Drift Protocol, the victim of a recent North Korean exploit, plans to relaunch with Tether’s USDT as its settlement layer after securing a proposed funding package of up to $147.5 million from the stablecoin issuer and partners, the companies said on Thursday.

The deal includes up to $127.5 million from Tether and $20 million from the other partners, structured to support user recovery following Drift’s April 1 exploit and to reboot the platform as a USDT-based perpetual futures exchange on Solana. Previously, the platform used Circle’s stablecoin USDC as its settlement layer.

The rescue package combines a revenue-linked credit facility, ecosystem grants and loans to market makers. A portion of trading revenue, alongside committed capital, will be directed to a recovery pool aimed at covering roughly $295 million in user losses over time.

The funding comes after a North Korea-linked group infiltrated Drift Protocol, posing as a quantitative trading firm for about six months before carrying out an exploit that was more than $270 million on April 1. Drift’s governance token, DRIFT, has lost about 70% of its value since the exploit.

Circle came under fire from the crypto community for its seeming unwillingness to halt the money transfer after the exploit. The attacker moved about $232 million in USDC from Solana to Ethereum using Circle’s cross-chain transfer protocol. Some critics, including blockchain investigator ZachXBT, said Circle could have moved faster to blacklist wallets and freeze funds to prevent (or at least slow down) the attacker from moving the assets.

However, Circle’s didn’t take any such actions due to legal risks.

Its CEO, Jeremy Allaire, later said that his company freezes USDC wallets only when directed by law enforcement or courts, not in real time during hacks. The approach reflects Circle’s broader strategy to align closely with regulators and institutions.

Its rival, USDT, meanwhile, is more nimble at freezing funds. The stablecoin issuer has repeatedly frozen assets linked to hacks or other illicit activities previously.

Drift is the largest decentralized perpetual futures exchange on Solana, with more than 175,000 users and roughly $150 billion in cumulative trading volume. Founded in 2021, it offers perpetuals, spot trading, lending, borrowing and cross-margin trading.

Stablecoin war

Competition in stablecoins is intensifying as exchanges, fintechs, and traditional financial institutions race to control the on-ramps, liquidity, and settlement layers that underpin digital asset markets.

Circle’s USDC has been steadily chipping away at Tether’s long-standing dominance of the stablecoin market, gaining share on the back of regulatory alignment and growing institutional use.

While USDT still leads by a wide margin, according to CoinDesk data, with roughly $185.5 billion in supply versus about $78.6 billion for USDC, Circle’s transaction volume outpaced Tether’s in recent months as its market share expanded.

With the new funding package, Tether also plans to fund fee reductions and user incentives tied to Drift’s transition to USDT, while extending liquidity support to designated market makers to bolster trading depth at relaunch.

Drift said the move positions USDT at the center of its trading infrastructure while providing a pathway to restore user funds and resume operations.

Read more: How a Solana feature designed for convenience let attackers drain more than $270 million from Drift

HIVE Digital is raising $75m in 0% exchangeable notes to fund GPUs and data centers as it pivots from pure bitcoin mining toward AI cloud and eyes a TSX up‑listing.

HIVE Digital Technologies is raising $75 million via a private offering of 0% exchangeable senior notes due 2031, doubling down on artificial intelligence infrastructure and data centers as it prepares to move its listing to the Toronto Stock Exchange.

The notes will be issued by HIVE Bermuda 2026 Ltd., a wholly owned subsidiary, to qualified investors in a deal that also includes a 13‑day option for an additional $15 million of paper.

According to HIVE, net proceeds will fund “general corporate purposes and capital investment, including the purchase of graphics processing units and data center expansion,” as the company accelerates its pivot from pure bitcoin mining toward high‑performance computing and AI workloads.

The securities will not bear regular interest and can be exchanged into cash, HIVE common shares, or a mix of both once final pricing and the initial exchange rate are set, giving investors equity‑linked upside without conventional coupons.

To offset potential dilution from the exchangeable notes, HIVE “intends to fund capped call transactions using cash on hand,” a structure designed to cap the effective conversion price and reduce pressure on common shareholders if the stock rallies.

The company said part of the net proceeds may be used to reimburse the issuer for those capped call costs, linking the financing directly to equity‑protection mechanics.

HIVE also disclosed it has received conditional approval to list its common shares on the Toronto Stock Exchange, with trading expected to transition from the TSX Venture Exchange around April 30, subject to meeting TSX requirements by June 30, 2026. The miner’s shares closed at $2.47 on Nasdaq on Wednesday, with roughly $42 million in volume, compared with an average of about $24.6 million.

The financing push follows what HIVE called “record” quarterly results in its fiscal third quarter ended Dec. 31, 2025, where it reported $93.1 million in revenue, up 219% year‑over‑year and 7% quarter‑over‑quarter. The company still posted a net loss of $91.3 million, driven by accelerated depreciation tied to its Paraguay expansion and non‑cash revaluation adjustments, underscoring the capital‑intensive nature of its shift beyond bitcoin mining.

In March, HIVE announced it would progressively “phase down” ASIC‑based bitcoin mining at its Boden facility in Sweden amid tax disputes with local authorities while upgrading the site into a Tier‑III high‑performance computing data center. The firm has already launched its first GPU cluster in Asunción, Paraguay, where its BUZZ AI Cloud platform is processing early large language model training workloads, signaling how quickly the business is re‑orienting toward AI cloud services.

In previous crypto.news coverage of miners diversifying into high‑performance computing, reporters highlighted how firms are seeking to smooth bitcoin cycle risk by monetizing GPU compute for AI and enterprise clients, a trend HIVE’s latest financing appears designed to accelerate.

Other crypto.news reporting on miners’ capital markets moves and AI pivots has tracked a similar shift, including pieces on public miners’ debt raises and data‑center conversions in North America.

A growing push to bring privacy to public blockchains has reached Bitcoin, with VerifiedX unveiling a new layer designed to shield transactions while maintaining auditability.

The system, called Prism, enables encrypted balances, shielded addresses and selective disclosure, allowing users to transact privately while still proving compliance when required, according to an emailed announcement shared with CoinDesk on Thursday.

The timing reflects a broader shift across the industry. The XRP Ledger this week introduced zero-knowledge proof (ZKP) capabilities aimed squarely at institutional users seeking to transact without exposing sensitive data on public ledgers.

That effort highlights what many see as a core barrier to institutional adoption: transparency. While public blockchains provide trust through openness, they also expose balances, counterparties and transaction flows — something institutions typically avoid in traditional finance (TradFi).

Any such development carries added weight when applied to Bitcoin. As the largest digital asset — worth more than the rest of the crypto market combined at times — Bitcoin remains the primary gateway for institutional capital. That means improvements to its functionality, particularly around privacy and usability, have the potential to influence the entire sector more profoundly than similar upgrades on smaller networks.

VerifiedX is applying this model directly to Bitcoin-linked activity rather than building a separate privacy chain. Assets can move between transparent and shielded states, while “viewing keys” enable selective access for auditors or regulators.

Beyond payments, the system supports programmable use cases such as private lending, trading and automated transactions, including agent-driven finance, all without revealing positions or intent onchain.

South Korea’s Ministry of Economy and Finance (MOEF) is advancing a blockchain-based payments experiment for government operating expenses within a regulatory sandbox focused on distributed ledger technology (DLT). In a Thursday announcement, the MOEF said it had selected a pilot that will use tokenized deposits to execute government spending, with a full rollout planned for the fourth quarter of 2026. The program will begin in Sejong City and will test predefined spending conditions, including limits on timing and usage categories.

Tokenized deposits are digital representations of traditional bank deposits that sit on blockchain or other DLT infrastructure. They are designed to function as bank liabilities within the existing financial system, rather than as independent stablecoins or new money. By moving government payments onto a tokenized layer, Seoul aims to investigate whether programmable, bank-backed money can improve traceability, reduce misuse, and streamline public-finance processes while staying anchored to the conventional banking system.

The MOEF’s pilot signals a shift from subsidy-focused experiments toward day-to-day public spending. If successful, the tokenized-deposit framework could become a tested backbone for more transparent and auditable government payments, potentially expanding to broader fiscal operations beyond the initial operational expenses.

Key takeaways

• The Ministry of Economy and Finance has chosen a pilot to test tokenized deposits for government operational spending, with a staged rollout targeting Q4 2026 in Sejong City.
• Tokenized deposits represent bank liabilities issued on blockchain technology, offering a way to digitize government spending while remaining within the conventional financial system.
• The sandbox will define spending scope through predefined time windows and permitted categories, aiming to improve oversight and curb fund misuse.
• South Korea has previously explored tokenized deposits for other public-finance use cases, and the MOEF has signaled broader ambitions to digitalize treasury fund execution in the coming years.
• If the program proves viable, authorities will consider regulatory and legal changes to accommodate larger-scale, programmable government payments.

From subsidies to daily government spending: what changes with tokenized payments

The MOEF described the pilot as a move beyond subsidies toward implementing tokenized deposits in routine public-finance operations. The trial will involve collaboration with participating institutions to delineate the project’s scope, including how spending windows and category permissions are defined. The controlled environment is meant to test both the practicalities of tokenized settlement and the governance mechanisms required to monitor and audit such transactions.

Under the framework, government operational expenses—currently processed through government-issued cards and subsequent reporting—will be reimagined within a tokenized-deposit rails environment. The test is designed to demonstrate whether programmable, bank-backed digital money can enhance oversight and reduce the risk of misuse, all while preserving compatibility with the existing financial ecosystem.

Crucially, the ministry underscored that the tokenized deposits used in this pilot are still bank liabilities. The objective is not to replace conventional payment rails but to explore whether an additional, auditable channel can improve efficiency and transparency in public spending without disrupting traditional financial relationships.

Broader policy arc: past milestones and future implications

South Korea’s approach to tokenized deposits isn’t new. The MOEF has referenced earlier efforts to pilot tokenized deposits for policy objectives, including a March initiative with the Environment Ministry and the Bank of Korea to fund electric-vehicle charging infrastructure subsidies. Those programs reflect a broader ambition to integrate tokenized payment rails into public finance, with the MOEF signaling a goal of converting a significant portion of treasury fund execution to digital instruments by 2030. The current Sejong pilot appears to be a natural extension of that strategy, moving from subsidy-specific pilots toward more routine public-spending workflows.

The evolution of these pilots sits within a wider regulatory and financial landscape in which central banks, ministries, and financial institutions are testing how tokenized, bank-backed money could coexist with traditional currency and payments. If the Sejong test succeeds, it could provide a concrete blueprint for how government agencies implement programmable money in a controlled, auditable manner before expanding to other departments or broader categories of spending.

Implications for investors, builders, and public governance

For the crypto and fintech communities, the MOEF’s sandbox demonstrates a growing appetite for studying how tokenized financial instruments can operate within a regulated government-finance context. Success would offer several potential benefits: enhanced visibility into government disbursements, tighter controls over spending categories and timing, and the opportunity to build interoperable rails that connect banks, public agencies, and private-sector contractors in a traceable, programmable framework.

From an investment and development perspective, the project highlights a potential market for public-sector digital-finance tooling that blends conventional liability structures with modern distributed-ledger infrastructure. Companies and platforms that can demonstrate robust security, compliance with existing financial regulations, and interoperability with public procurement and accounting systems could see demand grow as governments pursue similar pilots domestically and abroad.

However, the path forward is contingent on regulatory clarity and the outcomes of the Sejong trial. Key questions include how the government will govern access to tokenized deposits, how to ensure robust auditability and privacy, and how to manage potential cyber risks inherent in new digital-money rails. Observers will also watch how the experience translates into policy decisions—whether to scale the program, adjust spending rules, or adopt new legal frameworks that explicitly accommodate tokenized, programmable government payments.

In the near term, the MOEF’s announcement underscores a measured, evidence-driven approach to digital finance in the public sector. The focus on predefined parameters—timing, categories, and oversight mechanisms—reflects a cautious but purposeful experiment aimed at extracting concrete lessons before expanding beyond Sejong and beyond operational expenses.

Readers should monitor how the sandbox defines success metrics, how the pilot interfaces with banks and public agencies, and what regulatory changes ministries may pursue as a result. The coming months will reveal whether tokenized deposits can practically streamline public spending while maintaining the governance standards required for public funds.

As South Korea charts this course, the broader question for the market is whether this model can scale, what institutional partners will be involved, and how quickly such technology can translate into tangible improvements in transparency, efficiency, and accountability in government payments.

Ultimately, the Sejong pilot marks a notable milestone in the ongoing exploration of programmable public money—an initiative that could reshape how governments transact, how contractors get paid, and how citizens experience the accountability of public finance.

Coinglass flags $1.64b in BTC longs at risk below $70,721 and $1.25b in shorts above $78,068 as Bitcoin grinds in a tightly leveraged $70k–$78k range.

According to Coinglass, if Bitcoin (BTC) falls below $70,721, the cumulative long liquidation intensity on major centralized exchanges (CEXs) climbs to roughly $1.644 billion. Conversely, if BTC breaks above $78,068, the platform estimates cumulative short liquidations of about $1.25 billion, underscoring how tightly clustered leverage has become around the current range.

At 8:30 a.m. Eastern Time on April 14, the price of Bitcoin stood near $74,315, up from about $71,189 a day earlier but still roughly $10,250 lower than a year ago, illustrating how volatility persists even as BTC trades in the mid‑$70,000s. Prediction markets on Polymarket currently assign roughly a 71% chance that Bitcoin will settle between $74,000 and $76,000 on April 16, with the $72,000 to $74,000 band priced at about 22%, reflecting expectations that BTC will stay pinned near the middle of the liquidation corridor in the short term.

The liquidation bands highlighted by Coinglass suggest that a clean break below $70,721 or above $78,068 could trigger forced selling or buying, amplifying moves as exchanges close out underwater futures positions. In practice, that means spot moves near those levels risk cascading into hundreds of millions of dollars in additional flow as over‑leveraged longs or shorts are flushed.

Recent crypto.news coverage of Bitcoin’s range‑bound trading and liquidity build‑up has pointed to a similar setup, with BTC grinding sideways while leverage and open interest quietly rise. In another crypto.news story on Brazil’s B3 exchange and its tokenized real‑world asset and stablecoin plans, analysts described how Bitcoin’s growing role in institutional portfolios is increasingly tied to broader digital asset infrastructure rather than purely retail speculation.

Grayscale’s institutional outlook for 2026, as reported by crypto.news, framed this phase as “the dawn of crypto’s institutional era,” with Bitcoin at the center of a broader shift toward on‑chain capital markets and stablecoin‑driven settlement. Against that backdrop, the current $70,721 to $78,068 liquidation bracket around BTC is more than just a trading range: it is the zone where aggressive leverage meets a maturing, increasingly institutional market structure.

Relevant crypto.news articles include a deep dive on decentralized governance in DeFi, an analysis of Bitcoin’s range‑bound price action and liquidity, and a report on B3’s tokenization and stablecoin strategy, which together contextualize how BTC’s current trading band fits into a larger evolution of crypto market plumbing.

RAVE crypto crashed over 44% to nearly $10 earlier today before backpedalling on some of its losses as investors bought the dip.

According to data from CoinGecko, RaveDAO (RAVE) price skyrocketed over 5,300% this week to an all-time high of $19.54 on Wednesday, becoming the best-performing crypto asset among the top 100 cryptocurrencies across daily, weekly, and monthly timeframes.

The token price rose due to a massive short squeeze triggered by a sudden surge in social media engagement and speculative retail interest. As prices rose higher, short sellers were forced to liquidate their positions, which added further fuel to the upward momentum and created a feedback loop of buying pressure.

It was also supported by the recent listing of RAVE on several secondary exchanges, which significantly boosted liquidity and accessibility for new traders.

Following the sharp rally, the token fell nearly 45% to near $10 as investors booked profits following the massive surge. It is quite common for investors to book some profits, especially after such an unprecedented vertical move that left the asset in overbought territory.

As of press time, the token has rebounded by nearly 50% back to $15, raising eyebrows over whether bulls are attempting to push the token to a new all-time high.

A look at the token futures market seems to suggest that market conviction remains incredibly high despite the volatility. Notably, the total futures open interest of the token rose over 30% to $470 million in the past 24 hours. This suggests that a majority of traders are leaning towards bullish bets, likely expecting the price to recover amid recent U.S. Iran war ceasefire news, which has improved overall market sentiment.

At the same time, the weighted funding rate of the token is exiting the red zone, a sign that the extreme bearishness of short sellers is fading and long positions are becoming more attractive again.

On the spot market, nearly over $7 million was withdrawn from exchanges over the past day. This means that investors were likely moving their holdings to their cold wallets, likely expecting further price appreciation and intending to hold for the long term.

Amidst these developments, its price action charts also seem to hint that the token is preparing for its next height, potentially to a new all-time high above $20.

On the 4-hour chart, RaveDAO price was trading above all of the simple moving averages. This means the immediate trend remains firmly bullish. At the same time, the MACD lines are drawing closer to a bullish crossover, which would confirm that the temporary correction has ended and the next leg of the rally is beginning.

Key Takeaways

• Abbott shares plunge 4.34% even as revenue surpasses forecasts and earnings hold steady
• Operating margins compress significantly as expenses outpace revenue expansion
• Company slashes annual earnings forecast, sparking investor concerns
• Exact Sciences acquisition strengthens oncology portfolio while pressuring near-term profits
• First-quarter results exceed expectations, yet margin weakness drives stock decline

Shares of Abbott Laboratories (ABT) tumbled in pre-market hours despite delivering robust first-quarter revenue figures and maintaining steady earnings. The healthcare giant’s decision to lower its full-year profit outlook coupled with deteriorating operating margins spooked investors, raising red flags about the company’s ability to maintain profitability. Trading at $97.10, the stock shed 4.34% as sellers dominated following the earnings announcement.

Abbott Laboratories, ABT

First Quarter Results Show Solid Top-Line Growth

Abbott Laboratories posted first-quarter sales of $11.16 billion, surpassing Wall Street projections by 1.3%. The healthcare company achieved 7.8% year-over-year sales growth, demonstrating consistent performance across its diverse healthcare divisions. Organic growth trends remained measured, suggesting the underlying business expansion progressed at a sustainable pace.

On the earnings front, Abbott reported adjusted earnings of $1.15 per share, perfectly aligning with analyst forecasts. This represented an improvement from the $1.09 per share recorded in the comparable quarter last year, showing incremental profit gains. However, meeting expectations precisely without upside failed to generate enthusiasm among market participants.

The diversified healthcare manufacturer operates across multiple segments including diagnostics, medical devices, nutritional products, and established pharmaceuticals. Ongoing innovation initiatives and market expansion strategies have supported consistent quarterly revenue growth. Yet the company’s five-year average annual revenue growth of just 3.9% trails more dynamic competitors in the healthcare space.

Profitability Challenges and Guidance Reduction

Abbott disclosed an adjusted operating margin of 12% for the quarter, representing a substantial decline from the 16.3% margin achieved one year earlier. Expense growth exceeded sales growth, undermining operational efficiency throughout the period. This margin deterioration sparked concerns regarding the company’s cost management capabilities and economies of scale.

Management also trimmed its full-year adjusted earnings per share guidance to a midpoint of $5.48. This downward revision represented a 3.4% decrease compared to previous forecasts, suggesting more conservative internal assumptions. The guidance cut proved instrumental in driving the negative market response to otherwise solid quarterly results.

Examining the longer-term trend, Abbott’s operating margin has contracted by 6.2 percentage points over the past five years, indicating persistent profitability headwinds. Annual earnings per share growth has averaged merely 3.8%, tracking closely with the company’s moderate revenue trajectory. These metrics underscore Abbott’s struggle to achieve meaningful operating leverage despite its considerable scale.

Growth Initiatives and Future Projections

The company recently finalized its purchase of Exact Sciences, bolstering its capabilities in cancer diagnostics. This strategic transaction adds a promising high-growth business line expected to accelerate future sales. However, the acquisition simultaneously introduces short-term earnings dilution, which factored into the revised guidance framework.

Abbott continues investing in medical technology innovation through strategic partnerships and clinical research in cardiovascular health and diabetes management. Recent product trials have demonstrated enhanced clinical outcomes, reinforcing the company’s relevance in evolving healthcare markets. These investments lay groundwork for gradual improvement in growth trajectories.

Wall Street analysts project Abbott’s revenue will expand by 11.1% over the coming twelve months, suggesting accelerating momentum ahead. Forecasted earnings per share growth of 8.5% indicates expectations for profitability recovery. Nevertheless, immediate margin pressures and the reduced guidance continue to create headwinds for investor sentiment in the near term.