Crypto World
VanEck Crypto ETPs Reach 401(k) Investors via Basic Capital
VanEck has made some of its digital asset exchange-traded products (ETPs) available to 401(k) holders in the United States, signaling a push to integrate crypto-focused investments into traditional retirement accounts.
On Wednesday, the fund issuer said a selection of its digital asset ETPs will be offered through Basic Capital, a fintech platform that provides employer-sponsored 401(k) plans.
The companies did not specify which VanEck digital asset ETPs will be available on the platform. Within crypto, VanEck is best known for the VanEck Bitcoin Trust (HODL) and the VanEck Ethereum Trust (ETHV), its spot Bitcoin (BTC) and Ether (ETH) exchange-traded funds (ETFs).
The asset manager also offers the VanEck Digital Transformation ETF (DAPP), often referred to as its “Onchain Economy” ETF, which invests in companies involved in the digital asset ecosystem.
VanEck expanded its crypto product lineup earlier this year by launching a spot Avalanche ETF in the United States.
The US Department of Labor in May backtracked on previous federal guidance that discouraged 401(k) plan providers from offering crypto among their investment options.
Basic Capital was founded in 2021 and raised $25 million in a Series A funding round last year led by venture capital firms Forerunner and Lux Capital. The company’s 401(k) platform gives investors access to alternative assets beyond traditional stocks and bonds.
Related: Ethereum is very much ‘the Wall Street token,’ VanEck CEO says
Policy shift opens retirement plans to alternative assets
The move comes amid growing regulatory momentum to integrate digital assets into traditional retirement planning.
In August, US President Donald Trump signed an executive order directing federal agencies to expand access to alternative assets in 401(k) plans, including digital assets.
The directive called on agencies such as the Treasury Department and the Securities and Exchange Commission to coordinate on potential rule changes to support the broader adoption of alternative investments in retirement accounts.
The policy shift comes as more Americans rely on workplace retirement plans to build long-term savings.
Employer-sponsored defined contribution plans held about $13.9 trillion in assets as of September, including roughly $10 trillion in 401(k) plans, according to the Investment Company Institute.
Separate data from Vanguard’s “How America Saves 2025” report suggests savings rates are also rising. Nearly half (45%) of participants increased their contribution rates in 2024, reflecting the growing use of automatic contribution features in employer plans.
Related: Crypto’s 2026 investment playbook: Bitcoin, stablecoin infrastructure, tokenized assets
The official website for the Solana memecoin launchpad, Bonk Fun, has been hijacked. A malicious actor seized control of the domain on Wednesday (March 11), deploying a wallet drainer disguised as a standard interaction.
The platform’s team has issued an urgent warning: do not interact with the website until further notice. Users who connect their wallets and sign the current prompts face immediate theft of their assets.
As news of the BONK meme coin spreads, it has dropped nearly 1% over the past 24 hours, following a disastrous year in which the Solana meme coin lost -45% of its value.
It is a bad time for a platform hack, as the meme coin sector has enjoyed a +2.5% daily pump, taking the total market cap back above $32Bn, with tokens like DOGE, PEPE, Memecore, and SHIB all posting green candles.
How Did the Malicious Actor Breach the Bonk Fun Front-End?
The attack vector exploits user trust rather than the blockchain infrastructure itself. According to X user SolportTom, the platform’s operator, hackers hijacked a team account to force a drainer onto the domain. This is not a smart contract failure; it is a front-end takeover.
Visitors to the site are currently greeted with a fake terms-of-service message. This pop-up, which mimics standard compliance requests, is the trigger mechanism.
If you sign this request, the protocol grants the attacker permission to empty your wallet, and it will happen within seconds.
“A malicious actor has compromised the BONKfun domain,” the platform announced via its official X account. “Do not interact with the website until we have secured everything.”
How Much Has Been Drained and Who Is Affected
The Bonk.fun team hasn’t confirmed how much was lost to the hack, but has stated that losses are “minimal,” attributing the low damage to the developers’ rapid detection.
Only users who interacted with the fraudulent terms-of-service prompt during the active hijack window were affected. However, the exact dollar figure verified by on-chain analysis remains pending.
— Coin Bureau (@coinbureau) March 11, 2026
AAVE ORACLE GLITCH TRIGGERS $26M IN WRONGFUL LIQUIDATIONS
A pricing oracle error on Aave caused about $26million in wstETH positions across 34 accounts to be unfairly liquidated after the system reported an incorrect exchange rate, with affected users set to be compensated. pic.twitter.com/qMbsAhQnnl
This incident mirrors broader risks in the sector, as an Aave oracle glitch triggered liquidations earlier this year due to interface and data anomalies.
While the mechanics differ, the result for user funds is identical: an unexpected loss due to a technical compromise.
Phishing attacks like this are becoming industrialized. According to Chainalysis, overall crypto scam losses reached approximately $17Bn in 2025.
The shift toward domain hijacking indicates attackers are bypassing protocol security to target the user interface directly.
EXPLORE: Best Crypto Presales to Buy in 2026
What Bonk.fun Users Need to Do Right Now
If you have visited Bonk.fun in the last 24 hours, assume your session security was compromised. Front-end attacks often bypass standard defenses, as the recent discovery by Ledger researchers of an Android flaw enabling wallet seed phrase theft demonstrates.
Take these steps immediately:
- Disconnect your wallet: Remove Bonk.fun from your connected sites list in your wallet settings.
- Revoke approvals: Use a tool like Revoke.cash to revoke any recent permissions granted to Bonk.fun contracts.
- Check your history: Verify that no unauthorized transfers have occurred.
“We understand a lot of people are scared and rightly so, but we’re doing everything in our power to fix the situation,” SolportTom wrote.
Users should now sit tight and wait for an official “all-clear” from the Bonk.fun X account before returning to the site.
If the site remains compromised for another 24 hours, user migration to rival launchpads like Pump.fun will likely accelerate, and Bonk.fun may struggle to regain whatever was left of its userbase.
If the team resolves the DNS hijack quickly and refunds the “minimal” losses, confidence may stabilize, but the pressure is now on the operators to prove the domain is safe.
DISCOVER: The 16 Best Meme Coins to Buy in March 2025
The post Bonk Fun Website Hijacked: Live Exploit Is Draining User Funds appeared first on Cryptonews.
TLDR
- Changpeng Zhao’s wealth is pegged at $110 billion by Forbes, securing him the 17th position globally
- This valuation positions CZ above Microsoft co-founder Bill Gates, who sits at $108 billion
- Zhao challenged the assessment publicly, noting cryptocurrency valuations collapsed more than 50% in 2026
- CZ’s fortune stems primarily from owning approximately 90% of Binance equity, rather than cryptocurrency tokens
- The exchange commands roughly 38% of worldwide crypto trading volume and pulled in an estimated $16–17 billion during 2024–2025
Changpeng Zhao, who founded the cryptocurrency exchange Binance, now ranks above Microsoft co-founder Bill Gates in wealth, according to fresh estimates from Forbes. The publication’s March 10 assessment values Zhao’s fortune at roughly $110 billion.
This valuation secures Zhao the 17th spot on Forbes’ worldwide billionaire rankings. Gates trails slightly behind at approximately $108 billion.
Zhao established Binance, which has become the dominant force in cryptocurrency trading globally. His tenure as chief executive ended in 2023 following a guilty plea to charges related to inadequate anti-money laundering compliance.
The legal settlement required Zhao to pay $50 million personally and complete a four-month sentence at a California correctional facility. Separately, Binance settled with authorities for $4.3 billion in fines.
Though no longer serving as CEO, Zhao reportedly maintains ownership of roughly 90% of Binance’s equity. This substantial stake forms the foundation of his estimated net worth.
Financial experts place Binance’s valuation near $100 billion. The platform facilitates tens of trillions in trading activity annually between spot markets and derivatives.
The exchange captures approximately 38% of worldwide cryptocurrency trading activity. Revenue projections suggest Binance pulled in $16 billion to $17 billion throughout 2024 and 2025 combined—roughly 2.5 times Coinbase’s $6.6 billion yearly intake.
Zhao responded skeptically to Forbes’ wealth calculation soon after its publication. Writing on X on March 11, he highlighted that digital asset prices had declined over 50% during 2026 and questioned the logic behind an increased net worth estimate.
“Wish they can apply some common sense and basic logic,” he wrote.
How Exchange Owners Can Gain During a Market Downturn
Cryptocurrency trading platforms generate income through transaction fees independent of price direction. Market turbulence typically drives higher trading activity, potentially boosting exchange earnings even as asset values contract.
This mechanism may account for why Binance’s valuation remained stable or expanded despite broader market contraction.
Zhao’s personal cryptocurrency portfolio hasn’t shown similar resilience. His reported holdings of approximately 1,400 Bitcoin depreciated roughly 25% over twelve months, now worth about $100 million. This represents only a minor fraction of his total estimated wealth.
Some observers on social platforms suggested Zhao profited from short positions during October 10’s crypto market collapse, which triggered massive liquidations in derivatives trading. Zhao refuted these claims directly, stating: “Never shorted.”
Where Bitcoin, Ethereum, and XRP Stand Now
When Forbes released its assessment, Bitcoin was exchanging hands near $71,000, with Ethereum hovering around $2,080 and XRP trading close to $1.40.
Binance additionally operates BNB Chain, a blockchain platform with its own native cryptocurrency. The ecosystem maintains a market capitalization approaching $88 billion.
Key Highlights
- February saw Bullish (BLSH) record $76 billion in spot volume—a 62.6% monthly increase and the highest level since October 2025.
- The exchange surpassed Coinbase (COIN) to claim the third spot among centralized crypto exchanges by spot trading volume.
- Bullish captured 5.06% of the spot market, exceeding Coinbase’s 4.59% share.
- Total centralized exchange volume declined 2.41% in February to $5.61 trillion, marking the weakest performance since October 2024.
- Binance maintains its leadership position, though its market dominance reached its lowest level since October 2020.
Bullish ($BLSH), the institutional-grade cryptocurrency exchange that debuted on the New York Stock Exchange last year, has achieved a significant milestone by breaking into the top three global exchanges ranked by spot trading volume.
This achievement materialized in February when the exchange registered $76 billion in spot transactions—representing a robust 62.6% increase compared to the previous month.
This impressive growth elevated Bullish’s market share to 5.06%, marking a 2.04 percentage point gain from January. The performance enabled the platform to overtake Coinbase ($COIN), which concluded February with a 4.59% market share.
BLSH shares advanced 1.25% following the announcement, while COIN stock increased 1.07%.
February’s trading volume represented Bullish’s strongest monthly performance since October 2025, particularly noteworthy given the subdued market conditions throughout the period.
Bitcoin remained largely confined to a $60,000-$70,000 trading range during February. Such consolidation typically suppresses speculative activity, which often results in diminished volumes industry-wide.
Aggregate spot and derivatives trading across centralized exchanges contracted 2.41% in February to $5.61 trillion—representing the weakest monthly total since October 2024.
Spot volume specifically decreased 3.01% to $1.50 trillion. Derivatives trading declined 2.41% to $4.11 trillion, accounting for 73.2% of total centralized exchange volume.
Institutional Strategy Insulates Bullish During Market Lull
Bullish’s business model centers on serving institutional participants rather than retail investors. This strategic positioning appears to have protected the exchange from broader volume declines affecting retail-focused competitors.
The platform has simultaneously been diversifying its service portfolio. Recent additions include prediction market trading capabilities, a feature some exchanges have introduced to maintain engagement during periods of reduced volatility.
Wall Street analysts maintain a Moderate Buy consensus rating on BLSH, comprising four Buy recommendations and two Hold ratings issued over the past three months. The consensus 12-month price target stands at $48.17, suggesting approximately 29.5% potential upside from present levels.
Binance Retains Leadership Despite Declining Market Share
Binance continues to dominate the exchange landscape. The platform processed $331 billion in spot trading volume during February, corresponding to approximately 22% market share.
However, this 22% figure represents Binance’s smallest monthly market share since October 2020. The trend indicates trading activity is increasingly distributed across multiple competing platforms.
February data sourced from CCData via CoinDesk’s February Exchange Review.
Bitcoin is facing resistance just above $70,000, but the bulls have kept up the pressure, increasing the possibility of a rally to $74,508.
Bank of England Deputy Governor Sarah Breeden told UK lawmakers that the central bank is open to alternative ways to manage stablecoin risks other than imposing holding limits.
Speaking before the House of Lords Financial Services Regulation Committee on Wednesday, Breeden said the proposed holding limits are designed to prevent a mass migration of deposits from banks into stablecoins, arguing it could curtail lending and reduce credit availability for businesses and households.
“We are genuinely open to other ways of achieving the objective. I think you’ve heard from other people as part of your inquiry that this risk to the provision of credit is real.”
“We proposed holding limits as a way of managing that risk. We are open to feedback on other ways of achieving it. But I think you would expect us as the financial stability authority to ensure that there isn’t a precipitous drop in credit to the businesses and households in the UK,” Breeden added.
Industry groups have criticized the proposed limits, floated at between 10,000 and 20,000 British pounds ($13,368 to $26,733), arguing it would signal that the UK is hostile to crypto and drive businesses offshore, while stifling innovation and undermining economic growth.
Self-custody wallets holding stablecoins not “permissible”
Last November, the Bank of England released a consultation paper outlining its proposed regulatory framework for sterling-denominated systemic stablecoins, inviting public feedback through Feb. 10.
The central bank flagged that it would continue monitoring the risks associated with unhosted wallets, such as reduced oversight of transactions.
However, Breeden ruled out self-custody wallets holding stablecoins, telling lawmakers that users holding stablecoins in self-custody wallets outside regulated entities such as exchanges won’t be covered by the UK’s regulatory regime.
“There is this concept of an unhosted wallet, you haven’t got a wallet provider who is a regulated entity who is ensuring that AML [anti-money laundering] KYC [know your customer] criteria are complied with. Unhosted wallets will not be permissible in the UK; they are permissible in the US regime,” Breeden said.
Sterling stablecoin applications will open before end of 2026
The Financial Conduct Authority, which regulates the UK financial services industry, has established a regulatory sandbox that will allow several firms to test stablecoin products and services in Q1 2026.
Related: Stablecoin inflows rebound to $1.7B as Washington battles over yield rules
Even though the Bank of England is still consulting and finalizing rules for sterling stablecoins, companies can start applying to launch their coins before the end of 2026.
“I hear some say that the UK is behind. I simply don’t recognize that. We’ll be welcoming applications from stablecoin issuers by the end of this year,” Breeden said.
“On the substance of our regime, the guiding principle is that a stable coin used as money in the economy should be as robust as the money we use today issued by banks.”
Magazine: How crypto laws changed in 2025 — and how they’ll change in 2026
Oil is the single most vital commodity, wielding an overbearing influence on all corners of the global economy. This reality was made painfully clear by recent war-led oil price spikes above $100 a barrel and the resulting financial market jitters.
Yet, for all its immense importance, the machinery powering global oil trading largely remains archaic. It is dominated by massive legacy exchanges, extensive paperwork, and high barriers to entry that can deter all but the largest players.
Baron Lamarre, co-founder of the International Digital Exchange (INDEX) — a blockchain-based platform for tokenized oil, and identified as a former head of trading at Petronas — aims to revolutionize this.
His vision is to put oil on the blockchain, with each LITRO token representing 1 litre of real crude, targeting an early 2027 debut. The token’s value will be indexed to popular global oil benchmarks such as Brent and West Texas Intermediate.
“Litro’s testnet and product demo roll out March through May 2026, with official launch in January 2027,” Lamarre told CoinDesk in an interview, highlighting the project’s clear developmental timeline.
This project stands out for its ambition to remain strictly grounded in the real world. In contrast, much of the wider digital asset market remains flooded with speculative tokens bearing little connection to Main Street.
Even the burgeoning Real World Asset (RWA) market, which reportedly stands at over $25 billion today, is predominantly driven by the tokenization of financial instruments such as government bonds.
It is specifically designed to modernize what it describes as the $6 trillion global oil market’s outdated, paper-based systems. Traditional commodity deals often drag through long supply chains involving multiple banks and clearinghouses, frequently delaying settlements by up to 90 days and locking up billions in vital capital.
This issue is especially acute now, with conflicts in the Middle East disrupting supply chains and spiking market volatility. The current system, dominated by traditional exchanges like CME and ICE, often leaves a broad range of smaller and mid-sized investors sidelined due to high capital requirements and a lack of direct access.
Verified reserves
LITRO’s tokenization aims to resolve this by layering verified digital reserves on the blockchain, promising faster, more accessible, and more transparent trading.
Here’s how it works: Oil producers pledge their certified reserves to the INDEX platform. These reserves are then meticulously verified by independent auditors for quantity, authenticity, and ownership of the crude before any LITRO tokens are minted. While the physical oil remains securely in custody at the producer’s facility, the legal title to that oil is digitally assigned to the INDEX system.
“Only audited and verified reserves can be tokenized,” Lamarre explained, emphasizing that the tokens are minted on a strict 1:1 basis with physical oil volume. He added that the project is currently being built on Arbitrum, an Ethereum scaling solution, while maintaining compatibility with any EVM-compatible blockchain.
Physical Redemption
A key appeal for traders, Lamarre asserts, is LITRO’s 24/7 liquidity and the promise of direct redemption. Holders of the token can redeem it for cash or, in theory, for physical crude oil delivery.
“Redemption for physical oil is part of the design,” Lamarre said.
The platform boasts a sophisticated “smart logistics routing system” to facilitate this. This system is designed to match oil grades, arrange vessels and terminals, issue electronic bills of lading and certificates, and coordinate delivery.
This means that, eventually, token holders can take physical custody of the barrels they own digitally. Its intelligence layer connects digital tokens to physical delivery mechanisms, leveraging IoT sensors, AIS vessel tracking, and AI-driven optimization to automate the entire redemption-to-delivery process.
Early Stages
The project is still in its early stages. Lamarre noted that INDEX is currently in discussions with Capital Union Bank to join as a banking partner. Other investor and partner deals are expected to be finalized once the Minimum Viable Product (MVP1) is completed by the end of March 2026.
If Lamarre and his team successfully execute this ambitious vision, it could mark a significant and necessary shift in how global energy markets operate, transitioning from the closed silos of traditional finance to transparent, 24/7 blockchain rails.
Metaplanet, Asia’s largest publicly listed bitcoin holder, isn’t just buying bitcoin anymore but wants to build the ecosystem around it.
The Tokyo-listed company, which holds 35,102 BTC, announced Thursday the creation of Metaplanet Ventures K.K., a wholly-owned subsidiary that will invest in companies building regulated bitcoin financial infrastructure in Japan.
The total investment over the next two to three years is expected to be approximately JPY (¥) 4 billion (roughly $27 million), funded by cash flows from Metaplanet’s existing bitcoin income business.
The subsidiary will operate across three programs. The first is a venture investment arm targeting seed through growth-stage companies across lending, collateral, payments, Lightning, stablecoin technology, custody, compliance, derivatives, tokenization, and investment products.
The focus is Japan first, with a selective global mandate to bring talent and technology into the Japanese market.
The second is an incubator for early-stage bitcoin and digital asset infrastructure companies in Japan, providing seed capital and access to Metaplanet’s distribution channels, platforms, and investor network.
The third is a grants program for bitcoin open-source developers, educators, researchers, and community organizers in Japan, aimed at strengthening the domestic talent pipeline.
The first investment is already lined up, with Metaplanet Ventures is making a ¥400 million (roughly $2.7 million) investment into JPYC Inc., a yen-denominated stablecoin issuer, scheduled for April through a loan from the parent company.
The strategic rationale ties directly to Japan’s regulatory timeline.
The country expects to reclassify bitcoin as a regulated financial asset by January 2028, which Metaplanet argues will require massive domestic infrastructure build-out across custody, settlement, compliance, lending, and payment rails that doesn’t yet exist at scale.
As such, Metaplanet was careful to note that its “core focus remains the accumulation and long term holding of Bitcoin as a treasury reserve asset, unchanged.”
Meanwhile, the company said it expects no material impact on consolidated financial results for the fiscal year ending December 31, 2026.
New Zealand’s financial regulator has designated a local currency-pegged stablecoin, NZDD, as not a financial product—a distinction that a leading law firm says could sharpen regulatory clarity for stablecoins and fintech pilots. The Financial Markets Authority (FMA) published the designation in a designations notice tied to its fintech sandbox initiative. The authority stressed that NZDD’s economic substance is that it is not a debt security, not an investment, and that holders do not receive income, interest, or other gains. While the move is product-specific, it signals a pragmatic approach to financial innovation that seeks to balance market access with investor protections.
Key takeaways
- The designation confirms NZDD is not treated as a debt security or an investment under current rules, setting a clearer expectation for issuers and users of currency-pegged stablecoins in New Zealand.
- The ruling stems from the FMA’s fintech sandbox, illustrating how live testing of digital assets can inform regulatory design without broad-brush sweeping conclusions.
- Officials caution that the designation applies to the specific product and version of NZDD described in the notice and does not constitute a blanket policy for all stablecoins.
- The FMA intends to broaden the sandbox with an on‑ramp or restricted license for FinTech firms, a step that could ease market access while preserving protective guardrails that can be adjusted as firms mature.
- Market context signals notable interest in New Zealand’s crypto space: Protocol Theory estimated that about half of the country’s population is either crypto investors or considering investing, while DataCube Research projects the local crypto market could reach roughly $254 billion in value.
Tickers mentioned:
Market context: The designation arrives amid a wider regulatory push to balance innovation with safeguards as the crypto sector matures. Regulators in multiple jurisdictions are carving clearer pathways for digital assets through sandbox tests and phased licensing regimes, with IMF guidelines on stablecoin risks serving as references for policy discussions and industry practices.
Sentiment: Neutral
Price impact: Neutral. The article describes regulatory actions and sandbox plans rather than market moves or price data.
Trading idea (Not Financial Advice): Hold. The development represents regulatory clarity and potential for future licensing, but no immediate market positioning is warranted from these announcements alone.
Market context: The NZDD designation comes as New Zealand trial sites a broader push to align financial innovation with consumer protections. Regulators in various jurisdictions are testing frameworks that support fintech and tokenized assets while delineating when traditional securities rules apply. IMF guidelines on stablecoin risks are among the reference points cited by policymakers and industry observers as they weigh designations, licensing paths, and cross-border standards. For readers following this space, the New Zealand case adds to a growing mosaic of how regulators distinguish stablecoins from conventional debt or equity instruments without stifling innovation.
Why it matters
The FMA’s designation of NZDD as not a financial product marks a deliberate regulatory stance that could influence how issuers approach digital assets within New Zealand’s borders. By clarifying that NZDD is not a debt security and does not promise income, the regulator provides a concrete example of how a currency-pegged stablecoin might be classified in a way that does not automatically trigger securities laws. This distinction matters for issuers seeking to pilot new digital instruments within a governed framework, as it can reduce uncertainty around product design, disclosures, and investor protections required in the sandbox environment.
Law firm MinterEllisonRuddWatts, which advised the NZDD issuer in relation to its sandbox participation, described the move as an important step toward broader regulatory certainty for stablecoins in the country. The firm stressed that the designation is not a general ruling on all stablecoins but a product-specific decision that may serve as a reference point for future iterations and other token designs. The acknowledgment that policy can evolve in parallel with technological innovation underscores a regulated but adaptive approach—one that seeks to embrace fintech growth while maintaining guardrails to guard consumer interests.
Beyond the legal classification, the FMA’s sandbox expansion signals a practical pathway for market participants. Officials have indicated plans to introduce an on‑ramp or restricted license for FinTech firms as part of the sandbox, with the aim of providing regulated access to the market under targeted restrictions that could be gradually relaxed as a company demonstrates capability and compliance. This incremental licensing approach could lower the barrier to entry for crypto-enabled services and related fintech ventures, enabling more experimentation under supervision rather than in a purely speculative, unregulated milieu. The move also aligns with international norms seen in other jurisdictions that favor controlled innovation over outright prohibition, a stance that could attract startups seeking a compliant foothold in the Asia-Pacific region.
Public interest in New Zealand’s crypto ecosystem remains high. A 2024 Protocol Theory report noted that nearly half of the country’s roughly 5.2 million residents are already crypto investors or actively considering investment, underscoring the market’s potential. DataCube Research projects the domestic crypto market could reach about $254 billion in value, a horizon that reinforces why regulatory clarity matters for participants ranging from exchanges and wallet providers to developers building compliant tokenized financial products. All of these threads—the clarity on NZDD, the sandbox expansion, and the broader market milieu—illustrate a regulatory environment that seeks to foster responsible innovation while acknowledging the need for ongoing policy refinement.
As New Zealand continues to refine its approach, observers will be watching for how NZDD’s designation influences subsequent product classifications and licensing decisions within the sandbox. Will other stablecoins or tokenized instruments gain similar determinations, and how quickly will the on‑ramp licenses be rolled out to accommodate growing interest? The answers will shape the next phase of crypto and fintech activity in the country, potentially setting a model for other small economies navigating the balance between innovation and oversight.
What to watch next
- Details of the on-ramp or restricted FinTech license as part of the FMA sandbox expansion, including eligibility criteria and any phased rollout timeline.
- Whether additional stablecoins or digital assets will receive product-specific designations under the sandbox framework.
- Any further guidance from the FMA or related agencies on the regulatory treatment of crypto assets and fintech innovations beyond NZDD.
- Updates to IMF-stated guidelines or international standards that could influence New Zealand’s ongoing regulatory evolution.
Sources & verification
- FMA stablecoin designation notice detailing NZDD’s classification and the sandbox link: https://www.fma.govt.nz/business/legislation/secondary-legislation/designations/financial-markets-conduct-ecdd-holdings-limited-stablecoin-designation-notice-2026/
- MinterEllisonRuddWatts article on the first-of-its-kind designation: https://www.minterellison.co.nz/insights/first-of-its-kind-designation-nzdd-stablecoin-declared-not-a-financial-product
- FMA expands sandbox page announcing broader licensing options: https://www.fma.govt.nz/news/all-releases/media-releases/fma-expands-sandbox/
- IMF guidelines referenced in industry discussion: https://cointelegraph.com/news/imf-guidelines-stablecoin-risks-regulations
- Protocol Theory 2024 report on NZ crypto investor prevalence: https://hub.easycrypto.com/news/the-next-wave-of-crypto-users-in-new-zealand#:~:text=New%20research%20by%20Protocol%20Theory,ownership%20for%20building%20financial%20freedom.
- DataCube Research projection for New Zealand’s crypto market: https://www.datacuberesearch.com/new-zealand-fintech-cryptocurrency-market
Regulatory clarity and market momentum in New Zealand
The case of NZDD demonstrates how regulators can pursue a nuanced recognition of new financial instruments without stifling experimentation. By drawing a clear line between what constitutes a financial product and what does not, the FMA provides a navigable path for issuers, developers, and investors who are eager to participate in a digitized financial landscape. The sandbox framework, with its potential on‑ramp licenses, offers a controlled environment in which firms can test products, governance structures, and consumer protections before expanding into broader markets. In a world where stablecoins and tokenized assets attract increasing policy attention, New Zealand’s approach adds to a growing set of case studies that illustrate how a thoughtful, phased regulatory model can support innovation while maintaining systemic safeguards.
What it means for the wider crypto ecosystem
For developers, exchanges, and fintechs operating in or eyeing New Zealand, the designation and the sandbox expansion could lower friction for compliant product launches and pilot programs. For investors, it signals a regulatory environment that distinguishes between stablecoins with real-world utility and instruments that fall under traditional securities rules. And for policymakers, it offers a live example of how to balance innovation with investor protection, a balance that many jurisdictions continue to strive for as the crypto economy matures and scales. As international dialogue around stablecoins evolves, New Zealand’s measured, evidence-based approach may serve as a practical blueprint for other regulators seeking to modernize financial legislation without compromising safety and resilience.
New Zealand’s financial regulator has ruled that a local currency-tied stablecoin, NZDD, isn’t a financial product, a move a local law firm says is an important step toward regulatory clarity.
The Financial Markets Authority (FMA) said on Wednesday that the new designation for the stablecoin pegged to the New Zealand dollar resulted directly from a financial technology sandbox pilot the regulator is running.
“The economic substance of the NZDD stablecoin is that it is not a debt security, as the NZDD stablecoin is not an investment, and no income, interest or other gain is paid to the NZDD stablecoin holder,” the FMA said.
Law firm pegs designation as a step in the right direction
New Zealand law firm MinterEllisonRuddWatts, which said it acted for NZDD issuer ECDD Holdings in relation to its participation in the FMA sandbox, called the new designation an important step toward regulatory certainty for stablecoins in the country.
“However, it is important to note that the designation relates to a specific product and version of a stablecoin, being the NZDD in the form described in the designation notice and does not constitute a general determination as to the regulatory treatment of all stablecoins,” the firm said.
“The designation signals a pragmatic approach by the FMA to financial innovation that is consistent with developments in comparable jurisdictions and provides a foundation from which further pathways can be developed,” it added.
Sandbox pilot to expand with new license
The FMA also announced it’s planning to introduce an on-ramp or restricted license for FinTech firms as part of its sandbox pilot.
Related: New Zealand bans crypto ATMs in crackdown on criminal cash conversions
“Our financial system is changing faster than ever before. This new type of licence will support firms to get access to the market with some restrictions in place that can be removed as the firm grows,” FMA chief executive Samantha Barrass said.
A 2024 report by Web3 consumer research firm Protocol Theory estimated that nearly 50% of New Zealand’s 5.2 million population are either current crypto investors or are considering investing.
Separately, data analytics firm DataCube Research projects New Zealand’s crypto market will be worth around $254 billion.
Magazine: All 21 million Bitcoin is at risk from quantum computers
TLDR
- Hackers took control of Bonk.fun’s domain and deployed wallet-draining malware on the platform
- Users affected were those who approved a fraudulent terms-of-service prompt following the compromise
- Previously established connections and transactions through external terminals remained unaffected
- Originally branded as LetsBONK, the service went live in April 2025
- By late 2025, Bonk.fun’s market dominance plummeted from 84% to a mere 7%
On March 12, Bonk.fun—a Solana-powered meme coin launchpad supported by Raydium and the BONK token—issued an urgent alert advising users to steer clear of its website after cybercriminals hijacked a team member’s account and embedded wallet-draining malware into the domain.
Tom, the platform’s operator posting from the handle @SolportTom, disclosed the security incident on X and instructed users to avoid accessing the site pending resolution. The official Bonk X account echoed this warning.
According to Tom, the attack exclusively impacted users who approved a deceptive terms-of-service authorization on the compromised platform following the breach. Historical site connections and transactions executed via third-party trading interfaces remained secure.
An investigation into the incident is currently ongoing. While the team hasn’t revealed the total financial damage, Tom indicated that swift detection and rapid community notification helped contain the losses.
“We’re employing every available resource to resolve this matter,” Tom stated, emphasizing that users who’ve placed their trust in the platform over the past eight months remain the team’s top concern.
Launched in April 2025 through a collaboration between the BONK community and Raydium, Bonk.fun enables users to create tokens on Solana without any programming knowledge, utilizing dynamic logarithmic bonding curves. The platform previously operated under the name LetsBONK.
Bonk.fun’s Dramatic Market Share Collapse
In the months following its debut, the platform surpassed Pump.fun to capture 84% of Solana’s launchpad sector by mid-2025. This commanding position proved temporary.
By year-end 2025, Bonk.fun’s market control had crashed to merely 7%, based on analytics from Dune. Monthly revenue tumbled to approximately $84,000, while Pump.fun generated over $720,000 during the equivalent timeframe.
The downturn resulted from unsustainable reward systems and a deceleration in successful token deployments. Pump.fun countered by initiating substantial buyback programs, acquiring Kolscan, and enhancing its infrastructure capacity.
In early 2026, Bonk.fun eliminated creator fees entirely in an attempt to recapture users. This strategy produced a brief revenue surge toward the end of January 2026.
Platform Lost Traction Prior to Security Breach
The rebound was short-lived. Pump.fun introduced fresh incentive programs and recaptured more than 70% of the market by February 2026.
This breach fits within a wider trend affecting the cryptocurrency sector. Phishing operations that manipulate users into authorizing malicious transactions on compromised domains have been escalating. Throughout 2025, fraudulent proceeds from such schemes approached $17 billion.
The Bonk.fun team continues to advise all users against accessing the website until they can verify the platform’s security has been fully restored.
At the time of publication, no specific loss amount from the hack has been publicly disclosed.
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