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Kelp Restaking Protocol Exploited, $293M Drained

DeFi markets faced another high-profile setback this weekend as Kelp, a liquid restaking protocol, disclosed a cyber attack targeting its rsETH restaking token. The incident prompted an immediate pause of rsETH smart contracts across Kelp’s mainnet and multiple Layer-2 networks as the project investigates potentially hundreds of millions of dollars in losses. Blockchain security firm Cyvers later pegged the damage at about $293 million, signaling a significant hit to users and counterparties tied to the restaking ecosystem. Kelp stated on X that it detected suspicious cross-chain activity involving rsETH and subsequently halted rsETH contracts on mainnet and several Layer-2s to prevent further damage while the investigation unfolds. Cyvers added that the attacker exploited the rsETH adapter bridge—the software component that manages the rsETH token—allowing the drain of funds from the platform. The firm also noted that the attacker has been actively moving funds, with a substantial por...
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Solana futures open interest up 20% this week; price upside hinted

Solana’s SOL token has rallied about 10% over the past five days, trading at a three‑week high as broader risk appetite improves following news of a ceasefire extension between the United States and Iran. Despite the price strength, SOL remains a relative laggard in 2026, with the token underperforming the wider crypto market year-to-date. Derivative markets point to renewed interest in SOL. Aggregate SOL futures open interest rose to about $4.2 billion on Friday, up from roughly $3.5 billion at the start of the week. While higher open interest signals growing participation, the perpetual funding rate has hovered around 3% annually, suggesting that buyers are not yet fully convinced and that leverage demand remains moderate. In a neutral setting, funding rates typically sit higher—roughly 5% to 10% annually—so the current reading implies cautious optimism rather than robust bullish conviction. As Solana’s price action unfolds, on-chain activity presents a mixed picture. Solana continue...

Iran Sees Bitcoin as Strategic Asset; USDt Dominates Oil Tolls, BPI

Iran’s government has named Bitcoin (BTC) as one of the payment options for tolls on oil shipments passing through the Strait of Hormuz, a move highlighted by observers as a clear signal of Bitcoin’s role as a neutral and strategic asset in a sanctions-driven economy. Sam Lyman, head of research at the Bitcoin Policy Institute (BPI), described the development as a notable instance where Bitcoin’s censorship-resistant properties are front and center in state-level financial decisions. According to Lyman, the Iranian authorities chose BTC for its resilience to external interference—“No one can freeze Bitcoin. No one can shut down the Bitcoin network.” Yet he cautions that, at present, there is no on-chain evidence of BTC toll payments being executed, and Iran’s payments ecosystem remains diversified across multiple instruments, including Chinese yuan and US dollar-pegged stablecoins. Iran’s payment mix for tolls now includes yuan, USD-pegged stablecoins, and BTC, a combination that refle...

Liquidity Splits Push Stablecoins Into FX Markets, Eco CEO

Stablecoins, pegged to the dollar or other fiat, operate as a fragmented on-chain foreign exchange market. Liquidity sits in dispersed pools across issuers, blockchains, and DeFi venues, which can create price differences and uneven access to dollar liquidity for traders big and small. Moving stablecoins may look straightforward on the surface, but in practice it often requires a multistep, cross-chain journey through multiple pools and routes. “It’s a very special case of a foreign exchange market onchain, and that leads to bad user experience, with unexpected slippage, transaction reversion and unfamiliar information when moving your dollar from point A to point B,” said Ryne Saxe, CEO of Eco, a stablecoin infrastructure company, in an interview with Cointelegraph. DefiLlama data put stablecoins’ total market capitalization above $320 billion, led by Tether’s USDT and Circle’s USDC. As institutions and large traders start moving bigger sums on-chain, executing cleanly and efficiently...

Polish lawmakers fail to override presidential veto on crypto bill

Poland’s parliament again failed to overturn President Karol Nawrocki’s veto on a crypto regulation bill, extending a months-long standoff over how the country should govern digital assets. In a Friday vote, lawmakers did not reach the 263 votes needed to override the president’s veto, with 243 MPs voting against and 191 in support, according to TVP World. The bill, pushed by Prime Minister Donald Tusk, is designed to align Poland with the European Union’s Markets in Crypto-Assets Regulation (MiCA), the bloc’s overarching framework for issuing and custody of crypto assets. If enacted, the law would mark a significant step for Polish crypto oversight, as Poland remains the only EU member state still not implementing MiCA. President Nawrocki defended his veto, arguing that the proposed regulation risks overreach, lacks sufficient transparency, and would impose an undue burden on small businesses, the TVP World report noted. In contrast, government officials have warned that delaying rule...

ETH accumulation wallets up 33%, markets eye $3K level

Ethereum’s ether (ETH) continued its ascent, trading near $2,400 after a rally that lifted the token about 38% from a swing low around $1,750. The move appears to be accompanied by a notable shift in on-chain activity and a growing cohort of long-term holders, prompting questions about whether this is a momentum bounce or the start of a structural shift in ETH demand. On-chain data underpinning the move show a broad set of signals aligning with a more persistent bullish thesis. Daily active addresses surged 89% to 730,278 on April 5, up from 384,763, indicating heightened user interaction with the network as prices moved higher. In accumulation, inflows have intensified since mid-2025, reaching an all-time high of about 1.14 million ETH in November 2025. In 2026, daily inflows have averaged around 200,000 ETH, with a single-day spike surpassing 358,000 ETH on a recent Thursday. The stock of ETH held by accumulation addresses has grown by 6.5 million ETH to 26.16 million from 19.64 mill...

Spot Bitcoin ETFs Near $1B Weekly Inflows as Risk Appetite Improves

Spot Bitcoin ETFs attracted nearly $1 billion in net inflows over the past week, marking their strongest showing in more than three months as risk sentiment rebounded. SoSoValue estimates total weekly inflows of $996 million, the highest since early January, underscoring renewed institutional interest in spot exposure to the largest cryptocurrency. In daily terms, Friday delivered the peak with $663.9 million of inflows, followed by $411.5 million on Tuesday and $186 million on Wednesday. Thursday saw a more modest $26 million, while Monday began with a $291 million outflow. Across the week, total net assets in spot Bitcoin ETFs climbed above $101 billion by Friday, accompagned by a surge in activity with daily trading volumes approaching $4.8 billion. The backdrop remains a shift in investors’ appetite for risk assets as macro and geopolitical signals evolve. Related coverage earlier highlighted Morgan Stanley’s Bitcoin fund moving ahead of WisdomTree after six straight days of inflow...