RaveDAO (RAVE) is up about 106% on $418m volume after a 95% crash that erased nearly $6b, as ZachXBT alleges insiders ran a pump‑and‑dump and OKX funds the probe.

RaveDAO is in full trader mode. CoinGecko and major exchanges show RAVE near $1.27, up about 106% on the day, with roughly $418 million in 24‑hour turnover — enough to rank among the top gainers on the market and to push daily volume to parity or above its entire market capitalization.

On the chart, this is a classic vertical session: multi‑X intraday range, most of the candle body glued near the highs, which technicians treat as textbook late‑stage momentum, not a calm trend extension.
As Yellow’s recent note put it after a similar spike, “daily volume exceeded market cap by approximately 22%,” and in that context “tokens rarely sustain gains beyond 72 hours” before mean‑reverting.

Derivatives data tell the same story. CoinGlass tracks RAVE futures with open interest swelling sharply into big days and then partially washing out as late longs get liquidated, a pattern consistent with “100% daily moves” driven by leveraged chase rather than organic spot demand.

Overlay a 1‑hour to 4‑hour RSI heatmap on a move like this and you are almost certainly looking at readings in the 80–90+ band — extreme overbought, which in practice usually precedes a cooling phase or outright reversal rather than another clean leg higher.

All of this is happening against a very ugly backdrop. As detailed in a recent crypto.news story, RAVE previously exploded about 11,000% from roughly $0.25 to around $27.33 in under two weeks before crashing roughly 95% back to near $1, wiping out almost $6 billion in paper market cap.

On‑chain investigator ZachXBT has alleged that “wallets linked to early distribution controlled about 95% of RAVE’s 1 billion token supply,” calling the pattern “a textbook pump and dump” and arguing that the mismatch between value lost and just $52 million in liquidations “is not normal in a healthy market structure.”

OKX founder Star Xu has since pledged an extra $25,000 toward ZachXBT’s bounty, saying the exchange’s “risk engine is monitoring the situation closely” and that OKX would “support any efforts to uncover insider abuse and protect users,” while Bitget and Binance have launched internal reviews.

In trading terms, that makes today’s parabolic bounce even more clearly a speculator’s playground than an investor’s setup.

Short‑term mean‑reversion probabilities are rising; the risk skew is toward a sharp retrace once open interest stops climbing and intraday RSI rolls over, with seasoned traders typically fading strength — not weakness — when volume starts to slow and price begins to chop at the top of the range.

WalletConnect has added support for Canton Network, a blockchain built for institutional finance. The two companies first revealed the partnership at EthCC in Cannes, during a panel moderated by The Defiant’s senior editor Olivia Capozzalo, before releasing the news publicly today, April 22.

The deal aims to bring Canton’s privacy-focused infrastructure to WalletConnect’s global ecosystem, enabling access to stablecoin payments, tokenized real-world assets, and DeFi applications. According to a press release viewed by The Defiant, the crypto infrastructure firm’s ecosystem supports 700 crypto wallets, 70,000 decentralized applications, and 55.5 million users, all of which can now connect to the protocol, which is within the top-20 chains by market cap, per CoinGecko.

Canton currently boasts over $8 trillion in tokenized assets processed monthly and more than $350 billion in U.S. Treasuries settled daily, per the release.

Data from RWAxyz shows that all of the nearly $330 billion in tokenized RWAs on Canton are represented asset value, meaning they use the blockchain for recordkeeping and operational efficiency, but don’t allow for on-chain distribution.

WalletConnect CEO Jess Houlgrave framed Canton’s privacy model as “a requirement for institutions to work at scale.”

The announcement arrives, however, amid an ongoing debate over Canton’s self-description as a “public, permissionless blockchain” — a characterization many in the industry contest. As The Defiant has reported, critics argue that Canton is closer to a permissioned database than a true blockchain, with validator admission controlled by a governance committee of incumbent institutions.

Canton has been accumulating serious institutional momentum in recent months. JPMorgan’s USD-denominated deposit token is set to be issued natively on Canton in phases throughout 2026, as The Defiant reported, and the DTCC selected Canton to tokenize a subset of U.S. Treasury securities it holds, citing the platform’s privacy features, per The Defiant’s earlier coverage.

The broader race for institutional-grade privacy is heating up on multiple fronts: Boundless, a ZK proving network, recently integrated with the XRP Ledger to bring native zero-knowledge proof verification to the Layer 1 for the first time, enabling institutions to build financial applications on XRPL that execute privately while maintaining regulatory compliance, as The Defiant reported.

This article was written with the assistance of AI workflows. All our stories are curated, edited and fact-checked by a human.

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The U.K.’s Financial Conduct Authority (FCA) has carried out its first coordinated crackdown on illegal peer-to-peer crypto trading, targeting eight locations across London in a joint operation with His Majesty’s Revenue & Customs (HMRC) and the South West Regional Organised Crime Unit (SWROCU).

Officials issued cease-and-desist notices at each site and gathered evidence that is now feeding into several criminal investigations, according to the FCA.

The FCA stated that the sites were suspected of facilitating peer-to-peer (P2P) crypto trading, where individuals buy and sell crypto directly with one another, without the required registration or anti-money laundering controls.

Under U.K. law, anyone operating as a crypto exchange provider must register with the FCA. The regulator confirmed there are currently no registered peer-to-peer crypto traders or platforms in the country.

“Unregistered peer-to-peer crypto traders operating in the U.K. are doing so illegally and pose a financial crime risk,” said Steve Smart, the FCA’s executive director of enforcement and market oversight.

Law enforcement agencies framed the operation as part of efforts to cut off routes used to move illicit funds. DI Ross Flay of SWROCU said unregistered traders can enable criminals to “move, disguise and spend illegal money.”

The action builds on earlier enforcement steps. The FCA has prosecuted operators of illegal crypto ATMs for several years and worked with police to arrest individuals linked to an unregistered crypto exchange in 2024.

Last year, it also took action against offshore platform HTX over unlawful financial promotions and expanded oversight of social media figures promoting high-risk crypto products.

The crackdown comes as the UK prepares to roll out a broader regulatory regime for crypto by October 2027, with a licensing window expected to open in September 2026. The current framework focuses mainly on anti-money laundering compliance and financial promotions.

The FCA urged consumers to check whether firms are registered using its online register. It also warned that users dealing with unregistered P2P traders lack access to the Financial Ombudsman Service or compensation schemes and may face risks if transactions involve stolen funds.

• Justin Sun says WLFI froze 2.94 billion tokens and removed voting rights.
• Lawsuit filed after failed attempts to resolve the dispute privately.
• WLFI has introduced a Governance proposal that may lock tokens for non-consenting holders.

Justin Sun has filed a lawsuit in a California federal court against World Liberty Financial (WLFI), alleging that the project froze his holdings of 2.94 billion WLFI tokens and stripped him of key investor rights without justification.

The move escalates a growing dispute between one of crypto’s most recognisable entrepreneurs and a project that has positioned itself around decentralised governance and early-stage token distribution.

In his public statement, Sun confirmed that he is seeking legal protection of his rights as a WLFI token holder.

Sun also emphasised that the lawsuit does not change his political stance or his support for the Trump administration’s pro-crypto direction. According to him, the dispute is strictly about investor treatment and token governance, not politics.

Frozen tokens and removed voting rights

At the centre of the case is Sun’s claim that WLFI froze all 2.94 billion of his tokens (540 million of unlocked tokens and 2.4 billion locked tokens). He argues that this action made it impossible for him to transfer, sell, or otherwise use his holdings.

The value of the holdings has dropped from over $107 million at the September 2025, when they were frozen, to around $43–$60 million by April 2026.

Sun also alleges that WLFI removed his governance voting rights tied to those tokens. This means he was unable to participate in key decisions affecting the protocol, including recent governance changes introduced by the project team.

Sun further claims that WLFI went beyond freezing his position and threatened to permanently destroy part of his holdings through token “burning.”

According to his statement, these actions were taken without clear justification and without providing him a fair opportunity to respond.

He also says he attempted to resolve the issue privately with WLFI before taking legal action. However, he claims the project team refused to restore access to his tokens or reinstate his governance rights, leaving him with no option but to proceed to court.

Sun has described his position as straightforward: he wants to be treated the same as other early investors who received WLFI tokens, without special privileges and without restrictions that are not applied equally.

Justin Sun also disagrees with WLFI’s Governance proposal

The legal conflict comes alongside disagreement over a WLFI governance proposal released on April 15.

Sun has openly opposed the proposal, arguing that it introduces conditions that could lock users’ tokens indefinitely if they do not actively accept new terms.

The proposal reportedly includes a requirement for 10% of advisor tokens to be permanently burned. It also introduces a structure for early purchaser tokens involving a two-year cliff followed by a two-year vesting schedule.

Under the same framework, users who do not explicitly accept the new terms could have their tokens locked indefinitely.

Sun has raised concerns that this creates an uneven system where investor rights depend on active consent after the fact. He also pointed out a structural conflict in his own situation.

Because his tokens are currently frozen, he says he cannot vote either in favour of or against the proposal, despite being directly affected by it.

This has added another layer to the dispute, as governance participation is typically considered a core function in token-based systems.

World Liberty Financial (WLFI) position

WLFI has pushed back against Sun’s claims, arguing that token restrictions were applied due to internal concerns related to security and compliance.

The project maintains that its governance mechanisms include administrative controls that can be used to protect the platform and its participants.

The disagreement highlights a broader tension in crypto governance systems, particularly in projects that market themselves as decentralised while still retaining centralised control features such as token freezing or administrative overrides.

Sun’s lawsuit places the focus on whether such controls were properly disclosed and whether they can be applied to large early investors without clear procedural safeguards.

With 2.94 billion tokens at the centre of the dispute, the outcome could influence how governance authority and investor rights are interpreted in similar token-based ecosystems going forward.

Investors in the U.K. can once again hold cryptocurrency exchange-traded notes (ETNs) in a tax-free vehicle after fintech startup Stratiphy received approval to offer them in a special class of individual savings account (ISA), according to a report by the Financial Times on Wednesday.

Stratiphy, a fintech platform that allows users to personalize their investment strategies, is offering both crypto ETNs and Innovative Finance ISAs (IFISAs), the wrapper authorized to invest in them, the FT reported.

ISAs allow users to save up to 20,000 pounds ($27,000) a year without paying income tax or capital gains tax on the returns. The two most common types are cash ISAs, which pay interest, and stocks and shares ISAs, which invest in equities and exchange-traded instruments.

At the end of February, the U.K.’s tax authority, His Majesty’s Revenue and Customs (HMRC), classified crypto ETNs as instruments only available in IFISAs from the start of the current tax year on April 6.

This essentially made last year’s decision to lift the ban on retail users accessing crypto ETNs redundant because no mainstream investment platform offered IFISAs. The few that did had no plans to offer crypto products.

The decision drew criticism from some commentators, who said it risked making the U.K. an outlier among markets where exchange-traded products (ETPs) have made crypto investment available to a far broader base of retail investors.

Stratiphy will offer access to three ETNs provided by 21Shares: those covering bitcoin BTC$78,068.51, ether (ETH) and one combining BTC and gold.

The London-based investment platform, which opened for business in August last year, manages 4 million pounds ($5.4 million) for 2,000 retail and corporate clients.

“We see a disproportionate level of interest in these [crypto] products,” CEO Daniel Gold said, according to the newspaper.

“It’s a really interesting way to diversify your portfolio. It’s a new asset class with low correlation to other asset classes.”

Stratiphy did not immediately respond to CoinDesk’s request for comment.

Crypto trading firm GSR has launched its first exchange-traded fund (ETF), entering a fast-growing segment of the digital asset market as investor demand for regulated crypto exposure continues to rise.

The GSR Crypto Core3 ETF, trading under the ticker BESO on Nasdaq, offers exposure to three major cryptocurrencies, including bitcoin BTC$78,750.89, ether (ETH) and solana (SOL). The fund carries a 1% management fee and includes both active portfolio management and the ability to earn staking rewards on eligible assets.

The launch comes as crypto ETFs have gained traction with both retail and institutional investors seeking easier access to digital assets through traditional brokerage accounts. While most U.S.-listed crypto ETFs to date have focused on single assets, particularly bitcoin, some have moved to basket funds, similar to Core3, which bundles multiple tokens into a single product and adjusts allocations on a weekly basis.

GSR said the fund aims to reflect two main themes in crypto markets: bitcoin’s role as a macro asset and the growth of blockchain platforms such as Ethereum and Solana, which support applications like stablecoins and tokenized assets.

“The fund allocates actively across the three assets and rebalances weekly based on research-driven signals designed to pursue additional returns,” GSR said in a press release.

Framework Digital Advisors will serve as the fund’s investment adviser.

The move expands GSR’s business beyond trading and market making into asset management.

The firm has spent more than a decade providing liquidity and over-the-counter trading services in crypto markets and is now looking to package that expertise into investment products.

The ETF also introduces staking rewards, a feature not commonly available in traditional investment vehicles but one that has been added to some existing crypto ETFs, including the largest, BlackRock’s iShares Bitcoin Trust (IBIT). This feature the fund to generate yield from certain blockchain networks while holding assets.

“GSR has spent over a decade building efficient crypto markets, and with Core3, we are extending that expertise into a product accessible to a broader range of investors,” GSR CEO Xin Song said.

Kelp DAO’s $292 million breach on a Saturday emerged as the year’s largest crypto exploit, drawing attention to cross-chain security gaps and intensifying scrutiny of DPRK-linked cyber operations. Investigators point to LayerZero’s infrastructure as a factor, while researchers and industry players weigh the implications for DeFi security and governance models.

Kelp DAO has stated that the attack stemmed from weaknesses in LayerZero’s cross-chain messaging setup, specifically the use of a single verifier configuration to approve messages across chains. LayerZero, for its part, said preliminary indicators point to TraderTraitor, a subgroup of North Korea’s Lazarus Group, as the actor behind the breach. Independent researchers have traced stolen funds to Lazarus-linked activity, underscoring the persistent risk posed by the DPRK’s cyber operations to decentralized finance and users alike.

Key takeaways

• The Kelp DAO exploit is attributed to LayerZero’s cross-chain messaging framework and a single-verifier configuration, with initial attribution leaning toward TraderTraitor, a Lazarus Group subgroup.
• Arbitrum’s Security Council froze 30,766 ETH tied to the incident, illustrating a governance-driven move to curb losses even as it tests the bounds of decentralization and protocol sovereignty.
• North Korea-linked actors have escalated their DeFi-focused campaigns, with April’s Drift hack adding to a broader pattern that researchers say now totals hundreds of millions of dollars in attributed theft this spring.
• Retail crypto crime remains on the rise, according to the FBI’s IC3 2025 report, with losses and complaints spanning investment scams, fake job schemes, and social-engineering attacks tied to older and newer targets alike.

LayerZero, Kelp DAO and the cross-chain security debate

The Kelp DAO incident centers on how cross-chain messaging ecosystems—designed to move liquidity and data across networks—can become vectors for theft when misconfigurations align with attacker capabilities. Kelp DAO acknowledged that the breach exploited its reliance on LayerZero’s messaging framework, arguing that a single-verifier configuration enabled unauthorized cross-chain messages. LayerZero’s response framed the event as linked to the attacker cluster associated with Lazarus-linked figures, with initial signals pointing toward TraderTraitor, a subgroup identified by security researchers and industry observers.

The event surfaces a broader question: as DeFi protocols lean on sophisticated cross-chain infrastructures to unlock liquidity, how should governance and security balance between open, decentralized designs and the need for rapid, centralized interventions to prevent further harm? The Kelp episode also echoes earlier incidents where attackers leveraged infrastructure-level weaknesses rather than novel smart-contract bugs, highlighting how adversaries may increasingly target the supporting systems that enable cross-chain composability.

Independent researchers have noted that stolen funds from the Kelp breach appear to have mixed with earlier Lazarus-linked exploits, suggesting a pattern where DPRK-linked actors recycle and launder proceeds across wallets and chains. Such findings align with broader concerns that attacker ecosystems are becoming more coordinated and persistent, spanning multiple campaigns rather than isolated incidents.

North Korea’s evolving toolkit and the risk to the broader crypto ecosystem

The Kelp incident follows a string of high-profile DPRK-linked exploits in 2025 that have redirected attention to the group’s cyber espionage and fraud tactics. In April, the Drift protocol hack—an apparent North Korea-linked operation—accounted for roughly $285 million in losses, pushing the month’s attributed total to about $578 million across major incidents. Taken together with other incidents, analysts say these acts represent the most significant wave of DPRK crypto theft since the Bybit breach earlier in the year.

Security researchers and policy monitors have long warned that DPRK-backed actors blend traditional cyber-espionage playbooks with financially motivated operations. A recurring pattern involves recruiters and “IT worker” schemes designed to infiltrate legitimate tech and crypto companies, sometimes by posing as remote workers or contractors. This tactic, researchers note, funds the DPRK’s weapons-development programs, according to United Nations and other authorities cited in industry reporting.

U.S. authorities have responded with sanctions and public guidance. In March 2025, the U.S. Treasury sanctioned individuals and entities tied to North Korean IT worker fraud networks, while the FBI’s IC3 program issued guidance in mid-2025 urging employers to verify applicants’ professional histories and favor in-person verification where possible. Despite such measures, the Drift and Kelp breaches show that North Korean operatives are adapting—sometimes leveraging face-to-face interactions to build trust before initiating sophisticated cross-chain intrusions.

Beyond the headline hacks, smaller-scale incidents illustrate a broader leakage path into the retail space. For instance, Zerion reported DPRK-linked actors employing AI-assisted social engineering to steal modest sums, underscoring how crowding effects from larger hacks filter down to everyday users. The industry’s recurrent challenge remains immediate risk mitigation for users while authorities and firms continue to chase accountability for the perpetrators.

Governance, intervention and the ethics of freezing assets

One of the most consequential aspects of the Kelp episode was the Arbitrum Security Council’s decision to freeze 30,766 ETH implicated in the breach. The move—unprecedented in its explicit override of a blockchain state—has sparked a debate within the ecosystem about when, if ever, governance should intervene to preserve funds or protect users. Ledger’s chief technology officer Charles Guillemet described the outcome as “probably good, but not a comfortable one,” emphasizing that freezing the funds likely prevented further losses even as it exposed a difficult truth: decentralization does not always shield networks from governance actions in a crisis.

The Arbitrum decision, while preserving resources for affected users, illustrates the tension inherent in today’s rollup-based architectures. The governance mechanism exists by design to allow a trusted body to act when necessary, but it also challenges the ideal of credibly neutral infrastructure. In the Kelp case, the root cause was not a post-launch vulnerability in a single contract but a misconfiguration in cross-chain messaging that points to a broader risk: as ecosystems become more interconnected, the line between protocol weakness and systemic risk grows thinner.

Industry observers highlight that the Kelp incident reinforces a clear takeaway: attackers are increasingly probing the spaces between blockchains—bridges, relays, and validators—as much as they probe the individual protocols themselves. For builders, the imperative is not only to patch existing smart contracts but to harden the inter-chain fabric against cross-chain messaging failures, misconfigurations and governance overreach. For investors and users, the message is twofold: proceed with heightened caution around cross-chain liquidity, and demand transparent, timely disclosures when security incidents occur.

As these dynamics unfold, the broader market faces a persistent question: how to balance rapid recovery with principled governance? The Kelp and Drift cases provide a sobering test of whether the industry can coherently align incentives around safety, accountability, and the preservation of value when real-time decisions can alter the fate of funds that are already in motion.

Looking ahead, analysts expect continued attribution efforts and more formal investigations that could clarify whether TraderTraitor and other Lazarus-linked actors are systematically behind a wave of DeFi intrusions. Regulators may also intensify their focus on cross-chain security standards, while projects experiment with enhanced verification, multi-sig controls, and post-incident recovery playbooks to limit losses without compromising the decentralized ethos.

What to watch next: researchers will likely publish deeper analyses on LayerZero usage patterns and verifier configurations, while Arbitrum and LayerZero may roll out mitigations to reduce the likelihood of similar breaches. Stakeholders should monitor updates on governance policies, potential sanctions, and new best practices aimed at guarding users against both technical and social-engineering threats in a rapidly evolving threat landscape.

In the meantime, the fusion of infrastructure risk, state-sponsored threat activity, and governance mechanics offers a stark reminder: as DeFi grows more interconnected, securing the backbone—cross-chain messaging and related governance—will determine how quickly the sector can rebound from each major incident.