The Blockchain Bulletin, Apr 9: CZ Joins Pakistan Crypto Council

Hey folks! Welcome to the latest edition of our Blockchain Bulletin. Here are some of the significant developments that took place in the crypto space over the last 24 hours. Changpeng “CZ” Zhao, the former CEO of Binance, has been appointed as an advisor to the newly established Pakistan Crypto Council (PCC), marking a significant step in Pakistan’s digital finance journey. This development is crucial for Pakistan’s integration into the global crypto space.

President Donald Trump-backed World Liberty Financial (WLFI) has unveiled plans for its first-ever USD1 stablecoin airdrop. This move intends to test the project’s on-chain airdrop functionality by distributing a small amount of USD 1 to all current $WLFI token holders. The airdrop will allow the project to authenticate its mechanism in a live environment while giving credence to the early supporters. 

This tactical move sets the stage for amplified outreach to the community while ensuring the technicalities function before scaling even further. On the other hand, Trump’s tariffs have escalated trade tensions with China, Japan, Vietnam, South Korea, and the European Union. The tariffs, ranging from 20% to 54%, mark a major expansion of Trump’s trade policies and present an ongoing challenge for global markets. 

Related: SEC’s April 11 Roundtable to Shape Crypto Trading Regulations

Meanwhile, Galaxy Digital has received approval from the U.S. Securities and Exchange Commission (SEC) for its registration statement, clearing the way for a major reorganization and potential listing on the Nasdaq under the ticker “GLXY.” CEO Mike Novogratz stated that the firm will be listing after the shareholders’ vote on May 9. The decision to pursue a Nasdaq listing follows years of anticipation, and the approval from the SEC marks a critical milestone in Galaxy’s expansion into the U.S. market, signaling the firm’s readiness for growth. 

As the market continues to evolve, Linea, an Ethereum Layer-2 scaling solution developed by ConsenSys, has postponed its Token Generation Event (TGE), originally scheduled for Q1 2025. Product Manager Declan Fox confirmed that the event will not take place until the market conditions turn bullish. This delay highlights the volatile nature of the crypto space and the critical role market sentiment plays in the timing of such events. Linea holders are advised to wait, emphasizing the importance of strategic planning in the ever-changing crypto sector.

On the other hand, Curve Finance’s founder, Michael Egorov, has been selling off his CRV tokens since March 24, following a period of market strength. Over 3.08 million CRV tokens, worth approximately $1.62 million, were sold at an average price of $0.527 per token. The sales continued into April, with Egorov transferring 236,457 CRV for $107,906. These movements have drawn attention to the broader dynamics within decentralized finance and may provide insights into market trends in the coming months.

Related: Solana (SOL) Faces Volatility: Is a Recovery on the Horizon?

In the altcoin arena, the Sui Protocol ($SUI) is presently undergoing a market correction that mirrors the behaviour of NEAR Protocol in 2021. Analysts predict that if SUI maintains the trend, it could exhibit steep declines followed by recovery. As market observers debate the potential of $SUI, all eyes are directed toward its ability to defend support levels and whether it can recover in the next time frame, probably providing some positive returns as the markets stabilize.

On the regulatory front,  the lawsuit of Binance with Nigeria has been postponed to April 30, however, the reason has not been cited by the Federal Inland Revenue Service (FIRS). FIRS has claimed almost $2 billion in unpaid taxes in its dispute with Binance and $79.5 billion in damages. Further, the crypto exchange had released a list of tokens that would be delisted by April 16

In the meantime, ARK Invest purchased 13.3 million US dollars worth of Coinbase shares, while Ripple has announced the purchase of Hidden Road worth $1.25 billion. Notably, Ripple would be the first crypto company to acquire and manage a multi-asset prime broker globally. With this purchase, the firm can boost the connection between traditional finance and decentralized finance. The acquisition will lead to considerable considerations for Ripple’s strategy-building over time in the changing world of digital assets.

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