of 2025, with the Bybit exploit accounting for more than 92% of total losses, according to blockchain security firm PeckShield.

PeckShield reported that over $87 million in crypto was lost to hacks in January, while February saw a dramatic spike to $1.53 billion, largely due to the Bybit attack. That incident was one of the largest crypto thefts to date.

In addition to the Bybit hack, other attacks in February caused $126 million in losses. This included a $50-million exploit targeting Infini, a $9.5-million hack on zkLend and an $8.5-million loss from Ionic.

Hack-related losses dropped significantly in March, decreasing by 97% from February. PeckShield reported only $33 million in crypto assets were stolen last month. Some funds were even recovered, helping offset damage to users